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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) - OCTOBER 13, 1995
TEXAS UTILITIES ELECTRIC COMPANY
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
TEXAS 0-11442 75-1837355
(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
ENERGY PLAZA, 1601 BRYAN TOWER, DALLAS, TEXAS 75201
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE - (214) 812-4600
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ITEM 5. OTHER EVENTS
Reference is made to the Annual Report on Form 10-K of Texas Utilities Electric
Company (Company) for the year ended December 31, 1994 in Item 2. Properties
under Capital Expenditures, in Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operation and in Item 8. Financial
Statements and Supplementary Data under Note 12 to Financial Statements.
Reference is also made to the Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 1995 in Item 1. Financial Statements under Note 7 to
Condensed Financial Statements and in Item 2. Management's Discussion and
Analysis of Financial Condition and Results of Operation, and to the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30, 1995 in Item 1.
Financial Statements under Note 6 to Condensed Financial Statements and in
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operation.
It was announced on October 13, 1995 that the Company had recorded the
impairment of several non-performing assets. The total impairment was $316
million after tax, which has been included in results for the Company for the
quarter ended September 30, 1995. The impaired assets include the Company's
partially completed Twin Oak and Forest Grove lignite generating units, as well
as several minor assets. The Twin Oak and Forest Grove plants no longer fit the
Company's capacity needs due to changes in load growth patterns and availability
of alternative generation. Such plant impairment has been measured based on
management's expectations that these assets will either be sold or constructed
outside the traditional regulated business. The Company remains in a strong
cash flow position and plans to use this cash flow to continue to aggressively
buy back its long term debt and preferred stock.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TEXAS UTILITIES ELECTRIC COMPANY
By: /s/ H. DAN FARELL
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H. Dan Farell, Senior Vice President
Date: October 17, 1995
