Hunt Companies Ask Texas PUC To Vacate Oncor Change-in-Control Order, Say Transaction Will Not Close

Various Hunt Consolidated companies that had received approval, subject to conditions, from the Public Utility Commission of Texas to acquire Oncor have asked the PUCT to vacate the approval order, stating that the contemplated transaction will not close.

The Hunt companies said that they are continuing to pursue a transaction to acquire Oncor

"Since their May 2 request that the Commission continue the rehearing process, the Hunt Entities have determined that, as a result of the termination of the Merger Agreement and related events, the transaction as proposed in this proceeding and described in the March 24 Order will not close. The Hunt Entities are continuing to pursue a transaction that will allow for local control of Oncor Electric Delivery Company, L.L.C. ('Oncor') and, if and when such transaction is ready for consideration by the Commission, will file a new application pursuant to PURA §§ 14.101, 37.154, 39.262(1)-(m), and 39.915. Accordingly, the Hunt Entities respectfully request the Commission grant rehearing for the purpose of vacating the March 24 Order and dismissing this proceeding without prejudice. The Hunt Entities are also filing a withdrawal of their Application in Docket No. 45815 relating to approval of the initial leases and rates of Oncor AssetCo, L.L.C. and by this filing are expressly not waiving and instead are reserving all rights and remedies," the Hunt companies said