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Electric power industry
April 4, 2007
Electric bills stall on House floor
Legislative efforts to rein in rising electricity rates and give regulators new powers to oversee the industry hit a series of setbacks Wednesday. State Rep. Robert Tarlton, R-Pasadena, used a legislative maneuver on the House floor to stall debate on Senate Bills 482 and 483. The move slows momentum for the proposals, which could give the state Public Utility Commission new clout over the electric power industry, including authority to lower rates. Rep. Phil King, R-Weatherford, is carrying the House proposals, which are considered weaker than versions the Senate passed last month. King said there’s still enough time in the session to push the bills through and work out the differences with the Senate versions. “We are in very, very good shape,” King said. But state Sen. Troy Fraser, R-Horseshoe Bay, was not nearly so confident. “The real losers today were the electric customers in Texas,” he said. “I continue to be concerned that if we do not pass meaningful legislation, we run the risk of continued market manipulation and high electric prices.” One measure would give the PUC clear authority to review and potentially block the proposed $39 billion buyout of TXU Corp. TXU’s suitors, Kohlberg Kravis Roberts & Co. and Texas Pacific Group, are lobbying hard against any review of their deal. The legislative proposals now go back to a House committee for revisions. They won’t come back to the next floor until next week at the earliest.
