Everything about Gulf States Utilities totally explained
Gulf States Utilities (
GSU) was an
electric power generation and distribution company headquartered in
Beaumont, Texas. The company was founded in
1911 as Eastern Texas Electric, a holding company for
Stone & Webster. On
August 25,
1925, Gulf States Utilities Company was incorporated in the state of
Texas.
The company grew, and in
1979 moved its headquarters into the Edison Plaza office tower, which is still the tallest building in Beaumont (
as of 2008). Its older headquarters, the Liberty Pearl building, which still houses a lot of its telecommunications equipment including the microwave radio systems, is still the second tallest. Also in the late
1970s, construction began on the River Bend Station
nuclear power plant. Cost overruns on the nuclear plant and a downturn in the regional economy in the mid
1980s nearly drove GSU into
bankruptcy. Former chief financial officer,
Joseph L. Donnelly, has been credited with preventing the company from filing and ultimately was named its CEO.
GSU was absorbed by
Entergy Corporation in
1993. At the time, GSU had 578,000 customers across southern
Louisiana and
East Texas. Edison Plaza is used by Entergy as a regional headquarters. Joe Domino, a well respected long time employee who started as an engineer and later served as Sabine Station plant (near Bridge City) manager, is currently Entergy, Texas president. The River Bend Station continued to be a thorn in the side of its new owners due to lawsuits by the project's investors and fines levied by the
Nuclear Regulatory Commission over safety problems at the plant.
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