Monday August 21 2017
Berkshire Hathaway Energy Agreement to Acquire Oncor Terminated
- Filed Under:
- News Release
- Berkshire Hathaway Energy
Berkshire Hathaway Energy today announced its proposal to acquire Energy Future Holdings Corp. (EFH) and its interest in Oncor Electric Delivery Company LLC (Oncor) has been terminated by EFH.
“We are disappointed our agreement to acquire Oncor has been terminated,” said Greg Abel, Berkshire Hathaway Energy chairman, president and CEO. “We are extremely grateful for the strong support and extraordinary backing from all of the stakeholders in Texas. Our experience working with Oncor, its management and employees, as well as the state of Texas, has been exceptional, and we can’t thank those involved enough for their professional and principled approach to the transaction.”
Through the agreed upon 47 regulatory commitments, Texas stakeholders have rightly focused on protecting Oncor from unnecessary risk, including having no debt at intermediate holding companies. The regulatory commitments were included in an agreement that was signed by five significant parties that supported the proposal.
“Texas is a great state for business, and we look forward to future opportunities to invest,” said Abel.
Berkshire Hathaway Energy
Berkshire Hathaway Energy owns a portfolio of locally managed businesses that share a vision for a secure energy future, make sustainable investments to achieve that vision and had $85 billion of assets as of Dec. 31, 2016. These businesses deliver affordable, safe and reliable service each day to more than 11.6 million electric and gas customers and end-users around the world and consistently rank high among energy companies in customer satisfaction. Berkshire Hathaway Energy is headquartered in Des Moines, Iowa, U.S.A. Additional company information is available at www.berkshirehathawayenergyco.com.
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