Fidelity Investments is working on preparing a bid with other creditors of Energy Future Holdings Corp. to acquire through Energy Future's bankruptcy the company's crown jewel, Oncor, Reuters reported yesterday. Energy Future has been in bankruptcy for over two years. Plans for Oncor, a utility serving Texas that is prized for its steady cash flow, have come together and then collapsed over that time, partly because of financing and regulatory issues. Fidelity would have been one of the owners of Oncor had an earlier plan panned out. Now, the mutual fund giant, seeking to protect its original investment in Energy Future, joins a crowded field of bidders for the power distribution company. NextEra Energy Inc. is thought to be the lead bidder, and Warren Buffet's Berkshire Hathaway Inc. has also ramped up its interest in Oncor. Creditors have estimated Oncor's value at $19 billion.
