DALLAS — Dallas-Fort Worth’s searing summer heat is boosting the bottom line of Oncor, the state’s largest regulated utility, by $60 million for the three-month period that ended June 30.
Dallas-based Oncor’s quarterly profit soared to $229 million — up from $169 million during the same months last year — as sweltering temperatures drove electricity demand to new highs. The quarterly results didn’t even include July, which was one of the region’s hottest months on record.
“It has been a great quarter, and I am so proud of our financial and operational performance,” said Oncor CEO Allen Nye in a statement. “The second quarter brought on record heat, beginning one of the hottest summers here in Texas in recent memory. 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.”
