DALLAS, Aug. 7, 2025 /PRNewswire/ — Oncor Electric Delivery Company LLC (Oncor) today reported net income of $259 million for the three months ended June 30, 2025, compared to net income of $251 million in the three months ended June 30, 2024. The increase in net income of $8 million was driven by overall higher revenues primarily attributable to updated interim rates to reflect increases in invested capital, an increase in other regulated revenues recognized related to Oncor’s system resiliency plan (SRP) and the unified tracker mechanism (UTM) established by Texas House Bill 5247, and customer growth, partially offset by higher interest expense and depreciation expense associated with increases in invested capital, and higher operation and maintenance expense. Financial and operational results are provided in Tables A, B, C, D, and E below. « As we move through the peak summer season, our team remains steadfast in its commitment to safely delivering reliable power to the more than 13 million Texans we serve, » said Oncor CEO Allen Nye. « We work year-round to strengthen and modernize our system to meet the growing demands across our expanding service territory. This past quarter, Oncor filed a rate case to recover historical storm-related costs, support the recruitment, training, and safety of our large and active workforce, and secure materials and equipment at an unprecedented scale. A constructive outcome, combined with supportive legislation passed during the 89th Texas Legislature, will enhance our financial strength and position Oncor to raise the capital necessary to serve our customers and the State during this period of exceptional growth in Texas. »Oncor also reported net income of $440 million for the six months ended June 30, 2025, compared to net income of $476 million in the six months ended June 30, 2024. The decrease in net income of $36 million was driven by higher interest expense and depreciation expense associated with increases in invested capital and higher operation and maintenance expense, partially offset by overall higher revenues primarily attributable to updated interim rates to reflect increases in invested capital, customer growth, an increase in other regulated revenues recognized related to the SRP and the establishment of the UTM, and higher customer consumption primarily attributable to weather.Operational HighlightsDuring the second quarter, Oncor continued work on its company record $7.1 billion annual capital expenditure plan for 2025. Key operational updates during the second quarter included implementation of important components of Oncor’s SRP, such as, enhanced wildfire risk modeling, completion of approximately 2,000 miles of resiliency assessments (primarily in wildfire mitigation zones), and the acquisition of approximately 20,000 miles of LiDAR data and 2,800 miles of drone imagery.Additionally, Oncor’s team has been hard at work on planning and other pre-construction work related to the 765 kV Electric Reliability Council of Texas, Inc. (ERCOT) Strategic Transmission Expansion Plan (STEP), including Oncor’s import lines in the Permian Basin Reliability Plan (PBRP), and submitting the remainder of the 765 kV Eastern portion of STEP to the ERCOT Regional Planning Group in conjunction with other utilities. The joint filings for the Eastern portion of STEP outline approximately $10 billion of projects. The joint filings did not address the remaining lower voltage transmission system upgrades and new transmission facilities needed, which ERCOT estimates will have a cost of $8 – $10 billion. Oncor anticipates it will be responsible for building a significant amount of the total Eastern portion of STEP. During the quarter Oncor filed four new Certificates of Convenience and Necessity (CCNs) for needed transmission projects building on the seven CCNs filed in the first quarter of 2025. Four previously filed projects also received regulatory approvals in the second quarter, clearing the way for new substations and line upgrades to proceed.In the second quarter of 2025, Oncor built, rebuilt, or upgraded approximately 590 circuit miles of transmission and distribution lines and increased premises by nearly 20,000, reflecting ongoing population and business growth in Texas. Active transmission point-of-interconnection (POI) requests continued to rise in the second quarter, remaining well above year-ago levels. As of June 30, 2025, Oncor’s active large commercial and industrial (LC&I) interconnection queue was approximately 38% higher than at the same time last year. As of June 30, 2025, Oncor’s active LC&I interconnection queue had 552 requests, which includes approximately 186 gigawatts from data centers and over 19 gigawatts of load from diverse industrial sectors demonstrating broad-based industrial growth within Oncor’s service territory. Of the 570 active generation POI requests in queue at June 30, 2025, approximately 49% were storage, 40% were solar, 7% were wind, and 4% were gas.Oncor is currently in the process of updating its annual capital plan, including assessing the impact of accelerated timelines for critical transmission infrastructure and system upgrades. The company previously announced a $36.1 billion capital plan for the 2025–2029 period and now anticipates that incremental capital expenditures over that timeframe could exceed $12 billion, particularly in the later years of the plan.Oncor expects to present an initial view of its new five-year capital plan for 2026–2030 to its Board of Directors in October, with a public announcement of the final updated plan anticipated in the first quarter of 2026.Legislative OutcomesThe Texas Legislature concluded its regular session on June 2, 2025, with several key legislative outcomes that Oncor believes will positively impact the company and its customers. In particular, Oncor believes Texas House Bill 5247 provides benefits to many of its stakeholders. This bill allows qualifying electric utilities such as Oncor to record costs to a regulatory asset arising from eligible capital investment and apply for interim rate adjustments through an annual UTM filing. The UTM is expected to benefit residential customers by ensuring that new large load customers coming to the Oncor system have costs allocated to them appropriately. The UTM also provides deadlines for the timely completion of PBRP and, by combining six annual filings into one as well as extending the deadline for review by the Public Utility of Commission of Texas (PUCT), should reduce the workload for the PUCT.Oncor plans to make its first UTM filing in the first half of 2026, after the completion of its rate case. In the meantime, Oncor has begun recognizing revenues associated with qualifying investments for eligible transmission and distribution infrastructure placed in service after December 31, 2024.The Texas Legislature also passed several new laws and approved significant funding to reduce the risks of wildfires and better prepare the state and local governments to rapidly respond to a wildfire, including a requirement in Texas House Bill 145 that utilities file a wildfire mitigation plan with the PUCT. The PUCT has initiated a rule-making to implement Texas House Bill 145, and Oncor plans to submit its wildfire mitigation plan for approval upon the completion of the PUCT’s rule-making.Regulatory UpdateOn June 26, 2025, Oncor filed a comprehensive base rate review request with the PUCT and the 210 cities in its service territory that have retained original jurisdiction over rates to adjust electric delivery rates (PUCT Docket No. 58306). The primary drivers of the rate increase requested in the filing are increased storm restoration expenses, rising material and labor costs, higher insurance premiums, and other inflationary pressures experienced by Oncor since 2021, the historical test year of its last rate review, as well as modifications to support Oncor’s ongoing capital investment program and maintain reliable service amid rapid customer and infrastructure growth. Oncor expects a regulatory decision in the first quarter of 2026. On July 8, 2025, Oncor filed a request for a partial interim adjustment of rates to begin to recover some of the increased costs while the case is pending, subject to refund or surcharge to the extent the interim rates differ from the final rates approved by the PUCT.Liquidity and Credit UpdateAs of August 6, 2025, Oncor’s available liquidity totaled approximately $3.9 billion, consisting of cash on hand and available borrowing capacity under its credit facilities, commercial paper programs, and accounts receivable facility. Oncor anticipates these resources, combined with projected cash flows from operations and future financing activities, will be sufficient to meet capital expenditures, maturities of long-term debt, and other operational needs for at least the next twelve months.On July 29, 2025, S&P Global Ratings (S&P) downgraded Oncor’s issuer credit rating from « A » to « A-, » citing elevated wildfire risk as a result of changing climate conditions and the absence of liability caps or affirmative legal defenses in Texas. S&P also revised Oncor’s outlook from « negative » to « stable. » In its press release, S&P noted that it expects Oncor’s financial measures to benefit from ratemaking changes implemented under Texas House Bill 5247. S&P also noted that its base case assumes that Oncor receives a constructive rate case order.Sempra Internet Broadcast TodaySempra (NYSE:SRE) will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET, which will include discussion of second quarter 2025 results and other information relating to Oncor. Oncor executives will also participate in the broadcast. Access to the broadcast is available by logging onto the Investors section of Sempra’s website, sempra.com/investors. Prior to the conference call, an accompanying slide presentation will be posted on sempra.com/investors. For those unable to participate in the live webcast, it will be available on replay a few hours after its conclusion at sempra.com/investors.Quarterly Report on Form 10-QOncor’s Quarterly Report on Form 10-Q for the period ended June 30, 2025 will be filed with the U.S. Securities and Exchange Commission after Sempra’s conference call and once filed, will be available on Oncor’s website, oncor.com.About OncorHeadquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity transmission and distribution business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest transmission and distribution system in Texas, delivering electricity to more than 4 million homes and businesses and operating more than 144,000 circuit miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.Oncor Electric Delivery Company LLCTable A – Condensed Statements of Consolidated Income (Unaudited)Three Months Ended June 30,Six Months Ended June 30,2025202420252024(U.S. dollars in millions)Operating revenues $1,654$1,492$3,202$2,950Operating expenses:Wholesale transmission service 367351720702Operation and maintenance368295738594Depreciation and amortization 290261577518Provision in lieu of income taxes 555394100Taxes other than amounts related to income taxes 142136289280Total operating expenses 1,2221,0962,4182,194Operating income 432396784756Other (income) and deductions – net (19)(16)(32)(30)Non-operating benefit in lieu of income taxes –(1)(1)Interest expense and related charges192161377311Net income $259$251$440$476 Oncor Electric Delivery Company LLCTable B – Condensed Statements of Consolidated Cash Flows (Unaudited)Six Months Ended June 30,20252024(U.S. dollars in millions)Cash flows – operating activities:Net income $440$476Adjustments to reconcile net income to cash provided by operating activities:Depreciation and amortization, including regulatory amortization 659602Provision in lieu of deferred income taxes – net7757Changes in operating assets and liabilities:Accounts receivable (48)(202)Inventories(79)(28)Accounts payable – trade24162Regulatory assets – recoverable SRP (70)-Regulatory assets – recoverable UTM(19)-Regulatory under/over recoveries – net6(51)Regulatory assets – self-insurance reserve (146)(236)Customer deposits3325Pension and OPEB plans (132)(7)Other – assets(102)(150)Other – liabilities(49)(10)Cash provided by operating activities 594638Cash flows – financing activities:Issuances of senior secured notes 3,1051,442Repayments of senior secured notes (350)(500)Borrowings under AR Facility 510540Repayments under AR Facility Full story available on Benzinga.com
Oncor Electric Delivery : Résultats du Second Trimestre 2025 et Perspectives
L’évolution rapide du secteur de l’énergie au Texas présente de nouveaux défis et opportunités pour Oncor Electric Delivery Company LLC. Avec un bilan du second trimestre 2025 marquant une hausse de ses revenus et des investissements significatifs, Oncor se positionne comme un acteur clé dans la transition énergétique de l’État.
Analyse des Résultats Financiers
Oncor a enregistré un revenu net de 259 millions de dollars pour le deuxième trimestre 2025, surpassant les 251 millions de dollars rapportés durant la même période l’année précédente. Cette augmentation est principalement due à une hausse des revenus attribuables à la mise à jour des taux intermédiaires reflétant des augmentations de capital investi, ainsi qu’à une croissance du nombre de clients. Ces facteurs positifs sont toutefois partiellement atténués par des augmentations des dépenses d’intérêt et de dépréciation liées au capital investi, ainsi que par des coûts d’exploitation et de maintenance plus élevés.
Investissements Stratégiques et Modernisation
Durant ce trimestre, Oncor a maintenu son engagement envers un ambitieux plan de dépenses d’investissement annuel de 7,1 milliards de dollars pour 2025. L’entreprise a poursuivi ses efforts pour renforcer la résilience de son système électrique à travers des projets tels que l’évaluation de 2 000 miles pour la résilience et l’acquisition de données LiDAR sur environ 20 000 miles. Ces initiatives s’inscrivent dans le cadre du Plan de Résilience du Système (SRP) de l’entreprise.
La modernisation du réseau est cruciale pour répondre à la croissance démographique et économique du Texas. En effet, Oncor a augmenté ses points de distribution d’électricité de près de 20 000, un reflet direct de l’expansion continue de la population et des activités commerciales dans l’État.
Expansion et Développement des Infrastructures
Oncor joue un rôle central dans le développement de l’extension stratégique de transmission de l’ERCOT (STEP), une série de projets évaluée à environ 10 milliards de dollars pour sa partie orientale. La compagnie se prépare à construire une part significative de ce projet, crucial pour assurer la fiabilité de l’approvisionnement électrique face à une demande croissante.
Implications Législatives et Réglementaires
La séance législative du Texas a abouti à l’adoption de lois clé, telles que la House Bill 5247, qui favorisent l’enregistrement des coûts liés aux investissements en capital admis et l’ajustement des taux intérimaires via un mécanisme de suivi unifié (UTM). Cette législation est susceptible d’améliorer la stabilité financière d’Oncor en permettant une allocation plus équitable des coûts aux nouveaux clients industriels.
Par ailleurs, avec l’approbation de la House Bill 145, les législateurs texans obligent désormais les services publics à soumettre des plans de mitigation des incendies de forêt à la Commission des Services Publics du Texas (PUCT). Ce cadre vise à réduire les risques d’incendies et à améliorer les réponses d’urgence, un aspect critique dans le contexte de conditions climatiques de plus en plus imprévisibles.
Perspectives Futures et Projection
Envisageant l’avenir, Oncor prévoit de dévoiler un nouveau plan quinquennal pour la période 2026-2030, qui pourrait voir ses dépenses en capital dépasser les 12 milliards de dollars dans ses dernières années. Cette projection s’appuie sur des attentes de croissance continue et d’augmentation des besoins en infrastructures dans l’État.
Conclusion et Ouverture
Les résultats et initiatives d’Oncor Electric Delivery illustrent une vision anticipative et une gestion proactive face à l’évolution rapide du marché énergétique texan. Tandis que l’entreprise navigue dans un environnement complexe de demandes croissantes et de régulations renforcées, elle se voit bien équipée pour capturer les opportunités futures. Les investisseurs et parties prenantes suivront de près la réalisation de ces projets, alors que la dynamique du marché de l’énergie au Texas continue de s’intensifier.
Source : Benzinga
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