Energy Future Holdings Corp. (EFH) has cancelled the bankruptcy auction of its stake in Oncor Electric Delivery Co., its power distribution business, and looks to be moving forward with a stand-alone reorganization plan, the Dallas Business Journal reported today. Scrapping the auction likely rules out NextEra Energy Inc., a Juno Beach, Fla.-based power company that had emerged as a frontrunner in an expected bid for Oncor, said Andrew Bischof, a utility analyst with the research firm Morningstar. Dallas-based EFH entered its $42 billion bankruptcy last year with a plan to split itself in two, giving each part to different sets of creditors. Now, EHF has decided to retain its 80 percent stake in Oncor and build a reorganization plan that includes Oncor, EFH said June 25. That plan is expected to be formally presented to the U.S. Bankruptcy Court in Wilmington, Delaware, in October.
