Texas electric utility Electric Utility Co. (TEU) will begin a series of public meetings and public forums this week to seek to broaden its utility independence.
Under a proposal to be presented to the Texas Commission on Environmental Quality on Tuesday, utilities would have greater authority over their finances and operations, including the ability to sell off assets and sell shares of companies.
The goal is to expand a plan to allow utilities to sell shares in other businesses and businesses to create a more diversified energy portfolio, a person familiar with the matter said.
Under the proposal, the utilities could sell more than half of their assets, with some utility assets selling for as little as $1, according to the person.
The proposal also seeks to allow the utilities to consolidate and merge with smaller competitors.
The proposal is likely to fuel concerns that Texas utilities are struggling with a lack of access to capital and with dwindling revenue from their aging power plants.
The plan would also give the utility more control over energy development in the state.
The move would be an unprecedented change in power transmission, transmission lines and other assets in Texas, which was the first state to fully privatize power in the late 1970s.