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 Infrastructure, a subsidiary of Sempra (NYSE: SRE), announced a $50,000 contribution to the Memorial Park Conservancy on April 22, 2022, to support environmental infrastructure and resilient ecologies in Houston's largest urban park. This funding continues Sempra's commitment, following a total of $150,000 contributed in 2021. Over 50 employees volunteered, planting over 900 native plants during an Earth Day event, showcasing their dedication to community engagement and sustainability.
San Diego Gas & Electric (SDG&E) has launched the Ramona microgrid, providing backup power to the Ramona Air Attack Base, which aids in aerial firefighting efforts. This microgrid is part of the High Fire Threat District initiative and features 500 kW of battery storage, ensuring zero emissions. Built in partnership with CAL FIRE and the U.S. Forest Service, it aims to enhance emergency response capabilities during power shutoffs. SDG&E is committed to advancing clean energy solutions and has plans for three additional microgrids to bolster community resilience.
Oncor Electric Delivery Company LLC plans to release its first quarter 2022 results on May 5, before Sempra's conference call. The results will be accessible on Oncor's website, oncor.com. Sempra's executives will host a conference call at 12 p.m. ET discussing Oncor's financial and operational results for Q1 2022, with a subsequent slide presentation available on Sempra's site. A replay of the call will be offered shortly after its conclusion. Oncor operates the largest electricity distribution system in Texas, serving over 3.8 million customers.
Sempra (NYSE: SRE) will release its first-quarter 2022 earnings on May 5, 2022, at 7 a.m. ET, followed by a conference call at 12 p.m. ET. A slide presentation with detailed earnings results will also be available on its website at 7 a.m. ET. The call can be accessed live on the company's site or through a replay. Sempra operates one of North America’s largest energy networks, serving nearly 40 million consumers with over $72 billion in total assets at the end of 2021.
SoCalGas announced a $525,000 donation to the California Restaurant Foundation's Restaurants Care Resilience Fund to support local restaurants struggling post-COVID. This fund, co-founded by SoCalGas, aims to disburse nearly $1.5 million in grants to eligible restaurants for equipment upgrades, employee retention, and deferred maintenance. Applications for $3,000 grants open on April 15 and close on April 30. The initiative highlights SoCalGas' commitment to supporting small businesses and advancing its ASPIRE 2045 sustainability goals.
San Diego Gas & Electric released a study addressing California's challenge to achieve carbon neutrality by 2045. The report emphasizes a diversified decarbonization approach, combining clean electricity, fuels, and carbon removal. Key findings suggest California must decarbonize at 4.5 times the previous decade's pace and increase electric generation capacity fourfold. The study highlights the need for regulatory support to prioritize reliability, affordability, and equity while promoting innovative energy technologies.
Sempra Infrastructure has signed a Heads of Agreement with TotalEnergies, Mitsui & Co., and Japan LNG Investment for the Cameron LNG Phase 2 export project in Hackberry, Louisiana. This agreement outlines the framework for expanding the facility by adding a fourth liquefied natural gas (LNG) train, with plans to increase the capacity of existing trains. The project aims for a production capacity of 6.75 million tonnes per annum and incorporates design enhancements for efficiency and reduced emissions. The development is subject to obtaining necessary permits and final investment decisions.
Sempra Infrastructure and Korea Gas Corporation (KOGAS) have signed a memorandum of understanding (MOU) to collaborate on projects aimed at advancing the global energy transition towards lower-carbon and zero-carbon fuels. The MOU outlines potential joint efforts in liquefied natural gas (LNG), carbon capture, and hydrogen infrastructure. While the partnership reflects a commitment to decarbonization, it remains non-binding and subject to various risks, including regulatory approvals and investment decisions. Sempra is focused on developing energy solutions in North America.
Sempra (NYSE: SRE) announced the appointment of Glen Donovan as vice president of investor relations, effective April 2, 2022. This follows the promotion of Manuela "Nelly" Molina to vice president of audit services. Donovan, who has held multiple leadership roles within Sempra, including overseeing LNG and net-zero projects, will leverage his experience to enhance communication with shareholders. The company's commitment to sustainability and energy transition is highlighted as Donovan takes on this critical position.
Sempra (NYSE: SRE) and TotalEnergies are enhancing their North American alliance with two MOUs, focusing on the proposed Vista Pacífico LNG project in Mexico and an offshore wind project in California. The Vista Pacífico project may involve TotalEnergies contracting for around one-third of its LNG output and potentially investing as a minority equity partner. The second MOU aims for Sempra to acquire a stake in TotalEnergies' wind project and vice versa. The projects hinge on regulatory approvals and definitive agreements, emphasizing the importance of energy partnerships for security and sustainability.