Activist investor Voss Capital urged Sempra to spin off its Texas electricity unit, Oncor, in a letter sent May 28, 2026.
The move could reshape the energy landscape in Texas by creating a standalone utility focused exclusively on the state's high-growth market. By separating the Dallas-based unit from Sempra's broader operations, the investor believes the company can unlock significant financial value.
Voss Capital said that Oncor would fetch a richer valuation as a standalone company [2]. The investor said that the Dallas-based utility would thrive as an independent entity [3]. According to the firm, an independent Oncor would be the highest-growth public transmission utility in the U.S. [1].
Sempra is a U.S. energy company headquartered in California with a market value of about $60 billion [1]. The company's business is predominantly centered in California, which Voss Capital suggests may encumber the growth potential of the Texas-based unit [1].
Despite the push for a spin-off, Voss Capital holds a relatively small position in the company. The firm owns roughly two million Sempra shares, which represents less than 1% of the company [2].
The proposal suggests that a Texas-focused utility would be better positioned to navigate the specific regulatory and economic environment of the state without the influence of Sempra's California operations [1].
“"We believe an independent Oncor would be the highest-growth public transmission utility in the United States."”
This request reflects a growing trend of activist investors targeting conglomerate structures to 'unlock value' through specialization. While Voss Capital holds a minority stake, the pressure for a spin-off highlights the perceived tension between Sempra's California-centric business model and the aggressive growth trajectory of the Texas energy market.
