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Council authorizes Latham & Watkins to assist Lubbock Power & Light with generation-asset sale work
Summary
Council authorized an engagement agreement with Latham & Watkins LLP to provide legal services related to Lubbock Power & Light's power generation asset sales as staff pursues divestment; the action passed unanimously.
Lubbock Power & Light officials asked the City Council on Sept. 23 to authorize legal services to support efforts to divest power generation assets, and council approved the request unanimously.
Joel Ivey, Chief Administrative Officer for LP&L, told council the utility exited the generation business in October 2003 and has sold some generation assets already. He said the engagement with Latham & Watkins LLP would provide legal support as LP&L negotiates another sale opportunity and that the utility hopes to have a deal completed by about this time next year. The Electric Utility Board unanimously recommended the engagement.
Council moved and approved the resolution to authorize the city to execute the engagement agreement. No council questions were recorded during the briefing, and the motion passed by unanimous voice vote.
Next steps: LP&L will continue negotiations with support from outside counsel as authorized; staff expects to return with contract details and timeline updates as negotiations progress.
