Oncor has confirmed that it would make its next base rate filing on or around May 11.
Dallas-based Oncor Electric received net income of $194 million for the three months ending March 31, as compared to net income of $168 million ending during the same quarter last year, according to a new earnings report from the Dallas-based company.
Oncor attributes the $26 million quarter-over-quarter net income improvement to added revenues from updates to base transmission and distribution rates that reflect increases by the company in invested capital, as well as higher customer consumption and customer growth.
During a May 5 call with financial analysts, company officials also confirmed that it would make its next base rate filing on or around May 11. The new filing will be based on a test year ending December 31, 2021, with the expectation that new rates will take effect during the fourth quarter of 2022 or the during the first quarter of 2023.
Headquartered in Dallas, Oncor Electric operates the largest electric distribution and transmission system in Texas. Oncor delivers power to more than 3.8 million homes and businesses and operates more than 140,000 miles of transmission and distribution lines in Texas.
During the call with financial analysts, company officials reported that Oncor’s total distribution base revenues in the three months ending March 31 increased by 7 percent, as compared to the same period during the prior year. That change included an 8.1 percent increase in revenues from residential customers, and a 5.3 percent increase in revenues from commercial and industrial customers.
Other details of the company’s quarterly earnings report include:
- The company’s board of directors last month approved $3 billion in capital expenditures for 2022. During the three months ending March 31, those expenditures totaled $704 million. It reports cash on hand and available credit capacity at $2.1 billion.
- Oncor reports approximately 460 active transmission point-of-interconnection (“POI”) requests in queue, as of March 31. This represents an approximately 50 percent increase in active POI requests as compared to the same period last year. If new requests continue at this pace, Oncor during 2022 will set a new company record for annual transmission interconnection requests.
- Company officials also reported the connection of approximately 16,000 additional premises in the first quarter of 2022, and constructed or upgraded approximately 383 miles of power lines during the quarter.
While Oncor is owned by two investors (indirect majority owner, Sempra, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its own Board of Directors. For more information about the company’s quarterly earnings report, see the press release found here.