Activist investor Voss Capital is publicly urging Sempra to pursue a tax-free spin-off of its 80.3% stake in Oncor. Voss currently owns less than 1% of Sempra. The firm argues the move would simplify a complex structure that includes California utilities and a liquefied natural gas business.
Voss contends a standalone Oncor would create a high-growth Texas utility free from California wildfire liabilities. The investor estimates a separate Oncor could be worth $78 billion. This valuation target is set for the end of 2028. Sempra has not yet publicly commented on the proposal.