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.
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.
Sempra reported second-quarter 2022 earnings of $559 million, or $1.77 per diluted share, up from $424 million and $1.37 a year ago. Adjusted earnings reached $626 million ($1.98 per share), compared to $504 million ($1.63). For the first half, earnings were $1.171 billion or $3.70 per diluted share, down from $1.298 billion ($4.24). Notably, Sempra updated its 2022 GAAP EPS guidance to $6.90 to $7.50, reflecting strong operational execution.
San Diego Gas & Electric (SDG&E) has launched a pioneering vehicle-to-grid (V2G) project, allowing eight electric school buses to supply electricity back to the grid, particularly during peak demand. This initiative, a collaboration with Nuvve and Cajon Valley Union School District, is the first of its kind in Southern California and follows the U.S. Department of Energy’s V2X initiative. With the installation of six 60kW bi-directional chargers, this pilot project aims to enhance energy security while promoting eco-friendly solutions.
Sempra Infrastructure and Entergy Texas have signed a memorandum of understanding (MOU) aimed at accelerating the deployment of renewable energy resources in Southeast Texas. The agreement focuses on developing a renewable electricity plan to enhance power supply resiliency and sustainability goals for both companies. Entergy Texas plans to invest over $2.5 billion by 2024 to promote cleaner energy solutions, including a 20-year power purchase agreement for 150 megawatts of solar energy. This MOU is part of Sempra's broader efforts to integrate renewable energy into its projects across North America.
Sempra Infrastructure and Mexico's CFE have strengthened their collaboration on energy infrastructure projects, particularly the Guaymas-El Oro pipeline and the Vista Pacífico LNG project.
The new agreements facilitate the restoration of pipeline services and outline plans for an LNG terminal in Salina Cruz. These initiatives aim to improve energy security and support economic growth in Mexico's South-Southeast region. However, these agreements are preliminary and subject to feasibility studies, regulatory approvals, and final investment decisions.
Southern California Gas Co. (SoCalGas) announced the successful testing of Kore Infrastructure's carbon-negative waste-to-energy modular system at its Los Angeles facility. This system diverts organic waste from landfills, converting it into carbon-negative hydrogen and renewable natural gas (RNG). SoCalGas invested $1.5 million in the project, enhancing clean energy solutions to reduce greenhouse gas emissions, particularly in transportation. The technology aims to produce 99.999% pure hydrogen suitable for fuel cell vehicles, with potential to process up to 24 tons of organic feedstock daily.