{"id":3510,"date":"2017-06-14T01:17:57","date_gmt":"2017-06-14T06:17:57","guid":{"rendered":"http:\/\/www.texaselectricityratings.com\/blog\/?p=3510"},"modified":"2020-03-13T08:49:12","modified_gmt":"2020-03-13T13:49:12","slug":"puc-nextera-part-no","status":"publish","type":"post","link":"https:\/\/www.texaselectricityratings.com\/blog\/puc-nextera-part-no\/","title":{"rendered":"PUC to NextEra\u2014 What Part Of \u201cNO\u201d?"},"content":{"rendered":"

Ouch!<\/p>\n

Back on April 13, the Texas Public Utility Commission rejected NextEra Energy Inc.\u2019s proposed $18.4 billion acquisition of Oncor. Though not unexpected, the PUC unanimously voted down the deal saying it was not in the best interest of consumers who want the best electricity rates<\/a>. The chief concern being NextEra dispensing with ring-fencing measures to protect Oncor<\/a>.<\/p>\n

But last month, NextEra returned for a re-hearing saying that the PUC had exceeded its powers by rejecting their bid and listing them in 14 Points of Error. The proposed transaction would enable NextEra to buy up all of Oncor\u2019s equity securities in three transactions:<\/p>\n

    \n
  1. 80.03% share of Oncor held indirectly by Energy Future Holdings<\/li>\n
  2. NextEra acquires 100% of Texas Transmission Holdings Corporation and Texas Transmission Investment, LLC, including the latter’s 19.75%. interest in Oncor<\/li>\n
  3. 0.22% interest in Oncor held by Oncor Management Investment LLC<\/li>\n<\/ol>\n

    Last week, the PUC again rejected NextEra saying\u201cNextEra Energy’s method ‘of financing the proposed transactions does not entirely eliminate the debt above Oncor, but merely refinances that debt with new debt at NextEra Energy Capital Holdings.\u201d Without ring-fencing, the plan increases Oncor\u2019s financial risk.<\/p>\n

    What\u2019s Next for Oncor?<\/p>\n

    There area few possibilities<\/a>. One is that Oncor could go public but financing that could be a nightmare. Another possibility is that the spurned suitor, Hunt Consolidated Inc, could make another courting attempt. Centerpoint has mulled the purchase as has Berkshire Hathaway and others<\/a>.<\/p>\n

    One thing is certain, whoever the PUC allows to buy Oncor will have will have their hands full to protect the power to choose<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Ouch! Back on April 13, the Texas Public Utility Commission rejected NextEra Energy Inc.\u2019s proposed $18.4 billion acquisition of Oncor. Though not unexpected, the PUC unanimously voted down the deal saying it was not in the best interest of consumers who want the best electricity rates. The chief concern being NextEra dispensing with ring-fencing measures Read More<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_mbp_gutenberg_autopost":false},"categories":[1],"tags":[],"yoast_head":"\nPUC to NextEra\u2014 What Part Of \u201cNO\u201d? - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.texaselectricityratings.com\/blog\/puc-nextera-part-no\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PUC to NextEra\u2014 What Part Of \u201cNO\u201d? - Blog\" \/>\n<meta property=\"og:description\" content=\"Ouch! 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