ONCOR REPORTS 2025 RESULTS; ANNOUNCES $47.5 BILLION 2026-2030 BASE CAPITAL PLAN

Core Insights - Oncor Electric Delivery Company reported a net income of $1.07 billion for the year ended December 31, 2025, an increase from $968 million in 2024, driven by higher net revenues and other regulated revenues related to the Unified Tracker Mechanism [1][2] - The company announced a five-year base capital plan of approximately $47.5 billion for 2026-2030, reflecting a significant increase in investment to support infrastructure needs in Texas [1][2] Financial Performance - Net income for Q4 2025 was $250 million, up from $168 million in Q4 2024, attributed to higher net revenues and customer growth [1][2] - Operating revenues for the twelve months ended December 31, 2025, were $6.778 billion, compared to $6.082 billion in 2024, marking a 11.4% increase [4] - Distribution base revenues from residential customers increased by 9.2% year-over-year, while commercial and industrial revenues rose by 7.9% [4] Capital Expenditure Plans - The new capital plan includes projected spending of approximately $9 billion in 2026, $10 billion in 2027, $10.1 billion in 2028, $9.4 billion in 2029, and $9 billion in 2030 [1][2] - The capital plan has increased by $11.4 billion from the previous five-year plan, with allocations for transmission projects, distribution upgrades, and other capital needs [1][2] Regulatory Developments - Oncor filed a stipulation for a comprehensive base rate review with the Public Utility Commission of Texas, seeking approval for an authorized return on equity of 9.75% and a cost of debt of 4.94% [1][2] - The Unified Tracker Mechanism (UTM) will allow Oncor to recover costs from eligible capital investments, with the first filing expected in the first half of 2026 [2] Operational Highlights - In 2025, Oncor built, rebuilt, or upgraded approximately 3,100 circuit miles of transmission and distribution lines, reflecting ongoing growth in Texas [2] - The company held approximately $3.5 billion in customer collateral for active generation and large commercial and industrial transmission requests as of February 25, 2026 [2] Liquidity Position - As of February 25, 2026, Oncor's available liquidity totaled approximately $3.6 billion, sufficient to meet capital expenditures and operational needs for at least the next twelve months [2]