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 (NYSE: SRE) generates frequent news as a North American energy infrastructure company with major regulated utilities and large-scale energy projects. Public announcements often highlight developments at its California utilities, San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company (SoCalGas), as well as at its Texas affiliate Oncor Electric Delivery Company LLC and its LNG-focused Sempra Infrastructure businesses.
Investors following SRE news can expect regular updates on quarterly earnings, dividend declarations, regulatory proceedings and capital plans. Recent press releases have covered common and preferred dividend announcements, detailed quarterly financial results, and guidance updates. Sempra also issues news about strategic transactions, such as the agreement to sell a 45% equity interest in Sempra Infrastructure Partners to a KKR-led consortium, which is designed to support its utility-focused capital campaign and adjust its business mix.
Subsidiary-level news is also significant. SDG&E has reported recognition for reliability performance in the Western Region and described investments in grid enhancements, safety programs and wildfire mitigation. SoCalGas issues releases on preferred stock dividends and provides background on its role as a large gas distribution utility in Central and Southern California. Oncor regularly reports its quarterly results, capital spending plans and progress on major transmission and distribution projects across Texas.
News related to Sempra Infrastructure often focuses on LNG projects, including final investment decisions, long-term offtake agreements and investor equity arrangements for projects such as Port Arthur LNG Phase 2. Together, these updates give readers insight into how Sempra manages regulatory issues, funds large capital programs and advances energy infrastructure projects. This page aggregates such company and subsidiary announcements so readers can review the latest SRE-related developments in one place.
San Diego Gas & Electric (SDG&E) and General Motors (GM) announced a collaboration to explore bidirectional Electric Vehicles (EVs) integration into the electric grid. The study will assess Vehicle-to-Grid Integration (VGI) capabilities such as Vehicle-to-Home and Virtual Power Plants. This initiative aims to bolster energy reliability and community resilience against climate change. The agreement aligns with the U.S. Department of Energy’s Vehicle-to-Everything memorandum to enhance energy security and economic growth.
Sempra has been recognized as a Trendsetter in corporate political disclosure for the seventh consecutive year, scoring 94 out of 100 on the 2022 CPA-Zicklin Index. This index, produced by the Center for Political Accountability and the University of Pennsylvania, evaluates the political spending practices of S&P 500 and Russell 1000 companies. Sempra's strong corporate governance and sustainable practices underpin this achievement. Additionally, the company was included in Newsweek's 'America's Most Responsible Companies' and Fortune's 'World Most Admired Companies' lists in 2022.
Oncor Electric Delivery Company reported a net income of $318 million for Q3 2022, up from $258 million in Q3 2021, driven by increased revenues from higher customer consumption and updates to transmission rates. The company's total distribution base revenues rose 9.2% year-over-year. For the nine months ended September 30, net income reached $741 million, marking a significant increase from $595 million in the same period last year. Oncor is experiencing robust service territory growth, with a notable increase in interconnection requests, particularly in solar energy.
Sempra (NYSE: SRE) reported Q3 2022 earnings of $485 million ($1.53 per share), a turnaround from a loss of $648 million in Q3 2021. Adjusted earnings rose to $622 million ($1.97 per share) compared to $545 million in the previous year. For the full year 2022, Sempra updated its GAAP EPS guidance to $7.07-$7.37 and adjusted EPS guidance to $8.70-$9.00. The Port Arthur LNG Phase 1 project expects a final investment decision in Q1 2023, alongside progress on other clean energy initiatives. Sempra's nine-month earnings were $1.656 billion ($5.23 per share), up from $650 million in 2021.
Southern California Gas has partnered with Emerson to showcase its innovative residential microgrid, the [H2] Innovation Experience, in Southern California. This project, one of the first of its kind in the U.S., integrates renewable hydrogen production through solar energy, enabling carbon-free gas utilization in home energy systems. The setup includes a solar array, energy storage, and an electrolyzer. This initiative aligns with California's goals for net-zero emissions, supporting sustainable power demand and highlighting advanced automation technologies.
Sempra Infrastructure has secured a 20-year power purchase agreement with Silicon Valley Power to supply renewable energy from the Cimarrón wind project in Baja California, Mexico. The 300 MW facility aims to produce enough energy for over 84,000 homes and reduce greenhouse gas emissions by approximately 210,000 metric tons of CO2-eq annually. The project will create over 2,000 jobs in Mexico. However, development faces risks related to securing commercial agreements and necessary permits.
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Sempra Infrastructure announced the amendment of its fixed-price engineering, procurement, and construction (EPC) contract with Bechtel Energy for the Phase 1 liquefaction project at Port Arthur LNG in Texas. The updated contract is valued at approximately $10.5 billion. This milestone is crucial for advancing the project towards a final investment decision, fueled by strong customer interest. The Phase 1 project is set to produce around 13.5 million tonnes per annum of LNG, with further development contingent upon securing necessary agreements and financing.
Southern California Gas Company (SoCalGas) has awarded $50,000 in scholarships to 14 first-generation Latino students pursuing STEM degrees. This initiative, in partnership with the East Los Angeles Community Union (TELACU) Education Foundation, aims to address social inequality and foster higher education access. SoCalGas has supported TELACU with over $660,000 since 1999, reflecting its commitment to community empowerment and creating a qualified workforce. The company's ASPIRE 2045 sustainability goals include investing $50 million over five years in underserved communities.
Sempra (NYSE: SRE) will release Oncor Electric Delivery Company's third quarter 2022 results on November 3, prior to its conference call at 12 p.m. ET. The earnings release will be available on Oncor's website. The call will cover Oncor's operational and financial results, with a live webcast accessible for investors, media, and the public. A slide presentation will accompany the call, and a replay will be available shortly after. Oncor's quarterly report for the period ending September 30, 2022 will be filed with the SEC post-call.