Oncor Electric Delivery Company has reported that operating revenues increased about 2% for the full year 2007 to $2.5 billion, as compared to 2006, while operating costs increased about 5.6% to $849 million.
The increase in revenues is largely attributable to increased points of delivery and recovery of transmission costs and investments, while the increase in costs is mostly attributable to increased transmission costs paid to third-party transmission providers under the Electric Reliability Council of Texas’s (ERCOT) postage stamp pricing methodology.
Net income for the year decreased by 4.9% to $327 million when compared to 2006. Net income for Q4 2007 excluding the 10-day period from October 1, 2007 to October 10, 2007 was $64 million, as compared to $62 million for the fourth quarter of 2006.
Bob Shapard, chairman and CEO of Oncor, said: Oncor’s performance in 2007 was good. Our employees demonstrated a great deal of discipline and focus during a year that saw extreme weather challenges and operational demands. In 2008, we expect broader deployment of our next generation technology and improvements in our internal safety and reliability performances.