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 has received approval from the California Public Utilities Commission to install four microgrids in the San Diego region, enhancing its energy storage capacity by approximately 39 megawatts and 180 megawatt-hours. These projects aim to provide reliable power during peak energy demands and outages, especially in critical facilities like schools and fire stations. Scheduled for completion in summer 2023, this investment follows previous energy storage facilities opened in 2021 and 2022. The initiative underscores SDG&E's commitment to sustainable energy solutions in response to climate challenges.
Sempra Infrastructure has signed a heads of agreement (HOA) with INEOS Energy Trading for a long-term LNG supply, committing to approximately 1.4 million tonnes per annum from its Gulf Coast LNG projects. The HOA set the stage for a definitive 20-year LNG sale and purchase agreement potentially sourced from the Port Arthur LNG or Cameron LNG Phase 2 projects. This move aims to enhance energy security and support lower-carbon energy sources. The Port Arthur project, with all major permits obtained, is expected to produce about 13.5 Mtpa of LNG, while Cameron LNG Phase 2 aims for a maximum capacity of 6.75 Mtpa.
Southern California Gas Co. (SoCalGas) reported a 37% reduction in fugitive methane emissions for 2021, surpassing California's 2025 target of 20% reduction and nearing the 40% target for 2030. This achievement is attributed to innovations in detection technologies, including aerial methane mapping and the use of drones. Significant accomplishments include a 94% reduction in gas venting during maintenance and a 92% reduction in emissions from storage facilities since 2015. SoCalGas aims for net-zero greenhouse gas emissions by 2045.
SoCalGas has awarded $525,000 in grants to 162 independently owned restaurants across California to aid recovery efforts. Each restaurant receives a $3,000 grant for equipment upgrades and employee retention. The funding is part of the Restaurants Care Resilience Fund, which SoCalGas co-funds with other partners. SoCalGas aims to invest $50 million over five years in diverse community initiatives, supporting local restaurants that play a vital role in economic growth and cultural vibrancy.
Southern California Gas Co. (SoCalGas) received a $750,000 grant from the California Energy Commission to develop a hydrogen production system using biogas. This innovative project aims to produce affordable, scalable renewable hydrogen at a cost of $1.39 per kilogram, reducing emissions by up to 95%. Powered by renewable electricity, the project will eliminate combustion emissions and capture co-products for various applications. Testing is set to commence in 2023, advancing SoCalGas's goal to achieve net-zero emissions by 2045.
Southern California Gas Co. (SoCalGas) has completed energy efficiency upgrades at The Concord senior living community in Pasadena, funded by $108,000 from the Whole Building Program. The project replaces an outdated hot water system, saving over 4,000 therms of energy annually, equating to the energy used by 11 homes for a year. Over five years, the upgrades are expected to save approximately $35,000. SoCalGas has generated over $1 billion in avoided energy costs and 219 million therms in savings over the last five years, supporting California's energy conservation goals.
Sempra has finalized the sale of a 10% non-controlling equity interest in Sempra Infrastructure Partners to a subsidiary of the Abu Dhabi Investment Authority for $1.73 billion. This transaction, valued at an enterprise value of $25.9 billion, will aid in funding its ambitious $36 billion capital plan. Following the sale, Sempra retains a 70% controlling stake in the infrastructure partner, focusing on advancing energy security and accommodating lower-carbon energy solutions globally.
Sempra Infrastructure announced a heads of agreement with RWE Supply & Trading for a long-term supply of approximately 2.25 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) from the Port Arthur LNG Phase 1 project in Texas. This agreement supports energy security for U.S. allies in Europe and advances lower-carbon LNG objectives. The parties aim to finalize a 15-year definitive agreement and collaborate on reducing greenhouse gas emissions associated with LNG deliveries. The Port Arthur project aims for a capacity of around 13.5 Mtpa and is fully permitted.
Sempra Infrastructure has entered a participation agreement with TotalEnergies, Mitsui & Co., Ltd., and Mitsubishi Corporation for the Hackberry Carbon Sequestration project in Southwest Louisiana. The project aims to capture and store carbon dioxide (CO2) from Cameron LNG Phase 1 and 2 export projects, positioning it as a cornerstone in reducing emissions. An application for a Class VI Injection well permit was filed to allow the permanent storage of up to 2 million tonnes of CO2 annually. This initiative aligns with Louisiana's goals for net-zero emissions by 2050.
The board of directors of Southern California Gas Co. (SoCalGas) declared a quarterly dividend of $0.375 per share for its preferred stock and Preferred Stock, Series A. The dividends are payable on July 15, 2022, to shareholders on record as of June 10, 2022. SoCalGas, a subsidiary of Sempra, serves 21.8 million consumers across 24,000 square miles in Central and Southern California, focusing on affordability and renewable energy.