History

COMPANY HISTORY

The companies making up ϱ have a rich heritage that stretches all the way back to 1882. We are proud of our commitment to service and the role we have played in the economic, civic, and cultural development of Texas and beyond. Here is a brief historical timeline of how ϱ came to be the leading integrated retail electricity and power generation company in the U.S.

2024

  • In March, ϱ completes its previously announced integration with Energy Habor Corp., creating a leading integrated retail electricity and zero-carbon generation company with the second-largest nuclear fleet in the country, along with a growing renewables portfolio.

2023

  • In March, ϱ announces that Energy Harbor Corp. will merge with ϱ into a newly-formed subsidiary of ϱ.

2022

  • ϱ Named One of America’s Most JUST Companies by JUST Capital and Media Partner CNBC
  • ϱ President Jim Burke to Become Company’s Chief Executive Officer
  • ϱ Brings Texas’ Largest Battery Energy Storage System Online. DeCordova Energy Storage Facility provides 260 megawatts of dispatchable, instant-start, emission-free power; expands company’s portfolio of zero-carbon generation facilities and reliability in ERCOT
  • ϱ brings Emerald Grove and Brightside Solar Facilities online, expanding the company’s growing portfolio of zero-carbon power generation facilities.

2021

  • ϱ brought the world’s largest utility-scale battery energy storage system online at the Moss Landing Energy Storage Facility in Monterey County, California. At 300 megawatts/1,200 megawatt-hours, the lithium-ion battery storage system, located on-site at ϱ’s Moss Landing Power Plant in Monterey County, California, was the largest of its kind in the world.
  • Texan by Nature (TxN), a Texas-led conservation non-profit founded by former First Lady Laura Bush, announced ϱ among the 20 honorees of the 3rd annual Texan by Nature 20 (TxN 20) – an official ranking of companies with Texas operations that have made a demonstrative commitment to conservation.

2020

  • On Feb. 24, ϱ announces changes to its board of directors. Arcilia C. Acosta and Lisa Crutchfield are appointed as independent directors.
  • On March 26, early in the country’s battle against COVID-19, ϱ announces a $2 million donation to non-profits and social service agencies, providing direct relief for people with critical needs resulting from the pandemic. Through its retail brands, the company focuses its efforts in Texas, Ohio, Illinois, and Pennsylvania.
  • On April 15, ϱ announces it will increase the size of its battery energy storage project located at the site of its Oakland Power Plant. The battery will now have a capacity of 36.25 megawatts/145 megawatt-hours instead of the previously announced 20 MW/80 MWh.
  • On May 19, ϱ announces the next phase of battery energy storage systems at its Moss Landing facility, entering into an agreement withPacific Gas and Electric Company (PG&E) for a new 100-megawatt/400-megawatt hour battery to complement the 300-MW/1,200-MWh battery already under construction at the site.
  • On June 22, ϱ commits $10 million to organizations working for social justice and equity. The multi-year donation schedule focuses on minority-owned small businesses, economic development, and education.
  • In June, TXU Energy launches its latest plan. “TXU Energy AutoSaver” provides monthly savings if gas prices fall and a price-protected cap if they rise.
  • In July, TXU Energy expands its signature “Beat the Heat” program, with a $100,000 contribution to support social service organizations assisting people across Texas.
  • In August, TXU Energy launches “Simple Rate Plus A/C Care,” a plan that offers one price-protected electricity rate, plus proactive A/C maintenance.
  • In August and September, the company donates $230,000 to purchase and distribute nearly 2,000 laptops for low-income students as they head back to a school year unlike any other and tackle e-learning.

2019

    • In February, ϱ announces agreement to acquire Crius Energy and its family of brands.
    • In March, ϱ announces the launch of a new renewable brand, Brighten Energy and the expansion of Dynegy brand in Illinois, Ohio, and Pennsylvania.
    • In April, TXU Energy launches its latest plan, “Free Pass,” which automatically offers relief for customers on their seven highest-use days of each month.
    • In May, Dynegy announces that it has entered into a multi-year agreement to become the official and exclusive energy provider for the Chicago Cubs and Wrigley Field.
    • In June, ϱ captures the value of its integrated business model with launch of a first-of-its-kind product, TXU Energy Pure Solar, which allows customers to turn any electricity plan into solar plan. Energy purchased comes from solar farms, including the ϱ’s Upton 2 Solar facility.
    • On July 15, 2019, ϱ completes its previously announced acquisition of Crius Energy Trust, one of the largest retailers of electricity and natural gas products in the U.S. This strategic acquisition expands ϱ’s retail business into many of the states where the company has existing generations assets. ϱ now operates in 20 states and the District of Columbia.
    • In August, ϱ announces agreement to acquire Ambit Energy.
    • In October, ϱ announces long-term CO2 emissions reduction targets, with a goal to achieve a greater than 50 percent reduction in C02 equivalent emissions by 2030.
    • On Nov. 1, 2019, ϱ completes its previous announced acquisition of Ambit Energy, becoming the largest competitive residential electricity provider in the United States serving nearly 5 million customers.
    • In December, ϱ becomes a founding member of the Climate Leadership Council, advocating for a market-based solution to climate change. The company also contributed $1 million to the Americans for Carbon Dividends advocacy campaign, underwriting its efforts to encourage Congress to enact a carbon fee and dividend plan.

2018

  • In January and February, ϱ retires three coal plants and their supporting mines as announced the previous fall: Monticello Power Plant, Big Brown Plant and Mine, and Sandow Power Plant and Three Oaks Mine.
  • On April 9, 2018, ϱ completes its previously announced merger with Dynegy Inc., creating the lowest-cost integrated power company in the industry. The merger positions the combined company as the leading integrated retail and generation platform throughout key competitive power markets in the United States.
  • In April, TXU Energy launches TXUeLease, a first-of-its-kind digital platform tailormade for those who live in apartments, along with new plans designed exclusively for apartment renters.
  • In May, Upton 2 Solar Power Plant achieves commercial operation becoming the largest solar facility in Texas.
  • In August, Luminant announces plans to retire 51-megawatt Pennsylvania coal plant, Northeastern Power Company, operating in PJM.
  • In the summer of 2018, Luminant receives $1 million grant from the State of Texas (Texas Commission on Environmental Quality) for its upcoming Upton 2 battery energy storage project.
  • On Nov. 8, 2018, the California Public Utilities Commission approves ϱ’s 20-year resource adequacy contract with Pacific Gas and Electric Company in which ϱ will develop and operate a 300-MW/1,200-MWhour battery energy storage system, the largest of its kind in the world. The project is expected to reach commercial operation in Q4 2020.
  • Luminant’s Upton 2 battery energy storage system achieves commercial operation on Dec. 31, 2018, becoming the largest energy storage system in Texas and the seventh largest in the U.S.

2017

  • ϱ initiates trading on the New York Stock Exchange under the ticker symbol VST on May 10, 2017.
  • On May 17, 2017, ϱ acquires the 180 megawatt Upton 2 Solar Power Plant project adding renewables to its already diverse portfolio. Luminant will operate and be the qualified scheduling entity for the solar plant once it is completed in 2018.
  • In July, ϱ announces agreement to purchase the Odessa-Ector Power Plant from Koch Ag & Energy Solutions. The transaction closed on Aug. 1, making the 1,054-megawatt combined-cycle gas plant the third CCGT added to the Luminant fleet in 16 months.
  • In October, ϱ announces the closure of three coal facilities due to challenging plant and market economics. Monticello Power Plant, Big Brown Plant and Mine, and Sandow Power Plant and Three Oaks Mine scheduled for retirement in early 2018.
  • ϱ and Dynegy announce merger agreement to create the leading integrated power company across the key competitive power markets in the nation on Oct. 30, 2017. ϱ to own 79 percent of the integrated company.

2016

  • In April, Luminant acquires two combined-cycle natural gas plants from NextEra totaling nearly 3,000 megawatts of capacity – the Forney Power Plant (1,912 MW) in Paris, Texas, and the Lamar Power Plant (1,076 MW) in Paris, Texas.
  • On Oct. 3, TCEH Corp., parent company of TXU Energy and Luminant, emerges from Chapter 11 as a competitive, well-capitalized, standalone company, effectuated by a tax-free spinoff from Energy Future Holdings, Corp. Curt Morgan is formally named the company’s CEO, and its common stock is publicly traded on the OTCQX market under the ticker symbol THHH.
  • On Nov. 4, TCEH is renamed and rebranded ϱ Energy.

2014

  • Energy Future Holdings Corp. files for Chapter 11 bankruptcy protection due to unsustainable debt and persistently low wholesale power prices. Oncor, which is “ring-fenced,” is not a part of the Chapter 11 filing.

2010

  • Luminant announces the second and final unit at the new Oak Grove Power Plant in Robertson County has achieved substantial completion

2009

  • Luminant announces new Oak Grove Power Plant near Franklin, Texas, features first-of-its-kind environmental controls

2008

  • John Young becomes first president and CEO of Energy Future Holdings Corp.

2007

  • TXU to set new direction as a private company with execution of a definitive merger agreement with an investor group led by Kohlberg Kravis Roberts & Co., TPG and Goldman Sachs Capital Partners
  • TXU Electric Delivery rebranded as “Oncor,” as implementation of a plan to further separate the subsidiaries into three distinct businesses
  • TXU’s power generation and related businesses adopt “Luminant” as new brand
  • TXU enters a new era as Energy Future Holdings Corp. with completion of the private-equity acquisition
  • TXU common stock de-listed from the NYSE and other exchanges

2005

  • TXU and CURRENT Communications agree to create the nation’s first multipurpose smart grid

2004

  • First external chief executive in TXU’s history hired to turn around the company
  • TXU exits telecommunications business
  • Turnaround plan announced, including reshaping to focus on core Texas electric businesses
  • TXU Australia, TXU Fuel and TXU Gas sold
  • Investment in communities enhanced, with fourfold, $15 million increase in TXU Energy Aid

2002

  • Texas electricity markets open to competition on Jan. 1
  • TXU Europe fails, U.K. business sold, TXU Europe becomes discontinued operation as TXU Corp. exits Europe
  • TXU begins survival plan: board cuts dividend 80 percent, financing actions completed to shore up liquidity, strengthen credit and cut debt

2001

  • TXU completes its transition to competitive electricity markets on three continents, fully implementing its strategy and business model
  • Structural separation of the energy delivery and competitive energy businesses complete
  • Texas energy delivery business renamed and rebranded as “Oncor” (becoming “TXU Electric Delivery” in 2004)

2000

  • TXU structurally separates the energy delivery and competitive energy businesses, consistent with regional regulatory environment

1999

  • TXU becomes the new name and brand identity for the enterprise, positioning it as a multinational energy company
  • Texas legislature passes landmark electricity industry restructuring bill

1998

  • The Energy Group acquired as the UK begins privatizing its electric and natural gas utilities; it becomes TXU Europe

1997

  • Acquisition of ENSERCH Corp., natural gas transmission and distribution company, completed

1995

  • Texas legislature enacts wholesale competition for electric utilities

1994

  • Texas Utilities Company celebrates 50 years as a corporation

1993

  • Southwestern Electric Service Company (SESCO), electric distribution company in East Texas, acquired

1992

  • Federal Energy Policy Act passed, making competition at the wholesale level inevitable by giving the Federal Energy Regulatory Commission the authority to require transmission-system access, or wheeling, for wholesale transactions

1987

  • Texas Utilities Electric Company, still the legal name, becomes known to the public as TU Electric

1984

  • DP&L, TESCO, TP&L and the generating company merge as divisions of a new principal subsidiary, Texas Utilities Electric Company

1983

  • System begins Energy Aid program for those needing assistance paying energy bills

1978

  • Federal Public Utility Regulatory Policies Act passed, opening the door to competition in the electric utility industry from cogenerators and other nonutility producers
  • System receives Edison Award, the industry’s highest tribute, for its lignite program

1976

  • System begins A-OK Program, first cash-incentive program in the nation to encourage energy efficiency

1975

  • Texas Public Regulatory Act passed, creating the Public Utility Commission of Texas, bringing rates and service under state regulation

1951

  • Three companies’ common stock consolidation completed

1945

  • Texas Utilities Company forms on Sept. 4, 1945, formalizing the historic and traditional bonds connecting TP&L, DP&L and TESCO in a new holding company for the three utilities

1935

  • Wheeler-Rayburn Public Utility Holding Company Act passed, allowing utilities serving integrated, contiguous territories to form a holding company

1929

  • Electric Bond and Share Company forms Texas Electric Service Company; TESCO serves Fort Worth and areas west of Abilene

1917

  • Electric Bond and Share Company forms Dallas Power & Light Company; DP&L serves the city of Dallas area

1912

  • Texas Power & Light Company forms from the consolidation of 13 electric companies brought together by Electric Bond and Share Company, a subsidiary of General Electric Company; TP&L serves much of North Central and East Texas and several counties west of Fort Worth

1885

  • Fort Worth gets electric lights, provided by Fort Worth Electric Light and Power Company

1882

  • Dallas gets electric lights, provided by the new Dallas Electric Lighting Company