Oncor, Sharyland to Swap Assets

Oncor Electric Delivery Company LLC has entered into an agreement with Sharyland Utilities, L.P. and Sharyland Distribution & Transmission Services, L.L.C.  to swap assets in a transaction valued at approximately $400 million. After successful close of the transaction, Sharyland Distribution & Transmission Services will receive approximately 258 miles of 345 kV transmission lines from Oncor, and Oncor will receive Sharyland’s distribution network and retail delivery customers.

“We’re always looking for new opportunities to grow our business,” said Oncor CEO Bob Shapard. “This transaction allows us to acquire new customers and continue to expand our growing and vibrant service territory. Oncor will be welcoming thousands of new customers, many of which are located in areas that have seen significant load growth, like the Permian Basin.”

After the transaction is completed, Oncor will continue to maintain approximately 122,000 miles of transmission and distribution lines, and more than 3.4 million advanced meters.

The proposed asset swap must be approved by the Public Utility Commission of Texas (PUCT). A joint change-in-control filing from both Oncor and Sharyland will be filed with the PUCT. Change-in-control proceedings can last up to 180 days from the date of application. If approved by regulators, the proposed transaction is expected to close sometime in late 2017.