AUSTIN, Texas — The following is a statement by AARP Texas Director Bob Jackson:

The Public Utility Commission of Texas disappointingly signaled late (Thursday) that it intends to embrace, rather than reject, an investment group’s proposed takeover of electric-transmission business Oncor Electric Delivery Co.

The PUC tonight has directed its staff to develop an order giving conditional approval of the sale of Oncor, the state’s largest power utility, over the objections of thousands of Texas ratepayers, consumer advocates, including AARP, and a cadre of utility experts and officials.

In recent days, more than 1,100 customers from Oncor’s service area throughout North and West Texas have written the PUC to convey opposition to the deal.

“It’s deeply disappointing that the PUC fails to see that the Oncor deal will be costly and hazardous to ratepayers, especially older Texans. Regardless of the latest modifications, the deal still diverts millions of dollars that ratepayers have been paying for federal taxes into the pockets of investors. This fleecing of ratepayers isn’t in the public interest,” stated Jackson.