PUCT Delineates Deal-breakers in Oncor Acquisition Case

PUCT Delineates Deal-breakers in Oncor Acquisition Case

Mar 31, 2017

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

At the 3/30/17 open meeting, the PUCT took up the acquisition of Oncor by NextEra (NEE) for the first time since the February hearing on the merits. In stressing the importance of ring-fencing provisions in this case, including a fully independent Board, the Commissioners outlined their “deal-breakers,” noting that these are the same as NextEra’s – just from a different stanppoint. Chairman Nelson expressed the concern that the amount of debt, resulting from the deal, would exhaust NEE’s borrowing capacity. Later that day, Commissioner Anderson filed a memo, which summarised his comments that – as it stands now – the transaction is not in the public interest. Commissioner Marquez concurred with the others that NEE is a good company, but that ring-fencing provisions are still necessary. The PUCT directed staff to prepare a draft final order for consideration at the 4/13/17 open meeting – while also making it quite clear that there is time to negotiate with the other parties to the case, although an agreement acceptable to the Commission would have to have unanimous support. The final decision in the case is expected at the 4/28/17 open meeting. For detailed information about the case, please subscribe to Texas Electric Watch. If you are interested in purchasing this TEW issue, please click here. If you are interested in subscribing the Texas Electric Watch, please click here or call Competitive Assets at 512-581-0151

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Posted by CompetitiveAssets on March 31st, 2017

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