PUNCH-drunk energy group TXU Europe has thrown in the towel and called in the administrators.The Ipswich-based group jumped rather than wait to be pushed, after talks with Britain's largest power station, AES Drax, broke down.
PUNCH-drunk energy group TXU Europe has thrown in the towel and called in the administrators.
The Ipswich-based group jumped rather than wait to be pushed, after talks with Britain's largest power station, AES Drax, broke down.
The two parties had been locked in discussions over the re-negotiation of a 15-year contract for TXU to take 60 per cent of the power station's output.
A TXU spokesman said that the decision had been taken to go into administration to avoid the alternative of the group being wound up.
"This will have no affect on our work, which is essentially winding the business up over the next few months," said a spokesman for TXU Europe today.
"This will have no affect on customers or the vast majority of employees in Ipswich – the retail business of TXU Energi was sold to Powergen last month and this news doesn't affect that at all."
The rump of TXU Europe still employs about 60 people in Ipswich, all involved with selling the remaining parts of the business, mainly in northern Europe.
"We know this business has a limited timescale – a few months. This news means we are now working for administrator rather than for TXU Europe itself," said the spokesman.
"But it really doesn't affect our work at all – it was better that we called in an administrator ourselves rather than wait for one of our creditors to appoint their own liquidator," he added.
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