A bankruptcy court in Delaware has approved a $9.45 billion deal under which San Diego’s Sempra Energy will gain control of the largest electric utility in Texas.
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The decision announced Wednesday is a key step in Sempra’s plan to acquire Energy Future Holding Corp.’s 80-percent ownership interest in Oncor Electric Delivery Company of Dallas.
“We are pleased that our plan to resolve Energy Future’s long-running bankruptcy proceeding has received approval from the bankruptcy court to move forward,” said Debra L. Reed, chairman, president and CEO of Sempra. “The next step in the approval process is making our regulatory filing with the Public Utility Commission of Texas.”
Sempra said it is committed to ensuring that Oncor remains independent, financially strong and based in Dallas with local management. The utility serves 10 million customers in the Lone Star State.
“Oncor is a well-managed, top-tier utility, operating in one of the strongest U.S. growth markets,” said Reed. “We believe it will be an excellent strategic fit with our portfolio of utility and energy infrastructure businesses, while opening up a new avenue for our long-term growth.”
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