March 8, 2018
It’s been years in the making, but the Public Utility Commission of Texas has given its blessing for a new owner of the bankrupt parent company of Oncor Energy Services.
This morning’s PUC vote was unanimous, approving a $9.45 billion deal to sell Texas’ largest regulated utility to San Diego-based Sempra Energy.
Oncor owns and operates power lines for 3.4 million Texas customers.
The bankruptcy court overseeing the Oncor parent company Energy Future Holdings had already signed off on the deal.
Energy Future Holdings owns 80% of Oncor, but has been in bankruptcy since 2014.
In a statement, Oncor CEO Bob Shapard said, “We believe this is an excellent outcome for our company, our customers and our employees.
“Sempra Energy is a well-run company, and we believe they will be a strong, stable majority owner for Oncor and an excellent partner for Texas.”