Sempra is budgeting a record high $15 billion five-year capital plan for its Texas electric utility as it works to meet projected load growth in “one of the fastest growing markets in the country,” CEO Jeff Martin said late last week.

The San Diego-based company’s Oncor Electric Delivery Co. LLC subsidiary had boosted capital expenditures (capex) by $2.8 million from June through 2025. The updated budget is for 2022-2026.

Two-thirds of the capex is to be dedicated to the transmission and distribution network. The projected earnings from Oncor’s rate-based services are set to increase to nearly $28 billion by 2026. The capex is designed to support economic development across the service territory, as well as increases in “generation interconnections, strong premise...