NextEra Energy to Acquire Oncor
NextEra Energy, Inc. will acquire 100 percent of the equity of reorganized Energy Future Holdings Corp. and certain of its direct and indirect subsidiaries, including the company’s approximately 80 percent indirect interest in Oncor Electric Delivery Company, which implies a total enterprise value of approximately $18.4 billion. The definitive agreement will be filed publicly as part of the restructuring of Energy Future Holdings Corp. currently before the United States Bankruptcy Court for the District of Delaware. The definitive agreement is part of an overall plan of reorganization that is designed to allow Energy Future Holdings Corp. to emerge from Chapter 11 bankruptcy. Bankruptcy court approval of Energy Future Holdings Corp. entering into the definitive agreement is required for the agreement to be binding. The parties will request that the bankruptcy court approve Energy Future Holdings Corp. entry into the agreement as soon as practicable.
“We are pleased to have reached a definitive agreement to acquire Energy Future Holdings’ 80 percent indirect interest in Oncor,” said Jim Robo, chairman and chief executive officer of NextEra Energy. “We are incredibly impressed by Oncor’s management team and its employees, and we are committed to retaining the Oncor name, its Dallas headquarters and local management. NextEra Energy shares Oncor’s strategy of making smart, long-term investments in transmission and distribution to continue to deliver affordable, reliable electric service to its customers. We look forward to working closely with Oncor’s leadership team and filing our joint application with the Public Utility Commission of Texas.
Related News
From Archive
- 27 pipeline safety violations tied to deadly Pa. chocolate factory explosion
- Contractor gas line strike triggers home explosion in Missouri
- FiberLight to build 1,400-mile West Texas dark fiber network in $350 million expansion
- Fatal trench collapse in Mass. leads to $4.6 million OSHA penalty, dozens of violations
- OSHA investigates fatal trench collapse at Conroe construction site
- T-Mobile to expand fiber broadband infrastructure footprint with $4.9 billion Metronet acquisition
- Cityside launches $100 million fiber build in Corona, Calif.
- FiberLight to build 1,400-mile West Texas dark fiber network in $350 million expansion
- Alaska fiber buildout to expand broadband in rural communities
- 11-mile Texas pipeline replacement upgrades 72-in. PCCP to 102-in. steel
Comments