Sempra(US:SRE) Prnewswire·2025-02-25 13:00Core Insights - Oncor Electric Delivery Company reported a net income of $968 million for the twelve months ended December 31, 2024, an increase of $104 million from $864 million in 2023, driven by higher revenues from updated interim rates, increased transmission billing units, and customer growth [1][2][19] - The company announced a new five-year capital plan of approximately $36 billion to support Texas' economic expansion, reflecting significant growth in demand for transmission and distribution capacity [2][9][10] Financial Performance - For Q4 2024, Oncor's net income was $168 million, down from $181 million in Q4 2023, primarily due to higher interest and depreciation expenses, although offset by increased revenues [2][19] - Operating revenues for the twelve months ended December 31, 2024, were $6.08 billion, compared to $5.586 billion in 2023, indicating a strong revenue growth [19][25] Operational Highlights - Oncor increased its premise count by 77,000 in 2024, compared to 73,000 in 2023, reflecting Texas' population and economic growth [4][28] - The company placed over $2 billion in transmission projects into service in 2024, contributing to the construction or upgrading of approximately 4,300 miles of transmission and distribution lines [4][5] Demand and Capacity - Oncor experienced a 28% increase in active transmission point-of-interconnection (POI) requests, totaling 976 requests by December 31, 2024 [5][6] - The large commercial and industrial (LC&I) interconnection queue exceeded 137 gigawatts, a 250% increase from the end of 2023, indicating strong demand for new capacity [6][7] Regulatory and Capital Plans - Oncor's new capital plan for 2025-2029 has increased by approximately $12 billion from the previous plan, focusing on major transmission projects with regulatory approvals [9][10] - The company is also contemplating a comprehensive base rate review and has filed for interim rate adjustments in 2025 [13][15] Safety and Reliability - Oncor received the EEI Emergency Response Award for its storm restoration efforts, highlighting its commitment to safety and reliability [11][12] - Key safety metrics improved in 2024, with significant reductions in injury rates [12] Liquidity and Financial Position - As of February 24, 2025, Oncor's available liquidity was approximately $3.1 billion, with expectations to fund current obligations and capital expenditures for at least the next twelve months [16][18]