Oncor received net income of $572 million during the three months ending September 30 — or 50.5 percent more than the $380 million it received during the same period last year.
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Driven by customer growth, rate increases, and other factors, Oncor’s quarterly revenues have increased more than 50 percent as compared to the same quarter last year.
The company also reports a plan to spend $47.5 billion on capital projects over the next five years — but officials said they could soon announce plans to expand that spending by another 20 percent.
These new Oncor revenue and spending figures were among the top-line revelations made by the Dallas-based utility during a quarterly conference call with investment analysts on Nov. 5. Company officials likewise acknowledged that they were still assessing the potential impact to the company of the state’s new Democratic party leadership. The next Texas Legislature convenes in January.
In response to an analyst’s question about the political change, Oncor CEO Allen Nye said, “it’s too soon to tell exactly what it all mean … but generally, the way I think about it, we provide an essential service that’s needed regardless of the party in power.”
Jeffrey Martin, CEO of Sempra, Oncor’s majority investor, also said that electric usage on the Oncor system recently reached 33 gigawatts — a new record exceeding the previous one set last year by six percent. “Data centers are obviously the lion’s share of (that load growth), but … there is a significant amount of non-data center growth,” he said.
Other revelations from the call include:
Revenues
- Oncor received net income of $572 million during the three months ending September 30 — or 50.5 percent more than the $380 million it received during the same period last year. Officials attributed the dramatic rise to the Unified Tracker Mechanism rate process authorized by the Texas Legislature in 2025 with the adoption of House Bill 5247, as well as money from its System Resiliency Plan regulatory filing, increased base rates, and higher customer consumption.
- Oncor reported net income of $1.2 billion for the nine months ending Sept. 30, compared to $820 million for the corresponding nine-month period in 2025. The $392 million increase was attributable to the Unified Tracker Mechanism rate process, the System Resiliency Plan and other factors.
Spending
- Oncor expects to announce its final 2027-2030 capital spending plan during the first quarter of 2027. As noted above, the company may announce that its five-year plan to spend $47.5 billion could grow by 20 percent.
- Oncor spent $6.3 billion on capital projects during the first nine months of 2026, and remains on track to spend approximately $9 billion this year.
- he company’s transmission expenditures totaled $1.3 billion during the most recent quarter.
Capital Projects
- The company reported that work continues on a project to support 18 megawatts of expected new electricity demand relating to terminal expansions at the DFW airport. Construction also is underway to provide service to hospitals within the Fort Worth Medical Innovation District.
- Oncor reported building, re-building or upgrading more than 700 circuit miles of transmission and distribution lines during the most recent financial quarter.
- Oncor filed 16 Certificate of Convenience and Necessity applications for transmission projects this year, and eight already have received approval from the Public Utility Commission. Of the 16 applications, four were for 138 Kilovolt transmission lines, nine were for 345 KV lines, and three were for some of the state’s first ever 765 KV lines.
- Approximately 24 gigawatts of large load for which Oncor is the transmission service provider have been conditionally classified by ERCOT as “base load” under its ongoing Batch Zero evaluation process, including 10 GW of load already receiving electricity. Another 21 GW has been conditionally classified as “studied load.” These classifications remain subject to change pending an ERCOT audit of customer qualifications and community impacts, expected to conclude in December 2026. By way of background, “Batch Zero” refers to an initial group of large-load projects — primarily data centers — being evaluated collectively by ERCOT to determine grid reliability impacts, available transmission capacity and necessary infrastructure upgrades. A final transmission plan reflecting the results of Batch Zero is not expected until fall 2027.
Customer Growth
- Oncor reported that the number of premises it serves increased by about 14,400, reflecting ongoing population and business growth in Texas.
- Active transmission point-of-interconnection requests increased 10 percent year over year. As of Sept. 30, Oncor had 504 generation POI request in queue. This is composed of approximately 45 percent storage, 40 percent solar, 8 percent wind and 7 percent gas.
- Oncor’s active transmission large commercial and industrial load queue included 795 requests at the end of the quarter, including 293 gigawatts from data centers and 19 gigawatts of load from other sectors, including 4 gigawatts from crypto-mining operations.
About Oncor
Headquartered in Dallas, Oncor operates the state’s largest distribution and transmission system. The company delivers power to more than 3.8 million homes and businesses and operates more than 140,000 miles of transmission and distribution lines. The regulated utility has two investor owners — majority owner Sempra Energy, and minority owner Texas Transmission Investment — but is overseen by an independent board.