Today Oncor Electric Delivery is asking state regulators for permission to increase your electric bill… Again.
The state’s largest electric transmission company is requesting an increase that would total $350 million in additional revenue each year. Broken down, that’s about $60 annually for each of Oncor’s residential customers.
The proposed hike comes on the heels of Oncor’s 2009 hike that increased bills by $3 a month. That earlier request flooded company coffers with an extra $115 million annually.
So, when do the rate hikes stop? Oncor, a company with very little financial risk, would see its profit margin on capital investments increase from 10.25 percent to 11.25 percent under the new proposal. And when combined with the effects of the previous hike, the proposed new hike could mean Oncor’s customers could soon be shelling out nearly a half billion dollars more each year to the company.
Oncor serves approximately 7 million people in a service territory that includes large areas of North, West, East and Central Texas. The hike would become part of all bills for electric service in that territory, regardless of the customers’ individual retail electric provider.
The Public Utility Commission is expected to rule on Oncor’s request later this year.
Make your voice heard. Follow us on Facebook.com/RechargeTexas to find out what you can do.
Read the Dallas Morning News article.