Texas commission approves acquisition of Energy Future’s Oncor stake

By Caroline Salls

Pittsburgh, March 8 – The Public Utility Commission of Texas approved Oncor Electric Delivery Co. LLC and Sempra Energy’s application for approval of Sempra’s proposed acquisition of Energy Future Holdings Corp.’s 80.03% indirect interest in Oncor, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the commission said the proposed acquisition is in the public interest under the Public Utility Regulatory Act, provided that all other regulatory commitments are met.

As previously reported, Sempra has agreed to pay $9.45 billion for Energy Future’s interest in Oncor.

In addition, Sempra has committed to “extinguish all debt that resides above Oncor” at Energy Future.

The merger agreement governing the transaction is part of Energy Future’s plan of reorganization, which was confirmed by the court on Feb. 27.

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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