Legendary investor Warren Buffett may be close to buying Texas’ largest electricity utility according to reports. Once part of the giant energy concern that included the retail arm of TXU, Oncor Electric Delivery has been up for sale for some time since the bankruptcy of its parent holding company Energy Future Holdings.
There have been numerous attempts to sell the unit already. Offers by Hunt Consolidated Inc and NextEra Energy have both hit roadblocks thrown up by Texas regulators. Buffett’s company Berkshire Hathaway is said to be offering $17.4 billion for the utility.
ONCOR is responsible for the transportation and distribution of electricity for a large portion of the Texas electricity marketplace including the Dallas and Fort Worth areas. It is one of a handful of regional monopolies allowed to transmit the electricity that retail electricity providers sell to residential and commercial end users. 10 million electricity users in Texas are served by ONCOR.