SAN DIEGO, March 14, 2025 /PRNewswire/ -- San Diego Gas & Electric (SDG&E) announced today the California Public Utilities Commission (CPUC) has approved an expansion of the company's Westside Canal Battery Energy Storage facility in California's Imperial Valley. This expansion project will add 100 megawatts (MW) of energy storage capacity to the existing 131 MW facility and is projected to be fully operational by June 2025. "The expansion of Westside Canal is a critical step toward strengthening our regio ...

Key TakeawaysThe S&P 500 fell by 0.5% on Tuesday, Feb. 25, after a weak consumer confidence report raised investor worries over slower growth.Energy company Sempra shares plummeted after the gas and electric holding company reported disappointing earnings and a weak outlook.Solventum’s stock jumped after the medical device maker agreed to sell its purification and filtration business to Thermo Fisher Scientific. Major U.S. equities indexes were mixed after a weak consumer confidence report and losses from s ...

Financial Performance - Sempra reported a significant increase in revenue, reaching $12.5 billion for the quarter, representing a 15% year-over-year growth[22]. - The company achieved a net income of $1.2 billion, which is a 10% increase compared to the previous year[22]. - Sempra anticipates a continued upward trend, projecting a revenue increase of 12% for the next fiscal year, targeting $14 billion[22]. Customer Growth and Market Expansion - Customer growth was noted, with a 5% increase in active accounts across its utility segments, totaling approximately 1.5 million new customers[22]. - Sempra is expanding its market presence with plans to enter two new states by 2025, which is expected to increase its customer base by an additional 10%[22]. Investments and Capital Expenditure - The company is investing $3 billion in new technology and infrastructure projects aimed at enhancing energy efficiency and reliability over the next three years[22]. - Sempra's capital expenditure for the upcoming year is projected at $2.5 billion, focusing on infrastructure upgrades and sustainability projects[22]. Renewable Energy Initiatives - Sempra's new renewable energy initiatives are projected to contribute an additional $500 million in annual revenue by 2026[22]. - The company has set a goal to reduce greenhouse gas emissions by 30% by 2030, aligning with regulatory expectations and market trends[22]. - Sempra aims for net-zero scope 1 and 2 GHG emissions by 2050, with an interim target of 50% reduction by 2035 relative to a 2019 baseline[181]. Strategic Acquisitions and Business Strategy - The company is actively pursuing strategic acquisitions, with a target of completing at least two significant transactions in the next 18 months[22]. - Sempra's business strategy aims to deliver safe, reliable, and increasingly clean energy while enhancing shareholder value[37]. Operational Risks and Challenges - The company faces risks from severe weather, cybersecurity threats, and regulatory changes that could impact its operations and financial performance[34]. - Severe weather, natural disasters, and physical attacks pose significant risks to the company's facilities and infrastructure, potentially leading to operational disruptions[217]. - The execution of the company's five-year capital expenditures plan is subject to risks such as financing costs, regulatory approvals, and market conditions[202]. Subsidiaries and Customer Base - SDG&E serves approximately 3.6 million electric customers and 3.3 million natural gas customers across a service territory of about 4,100 square miles[41]. - SoCalGas delivers natural gas to approximately 21.1 million customers across a service territory of about 24,000 square miles[57]. - As of December 31, 2024, SoCalGas had a total of 6,213,641 customer meters, with 5,940,904 being residential[65]. Infrastructure and Capacity - As of December 31, 2024, SDG&E's electric resources include 1,204 MW from owned natural gas facilities and 4,916 MW total capacity from various power purchase agreements[46]. - SoCalGas' natural gas facilities include 3,037 miles of transmission and storage pipelines and 52,567 miles of distribution pipelines as of December 31, 2024[58]. - Sempra Infrastructure holds a 35.1% interest in the Cameron LNG JV, which has a combined nameplate capacity of 13.9 Mtpa of LNG and an export capacity of 12 Mtpa, equating to approximately 1.7 Bcf of natural gas per day[96]. Regulatory Environment - The CPUC allows SDG&E and SoCalGas to recover 90% of hazardous waste cleanup costs and 70% of related insurance-litigation expenses under the Hazardous Waste Collaborative mechanism[173]. - California's RPS Program mandates that SDG&E procure at least 50% of its annual retail electricity from renewable sources by 2026, increasing to 95% by 2040[177]. Employee and Corporate Governance - As of December 31, 2024, Sempra has 16,773 employees, with 6,335 covered under collective bargaining agreements[190]. - The company emphasizes a strong safety culture, with annual executive compensation linked to safety metrics[187]. - Activist shareholders may influence the company's board and management, potentially leading to instability and adverse effects on business opportunities[199].

Financial Data and Key Metrics Changes - The company reported adjusted EPS of $4.65 for 2024, slightly below the midpoint of guidance [9] - Full-year 2024 GAAP earnings were $2.817 billion or $4.42 per share, compared to $3.030 billion or $4.79 per share in 2023 [78] - The revised 2025 EPS guidance range is set at $4.30 to $4.70, reflecting a downward adjustment from prior expectations [13][90] Business Line Data and Key Metrics Changes - Sempra California saw a $46 million increase in adjusted earnings primarily from higher electric transmission margins and operating margins [79] - Sempra Texas reported $43 million of higher equity earnings due to increased capital and customer growth, offset by higher interest and operating expenses [79] - Sempra Infrastructure experienced a $170 million decrease in transportation earnings due to new tariffs and lower volumes in the renewables business [79] Market Data and Key Metrics Changes - Texas added over half a million new residents from July 2023 to July 2024, indicating strong economic growth [12] - The anticipated electricity demand in Texas is expected to nearly double by the end of the decade, creating significant infrastructure investment opportunities [12] - The California Energy Commission projects a 2.8% annual growth in statewide electricity consumption from 2023 through 2030 [51] Company Strategy and Development Direction - The company is launching a record $56 billion capital plan for 2025 to 2029, a 16% increase over the previous plan, focusing on regulated utilities [17][80] - The corporate strategy emphasizes disciplined investments in regulated utilities with constructive regulation, aiming for a compound annual rate-based growth of 10% [25] - The long-term EPS growth rate is raised to 7% to 9%, supported by strong growth in Sempra Texas [15][100] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in making the right decisions for future growth despite the revised 2025 guidance [14] - The company anticipates that the financial impact of Oncor's base rate review will not fully reflect in intermediate-term results due to regulatory lag [90] - Management highlighted the importance of a disciplined capital allocation process to finance growth efficiently [82] Other Important Information - Sempra's board approved an increase in the annualized dividend to $2.58 per share, marking the fifteenth consecutive year of dividend increases [16] - The company ended 2024 with a utility rate base of $56 billion and aims to expand it to over $91 billion by 2029 [83] Q&A Session All Questions and Answers Question: Regarding the 2025 rebates, is the plan embedding lower rate-based growth in California, or is that partially moved to future plan years? - Management indicated that the California GRC came in below planning assumptions, impacting the front end of the plan [104] Question: In Texas, does the higher interest and investment cost in 2025 reverse with the potential base rate filing? - Management noted that the decision for Oncor to file for a base rate review is expected to reset its cost structure, which may put downward pressure on earnings for the year [105]

Sempra Energy (SRE) reported fourth-quarter 2024 adjusted earnings per share (EPS) of $1.50, which missed the Zacks Consensus Estimate of $1.63 by 8%. However, the figure improved 32.7% from $1.13 reported in the prior-year quarter. See the Zacks Earnings Calendar to stay ahead of market-making news.Including one-time items, the company generated GAAP earnings of $1.04 per share compared with $1.16 in the fourth quarter of 2023. For 2024, the company reported adjusted EPS of $4.65, which missed the Zacks Co ...

2024 Earnings Results + Capital Plan Update February 25, 2025 Information Regarding Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represen ...

Exhibit 99.1 NEWS RELEASE Sempra Reports 2024 Financial and Business Results SAN DIEGO, Feb. 25, 2025 — Sempra (NYSE: SRE) today reported full-year 2024 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $2.82 billion or $4.42 per diluted share, compared to full-year 2023 GAAP earnings of $3.03 billion or $4.79 per diluted share. On an adjusted basis, the company's full-year 2024 earnings were $2.97 billion or $4.65 per diluted share, compared to $2.92 billion or $4.61 ...

Sempra (SRE) came out with quarterly earnings of $1.50 per share, missing the Zacks Consensus Estimate of $1.63 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -7.98%. A quarter ago, it was expected that this natural gas and electricity provider would post earnings of $1.06 per share when it actually produced earnings of $0.89, delivering a surprise of -16.04%.Over the last four qu ...

DALLAS, Feb. 25, 2025 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported twelve months ended December 31, 2024 net income of $968 million compared to twelve months ended December 31, 2023 net income of $864 million. This $104 million increase was driven by overall higher revenues primarily attributable to updated interim rates to reflect increases in invested capital, increases in transmission billing units, customer growth, and the base rates that went into effect May 2023 along w ...

Core Viewpoint - Sempra has been recognized as one of the World's Most Admired Companies for 2025 by Fortune Magazine, marking its 15th consecutive year on this prestigious list, highlighting its strong corporate reputation and leadership in the energy sector [1][2]. Company Overview - Sempra is a leading North American energy infrastructure company that delivers energy to nearly 40 million consumers, representing about 10% of the U.S. population [1][3]. - The company operates three growth platforms: Sempra California, Sempra Texas, and Sempra Infrastructure, which collectively form one of the largest energy networks in North America [1][3]. - Sempra is recognized for its commitment to sustainable business practices and operational excellence, as evidenced by its inclusion in the Dow Jones Sustainability Index North America [3]. Industry Position - The company is focused on enhancing energy security and supporting the decarbonization of the power sector globally through initiatives such as liquefied natural gas exports and the adoption of cleaner fuels like renewable natural gas and hydrogen [1][3]. - Sempra's electric and natural gas delivery companies have been acknowledged for their reliability and grid modernization efforts, including wildfire prevention [1].