NextEra Energy in Talks to Salvage Rejected Deal to Acquire Oncor

NextEra Energy in Talks to Salvage Rejected Deal to Acquire Oncor

Apr 18, 2017

by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC.  All rights reserved

In news that is not totally unexpected, The Wall Street Journal reported on 4/17/17, that NextEra is not giving up on Oncor. From the SeekingAlpha.com report, we learned that “NextEra Energy (NEE +0.1%) is in talks aimed at saving its acquisition of the Oncor electricity transmissions businesses, after Texas regulators rejected the deal last week, WSJ reports. Lawyers for both NEE and Energy Future Holdings reportedly said at a bankruptcy court hearing today that the companies were surprised and disappointed by the ruling from the Texas PUC, but remain committed to finding a way to close the deal ‘if at all possible.’ A lawyer for Energy Future said at the hearing that NEE is attempting to negotiate a settlement with critics, who had urged Texas regulators to kill the deal.”

Even though at the 3/30/17 open meeting, Commissioner Anderson pointed to an opening for further negotiations on the deal, nothing happened during the next two weeks. Subsequently, on 4/13/17, the Commission approved a final order, stating that the acquisition was not in the public interest. The speed of the debate-less decision was somewhat surprising and seemed to indicate that NextEra simply rejected the PUCT conditions. But never say never… If WSJ story is accurate, we could see a reversal. Considering that Oncor was determined by many to be a “gem,” NextEra’s persistence would make a lot of (good business) sense

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