Nextera Energy Buys Oncor

Nextera energy outbid rivals for energy future holdings stake in oncor the biggest power provider in texas in an 18 4 billion deal that will thrust the florida company into the big leagues.

Nextera energy buys oncor.

Reuters power producer nextera energy inc nee n said it agreed to buy bankrupt texas power company energy future holdings corp s stake in oncor electric delivery co in a deal valued at about. That s one criticism of the proposed 18 7 billion acquisition of dallas based. Nextera energy is paying so much for oncor electric delivery co. Nextera s bid was worth 18 7 billion but texas three member public utility commission rejected it saying nextera refused to drop its insistence on controlling oncor s board of directors.

Nextera a company based in florida and the parent company of florida power light had proposed two transactions under which it would acquire the 80 percent interest in oncor indirectly held by energy future holdings corp. Llc adding stable returns from the largest electric transmission operator in texas in an 18 4 billion. Agreed to buy energy future holdings corp. Texas regulators on thursday rejected nextera energy s 18 billion bid to acquire oncor electric citing concerns about the independence of the utility s board and the possibility of increased risk.

Could springboard oncor s parent company from bankruptcy and give texas largest utility the financial. That there may not be much upside for the rest of us. Utility nextera energy nyse nee are on quite a run so far in 2020 up nearly 30. For comparison the average utility using vanguard utilities etf as a proxy is down about 6.

And the 19 75 percent interest indirectly held by texas transmission holdings corporation.