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.
Sempra (NYSE: SRE) declared a quarterly dividend of $1.145 per share on its common stock, payable on October 15, 2022, for shareholders of record by September 23, 2022. Additionally, a semi-annual dividend of $24.375 per share was announced for its 4.875% Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, Series C, also payable on October 15, 2022, for Series C preferred shareholders of record by October 1, 2022. Sempra continues to focus on sustainable energy practices, furthering its mission as North America's leading energy infrastructure company.
SoCalGas has partnered with West Basin Municipal Water District to provide $150,000 in energy and water conservation upgrades to 100 income-eligible families in Los Angeles County. The initiative aims to combat drought conditions and affordability issues, enabling households to save up to 394,000 gallons of water over the devices' lifetimes. The program is part of SoCalGas' Community Language Efficiency Outreach initiative and contributes to significant energy savings across the region. Over the past five years, SoCalGas has generated over $1 billion in avoided energy costs.
Southern California Gas Company (SoCalGas) partnered with Reading Heart to host a community-wide Book Fair in Corcoran, distributing over 20,000 free books to residents. This event, the largest of its kind for Reading Heart, aimed to promote literacy and accessibility to books for children in the Central Valley. SoCalGas contributed $6,000 to support the fair, emphasizing their commitment to community education. The fair included various activities, encouraging participation among attendees with music and games, and highlighting the importance of reading in shaping children's futures.
Southern California Gas Co. (SoCalGas) has launched the Climate Adaptation & Resiliency Grant program, offering $50,000 each to three municipalities within its service area to enhance climate resilience. This initiative aims to support local planning against climate vulnerabilities, focusing on underserved communities. Applications are open until October 14, 2022. Experts will assess proposals based on community impact and collaboration. This grant is part of SoCalGas' broader commitment to sustainability and aiding California's climate goals.
Southern California Gas Co (SoCalGas) has commenced construction on the H2 SilverSTARS initiative, an innovative hydrogen production system at SunLine Transit Agency in Thousand Palms, California. Utilizing renewable natural gas (RNG), the project aims to supply hydrogen for SunLine’s 17 hydrogen fuel cell buses. The system, developed with technology from the Pacific Northwest National Lab, can produce up to 80 kilograms of clean hydrogen daily, significantly contributing to California’s climate goals. SoCalGas plans to leverage insights from this project to enhance clean hydrogen adoption statewide.
Sempra Foundation, in collaboration with GRID Alternatives, has completed multiple solar energy installations in Baja California, Mexico, aimed at providing renewable power to organizations serving vulnerable communities. These installations, funded by $200,000 from Sempra, have reduced electricity costs by up to 50% for facilities like orphanages and migrant shelters. This initiative enables organizations to allocate savings towards essential needs such as food and hygiene products. A second phase of solar installations is planned, expected to include more than 140 kW of energy and benefit hundreds of residents.
Southern California Gas Co (SoCalGas) is collaborating with Ford to develop a F-550 Super Duty Hydrogen Fuel Cell Electric Truck as part of the DOE's SuperTruck 3 program. This initiative aims to cut emissions from commercial fleets. SoCalGas intends to replace 50% of its over-the-road fleet with clean fuel vehicles by 2025 and achieve a 100% zero-emission fleet by 2035. The project also includes a temporary hydrogen refueling station. SoCalGas currently operates 50 hydrogen fuel cell electric vehicles and plans further advancements in clean energy technology.
On August 10, 2022, the board of Southern California Gas Co. declared quarterly dividends for its preferred stock series, amounting to $0.375 per share. The dividends are set to be paid on October 15, 2022, to shareholders recorded by September 10, 2022. SoCalGas, a subsidiary of Sempra, is the largest gas distribution utility in the U.S., providing service to 21.8 million customers across 24,000 square miles in California. The company aims for net-zero greenhouse gas emissions by 2045 and plans to replace 20% of its natural gas supply with renewable sources by 2030.
Southern California Gas Co. (SoCalGas) commenced construction of the Mobilehome Park Utility Conversion Program at Arabian Gardens Mobile Home Park in Indio, California, enhancing safety and service for residents. This initiative replaces outdated gas systems with utility-owned services, improving reliability and offering various customer assistance programs. Since its 2014 inception, SoCalGas has upgraded over 20,000 mobile homes across 287 communities. The California Public Utilities Commission has extended this project for ten years, targeting 132,000 mobile homes by 2030.
Oncor Electric Delivery Company reported a net income of $229 million for Q2 2022, up from $169 million in Q2 2021. This $60 million growth was due to increased revenues from higher customer consumption driven by warmer weather, adjustments to transmission and distribution rates, and a gain from non-utility property sales. In the first half of 2022, net income rose to $423 million from $337 million year-over-year. The company added 19,000 new premises and saw a 73% increase in transmission interconnection requests. Oncor also filed for a base rate increase of 4.5%, potentially adding $251 million in revenue.