NextEra Energy Inc. has reached agreement with financial institutions on its bid to buy Energy Future Holdings Corp.’s Oncor Electric Delivery Co. utility in Texas, Bloomberg News reported today. As part of the transaction, NextEra plans to fund $9.5 billion, primarily for the repayment of about all of the Energy Future Intermediate Holding Company debt, NextEra said today. NextEra has proposed to take over the biggest transmission operator in a state where regulators have already proven they can drive a tough bargain. An investor group led by Dallas-based Hunt Consolidated Inc. tried and failed in May to buy Oncor. At stake is a transaction that’s key to Energy Future’s emergence from one of the biggest bankruptcies of all time, involving the restructuring of about $50 billion in debt. NextEra has previously agreed to buy all of the equity of reorganized Energy Future Holdings and certain of its direct and indirect subsidiaries, including Energy Future Holdings’ approximately 80 percent indirect interest in Oncor.
