Oncor posts huge profits as Texans crank up the AC this summer

With high temperatures consistently topping 100 degrees this summer many North Texans are cranking up the air-conditioning, and driving up their electric bills.

Oncor Electric Delivery Company reported a net income of $229 million for the three-month period ending on June 30, 2022.

That is $60 million more than the same time period in 2021.

The Dallas-based company says the new records in power demand drove up their profits.

"It has been a great quarter, and I am so proud of our financial and operational performance. The second quarter brought on record heat, beginning one of the hottest summers here in Texas in recent memory," said Oncor CEO Allen Nye. "I am also very proud of our employees who continue to execute on our record capital plan and operational objectives, even in the midst of daunting summer heat."

RELATED: Summer heatwave will test Texas power grid's capacity, experts say

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(chart via National Weather Service)

Oncor delivers electricity to power customers in more than 400 Texas cities, and is one of the largest utility companies operating in the U.S..

The company does not sell electricity directly to customers, but charges providers for how much electricity is used.

Often those charges are passed along to the customer.

In addition to high power use, Oncor also credited an increase in electricity rate, and an expansion of its territory for its high profits in a news release.