On June 3, 2026, Voss Capital announced that it urged Sempra to unlock shareholder value by spinning off its majority-owned Texas utility, Oncor. Voss Capital stated that separating Oncor would create a premier, pure-play public transmission utility, free from California wildfire risks, and estimated Oncor?s equity value at $78 billion by 2028. The activist?s proposal called for a tax-free spin-off of the Company?s 80.3% economic interest in Oncor to the Company?s shareholders, while retaining its California utilities as a stable, high-dividend vehicle.