NextEra Energy told a bankruptcy judge that it is still working to acquire Oncor, and may seek to strike a deal with opposing intervenors concerning the sale or seek rehearing of the Texas PUC's decision rejecting the company's application.

Bloomberg, via the Fort Worth Star-Telegram, reports that, U.S. Bankruptcy Judge Christopher Sontchi has expressed concern with what he saw as a lack of weight given to resolution of EFH Chapter 11 proceedings as a factor in the PUC's consideration of NextEra's application to acquire Oncor

"The PUC seems unconcerned with the resolution of the bankruptcy estate as a factor in making its determination," Sontchi said according to Bloomberg. "I find that concerning."

But why should the PUC concern itself with (partially) bailing out investors in the larger EFH (which would occur by maximizing the sale price by removing conditions such as ring fencing which lower the valuation) when ring fencing and other protections were specifically meant to insulate Oncor from such considerations.

As noted by the PUC's order, "throughout the pendency of the Energy Future Holdings bankruptcy proceeding, Oncor has safely provided reliable service to Texas customers. Oncor has made $6 to $7 billion in capital investments over the past five years, funding the equity portion of these investments using Oncor's retained earnings, and there is no evidence even suggesting that Oncor would be unable to continue to do so in the future."