The Public Utility Commission of Texas approved an order authorizing the joint change-in-control application filed by Oncor and Sempra Energy, allowing the San Diego company to complete its pending $9.45 billion acquisition of bankrupt Energy Future Holdings Corp., which owns 80 percent of Oncor.
“The Public Utility Commission’s approval of our application is a significant milestone for both Oncor and Sempra Energy,” said Debra L. Reed, Sempra’s chairman, president and CEO.
“We are pleased the commission has found our transaction to be in the public interest,” she added. “Sempra Energy is committed to being a good partner for the state and is supportive of Oncor’s mission to provide Texans with safe, reliable and affordable electric service.”
The regulatory decision brings to an end a long-running effort by Energy Future Holdings, which filed for bankruptcy in 2014, to sell its valuable stake in Oncor.
“We appreciate the commission’s support throughout this long, four-year process to find a new majority owner for Oncor,” said Bob Shapard, CEO of Oncor. “We believe this is an excellent outcome for our company, our customers and our employees.”
“Sempra Energy is a well-run company, and we believe they will be a strong, stable majority owner for Oncor and an excellent partner for Texas,” he added.
Completion of the transaction remains subject to certain customary closing conditions, but Sempra expects this to happen shortly.
Headquartered in Dallas, Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines.
Sempra own San Diego Gas & Electric and Southern California Gas. The company employs 16,000 and serves 32 million consumers worldwide.