New initiatives, which include lobbying European regulators, have been the primary factor in the longer-than-anticipated marketing period for the upcoming stranded cost securitization from Oncor Electric.

The $790 million series 2004-1 offering, via Merrill Lynch and Wachovia Securities, was initially scheduled for a first-quarter pricing. But the Public Utility Commission of Texas, on behalf of Oncor, has petitioned the U.K.'s Financial Services Authority for a reduced risk weighting. Oncor is also exploring the possibility of offering floating-rate notes, according to sources close to the situation.

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