DALLAS, Texas (KETK) – Oncor Electric Delivery Company reported Thursday that their net income increased by roughly $60 million in the last quarter.

In a release, they reported a net income of $229 million for last quarter, compared to net income of $169 million for the same time last year. This rise in Oncor’s net income comes as much of Texas is experiencing drought-like conditions and extreme heat.

Oncor said that increases in customer consumption due to weather was “primarily” attributable for the rise in net profits.

Oncor CEO Allen Nye said that he is proud of the company’s financial and operational performance.

“The second quarter brought on record heat, beginning one of the hottest summers here in Texas in recent memory,” Nye said. “That heat has led to several new peak demand records, with ERCOT peak demand of nearly 80,000 megawatts for the first time in July. Our vibrant and growing market will require new generation, transmission and distribution resources, and Oncor stands ready to make the investments necessary to support the needs of our market and our growing State. I am also very proud of our employees who continue to execute on our record capital plan and operational objectives, even in the midst of daunting summer heat. Because of their hard work, and the strength of the Texas economy, we added 19,000 additional premises and saw a 73% increase in new transmission point-of-interconnection requests in the second quarter. This represents an all-time record for new transmission interconnection requests.”

Oncor reported $86 million net income over a six-month period of time driven partially by increases in revenues from updates to base, transmission and distribution rates as a result of higher consumption due to extreme temperatures.

Oncor filed with the Public Utility Commission requesting an annual revenue requirement increase. If approved, it would mean an increase of approximately $251 million in revenue. Oncor anticipates new rates could go into effect by the end of the first quarter of 2023.

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