Texas PUC Approves Sempra Acquisition Of Oncor

The Public Utility Commission of Texas today approved an uncontested stipulation which approves Sempra's acquisition of Oncor

Of note, the uncontested revised stipulation does not include any specific mechanism regarding any bill credits to be issued under the stipulation nor does it include any mandate that retail electric providers pass-through such bill credits to customers. Rather, the January 5 revised stipulation provides that Sempra and Oncor will work in good faith with various stakeholders to, "determine an acceptable method for implementation of any bill credit to effectuate this agreement, as approved by the Commission."

See our prior story for a discussion of the rate credits in the revised stipulation (which largely mirrored an earlier stipulation that was the subject of our story)

Other notable provisions from the stipulation generally provide as follows:

• Name/Logo. The Signatories agree that Sempra will maintain a name and logo for Oncor that is separate and distinct from the names of Sempra’s REP [retail electric provider] and wholesale generation companies or any other current or future Texas competitive affiliate, if any. Any Sempra REP, wholesale generation company, or any other current or future Texas competitive affiliate will not use the Oncor name, trademark, brand, logo, or any other brand identifying features; nor will Oncor engage in joint marketing, advertising, or promotional efforts with any Sempra REP, wholesale generation company, or any other current or future Texas competitive affiliate, in a manner that is inconsistent with the Public Utility Regulatory Act and the Commission’s rules.

• Competitive Shopping Platforms. The Signatories agree that neither Oncor nor Oncor’s subsidiaries will host or allow the Oncor name, trademark, brand, logo, or other identifying brand features to be used to promote a competitive retail electric shopping website.

• No Recovery of Affiliate REP Bad Debt. The Signatories agree that for so long as any Sempra REP is affiliated with Oncor, Oncor will not seek to recover from its customers any costs incurred as a result of a bankruptcy of any Sempra REP