Dallas-based Oncor Electric Delivery Company LLC, a leading electric transmission and distribution utility, has released its unaudited Condensed Statements of Consolidated Income for the three and six months ended June 30, 2023. The company reported a net income of $200 million for the second quarter, compared to $229 million in the same period last year. Operating revenues for the three months ended June 30, 2023, reached $1.34 billion, compared to $1.29 billion in the second quarter of 2022.
Oncor's financial performance in the first half of 2023 has been marked by steady revenue growth and sustained profitability, though it experienced a decrease in net income compared to the same period last year.
Net Income/Loss
For the three months ended June 30, 2023, Oncor Electric Delivery Company LLC reported a net income of $200 million, reflecting a decrease compared to the net income of $229 million in the same quarter last year. The company's management attributed this decline to various factors affecting operating expenses and non-operating benefits.
Revenue
Oncor's operating revenues for the three months ended June 30, 2023, amounted to $1.34 billion, demonstrating steady growth compared to $1.29 billion reported in the second quarter of 2022. This increase in operating revenues can be attributed to various factors, including the growth in transmission service demands and other business activities.
The company has been actively engaged in enhancing its wholesale transmission service offerings and operational efficiency, contributing to the growth in revenues.
The first half of 2023 saw Oncor Electric Delivery Company LLC maintain a strong financial position, driven by its robust operating revenues and ongoing cost management efforts. Although the company experienced a slight decrease in net income compared to the first six months of 2022, its financial performance remains positive.
Operating income for the first six months of 2023 stood at $567 million, compared to $645 million for the same period last year. The decrease in operating income is attributed to higher operating expenses, including wholesale transmission service, operation, and maintenance costs.
The company's investments in property, plant, and equipment contributed to its growth in assets, with total assets reaching $34.6 billion at the end of June 2023, compared to $33.0 billion at the end of December 2022.
Oncor Electric Delivery Company LLC's management remains optimistic about the company's future outlook, with ongoing initiatives to enhance operational efficiency and provide reliable electric delivery services to its customers across Texas.
All financial data is presented in millions of dollars (USD) and is unaudited. The Condensed Statements of Consolidated Income, Consolidated Comprehensive Income, Cash Flows, and Balance Sheets are subject to potential adjustments and finalization during the audit process.