According to TXU’s latest numbers, their client base has dropped another 6%, but the company says it won’t chase prices. Instead of lowering rates to match the market average and potentially winning new customers, TXU would rather keep squeezing the higher rates from it’s fewer and fewer existing clients.
Now that it’s customer base is 800,000 lighter than a few years ago, you would think that TXU would be doing everything in it’s power to retain their current clients and try to attract new ones. But, alas, it isn’t so.
TXU’s Chief Marketing Officer, Michael Grasso, says “In order to win in the long term, we need to make investments that are smart, fiscally sound investments because consumers want a provider that they can trust and that will be around for a while.” That’s fine and dandy, but huh? TXU’s parent company, EFH, is in debt to the tune of $40 billion and their bonds are currently in deep junk bond territory because of the looming bankruptcy, so what “smart investments” is he talking about?
TXU is on an express elevator — going down.