Oncor is a regulated electric distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, providing power to more than 3.4 million electric delivery points over more than 118,000 miles of distribution and 16,000 miles of transmission lines. While Oncor is owned by a limited number of investors (including majority owner, Energy Future Holdings Corp.), Oncor is managed by its Board of Directors, which is comprised of a majority of independent directors.
Pursuant to commitments made to the Public Utility Commission of Texas, Oncor and its majority equity investor, Energy Future Holdings Corp., have implemented certain structural and operational "ring-fencing" measures that are intended to further separate Oncor from Energy Future Holdings Corp. and certain of its other subsidiaries. See Oncor's most recent Annual Report on Form 10-K for more information regarding these "ring-fencing" measures.