DALLAS, Nov. 5, 2025 /PRNewswire/ -- Oncor Electric Delivery Company LLC (Oncor) today reported net income of $380 million for the three months ended September 30, 2025, compared to net income of $324 million in the three months ended September 30, 2024. The increase in net income of $56 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), 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.
"Oncor continues to execute on its company-record capital plan, a capital plan that we expect to continue to grow to meet the critical needs of our growing State," said Oncor CEO Allen Nye. "Oncor is currently finalizing its next long-term capital plan and anticipates unveiling in early 2026 a new base five-year plan that is at least 30% higher than our previous five-year plan."
Oncor also reported net income of $820 million for the nine months ended September 30, 2025, compared to net income of $800 million in the nine months ended September 30, 2024. The increase in net income of $20 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 the SRP and the establishment of the UTM, and customer growth, partially offset by higher operation and maintenance expense, and higher interest expense and depreciation expense associated with increases in invested capital.
Oncor is finalizing its 2026 through 2030 base five-year capital plan and expects to announce that new plan in the first half of 2026. Oncor currently anticipates that new base five-year capital plan will be at least 30% higher than the 2025 through 2029 $36.1 billion base capital plan. Oncor also expects significant potential capital expenditure opportunities incremental to the 2026 through 2030 base capital plan.
Management Updates
In October, Oncor's Executive Vice president and Chief Operating Officer Jim Greer submitted notice of his intention to retire effective December 31, 2025. Oncor's Board of Directors has elected Ellen Buck, who has served as Oncor's Vice President of Business and Operations Services since 2017, to serve as Oncor's Senior Vice President and Chief Operating Officer, effective January 1, 2026.
"After 41 years of dedicated service to Oncor, my good friend Jim Greer is retiring, leaving a legacy of excellence and safety that has shaped this company and the communities we serve," said Nye. "I can't thank Jim enough for his service to our company and our State, and I wish him all the best in his retirement. I'm excited that Ellen will be stepping into the Chief Operating Officer role upon Jim's retirement. Ellen has two decades of experience at the company and is truly one of the finest operators in the United States. Her leadership will be key as Oncor continues to execute the biggest capital deployment strategy in the company's history."
In addition, Oncor's Board of Directors has promoted Don Clevenger, who currently serves as Oncor's Senior Vice President and Chief Financial Officer, to serve as Oncor's Executive Vice President and Chief Financial Officer, effective January 1, 2026.
Operational Highlights
Oncor is executing on its portion of the Permian Basin Reliability Plan (PBRP) recently approved by the Public Utility Commission of Texas (PUCT) by securing critical long-lead time equipment, including large power transformers, high-voltage circuit breakers, and electrical reactors. Leveraging its supplier relationships, Oncor has obtained commitments from suppliers on delivery timelines, with initial equipment expected to arrive in the first quarter of 2027 to help meet expedited project timelines. In addition, Oncor has begun securing the real estate rights to support the buildout for PBRP substations. This execution strategy extends to Oncor's Certificate of Convenience and Necessity $(CCN)$ amendment filings. During the third quarter, Oncor filed two new CCN amendment applications for needed transmission projects, building on the eleven filings filed in the first and second quarters of 2025. Six previously filed projects also received regulatory approval during the third quarter, continuing the momentum of efficient and timely regulatory approvals. Oncor's first PBRP 765 kV line is expected to be energized by the end of 2028. All PBRP projects are targeted for completion by the end of 2030.
In addition to the PBRP, Oncor anticipates completing significant projects related to the buildout of the Eastern Portion of the Electric Reliability Council of Texas, Inc.'s (ERCOT) Strategic Transmission Expansion Plan $(STEP)$. Oncor has also submitted the remainder of its 138 kV and 345 kV projects identified in the 2024 ERCOT's Regional Transmission Plan for review at ERCOT. In total, Oncor anticipates being responsible for more than half of the investment related to the PBRP and the Eastern portion of STEP.
In the third quarter of 2025, Oncor built, rebuilt, or upgraded approximately 660 circuit miles of transmission and distribution lines and increased premises by nearly 16,000, reflecting ongoing population and business growth in Texas. Active transmission point-of-interconnection (POI) requests continued to rise in the third quarter, remaining well above year-ago levels. As of November 4, 2025, Oncor held approximately $2.8 billion in customer collateral for active generation and large commercial and industrial (LC&I) transmission POI requests.
As of September 30, 2025, Oncor's active LC&I interconnection queue included over 600 requests which is approximately 60% higher than at the same time last year. Those requests include approximately 210 gigawatts from data centers and over 16 gigawatts of load from various other industrial sectors, demonstrating broad-based industrial growth within Oncor's service territory. In addition, Oncor had 573 active generation POI requests in queue at September 30, 2025, composed of approximately 48% storage, 40% solar, 8% wind, and 4% gas.
Regulatory Update
Oncor's pending base rate review continues to advance. In September, the administrative law judge assigned to Oncor's base rate review approved a settlement agreement among the parties relating to interim rates that provides, if the proceeding is still pending on January 1, 2026, Oncor will be able to surcharge (or refund) final approved rates back to that date. In advance of the scheduled hearing on the merits in mid-November, Oncor continues to engage in settlement discussions with parties.
As of November 4, 2025, Oncor's available liquidity totaled approximately $3.6 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.
Sempra Internet Broadcast Today
Sempra $(SRE)$ will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET, which will include discussion of third 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-Q
Oncor's Quarterly Report on Form 10-Q for the period ended September 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 Oncor
Headquartered 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 4.1 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 LLC Table A -- Condensed
Statements of Consolidated Income (Unaudited)
Three Months
Ended September Nine Months Ended
30, September 30,
--------------- -----------------
2025 2024 2025 2024
--------- ---- ---- ----
(U.S. dollars in millions)
Operating
revenues $ 1,845 $ 1,660 $ 5,047 $ 4,610
----- ---- ----- ---- ----- ---- -----
Operating
expenses:
Wholesale
transmission
service 374 351 1,094 1,053
Operation and
maintenance 385 338 1,123 932
Depreciation
and
amortization 300 269 877 787
Provision in
lieu of
income taxes 80 72 174 172
Taxes other
than amounts
related to
income taxes 154 151 443 431
----- ---- ----- ---- ----- ---- -----
Total
operating
expenses 1,293 1,181 3,711 3,375
----- ---- ----- ---- ----- ---- -----
Operating
income 552 479 1,336 1,235
Other (income)
and deductions
-- net (29) (15) (61) (45)
Non-operating
benefit in
lieu of income
taxes - - (1) (1)
Interest
expense and
related
charges 201 170 578 481
----- ---- ----- ---- ----- ---- -----
Net income $ 380 $ 324 $ 820 $ 800
===== ==== ===== ==== ===== ==== =====
Oncor Electric Delivery Company LLC
Table B -- Condensed Statements of Consolidated Cash Flows (Unaudited)
Nine Months Ended September 30,
-------------------------------------
2025 2024
------------------ -----------------
(U.S. dollars in millions)
Cash flows -- operating
activities:
Net income $ 820 $ 800
Adjustments to reconcile net
income to cash provided by
operating activities:
Depreciation and amortization,
including regulatory
amortization 1,002 914
Provision in lieu of deferred
income taxes -- net 166 117
Other -- net - (1)
Changes in operating assets and
liabilities:
Accounts receivable (200) (222)
Inventories (143) (53)
Accounts payable -- trade 5 12
Regulatory assets -- recoverable
SRP (111) -
Regulatory assets -- recoverable
UTM (55) -
Regulatory assets --
self-insurance reserve (165) (337)
Regulatory under/over recoveries
-- net 110 25
Customer deposits 53 58
Pension and OPEB plans (144) (45)
Interest accruals 120 72
Other -- assets (127) (107)
Other -- liabilities 80 6
-------------- -------------
Cash provided by operating
activities 1,411 1,239
-------------- -------------
Cash flows -- financing
activities:
Issuances of senior secured notes 3,466 1,442
Repayments of senior secured notes (350) (500)
Borrowings under AR Facility 510 900
Repayments under AR Facility (510) (400)
Borrowings under $500M Credit
Facility - 500
Payment for senior secured notes
extinguishment (441) -
Net change in short-term
borrowings (594) (218)
Capital contributions from members 1,857 720
Distributions to members (573) (376)
Debt premium, discount, financing
and reacquisition costs -- net (42) (18)
-------------- -------------
Cash provided by financing
activities 3,323 2,050
-------------- -------------
Cash flows -- investing
activities:
Capital expenditures (4,547) (3,314)
Sales tax audit settlement refund - 56
Other -- net 32 25
-------------- -------------
Cash used in investing
activities (4,515) (3,233)
-------------- -------------
Net change in cash, cash
equivalents and restricted cash 219 56
Cash, cash equivalents and
restricted cash -- beginning
balance 262 151
-------------- -------------
Cash, cash equivalents and
restricted cash -- ending balance $ 481 $ 207
============== =============
Oncor Electric Delivery Company LLC
Table C -- Condensed Consolidated Balance Sheets (Unaudited)
At September 30, At December 31,
2025 2024
--------------------- -----------------
(U.S. dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents $ 198 $ 36
Restricted cash, current 22 20
Accounts receivable -- net 1,166 970
Amounts receivable from members
related to income taxes 48 30
Materials and supplies
inventories -- at average
cost 605 462
Prepayments and other current
assets 139 124
---- --------------- --- ------------
Total current assets 2,178 1,642
Restricted cash, noncurrent 261 206
Investments and other property 196 183
Property, plant and equipment --
net 35,701 31,769
Goodwill 4,740 4,740
Regulatory assets 1,919 1,671
Right-of-use operating lease
assets 241 209
Other noncurrent assets 112 31
---- --------------- --- ------------
Total assets $ 45,348 $ 40,451
==== =============== === ============
LIABILITIES AND MEMBERSHIP INTERESTS
Current liabilities:
Short-term borrowings $ - $ 594
Accounts payable -- trade 1,022 770
Amounts payable to members
related to income taxes 22 29
Accrued taxes other than
amounts related to income 249 274
Accrued interest 269 149
Operating lease and other
current liabilities 405 367
---- --------------- --- ------------
Total current liabilities 1,967 2,183
Long-term debt, noncurrent 17,958 15,234
Liability in lieu of deferred
income taxes 2,765 2,552
Regulatory liabilities 3,087 2,973
Employee benefit plan
obligations 1,244 1,384
Operating lease obligations 220 193
Other noncurrent obligations 436 302
---- --------------- --- ------------
Total liabilities 27,677 24,821
---- --------------- --- ------------
Commitments and contingencies
Membership interests:
Capital account -- number of
units outstanding at September
30, 2025 and December 31, 2024
-- 635,000,000 17,918 15,814
Accumulated other comprehensive
loss (247) (184)
---- --------------- --- ------------
Total membership interests 17,671 15,630
---- --------------- --- ------------
Total liabilities and
membership interests $ 45,348 $ 40,451
==== =============== === ============
Oncor Electric Delivery Company LLC
Table D -- Operating Statistics
Mixed Measures
Twelve Months Ended
September 30, %
---------------------
2025 2024 Change
---------- --------- ------
Reliability statistics (a):
System Average Interruption Duration
Index (SAIDI) (non-storm) 82.2 71.1 15.6
System Average Interruption Frequency
Index (SAIFI) (non-storm) 1.2 1.0 20.0
Customer Average Interruption Duration
Index (CAIDI) (non-storm) 70.8 70.4 0.6
Electricity points of delivery (end of
period and in thousands):
Electricity distribution points of
delivery (based on number of active
meters) 4,100 4,027 1.8
Three Months Nine Months
Ended Ended September
September 30, Increase 30, Increase
-------------- ----------------
2025 2024 (Decrease) 2025 2024 (Decrease)
------ ------ ---------- ------- ------- ----------
Residential system
weighted weather
data (b):
Cooling degree
days 1,112 1,207 (95) 1,710 1,884 (174)
Heating degree
days - - - 589 459 130
Three Months Nine Months
Ended Ended September
September 30, % 30, %
-------------- ----------------
2025 2024 Change 2025 2024 Change
------ ------ ---------- ------- ------- ----------
Operating
statistics:
Electric energy
volumes
(gigawatt-hours)
Residential 15,034 15,217 (1.2) 37,567 37,113 1.2
Commercial,
industrial, small
business and
other 35,727 30,991 15.3 94,426 86,751 8.8
------ ------ ------- ------- ----------
Total electric
energy volumes 50,761 46,208 9.9 131,993 123,864 6.6
====== ====== ======= ======= ==========
(a) SAIDI is the average number of minutes electric service is interrupted
per consumer in a twelve-month period. SAIFI is the average number of
electric service interruptions per consumer in a twelve-month period.
CAIDI is the average duration in minutes per electric service
interruption in a twelve-month period. In each case, our non-storm
reliability performance reflects electric service interruptions of one
minute or more per customer. Each of these results excludes outages
during significant storm events.
(b) Degree days are measures of how warm or cold it is throughout our service
territory. A degree day compares the average of the hourly outdoor
temperatures during each day to a 65deg Fahrenheit standard temperature.
The more extreme the outside temperature, the higher the number of degree
days. A high number of degree days generally results in higher levels of
energy use for space cooling or heating.
Oncor Electric Delivery Company LLC
Table E -- Operating Revenues
Three Months Ended Nine Months Ended
September 30, $ September 30, $
------------------ ------------------
2025 2024 Change 2025 2024 Change
------ ---------- -------- ---- ---- ----------
(U.S. dollars in millions)
Operating revenues
Revenues
contributing to
earnings:
Revenues from
contracts with
customers
Distribution
base revenues
Residential (a) $ 508 $ 479 $ 29 $ 1,270 $ 1,166 $ 104
Large commercial
& industrial
(b) 375 343 32 1,042 960 82
Other (c) 34 34 - 96 93 3
----- --------- --- --- ---- ------ ---- ----- ----
Total
distribution
base revenues
(d) 917 856 61 2,408 2,219 189
----- --------- --- --- ---- ------ ---- ----- ----
Transmission
base revenues
(TCOS revenues)
Billed to
third-party
wholesale
customers 279 262 17 812 787 25
Billed to REPs
serving Oncor
distribution
customers,
through TCRF 155 143 12 450 431 19
----- --------- --- --- ---- ------ ---- ----- ----
Total TCOS
revenues 434 405 29 1,262 1,218 44
----- --------- --- --- ---- ------ ---- ----- ----
Other
miscellaneous
revenues 24 27 (3) 72 73 (1)
----- --------- --- --- ---- ------ ---- ----- ----
Total revenues from
contracts with
customers 1,375 1,288 87 3,742 3,510 232
----- --------- --- --- ---- ------ ---- ----- ----
Other regulated
revenues
SRP revenues 41 - 41 111 - 111
UTM revenues (e) 36 - 36 55 - 55
----- --------- --- --- ---- ------ ---- ----- ----
Total other
regulated
revenues 77 - 77 166 - 166
----- --------- --- --- ---- ------ ---- ----- ----
Total revenues
contributing to
earnings 1,452 1,288 164 3,908 3,510 398
----- --------- --- --- ---- ------ ---- ----- ----
Revenues collected
for pass-through
expenses:
TCRF -- third-party
wholesale
transmission
service 374 351 23 1,094 1,053 41
EECRF and other
revenues 19 21 (2) 45 47 (2)
----- --------- --- --- ---- ------ ---- ----- ----
Total revenues
collected for
pass-through
expenses 393 372 21 1,139 1,100 39
----- --------- --- --- ---- ------ ---- ----- ----
Total operating
revenues $1,845 $ 1,660 $ 185 $ 5,047 $ 4,610 $ 437
===== ========= === === ==== ====== ==== ===== ====
(a) Distribution base revenues from residential customers are generally based
on actual monthly consumption (kWh). On a weather-normalized basis,
distribution base revenues from residential customers increased 11.1% in
the three months ended September 30, 2025 as compared to the three months
ended September 30, 2024 and increased 9.7% in the nine months ended
September 30, 2025 as compared to the nine months ended September
30, 2024.
(b) Depending on size and annual load factor, distribution base revenues from
large commercial & industrial customers are generally based either on
actual monthly demand (kilowatts) or the greater of actual monthly demand
(kilowatts) or 80% of peak monthly demand during the prior 11 months.
(c) Includes distribution base revenues from small business customers whose
billing is generally based on actual monthly consumption (kWh), lighting
sites and other miscellaneous distribution base revenues.
(d) The 7.1% increase in distribution base revenues in the three months ended
September 30, 2025 as compared to the three months ended September 30,
2024 (10.2% increase on a weather-normalized basis) primarily due
to incremental interim distribution cost recovery factor (DCRF) rates to
reflect increases in invested capital and customer growth; partially
offset by lower customer consumption, primarily attributable to milder
weather. The 8.5% increase in distribution base revenues in the nine
months ended September 30, 2025 as compared to the nine months ended
September 30, 2024 (9.0% increase on a weather-normalized basis)
primarily reflects updated interim DCRF rates, increase in customer
growth, and increase due to higher customer consumption, primarily
attributable to weather.
(e) Includes revenues recognized for recoverable costs, associated with UTM
eligible transmission and distribution capital investments put into
service after December 31, 2024, including depreciation expenses,
carrying costs on unrecovered balances and related taxes.
Forward-Looking Statements
This news release contains forward-looking statements relating to Oncor within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. All statements, other than statements of historical facts, that are included in this news release, as well as statements made in presentations, in response to questions or otherwise, that address activities, events or developments that Oncor expects or anticipates to occur in the future, including such matters as projections, capital allocation, future capital expenditures, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of facilities, market and industry developments and the growth of Oncor's business and operations (often, but not always, through the use of words or phrases such as "intends," "plans," "will likely result," "expects," "is expected to," "will continue," "is anticipated," "estimated," "forecast," "should," "projection," "target," "goal," "objective" and "outlook"), are forward-looking statements. Although Oncor believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves risks, uncertainties and assumptions. Factors that could cause Oncor's actual results to differ materially from those projected in such forward-looking statements include: legislation, governmental policies and orders, and regulatory actions; legal and administrative proceedings and settlements, including the exercise of equitable powers by courts; weather conditions and other natural phenomena, including severe weather events, natural disasters or wildfires; cyber-attacks on Oncor or Oncor's third-party vendors; changes in expected ERCOT and service territory growth; changes in, or cancellations of, anticipated projects, including customer requested interconnection projects; physical attacks on Oncor's system, acts of sabotage, wars, terrorist activities, wildfires, fires, explosions, natural disasters, hazards customary to the industry, or other emergency events; Oncor's ability to obtain adequate insurance on reasonable terms and the possibility that it may not have adequate insurance to cover all losses incurred by Oncor or third-party liabilities; adverse actions by credit rating agencies; health epidemics and pandemics, including their impact on Oncor's business and the economy in general; interrupted or degraded service on key technology platforms, facilities failures, or equipment interruptions; economic conditions, including the impact of a recessionary environment, inflation, foreign policy, and global trade restrictions; supply chain disruptions, including as a result of tariffs, global trade disruptions, competition for goods and services, and service provider availability; unanticipated changes in electricity demand in ERCOT or Oncor's service territory; ERCOT grid needs and ERCOT market conditions, including insufficient electricity generation within the ERCOT market or disruptions at power generation facilities that supply power within the ERCOT market; changes in business strategy, development plans or vendor relationships; changes in interest rates, foreign currency exchange rates, or rates of inflation; significant changes in operating expenses, liquidity needs and/or capital expenditures; inability of various counterparties to meet their financial and other obligations to Oncor, including failure of counterparties to timely perform under agreements; general industry and ERCOT trends; significant decreases in demand or consumption of electricity delivered by Oncor, including as a result of increased consumer use of third-party distributed energy resources or other technologies; changes in technology used by and services offered by Oncor; changes in employee and contractor labor availability and cost; significant changes in Oncor's relationship with its employees, and the potential adverse effects if labor disputes or grievances were to occur; changes in assumptions used to estimate costs of providing employee benefits, including pension and other postretirement employee benefits, and future funding requirements related thereto; significant changes in accounting policies or critical accounting estimates material to Oncor; commercial bank and financial market conditions, macroeconomic conditions, access to capital, the cost of such capital, and the results of financing and refinancing efforts, including availability of funds and the potential impact of any disruptions in U.S. or foreign capital and credit markets; financial market volatility and the impact of volatile financial markets on investments, including investments held by Oncor's pension and other postretirement employee benefit plans; circumstances which may contribute to future impairment of goodwill, intangible or other long-lived assets; Oncor's adoption and deployment of artificial intelligence; financial and other restrictions under Oncor's debt agreements; Oncor's ability to generate sufficient cash flow to make interest payments on its debt instruments; and Oncor's ability to effectively execute its operational and financing strategy.
Further discussion of risks and uncertainties that could cause actual results to differ materially from management's current projections, forecasts, estimates and expectations is contained in filings made by Oncor with the U.S. Securities and Exchange Commission. Specifically, Oncor makes reference to the section entitled "Risk Factors" in its annual and quarterly reports. Any forward-looking statement speaks only as of the date on which it is made, and, except as may be required by law, Oncor undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for Oncor to predict all of them; nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.
None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.
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SOURCE Oncor Electric Delivery Company LLC
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November 05, 2025 08:00 ET (13:00 GMT)