Texas regulators approve Sempra Energy's majority ownership of Oncor
This is representing the last regulatory approval necessary for Sempra Energy to complete its pending acquisition of Energy Future Holdings Corp. (EFH), including EFH's indirect, approximate 80-percent ownership 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, chairman, president and CEO of Sempra Energy.
"We are pleased the Commission has found our transaction to be in the public interest. 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."
"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."
On Aug. 21, 2017, Sempra Energy entered into an agreement to acquire EFH. Obtaining PUCT approval is a condition necessary to close the transaction. The completion of the transaction remains subject to certain customary closing conditions, but Sempra Energy expects that this transaction will be completed shortly.
Headquartered in Dallas, Oncor is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers.
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 in Texas.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. The Sempra Energy companies' 16,000 employees serve approximately 32 million consumers worldwide. ■