Sempra Energy’s majority ownership of Oncor approved by Texas regulators

The Public Utility Commission of Texas (PUCT) has approved an order authorizing the joint Change-in-Control application filed by Oncor Electric Delivery Company LLC (Oncor) and Sempra Energy. This represented 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-% 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 August 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.

(EOG)

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