- A bankruptcy judge confirms the bankruptcy exit plan of Energy Future Holdings, clearing the way for NextEra Energy's (NEE) planned acquisition of the Oncor transmissions business.
- The confirmation sets the stage for hearings before the Public Utility Commission of Texas, which must approve NEE's Oncor acquisition.
- NEE will pay $4.4B in cash and stock, plus pay off $5.4B in financing that helped Energy Future through bankruptcy, to gain control of Oncor, which carries power to ~10M Texas customers.
- Confirmation came despite protests of lawyers for people claiming asbestos injuries they say are attributable to Energy Future affiliates; NEE has set aside $100M to pay asbestos personal injury claims filed in Energy Future’s chapter 11 proceeding.