Sempra Energy to buy Oncor for $9.45 bln
Sempra Energy said it will buy Oncor for $9.45 billion in cash after Energy Future Holdings Corp, which indirectly owns Oncor, abandoned a deal to sell the power transmission company to Warren Buffett's Berkshire Hathaway Inc. San Diego-based Sempra expects to own about…
Buffett Bets Big on Energy with $9 Bln Oncor Buy
Warren Buffett's move to spend $9 billion on his largest energy sector acquisition reflects his long-standing drive to diversify his Berkshire Hathaway Inc and deepens his commitment to electricity as a means to boost profit. Berkshire said on Friday that its Berkshire…
Berkshire Hathaway Nears Deal to Buy Oncor
Berkshire Hathaway Inc's energy unit is nearing a deal to buy utility company Oncor, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Terms of the deal weren't disclosed, but could be announced as soon as Thursday, according to the WSJ report.
U.S. Judge Approves Energy Future's Bankruptcy Exit Plan
U.S. Bankruptcy Judge Christopher Sontchi signed off on a plan on Friday for the bulk of Energy Future Holdings Corp's operations to exit bankruptcy. Energy Future, Texas' biggest power company, filed for Chapter 11 protection in April 2014 to deal with $42 billion in debt.
Texas Power Demand Breaks Record Again in Heat Wave
The Texas power grid operator said electric demand hit another record high on Monday as consumers cranked up their air conditioners to escape a brutal heat wave. Demand reached a record 69,783 megawatts on Monday, topping the previous records of 68,912 MW set on Aug. 6 and 68,459 MW on Aug.
TX Power Demand Soars, Prices Spike
The Texas power grid operator said electric demand hit an all-time peak for a second day in a row on Thursday as consumers cranked up their air conditioners to escape a brutal heat wave, and power prices rose to an 18-month high. Next-day power prices at the Ercot North…
Texas Power Demand at Record High
The Texas power grid operator said demand for electricity hit an all-time record as consumers cranked up air conditioners to escape a brutal heat wave on Wednesday, breaking the previous record set four years ago. Demand reached 68,459 megawatts, topping the previous record of 68,305 MW, set on Aug.
For US Coal, Market Realities Grow Increasingly Harsh
Struggling U.S. coal companies face debt hurdles, complications from reclamation and pension obligation, pressure from hedge funds; the Institute for Energy Economics and Financing Analysis (IEEFA) delves into some of the many pressing difficulties confronting U.S. coal producers. As the U.S.
Warning Sign: High-Yield Bonds Drive Energy Sector Growth
Energy companies have become a larger presence in the US high-yield bond market this year, relying on debt to fund capex as they expand exploration and production activity, but months of heavy issuance and weaker oil prices are taking their toll. Some recent bond deals have struggled to get across the line…
Energy Future Seeks Longer Bankruptcy
Energy Future Holdings, the largest power company in Texas, asked a judge to extend the period in which it controls its Chapter 11 bankruptcy and said it is scrapping its original debt-cutting plan in favor of an auction of its Oncor unit. The company asked Delaware Bankruptcy…
Key Hearings in Energy Future Bankruptcy Extended
Court hearings to determine if Energy Future Holdings Corp, Texas's biggest power company, can adopt a refinancing package that is key to its massive bankruptcy have been extended through July 11 from the original schedule to end on Tuesday. "I'm worried about that amount of time being sufficient…
Bankrupt Energy Future Cleared For $5.4 bln Refinancing Loan
Bankrupt Energy Future Holdings, Texas's largest power company, received court approval on Friday for one of its main businesses to borrow $5.4 billion to carry out a refinancing that is key to its huge restructuring. Approval of the loan to Energy Future's EFIH unit, which controls the Oncor power lines business…
Energy Future Postpones Hearing on Restructuring Agreement
A lawyer for Energy Future Holdings, the bankrupt Texas power company, told a judge on Friday the company will postpone for a second time a hearing to approve an agreement that is key to its ambitious timeline to exit bankruptcy in 11 months. The restructuring support agreement…
Energy Future Bankruptcy Case to Stay in Delaware
The Chapter 11 bankruptcy of Texas's largest power company, Energy Future Holdings, will remain with a U.S. Bankruptcy Court in Wilmington, Delaware, the judge handling the case ruled on Thursday. Energy Future filed one of the largest nonfinancial bankruptcies ever in April in Delaware…
Energy Future Postpones Restructuring Hearing
An attorney for Texas' leading power company, the bankrupt Energy Future Holdings, told a court hearing on Thursday that it will delay seeking court approval of a restructuring support agreement that lays a path out of Chapter 11. At the start of a two-day hearing on a request to move the bankruptcy case to Dallas from Wilmington…
Energy Future Sued Over Bankruptcy Refinance Plan
Texas' largest power company, the bankrupt Energy Future Holdings Corp, was sued by a representative for noteholders who said they are owed $665 million in return for refinancing their securities, a key part of the company's bankruptcy plan. Energy Future filed for bankruptcy…
Energy Future, Creditors Square off in Bankruptcy Hearing
Hearings kicked off one of the biggest-ever U.S. bankruptcies on Thursday with creditors of Energy Future Holdings Corp, the largest power company in Texas, airing grievances over timing, value and how to administer the case. Energy Future, created in the 2007 buyout of TXU Corp…
Texas-based Energy Future Files for Bankruptcy
Energy Future Holdings, a Texas power company, filed for bankruptcy protection on Tuesday, seven years after its record leveraged buyout stacked it with debt just as prices for its electricity plunged. The former TXU Corp owes tens of billions of dollars to hedge funds and investment firms…
EFH Bankruptcy Filing Expected as Soon as Monday
Leading Texas power company Energy Future Holdings (EFH) is expected to file for bankruptcy as early as Monday evening, sources close to the situation said on Friday, as it struggles to pay its hefty debt load of more than $40 billion because of cheap electricity prices.
Energy Future Restructuring Talks Progressing, but Slowly
Efforts to restructure Energy Future Holdings are progressing, albeit slowly, as the embattled Texas utility moves toward an expected bankruptcy filing, people close to the talks say. Discussions among disparate sets of stakeholders are advancing but have not yet broadened to the point that all key stakeholders are in the same room…
