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DALLAS (AP) - Electric utility TXU Corp. said Monday it would take a $713 million pretax charge in the first quarter for stopping development of eight coal-fired power plants, a condition of the company's $32 billion sale to private buyers.
The company is scheduled to report first-quarter results Wednesday.
Investors led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group announced in February they would drop plans for eight of 11 coal-fired plants that TXU was developing. The move won support of two environmental groups for the buyout.
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