Wind Surge Saps Bondholder Hope for Energy Future Payout
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For the first time, Texas is connecting most of its wind farms to its largest cities. That’s bringing cheap electricity into the service area of Energy Future Holdings Corp., bad news to holders of $32 billion of the power company’s debt from the biggest-ever leveraged buyout.
What began as a trickle of power to Dallas and Austin from competitors’ windmills in West Texas has started flooding the market. The supply uses new transmission cables being stretched about 3,600 miles (5,800 kilometers) across the state in a $6.8 billion project set to be fully built by December.