A deal worth $18.4 billion—it’s the purchase of the financially troubled Energy Future in Texas and its take in Oncor Electricity.
Power producer NextEra Energy is making the purchase in a move that will allow Energy Future to emerge from the Chapter 11 bankruptcy it filed in Delaware bankruptcy court. Energy Future is the largest power company in Texas and ended up in bankruptcy court in April of 2014. It was one of the largest ever bankruptcies in the U.S.
Oncor has the largest network of power lines in Texas and supplies electricity to 3.3 million homes and businesses.
NextEra’s purchase came after Hawaii regulators ruled against its $4.3 billion offer to buy Hawaiian Electric Company.
