22 August 2008

Former TXU Vice Chairman, President and COO Invests in Ambit Energy

NewswireToday
Ambit Energy, L.P., announced today that former Vice Chairman, President and COO of TXU, David W. Biegler, has joined the company as an investor and advisor to the executive management team.

A 40-year veteran of the energy industry, Mr. Biegler currently serves as Chairman of Estrella Energy, L.P., a natural gas transportation and processing firm. He retired from TXU as Vice Chairman in 2001.

"This is the first time I have invested in a Texas-based electric retail provider. I like Ambit’s experienced management team, its home-grown systems, its expansion into New York and Illinois, and its remarkable business model. The company has had phenomenal growth and has demonstrated its ability to manage that growth very well. Ambit's strategic partnership with Shell Energy Trading speaks a lot about the respect Ambit has earned from the giants in the industry in such a short amount of time. I am excited about the opportunity to play a role in helping Ambit reach its potential and about joining this group of investors," said Mr. Biegler.

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