Days after NextEra suffered a second legal setback in its plans to build two windfarms near Hinton, Oklahoma, the giant energy company was rejected a second time in its $18.7 billion offer to buy Texas-based Oncor.
The Texas Public Utility Commissioners ruled against NextEra and did not without any discussion, stating the purchase would not be ni the public’s interest.
Since Oncor is the largest regulated utility in Texas, any sale would have to be approved by the commission. The original rejection was appealed by NextEra in which the Florida-based company called the action “capricious” and was a violation of Texas law.
Oncor serves 3.4 million customers and most are in North Texas.
“While NextEra Energy is a well-regarded utility-holding company, the expansive and diversified structure of NextEra Energy and its affiliates would subject Oncor to new and potentially substantial risks,” stated the order from the commissioners.
The proposed purchase came as a result of the bankruptcy of Oncor’s parent company, Energy Future Holdings. An earlier proposed sale to the Hunt family in Dallas also fell through.