The sale and transformation of the state’s largest utility into a tax-friendly structure that benefits investors can move ahead, but the Public Utility Commission of Texas on Thursday included some key caveats that could still cause the deal to crater.

A deal to sell Dallas-based Oncor to a consortium led by Dallas billionaire Ray Hunt received regulatory scrutiny over concerns that the new business structure – a real estate investment trust – would send nearly $250 million now collected from ratepayers for federal taxes each year to corporate investors.

Keep reading at Houston Chronicle.