Texas regulators last week signed off on a settlement agreement between Wind Energy Transmission Texas (WETT) and other parties that will result in a change in ownership structure (50584).
The order, finalized during the Public Utility Commission’s open meeting Thursday, transfers WETT’s ownership and control to AxInfra, an investment fund managed by Axium Infrastructure US, from various subsidiaries of global asset manager Brookfield Asset Management and Canadian pension-investment manager Public Sector Pension Investment Board. The settlement also results in the Teachers Insurance and Annuity Association of America gaining an indirect, minority noncontrolling interest in WETT through its wholly owned indirect subsidiary 730 Hotspur.
“We are grateful that the parties were able to reach a settlement that makes sense,” Commissioner Arthur D’Andrea said.
WETT built high-voltage transmission lines that it now operates in West Texas as part of the state’s Competitive Renewable Energy Zones initiative.
The commissioners secured a commitment from WETT that it would not build transmission infrastructure outside ERCOT without the PUC’s approval or take any action that impairs their continued jurisdiction.
COVID Relief Plan Extended to Aug. 31
The PUC extended the state’s Electricity Relief Program to Aug. 31, citing Gov. Greg Abbott’s July 10 decision to extend a COVID-19 disaster declaration for all Texas counties. The orders extend protection to participants from disconnections for nonpayment and continues the requirement for retail electric providers to offer deferred payment plans when requested.
“This pandemic is far from over, so we will continue to monitor its impact on Texas utility customers,” Chairman DeAnn Walker said in a statement. “Our goal is to ensure our state emerges from these troubled times with our competitive electricity marketplace intact and its benefits positively affecting customers across the state.”
The program is funded by a 33-cent/MWh rider charge to transmission and distribution utilities. It currently protects more than 590,000 households from disconnection.
Commissioners Revise Rate Package Docs
The PUC approved staff’s proposal that revises investor-owned utilities’ cost-of-service rate filing package (49199).
The revisions require applicants filing a rate case to provide information about plant additions for transmission lines, high-voltage switching stations and substations. The revisions also require applicants to provide information on the costs and loads associated with DC interconnections to areas outside ERCOT and the costs to serve wholesale customers who receive service at distribution voltage.
