ELECTRIC RETAIL PRICES. The Energy Information Administration has released a new report finding that the average retail price of electricity has declined for the third...
Texas Energy Partners plc (TEP), formed by Central and South West Corp. and Houston Industries, Inc. (HIE) to acquire a British electric distribution company, NORWEB plc, has given up the takeover attempt.TEP had made a $2.7-billion friendly acquisition offer for NORWEB, which serves about 2 million customers in northwestern England. The offering followed the successful acquisition of a British retail system, South Western Electricity (SWEB), by a U.S. utility subsidiary, Southern Electric International.
But TEP was outbid by North West Water Group plc, a British water utility. According to Lee Hogan, TEP co-chairman, and president and CEO of HIE, the water utility pushed the bidding to a level where U.S. shareholders would no longer derive any benefit from successfully acquiring NORWEB.
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