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.
Oncor Electric Delivery Company LLC plans to announce its fourth quarter and year-end 2022 results on February 28, prior to Sempra's (NYSE: SRE) conference call. The earnings release will be accessible on Oncor's website. Following the announcement, Sempra executives will host a conference call at 12 p.m. ET on the same day to discuss Oncor's operational and financial results for the fourth quarter and the full year. A presentation will also be available. Oncor is the largest electricity distribution and transmission entity in Texas, serving over 3.8 million customers with over 140,000 miles of infrastructure.
Sempra (NYSE: SRE) will release its fourth-quarter and full-year 2022 earnings on February 28 at 7 a.m. ET. A conference call will follow at 12 p.m. ET, where executives will discuss the earnings results. Interested parties can access the live webcast through the company's Investors section. An accompanying slide presentation will also be available on the Investors site at the same time. This announcement highlights Sempra's commitment to transparency and investor communication.
SoCalGas customers will receive a one-time California Climate Credit of $50.77 due to high natural gas prices in January. The California Public Utilities Commission (CPUC) approved this credit to be applied in February or March, depending on billing cycles. This acceleration comes as natural gas prices dropped significantly for February but remain higher than last year. SoCalGas emphasizes conservation and offers assistance programs to help customers manage costs. The company does not profit from increased gas prices, as they buy natural gas at market rates without markup, passing the costs to consumers directly.
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The board of directors of Southern California Gas Co. declared quarterly dividends of $0.375 per share for its preferred stock, including Series A, payable on April 15, 2023. Shareholders on record as of March 10, 2023 are eligible. As the largest gas distribution utility in the U.S., SoCalGas serves 21.8 million customers across 24,000 square miles in California, focusing on renewable gas services and aiming for net-zero greenhouse gas emissions by 2045. The company is a subsidiary of Sempra (NYSE: SRE).
Southern California Gas Co. (SOCGP) inaugurated North America's first clean hydrogen microgrid on January 30, 2023, with Lieutenant Governor Eleni Kounalakis. The [H2] Innovation Experience aims to provide renewable energy to over 100 homes continuously for up to seven days. CEO Scott Drury emphasized the project’s role in California's clean energy transition, supporting energy reliability and decarbonization. The microgrid, located in Downey, generates hydrogen from solar energy, adhering to LEED Platinum standards, and powers various household appliances. SoCalGas also aims for net-zero emissions by 2045 through projects like the Angeles Link green hydrogen pipeline.
On January 30, 2023, SoCalGas unveiled the [H2] Innovation Experience in Downey, California. This innovative microgrid utilizes renewable hydrogen to power over 100 homes continuously for up to seven days, showcasing California's commitment to clean energy and decarbonization. The project draws solar energy, converts it into hydrogen for storage, and utilizes it for various household appliances. SoCalGas aims for net-zero greenhouse gas emissions by 2045, bolstered by initiatives like the Angeles Link green hydrogen pipeline. The project has received accolades such as Fast Company's World-Changing Ideas Award for its sustainable vision.
Sempra Infrastructure announced a long-term sale and purchase agreement with PKN ORLEN for liquefied natural gas (LNG) from the Port Arthur LNG Phase 1 project in Jefferson County, Texas. PKN ORLEN will purchase approximately 1 million tonnes per annum (Mtpa) of LNG for 20 years, fully subscribing the project's off-take capacity at 10.5 Mtpa under binding contracts. This agreement strengthens PKN ORLEN's energy security in Central Europe. Sempra aims to make a final investment decision (FID) in Q1 2023, with first cargo deliveries expected in 2027. The project includes two liquefaction trains, allowing significant LNG production capacity.
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Southern California Gas Co. (SoCalGas) has announced a $1 million contribution to the Gas Assistance Fund to support income-qualified customers struggling with rising natural gas bills. The contribution comes as bills may double compared to last year due to significant increases in natural gas prices driven by cold temperatures, high demand, and reduced supply. SoCalGas encourages customers to utilize energy-saving tips and its free Ways to Save tool to manage and potentially lower their energy costs.