By: JAMES OSBORNE |
Texas power giant Energy Future Holdings continues to report financial losses since filing for Chapter 11 bankruptcy protection in April.
In a filing in U.S. bankruptcy court Tuesday, the Dallas-based company reported more than $10 million in losses for August. Late summer, when temperatures usually soar above 100 degrees in Texas, is a time power companies typically record some of their largest profits of the year.
But mild temperatures this summer have meant low wholesale electricity prices for generators, said John Fainter, president of the Association of Electric Companies of Texas.
“There was some heat towards the end of the summer. But wholesale prices were moderate. I don’t think at any time there was stress on the grid,” he said.
An EFH spokesman declined to comment on the company’s finances.
In the five months since filing for bankruptcy, the power company has reported losses in excess of $440 million. That is a long way from the $2.3 billion loss the company reported in 2013.
But EFH’s books also benefited from a significant decrease in debt payments. In August EFH reported interest and bankruptcy expenses of just $2.1 million. Last year it was spending about 100 times that in interest.
Within its monthly financial report, EFH is reporting on its individual subsidiaries, something kept private prior to bankruptcy.
The power retail company TXU Energy recorded a $120 million profit in August. Between May and July it recorded losses of $268 million.
On the flip side, power generator Luminant recorded a $150.8 million loss in August. That came after three months in which it earned more than $500 million.