Oncor Reports Solid First Quarter 2018 Results

DALLAS, May 7, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported first quarter 2018 net income of $89 million compared with first quarter 2017 net income of $73 million.

Oncor's first quarter 2018 results included the effects of the rate case settlement (effective November 2017), the Sharyland Asset Exchange and favorable weather, partially offset by costs associated with the Sempra Energy (NYSE: SRE) acquisition. Financial and operational results are provided in Tables A, B, C and D.

"We are pleased with our solid performance in the first quarter," said Allen Nye, chief executive of Oncor.  "During the quarter, we successfully closed the transaction with Sempra Energy and completed our leadership succession as planned. We look forward to continuing our strong financial and operational performance in 2018 as we continue to deliver our customers the lowest rates of any investor-owned utility in Texas."

Operating Highlights
On March 9, after receiving final regulatory approvals, Sempra Energy completed its acquisition of an approximate 80 percent ownership interest in Oncor. With the closing of the Sempra Energy transaction, Oncor now has a financially strong and dynamic majority owner who will partner with Oncor in our efforts to continue to provide the safest, most reliable and affordable electric service to our customers. 

Effective with the closing of the Sempra Energy transaction on March 9, Oncor implemented its previously-announced leadership succession plan.  Allen Nye, who had been serving as Oncor's senior vice president and general counsel, became Oncor's chief executive, succeeding Robert S. Shapard, who became Oncor's chairman.

In April 2018, Sempra Energy and our other member contributed a total of $144 million in cash proportionate to their equity ownership interests to Oncor. Completion of this additional equity investment satisfies one of the regulatory commitments made by Sempra Energy and Oncor in their change-in-control proceeding.

Sempra Energy Internet Broadcast Today
Sempra Energy (NYSE: SRE) will broadcast a live discussion of its reported results over the Internet today 12 p.m. EDT with senior management of Sempra Energy and Oncor. Access is available at sempra.com.  For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 1980202.

Oncor's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call. 

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Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.

Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.

SOURCE Oncor Electric Delivery Company LLC