AUSTIN, Texas (AP) - State regulators have approved Dallas mogul Ray L. Hunt's $18 billion buyout of Texas' largest electricity utility, but with caveats that could soften expected electric rate increases.
The Texas Public Utility Commission on Thursday sanctioned the deal for Oncor, which serves 3 million-plus Texans.
The deal comes after Oncor's parent company, Energy Future Holdings, declared bankruptcy in 2014.
The Hunt group wants to reorganize Oncor into a real estate investment trust.
Two state senators, Republican Kelly Hancock and Democrat Royce West, urged the commission to set aside $250 million in previously agreed-upon Oncor tax breaks. They worried about that money flowing to the deal's investors even as Texans saw higher electric rates.
One condition of commission approval could eventually see some of those funds rebated to customers, if rates rise.
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