The change in Oncor's total distribution base revenues in the three months ended Decemincluded a decrease in revenues from residential customers of 6.4% (2.0% increase on a weather normalized basis) and an increase in revenues from commercial and industrial customers of 4.5% as compared to the three months ended December 31, 2020. ![]() Oncor's total distribution base revenues in the three and twelve months ended Decemas compared to the prior year periods decreased 0.8% (3.0% increase on a weather normalized basis) and increased 2.8% (2.5% increase on a weather normalized basis), respectively. The improved quarter-over-quarter results were driven by increases in revenues contributing to earnings primarily from updates to base transmission and distribution rates to reflect increases in invested capital and continued customer growth, and the timing of an annual energy efficiency program performance bonus, partially offset by increases in operation and maintenance expense and costs associated with additional investment (primarily depreciation, property taxes and borrowing costs). Oncor's fourth quarter 2021 net income increased to $175 million, up from $148 million in the fourth quarter of 2020. "I remain proud of our Oncor team who stands ready every day to provide the infrastructure that powers the growth of the communities we serve, our state and the ERCOT market." In spite of, and perhaps because of our challenges, we remain One Oncor, delivering profitability without compromising safety and reliability," Nye continued. "Last year, various companies also announced major new investments in the state that shows the Texas Miracle remains alive and well, including a $17 billion semiconductor fabrication plant in Taylor, Texas, and a $29 billion semiconductor fabrication plant in Sherman, Texas, both in Oncor's service territory. The 4,500 employees of Oncor, and our contractors, achieved this in spite of 2021's significant challenges-the devastating impacts of Winter Storm Uri and several variants exacerbating the ongoing COVID-19 pandemic," said Oncor CEO Allen Nye. In fact, we set company year-end records for new and active transmission interconnection requests. "In 2021, Oncor connected an additional 70,000 premises to the grid, continuing our 2 percent annual premise growth rate pace. The $57 million year-over-year increase was driven by increases in revenues contributing to earnings primarily from updates to base transmission and distribution rates to reflect increases in invested capital and customer growth and a higher annual energy efficiency program performance bonus recognized in 2021, partially offset by increases in operation and maintenance expense and costs associated with additional investment (primarily depreciation, property taxes and borrowing costs). ![]() ![]() 25, 2022 /PRNewswire/ - Oncor Electric Delivery Company LLC ("Oncor") today reported twelve months ended Decemnet income of $770 million compared to reported twelve months ended Decemnet income of $713 million.
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