Oncor Electric Delivery Company is Texas's largest transmission and distribution electric utility - the 6th largest in the USA - serving more than 10 million customers living in 401 cities and 91 counties in the state. Their service territory includes east, west and north-central Texas, including Dallas, Fort Worth, Midland, Odessa, Killeen, Waco, Wichita Falls, and Tyler and other surrounding cities in Texas.
Oncor is the company which provides my electric service. Today I learned their parent corporation is bankrupt:
Oncor's parent, Energy Future Holdings, declared bankruptcy in 2014, and last year, a judge approved a plan that would sell off its assets, including Oncor, which has remained profitable.
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I also learned there is a bidding war for EFH. You can read about it here:
Normally, I would not care much about such things, except for the fact that Mr. Elliott runs one of the more ruthless vulture funds on the planet. He is most well known, I suppose, for helping to destroy the economy of Argentina. You can read about that here:
All this does not bode well for Oncor's customers, including me. Oncor is asking for a rate hike, and considering Mr. Elliott's penchant for squeezing blood out of his many stones, I'm wondering how much longer I will be able to afford my electricity.
By the way, utility companies used to be regulated in the public interest. Now they can be bought, sold, manipulated, and/or folded for the benefit of the living dead (a.k.a. corporations). Can anyone tell me why this is a good idea?
Deregulation was sold to the public using lies similar to those used to promote ObamaDon'tCare (a.k.a. the Affordable (sic) Care Act). Why do we keep shooting ourselves in the foot this way?