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'A great quarter': Oncor reports $229 million in profits -- so far -- in scorching Texas summer

The profits marked a $60 million increase during that same time period in 2021.

DALLAS — The hot Texas summer has led to higher electric bills for residents trying to keep their homes cool.

And it's been a profitable summer for Oncor.

The Dallas-based electric transmission and delivery company on Wednesday reported $229 million in net income for their second quarter, covering the three months ending in June.

The profits marked a $60 million increase during that same time period in 2021.

The profits were "driven by increases in revenues from higher customer consumption attributable primarily to significantly warmer weather in the second quarter of 2022" and other factors, including increases in electric rates, the company said in a news release.

“It has been a great quarter, and I am so proud of our financial and operational performance," Oncor CEO Allen Nye said in a news release. "The second quarter brought on record heat, beginning one of the hottest summers here in Texas in recent memory."

Oncor's service area, the largest in the state, covers all of North Texas and parts of West Texas, Central Texas and East Texas. Oncor does not charge customers; instead, customers buy electricity through providers, known as Retail Electric Providers, and Oncor charges the providers for delivering their electricity.

Oncor charges providers a fixed amount monthly for each customer, plus a charge for how much electricity is used by the customer.

North Texas is experiencing one of the hottest, and driest, summers on record, drawing comparisons to 2011 and 1980. Temperatures have consistently climbed above 100 degrees, and highs on Thursday were expected to reach up to 106 across North Texas.

Heading into Thursday, North Texas has experienced 40 100-degree days this years, tied for ninth-most all-time. The warm weather is expected to persist through August.

On the oil side of the energy sector, Dallas-based Exxon Mobil has seen record profits this summer as gas prices soared. Exxon booked an unprecedented $17.85 billion in profit for the second quarter.

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