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Texas Utilities Now TXU

Texas Utilities Now TXU

Dallas-based Texas Utilities Co. is changing its name to TXU, which is also the company's stock symbol. The action brings together divisions and subsidiaries, domestic and international, under one name. TU Electric/Lone Star Gas, the company's largest domestic operation, will be renamed TXU Electric & Gas.

"We are no longer a traditional utility company with all our business focused entirely on Texas," said Erle Nye, CEO. "TXU has repositioned itself as a multinational, integrated energy company that is diverse geographically, operationally and financially. But now we need an identity that reflects our new position and strategy."

TXU has grown from a regional Texas electric company into one of the top ten energy services companies in the world, with revenues of more than $16 billion and assets of $40 billion.

Lone Star Gas was acquired in 1997. Last year, TXU stretched to the United Kingdom and Europe with the purchase of The Energy Group, which included Eastern Group. In 1999, natural gas was added to the company's Australian holdings.

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