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NextEra Energy takes ownership of Oncor Electric

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Staff Writer | October 31, 2016
NextEra Energy has reached an agreement for an affiliate to merge with Texas Transmission Holdings Corporation (TTH), including TTHC’s approximately 20% indirect interest in Oncor Electric Delivery Company, for merger consideration of approximately $2.4 billion, subject to adjustment.
NextEra Energy
Acquisition   Texas Transmission Holdings Corporation
In addition, NextEra Energy has reached an agreement to acquire the remaining 0.22 percent interest in Oncor that is owned by Oncor Management Investment (OMI) for total cash consideration of approximately $27 million.

If approved, these transactions, when combined with NextEra Energy’s previously announced transaction to acquire Energy Future Holdings Corp.’s (EFH) approximately 80 percent interest in Oncor, would result in NextEra Energy owning 100 percent of Oncor.

“We are very pleased to have reached an agreement for one of our affiliates to merge with TTHC, including its approximately 20 percent indirect interest in Oncor,” said Jim Robo, chairman and chief executive officer of NextEra Energy.

“We appreciate TTHC’s commitment to reaching this agreement and believe this transaction further affirms our long-term commitment to partnering with Oncor for the benefit of its customers and the state of Texas.

“We, together with Oncor, look forward to filing our joint application by Nov. 1 with the Public Utility Commission of Texas seeking approval of our proposed acquisition of Oncor.”