By: Tim Young |
Oncor Electric Delivery Company and Sempra Energy announced that the Energy Freedom Coalition of America, Nucor Steel and Golden Spread Electric Cooperative have joined the group of settling parties related to Sempra Energy’s pending acquisition of Energy Future Holdings (EFH), including EFH’s indirect, approximate 80% ownership of Oncor.
With today’s announcement, nine of 10 intervenors in the proceeding have agreed to the settlement. This development marks a significant step forward for Sempra Energy’s proposed acquisition of EFH and its stake in Oncor. Previous stakeholders signing on to the settlement agreement include: Staff of the Public Utility Commission of Texas (PUCT); the Office of the Public Utility Counsel; Steering Committee of Cities Served by Oncor; Texas Industrial Energy Consumers; The Alliance for Retail Markets; and the Texas Energy Association for Marketers. On August 21, 2017, 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, in October, Sempra Energy and Oncor filed a joint Change-in-Control application with the PUCT. On October 16, 2017, the PUCT set a procedural schedule to complete a review of the joint application by early April 2018, with a proposed February 2018 hearing date. On December 12, 2017, the Federal Energy Regulatory Commission issued an order authorizing Sempra Energy’s acquisition of EFH, subject to customary conditions. The EFH transaction closing remains subject to further approvals by the U.S. Bankruptcy Court and the PUCT, among other approvals and closing conditions.
For more on Energy Future Holdings go to BankruptcyData.