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.
Southern California Gas Co. (SoCalGas) announced its commitment to sustainability by installing over 240 electric vehicle (EV) chargers this year, with plans for a total of 1,500 chargers by 2024. The utility aims to replace 50% of its fleet with clean fuel vehicles by 2025 and achieve a 100% zero-emission fleet by 2035. Recently, SoCalGas purchased 50 Toyota Mirai hydrogen fuel cell vehicles and is converting 200 Ford F-250 trucks to renewable natural gas. These initiatives align with California's climate goals and the Paris Agreement for a net zero emissions target by mid-century.
San Diego Gas & Electric has announced the completion of a new energy storage facility in Kearny Mesa, adding a 20MW/80MWh capacity that can power about 13,000 homes for four hours. This facility, part of SDG&E's efforts to enhance grid reliability and support California's goal of 100% carbon-free electricity, features advanced lithium-ion phosphate batteries. The Kearny facility joins the previously completed Top Gun Energy Storage project, contributing to a total of 145 MW of owned storage expected by year-end. CEO Caroline Winn emphasizes the importance of these projects for climate goals.
Sempra (NYSE: SRE) issued a statement applauding the establishment of a Task Force on Energy Security, announced by President Biden and European Commission President Von der Leyen. The company expresses support for European energy security and sustainability goals, highlighting its commitment to collaborate with U.S. Administration to increase LNG supply. As of 2021, Sempra holds over $72 billion in assets and serves nearly 40 million consumers across North America, showcasing its role in the global energy transition towards cleaner energy sources.
Southern California Gas Co. (SRE) achieved a record spending of $972.6 million with over 570 diverse business enterprises in 2021, representing over 42% of total procurement, exceeding the state's goal for the 29th consecutive year. Notable increases include a 49% rise in spending with African American vendors. The company plans to raise diverse supplier spending to 45% by 2025 and has committed $50 million over the next five years to support underserved communities. These efforts are part of SoCalGas' broader sustainability strategy aiming for net-zero emissions by 2045.
Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE), has received a credit rating upgrade from Fitch Ratings. The rating for its Mexico subsidiary was upgraded from 'BBB' to 'BBB+', with a stable outlook. This upgrade is attributed to the company's stable cash flows and competitive position in Mexico's energy infrastructure. The improvement strengthens Sempra's financial position to pursue growth and investment strategies in North America. Tania Ortiz Mena, group president, noted the upgrade reflects confidence in their platform and capacity to support economic growth through energy infrastructure.
Southern California Gas Co. (SoCalGas) has released the latest edition of EMPOWER Magazine, showcasing its commitment to social impact through diversity, equity, and inclusion. The magazine emphasizes partnerships with non-profits like the Los Angeles Urban League to enhance workforce development in underserved communities. SoCalGas plans to invest $50 million over five years and highlighted its contributions of over $9 million to approximately 900 non-profits last year. The company also aims for a 45% diverse spending by 2025, reflecting its sustainability and social justice objectives.
Southern California Gas Co. (SoCalGas) has begun assembling its award-winning H2 Hydrogen Home in Downey, the first of its kind in the U.S. This demonstration project aims to showcase the reliability of a hydrogen microgrid, utilizing renewable electricity to produce carbon-free gas. The 2,000 square-foot home will rely on solar panels, a battery, and an electrolyzer to maintain a clean energy system. The project underscores SoCalGas's commitment to achieving net-zero emissions by 2045 and follows their proposal for the nation's largest green hydrogen infrastructure system.
Oncor Electric Delivery Company reported a net income of $770 million for 2021, up $57 million from 2020. The increase was driven by higher revenues from base transmission and distribution rates, despite rising operational costs. In 2021, Oncor connected 70,000 new customers and recorded a 2% annual growth rate. Capital expenditures reached $2.5 billion with an anticipated $2.8 to $3.0 billion planned for 2022. The company maintains a strong liquidity position of approximately $2.8 billion as of February 2022.
Sempra (SRE) reported full-year 2021 earnings of $1.25 billion ($4.01 per diluted share), down from $3.76 billion ($12.88 per diluted share) in 2020. Adjusted earnings increased to $2.64 billion ($8.43 per diluted share) from $2.34 billion ($8.00 per diluted share). The company plans over $36 billion in capital investments over the next five years, focusing on U.S. utility growth, with rate base rising from $14 billion to $62 billion by 2026. A quarterly dividend of $1.145 per share was declared, marking the 12th straight year of dividend increases.
Southern California Gas Co. (SoCalGas) supports the California Public Utilities Commission's (CPUC) decision to implement a renewable gas standard, marking California as the first state to do so. By 2030, SoCalGas must replace 12.2% of the gas it delivers with renewable gas, with an interim goal of 3% by 2025. This initiative aligns with SoCalGas's aim to achieve net-zero greenhouse emissions by 2045. The renewable gas standard, born from Senate Bill 1440, aims to reduce short-lived climate pollutants and methane emissions, enhancing California's clean energy transition.