Nextera Energy Oncor Bid

Nextera energy has made a new bid to acquire texas transmission and distribution utility oncor the wall street journal reports complicating the bankruptcy trial of energy future holdings efh.

Nextera energy oncor bid.

Florida based nextera the nation s largest provider of wind and solar power has submitted its bid to acquire oncor electric delivery the regulated transmission unit of bankrupt energy future. 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. Before nextera s bid was twice rejected regulators nixed an acquisition proposal from real estate firm hunt consolidated. Power generator nextera energy has renewed its interest in buying oncor electric delivery as a rival takeover deal led by hunt consolidated of dallas shows signs of unraveling according to two.

Oncor has been searching for a new owner since its parent company energy. 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. Upon completion of the transaction together with florida power light company fpl and nextera energy resources llc oncor will become a principal business of nextera energy. The commission should require nextera and oncor to agree to share any savings.

Nextera is the second largest utility company in the u. Benefits to oncor and its customers. The deal could value oncor at 17 to 18 billion and sources close to the deal say nextera s proposal is higher than the failed hunt bid according to bloomberg.