DES MOINES, Iowa--(BUSINESS WIRE)--Monday, Oncor announced that it had entered into an agreement with Texas utility Sharyland to swap assets in a transaction valued at approximately $400 million. The transaction has received broad industry and customer support, and Berkshire Hathaway Energy applauds Oncor and the various stakeholders for developing solutions to ensure continued safe, reliable, and affordable service for customers.
“The problem-solving culture demonstrated by Oncor and its management team will be a great fit with Berkshire Hathaway Energy,” said Greg Abel, Berkshire Hathaway Energy chairman, president and CEO. “The conditions of the agreements are examples of Oncor’s strong commitment to customers; that same commitment is reflected across Berkshire Hathaway Energy’s businesses.”
Oncor also announced that it had reached a proposed settlement in its rate case, which was filed earlier this year. The rate case settlement also garnered wide support within the industry and among consumer groups.
The rate settlement contemplates a stronger financial structure for Oncor, with more owner-funded equity to fund proposed projects and investments in the grid. Berkshire Hathaway Energy commends Oncor’s efforts to achieve a balanced outcome for customers that helps keep rates among the lowest in Texas and preserves the company’s ability to invest in its system at reasonable cost.
“Berkshire Hathaway Energy’s ownership structure is a source of financial strength that uniquely positions us to provide the resources Oncor needs to fund the new equity requirement,” said Abel.
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.
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