NextEra Energy Inc (NEE)

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WSJ: NextEra Energy in talks to salvage rejected deal to acquire Oncor

NextEra Energy (NEE +0.1%) is in talks aimed at saving its acquisition of the Oncor electricity transmissions businesses after Texas regulators rejected the deal last week, WSJ reports.

Lawyers for both NEE and Energy Future Holdings reportedly said at a bankruptcy court hearing today that the companies were surprised and disappointed by the ruling from the Texas PUC but remain committed to finding a way to close the deal “if at all possible.”

A lawyer for Energy Future said at the hearing that NEE is attempting to negotiate a settlement with critics that had urged Texas regulators to kill the deal.

Bankrupt Energy Future, which owns most of Oncor, considers the vital regulated piece of the Texas power grid as its crown jewel, and the sale to NEE was supposed to bring in cash to pay off billions of dollars in debt.