NextEra agrees to buy Oncor from Energy Future Holdings for $18.4B

A Florida-based energy company announced an $18.4 billion deal on Friday that would give it an 80 percent stake in Texas' largest electric utility under an agreement that could eventually help resolve one of the largest bankruptcies in US history. The company said the deal will cover all debt associated with Energy Future Holdings' control of Oncor, which supplies power to more than 3 million people in Texas. Regulators cited their belief that the deal was not in the public interest as one of the main reasons for rejecting it. NextEra may have learned something from that experience, offering a detailed list of bullet points in its press release about the benefits of the deal to Oncor and its customers. And would mean the Dallas-based Hunts have lost their star-crossed battle to make a deal.

Proceeds from the Oncor deal will help pay off some creditors.

Oncor's parent company, Energy Future Holdings, has been in bankruptcy for more than two years.

Energy Future, the largest power company in Texas, filed for bankruptcy on April 29, 2014, in one of the largest ever bankruptcies in the United States.

The Oncor name and the company's management will be retained, along with its Dallas headquarters, when the deal closes, NextEra Chief Executive Jim Robo said Friday.

More news: Poll finds dead heat between Clinton, Trump

"NextEra proposed to take a leadership role in the integration of renewable energy into the power grid in Hawaii", Nemeroff said.

Rivals have jousted for years to buy Energy Future's 80% stake in Oncor, which delivers electricity to 10 million Texas homes. The Florida-based company touted its strong balance sheet, promising to fund $9.5 billion to repay EFH debt.

The sale to the Hunt group fell apart because of stipulations imposed by regulators on the consortium's plan to turn Oncor into a tax-friendly real estate investment trust. Earlier this month, NextEra was summarily denied its bid in a 2-0 vote to acquire Hawaiian Electric Industries after almost two years of jockeying for ownership of HECO.

At the time, TXU was riding high.

The company has already reported selling two gas-fueled power plants in Pennsylvania for $760 million. By the time it declared bankruptcy in 2014, the original investors were forced to write down almost all the $8 billion they invested.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

New Harry Potter Book Beats Previous Presale Record
While this book is technically not the 8th book in the series , it is the 8th original Harry Potter story published in book form. Get free real-time news alerts from the Del Ray Patch. "You went out to midnight parties and people were excited with you".

Cyanogen might shift from OS development to Apps
Open-source OS vendor Cyanogen might have gained vast popularity as a secondary OS option for breathing new life into aged phones. The newly appointed chief operating officer Lior Tal is now overseeing the strategy who was primarily on Facebook .

Kerry meets Southeast Asia ministers after Chinese win
Cambodia and Laos have in the past been accused of blocking statements on the dispute. "You will read it", he said cryptically. Kerry arrived in Laos on Monday and is expected to hold talks with Wang later in the day.

Assam: Over 5 lakh remain affected, two killed in floods
A large number of farm animals and poultry birds have been also affected, with the authorities still assessing the total loss. Authorities have deployed teams of disaster response force to carry out relief and rescue operations in the affected areas.

Clinton campaign chief and Bernie Sanders vow: 'We've joined forces'
Most of the protesters also believe that Clinton's nomination will split the Democratic Party in half. She spoke by video link after the vote of all 50 states at the party's convention in Philadelphia .

Froome on a Tour high
He next flies to Rio with a chance to better Wiggins' haul as he competes in the men's road race and time trial. And Merckx, who achieved the last of his victories in 1974, expects the Froome-Sky dominance to continue.

Michigan Employees Criminally Charged In Flint Water Crisis
In March, a state task force that investigated the Flint crisis concluded that it was a "case of environmental injustice". Federal authorities said last month it was safe for everyone in Flint to drink the tap water as long as it is filtered.

Fiat Chrysler revises sales data amid probe
The Chrysler 200 has had poor sales and Fiat Chrysler is looking to outsource future production of the vehicle . It now sees ending the year with an adjusted net profit of 2 billion euros on 112 billion euros in sales.

Paul Police Arrest Summit Avenue Protesters
Officers said they would allow protesters to stay in the area as long as they didn't camp or take over the street. Police and protesters outside the governor's Summit Avenue residence spent some tense hours together Tuesday.

Fiat Chrysler revises sales figures downward
The company said that annual sales volume under the new method is within about 0.7% of previously reported annual sales numbers. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

Celebrity Big Brother 2016 housemates REVEALED: Meet the cast
And usually Big Brother punishes the housemates by turning off the hot water, electricity or removing their food. I do have a game plan, to be cool, be calm, it's not that serious, just laugh man".

Pence Endorses Newly-Minted Lieutenant Governor Holcomb For GOP Gubernatorial Nomination
Pence will officially endorse any one, though Holcomb's convention introduction was seen as a tacit nod. So moved was the nominee that Trump appeared on stage after Pence concluded and offered up an air kiss.

'Ghost' Soprano Marni Nixon, Who Voiced Blockbuster Musicals, Dies At 86
By the time she was 4, her family discovered that she had the rare gift of "perfect pitch" and started her on violin lessons. Her big break came when she she filled in for Marilyn Manroe on some of the high notes in Diamonds Are a Girl's Best Friend.

Doctors urged to check pregnant women for Zika at each visit
Although the virus has been found in bodily fluids such as saliva, it is not known whether it can spread through these routes. Officials had initially predicted Colombia would register 450,000 to 600,000 cases of Zika before the epidemic was over.

Death toll of Syria's Qamishli bombing rise to 52
Most of the victims were civilians, who were lingering in the district that also houses a station for the Kurdish security forces. Syrian state TV said one blast was from a vehicle bomb and the other from a bomb on a motorbike, saying 31 people had died.


More News

News
More News