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Oncor acquisition by Berkshire Hathaway backed by five groups
New York, Aug. 18 – Oncor Electric Delivery Co. LLC’s proposed acquisition by Berkshire Hathaway Energy won the support of five stakeholder groups in Texas, according to a news release from Berkshire Hathaway Inc., the parent of Berkshire Hathaway Energy.
The agreements are with the staff of the Public Utility Commission of Texas, Office of Public Utility Counsel, Steering Committee of Cities Served by Oncor, the Texas Industrial Energy Consumers and the IBEW Local 69 and resolves all issues related to the acquisition.
“We are excited by this unprecedented agreement with these stakeholders, as they have committed their full support to our acquisition of Oncor. This show of support is extraordinary,” said Greg Abel, Berkshire Hathaway Energy chairman, president and chief executive officer, in a news release.
“Our financial strength and commitment to invest in the business will serve Oncor and its customers well and we will exceed their expectations. Our deal offers a great outcome for Texas.”
By entering into the settlement, the parties have agreed that the acquisition is in the public interest, meets the statutory standards and will bring substantial benefits to Oncor and its customers, the news release said.
The parties to the agreement will ask the Public Utility Commission of Texas to approve the acquisition consistent with the enhanced commitments in the agreement.
Berkshire Hathaway announced on July 7 that it had agreed to acquire reorganized Energy Future Holdings Corp., which will result in the acquisition of Oncor.
Energy Future is a Dallas-based power generation company and utility operator. The company filed for bankruptcy on April 29, 2014. The Chapter 11 case number is 14-10979.
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