The Associated Press
DALLAS (AP) - TXU Energy on Wednesday announced plans to cut some residential electricity rates by up to 15 percent.
The Dallas-based retailer said more than 250,000 of its 2.2 million Texas customers will see their rates automatically cut by Aug. 10. Spokesman Tom Stewart said the cuts will average about 10 percent but could be as high as 15 percent depending on where the customers live.
Stewart said the company also is offering lower rates starting Aug. 1 to new customers who switch from other companies and to existing customers who want longer-term plans. Those lower rates are 3 to 30 percent lower than TXU's April 2 rates, depending on where the customers live and which plan they choose, Stewart says. Customers can switch to the cheaper plans without penalties for breaking contracts, TXU said.
TXU said it's cutting rates because of lower wholesale electricity prices and that the term rates are its lowest since 2005.
The new rates still would be higher than some providers in the market, according to the Texas Public Utility Commission Web site that allows consumers to compare prices in their areas.
The company also announced plans Wednesday to provide affordable electricity for low-income people during the hot summer months.
On the Web: PUC Web site: