Thursday, AARP Texas Director Bob Jackson offered the following remarks about the proposed sale of Oncor, Texas’ largest electric transmission company that serves more than 3 million homes and businesses in North and West Texas:

“The Public Utility Commission must carefully consider these bold recommendations of its staff. The proposed sale of Oncor would have huge implications on the electric grid and the pocketbooks of millions of Texas consumers for decades to come. It’s become increasingly apparent to me and others that this proposed transaction may not be a fair deal to ratepayers and it deserves our ongoing scrutiny.”

Jackson added: “As PUC staff has now noted, the sale of Oncor would allow `a substantial transfer of wealth from ratepayers to shareholders’ in the area of nearly $250 million a year. The PUC staff has also reported that this excess rate of return’ would be of `considerable magnitude and could not be considered acceptable under any reasonable application.’”