Welcome to our dedicated page for Sempra Energy news (Ticker: SRE), a resource for investors and traders seeking the latest updates and insights on Sempra Energy stock.
Sempra reports developments for a North American energy infrastructure company centered on regulated utility networks in California and Texas. Recurring news includes Sempra earnings, operational and financial results from Oncor, and updates from Southern California Gas Company and San Diego Gas & Electric on natural gas delivery, underground storage, grid reliability, customer affordability and energy resilience.
Company updates also cover utility capital plans, rate and regulatory mechanisms, customer growth, preferred dividend actions at SoCalGas, and capital-structure activity tied to financing energy infrastructure across Sempra's utility businesses.
The Greater Los Angeles African American Chamber of Commerce (GLAAACC) honored SoCalGas with the 'Utility of the Year' award at its 29th Annual Economic Awards Dinner. SoCalGas has notably increased its supplier spending with African American-owned businesses by over 50% in two years, totaling $134 million spent with 71 firms in 2022. The company exceeded the California Public Utilities Commission's diverse spending goals for the 30th consecutive year, with over $1 billion spent on diverse businesses. SoCalGas aims for 45% of its supplier spend to be with diverse businesses by 2025, continuing its commitment to economic inclusion.
San Diego Gas & Electric (SDG&E) has unveiled California's first public DC fast chargers designed specifically for medium and heavy-duty vehicles at a truck stop near the U.S./Mexico border. Located just north of Otay Mesa Port of Entry, these 250-kilowatt chargers charge medium-duty trucks from 20% to 80% in about an hour, enhancing electric vehicle infrastructure in the region. Funded by a $200,000 grant, the initiative supports California's goal of transitioning to zero-emission vehicles. SDG&E aims to reduce air pollution and promote sustainable transportation solutions in collaboration with local and state officials.
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Southern California Gas Co. (OTC-PINK:SOCGP) has exceeded the California Public Utilities Commission's diverse spending goal for the 30th consecutive year, sourcing nearly 43% of its goods and services from minority, women, service-disabled veteran, and LGBT-owned businesses in 2022. The company engaged with 578 diverse businesses, spending over $1 billion. SoCalGas aims to reach 45% diverse spending by 2025 as part of its ASPIRE 2045 sustainability strategy. Over six years, it has spent approximately $5 billion with diverse enterprises. CEO Scott Drury was recognized as CEO Diversity Champion for his leadership in advancing diversity and inclusion in contracting.
Sempra (NYSE: SRE) announced that its subsidiary, Sempra Infrastructure Partners, has made a final investment decision for the Port Arthur LNG Phase 1 project in Jefferson County, Texas. The project involves a joint venture with ConocoPhillips (NYSE: COP) and KKR's equity participation. A $6.8 billion non-recourse debt financing has been secured, and a final notice to proceed has been issued to Bechtel for construction. The facility aims for a nameplate capacity of approximately 13 million tonnes per annum, with long-term contracts already signed for 10.5 million tonnes. Expected commercial operations are in 2027 and 2028.
San Diego Gas & Electric (SDG&E) revealed that it contributed $2.4 billion to the economy in 2022 by purchasing goods and services, with $964 million or 39.75% directed towards diverse suppliers. This amount significantly surpasses the 22% goal set by the California Public Utilities Commission. Local companies in the San Diego region received $470 million, while 87% of diverse suppliers are based in California. SDG&E's supplier diversity program is integral to its mission of promoting diversity, equity, and inclusion, and significantly enhances local economic growth.
San Diego Gas & Electric (SDG&E) has intensified its support for customers facing financial challenges due to inflation and COVID-19 repercussions. Since 2020, SDG&E has facilitated approximately $140 million in debt relief through various state and federal programs. Currently, about one-third of its customers benefit from assistance programs, including the CARE and FERA programs, which provide significant bill discounts. Additionally, SDG&E has announced $16 million in new relief and community assistance funding, including a $10 million program targeting local nonprofits. Customer bills are also alleviated by the California Climate Credit, providing credits for natural gas and electricity.
Oncor Electric Delivery Company reported a net income of $905 million for the twelve months ended December 31, 2022, an increase of $135 million from $770 million in 2021. This growth was fueled by higher revenues due to increased customer consumption and base transmission rates. However, Q4 2022 net income fell to $164 million, down from $175 million in Q4 2021, primarily due to rising operational costs. Oncor's regulatory base rate review is ongoing, with a potential $251 million annual revenue increase at stake. Despite challenges, Oncor connected 64,000 new premises and achieved significant safety improvements, showcasing growth in Texas's expanding job market.
Sempra reported fourth-quarter 2022 earnings of $438 million or $1.39 per diluted share, down from $604 million or $1.90 in Q4 2021. Adjusted earnings for Q4 2022 were $743 million or $2.35 per diluted share, up from $688 million or $2.16 the previous year. The full-year 2022 GAAP earnings were $2.09 billion or $6.62 per share compared to $1.25 billion or $4.01 in 2021. Sempra reaffirmed its 2023 EPS guidance of $8.60 to $9.20 and long-term growth rate of 6-8%. The company declared a quarterly dividend of $1.19 and is targeting a final investment decision for its Port Arthur LNG Phase 1 project by Q1 2023.
San Diego Gas & Electric (SDG&E) announced $16 million in shareholder funding for customer bill assistance and community support due to rising natural gas prices. The funding includes a new $10 million initiative for local nonprofits and an increase to the Neighbor-to-Neighbor program from $3 million to $6 million, allowing qualifying customers to receive up to $600 annually. SDG&E emphasizes its commitment to supporting vulnerable populations, including those experiencing financial hardships. The initiative aligns with efforts to address the financial strain on families and promote community resilience amid economic challenges.