DALLAS, Nov. 3, 2023
/PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today
reported three months ended September 30,
2023 net income of $380
million compared to net income of $318 million in the three months ended
September 30, 2022. This $62 million increase was driven by higher
revenues primarily from increased customer consumption due to
warmer weather in the quarter, updates to transmission annual
billing factors, new base rates, updated interim distribution cost
recovery factor ("DCRF") rates to reflect increases in invested
capital and customer growth, and favorable changes in other income
and deductions–net. These increases were 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). Base rates were updated May 1,
2023 following the issuance of a final order by the Public
Utility Commission of Texas
("PUCT") in Oncor's comprehensive base rate review ("PUCT Docket
No. 53601").
"Today, we announced strong third quarter financial results
driven in large part by growth within our service territory and
increased customer consumption. In addition to strong financial
performance, 2023 has been a great year for operational excellence,
and we are making strong progress toward achieving our safety and
reliability goals. I am proud of the dedication and resilience of
our workforce, who worked tirelessly to help ensure Texans had safe
and reliable power this summer – one that saw 10 new peak demand
records in the ERCOT market," said Oncor CEO Allen Nye. "We continue to see expansive growth
across our service territory. It is keeping up with, and staying
ahead of, that growth that provides our company with a particular
strategic and operational challenge – as well as a significant
opportunity to meet a need in the market for further electric
infrastructure."
Oncor's reported net income of $683
million in the nine months ended September 30, 2023 compared unfavorably to net
income of $741 million in the nine
months ended September 30, 2022. This
$58 million decrease was driven by
the write-off of rate base disallowances recorded in the first
quarter of 2023 resulting from the final order in PUCT Docket No.
53601, 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), partially offset by higher revenues primarily from updates
to transmission annual billing factors, new base rates, customer
growth and updated interim DCRF rates to reflect increases in
invested capital, and favorable changes in other income and
deductions–net.
Oncor's total distribution base revenues in the three months
ended September 30, 2023 as compared
to the three months ended September 30,
2022 increased 18.5% (11.9% increase on a weather-normalized
basis). The change in Oncor's total distribution base revenues in
the third quarter of 2023 included a 28.1% increase in distribution
base revenues from residential customers (15.7% increase on a
weather-normalized basis) and a 10.9% increase in distribution base
revenues from large commercial and industrial customers. Oncor's
total distribution base revenues in the nine months ended
September 30, 2023 as compared to the
nine months ended September 30, 2022
increased 6.3% (7.4% increase on a weather-normalized basis). The
change in Oncor's total distribution base revenues in the nine
months ended September 30, 2023
included an 8.3% increase in distribution base revenues from
residential customers (10.5% increase on a weather-normalized
basis) and a 6.6% increase in distribution base revenues from large
commercial and industrial customers. Financial and operational
results are provided in Tables A, B, C, and D below.
Growth Within Oncor's Service Territory
Ongoing growth
within Texas as a whole and
Oncor's service territory in particular continues to be a driver of
distribution and transmission operational activity. In the three
months ended September 30,
2023, Oncor connected approximately 20,000 new premises to the
Electric Reliability Council of Texas, Inc. ("ERCOT") grid as compared to
approximately 14,000 in the three months ended September 30, 2022. In the nine months ended
September 30, 2023, Oncor connected
approximately 57,000 new premises as compared to approximately
49,000 during the same period in 2022. In addition, Oncor built,
rebuilt or upgraded approximately 630 miles of distribution
and transmission lines in the third quarter of 2023.
In addition, Oncor remains on pace to set a company record for
annual new and active generation and retail transmission
point-of-interconnection ("POI") requests in queue. At
September 30, 2023, Oncor had 755
active generation and retail transmission POI requests in queue,
representing a 34% increase as compared to active generation and
retail transmission POI requests in queue at September 30, 2022. Of the 447 active generation
POI requests in queue at September 30,
2023, 47% were solar, 41% were storage, 9% were wind and 3%
were gas. In the three months ended September 30, 2023, Oncor entered 88 new
generation and retail transmission POI requests into queue as
compared to the 65 new generation and retail transmission POI
requests that were entered during the same period in 2022.
Capital Expenditure Plans
The growth in Oncor's
service territory and expected continued growth is also evident in
Oncor's capital expenditure plans. Oncor's board of directors has
approved a capital expenditures budget of approximately
$3.6 billion for 2023. Oncor expects
to announce a new five-year capital plan for the 2024-2028 period
in the first quarter of 2024, and anticipates that its new
five-year capital plan will reflect significantly increased
expected capital spending compared to its previously announced
$19.2 billion capital plan for the
2023-2027 period, due primarily to the continued projected growth
in Oncor's service territory, as well as increases in interest
rates and borrowing costs, increases in the cost of materials and
equipment and increased labor and contractor costs. Oncor also
anticipates additional capital spending related to transmission and
distribution system resiliency investments pursuant to recently
enacted Texas House Bill 2555, subject to the PUCT's finalization
of rules implementing such legislation. The PUCT's rules are
expected to be finalized in the fourth quarter of 2023, and Oncor
is currently targeting filing a resiliency plan pursuant to such
rules in the first quarter of 2024.
Operational Highlights
Oncor remains focused on
improving reliability performance. For the industry's primary
benchmark for reliability, System Average Interruption Duration
Index (non-storm), Oncor continued to improve in the twelve months
ended September 30, 2023 as compared
to the twelve months ended September 30,
2022. On average, Oncor's customers experienced nearly seven
fewer minutes of outage over the period – an improvement of
approximately 9% over the prior period. Oncor has undertaken
various efforts to enhance reliability, including automation and
system hardening projects, particularly in its planning for severe
weather events.
In October, an independent third party environmental, social and
governance ("ESG") ratings company issued its annual ESG risk
rating of Oncor, improving Oncor's rating and ranking Oncor in the
top 2 percent of electric utilities rated by that company.
Regulatory Updates
On September
22, 2023, Oncor filed an appeal in Travis County District Court relating to its
recent comprehensive base rate review proceeding. The appeal seeks
judicial review of certain of the rate base disallowances and
related expense effects of those disallowances set forth in the
PUCT's order on rehearing in the proceeding.
On September 15, 2023, Oncor filed
its second application this year for an interim DCRF rate
adjustment to recover additional distribution investments that went
into service in the period January 1,
2023 through June 30, 2023.
Oncor estimates that its interim DCRF rate adjustment would result
in an annual revenue impact of approximately $56 million if approved as requested.
Liquidity
As of November 2,
2023, Oncor's available liquidity, consisting of cash on
hand and available borrowing capacity under its credit facility and
commercial paper program totaled $1.8
billion. Oncor expects cash flows from operations combined
with long-term debt issuances and credit agreements, as well as
availability under its accounts receivable facility ("AR
Facility"), credit facility and commercial paper program to be
sufficient to fund current obligations, projected working capital
requirements, maturities of long-term debt and capital expenditures
for at least the next 12 months.
Sempra Internet Broadcast Today
Sempra (NYSE: SRE)
(BMV: SRE) will broadcast a live discussion of its earnings results
over the Internet today at 12 p.m.
ET, which will include discussion of third quarter 2023
results and other information relating to Oncor. Oncor Chief
Executive Allen Nye will also
participate in the broadcast. Access to the broadcast is available
by logging onto the Investors section of Sempra's
website, sempra.com/investors. Prior to the conference call, an
accompanying slide presentation will be posted on
sempra.com/investors. For those unable to participate in the
live webcast, it will be available on replay a few hours after its
conclusion at sempra.com/investors.
Quarterly Report on Form 10-Q
Oncor's
Quarterly Report on Form 10-Q for the period ended
September 30, 2023 will be filed with the U.S. Securities
and Exchange Commission after Sempra's conference call and once
filed, will be available on Oncor's website, oncor.com.
Oncor Electric
Delivery Company LLC
Table A – Condensed
Statements of Consolidated Income
Three and Nine
Months Ended September 30, 2023 and 2022; $ millions
|
|
|
|
|
|
|
|
|
|
|
|
Q3
'23
|
|
Q3
'22
|
|
YTD
'23
|
|
YTD
'22
|
|
|
|
Operating
revenues
|
|
$
|
1,592
|
|
$
|
1,438
|
|
$
|
4,227
|
|
$
|
3,980
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale
transmission service
|
|
|
322
|
|
|
291
|
|
|
965
|
|
|
862
|
Operation and
maintenance
|
|
|
296
|
|
|
264
|
|
|
830
|
|
|
768
|
Depreciation and
amortization
|
|
|
247
|
|
|
227
|
|
|
729
|
|
|
672
|
Provision in lieu
of income taxes
|
|
|
78
|
|
|
70
|
|
|
146
|
|
|
162
|
Taxes other than
amounts related to income taxes
|
|
|
142
|
|
|
147
|
|
|
428
|
|
|
432
|
Write-off of rate
base disallowances
|
|
|
-
|
|
|
-
|
|
|
55
|
|
|
-
|
Total
operating expenses
|
|
|
1,085
|
|
|
999
|
|
|
3,153
|
|
|
2,896
|
Operating
income
|
|
|
507
|
|
|
439
|
|
|
1,074
|
|
|
1,084
|
Other (income) and
deductions –
net
|
|
|
(12)
|
|
|
9
|
|
|
(10)
|
|
|
19
|
Non-operating benefit
in lieu of income taxes
|
|
|
(1)
|
|
|
(3)
|
|
|
(9)
|
|
|
(7)
|
Interest expense and
related charges
|
|
|
140
|
|
|
115
|
|
|
396
|
|
|
331
|
Write-off of
non-operating rate base disallowances
|
|
|
-
|
|
|
-
|
|
|
14
|
|
|
-
|
Net
income
|
|
$
|
380
|
|
$
|
318
|
|
$
|
683
|
|
$
|
741
|
Oncor Electric
Delivery Company LLC
Table B – Condensed
Statements of Consolidated Cash Flows
Nine Months Ended
September 30, 2023 and 2022; $ millions
|
|
|
|
|
|
|
|
|
|
YTD
'23
|
|
YTD
'22
|
|
|
|
|
|
Cash flows — operating
activities:
|
|
|
|
|
|
|
Net
income
|
|
$
|
683
|
|
$
|
741
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization, including regulatory
amortization
|
|
|
826
|
|
|
734
|
Write-off
of rate base disallowances
|
|
|
69
|
|
|
-
|
Provision
in lieu of deferred income taxes – net
|
|
|
36
|
|
|
27
|
Other –
net
|
|
|
(1)
|
|
|
(13)
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(257)
|
|
|
(166)
|
Regulatory assets
|
|
|
(266)
|
|
|
(74)
|
Other
operating assets and liabilities
|
|
|
95
|
|
|
162
|
Cash provided by operating activities
|
|
|
1,185
|
|
|
1,411
|
Cash flows — financing
activities:
|
|
|
|
|
|
|
Issuances and
borrowings of long-term debt (excluding AR Facility)
|
|
|
2,175
|
|
|
3,950
|
Repayments of
long-term debt (excluding AR Facility)
|
|
|
(875)
|
|
|
(2,732)
|
Borrowings under
AR Facility
|
|
|
600
|
|
|
-
|
Repayments under
AR Facility
|
|
|
(100)
|
|
|
-
|
Net change in
short-term borrowings
|
|
|
(116)
|
|
|
(215)
|
Capital
contributions from members
|
|
|
336
|
|
|
318
|
Distributions to
members
|
|
|
(404)
|
|
|
(318)
|
Debt discount,
financing and reacquisition costs – net
|
|
|
(35)
|
|
|
(29)
|
Cash provided by financing activities
|
|
|
1,581
|
|
|
974
|
Cash flows — investing
activities:
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(2,797)
|
|
|
(2,161)
|
Other –
net
|
|
|
23
|
|
|
44
|
Cash used in investing activities
|
|
|
(2,774)
|
|
|
(2,117)
|
Net change in cash,
cash equivalents and restricted cash
|
|
|
(8)
|
|
|
268
|
Cash, cash equivalents
and restricted cash — beginning balance
|
|
|
98
|
|
|
54
|
Cash, cash equivalents
and restricted cash — ending balance
|
|
$
|
90
|
|
$
|
322
|
Oncor Electric
Delivery Company LLC
Table C –
Condensed Consolidated Balance Sheets
At September 30,
2023 and December 31, 2022; $ millions
|
|
|
|
|
|
|
|
|
|
At
9/30/23
|
|
At
12/31/22
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
9
|
|
$
|
10
|
Restricted cash,
current
|
|
|
25
|
|
|
16
|
Trade accounts
receivable – net
|
|
|
1,149
|
|
|
884
|
Materials and supplies
inventories — at average cost
|
|
|
289
|
|
|
204
|
Prepayments and other
current assets
|
|
|
103
|
|
|
109
|
Total current
assets
|
|
|
1,575
|
|
|
1,223
|
Restricted cash,
noncurrent
|
|
|
56
|
|
|
72
|
Investments and other
property
|
|
|
146
|
|
|
137
|
Property, plant and
equipment – net
|
|
|
27,298
|
|
|
25,203
|
Goodwill
|
|
|
4,740
|
|
|
4,740
|
Regulatory
assets
|
|
|
1,592
|
|
|
1,502
|
Right-of-use operating
lease and other assets
|
|
|
147
|
|
|
161
|
Total
assets
|
|
$
|
35,554
|
|
$
|
33,038
|
LIABILITIES AND
MEMBERSHIP INTERESTS
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings
|
|
$
|
82
|
|
$
|
198
|
Long-term debt due
currently
|
|
|
500
|
|
|
100
|
Trade accounts
payable
|
|
|
608
|
|
|
536
|
Amounts payable to
members related to income taxes
|
|
|
35
|
|
|
45
|
Accrued taxes other
than amounts related to income
|
|
|
242
|
|
|
277
|
Accrued
interest
|
|
|
167
|
|
|
97
|
Operating lease and
other current liabilities
|
|
|
424
|
|
|
330
|
Total current
liabilities
|
|
|
2,058
|
|
|
1,583
|
Long-term debt, less
amounts due currently
|
|
|
12,500
|
|
|
11,128
|
Liability in lieu of
deferred income taxes
|
|
|
2,275
|
|
|
2,182
|
Regulatory
liabilities
|
|
|
2,988
|
|
|
3,014
|
Employee benefit plan
obligations
|
|
|
1,406
|
|
|
1,394
|
Operating lease and
other obligations
|
|
|
268
|
|
|
275
|
Total
liabilities
|
|
|
21,495
|
|
|
19,576
|
Commitments and
contingencies
|
|
|
|
|
|
|
Membership
interests:
|
|
|
|
|
|
|
Capital account
― number of units outstanding 2023
and 2022 – 635,000,000
|
|
|
14,239
|
|
|
13,624
|
Accumulated other
comprehensive loss
|
|
|
(180)
|
|
|
(162)
|
Total membership
interests
|
|
|
14,059
|
|
|
13,462
|
Total liabilities and
membership interests
|
|
$
|
35,554
|
|
$
|
33,038
|
Oncor Electric
Delivery Company LLC
Table D – Operating
Statistics
Three, Nine and
Twelve Months Ended September 30, 2023 and 2022; mixed
measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
'23
|
|
Q3
'22
|
|
YTD
'23
|
|
YTD
'22
|
|
Operating
statistics:
|
|
|
|
|
|
|
|
|
|
Electric energy volumes
(gigawatt-hours):
|
|
|
|
|
|
|
|
|
|
Residential
|
|
17,474
|
|
16,070
|
|
37,966
|
|
39,594
|
|
Commercial, industrial,
small business and other
|
|
30,262
|
|
27,970
|
|
82,605
|
|
75,986
|
|
Total electric energy
volumes
|
|
47,736
|
|
44,040
|
|
120,571
|
|
115,580
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues
($ millions):
|
|
|
|
|
|
|
|
|
|
Revenues
contributing to earnings:
|
|
|
|
|
|
|
|
|
|
Distribution base
revenues (a)
|
|
$
841
|
|
$
710
|
|
$
2,006
|
|
$
1,888
|
|
Transmission base
revenues (TCOS revenues)
|
|
|
|
|
|
|
|
|
|
Billed to third-party
wholesale customers
|
|
233
|
|
237
|
|
721
|
|
707
|
|
Billed to REPs serving
Oncor distribution customers,
through TCRF
|
|
131
|
|
132
|
|
405
|
|
394
|
|
Total transmission base
revenues
|
|
364
|
|
369
|
|
1,126
|
|
1,101
|
|
Other miscellaneous
revenues
|
|
41
|
|
49
|
|
83
|
|
89
|
|
Total revenues
contributing to earnings
|
|
1,246
|
|
1,128
|
|
3,215
|
|
3,078
|
|
|
|
|
|
|
|
|
|
|
|
Revenues collected
for pass-through expenses:
|
|
|
|
|
|
|
|
|
|
TCRF – third-party
wholesale transmission service
|
|
322
|
|
291
|
|
965
|
|
862
|
|
EECRF and other
revenues
|
|
24
|
|
19
|
|
47
|
|
40
|
|
Total revenues
collected for pass-through expenses
|
|
346
|
|
310
|
|
1,012
|
|
902
|
|
Total operating
revenues
|
|
$
1,592
|
|
$
1,438
|
|
$
4,227
|
|
$
3,980
|
|
|
|
|
|
|
|
|
|
|
|
Residential system
weighted weather data (b):
|
|
|
|
|
|
|
|
|
|
|
|
|
Cooling degree
days
|
|
1,573
|
|
1,331
|
|
2,155
|
|
2,112
|
|
Heating degree
days
|
|
-
|
|
-
|
|
386
|
|
611
|
|
Reliability
statistics (c):
|
|
|
|
|
|
|
|
|
TME
'23
|
|
|
TME
'22
|
|
System Average
Interruption Duration Index
(SAIDI)
(non-storm)
|
|
|
|
|
|
|
|
|
71.6
|
|
|
78.6
|
|
System Average
Interruption Frequency Index (SAIFI)
(non-storm)
|
|
|
|
|
|
|
|
|
1.1
|
|
|
1.3
|
|
Customer Average
Interruption Duration Index (CAIDI)
(non-storm)
|
|
|
|
|
|
|
|
|
65.7
|
|
|
62.9
|
|
Electricity
distribution points of delivery (based on number
of active meters) ― end of period and in thousands
|
|
|
|
|
|
|
|
|
3,953
|
|
|
3,881
|
|
_________
(a) In general,
distribution revenues from residential and small business users are
based on actual monthly consumption (kWh), and, depending
on size and annual load factor, revenues from large commercial and
industrial users are based either on actual monthly demand
(kilowatts)
or the greater of actual monthly demand (kilowatts) or 80% of peak
monthly demand during the prior eleven months.
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(b) Degree days
are measures of how warm or cold it is throughout Oncor's service
territory. A degree day compares the average of the hourly
outdoor temperatures during each day to a 65° Fahrenheit standard
temperature. The more extreme the outside temperature, the higher
the
number of degree days. A high number of degree days generally
results in higher levels of energy use for space cooling or
heating.
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(c) SAIDI is the
average number of minutes electric service is interrupted per
consumer in 12 months. SAIFI is the average number of electric
service interruptions per consumer in 12 months. CAIDI is the
average duration in minutes per electric service interruption in 12
months.
Oncor's non-storm reliability performance reflects electric service
interruptions of one minute or more per customer. Each of these
results
excludes outages during significant storm events.
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Headquartered in Dallas, Oncor
Electric Delivery Company LLC is a regulated electricity
transmission and distribution business that uses superior asset
management skills to provide reliable electricity delivery to
consumers. Oncor (together with its subsidiaries) operates the
largest transmission and distribution system in Texas, delivering power to more than 3.9
million homes and businesses and operating more than 141,000 miles
of transmission and distribution lines in Texas. While Oncor is owned by two investors
(indirect majority owner, Sempra, and minority owner, Texas
Transmission Investment LLC), Oncor is managed by its Board of
Directors, which is comprised of a majority of disinterested
directors.
Forward-Looking Statements
This news release contains forward-looking statements
relating to Oncor within the meaning of the Private Securities
Litigation Reform Act of 1995, which are subject to risks and
uncertainties. All statements, other than statements of historical
facts, that are included in this news release, as well as
statements made in presentations, in response to questions or
otherwise, that address activities, events or developments that
Oncor expects or anticipates to occur in the future, including such
matters as projections, capital allocation, future capital
expenditures, business strategy, competitive strengths, goals,
future acquisitions or dispositions, development or operation of
facilities, market and industry developments and the growth of our
business and operations (often, but not always, through the use of
words or phrases such as "intends," "plans," "will likely
result," "are expected to," "will continue," "is anticipated,"
"estimated," "forecast," "should," "projection," "target," "goal,"
"objective" and "outlook"), are forward-looking statements.
Although Oncor believes that in making any such forward-looking
statement its expectations are based on reasonable assumptions, any
such forward-looking statement involves risks, uncertainties
and assumptions. Factors that could cause Oncor's
actual results to differ materially from those projected in such
forward-looking statements include: legislation, governmental
policies and orders, and regulatory actions; legal and
administrative proceedings and settlements, including the exercise
of equitable powers by courts; weather conditions and other natural
phenomena, including any weather impacts due to climate change;
acts of sabotage, wars, terrorist activities, cyber security
attacks, wildfires, fires, explosions, hazards customary to the
industry, or other emergency events and the possibility that we may
not have adequate insurance to cover losses or third-party
liabilities related to any such event; actions by credit rating
agencies; health epidemics and pandemics, including their impact on
Oncor's business and the economy in general; interrupted or
degraded service on key technology platforms, facilities failures,
or equipment interruptions; economic conditions, including the
impact of a recessionary environment, inflation, supply chain
disruptions, service provider availability, and labor availability
and cost; unanticipated population growth or decline, or changes in
market demand and demographic patterns; ERCOT grid needs and ERCOT
market conditions, including any failure for electric capacity
within ERCOT or disruptions at ERCOT power generation facilities;
changes in business strategy, development plans or vendor
relationships; changes in interest rates or rates of inflation;
significant changes in operating expenses, liquidity needs and/or
capital expenditures; inability of various counterparties to meet
their financial and other obligations to Oncor, including failure
of counterparties to timely perform under agreements; general
industry and ERCOT trends; significant decreases in demand or
consumption of electricity delivered by Oncor, including as a
result of increased consumer use of third-party distributed energy
resources or other technologies; changes in technology used by and
services offered by Oncor; significant changes in Oncor's
relationship with its employees, including the availability of
qualified personnel, and the potential adverse effects if labor
disputes or grievances were to occur; changes in assumptions used
to estimate costs of providing employee benefits, including pension
and retiree benefits, and future funding requirements related
thereto; significant changes in accounting policies or critical
accounting estimates material to Oncor; commercial bank and
financial market conditions, macroeconomic conditions, access to
capital, the cost of such capital, and the results of financing and
refinancing efforts, including availability of funds and the
potential impact of any disruptions in U.S. capital and credit
markets; circumstances which may contribute to future impairment of
goodwill, intangible or other long-lived assets; financial and
other restrictions under Oncor's debt agreements; Oncor's ability
to generate sufficient cash flow to make interest payments on its
debt instruments; and Oncor's ability to effectively execute its
operational strategy.
Further discussion of risks and uncertainties that could
cause actual results to differ materially from management's current
projections, forecasts, estimates and expectations is contained in
filings made by Oncor with the U.S. Securities and Exchange
Commission. Specifically, Oncor makes reference to the section
entitled "Risk Factors" in its annual and quarterly reports. Any
forward-looking statement speaks only as of the date on which it is
made, and, except as may be required by law, Oncor undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which it is made or to
reflect the occurrence of unanticipated events. New factors emerge
from time to time, and it is not possible for Oncor to predict all
of them; nor can it assess the impact of each such factor or the
extent to which any factor, or combination of factors, may cause
results to differ materially from those contained in any
forward-looking statement. As such, you should not unduly
rely on such forward-looking statements.
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SOURCE Oncor Electric Delivery Company, LLC