Oncor, Sharyland Utilities agree to swap assets

Oncor, Sharyland Utilities agree to swap assets
(Source: KWES)

(KWES) - If Sharyland Utilities is your power company, you're about to become part of Oncor.

In a deal worth a total of $400 million announced on Monday, Oncor and Sharyland Utilities have reached an agreement to swap assets.

Those assets include that Sharyland will get 258 miles of transmission lines, or power lines, and Oncor will get Sharyland's retail and delivery customers.

Oncor says it'll mean cheaper rates and they're excited about the acquisition.

"We're gaining new customers. Like I said, Oncor is always looking for opportunities to grow to help customers and help with new growth and new development going on with the businesses, also residential. It's a very exciting. The PUC (Public Utility Commission) is very excited with this process as we go forward."

Oncor will be taking about 130 employees on board with them from Sharyland and will add 54,000 customers to their base.

Copyright 2017 KWES. All rights reserved.