FERC Approves Oncor, Sempra Energy Merger
Sempra Energy and Oncor Electric Delivery Company LLC (Oncor) today announced that the Federal Energy Regulatory Commission (FERC) issued an order authorizing Sempra Energy’s acquisition of Energy Future Holdings Corp. (EFH), the indirect owner of approximately 80 percent of Oncor.
On Aug. 21, Sempra Energy entered into an agreement to acquire EFH. In September, the U.S. Bankruptcy Court for the District of Delaware approved EFH’s entry into the merger agreement with Sempra Energy and, on Oct. 5, Sempra Energy and Oncor filed a joint Change-in-Control application with the Public Utility Commission of Texas (PUCT). On Oct. 16, the commission set a procedural schedule to complete a review of Sempra Energy’s and Oncor’s case within 180 days.
The transaction closing remains subject to further approvals by the U.S. Bankruptcy Court and the PUCT, among other approvals and closing conditions.
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