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 (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.
In 2021, Southern California Gas Co. (SoCalGas) distributed 14 billion cubic feet of renewable natural gas (RNG) from organic waste, surpassing 2020's 12 billion. This achievement equates to removing 166,896 cars from California roads annually. The utility aims for 20% RNG delivery to core customers by 2030 as part of its commitment to achieve net-zero greenhouse gas emissions by 2045. SoCalGas executed five RNG interconnection projects and launched the largest landfill-diverted organics-to-RNG facility in North America, enhancing California's decarbonization efforts.
Sempra Infrastructure's president, Dan Brouillette, has been elected to the U.S. Chamber of Commerce's U.S.-Japan Business Council (USJBC) board. Brouillette, also co-chair of the USJBC's Energy & Infrastructure Working Group, aims to strengthen U.S.-Japan commercial relations, particularly in clean energy and natural gas. Japan is a significant market for U.S. LNG, supporting energy transition efforts. Sempra Infrastructure focuses on sustainability and innovation in energy solutions.