PUC puts off decision on new hearing for Hunt buyout of Oncor

The state’s Public Utility Commission on Wednesday delayed a decision on whether to allow a new hearing on the proposed sale of Oncor Electric Delivery to a group led by Dallas-based Hunt Consolidated.

The commission will discuss the rehearing request again at its May 19 meeting.

The Hunt-led group has proposed an $18 billion buyout of the regulated Oncor unit of bankrupt Energy Future Holdings, the state’s largest electric utility, which manages 119,000 miles of transmission and distribution lines that deliver power to 3 million homes and businesses in North and West Texas.

In March, the Texas Public Utility Commission signed off on the Hunt group’s proposal but added major stipulations, including the possibility that the new owners share tax savings from the deal, which would restructure the utility into a real estate investment trust.

Last month, the Hunt group asked for a rehearing, making clear that its investors would not support the added restrictions.

On Sunday, Energy Future Holdings — which also owns TXU Energy and Luminant — filed a second bankruptcy reorganization plan, seeking to shed tens of billions of dollars of debt.

At Wednesday’s meeting, Oncor CEO Robert Shapard said the company may work with other groups seeking to acquire the utility.

“We are to work with all parties interested in buying the company at this point,” Shapard told the commission.

This story was originally published May 4, 2016 at 11:41 AM with the headline "PUC puts off decision on new hearing for Hunt buyout of Oncor."