NextEra Energy and Oncor Electric Delivery Company file joint merger approval application with the Public Utility Commission of Texas — Oncor name, local management and Dallas headquarters will be maintained – upon close, Oncor CEO Bob Shapard to chair Oncor board of directors and Oncor Senior Vice President, General Counsel and Secretary Allen Nye to become Oncor CEO — Compelling transactions will provide financial strength for Oncor and its customers — All debt that resides directly above Oncor will be extinguished, reducing it to zero — Oncor’s credit ratings will be improved, resulting in more favorable borrowing costs to fund necessary capital investments, with an estimated $360 million to $600 million in savings for Oncor customers over time — NextEra Energy proposes an updated Code of Conduct for Oncor to ensure separation and independence from the business of NextEra Energy’s competitive affiliates — NextEra Energy commits that it will not interconnect any NextEra Energy affiliate-owned generation with Oncor’s system without prior Public Utility Commission of Texas approval — NextEra Energy commits to financial and governance ring-fencing measures, which collectively maintain a ring-fence for Oncor and provide protections that exceed those of any other Texas investor-owned utility — NextEra Energy commits to seek consolidation of Lone Star into Oncor, creating additional efficiencies for the benefit of customers — NextEra Energy’s proven track record as a world-class energy company will complement Oncor’s significant operational strengths — NextEra Energy commits to workforce stability and strong protections for Oncor employees PR Newswire JUNO BEACH, Fla., Oct. 31, 2016 JUNO BEACH, Fla. , Oct […]
