DALLAS & DES MOINES, Iowa--(BUSINESS WIRE)--Berkshire Hathaway Energy, a subsidiary of Warren Buffett’s Berkshire Hathaway Inc., today announced the support of new Texas stakeholder groups for its proposed acquisition of Oncor Electric Delivery Company LLC (Oncor).
Today’s announcement adds to an influential list of Texas business, community and consumer groups that have endorsed Berkshire Hathaway Energy’s bid for Oncor.
TXU Energy, NRG Energy, the Texas Energy Association for Marketers (TEAM) and the Alliance for Retail Markets (ARM) have signed a growing list of regulatory commitments proposed by Berkshire Hathaway Energy and agreed to support approval of the transaction as proposed.
“Today’s announcement illustrates the growing support for Berkshire Hathaway Energy’s proposed acquisition of Oncor,” said Greg Abel, Berkshire Hathaway Energy chairman, president and CEO. “Ours is a different kind of proposal. It’s one that hasn’t been seen before, and we want Texans to know that we will be a stable, long-term partner.”
In addition to the 44 regulatory commitments previously proposed by Berkshire Hathaway Energy, the company today also announced the addition of three more commitments that support the successful competitive energy market in Texas.
“Berkshire Hathaway Energy has worked tirelessly to put together a widely supported deal for Oncor customers, one that supports growing the Texas economy,” said Bob Shapard, Oncor CEO.
TXU Energy and NRG Energy represent two of the largest retail electric providers in Texas, with TEAM and ARM representing dozens of Texas electric market participants. ARM participating members include Champion Energy Services, LLC; Direct Energy, L.P.; NRG Retail Companies; and TXU Energy Retail Company LLC. Having the support of these entities further distinguishes this transaction from those that have been previously proposed and demonstrates a growing momentum that provides the largest infrastructure company in Texas with the backing and financial resources of Berkshire Hathaway Inc.
“We will continue working with the state of Texas and other interested parties to provide long-term value for Texans. Once all necessary approvals are received, we look forward to Oncor joining the Berkshire Hathaway Energy family of companies,” said Abel.
Today’s announcement brings the total number of influential Texas stakeholder groups that support Berkshire Hathaway Energy’s proposed acquisition of Oncor to eight, including: Cities Served by Oncor, Texas Industrial Energy Consumers, Office of Public Utility Counsel, and Public Utility Commission Staff.
Oncor
Headquartered in Dallas,
Texas, Oncor is a regulated electric transmission and distribution
service provider that serves 10 million customers across Texas. Using
cutting edge technology, more than 3,700 employees work to safely
maintain reliable electric delivery service with the largest
distribution and transmission system in Texas; made up of approximately
122,000 miles of lines and more than 3.4 million meters across the state.
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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