Berkshire Hathaway Energy Makes New Regulatory Commitments
Berkshire Hathaway Energy, a subsidiary of Warren Buffett’s Berkshire
Hathaway Inc., today announced the support of new Texas stakeholder
groups for its proposed acquisition of Oncor Electric Delivery Company
LLC (Oncor).
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Today’s announcement adds to an influential list of Texas business,
community and consumer groups that have endorsed Berkshire Hathaway
Energy’s bid for Oncor.
TXU Energy, NRG Energy, the Texas Energy Association for Marketers
(TEAM) and the Alliance for Retail Markets (ARM) have signed a growing
list of regulatory commitments proposed by Berkshire Hathaway Energy and
agreed to support approval of the transaction as proposed.
“Today’s announcement illustrates the growing support for Berkshire
Hathaway Energy’s proposed acquisition of Oncor,” said Greg Abel,
Berkshire Hathaway Energy chairman, president and CEO. “Ours is a
different kind of proposal. It’s one that hasn’t been seen before, and
we want Texans to know that we will be a stable, long-term partner.”
In addition to the 44 regulatory commitments previously proposed by
Berkshire Hathaway Energy, the company today also announced the addition
of three more commitments that support the successful competitive energy
market in Texas.
“Berkshire Hathaway Energy has worked tirelessly to put together a
widely supported deal for Oncor customers, one that supports growing the
Texas economy,” said Bob Shapard, Oncor CEO.
TXU Energy and NRG Energy represent two of the largest retail electric
providers in Texas, with TEAM and ARM representing dozens of Texas
electric market participants. ARM participating members include Champion
Energy Services, LLC; Direct Energy, L.P.; NRG Retail Companies; and TXU
Energy Retail Company LLC. Having the support of these entities further
distinguishes this transaction from those that have been previously
proposed and demonstrates a growing momentum that provides the largest
infrastructure company in Texas with the backing and financial resources
of Berkshire Hathaway Inc.
“We will continue working with the state of Texas and other interested
parties to provide long-term value for Texans. Once all necessary
approvals are received, we look forward to Oncor joining the Berkshire
Hathaway Energy family of companies,” said Abel.
Today’s announcement brings the total number of influential Texas
stakeholder groups that support Berkshire Hathaway Energy’s proposed
acquisition of Oncor to eight, including: Cities Served by Oncor, Texas
Industrial Energy Consumers, Office of Public Utility Counsel, and
Public Utility Commission Staff.
Oncor
Headquartered in Dallas,
Texas, Oncor is a regulated electric transmission and distribution
service provider that serves 10 million customers across Texas. Using
cutting edge technology, more than 3,700 employees work to safely
maintain reliable electric delivery service with the largest
distribution and transmission system in Texas; made up of approximately
122,000 miles of lines and more than 3.4 million meters across the state.
Berkshire Hathaway Energy
Berkshire
Hathaway Energy owns a portfolio of locally managed businesses that
share a vision for a secure energy future, make sustainable investments
to achieve that vision and had $85 billion of assets as of Dec. 31,
2016. These businesses deliver affordable, safe and reliable service
each day to more than 11.6 million electric and gas customers and
end-users around the world and consistently rank high among energy
companies in customer satisfaction. Berkshire Hathaway Energy is
headquartered in Des Moines, Iowa, U.S.A. Additional company information
is available at www.berkshirehathawayenergyco.com.
Forward-Looking Statements
This
news release contains statements that do not directly or exclusively
relate to historical facts. These statements are “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements can typically be identified
by the use of forward-looking words, such as “will,” “may,” “could,”
“project,” “believe,” “anticipate,” “expect,” “estimate,” “continue,”
“intend,” “potential,” “plan,” “forecast” and similar terms. These
statements are based upon Berkshire Hathaway Energy Company’s current
intentions, assumptions, expectations and beliefs and are subject to
risks, uncertainties and other important factors. Many of these factors
are outside the control of Berkshire Hathaway Energy Company and could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause
actual results to differ materially from those expectations include the
impact of natural disasters and weather effects on revenues and other
operating uncertainties, uncertainties relating to economic, political
and business conditions and uncertainties regarding the impact of laws
and regulations, including laws and regulations related to environmental
protection, changes in government policy and competition. The foregoing
factors that could cause Berkshire Hathaway Energy Company’s actual
results to differ materially from those contemplated in the
forward-looking statements included in this news release should not be
construed as exclusive and should be considered in connection with
information regarding risks and uncertainties that may affect Berkshire
Hathaway Energy Company’s future results included in Berkshire Hathaway
Energy Company’s filings with the Securities and Exchange Commission,
which are available at the Securities and Exchange Commission’s website (www.sec.gov).
Berkshire Hathaway Energy Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
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