Oncor to be bought by NextEra and save Energy Future from bankruptcy
Published: 29 Jul 2016 By Grace Kimberley
Energy Future Holdings, an electric utility company headquartered in Texas and the state’s largest power company filed its second bankruptcy plan in May this year and was reported to be going “back to the drawing board” to try and emerge from its highly public bankruptcy, which was one of the largest in the USA’s history.
It has now been revealed that NextEra Energy Resource, a wholesale electricity supplier based in Florida will be buying the American utility company out for $18.4 billion. This deal will play a vital part in the reformation of Energy Future and will also enable NextEra to become a big player in the Texas electricity market.
This is not a new idea of NextEra’s, who have been in bidding wars with rivals for a number of years to buy Energy Future’s 80% stake in Energy Future Holdings, which generates electricity for roughly 10 million people in Texas.
“NextEra Energy shares Oncor’s strategy of making smart, long-term investments in transmission and distribution to continue to deliver affordable, reliable electric service to its customers,” said Jim Robo, Chief Executive of Oncor.
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