HomeApril 24, 2017
NextEra Confirms It Will Seek Rehearing Of Texas PUC Decision Denying Oncor Transaction, Reiterates Board Control Conditions Unacceptable
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During an earnings call, NextEra Energy CEO James Robo said that the company will seek rehearing of a Texas PUC decision which denied the company's application to acquire Oncor, but reiterated conditions that would be imposed by the PUC related to board control in any approval are not acceptable.
"You can expect that we will not be accepting any conditions that would not allow us to appoint the majority of the board or have access to the dividends," Robo said
"We've been very clear about that from the beginning on this transaction and we continue to be very clear on it," Robo said
Still, Robo said that the company, "remain[s] very committed to try to get it [the Oncor acquisition] done."
But, "obviously we can't pay $18.7 billion for a utility that we can't run, and [where] we can't control the board and we can't have access to dividends. It's just bad business to do anything other than that," Robo said
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