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) submitted its 2024-2027 budget proposal to the California Public Utilities Commission (CPUC), focusing on enhancing energy reliability and supporting state climate goals. SDG&E aims to maintain low electric bills, despite potential increases of approximately $9 for electricity and $9.60 for natural gas monthly. Key investments include expanding EV infrastructure, modernizing the grid, and reducing wildfire risks. The CPUC is expected to review the proposal, with rate changes effective January 1, 2024.
Sempra Infrastructure has entered into a heads of agreement with PGNiG for the purchase of approximately 3 million tonnes per annum of liquefied natural gas (LNG) from its North American projects. This agreement, aimed at enhancing energy security in Poland, includes negotiations for 20-year LNG sale-and-purchase agreements from the Cameron LNG Phase 2 in Louisiana and the Port Arthur LNG project in Texas. Additionally, the agreement highlights a focus on greenhouse gas reduction and mitigation strategies. However, final agreements and project developments are subject to significant risks and uncertainties.
Sempra (NYSE: SRE) announced a quarterly dividend of $1.145 per share on May 12, 2022, payable on July 15, 2022. Shareholders of record as of July 7, 2022 will receive this dividend. Sempra aims to be North America's leading energy infrastructure company, serving nearly 40 million consumers, with over $72 billion in total assets as of 2021. The company emphasizes sustainability and has been recognized in the Dow Jones Sustainability World Index, demonstrating its commitment to the energy transition through electrification and decarbonization efforts.
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San Diego Gas & Electric (SDG&E) has developed an innovative digital tool, the Community Impact Platform, aimed at reducing fleet vehicle emissions in communities affected by pollution. Recognized on Fast Company’s 2022 World Changing Ideas list, the platform integrates AI with fleet GPS and socioeconomic data to optimize vehicle replacement. It has analyzed over eighty million data points to visualize carbon emissions, aligning with SDG&E’s sustainability goals in San Diego and Orange counties.
Southern California Gas Co. (SoCalGas) has renewed its commitment to supply renewable natural gas (RNG) across its 38 fueling stations, including six in the San Diego area, through new three-year contracts. This initiative has successfully avoided approximately 275,000 metric tons of CO2 emissions over the last three years, equivalent to nearly 31 million gallons of gasoline. The renewal reinforces partnerships with U.S. Gain and Element Markets, enhancing RNG availability as demand rises, and aligns with California's climate goals.
Oncor Electric Delivery Company reported a net income of $194 million for Q1 2022, a 15.4% increase from $168 million in Q1 2021. This growth is attributed to higher revenues from increased customer consumption and demand. The company continues to expand its service territory, with a 50% rise in active transmission point-of-interconnection requests. Oncor's capital expenditures reached $704 million, with a total approved budget of $3.0 billion for 2022. Liquidity remains strong at $2.1 billion, ensuring operational demands are met.
Sempra (NYSE: SRE) reported Q1 2022 earnings of $612 million ($1.93 per share), down from $874 million ($2.87 per share) in Q1 2021. Adjusted earnings increased to $924 million ($2.91 per share) from $900 million ($2.95 per share) in the previous year. Significant impacts included $66 million from Aliso Canyon litigation and $75 million from foreign currency and inflation. The company affirmed its 2022 GAAP EPS guidance of $7.11 to $7.71 and adjusted EPS guidance of $8.10 to $8.70.
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Southern California Gas Co. (SoCalGas) CEO, Scott Drury, has been selected to join the Wall Street Journal's CEO Council. This council includes influential leaders from 25 countries, representing companies generating over $3 trillion in annual revenue. Drury highlighted his commitment to sustainability and clean energy transition in California.
Under his leadership, SoCalGas aims for net zero greenhouse gas emissions by 2045. The company is actively developing solutions like the Angeles Link green hydrogen proposal.