Milagro Power Enters Executed Agreement for Sale of Assets

April 1, 2011
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Milagro Power Company (TexRep3, LLC) informed the PUCT yesterday that it has entered into an executed agreement with an undisclosed buyer for the sale of several Milagro assets, including the customer book (Docket 37753 et. al.).

Milagro is facing a pending REP certificate revocation, and Commissioners had given Milagro until the April 6 open meeting to sign a definitive sale agreement, which would prevent a POLR transition for Milagro's 3,200 customers, before acting on a final order regarding revocation.

See 3/24 story for background

The identity of the purchaser and the sale agreement were filed confidentially. There may still be an issue regarding whether the Commission will allow the sale to proceed, as the likely purchaser does not currently hold a REP certificate, and there was debate at the prior open meeting regarding whether the asset sale could include Milagro's REP certificate itself.

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