Sempra Energy's deal to purchase power transmission company Oncor includes a commitment to pay off up to $3 billion in debt within seven years, a promise designed to calm jittery Texas regulators who must approve the takeover of a key piece of the state's power grid, Dow Jones Newswires reported yesterday. Oncor is one of the largest electricity distribution systems in the country, and Sempra is offering $9.45 billion for 80 percent of it. That 80 percent is in the hands of Energy Future Holdings Corp., the former TXU Corp., which filed for bankruptcy more than three years ago. On Sunday, Energy Future turned its back on a $9 billion buyout offer from Warren Buffett's Berkshire Hathaway Energy Inc. and agreed to a buyout led by Sempra, which owns Southern California Gas Co. and San Diego Gas & Electric. One of the commissioners who will decide the fate of Sempra's takeover effort summoned Oncor Chief Executive Bob Shapard to a session, slated for next week, to answer questions about the proposed Sempra deal. Commissioner Ken Anderson of the Public Utility Commission of Texas wants to know when regulators will see details of the transaction. Anderson also wants to know how much Oncor has spent on lawyers over the two years as it sought to disentangle itself from its bankrupt owner, according to a letter he sent on Wednesday.
