Oncor reports first quarter 2024 results

Dallas , may 7, 2024 /prnewswire/ -- oncor electric delivery company llc ("oncor") today reported three months ended march 31, 2024 net income of $225 million compared to reported three months ended march 31, 2023 net income of $103 million. this $122 million increase was driven by higher revenues primarily due to updated interim rates to reflect increases in invested capital, increases in transmission billing units, higher customer consumption partially attributable to weather, new base rates implemented may 1, 2023 and customer growth, and the write-off of rate base disallowances recorded in the first quarter of 2023, partially offset by higher costs associated with increases in invested capital (primarily borrowing costs and depreciation) and higher operation and maintenance expense (primarily regulatory asset amortization and self-insurance reserve accrual recovery amounts in new base rates).
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