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.
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.