COST: 3.37 $B
COST: 1.05 $B
VOLUMES: 724 MW
COST: 332 $MM
VOLUMES: 42.4 Bcf
COST: 1.54 $B
VOLUMES: 981 MW
COST: 900 $MM
VOLUMES: 250 MW
COST: 1.14 $B
DALLAS, Feb. 4, 2021 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its fourth quarter and year end 2020 results on Feb. 25, prior to Sempra Energy's (NYSE: SRE) fourth quarter and year end 2020 conference call. Oncor's earnings release will be available on Oncor's website, www.oncor.com.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, Thursday, Feb. 25 that will include discussion of Oncor's fourth quarter and year end 2020 operational and financial results. Investors, media, analysts and the public may listen to a live webcast of the conference call on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link. Prior to the conference call, an accompanying slide presentation will be posted on Sempra Energy's website.
For those unable to participate in the live webcast, a replay of Sempra Energy's call will be available a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 2095631.
Oncor's Annual Report on Form 10-K for the year ended December 31, 2020 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call and, once filed, will also be available at oncor.com.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest distribution and transmission system in Texas, delivering power to more than 3.7 million homes and businesses and operating more than 139,000 miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra Energy, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company, LLC
SAN DIEGO, Feb. 4, 2021 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its fourth-quarter and year-end 2020 earnings by 7 a.m. ET, Thursday, Feb. 25.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, Thursday, Feb. 25. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted by 7 a.m. ET, Thursday, Feb. 25, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 2095631, or it can be accessed on the company's website.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2021 by Fortune Magazine.
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SOURCE Sempra Energy
SAN DIEGO, Feb. 2, 2021 /PRNewswire/ -- Sempra Energy's (NYSE: SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its year-end and fourth-quarter 2020 earnings by 6 p.m. ET, Feb. 18, in advance of a conference call with IEnova executives at 11 a.m. ET, Feb. 19.
Briefing materials also will be posted by 6 p.m. ET, Feb. 18, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the conference call will be available on replay a few hours after its conclusion on the company's website, or by dialing +1 (855) 859-2056 and entering passcode 1874634#.
About IEnova
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2019, the company has 1,300 employees and approximately $9.6 billion dollars in total assets, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor), and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Feb. 2, 2021 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company awarded $75,000 to three local branches of the NAACP for their college scholarship programs. The grants will support 15 college students, supplying them each with $5,000 scholarships for tuition, books, housing and other expenses. The grants will be awarded to students selected by the NAACP's San Fernando Valley, Pomona Valley and Riverside County branches. SoCalGas has been a community partner of the NAACP for over 20 years.
"SoCalGas is proud to partner with the NAACP to support students within the communities we serve," said Eugene "Mitch" Mitchell, vice president state government affairs and external affairs at SoCalGas. "Paying for tuition and other school-related necessities can be intimidating for many young people, so we are pleased to provide some financial relief for these deserving students, especially during a time when so many families are struggling."
"We are grateful to our community partners like SoCalGas who provide funding for our college scholarship program," said Dr. James Thomas, president of the NAACP San Fernando Valley. "This grant has enabled us to provide critical support for young people who are attending college and who may not be able to continue their education if it were not for the financial support of the NAACP and our community partners. Thank you, SoCalGas."
"Due to the Coronavirus, I am not able to use the computer lab at school. The programs I need for my electrical engineering courses are very demanding and my current computer cannot run them well. The scholarship award SoCalGas provided via the San Fernando Valley NAACP will help me get a better device in order to succeed in my studies," said AbdulKarim, student at California State University, Northridge.
"As the State Senator representing the 20th State Senate District, I appreciate SoCalGas providing this funding to three NAACP branches in Southern California—including Pomona Valley in my district—for their college scholarship programs. These scholarships for excellent students in our region will certainly help them succeed in college and beyond," stated Senator Connie M. Leyva (D-Chino).
Each year the NAACP, through donations, provides scholarships to outstanding students. Annually, the NAACP's Scholarship Committee to select the most outstanding individuals to receive these awards. The NAACP does not provide financial aid to individuals, only scholarships through this process and continues to mentor students throughout their time in college.
Founded in 1909 in response to the ongoing violence against Black people around the country, the NAACP (National Association for the Advancement of Colored People) is the largest and most pre-eminent civil rights organization in the nation with over 2,200 units and branches across the nation, along with well over two million activists. The organization's mission is to secure the political, educational, social, and economic equality of rights in order to eliminate race-based discrimination and ensure the health and well-being of all persons.
SoCalGas' commitment to the communities it serves goes beyond providing customers with affordable, safe and reliable natural gas service. As a leader in the community, SoCalGas understands it has a responsibility to recognize racial injustices and assist in closing the gaps in social inequities. Last year, SoCalGas doubled our charitable spend among the Black communities we serve, in areas including educational resources to students from vulnerable communities, Black-owned businesses and supporting workforce training programs that could lead to jobs at SoCalGas.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About the NAACP
Founded in 1909 in response to the ongoing violence against Black people around the country, the NAACP (National Association for the Advancement of Colored People) is the largest and most pre-eminent civil rights organization in the nation. We have over 2,200 units and branches across the nation, along with well over 2M activists. Our mission is to secure the political, educational, social, and economic equality of rights in order to eliminate race-based discrimination and ensure the health and well-being of all persons.
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SOURCE Southern California Gas Company
SAN DIEGO, Feb. 1, 2021 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has again been named one of the "World's Most Admired Companies" for 2021 by Fortune Magazine. This marks the 11th year that the company has been included on the annual list, which recognizes global businesses with the strongest corporate reputations within their sectors and across industries.
"Today's recognition from Fortune is underpinned by our high-performance culture and reflects our commitment to furthering our mission to be North America's premier energy infrastructure company and providing sustainable value to all of our stakeholders," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Against the backdrop of unprecedented challenges from a global pandemic, this honor is a credit to our essential workforce — 18,000 employees who work hard every day to deliver reliable, affordable and sustainable energy to power the lives of over 35 million consumers across North America."
Fortune partners with Korn Ferry Hay Group, a global management consulting firm, to select companies for the annual "World's Most Admired Companies" list from a survey of senior executives, directors and financial analysts. Fortune considered the 1,000 largest U.S. companies ranked by revenue for the list, along with non-U.S. companies that have revenues of approximately $10 billion or more. The survey asks respondents to rank the companies on nine attributes: quality of management; quality of products or services; innovativeness; long-term investment value; financial soundness; ability to attract, develop and retain talent; social responsibility to the community and environment; wise use of corporate assets; and effectiveness in doing business globally.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
LOS ANGELES, Jan. 29, 2021 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) announced today that its data analytics work has been recognized as the most innovative among over 150 utilities across the U.S. and the world by the Utility Analytics Institute (UAI). The UAI praised SoCalGas' use of data analytics to increase safety, save money for its customers, improve customer service, help conserve energy, and cut greenhouse gas emissions.
"We are honored to have been recognized for this award," said Gillian Wright, senior vice president and chief customer officer at SoCalGas. "The work our data analytics team does is innovative, progressive, forward-thinking and leads to solving the company's most complex business challenges. All of this is in support of SoCalGas' mission to become the cleanest, safest and most innovative energy company in America."
"SoCalGas has made impressive contributions to data analytics within the utility industry," said Gina Weber, managing director at UAI. "Each winner of the UAI Excellence Awards was selected from a pool of talented individuals, teams and organizations and we congratulation them on this well-deserved recognition."
Increased energy conservation is among the many benefits of SoCalGas' data analytics work. For example, the utility's data analytics team developed a way to identify customers who were less likely to conserve energy during a winter cold snap, allowing the company to target those households with reminders of the tools and information available to help them manage their natural gas use. This initiative is now saving these targeted customers over 300,000 therms of energy every year, reducing the bills of as many as 100,000 customers and decreasing greenhouse gas emissions. These reductions are among the more than 36.5 million therms SoCalGas helped natural gas users conserve through energy efficiency last year—saving customers more than $64 million and reducing carbon emissions linked to climate change by nearly 193,000 metric tons, the equivalent of taking 42,000 cars off the road for a year.
SoCalGas is also using data analytics to increase the safety of its employees and customers, and the new safety challenges created by the Covid-19 pandemic provide one example: Since the pandemic began, data analytics have allowed pinpoint accuracy in predicting the number and location of customer service orders, allowing for highly effective inventory management of Personal Protective Equipment as well as appropriate staffing at the 75 facilities across SoCalGas' 24,000 square mile service territory.
The data analytics team is also working to keep employees safe by providing customer service technicians with data to help them avoid hazards. Each technician will soon be provided with notice of hazardous driving routes prone to accidents, Covid-19 case rates in various geographic areas, and reminders of special safety precautions and gear required for certain types of service calls.
Preventing damage to gas pipelines is another way SoCalGas is using data analytics to increase safety. The company gathers construction permit data to gauge increased potential of gas line damage due to excavation. Areas where more construction permits are issued now receive additional reminders to have gas pipeline areas marked prior to any construction digging, along with other gas safety information.
In another example, data analytics is allowing SoCalGas to drastically reduce vehicle trips to inspect gas meters, which both increases employee safety and reduces greenhouse gas emissions associated with driving. In-depth analysis of data from the company's Advance Meter technology can now accurately identify faulty meters without physical inspections. Every year, almost 50,000 inspection trips are avoided, leading to about 370,000 fewer miles driven, and saving 180 metric tons in carbon dioxide emissions per year.
The UAI is a global consortium of over 160 member utilities and provides support to the industry with the goal of advancing utility transformation through analytics and digital innovation. To win the award, SoCalGas' Performance Management and Operational Strategy (PMOS) team underwent panel interviews and provided case studies to demonstrate the many innovative ways they have tackled complex business processes and problems across SoCalGas.
Recently, SoCalGas announced its mission to build the cleanest, safest, and most innovative energy company in North America. More information on SoCalGas' mission and strategic priorities can be found at socalgas.com/mission.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 28, 2021 /PRNewswire/ -- This week, Sempra Energy (NYSE: SRE) was honored by two well-respected organizations for the company's long-term focus on fostering an inclusive culture and advancing diverse perspectives, as well as its enhanced efforts in these areas over the past year. Sempra Energy was listed on the 2021 Bloomberg Gender-Equality Index for the third consecutive year. The company was also named a "Best Place to Work for LGBTQ Equality" by the Human Rights Campaign, receiving a perfect score on the organization's Corporate Equality Index for the 13th consecutive year. For more information on Sempra Energy's diversity and inclusion practices, visit: sempra.com/careers/diversity-inclusion.
"The past year, more than ever, has demonstrated the importance of welcoming diverse perspectives and backgrounds, and promoting an inclusive environment within our organization," said Karen Sedgwick, senior vice president, chief human resources officer for Sempra Energy. "While diversity and inclusion have always been a key part of our high-performance culture, we will continue to take meaningful actions to foster a workplace where our employees feel empowered because we believe it leads to better decision making and advances innovation."
Sempra Energy was one of 380 companies recognized on the Bloomberg Gender-Equality Index (GEI), which tracks the performance of public companies committed to disclosing their efforts to support gender equality through policy development, representation and transparency.
For the 13th consecutive year, Sempra Energy received a perfect score on the Corporate Equality Index (CEI), which is released annually by the Human Rights Campaign and serves as a leading benchmarking survey and report measuring corporate policies and practices related to LGBTQ workplace equality.
"From the previously unimaginable impact of the COVID-19 pandemic, to a long overdue reckoning with racial injustice, 2020 was an unprecedented year. Yet, many businesses across the nation stepped up and continued to prioritize and champion LGBTQ equality," said Alphonso David, president of the Human Rights Campaign. "This year has shown us that tools like the CEI are crucial in the work to increase equity and inclusion in the workplace, but also that companies must breathe life into these policies and practices in real and tangible ways. Thank you to the companies that understand protecting their LGBTQ employees and consumers from discrimination is not just the right thing to do – but the best business decision."
Advancing a High-Performance Culture
A high-performance culture that embraces people of diverse backgrounds has been a key area of focus for Sempra Energy and its senior leadership team for decades. For more than 20 years, the company has led various programs and initiatives to promote this throughout its business. Sempra Energy and its family of companies sponsor 15 local employee councils, reaching thousands of employees that help to foster a respectful and inclusive workplace. The company also sponsors a number of mentoring programs, veteran support programs, and trainings on inclusion and bias, among other initiatives. Additionally, it hosts an annual enterprise-wide diversity and inclusion summit.
Sempra Energy is a founding member of the CEO Action for Diversity & Inclusion initiative and a member of the Paradigm for Parity coalition which promotes gender parity in the workplace. For additional information about Sempra Energy's employee programs, please visit our sustainability report: sempra.com/sustainability/sustainability-report.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
LOS ANGELES, Jan. 27, 2021 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and the San Gabriel Valley Council of Governments (SGVCOG) today congratulate the winners of the 2020 Energy Champion Awards presented by the San Gabriel Valley Energy Wise Partnership (SGVEWP). Members of SGVEWP include SoCalGas, the SGVCOG, San Gabriel Valley cities, school districts, and special districts including waste, water, transportation, fire, etc., that are located within SoCalGas service territories. SGVEWP hosted the 2020 San Gabriel Valley Energy Champion Awards to recognize the San Gabriel Valley agencies' efforts in support of energy efficiency programs. A recent study by the Energy Futures Initiative found energy efficiency to be the most cost-effective approach towards meeting California's climate goals.
The SGVEWP created the Energy Champion Awards to encourage members to implement energy efficiency measures. The awards are broken down into three categories: bronze, silver and gold. SGVCOG recognized a total of 13 cities and one school district with Gold awards and one city with a Silver award. The Energy Champion Awards recognizes municipal projects, but there are ways other customers can become more energy efficient too. SoCalGas' public sector customers located within SGVEWP cities are eligible for an additional 50% in rebates for energy efficient appliances and equipment in 2020 and 2021. To learn more about SoCalGas' rebate programs and incentives, visit https://www.socalgas.com/save-money-and-energy/rebates-and-incentives.
"The San Gabriel Valley Energy Wise Partnership has been successful in reducing overall energy consumption and greenhouse gas emissions in these local communities," said Brian Prusnek, director of customer programs and assistance at SoCalGas. "Energy efficiency programs are a proven, cost-effective tool to achieve California's climate goals and we are proud to be a part of the inaugural Energy Champion Awards."
"The City of San Gabriel is proud to be working with the SoCalGas team on energy efficiency projects this year. We recently completed a project at the Smith Park Pool which is estimated to save 14,074 therms of energy and thousands of dollars every year," said City of San Gabriel Mayor Denise Menchaca. "We're looking forward to collaborating with SoCalGas and San Gabriel Valley Energy Wise Partnership on more energy efficiency projects in 2021."
"Our partnership with SoCalGas and SGVCOG has helped us understand the importance of long-term energy efficiency, not only for the environmental benefits offered, but also the financial savings for our city's residents," said San Dimas Mayor Emmett Badar. "We are honored to be the silver recipient of the Energy Efficiency Champion Awards. Our participation in this year's program is an indication that we are on the right path towards becoming a more energy efficient city."
"Through the SGVEWP, we're able to support our cities in reduction of energy consumption and the implementation of energy efficiency actions," said Marisa Creter, executive director at SGVCOG. "Last year, the Partnership launched the San Gabriel Valley Energy Champion Awards to promote and encourage our cities to complete energy efficiency projects. We were extremely excited to recognize 15 cities and agencies for their achievements in 2020 and we look forward to continuing working with our cities to create a more sustainable San Gabriel Valley!"
The cities of San Gabriel and San Dimas both implemented award-winning projects involving pool covers at municipal pools that saved a total of 34,302 therms in 2020.
The full list of winners is as follows: Alhambra, Arcadia, Claremont, Duarte, El Monte, Irwindale, La Verne, Monrovia, Pomona, San Gabriel, South El Monte, South Pasadena, Walnut, and El Monte Union High School District all receiving Gold awards and San Dimas receiving a Silver award.
Since its formation in 2009, SGVEWP members have completed over 60 energy efficiency projects, attended over 130 community events to promote energy efficiency opportunities, hosted over 30 energy efficiency workshops and conducted outreach to more than 8,000 residents. Since 2016, SGVEWP cities have partnered with SoCalGas and saved over 90,000 therms through various projects, equivalent to the amount of energy needed to power approximately 229 homes a year.
Project highlights include:
Recipients had to meet the following criteria to receive awards:
Bronze Category:
Silver Category:
Gold Category:
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
San Gabriel Valley Council of Governments
The San Gabriel Valley Council of Governments (SGVCOG) is a regional government agency that strives to maximize the quality of life in the San Gabriel Valley. The agency is a joint powers authority made up of representatives from 31 cities, 3 Los Angeles County Supervisorial Districts, and the 3 Municipal Water Districts located in the San Gabriel Valley. Serving as a regional voice for its member agencies and works to improve the quality of life for the more than 2 million residents living in the San Gabriel Valley, the SGVCOG works on issues of importance to its member agencies, including transportation, homelessness, the environment, and water, and seeks to address these issues regionally. Learn more at www.sgvcog.org.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 19, 2021 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company was presented with the Los Angeles Area Chamber of Commerce's Corporate Member of the Year award. SoCalGas was selected in recognition of the company's support of the Chamber's efforts to support economic prosperity in the Los Angeles region. SoCalGas co-hosted the first-ever virtual job fair which had over 1,000 registrants, supported the launch of ONE LA to assist small businesses in obtaining vendor contracts from companies like SoCalGas and helped engage and recruit highly skilled executive committee members. The Chamber's efforts were led by SoCalGas vice president, Denita Willoughby, who served as the organization's 2020 board chair. Willoughby is the first African-American woman to do so since the Chamber's inception in 1888.
"SoCalGas recognizes the need to champion the communities we serve and the businesses that keep these communities thriving, now more than ever," said Maryam Brown, president of SoCalGas. "We are proud of the work we did with the L.A. Area Chamber of Commerce this past year and we are thrilled to receive this award. SoCalGas has been a longtime partner of the Chamber, helping to build a prosperous region for all Angelenos. We will continue to support those we serve, not only through our community partnerships, but by providing a clean and resilient 21st century energy system that is affordable for all."
"The Los Angeles Area Chamber of Commerce is proud to honor SoCalGas as our Corporate Member of the Year. Throughout the past year, their unwavering partnership with the Chamber and our community has been the best example of leadership. We look forward to partnering with them in the year ahead as we all chart our course toward economic recovery," stated Los Angeles Area Chamber of Commerce, president & CEO, Maria S. Salinas.
"COVID-19 has dealt a devastating blow to our workers and small businesses, the very backbone of our economic strength — and we all bear responsibility for ensuring our hardest-hit employers can survive this period of sheer uncertainty," said Los Angeles Mayor Eric Garcetti. "We can only meet this moment through the power of partnerships, and we are proud to have leaders like SoCalGas and the L.A. Area Chamber of Commerce stepping forward to help lift up local businesses, navigate our pandemic response, and prepare for the recovery," said Mayor Eric Garcetti.
The Los Angeles Area Chamber of Commerce works to champion the needs of the business community in Los Angeles through its nationally recognized influence. The organization advocates for economic prosperity and quality of life for the Los Angeles region by being the voice of business, promoting collaboration and helping members grow. The Chamber represents more than 650,000 employees and businesses from more than 35 industry sectors. Each year the Chamber delivers referrals to member companies, provides business and professional development programs and internship opportunities for Los Angeles youth.
SoCalGas has been a member of the Los Angeles Chamber of Commerce since 1911 and has invested over $1.5 million since 2001 in the chamber and its affiliated centers of impact, including Southern California Leadership Network (SCLN), Better Buildings Challenge, LASER, Unite LA and LA Jobs PAC.
About Los Angeles Area Chamber of Commerce
The Los Angeles Area Chamber of Commerce represents the interests of business in the Los Angeles region. The Chamber's mission is to design and advance opportunities and solutions for a thriving regional economy that is inclusive and globally competitive. Founded in 1888, the Chamber is the oldest and largest business association in the region. Its member companies work together to promote a prosperous economy and quality of life in the Los Angeles region. For more information, visit www.lachamber.com.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 11, 2021 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that the City of Compton, the City of Anaheim and the City of Palmdale have been selected as recipients of the utility's 2020 Climate Adaptation and Resiliency Planning Grant program. Each of the three local governments will receive a $50,000 grant to support local planning efforts to help prepare for and recover from climate change risks such as extreme heat, wildfires, drought, subsidence, sea level rise, flooding and mudslides.
The Climate Adaptation and Resiliency Planning Grant Program is a shareholder-funded initiative that has awarded $400,000 over the past three years. An advisory panel of planning and sustainability experts from the Los Angeles Regional Collaborative for Climate Action and Sustainability (LARC) and the American Planning Association-California Chapter (APA-California) reviewed the project submissions and selected the recipients.
"Our infrastructure continues to support the growth of renewables like wind and solar, as well as renewable gas to help reach the states' climate goals," said Jawaad Malik, vice president of strategy, sustainability and chief environmental officer. "The climate resiliency and adaptation grants will help kickstart many new projects across Southern California, allowing local communities to prepare for risks from climate change."
The City of Palmdale plans to use this grant to update the City's FEMA-approved Local Hazard Mitigation Plan (LHMP) with a specific focus on climate risks.
"As our City moves forward to meet and comply with both State and Federal environmental regulations, this grant will help us identify and prioritize the concrete and innovative projects we will need as we grow," said Palmdale Mayor Steve Hofbauer. "Our Local Hazard Mitigation Plan will offer an up-to-date and comprehensive assessment of the risk and vulnerability from natural hazards to the City's critical facilities, infrastructure, economy, and population, while helping to identify the projects needed to mitigate the identified hazards."
These funds will allow for the City of Compton to update the safety element of its General Plan and LHMP to address current and projected climate change impacts. These changes will be reflective of the issues the population of Compton currently faces such as extreme heat and high levels of pollution.
"The City of Compton plans to use this grant to assist with our communities to better adapt and become further resilient towards climate change," said Compton City Manager Craig J. Cornwell. "With the help of this grant from SoCalGas, we are excited to begin implementing these funds to update our local hazard mitigation plan and the city's safety element of the general plan."
The City of Anaheim is committed to using this grant to address climate resiliency in a way that supports forecasted economic and population growth while recognizing the differing properties of its diverse community. Their Climate Action Plan focuses on three challenges that the community is currently facing: wildfire, drought and extreme heat.
"As shapers of the built environment, planners recognize our critical role in helping the communities we serve prepare for the risks associated with climate change," said Ashley Atkinson, president-elect of the American Planning Association's California Chapter. "We're grateful to SoCalGas for helping local cities elevate climate adaptation among competing priorities by providing grant funding for essential plan updates."
"As LA's regional climate collaborative, LARC supports cross-jurisdictional collaboration and facilitates the exchange of information, best practices, and cutting-edge research" said Erin Coutts, LARC's executive director. "We are excited to advise a grant program that encourages partnerships and will help our cities address climate vulnerabilities in disadvantaged communities."
Recipients were judged based on their proposal's emphasis on addressing vulnerabilities in disadvantaged communities; collaboration among various agencies; and benefits beyond resiliency, such as public health, air quality, reductions in greenhouse gas emissions, and the economy.
SoCalGas is a leader in researching and developing new technologies that improve energy efficiency and reduce greenhouse gas emissions linked to climate change. The utility is working to increase the production and use of renewable natural gas, which turns waste from dairies, farms, wastewater and landfills, into a source of clean and renewable energy to fuel homes and businesses. Research into other renewable gases, like hydrogen, is also part of SoCalGas' mission to be the cleanest, safest and most innovative energy company in America. SoCalGas recently announced multiple hydrogen projects, including its hydrogen blending demonstration program. Learn more about SoCalGas' mission here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 22, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and The Salvation Army partnered to host the Rescue Christmas 2020 event, a two-day holiday food and toy giveaway drive-thru event to benefit Riverside County families economically impacted by the COVID-19 pandemic. The event, which took place on Dec. 21 and 22, brought holiday joy to more than 1,000 families. For photos of the event please click HERE.
"While there is always a need in the community, this year has undoubtedly worsened the quality of life and well-being for our residents," said Assemblymember Jose Medina, District 61. "I'd like to commend SoCalGas and The Salvation Army for hosting the Rescue Christmas 2020 event where they will provide food and toys for our families impacted by the Covid-19 pandemic. My sincerest gratitude for spreading some extra cheer to our constituents during this holiday season."
"Now more than ever we recognize the importance of working with community partners to further our commitment to improve the communities in which we serve," said Lea Petersen, public affairs manager at SoCalGas. "We are proud to partner with The Salvation Army to bring holiday cheer to vulnerable members of our communities through our Rescue Christmas 2020 event and we hope to inspire others to offer their support to those in need this holiday season and beyond."
"Because of the difficulties of this year, The Salvation Army has seen a 300% increase in families seeking assistance. Christmas would normally be a joyful time but this year many families are struggling to provide a happy Christmas for their children," said David M. Cain, corps officer at The Salvation Army - Riverside & Moreno Valley. "The Salvation Army is grateful for the generous support of SoCalGas who is committed to partnering with our efforts to #RescueChristmas for struggling families this year. Thank you SoCalGas for your commitment to our community."
"This year's holidays will be harder than previous years for the underserved members of our communities," said Adam Eventov, public affairs manager at SoCalGas. "We thank our community partners for their efforts in providing food and toys to families in need. We encourage everyone in the community to give help to those in need this holiday season."
In addition to distributing food and toys to local families, SoCalGas also provided information on ways to save money on their monthly utility bills including the company's California Alternate Rate for Energy (CARE) program. The CARE program can help families save up to 20% on their monthly gas and phone bill. For more information on SoCalGas' CARE program click HERE.
SoCalGas is committed to continuing to support the communities it serves during this time of need and beyond. Since March, SoCalGas has donated more than $3.2 million to nonprofit organizations for COVID-19 recovery efforts, which include providing educational resources to students, supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. By developing renewable gas from our state's abundant organic waste streams, we can help to meet our climate goals sooner, while diversifying our carbon-free energy sources, improving energy resilience and reliability, while also creating additional renewable fuel and jobs for our communities. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Co.
LOS ANGELES, Dec. 22, 2020 /PRNewswire/ -- The Southern California Gas Co. (SoCalGas) and the Los Angeles Department of Water and Power (LADWP) have partnered to distribute over 150,000 free energy and water efficiency kits to residents throughout Los Angeles. Each efficiency kit is equipped with simple household devices to help conserve water and natural gas and save money on utility bills. Installing these devices can reduce natural gas usage in Los Angeles by approximately 3.5 million therms and save 46,000 gallons of water per year as a result of this program.
Each kit contains a water-efficient showerhead; two bathroom faucet aerators; and a kitchen faucet aerator. The energy and water efficiency kits will be delivered SoCalGas customers in Los Angeles who have not participated in the program in the last three years throughout the month of December. Customers will also receive information on energy-saving water heaters, smart thermostats, and other appliances that are eligible for SoCalGas rebates.
"SoCalGas and LADWP continue to help lower our environmental impact and protect our natural resources through the distribution of energy and water efficiency kits," said Los Angeles Councilmember Joe Buscaino. "These devices are simple and easy to install and have proven to be highly impactful as we make sustainable efforts to promote saving energy and water."
"Energy efficiency is one of the most cost-effective methods to reduce emissions," said Brian Prusnek, director of customer programs and assistance at SoCalGas. "Not only do these programs help the environment, they're actively helping our customers save money on their utility bills while also making a significant environmental impact as well."
"These simple yet effective kits will help LA residents conserve water while at the same time, save on their utility bills," said Richard Harasick, LADWP Senior Assistant General Manager of the Water System. "LADWP is proud of its long-standing partnership with SoCalGas to provide efficient, cost-saving solutions to customers' water and energy needs, especially during these difficult times.
In the City of Los Angeles, water conservation is among the city's multiple strategies to secure a sustainable water supply for Los Angeles and improve overall water supply reliability. With the help of LADWP's water conservation rebates and programs, water conservation has become a way of life in Los Angeles. Water use in Los Angeles has steadily declined over the past decades, and recently reached 105 gallons of water per person per day, one of the lowest of any major U.S. city. Read more at www.ladwp.com/waterconservation.
SoCalGas is a leader in researching and developing new technologies that improve energy efficiency, reduce emissions, and keep bills affordable for customers. The utility offers rebate incentive tools and energy savings programs to help customers conserve energy and save money while promoting an environmentally sustainable future. In the past five years, SoCalGas energy efficiency programs have delivered more than 195 million therms in energy savings, enough to power over 390,000 households a year, and reducing greenhouse gas (GHG) by more than 1,000,000 metric tons, the equivalent of removing over 223,000 cars from the road. Overall, these projects have also helped SoCalGas customers save more than $217 million in utility bill costs over the past five years.
Additionally, the utility is also working to increase the production and use of renewable natural gas, which turns waste from dairies, farms, wastewater and landfills, into a source of clean and renewable energy to fuel homes and businesses. The utility recently began field testing a new technology that can simultaneously separate and compress hydrogen from a blend of hydrogen and natural gas to be transported through the natural gas pipeline system to help make a significant contribution towards a cleaner energy future. Learn more on ways to become more energy efficient through our various programs and incentives here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About LADWP
The Los Angeles Department of Water and Power is the nation's largest municipal utility, with an 8,000 megawatt (MW) electric capacity and serving an average of 436 million gallons of water per day to the more than 4 million residents of the City of Los Angeles, its businesses and visitors. For more than 100 years, LADWP has provided the city with reliable water and power service in a cost effective and environmentally responsible manner.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 18, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today applauded the U.S. Green Building Council (USGBC) for including use of renewable natural gas (RNG) in the latest beta version of its LEED (Leadership in Energy and Environmental Design) green building rating system. RNG is a low-carbon fuel produced from waste that can be used just like traditional natural gas. With the new system, a project may utilize RNG to earn LEED points by capturing and using biogas on site, sourcing biogas from a third party, or by purchasing biogas to store in the project's own storage system. The RNG can be used for heating, hot water and cooking in commercial buildings, and for stoves, clothes dryers, water heaters, fireplaces and heating in homes. The number of LEED points determines the level of LEED certification the project can achieve.
"Renewable natural gas is the only renewable energy source that can be carbon negative and can be used in all the same ways as traditional natural gas. RNG essentially recycles waste, eliminating greenhouse gas emissions produced by that waste, and putting it to good use," said Jawaad Malik, vice president, strategy and sustainability, and chief environmental officer for SoCalGas. "RNG is a highly efficient way to decarbonize buildings and allows home and commercial building owners to use a green fuel while still using gas appliances, which is often the preferred solution. SoCalGas' investment in both RNG and hydrogen will play a key role in helping California meet its environmental goals."
LEED, a certification program created by USGBC, provides a framework for healthy, highly efficient, and cost-saving green buildings and is a globally recognized symbol of sustainability achievement and leadership. Projects pursuing LEED certification earn points for various green building strategies across several categories and based on the number of points achieved, a project earns one of four LEED rating levels.
"Renewable natural gas is a viable path whereby buildings can achieve meaningful environmental and sustainability goals," said Johannes Escudero, chief executive officer for RNG Coalition. "The manifold benefits of RNG are proven and deserve to be recognized as part of the U.S. Green Building Council's framework for healthy, highly-efficient and cost-saving, green buildings. We look forward to seeing increased use of RNG in buildings nationwide."
"We are very pleased that the U.S. Green Building Council has recognized renewable natural gas in its latest LEED green building standards," said Julia Levin, executive director of the Bioenergy Association of California. "RNG can provide the lowest carbon fuel of any kind, it can replace diesel in backup generators, and it makes local communities more resilient since RNG is available even when the electricity grid is down."
SoCalGas is working to make RNG available to fuel the homes of the company's nearly 22 million customers across Central and Southern California, asking the CPUC to authorize SoCalGas customers the option to purchase RNG and use it as part of their natural gas service. The California Public Utilities Commission (CPUC) is expected to rule on whether to approve the service this month. In 2019, SoCalGas announced its vision to be the cleanest gas utility in North America and committed to delivering five percent renewable gas to homes and businesses by 2022 and 20% by 2030.
Investment in RNG is growing nationally. Oregon recently enacted legislation allowing its natural gas utilities to purchase RNG on behalf it its customers, with the goal of replacing 15% of traditional natural gas with RNG by 2030. Virginia-based Dominion Energy has committed to investing in enough RNG projects to make its gas infrastructure net-zero carbon by 2040. In 20 years, enough RNG could be available in the U.S. to replace about 90% of the nation's current residential natural gas consumption, according to a recent study by ICF. Currently, natural gas utilities in Oregon, Utah, Vermont, Maine and Michigan provide RNG to homeowners.
In California, where SoCalGas operates, agriculture and organic waste from farms, landfills, or wastewater treatment plants account for about 80% of methane emissions, and in 2016 the state passed a law requiring a 40% reduction of methane emissions from waste sources, with provisions to deliver that energy to customers. This year, California passed legislation that significantly expands the definition of renewable natural gas to include energy from additional forms of organic waste, such as dead trees, agricultural waste and vegetation removed for wildfire mitigation. The new law is expected to increase supplies of RNG and help turn the state's organic waste problem into an affordable, and renewable energy solution.
Production of RNG from dairies is already accelerating in California. In just the next three and a half years, at least 160 RNG production facilities will be online in California to serve the transportation fuel sector, producing more than 15.8 million therms of carbon-negative RNG every year and replacing about 119 million gallons of diesel fuel. That's enough to reduce greenhouse gas emissions by over 3.4 million tons every year, the equivalent of taking more than 730,000 cars off the road.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to helping homes and businesses decarbonize their energy usage by delivering 5% renewable gas by 2022 and 20% by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 17, 2020 /PRNewswire/ -- Today, the California Public Utilities Commission approved SoCalGas and SDG&E's request to offer a voluntary Renewable Natural Gas (RNG) Tariff. The program will allow households and businesses to purchase RNG from the utilities. SoCalGas issued the following statement in support of the decision:
"The approval of the Renewable Natural Gas Tariff is an important step in achieving California's climate goals. SoCalGas supports those goals. With this new program, natural gas customers will soon have the ability to purchase renewable natural gas (RNG) to fuel their homes and businesses, similar to renewable energy programs available to electric customers.
"RNG is made from organic waste from dairies, landfills and with the passage of AB 3163 can now be sourced from dead trees, agricultural waste and vegetation removed for wildfire mitigation. It is the only renewable energy source that can be carbon negative. Experts at the Lawrence Livermore National Laboratories say California will need to remove 125 million tons of CO2 from the atmosphere per year to achieve carbon neutrality. And they found that converting organic waste to clean fuels like RNG holds the greatest potential for negative emissions at the lowest cost.
"SoCalGas is helping to build California's 21st century energy system with investments in RNG, hydrogen, fuel cells and carbon capture and storage. The voluntary Renewable Natural Gas Tariff is one of those building blocks and part of SoCalGas' commitment to deliver 20 percent RNG to its core customers by 2030.
"The gas system complements and is a necessary facilitator of decarbonization. California's success in achieving its climate change goals depends in large measure on SoCalGas's success in decarbonizing the fuels flowing through our grid, a goal to which SoCalGas is fully committed."
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 16, 2020 /PRNewswire/ -- With clean hydrogen gaining recognition worldwide as the carbon-free fuel capable of making a significant contribution to addressing climate change, Southern California Gas Co. (SoCalGas) today announced it will field test a new technology that can simultaneously separate and compress hydrogen from a blend of hydrogen and natural gas. At scale, the technology would allow hydrogen to be easily and affordably transported via the natural gas pipeline system, then extracted and compressed at fueling stations that provide hydrogen for fuel cell electric vehicles (FCEVs). Created by Netherlands-based HyET Hydrogen, the technology is designed to provide pure highly-compressed hydrogen wherever a natural gas distribution system exists. A video illustrating the technology may be found here.
SoCalGas also recently announced a program to study blending hydrogen into its natural gas pipelines. If approved by regulators, the program would be the first step toward establishing a statewide standard for injecting hydrogen into the natural gas grid.
"This innovative technology could be a game-changer, allowing hydrogen to be distributed to wherever it is needed using the natural gas grid," said Neil Navin, vice president of clean energy innovations at SoCalGas. "As demand increases for zero-emissions vehicles such as fuel cell electric cars, California will need thousands more hydrogen fueling stations—and this technology may help make that possible."
"We are excited to deploy our newest technology in collaboration with SoCalGas," said Alexis Dubois, director of HyET Hydrogen USA. "Our gas separation system is designed to allow hydrogen to be transported across long distances affordably using existing natural gas pipelines. With this technology, hydrogen can become a commonly used fuel for transportation, industrial applications and more."
"Hydrogen will be an important part of our clean energy future, and exciting new technologies like this will pave the way for zero emissions transportation in California," said Sen. Bob Archuleta (D-Pico Rivera). "I am fighting for investments in both hydrogen infrastructure and clean transportation programs in the state Legislature and will continue to do so. I am excited that the testing of this cutting-edge innovation will take place in the 32nd Senate District and I look forward to continuing to work with SoCalGas as we pursue our clean energy goals."
"This is innovative technology," said Bill Elrick, executive director of the California Fuel Cell Partnership. "It may provide a unique and strategic way to distribute large volumes of hydrogen fuel, helping decarbonize the transportation sector."
The new technology, called Electrochemical Hydrogen Purification and Compression (EHPC), works by applying an electrical current across a hydrogen-selective membrane to allow only hydrogen to permeate it while blocking the natural gas components. Continuously applying the electrical current builds up and pressurizes the hydrogen.
To test the technology, SoCalGas will blend hydrogen, in concentrations from 3 to 15%, with methane, the primary component of natural gas. That blend of gases will then be injected through a simulated natural gas pipeline testing system into the EHPC system to continuously extract and compress the hydrogen at a rate of 10 kg per day. SoCalGas' testing will provide performance data that will enable fine-tuning and optimization of the EHPC system to accelerate scaling up the technology. Within the next two years, the EHPC technology is expected to be scaled to produce 100 kg of hydrogen a day or more from a single EHPC system, enough to fill 20 fuel cell electric vehicles.
The project is scheduled to begin in March at SoCalGas' Engineering Analysis Center in Pico Rivera, California and slated to be complete by the third quarter of 2021.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About HyET Group
HyET Hydrogen, headquartered in Arnhem, The Netherlands, is a leading company in the development and delivery of electrochemical hydrogen processing technologies that enable large-scale implementation of hydrogen transport modalities and high-pressure hydrogen storage. HyET Hydrogen is part of the HyET group that creates solutions to make renewable energy sources commercially viable. HyET group is focused on large-scale buffering of intermittent renewable energy, such as solar and wind, using high pressure hydrogen.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 15, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) has been recognized as a Trendsetter in political disclosure practices and accountability in the 2020 CPA-Zicklin Index.
The CPA-Zicklin Index is released annually by the Center for Political Accountability (CPA) and the Zicklin Center for Business Ethics Research at The Wharton School at the University of Pennsylvania. The index measures political disclosure and accountability policies and practices for election-related spending by S&P 500 companies, including political spending policies and board oversight. Companies that score 90 points or higher on the index are considered Trendsetters.
Highlights for Sempra Energy's recognition this year include the following:
"At Sempra Energy, we are committed to engaging with our regulators, elected officials and community leaders to support the needs of all our stakeholders, including our customers and employees," said Lisa Alexander, senior vice president of corporate affairs for Sempra Energy. "Our Trendsetter rating recognizes our company's strong governance as well as our robust policies and practices that support responsible stakeholder engagement."
"The heightened risk posed by engaging in political activity makes it paramount that companies adopt disclosure, transparency and oversight policies to govern their political participation and manage and mitigate risk," said CPA President Bruce Freed. "Sempra, one of only 35 Trendsetter companies in the 2016 CPA-Zicklin Index and one of 79 Trendsetters in 2020, has been a leader in making corporate political disclosure and accountability the norm."
Sempra Energy and its operating companies have numerous policies in place to help ensure transparency and accountability in political engagement. Sempra Energy has a stakeholder engagement policy, which defines expectations for employees who engage externally, spelling out the importance of sharing our views, listening to the perspectives of others, and considering the input received, where possible. The company also has a strong political activities policy and maintains a robust training program dedicated to compliance with political reporting rules and requirements. The company's board of directors has a Corporate Governance Committee that reviews public policy priorities on an annual basis, along with political contributions, and the company also discloses its political contributions biannually on its website.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 15, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and STEAM:CODERS have partnered to help bridge the digital divide in four schools located in Los Angeles, Inglewood, Gardena, and Claremont. A donation from SoCalGas to STEAM:CODERS will provide educational resources including science, technology, engineering, art, and math (STEAM) programming, 140 high-grade laptops, and 120 hotspots to 1,115 K-12 students from underserved communities across Los Angeles County. Thus far this academic school year, as remote learning became the norm in many school districts, SoCalGas has partnered with five nonprofit community organizations to help bridge the digital divide.
"Remote learning has highlighted the unequal access to technology in our community and across the state," said Assemblymember Chris Holden. "We are inspired to see SoCalGas and STEAM:CODERS partnering together to help bridge the digital divide. These partnerships will be necessary to make sure all students get the education they deserve."
"At SoCalGas we are proud to support local organizations whose mission is to prepare underserved students and their families for academic and career opportunities," said Andy Carrasco, vice president of communications, local government, and community affairs at SoCalGas. "Together with STEAM:CODERS, we will help bridge the digital divide and create equal opportunities for students in Los Angeles County."
"The COVID-19 pandemic has further exposed the magnitude of the digital divide," said Raymond Ealy, founder and President of the nonprofit educational enrichment program. "We can't continue to provide our crucial STEAM programming if kids don't even have such basics as access to high-speed internet and computers. We've had to totally switch gears."
STEAM:CODERS was launched in 2014 to meet the needs of disadvantaged K-12 students throughout Los Angeles County who are interested in developing STEAM-related skills, but who have limited or no access to key resources like equipment, instruction, and internet access. In addition to providing learning equipment to students, the organization provides coding, robotics, Design Thinking, and cybersecurity classes to students that challenge them to create, innovate, and think critically.
SoCalGas' commitment to the communities it serves goes beyond providing customers with affordable, safe and reliable natural gas service. Since March, SoCalGas has donated more than $3.2 million to nonprofit organizations for COVID-19 recovery efforts, which include providing educational resources to students, supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. By developing renewable gas from our state's abundant organic waste streams, we can help to meet our climate goals sooner, while diversifying our carbon-free energy sources, improving energy resilience and reliability, while also creating additional renewable fuel and jobs for our communities. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About STEAM:CODERS
STEAM:CODERS inspires underrepresented and underserved students and their families through science, technology, engineering, art, and math (STEAM), in preparation for academic and career opportunities. Learn more by visiting www.steamcoders.org.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 15, 2020 /PRNewswire/ -- As part of its efforts to support California's climate change goals and its mission to become the cleanest, safest and most innovative energy company in America, Southern California Gas Co. (SoCalGas) today announced it will build a state-of-the-art demonstration project to show the role hydrogen could play in attaining California's goal of achieving carbon neutrality. Named the H2 Hydrogen Home, the project is the first of its kind in the U.S. and will include a home, solar panels, a home battery, an electrolyzer to convert solar energy into clean hydrogen, and a fuel cell to convert that hydrogen back to electricity. The hydrogen will also be blended with natural gas for use in the home's appliances. The H2 Hydrogen Home is expected to be complete by late 2021. An ad promoting the demonstration home is available via this link.
"California will continue to lead by bringing green hydrogen into its energy mix, just as it led by integrating renewable electricity and batteries for electric storage," said Maryam Brown, SoCalGas president. "The H2 Hydrogen Home will help guide decision-making that will ultimately create the 21st century energy system needed to provide clean, affordable and resilient energy for Californians."
"As we move to a clean energy future, hydrogen is a zero-emission fuel that could play a significant role in California," said California Assemblymember Jacqui Irwin. "This demonstration home will be a great way to see hydrogen in action. Looking forward I am excited about the development of hydrogen technology as a way to create jobs for Californians in a green economy."
"This home is a great way to show in a tangible way how green hydrogen can store renewable power for an unlimited length of time and how it can be reconverted to electricity whenever it's needed," said Janice Lin, Founder and President of the Green Hydrogen Coalition.
The H2 Hydrogen Home is designed with solar panels, which will power the project's home on sunny days and also provide excess electricity that will be stored for night use and cloudy days. Some of that extra electricity will charge a home battery for short-term energy storage. The rest of the solar power will be converted to clean hydrogen using an electrolyzer and stored until needed. That stored hydrogen will also be converted back to electricity with an on-site fuel cell. And finally, the hydrogen will be blended with natural gas and used in the home's heat pump HVAC unit, water heater, clothes dryer, and gas stove.
Hydrogen provides an ideal solution for long-term storage of renewable energy on the larger grid as well, according to energy experts. While power from solar and wind can be stored for several hours in grid-scale batteries, there are times when longer-term storage is needed. Converting renewable electricity to hydrogen allows it to be stored for weeks, months or years. The hydrogen can then be converted back to clean electricity and dispatched to the power grid when it is needed to supplement solar and wind generation or battery storage, using either turbine generators, or fuel cells. Such a system is also far more cost-effective than one that uses batteries only, according to a recent study by Caltech.
SoCalGas is collaborating with ATCO and leveraging the design and experience gained in the process of developing its Clean Energy Innovation Hub (CEIH) in Perth, Australia. ATCO designed and constructed the CEIH in 2019, funded in part by Australia's Renewable Energy Agency. The CEIH serves as a living lab to test hybrid energy solutions, and integrates solar panels, battery storage, natural gas and hydrogen production.
The H2 Hydrogen Home project is part of SoCalGas' work to support a 21st energy system that provides clean, affordable, and resilient energy for Californians. The company's mission is to build the cleanest, safest and most innovative energy company in North America.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90% of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45% of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20% of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 12, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a $20,000 grant to non-profit, LA Family Housing, to purchase new toys for children in need ahead of the holiday. The utility also supplied 300 grocery gift cards to families over Thanksgiving. In addition, the LA Kings organization has made an in-kind donation of new clothing for teens and young adults. Today, LA Family Housing safely organized and distributed the toys and clothing for children and young adults in need, sorting these items by each child's wish list and distributing them to kids at 16 LA Family Housing complexes throughout Los Angeles. Please see here for photos from today's socially-distanced distribution at Comunidad Cesar Chavez in Boyle Heights.
"Right now, people from all walks of life are struggling to provide the basics for their families, let alone gifts for the holidays," said Gillian Wright, senior vice president and chief customer officer at SoCalGas and LA Family Housing board chair. "SoCalGas is pleased to partner with the LA Kings and LA Family Housing to give these families some peace of mind this holiday season that they won't have to worry about purchasing gifts for their little ones and teens. We've got them covered."
"We are in unprecedented times. With far too many families struggling due to the COVID-19 pandemic, LA Family Housing has expanded on all fronts to meet the growing need for safe and stable housing and services for our city's most vulnerable," said Stephanie Klasky-Gamer, President and CEO of LA Family Housing. "We are incredibly grateful for SoCalGas and the LA Kings' support of our families this holiday season and our year-round work to end homelessness in people's lives. It is only through incredible partnerships like this that we'll be able to continue meeting the growing need in our community and help make the holidays a bit brighter for the families we serve."
"The LA Kings are both excited and honored to partner with SoCalGas to continue our work with LA Family Housing. We are proud of the collective commitment the Kings Care Foundation and these tremendous partners have made to assist those in need, especially during this Holiday Season, in a socially-distanced manner," said LA Kings Vice President, Community Relations, Team Services & Hockey Development, Jennifer Pope.
"What is essential during the holidays is for our children to feel safe and cared for," said Assembly Member Miguel Santiago. "With the generosity of SoCalGas and LA Family Housing, we will be able to purchase and safely distribute toys to children in Boyle Heights just in time for the holidays. With our playgrounds shut down and our children spending more time at home, these toys will bring great joy for the children and their families in my district."
Through community support and partnerships with leading organizations like SoCalGas and the LA Kings, LA Family Housing is working diligently to meet the needs of the most vulnerable while safeguarding program participants, staff, and volunteers.
LA Family Housing is a non-profit organization helping people to transition out of homelessness and poverty through a continuum of housing enriched with supportive services. The organization's vision is to be a leader in providing solutions to end homelessness. The non-profit operates 29 properties of temporary, permanently affordable, and permanent supportive housing across Los Angeles, with headquarters and most services based in the San Fernando Valley.
SoCalGas is a longtime supporter of LA Family Housing, having collaborated with the organization since 1999.
Since March, SoCalGas has donated more than $3.2 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more. The company has provided COVID-19 relief grants to more than 200 nonprofit organizations throughout its service territory during this time. For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About LA Family Housing
LA Family Housing (LAFH) is a non-profit organization that helps people break the cycle of homelessness and regain stability through a proven model of housing enriched with supportive services. Since their inception in 1983, LA Family Housing has become one of the largest developers of affordable housing and homeless services providers in Los Angeles. Today they have 29 properties of temporary, permanently affordable, and permanent supportive housing across Los Angeles, with headquarters and most services based in the San Fernando Valley. A regional leader in homeless services for families and individuals, LA Family Housing helps more than 11,000 people transition out of homelessness each year.
About Kings Care Foundation
The mission of Kings Care Foundation (Federal Tax ID # 95-4443065) is to support families in Los Angeles by dedicating financial and in-kind resources to services and programs. To that end, the LA Kings Hockey Club reinvests in LA-based non-profits with the following shared goals: wellness, sustainability, advocacy and inclusion. Since 1996, Kings Care Foundation has invested over $15M in the community.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 11, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the company's Chairman and CEO Jeffrey W. Martin was named Chief Executive of the Year by S&P Global Platts at its 22nd Annual Global Energy Awards event. Additionally, Sempra Energy received the Deal of the Year award for the sale of its South American businesses completed in April and June 2020.
"These awards are a tremendous honor and really a credit to the strength and resiliency of our company and 18,000 employees who continued to execute on our strategic priorities despite the challenges we all faced this year," said Martin. "As our industry adapts to a unique set of challenges, we see an opportunity to distinguish our company by serving the changing needs and expectations of customers. That is why at Sempra we are focused on continuing to build a high-performing culture and investing in smart, new infrastructure right here in North America to provide greater access to cleaner forms of energy."
At its 22nd Annual Global Energy Awards, S&P Global Platts highlighted corporate and individual leadership and superior performance in 21 categories spanning the entire global energy complex. A record 300 nominations from 43 countries were received this year. This year's awards reflect the ongoing evolution of the industry and highlight technology, innovation and leadership, as well as an accelerated focus on the energy transition to a lower-carbon environment. Sempra was a finalist in six categories.
Chairman and CEO Jeffrey Martin Awarded for Visionary Leadership
Martin was named Chief Executive of the Year in part due to his strategic vision, strong leadership and sharp focus on advancing a purpose-driven culture at Sempra Energy. While presenting the award for Chief Executive of the Year, Martin Fraenkel, president of S&P Global Platts, said that this recognition shows "demonstrated clarity of vision, judgment and motivational skills that transform and empower organizations. Judges look for a leader like Jeff who is highly respected both by peers and competitors, admired and followed by employees, trusted by investors and welcomed by the community."
When Martin was appointed chairman and CEO of Sempra Energy in 2018, he laid out a strategic plan to realign the company's business activities around a bold new mission to be North America's premier energy infrastructure company. To advance that mission, Martin and his team are credited with divesting non-core assets over the last two years, while recycling sales proceeds into new acquisitions and infrastructure investments in key growth markets – California, Texas, Mexico and LNG exports.
Sempra Energy is committed to advancing a leadership position in the global energy transition and meeting demand from customers who are seeking cleaner and more sustainable forms of energy. Martin discussed this approach in his keynote speech at the 2019 Platts Global Energy Outlook Forum in New York City: https://www.youtube.com/watch?v=j1ru47wfadA.
Sempra Recognized with Deal of the Year Award
Sempra Energy's Deal of the Year recognition demonstrates the significance of accomplishing the sale of its South American businesses amid the backdrop of a global pandemic. For background and further details on the sales, view this press release: https://www.sempra.com/sempra-energy-advances-north-american-strategy
The global nature and scope of the South American transactions created complexities that required innovative solutions. Led by Sempra Energy's Executive Vice President and Chief Financial Officer Trevor Mihalik, the company's deal team and partners successfully completed the sale of the largest electric utility in Peru and the third-largest electric utility group in Chile, closing both international transactions during the height of the COVID-19 pandemic, while coordinating teams in multiple jurisdictions around the world.
The completion of the sales of the South American businesses marked the conclusion of the company's overall, two-year capital rotation plan. Over the past two years, Sempra Energy has successfully repositioned its infrastructure portfolio around key contiguous growth markets and is committed to advancing its record five-year capital plan with a focus on improving the safety and reliability of its utility transmission and distribution investments in California and Texas.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.
S&P Global Platts is a division of S&P Global, which provides essential intelligence for companies, governments and individuals to make decisions with confidence. For more information, visit http://spglobal.com/platts.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires, including the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewals of franchises, and other actions by (i) the Comisión Federal de Electricidad, California Public Utilities Commission (CPUC), U.S. Department of Energy, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, counties, cities and other jurisdictions in the U.S., Mexico and other countries in which we operate or do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completing construction projects on schedule and budget, (iii) the ability to realize anticipated benefits from any of these efforts once completed, and (iv) obtaining the consent of partners; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, including in connection with a CPUC-ordered suspension of service disconnections, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal of natural gas from storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed or local power generation, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in tax and trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the United States-Mexico-Canada Agreement, that may increase our costs or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 10, 2020 /PRNewswire/ -- As families are staying safe at home, Southern California Gas Co. (SoCalGas) is encouraging its eligible customers to apply for the Gas Assistance Fund, a program that helps income-qualified customers pay their natural gas bill with a one-time grant of up to $200 per household. So far this year, SoCalGas' Gas Assistance Fund received over $370,000 and benefitted more than 3,400 households, including elderly, people with disabilities, and low-income families in need. In response to the economic downturn caused by the COVID-19 pandemic, SoCalGas has donated an additional $200,000 to the fund to support hundreds more people this year. Since 1983, SoCalGas shareholders, customers, and employees have contributed over $23 million to the Gas Assistance Fund, helping more than 225,000 individuals and families.
"Natural gas is one of the most affordable utility bills, but in a year unlike any other, we recognize that many of our customers need an extra hand," said Gillian Wright, senior vice president and chief customer officer for SoCalGas. "With COVID-19 cases increasing once again, our customers are spending more time at home, but they can rest assured that the natural gas service they use to cook meals and stay warm will be reliable. We are grateful to our shareholders, customers and employees that have contributed to the fund this year, which has allowed us to support many families in need."
The Fund, administered by the United Way of Greater Los Angeles (United Way), helps low-income individuals and families in need pay their natural gas bills so they can cook, have hot water and heat their homes. United Way partners with nearly 80 nonprofit organizations throughout SoCalGas' service territory to distribute the grants. Those who wish to apply for a grant may do so by filling out an application with a participating United Way partner agency. The Gas Assistance Fund is allocated on a first-come, first-served basis and eligible customers are able to apply until the funds are depleted. For a list of partner agencies, income guidelines, and additional program information, click here.
"We'll all be safer at home through this dangerous pandemic winter, but for our region's most vulnerable families, keeping warm can be a strain on a tight budget," said Elise Buik, President and CEO of United Way of Greater Los Angeles. "We are proud to partner with SoCalGas to help our neighbors with utility bills and give them one less financial burden this holiday season."
In light of the economic hardship facing many customers, SoCalGas has suspended service disconnections for our residential and small business customers. That means customers will not have their natural gas service turned off if they are unable to pay. In addition to the Gas Assistance Fund, SoCalGas offers other programs and services that can help customers manage home energy costs. Click here to learn more.
Since March, SoCalGas has donated more than $3.2 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more. The company has provided COVID-19 relief grants to more than 200 nonprofit organizations throughout its service territory during this time.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 8, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) will join non-profit organizations Sowing Seeds for Life (SSFL), and Seva Circle along with California State Senator Connie M. Leyva in support of Sowing Seeds for Life's 14th Annual Holiday Pantry drive-up event on December 9. SoCalGas has given SSFL a $10,000 grant for holiday necessities for those in need. The first 2,000 vehicles to arrive at the Holiday Pantry at the Pomona Fairplex (1101 W. McKinley Ave. Gate 17) between 8 a.m. and 12 p.m. will receive an allotment of food, toys, a gift card and other holiday items.
"For families going through tough times, the hardest part can sometimes be not being able to give your kids what they'd like for the holidays. I'm glad that SoCalGas can help alleviate that a little bit," said Bob Cruz, regional public affairs manager at SoCalGas. "We are proud to partner with Sowing Seeds for Life, California State Senator Connie Leyva and Seva Circle to support families in the communities we serve. It's important for us to help out our friends and neighbors, now more than ever."
"We must work together to uplift our spirits during these trying times and ensure that everyone affected by COVID-19 gets the support they need," said California State Senator Connie M. Leyva. "I am happy to join the ongoing work of Sowing Seeds for Life; their 14-year commitment along with SoCalGas's generous contribution will continue bring food and toys to the families from LA and San Bernardino County."
"By the end of this year, we will have served over 200,000 people which is almost double the number we serve annually," said Fran Robertson, executive director at Sowing Seeds for Life. "Our yearly holiday pantries have always been our major gift to the community, however, we feel this year it is more important than ever to show love and kindness to one another as hunger is afflicting 1 in 5 of our neighbors; everyone from babies to grandparents are struggling. The need is so vast and ongoing thus, we are more grateful than ever for the incredible support of our amazing sponsors such as SoCalGas, State Senator Connie Leyva and Seva Circle who have helped us to make this event bigger and better than ever."
Sowing Seeds for Life is a 501(c)(3) non-profit organization incorporated in 2005 whose mission is to provide food for the hungry, respond to emergencies for those in need, and to eliminate hunger in the communities in which we serve. From distribution to 100 families in December of 2007, the organization has grown and now serves over 7,000 people and families in the Los Angeles and Inland Valley areas every month.
SoCalGas has been a community partner of Sowing Seeds for Life since 2014.
Since March, SoCalGas has donated more than $3.2 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more. The company has provided COVID-19 relief grants to more than 200 nonprofit organizations throughout its service territory during this time. For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
Event Info:
Date: December 9
Time: 8 a.m. to 12 p.m.
Location: Pomona Fairplex - 1101 W. McKinley Ave. Gate 17 Pomona, CA 91768
Details: This is a drive-up pantry so please stay inside of your vehicle, wear a mask at all times and follow the posted signs. The first 2,000 vehicles will receive holiday cheer that includes lots of food, toys (or gift card while supplies last) and of course greetings from Santa.
About Sowing Seeds for Life
Established in 2005, our mission is to provide food for the hungry, respond to emergencies for those in need and to eliminate hunger in the communities in which we serve. It is our goal to serve our communities with dignity and respect.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 7, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) has been named Corporation of the Year by Southern California Minority Supplier Development Council (SCMSDC) at the 36th Annual Leadership Excellence Awards. The award is bestowed on a company that consistently achieves exceptional performance in its supplier diversity and inclusion initiatives by modeling and executing bold new strategies that lead to contract opportunities for diverse businesses that drive economic growth and job creation in the communities they serve.
"At SoCalGas, we have a longstanding commitment to support the growth and development of diverse suppliers," said Scott Drury, CEO at SoCalGas. "We believe that partnering with minority business owners is key to best serve our customers and to fulfilling our mission of building the safest, cleanest and most innovative energy company in America."
"SoCalGas is committed to supplier diversity, and with each year, has continued to strengthen its programs and services to ensure inclusion of Minority Business Enterprises (MBEs) and other diverse businesses in their supply chain," said Virginia Gomez, president and CEO at SCMSDC. "While the competition for the SCMSDC 2020 Corporation of the Year Award is always fierce, a committee composed of MBEs and diverse business community advocacy organizations unanimously selected SoCalGas as this year's Corporation of the Year Award recipient."
In addition to being recognized as Corporation of the Year, SoCalGas Principal Supplier Diversity Advisor Vaughn Millard Williams III was also recognized with the Corporate Advocate Award. This award is presented to a corporate member that brings innovative thinking to the development of unique solutions to business challenges and is committed to advocating on behalf of minority-owned businesses.
"I am honored to be recognized by the SCMSDC with the Corporate Advocate Award," said Vaughn Millard Williams III. "Working with diverse minority business owners is my passion and an integral part of SoCalGas' corporate strategy that benefits our suppliers and the local community."
This year's other honorees include Tracy Stanhoff, president of the American Indian Chamber of Commerce, who was recognized with the Progressive Leadership Award, and The Meruelo Group, who received the Spirit of Diversity Award.
"I was pleasantly surprised and greatly humbled by this recognition from such a wonderful organization as the SCMSDC. Our American Indian Chamber is celebrating our 25th year of existence and we have partnered with the SCMSDC from the start. This partnership has been great for our Native American business community as we have connected, developed and grown numbers of our people's enterprises together," said Tracy Stanhoff.
"We are extremely humbled to have been selected as this year's recipient of the Spirit of Diversity Award," said Alexis Meruelo, executive vice president of business development at The Meruelo Group. "We hope to continue championing diversity and inclusion within our organization by continuing to encourage minorities to be heard and share a seat at our table. Thank you again to SCMSDC for their continued efforts in reaching economic equality and celebrating the great success that is created when minorities are elevated in business."
SoCalGas has been championing supplier diversity for over forty years. Earlier this year, the company announced it had achieved another record year of spending with over 550 diverse business enterprises in 2019 - at $726 million, the highest in company history. SoCalGas exceeded the California Public Utilities Commission's (CPUC) goal to contract goods and services from women, minority, service-disabled veteran, and LGBT-owned businesses for the 27th consecutive year. Nearly 42 percent of the utility's contract spending went to women, minority, service-disabled veteran, and LGBT-owned firms, almost double the CPUC's goal of 21.5 percent.
To learn more about SoCalGas' supplier diversity initiatives visit socalgas.com/SupplierDiversity.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 2, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) (Company) today announced a series of integrated transactions intended to simplify its energy infrastructure investments under one platform – creating scale, unlocking portfolio synergies and better positioning the business for growth. To accomplish this, the Company announced its intention to launch a stock-for-stock exchange offer for the publicly traded shares of IEnova (Infraestructura Energética Nova, S.A.B de C.V.), with the Sempra Energy exchange shares to be listed on the Mexican stock exchange (Bolsa Mexicana de Valores, S.A.B de C.V.) (BMV). In addition, the Company announced plans for the formation of a new business platform, Sempra Infrastructure Partners, combining the strengths of Sempra LNG, a leading developer of liquefied natural gas (LNG) export infrastructure, and IEnova, one of the largest private energy companies in Mexico and a leading developer and operator of pipeline, storage and renewables infrastructure. Lastly, the Company intends to sell a non-controlling interest in Sempra Infrastructure Partners in order to fund growth and highlight the underlying value of the platform. Subject to obtaining all required regulatory approvals and the satisfaction of other customary conditions, the Company expects to complete these transactions in the first quarter of 2021.
"We are excited about today's announcement. In large measure, it is because we believe Sempra Infrastructure Partners is well positioned to be a leader in the global energy transition," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "By focusing on the critical need for new energy infrastructure right here in North America, both Sempra LNG and IEnova have created a significant pipeline of development projects that are expected to provide differentiated growth for decades to come. More importantly, this will provide an improved platform for innovation and potential new investments in renewables, hydrogen, energy storage and carbon sequestration."
"We are especially excited to be listing Sempra Energy shares on the BMV," added Martin. "Many of Mexico's most successful companies are listed there, and our plans to list our shares locally is a positive affirmation of our commitment to Mexico and desire to continue investing in the country and improving economic prosperity. As part of Sempra Energy's family of companies, IEnova has delivered critical energy infrastructure to the country of Mexico for over two decades, supporting economic growth and the health and wellbeing of millions. With the proposed transactions announced today, we are proud to reaffirm our belief in Mexico's bright future and look forward to helping both Mexico and the U.S. unlock greater opportunities for continued economic collaboration, expansion and prosperity."
Sempra Energy to Launch Stock-for-Stock Exchange Offer for IEnova Stock
The Company today announced its intent to launch an exchange offer to acquire all the outstanding shares of IEnova not owned by Sempra Energy at an exchange ratio of 0.0313 shares of Sempra Energy common stock for each ordinary share of IEnova stock. As part of the exchange offer, the Company intends to list its exchange shares on the BMV.
On Dec. 1, 2020, the Company presented a non-binding offer to IEnova consisting of a fixed exchange ratio implying a price of 82 Mexican pesos per IEnova ordinary share, representing premiums of 11.6% and 22.6% over IEnova's 30-day and 90-day volume-weighted average stock prices, respectively. It also represents a 51.4% premium over IEnova's 52-week low(1) stock price. To facilitate the exchange, Sempra Energy has filed a preliminary prospectus and exchange offer documents with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) (CNBV) and the BMV, and intends to file a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (SEC). The Company is targeting to complete the exchange offer by the end of the first quarter 2021, subject to authorization from the SEC, CNBV and BMV.
Sempra Energy to Form Sempra Infrastructure Partners
This new business platform is intended to simplify and add scale to the Company's North American infrastructure business. Sempra Infrastructure Partners will focus on the development and construction of North American LNG export infrastructure, natural gas infrastructure and renewable energy generation, with a view towards strengthening energy infrastructure investments in North America, supporting economic growth in the U.S. and Mexico, and facilitating the global energy transition. Sempra Infrastructure Partners will include, among other assets:
Sempra Energy to Fund Growth Through Sale of Non-Controlling Interest in Sempra Infrastructure Partners
The Company has initiated a process to sell a non-controlling interest in Sempra Infrastructure Partners to fund growth and highlight the value of the overall portfolio. The Company is targeting an investment grade rating from the credit rating agencies for the new entity. Closing of the sale of a non-controlling interest in Sempra Infrastructure Partners is expected by the end of the first quarter 2021.
Sempra Energy to Host Webcast and Conference Call on Dec. 4, 2020
As a follow-on to today's announcement, the Company will host a conference call on Dec. 4, 2020 at 12 p.m. ET with senior management of the Company. Investors, media, analysts and the public may listen to a live webcast of the conference call on the Company's website, sempra.com, by clicking on the appropriate audio link.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
About IEnova
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2019, the company has 1,300 employees and approximately US$9.6 billion in total assets, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
(1) Price information as of the market close on Nov. 27, 2020.
Additional Information and Where to Find It
The proposed stock-for-stock exchange offer will be submitted to IEnova's shareholders for their consideration. In connection with the proposed exchange offer, Sempra Energy will file a registration statement with the SEC, which will include a prospectus relating to the offer and sale of the Sempra Energy common stock to be issued in the exchange offer, and has filed on a confidential basis a prospectus and registration statement offering memorandum with the CNBV. Shareholders are urged to read the registration statements carefully and in their entirety, along with any other relevant documents or materials filed or to be filed with the SEC or the CNBV in connection with the proposed exchange offer or incorporated by reference in the registration statements, because they will contain important information about the proposed exchange offer and the parties thereto. The registration statements and other documents will be available free of charge at the SEC's internet website, www.sec.gov, and on the CNBV's website at www.gob.mx/cnbv. The registration statements and other pertinent documents may also be obtained free of charge by directing a written request to Sempra Energy, Attn: Corporate Secretary, at 488 8th Avenue, San Diego, California 92101.
Neither this announcement nor the information contained herein shall constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities in the United States or Mexico will be made except pursuant to an effective registration statement and by means of the prospectus included in such registration statement and the related materials filed with the SEC and the CNBV. The securities discussed herein will not be offered or acquired until the CNBV has authorized the proposed exchange offer, as provided for in the Mexican Securities Act (Ley del Mercado de Valores), and the SEC has declared effective the registration statement related to the proposed exchange offers that will be filed.
Certain Information Concerning Participants
Sempra Energy and its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of tenders of securities in connection with the proposed exchange offer. Information about Sempra Energy's directors and executive officers is included or incorporated by reference in its Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 27, 2020.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
Forward-looking statements in this press release include any statements regarding the ability to complete the proposed transactions described herein on the anticipated timeline or at all, the anticipated benefits of these transactions if completed, the projected impact of these transactions on Sempra Energy's performance or opportunities, and any other statements regarding Sempra Energy's expectations, beliefs, plans, objectives or prospects or future performance or financial condition as a result of or in connection with these transactions. In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the timing of the proposed transactions described herein; the ability to satisfy the conditions to closing these transactions; the ability to obtain regulatory approvals necessary to complete these transactions; the ability to identify a suitable partner for SIP and negotiate favorable terms for such partnership; the ability to achieve the anticipated benefits of these transactions; the effect of this communication on Sempra Energy's or IEnova's stock prices; transaction costs; the diversion of management time on transaction-related issues; the effects on these transactions of industry, market, economic, political or regulatory conditions outside of Sempra Energy's control; the effects on these transactions of disruptions to Sempra Energy's or IEnova's respective businesses; California wildfires, including the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewals of franchises, and other actions by (i) the Comisión Federal de Electricidad, California Public Utilities Commission (CPUC), U.S. Department of Energy, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, counties, cities and other jurisdictions in the U.S., Mexico and other countries in which we operate or do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completing construction projects on schedule and budget, (iii) the ability to realize anticipated benefits from any of these efforts once completed, and (iv) obtaining the consent of partners; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, including in connection with a CPUC-ordered suspension of service disconnections, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal of natural gas from storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed or local power generation, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in tax and trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the United States-Mexico-Canada Agreement, that may increase our costs or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 1, 2020 /PRNewswire/ -- In support of "Giving Tuesday" and with the understanding that great need continues to exist in Los Angeles County, Southern California Gas Co. (SoCalGas) today announced $100,000 in donations to support local food distribution events and holiday toy drives put on by three Los Angeles County non-profit organizations.
Since March, SoCalGas has donated more than $3.2 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more. The company has provided COVID-19 relief grants to more than 200 nonprofit organizations throughout its service territory during this time.
Alma Family Services, Meet Each Need with Dignity (MEND) and Mid Valley Family YMCA will each receive a share of the $100,000 donation announced today.
"Underserved neighborhoods in the First District, which are predominately communities of color, have been some of the hardest hit by COVID-19, and also those suffering the most from sustained food insecurity," said Los Angeles County Supervisor Hilda L. Solis. "Since the start of the pandemic, the County of Los Angeles has remained committed to helping families put food on the table through nutrition programs and free meal distributions. Thanks to SoCalGas' generous donation, and Alma Family Services' consistent presence in the community, we will continue to make sure anyone who needs sustenance will receive fresh produce and protein because no one should go to bed hungry."
"For years, MEND has been a lifeline for families in the San Fernando Valley, helping them make ends meet through a myriad of services, and especially through its food bank program," said 7th District Councilmember Monica Rodriguez. "Thanks to their generous donation, SoCalGas is providing a critical support to MEND and the families that rely on their weekly food pantry during the toughest economic hardship our community has experienced in recent history."
"This Giving Tuesday is important more than ever, especially around the holidays, a time of need for many, and this year is no exception," said Andy Carrasco, vice president of communications, local government and community affairs for SoCalGas. "I know personally that these contributions will help ease some of the worries our neighbors are experiencing in this unprecedented time."
"Alma deeply appreciates this generous donation from SoCalGas which will allow us to provide resources for children and their families. During the Holiday Season, families struggling with multiple stressors cannot afford to dedicate any resources outside of their basic needs," said Lourdes Caracoza, president and CEO of Alma Family Services. "Many children in our community would not have the opportunity to celebrate Hope & Solidarity during the Holiday Season without the partnership between caring CBOs and Donors such as Alma and SoCalGas as well as the collaborative work with elected officials. For the past four years we had the opportunity to work with Los Angeles County 1st District Supervisor Hilda Solis to offer tangible resources for disadvantaged children. This donation has come at a critical time in an unprecedented year in which children and their families' needs have been exacerbated by the pandemic. Community engagement initiatives such as these have the potential to strengthen protective factors for children during their formative years as it demonstrates the caring and investment of their community in their emotional well-being."
"It has been such a hard year… harder than any of us imagined back in March – high unemployment, business closures, and social isolation. Not only that, our region in the northeast San Fernando Valley is the hardest hit by COVID-19 infections," said Janet Marinaccio, president of MEND. "Today is Giving Tuesday, a day when the world comes together to provide hope for the most vulnerable. Receiving such a generous gift from Southern California Gas Company on this day means so much to us. It not only is doubled because of a challenge match we received, but also provides incredible relief for thousands of people who line up at MEND every week in need of food. This year has been especially challenging because the food supply chain is overloaded. We have also seen a drastic drop in donated goods because of cancelled food drives. For the first time, MEND has had to purchase volumes of food to meet the demand. We are truly grateful for the partnership of SoCalGas."
"Since the beginning of this pandemic the YMCA of Metropolitan Los Angeles has continued to serve the needs of the community by providing meals to children and families, establishing digital hubs for internet access to close the digital divide as well as providing emergency childcare for children of first responders and other essential workers," said Lionnel Zaragoza, Senior Branch Executive of the Mid Valley YMCA in Van Nuys. "The Mid Valley Family YMCA is honored to have been selected to receive this gift to support our COVID-19 relief efforts. We could not do this work without the support of our sponsors and are grateful to SoCalGas for their generous continued support."
Alma Family Services provides a comprehensive range of multilingual community-based services for families including those with special needs. The organization plans to use the SoCalGas donation to help fund food and holiday toy distribution events in East Los Angeles and the San Gabriel Valley.
MEND has provided services in Los Angeles County for nearly 50 years, including the operation of a food bank, homeless care services and a clothing center. Today's "Giving Tuesday" donation will be used to address food insecurity in the community.
The Mid Valley Family YMCA plans to use this donation for the organization's food distribution activities.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovation energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 30, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a partnership with the Southeast Community Development Corporation (SCDC) to help bridge the digital divide in South Los Angeles. A donation from SoCalGas to the nonprofit will provide Chromebooks, noise-canceling headphones, internet hotspots, and access to one-on-one tutoring to 100 students from various schools. Thus far this academic school year, as remote learning became the norm in many school districts, SoCalGas has partnered with five nonprofit community organizations to help bridge the digital divide.
"The SoCalGas tutoring program is critical in the quest to providing the needed academic support to our most vulnerable students," said Denise Diaz, South Gate City Council Member. "Higher-income families are understandably providing their students learning pods and private tutoring to meet their needs. Our students' success is dependent on our community coming together to make available the resources necessary to achieve educational equity. I am inspired by the generous contribution of community partners such as SoCalGas who are helping us achieve this goal."
"The customized online tutoring program will have lasting positive effects on our elementary school students who had already been struggling academically but now face many more barriers," said Emma Hernandez, executive director at SCDC. "We are thankful to have such generous partners like SoCalGas who have made this program possible."
"Remote learning has been a challenge for many students this past year, particularly those from low-income families without the necessary resources and connectivity that help drive success," said Andy Carrasco, vice president of communications, local government, and community affairs at SoCalGas and SCDC board president. "We are proud of partnerships with organizations like the SCDC that are helping to overcome these disadvantages and help prevent students from getting left behind."
In addition to providing educational resources to students, this initiative will also support eight California State University Dominguez Hills students complete their teaching credential requirements by participating in one-on-one tutoring sessions. Each tutor will provide two hours of tutoring per day, four days a week for a 26-week period.
"We feel fortunate to have these incredibly talented tutors who are passionate about teaching join our team," said Mariana Rios, credentialed multisubject teacher. "They come to us with first-hand knowledge of what's is like to experience the social injustice of the digital divide and they are excited to help close that gap."
The SCDC was created on the belief that community problems must be solved by the community itself and is committed to utilizing resources within the community. Through its 18-year partnership with SoCalGas, the nonprofit has helped thousands of underserved students achieve academic success through various programs.
SoCalGas' commitment to the communities it serves goes beyond providing customers with affordable, safe and reliable natural gas service. Since March, SoCalGas has donated more than $2.74 million to nonprofit organizations for COVID-19 recovery efforts, which include providing educational resources to students, supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' mission is to build the cleanest, safest and most innovative energy company in America, delivering affordable and increasingly renewable energy to its customers. In support of that mission, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About SCDC
The Southeast Community Development Corporation (SCDC) is a community and economic development nonprofit focused on improve the living standards of children and adults in the Southeast area of Los Angeles County. For more information, please visit www.scdcorp.org or call (323) 585-4579.
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SOURCE Southern California Gas Co.
LOS ANGELES, Nov. 23, 2020 /PRNewswire/ -- As part of their commitment to support California's climate goals and their mission to become the cleanest, safest and most innovative energy companies in America, Southern California Gas Co. (SoCalGas) and San Diego Gas and Electric (SDG&E) today announced the creation of a Hydrogen Blending Demonstration Program. This program would be the first in California and among the first in the nation.
Blending hydrogen with natural gas is part of a multi-pronged strategy both utilities – subsidiaries of Sempra Energy – are undertaking to decarbonize their natural gas grid. The vision is to leverage surplus renewable electricity generated in the middle of the day to produce green hydrogen, which then can be injected into the natural gas grid for storage and use. Power-to-gas technology is being developed to do just that. SoCalGas, in partnership with the National Fuel Cell Research Center, and University of California Irvine, is leading the way in developing this technology, launching the first power-to-gas demonstration project in the United States in 2015. Hydrogen blending is another important milestone for providing the clean fuel needed to achieve California's climate goals while maintaining an affordable, resilient and reliable energy system.
When adopted by the California Public Utilities Commission (CPUC), the demonstration program will provide an understanding of how to safely incorporate hydrogen, a zero-emission fuel, into the gas grid. This is the first step toward the establishment of a statewide hydrogen injection standard.
"Our California-based utility businesses are helping build California's 21st century energy system through deliberate investments in hydrogen, renewable natural gas, fuel cells, and carbon capture and storage," said Kevin Sagara, group president for Sempra Energy and chairman of SoCalGas and San Diego Gas & Electric. "This hydrogen blending program is a key milestone in our efforts to decarbonize our energy system, while delivering affordable and reliable energy to 22 million California customers."
"Green hydrogen is a game-changer, not only for our power and energy needs, but also for our industrial and transportation sectors," said Sen. Nancy Skinner (D-Berkeley). "And green hydrogen can support existing, good-paying jobs as our state and communities take steps to transition to a zero-carbon economy."
"Today's announcement is an exciting development for California's emerging renewable hydrogen market," said Bill Zobel, Executive Director of the California Hydrogen Business Council. "The Hydrogen Blending Demonstration Program will help the public understand that renewable hydrogen is important and a valuable tool for our carbon neutral future."
SoCalGas and SDG&E are planning multiple hydrogen blending projects throughout their respective service territories. The first proposed project will blend hydrogen into an isolated section of primarily polyethylene (PE) plastic distribution system in SoCalGas' service territory. The initial hydrogen blend level is planned at 1% and may increase to as much as an industry-leading 20%.
SoCalGas expects to choose the location of the initial project in early 2021.
Subsequent projects are scheduled in SDG&E's service territory and will build upon the knowledge learned in the first demonstration. This includes blending hydrogen into an isolated section of mixed plastic and steel natural gas distribution system, and an isolated steel pipeline demonstration.
In addition to these hydrogen blending projects, SDG&E announced in October that it intends to pilot two hydrogen projects by 2022 as part its comprehensive sustainability strategy to advance carbon neutrality. These two projects would use a combination of technologies such as renewable resources, electrolysis and fuel cells to demonstrate increased system resiliency, long-duration storage, power-to-gas hydrogen fuel blending, and vehicle hydrogen fueling, among other applications.
SoCalGas is helping to build California's 21st century energy system with investments in hydrogen, renewable natural gas, fuel cells and carbon capture and storage. These innovations will help the utility decarbonize its pipeline system. Last year, SoCalGas set a goal to deliver 5% renewable natural gas (RNG), produced from organic waste, to its core customers by 2022 and 20% by 2030. SoCalGas and SDG&E are also seeking CPUC approval of a program that will offer customers the option to purchase RNG as part of their natural gas service. The program is set to be voted on by the CPUC in December.
The Hydrogen Blending Demonstration Program is part of a joint application filed with the California Public Utilities Commission (CPUC) by SoCalGas, SDG&E, Pacific Gas and Electric (PG&E) and Southwest Gas in accordance with the Biomethane Order Instituting Rulemaking (Biomethane OIR). The filing can be found here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. By developing renewable gas from our state's abundant organic waste streams, we can help to meet our climate goals sooner, while diversifying our carbon-free energy sources, improving energy resilience and reliability, while also creating additional renewable fuel and jobs for our communities. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About SDG&E
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
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SOURCE Southern California Gas Company; San Diego Gas & Electric
LOS ANGELES, Nov. 21, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and the Yorba Linda Water District (YLWD) today commemorated the installation of YLWD's new natural gas-powered electricity generator located at the water district's Elk Mountain Booster Pump Station. The generator was installed to provide back-up power in the event of power loss from wildfires, Public Safety Power Shutoffs, and other emergencies. Natural gas-powered generators are one of the cleanest, resilient and most affordable energy solutions available for backup energy in an event of an emergency.
In case of an emergency, such as an earthquake or wildfire, the generator produces 500 kWh electricity to power three pumps that boost water into higher elevations and maintain water service to many of Yorba Linda's 68,000 residents as well as emergency services in the area.
"During wildfires, having a reliable water source is essential," said YLWD president Phil Hawkins. "People need water to put out fires. YLWD needs power to move water. The Natural Gas Backup Generator adds that power reliability to our system. It gives first responders and residents more protection from the dangerous wildfires that plague our community."
"I was pleased to support YLWD in obtaining the necessary permits," said Yorba Linda City Council Member Carlos Rodriguez. "As a Governing Board Member of the South Coast Air Quality Management District, I had the privilege to assist with this clean energy project. This is a critical step to ensure Yorba Linda families and homes are protected from power-related water emergencies thanks to this backup energy source."
"Resiliency tools such as this natural gas-powered generator offer our communities the support they need during an emergency event," said Rasha Prince, director of customer energy solutions at SoCalGas. "This onsite generation system will help provide reliable, clean, and affordable energy to YLWD during grid outages caused by fires or other emergencies."
To support high reliability and cost savings, YLWD chose to take advantage of a new SoCalGas' rate class called the Core Electric Generating Rate. This new rate offers an affordable option for SoCalGas' commercial customers who require unrestricted services for electric generating equipment.
For more information on power generation with natural gas, please click HERE.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. By developing renewable gas from our state's abundant organic waste streams, we can help to meet our climate goals sooner, while diversifying our carbon-free energy sources, improving energy resilience and reliability, while also creating additional renewable fuel and jobs for our communities. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Yorba Linda Water District
A "District of Distinction" for its commitment to good governance, ethics, and sound operating practices, Yorba Linda Water District serves the residents of Yorba Linda and portions of Placentia, Brea, Anaheim, and unincorporated areas of Orange County. Governed by a five-member publicly elected Board of Directors, YLWD's mission is to provide reliable water and sewer services and to protect public health and the environment with financial integrity and superior public service. It accomplishes this by embracing proven technologies, improving customer satisfaction, providing efficient and responsive operations, and ensuring reliable infrastructure.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 19, 2020 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | ||||||||
Preferred Stock | $0.375 per share | |||||||
Preferred Stock, Series A | $0.375 per share |
The dividends are payable on January 15, 2021, to shareholders of record on December 10, 2020.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas's vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2015 through 2019, the company invested nearly $7 billion to upgrade and modernize its system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Nov. 19, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced it is once again the only North American utility sector company to be named to the Dow Jones Sustainability World Index (DJSI World), one of the most prestigious corporate sustainability ranking efforts. This is the third consecutive year that the company has been listed on the DJSI World. Additionally, Sempra Energy has been named to the Dow Jones Sustainability North American Index for the 10th consecutive year.
Learn how Sempra is committed to being a leader among U.S. energy infrastructure companies in the areas of environmental, social and governance performance in its annual corporate sustainability report at Sempra.com/sustainability.
"At Sempra Energy, we believe a steadfast focus on safety, sound environmental stewardship and stakeholder engagement are central to advancing our mission of building North America's premier energy infrastructure company," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We are endeavoring to design all aspects of our business strategy to enable the energy transition in every market we serve. By actively managing risks and pursuing new opportunities to serve our stakeholders, our business activities are aligned with a view toward delivering sustained high performance and long-term shareholder value."
Recognizing Leaders in Sustainability
Launched in 1999, the DJSI, including the DJSI World, were among the very first set of global indices to track the largest and leading sustainability-driven publicly listed companies. The DJSI World is comprised of corporate leaders in global sustainability as identified by SAM, now a part of S&P Global, and represents the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index based on long-term economic and environmental, social and corporate governance factors.
"We congratulate Sempra Energy for being included in the DJSI World Index," said Manjit Jus, Global Head of ESG Research and Data, S&P Global. "A DJSI distinction reflects sustainability leadership in your industry. With a record number of companies participating in the 2020 Corporate Sustainability Assessment and more stringent rules for inclusion this year, this sets your company apart and rewards your continued commitment to people and planet."
This year, Sempra Energy was recognized as a leader in the utilities sector and achieved 100th percentile scores in the following categories:
Creating Sustainable Value
Earlier this year, the company released its 12th annual corporate sustainability report and has continued to drive sustainability at its U.S. utilities with the announcement of multiple projects designed to further clean transportation technologies and advance carbon neutrality in its energy delivery. The Sempra Energy Foundation and Sempra Energy family of companies have also invested more than $18.5 million in 2020 toward COVID-19 response, social justice causes and natural disaster aid across its areas of operation in California, Texas, Louisiana and Mexico.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
SAN DIEGO, Nov. 18, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its board of directors has declared a $1.045 per share quarterly dividend on the company's common stock, which is payable Jan. 15, 2021, to common stock shareholders of record at the close of business on Dec. 18, 2020.
Sempra Energy's board of directors declared a quarterly dividend of $1.50 per share on Sempra Energy's 6% Mandatory Convertible Preferred Stock, Series A. Sempra Energy's board of directors also declared a quarterly dividend of $1.6875 per share on the company's 6.75% Mandatory Convertible Preferred Stock, Series B. Both preferred stock dividends will be payable Jan. 15, 2021, to preferred stock shareholders of record at the close of business on Jan. 1, 2021.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires, including the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewals of franchises, and other actions by (i) the Comisión Federal de Electricidad, California Public Utilities Commission (CPUC), U.S. Department of Energy, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, counties, cities and other jurisdictions in the U.S., Mexico and other countries in which we operate or do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completing construction projects on schedule and budget, (iii) the ability to realize anticipated benefits from any of these efforts once completed, and (iv) obtaining the consent of partners; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, including in connection with a CPUC-ordered suspension of service disconnections, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal of natural gas from storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed or local power generation, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in tax and trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the United States-Mexico-Canada Agreement, that may increase our costs or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
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SOURCE Sempra Energy
LOS ANGELES, Nov. 17, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company will provide a $50,000 grant to the Los Angeles Urban League (LAUL) to support the organization's virtual Construction Career Academy (CCA) program. SoCalGas also plans to hire up to 100 qualified graduates of the program who progress through the company's interview process. The Construction Career Academy is now accepting applicants to the no-cost, 10-week program on a rolling basis and encourages those interested in construction, mechanical, technician and engineering careers to apply.
"With many folks struggling to find work, now more than ever, the Construction Career Academy serves as a pathway to limitless opportunities in many different industries," said Wallace Rawls, Director of Gas System Integrity & Programs at SoCalGas, and LAUL Board Member. "SoCalGas is proud to support the LA Urban League's Construction Career Academy. We have been working with LAUL to develop pipelines for employment for graduates at SoCalGas and elsewhere, and we expect to hire some of the hardworking men and women who complete the program."
"The Los Angeles Urban League thanks SoCalGas for the generous grant given to our Construction Career Academy. Our partnership with SoCalGas continues to reap benefits for the Construction Career Academy students," said Michael Lawson, President, and CEO of the Los Angeles Urban League. "As we maintain our commitment to helping our constituents in Los Angeles' underserved communities, we embrace and appreciate partners such as SoCalGas."
"A quality career can change a life," said 8th District Councilmember Marqueece Harris-Dawson. "The Los Angeles Urban League has long-served Los Angeles neighborhoods by educating and empowering communities of color through employment services. I remain committed to helping South LA residents access employment through local hire programs and I am pleased that SoCalGas is supplementing these efforts by investing in the Construction Career Academy, teaching Angelenos useful skills they can use for a lifetime."
CCA provides a free 10-week training aimed at increasing minority workers' access to apprenticeship programs and career opportunities in construction, mechanical, technical and/or engineering. The program prepares job seekers to complete and pass industry exams and go on to obtain apprenticeships and well-paying careers in a variety of industries including utilities, transportation, logistics, energy and building trades.
In addition to job sourcing and job placement, CCA also offers supportive services, job readiness skills and ongoing mentorship to support graduates in finding high-demand, well-paying jobs. Ninety percent of CCA graduates, who had little or no prior experience in construction or utility related positions, passed industry exams and found industry employment.
SoCalGas has been a longtime partner of the Los Angeles Urban League and the Construction Career Academy.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. By developing renewable gas from our state's abundant organic waste streams, we can help to meet our climate goals sooner, while diversifying our carbon-free energy sources, improving energy resilience and reliability, while also creating additional renewable fuel and jobs for our communities. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Los Angeles Urban League
Los Angeles Urban League (LAUL) serves, educates and empowers African Americans and other minorities to secure economic self-reliance and civil rights by providing targeted social programs and advocating for issues that benefit our communities. The Los Angeles Urban League, founded in 1921, is a flagship affiliate of the National Urban League, founded in New York City in 1910. It is one more than 90 affiliates in the United States. The Los Angeles Urban League helps thousands of Angelenos annually through its programs focusing on education, entrepreneurship, job training and placement. Visit and follow the Los Angeles Urban League at laul.org.
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SOURCE Southern California Gas Company
SAN DIEGO, Nov. 17, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its subsidiary ECA Liquefaction (ECA LNG), a joint venture between Sempra LNG and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), has reached a final investment decision (FID) for the development, construction and operation of the ECA LNG Phase 1 natural gas liquefaction-export project in Baja California, Mexico. ECA LNG Phase 1 is currently the only liquefied natural gas (LNG) export project in the world to reach FID in 2020.
"We are excited to continue to help unlock North America's energy potential with ECA LNG Phase 1. This project would be the first LNG export facility on the Pacific Coast of North America that can help connect abundant natural gas supplies from Texas and the Western U.S. directly to markets in Mexico and countries across the Pacific Basin," said Justin Bird, CEO of Sempra LNG. "This important milestone is a testament to the resiliency of our team and marks the latest step toward our goal to be North America's premier LNG infrastructure company."
Estimated capital expenditures for ECA LNG Phase 1 are approximately $2 billion. Sempra expects to fund the project with a combination of equity contributions and debt. First LNG production from ECA LNG Phase 1 is expected in late 2024.
"As one of the largest private investments in the history of Baja California, ECA LNG's liquefaction-export project is expected to help support the Mexican economy through investment, tax revenue and jobs," said Tania Ortiz Mena, CEO of IEnova. "The project is also expected to positively impact the local community through social investment programs as well as help position Mexico as a key player in the global trade of natural gas."
ECA LNG Phase 1 will be built and operated by Sempra LNG and IEnova, Sempra Energy's subsidiary in Mexico, as a single-train liquefaction facility with a nameplate capacity of 3.25 million tonnes per annum (Mtpa) of LNG and an initial offtake capacity of approximately 2.5 Mtpa of LNG.
Exports of LNG from ECA LNG Phase 1 are expected to improve the trade balances of the U.S. and Mexico. Its construction is expected to create more than 10,000 direct and indirect jobs as a result of increased economic activity and social investments in both countries. Approximately 75 full-time jobs are expected to be added to the operations of ECA LNG.
ECA LNG has secured definitive 20-year sale and purchase agreements with Mitsui & Co., Ltd. and an affiliate of Total SE for the purchase of approximately 2.5 Mtpa of LNG from Phase 1 of the project. Additionally, ECA LNG and Total SE continue to work toward a potential equity investment in the project by Total SE.
In February, ECA LNG executed a lump-sum, turn-key engineering, procurement and construction contract with an affiliate of TechnipFMC plc for Phase 1 of the LNG export facility.
Sempra LNG is developing additional LNG export facilities on the Gulf Coast and Pacific Coast of North America, including a potential Phase 2 of the ECA LNG project. The successful development and ultimate construction of both phases of ECA LNG's project and Sempra Energy's other LNG export projects are subject to a number of risks and uncertainties and there can be no assurance that these projects will be completed.
About Sempra LNG
Sempra LNG's mission is to be North America's premier LNG infrastructure company by providing sustainable, safe and reliable access to U.S. natural gas for global markets. Sempra LNG owns a 50.2% interest in Cameron LNG, a 12 Mtpa export facility operating in Hackberry, Louisiana and is currently developing additional LNG export facilities on the Gulf Coast and Pacific Coast of North America through Cameron LNG expansion, Port Arthur LNG in Texas and Energía Costa Azul LNG in Mexico. Through its disciplined value creation process, Sempra LNG evaluates expansion opportunities at each of these locations and other infrastructure investments along the LNG value chain.
About IEnova
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2019, the company has 1,300 employees and approximately US$9.6 billion in total assets, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: decisions, investigations, regulations, issuances of permits and other authorizations, and other actions by (i) the U.S. Department of Energy and other regulatory and governmental bodies and (ii) states, counties, cities and other jurisdictions in the U.S., Mexico and other countries in which we operate or do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completing construction projects on schedule and budget, (iii) the ability to realize anticipated benefits from any of these efforts once completed, and (iv) obtaining the consent of partners; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in tax and trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the United States-Mexico-Canada Agreement, that may increase our costs or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra LNG, Cameron LNG, Port Arthur LNG and ECA LNG are not the same company as San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra LNG, Cameron LNG, Port Arthur LNG and ECA LNG are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG
SAN DIEGO, Nov. 11, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that for its third annual Veterans Day grant, the company is donating $20,000 to Operation Homefront, the San Antonio, Texas-based national nonprofit whose mission is to build strong, stable and secure military families, including those in the communities where Sempra Energy operates. Operation Homefront works to help military families by providing critical financial assistance, transitional and permanent housing, and recurring family support programs and services throughout the year to help these families overcome short-term bumps in the road, so they do not become long-term chronic problems.
"This year, military veterans and their families need our support more than ever due to impacts from the COVID-19 pandemic," said Lisa Alexander, senior vice president of corporate affairs for Sempra Energy. "We are proud to partner with Operation Homefront to further support military veterans who have impacted the lives of every American through their commitment to serve our country. I am proud that our company has programs in place to champion both our veteran employees and veterans in our communities."
Operation Homefront serves tens of thousands of military families each year and over 90% of their expenditures go toward delivering programs for families struggling to make ends meet. The grant from Sempra Energy will support the organization's "11 Days of Impact" campaign, an effort to raise $111,000 to support military families in honor of Veterans Day. Specifically, Sempra Energy's funds will go toward the Critical Financial Assistance program to assist veterans in California and Texas with mortgage and rent payments, utilities, groceries and more.
"We are deeply grateful to the entire Sempra Energy team for their enthusiastic support of our 11 Days of Impact campaign," said Brig. Gen. (ret.) John I. Pray, Jr., president and CEO of Operation Homefront. "Our nation is currently facing a number of unprecedented challenges and many military families are really struggling to make ends meet. With Sempra Energy's help, we will be able to continue to provide much-needed financial assistance to this very special and deserving group of our fellow citizens."
Sempra Energy launched its annual Veterans Day grant program in 2018 as part of the company's overall commitment to supporting its veteran employees, as well as veterans who live in the communities where the company operates. More than 1,000 employees across the Sempra Energy family of companies have served in the U.S. Armed Forces.
In the past five years, the Sempra Energy family of companies has donated more than $1.4 million to causes supporting military veterans or active-duty service members. Sempra Energy and its operating companies regularly participate in job-recruitment events for veterans and have employee groups in Los Angeles and San Diego to support the recruitment, on-boarding and engagement of veteran employees. Additionally, the company has supplier-diversity programs that advocate for procurement opportunities for businesses owned by service-disabled veterans, women, minorities and LGBTQ-owned business enterprises. This year, the company also received a bronze designation from the "Military Friendly" organization, honoring Sempra Energy for exceeding benchmark standards that measure businesses' commitment, effort and success in creating sustainable and meaningful opportunity for the military community.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
About Operation Homefront
Founded in 2002, Operation Homefront is a national nonprofit organization whose mission is to build strong, stable, and secure military families so that they can thrive – not simply struggle to get by – in the communities they have worked so hard to protect. Recognized for superior performance by leading independent charity oversight groups, over 90% of Operation Homefront expenditures go directly to programs that support tens of thousands of military families each year. Operation Homefront provides critical financial assistance, transitional and permanent housing and family support services to prevent short-term needs from turning into chronic, long-term struggles. Thanks to the generosity of our donors and the support from thousands of volunteers, Operation Homefront proudly serves America's military families. For more information, visit OperationHomefront.org. http://www.OperationHomefront.org.
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SOURCE Sempra Energy
LOS ANGELES, Nov. 10, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) will join the United Way of Greater Los Angeles for the first-ever virtual HomeWalk – 5k Family Run/Walk/Ride to End Homelessness. SoCalGas employees, their families and business partners have participated in the annual HomeWalk event every year since its inception in 2007 and have raised over $2 million in total. In 2019, SoCalGas had over 1,500 registered participants and raised nearly $250,000 for the effort to end homelessness in Los Angeles County. SoCalGas and United Way of Greater LA encourage all to join in on Saturday, November 14 for the virtual event. Participants can walk, run or ride the 5K any time that day in their own neighborhoods or a location of their choice, and share photos and videos of their participation on social media using #HomeWalkatHome. A link to the registration page is located at HomeWalkLA.org.
"The pandemic has magnified inequities in our communities, and it is crucial that we support those who are struggling—even though this year we will not be able to walk physically side by side," said Sandra Hrna, vice president of human resources & diversity and inclusion at SoCalGas and board member at United Way of Greater LA. "Please sign up, walk the 5K wherever and whenever you choose, and donate to be a part of the effort to end homelessness via HomeWalk. Those struggling against homelessness need you now more than ever."
"There were already far too many people experiencing homelessness prior to the start of the pandemic which has only further exacerbated the need for safe and affordable housing. Now more than ever, our most vulnerable neighbors, especially seniors and those suffering from severe chronic health conditions, are at even greater risk of exposure and death," Elise Buik, President and CEO of United Way of Greater Los Angeles said. "We are grateful for the support of SoCalGas and the many families who will join us as we gather together while apart to power the solutions bringing everyone in to end homelessness."
"With the COVID-19 pandemic exacerbating homelessness -- essentially creating a crisis within a crisis -- we all need to do everything we can to help our most vulnerable neighbors," said Supervisor Mark Ridley-Thomas. "With HomeWalk at Home, people from all walks of life are not only standing up but stepping forward to tackle the moral crisis of our time. Thank you to SoCalGas and all other sponsors for shining a light on this issue and working together to find solutions."
According to the United Way of Greater Los Angeles, homelessness starts rising when the median rent in a region exceeds 22% of median income and rises even more sharply at 32%. In Los Angeles, the median rent is 46.1% of median income. Nearly one-third of Los Angeles renter households pay more than half of their income on housing and nearly 600,000 county residents spend 90% or more of their income on housing.
Since 2007, HomeWalk has brought together more than 125,000 people from across Los Angeles County and raised over $9.5 million that has helped move over 20,000 people into homes.
SoCalGas and United Way of Greater LA encourage everyone to join in on Saturday, November 14 for the virtual HomeWalk. Participants can spend the day doing their own 5K run, walk or ride and can share photos and videos of their participation on social media using #HomeWalkatHome. Participants are asked to be back at home by 5 p.m. for a virtual program including live entertainment with the Los Angeles Rams cheerleaders, players, LA Rams coach Sean McVay, remarks from top sponsors including SoCalGas, heartfelt stories from formerly homeless neighbors and much more.
Those who are interested can sign up and find more information at HomewalkLA.org.
About United Way of Greater Los Angeles and EVERYONE IN:
United Way of Greater Los Angeles is a nonprofit organization fighting to end poverty by preparing students for high school graduation, college, and the workforce; housing our homeless neighbors; and guiding hard-working families towards economic mobility. United Way identifies the root causes of poverty and works strategically to solve them by building alliances across all sectors, funding targeted programs and advocating for change.
Powered by United Way of Greater Los Angeles, EVERYONE IN is a countywide initiative bringing together leaders and voices across L.A. County to keep the best solutions to end homelessness moving forward by creating ways for the public to get involved; tracking, measuring and sharing progress; and lifting up successes and celebrating wins. For more information, visit HomewalkLA.org, UnitedWayLA.org and EveryoneInLA.org or follow United Way of Greater Los Angeles on Facebook, Instagram, and Twitter via @LAUnitedWay, #HomeWalk, and #EVERYONEIN.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90% of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45% of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20% of its traditional natural gas supply with renewable gas by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO and LA JOLLA, Calif., Nov. 9, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) and the Salk Institute today announced a new project to advance plant-based carbon capture and sequestration research, education and implementation to help address the climate crisis. Sempra Energy is donating $2 million to the Salk Institute to help fund the five-year project.
"There is incredible urgency to address our changing climate," said Salk Professor Wolfgang Busch, co-director of the Institute's Harnessing Plants Initiative (HPI). "As the world's population increases to 10 billion or more, global warming is going to put incredible pressure on our ability to meet humanity's needs for food, fuel and fiber. Sempra's investment in research to develop solutions that remove excess carbon from the atmosphere is an investment in our shared future."
"At Sempra Energy, we support partnerships designed to produce sustainable and responsible change, and we believe the Salk Institute is an ideal partner to make true progress in the fight against climate change," said Kevin Sagara, group president of Sempra Energy and advisory committee member of HPI. "This project has the potential to help remove significant amounts of carbon from entering our atmosphere and aligns with Sempra Energy's portfolio to advance the global energy transition to lower-carbon energy sources."
Sempra Energy will be the lead sponsor of the Salk Institute's "Sequestering Carbon Through Climate Adapted Sorghum" project, part of the Institute's Harnessing Plants Initiative. HPI is an innovative, scalable and bold approach to fight climate change by optimizing a plant's natural ability to capture and store carbon and adapt to diverse climate conditions. Salk researchers aim to develop these Salk Ideal Plants™ to mitigate the disastrous effects of climate change by drawing down significant amounts of the excess carbon in our atmosphere while also providing more food, fuel and fiber for a growing population. With Sempra Energy's funding, over the next five years Salk scientists will work to develop a drought-tolerant, carbon-sequestering grass (sorghum) variety designed to grow on land in Southern California and store carbon in the soil for use with grain production, grazing or bio-energy feed stocks.
HPI aims to develop crop plants that have significant global acreages to store long-lasting carbon in the soil. Crop plants that are engineered to store more carbon in the soil for longer can lead to a potentially enormous reduction in atmospheric carbon dioxide (CO2). The six crops that HPI is developing (including sorghum) can have a global impact on carbon levels. HPI estimates that if, worldwide, 70% of the target crops are converted into carbon-sequestration-enhanced crop plants, 1.5 to 6 gigatons of CO2 can be sequestered per year, the equivalent of up to as much as one-third of human-caused CO2 emissions that accumulate in the atmosphere each year.
Salk Professor Joanne Chory, co-director of the Harnessing Plants Initiative, said, "Our plant-based approach to climate change offers a win-win-win for improving soil health, feeding the world's burgeoning population and sequestering carbon affordably with the potential for global scale. Salk's plant scientists are very excited at how much Sempra Energy's generosity will help move our critical research forward."
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
About the Salk Institute
Every cure has a starting point. The Salk Institute embodies Jonas Salk's mission to dare to make dreams into reality. Its internationally renowned and award-winning scientists explore the very foundations of life, seeking new understandings in neuroscience, genetics, immunology, plant biology and more. The Institute is an independent nonprofit organization and architectural landmark: small by choice, intimate by nature and fearless in the face of any challenge. Be it cancer or Alzheimer's, aging or diabetes, Salk is where cures begin. Learn more at: salk.edu.
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SOURCE Sempra Energy
SAN DIEGO, Nov. 5, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported third-quarter 2020 earnings of $351 million, or $1.21 per diluted share, compared to third-quarter 2019 earnings of $813 million, or $2.84 per diluted share. On an adjusted basis, the company's third-quarter 2020 earnings were $380 million, or $1.31 per diluted share, compared to $425 million, or $1.50 per diluted share, in the third quarter of 2019. Sempra Energy's earnings for the first nine months of 2020 were $3.35 billion, or $11.43 per diluted share, compared with earnings of $1.61 billion, or $5.74 per diluted share, in the first nine months of 2019. Adjusted earnings for the first nine months of 2020 were $1.8 billion, or $6.10 per diluted share, compared to $1.46 billion, or $5.23 per diluted share, in the first nine months of 2019.
"We are excited to advance our leadership position in the most attractive markets in North America – California, Texas, Mexico and the LNG export market – with an unrelenting commitment to safety and operational excellence. Our investments in critical new energy infrastructure support economic prosperity, community wellbeing and the energy transition," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Our strategy of investing in a high-growth infrastructure platform supports long-term, stable cash flows, attractive economic returns and improved earnings visibility."
The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the third quarter and first nine months of 2020 and 2019.
Three months ended | Nine months ended | |||||||||
September 30, | September 30, | |||||||||
(Dollars, except EPS, and shares, in millions) | 2020 | 2019 | 2020 | 2019 | ||||||
(Unaudited) | ||||||||||
GAAP Earnings | $ 351 | $ 813 | $ 3,350 | $ 1,608 | ||||||
Loss (Gain) on Sale of South American Businesses | 7 | - | (1,747) | - | ||||||
Losses from Investment in RBS Sempra Commodities LLP | - | - | 100 | - | ||||||
Impacts Associated with Aliso Canyon Litigation and Regulatory Matters | 22 | - | 94 | - | ||||||
Tax Impacts from Holding the South American Businesses for Sale | - | (192) | - | (99) | ||||||
Gain on Sale of U.S. Wind Assets | - | - | - | (45) | ||||||
SDG&E Retroactive Impact of 2019 GRC FD for first half of 2019 | - | (66) | - | - | ||||||
SoCalGas Retroactive Impact of 2019 GRC FD for first half of 2019 | - | (130) | - | - | ||||||
Adjusted Earnings(1) | $ 380 | $ 425 | $ 1,797 | $ 1,464 | ||||||
GAAP Diluted Weighted-Average Common Shares Outstanding | 291 | 296 | 293 | 280 | ||||||
GAAP Earnings Per Diluted Common Share(2) | $ 1.21 | $ 2.84 | $ 11.43 | $ 5.74 | ||||||
Adjusted Diluted Weighted-Average Common Shares Outstanding(1) | 291 | 283 | 307 | 280 | ||||||
Adjusted Earnings Per Diluted Common Share(1),(3) | $ 1.31 | $ 1.50 | $ 6.10 | $ 5.23 | ||||||
1) | Represents a non-GAAP financial measure. See Table A for information regarding non-GAAP financial measures. |
2) | To calculate Q3-2019 GAAP EPS, preferred dividends of $26 million are added back to GAAP Earnings because of the dilutive effect of Series A mandatory convertible preferred stock. |
3) | To calculate YTD-2020 Adjusted EPS, preferred dividends of $78 million are added back to Adjusted Earnings because of the dilutive effect of Series A mandatory convertible preferred stock. |
Advancing Critical Energy Infrastructure in North America
In August, Phase 1 of the Cameron LNG export facility in Hackberry, Louisiana, reached full commercial operations under Cameron LNG's tolling agreements. This marked the start of full run-rate earnings and cash flows. Sempra Energy's share of full run-rate earnings from the Phase 1 project is expected to be between $400 million and $450 million annually, with no commodity or volumetric exposure. Due to the structure of the tolling agreements at Cameron LNG, Sempra Energy does not expect any earnings impact as a result of the recent outages due to Hurricanes Laura and Delta on the U.S. Gulf Coast.
Sempra Energy continues to work closely with local authorities as well as the highest levels of the Mexican government to advance the export permit process for Energía Costa Azul (ECA) LNG Phase 1. The company expects to reach a final investment decision in the fourth quarter of 2020.
Phase 1 of ECA LNG's project is planned to be built and operated by Sempra LNG and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), Sempra Energy's subsidiary in Mexico, as a single-train liquefaction facility. Last year, ECA LNG received authorization from the U.S. Department of Energy to export U.S.-produced natural gas to Mexico and to re-export liquefied natural gas (LNG) to countries that do not have a free-trade agreement with the U.S.
ECA LNG has successfully secured definitive 20-year sale-and-purchase agreements with Mitsui & Co., Ltd. and an affiliate of Total SE for the purchase of approximately 2.5 Mtpa of LNG from Phase 1 of the project.
In another development, the U.S. Department of Energy extended the terms of the export authorizations for Phase 1 of the proposed Port Arthur LNG export project through Dec. 31, 2050.
Additionally, IEnova is advancing construction of its Gulf of Mexico network of fuel terminals. All three terminals are backed by take-or-pay contracts with Valero Energy Corp. and, once completed, should contribute nearly 3.4 million barrels of combined refined products storage capacity, while improving Mexico's energy security. Notably, the Veracruz terminal is situated in the largest Mexican port on the Gulf Coast and is expected to be one of the largest terminals in Mexico.
Executing Capital Plans and Driving Sustainability at U.S. Utilities
Oncor Electric Delivery Company LLC (Oncor) today announced its 2021-2025 capital plan of $12.2 billion. This is a $300 million increase over Oncor's previous 2020-2024 capital plan and is a result of new growth capital required across the system, increased maintenance on the transmission system, including investments to enhance the safety and reliability of service, and continued investment in technology and innovation. Additionally, Oncor recently issued its inaugural sustainable bond with proceeds expected to finance or refinance expenditures with minority- and women-owned business suppliers.
San Diego Gas & Electric Co. (SDG&E) and Southern California Gas Co. (SoCalGas) continue to execute on their record five-year capital investment plans. These plans are centered on enhancing safety, improving system reliability, and reducing energy-related emissions. Further, SDG&E has announced a new sustainability strategy that includes a commitment to place two green hydrogen projects into service by 2022, aiming to offer long-duration energy storage, increased system resiliency and reduced carbon intensity. In addition, SoCalGas has announced its participation in three research and development projects that are designed to advance fuel cell technology for trucking and transit and near-zero emissions natural gas technology for rail locomotives.
Investing in a High-Performing Culture
Sempra Energy is committed to creating long-term value by managing environmental, social and governance risks and opportunities. The company has a long-standing history of prioritizing diversity and inclusion to advance its high-performance culture and is continuing to build upon those efforts.
Last month, Sempra Energy received three awards recognizing its leadership position in diversity, inclusion and sustainability. Forbes and JUST Capital named Sempra Energy to the Forbes JUST 100 list, which is intended to recognize companies that are doing right by all their stakeholders, including employees, customers, communities, the environment and shareholders.
Additionally, Sempra Energy received the National Association of Corporate Directors' NXT Award, recognizing boards for their excellence in utilizing diversity and inclusion as a strategy for building long-term value for their companies. The National Organization on Disability also recently recognized Sempra Energy as a 2020 Leading Disability Employer for adopting exemplary employment practices for people with disabilities.
Earnings Guidance
As a result of the company's strong execution and financial results, Sempra Energy is reaffirming and guiding to the high end of both its full-year 2020 GAAP earnings-per-common-share (EPS) guidance range of $12.50 to $13.10 and adjusted EPS guidance range of $7.20 to $7.80. Additionally, Sempra Energy is reaffirming its full-year 2021 EPS guidance range of $7.50 to $8.10.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra Energy's adjusted earnings and adjusted EPS for the third quarters and first nine months of 2020 and 2019, adjusted diluted weighted-average common shares outstanding for the first nine months of 2020 and third quarter of 2019, and full-year 2020 adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.
Internet Broadcast
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log on to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 8857186.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires, including the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewals of franchises, and other actions by (i) the Comisión Federal de Electricidad, California Public Utilities Commission (CPUC), U.S. Department of Energy, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, counties, cities and other jurisdictions in the U.S., Mexico and other countries in which we operate or do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision, (ii) completing construction projects on schedule and budget, (iii) the ability to realize anticipated benefits from any of these efforts once completed, and (iv) obtaining the consent of partners; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, including in connection with a CPUC-ordered suspension of service disconnections, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal of natural gas from storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed or local power generation, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in tax and trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the United States-Mexico-Canada Agreement, that may increase our costs or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
SEMPRA ENERGY | |||||||||||||||||||||||
Table A | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Utilities | $ | 2,301 | $ | 2,398 | $ | 7,199 | $ | 6,808 | |||||||||||||||
Energy-related businesses | 343 | 360 | 1,000 | 1,078 | |||||||||||||||||||
Total revenues | 2,644 | 2,758 | 8,199 | 7,886 | |||||||||||||||||||
EXPENSES AND OTHER INCOME | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||
Cost of natural gas | (114) | (122) | (582) | (789) | |||||||||||||||||||
Cost of electric fuel and purchased power | (429) | (410) | (918) | (929) | |||||||||||||||||||
Energy-related businesses cost of sales | (90) | (94) | (200) | (265) | |||||||||||||||||||
Operation and maintenance | (1,044) | (845) | (2,893) | (2,515) | |||||||||||||||||||
Depreciation and amortization | (418) | (402) | (1,242) | (1,174) | |||||||||||||||||||
Franchise fees and other taxes | (139) | (127) | (397) | (369) | |||||||||||||||||||
Impairment losses | (1) | (43) | (1) | (43) | |||||||||||||||||||
(Loss) gain on sale of assets | — | (3) | — | 63 | |||||||||||||||||||
Other income (expense), net | 29 | (7) | (163) | 103 | |||||||||||||||||||
Interest income | 27 | 22 | 76 | 64 | |||||||||||||||||||
Interest expense | (264) | (279) | (818) | (797) | |||||||||||||||||||
Income from continuing operations before income taxes and equity earnings | 201 | 448 | 1,061 | 1,235 | |||||||||||||||||||
Income tax expense | (99) | (61) | (60) | (150) | |||||||||||||||||||
Equity earnings | 326 | 266 | 822 | 485 | |||||||||||||||||||
Income from continuing operations, net of income tax | 428 | 653 | 1,823 | 1,570 | |||||||||||||||||||
(Loss) income from discontinued operations, net of income tax | (7) | 256 | 1,850 | 292 | |||||||||||||||||||
Net income | 421 | 909 | 3,673 | 1,862 | |||||||||||||||||||
Earnings attributable to noncontrolling interests | (22) | (60) | (201) | (146) | |||||||||||||||||||
Preferred dividends | (48) | (36) | (121) | (107) | |||||||||||||||||||
Preferred dividends of subsidiary | — | — | (1) | (1) | |||||||||||||||||||
Earnings attributable to common shares | $ | 351 | $ | 813 | $ | 3,350 | $ | 1,608 | |||||||||||||||
Basic earnings per common share (EPS): | |||||||||||||||||||||||
Earnings | $ | 1.21 | $ | 2.93 | $ | 11.48 | $ | 5.83 | |||||||||||||||
Weighted-average common shares outstanding | 289,490 | 277,360 | 291,771 | 275,684 | |||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||
Earnings | $ | 1.21 | $ | 2.84 | $ | 11.43 | $ | 5.74 | |||||||||||||||
Weighted-average common shares outstanding | 290,582 | 295,789 | 292,935 | 279,809 | |||||||||||||||||||
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2020 and 2019 as follows:
Three months ended September 30, 2020:
Three months ended September 30, 2019:
Associated with holding the South American businesses for sale:
Nine months ended September 30, 2020:
Nine months ended September 30, 2019:
Associated with holding the South American businesses for sale:
Sempra Energy Adjusted Earnings, Weighted-Average Common Shares Outstanding – Adjusted and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings, Weighted-Average Common Shares Outstanding – GAAP and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
SEMPRA ENERGY Table A (Continued) | |||||||||||||||||||||||||||||||||||
Pretax amount | Income tax (benefit) expense(1) | Earnings | Pretax amount | Income tax expense (benefit)(1) | Earnings | ||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | Three months ended September 30, 2020 | Three months ended September 30, 2019 | |||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 351 | $ | 813 | |||||||||||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||||||||
Impacts associated with Aliso Canyon litigation and regulatory matters | $ | 27 | $ | (5) | 22 | $ | — | $ | — | — | |||||||||||||||||||||||||
Reduction to gain on sale of Chilean businesses | 16 | (9) | 7 | — | — | — | |||||||||||||||||||||||||||||
SDG&E retroactive impact of 2019 GRC FD for first half of 2019 | — | — | — | (92) | 26 | (66) | |||||||||||||||||||||||||||||
SoCalGas retroactive impact of 2019 GRC FD for first half of 2019 | — | — | — | (181) | 51 | (130) | |||||||||||||||||||||||||||||
Associated with holding the South American businesses for sale: | |||||||||||||||||||||||||||||||||||
Change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations | — | — | — | — | (192) | (192) | |||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 380 | $ | 425 | |||||||||||||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 351 | $ | 813 | |||||||||||||||||||||||||||||||
Add back dividends for dilutive series A preferred stock | — | 26 | |||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings for GAAP EPS | $ | 351 | $ | 839 | |||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – GAAP | 290,582 | 295,789 | |||||||||||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 1.21 | $ | 2.84 | |||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings for Adjusted EPS | $ | 380 | $ | 425 | |||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – Adjusted(2) | 290,582 | 282,551 | |||||||||||||||||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 1.31 | $ | 1.50 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 |
Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 3,350 | $ | 1,608 | |||||||||||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||||||||
Impacts associated with Aliso Canyon litigation and regulatory matters | $ | 127 | $ | (33) | 94 | $ | — | $ | — | — | |||||||||||||||||||||||||
Losses from investment in RBS Sempra Commodities LLP | 100 | — | 100 | — | — | — | |||||||||||||||||||||||||||||
Gain on sale of South American businesses | (2,899) | 1,152 | (1,747) | — | — | — | |||||||||||||||||||||||||||||
Gain on sale of certain Sempra Renewables assets | — | — | — | (61) | 16 | (45) | |||||||||||||||||||||||||||||
Associated with holding the South American businesses for sale: | |||||||||||||||||||||||||||||||||||
Change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations | — | — | — | — | (89) | (89) | |||||||||||||||||||||||||||||
Reduction in tax valuation allowance against certain NOL carryforwards | — | — | — | — | (10) | (10) | |||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 1,797 | $ | 1,464 | |||||||||||||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 3,350 | $ | 1,608 | |||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – GAAP | 292,935 | 279,809 | |||||||||||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 11.43 | $ | 5.74 | |||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 1,797 | $ | 1,464 | |||||||||||||||||||||||||||||||
Add back dividends for dilutive series A preferred stock | 78 | — | |||||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings for Adjusted EPS | $ | 1,875 | $ | 1,464 | |||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – Adjusted(3) | 307,405 | 279,809 | |||||||||||||||||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 6.10 | $ | 5.23 | |||||||||||||||||||||||||||||||
(1) | Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes were primarily calculated based on applicable statutory tax rates. We did not record an income tax benefit for the equity losses from our investment in RBS Sempra Commodities LLP because, even though a portion of the liabilities may be deductible under United Kingdom tax law, it is not probable that the deduction will reduce United Kingdom taxes. |
(2) | In the three months ended September 30, 2019, because the assumed conversion of the series A preferred stock is antidilutive for Adjusted Earnings, 13,238 series A preferred stock shares are excluded from the denominator used to calculate Adjusted EPS. |
(3) | In the nine months ended September 30, 2020, because the assumed conversion of the series A preferred stock is dilutive for Adjusted Earnings, 14,470 series A preferred stock shares are added back to the denominator used to calculate Adjusted EPS. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2020 Adjusted EPS Guidance Range of $7.20 to $7.80 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows:
Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2020 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2020 GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra Energy 2020 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
Full-Year 2020 | ||||||||||||||||||||||||
Sempra Energy GAAP EPS Guidance Range(1) | $ | 12.50 | to | $ | 13.10 | |||||||||||||||||||
Excluded items: | ||||||||||||||||||||||||
Impacts associated with Aliso Canyon litigation and regulatory matters | 0.32 | 0.32 | ||||||||||||||||||||||
Losses from investment in RBS Sempra Commodities LLP | 0.34 | 0.34 | ||||||||||||||||||||||
Gain on sale of South American businesses | (5.96) | (5.96) | ||||||||||||||||||||||
Sempra Energy Adjusted EPS Guidance Range | $ | 7.20 | to | $ | 7.80 | |||||||||||||||||||
Weighted-average common shares outstanding, diluted (millions)(2) | 293 |
(1) | Sempra Energy's prior GAAP EPS guidance range for full-year 2020 has been updated to reflect additional impacts associated with the Aliso Canyon natural gas storage facility litigation and regulatory matters, and post-closing adjustments with respect to the sale of our Chilean businesses. |
(2) | Weighted-average common shares outstanding does not include the dilutive effect of mandatory convertible preferred stock, as they are assumed to be antidilutive for full-year 2020. If such mandatory convertible preferred stock were dilutive for the full year, the 2020 GAAP EPS Guidance Range would differ from the range presented above. |
SEMPRA ENERGY | ||||||||||||||
Table B | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(Dollars in millions) | September 30, | December 31, 2019(1) | ||||||||||||
(unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 3,515 | $ | 108 | ||||||||||
Restricted cash | 28 | 31 | ||||||||||||
Accounts receivable – trade, net | 1,067 | 1,261 | ||||||||||||
Accounts receivable – other, net | 418 | 455 | ||||||||||||
Due from unconsolidated affiliates | 46 | 32 | ||||||||||||
Income taxes receivable | 152 | 112 | ||||||||||||
Inventories | 309 | 277 | ||||||||||||
Regulatory assets | 386 | 222 | ||||||||||||
Greenhouse gas allowances | 66 | 72 | ||||||||||||
Assets held for sale in discontinued operations | — | 445 | ||||||||||||
Other current assets | 407 | 324 | ||||||||||||
Total current assets | 6,394 | 3,339 | ||||||||||||
Other assets: | ||||||||||||||
Restricted cash | 3 | 3 | ||||||||||||
Due from unconsolidated affiliates | 617 | 742 | ||||||||||||
Regulatory assets | 1,740 | 1,930 | ||||||||||||
Nuclear decommissioning trusts | 1,057 | 1,082 | ||||||||||||
Investment in Oncor Holdings | 11,962 | 11,519 | ||||||||||||
Other investments | 1,455 | 2,103 | ||||||||||||
Goodwill | 1,602 | 1,602 | ||||||||||||
Other intangible assets | 205 | 213 | ||||||||||||
Dedicated assets in support of certain benefit plans | 469 | 488 | ||||||||||||
Insurance receivable for Aliso Canyon costs | 504 | 339 | ||||||||||||
Deferred income taxes | 199 | 155 | ||||||||||||
Greenhouse gas allowances | 598 | 470 | ||||||||||||
Right-of-use assets – operating leases | 563 | 591 | ||||||||||||
Wildfire fund | 371 | 392 | ||||||||||||
Assets held for sale in discontinued operations | — | 3,513 | ||||||||||||
Other long-term assets | 699 | 732 | ||||||||||||
Total other assets | 22,044 | 25,874 | ||||||||||||
Property, plant and equipment, net | 38,784 | 36,452 | ||||||||||||
Total assets | $ | 67,222 | $ | 65,665 |
(1) | Derived from audited financial statements. |
SEMPRA ENERGY | |||||||||||
Table B (Continued) | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | September 30, | December 31, 2019(1) | |||||||||
(unaudited) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 772 | $ | 3,505 | |||||||
Accounts payable – trade | 1,129 | 1,234 | |||||||||
Accounts payable – other | 163 | 179 | |||||||||
Due to unconsolidated affiliates | 6 | 5 | |||||||||
Dividends and interest payable | 563 | 515 | |||||||||
Accrued compensation and benefits | 412 | 476 | |||||||||
Regulatory liabilities | 373 | 319 | |||||||||
Current portion of long-term debt and finance leases | 2,890 | 1,526 | |||||||||
Reserve for Aliso Canyon costs | 268 | 9 | |||||||||
Greenhouse gas obligations | 66 | 72 | |||||||||
Liabilities held for sale in discontinued operations | — | 444 | |||||||||
Other current liabilities | 993 | 866 | |||||||||
Total current liabilities | 7,635 | 9,150 | |||||||||
Long-term debt and finance leases | 21,770 | 20,785 | |||||||||
Deferred credits and other liabilities: | |||||||||||
Due to unconsolidated affiliates | 271 | 195 | |||||||||
Pension and other postretirement benefit plan obligations, net of plan assets | 999 | 1,067 | |||||||||
Deferred income taxes | 2,696 | 2,577 | |||||||||
Deferred investment tax credits | 22 | 21 | |||||||||
Regulatory liabilities | 3,410 | 3,741 | |||||||||
Asset retirement obligations | 2,961 | 2,923 | |||||||||
Greenhouse gas obligations | 456 | 301 | |||||||||
Liabilities held for sale in discontinued operations | — | 1,052 | |||||||||
Deferred credits and other | 2,146 | 2,048 | |||||||||
Total deferred credits and other liabilities | 12,961 | 13,925 | |||||||||
Equity: | |||||||||||
Sempra Energy shareholders' equity | 23,228 | 19,929 | |||||||||
Preferred stock of subsidiary | 20 | 20 | |||||||||
Other noncontrolling interests | 1,608 | 1,856 | |||||||||
Total equity | 24,856 | 21,805 | |||||||||
Total liabilities and equity | $ | 67,222 | $ | 65,665 |
(1) | Derived from audited financial statements. |
SEMPRA ENERGY | |||||||||||
Table C | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Nine months ended September 30, | |||||||||||
(Dollars in millions) | 2020 | 2019 | |||||||||
(unaudited) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 3,673 | $ | 1,862 | |||||||
Less: Income from discontinued operations, net of income tax | (1,850) | (292) | |||||||||
Income from continuing operations, net of income tax | 1,823 | 1,570 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | 692 | 741 | |||||||||
Intercompany activities with discontinued operations, net | — | 184 | |||||||||
Net change in other working capital components | (137) | (200) | |||||||||
Distributions from investments | 429 | 163 | |||||||||
Insurance receivable for Aliso Canyon costs | (165) | 107 | |||||||||
Wildfire fund, current and noncurrent | — | (323) | |||||||||
Changes in other noncurrent assets and liabilities, net | 38 | (413) | |||||||||
Net cash provided by continuing operations | 2,680 | 1,829 | |||||||||
Net cash (used in) provided by discontinued operations | (1,051) | 289 | |||||||||
Net cash provided by operating activities | 1,629 | 2,118 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Expenditures for property, plant and equipment | (3,313) | (2,590) | |||||||||
Expenditures for investments and acquisitions | (229) | (1,449) | |||||||||
Proceeds from sale of assets | 22 | 899 | |||||||||
Distributions from investments | 761 | 9 | |||||||||
Purchases of nuclear decommissioning trust assets | (1,091) | (728) | |||||||||
Proceeds from sales of nuclear decommissioning trust assets | 1,091 | 728 | |||||||||
Advances to unconsolidated affiliates | (32) | (16) | |||||||||
Repayments of advances to unconsolidated affiliates | 7 | 12 | |||||||||
Intercompany activities with discontinued operations, net | — | (257) | |||||||||
Other | 13 | 16 | |||||||||
Net cash used in continuing operations | (2,771) | (3,376) | |||||||||
Net cash provided by (used in) discontinued operations | 5,186 | (63) | |||||||||
Net cash provided by (used in) investing activities | 2,415 | (3,439) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Common dividends paid | (872) | (734) | |||||||||
Preferred dividends paid | (107) | (107) | |||||||||
Issuances of preferred stock | 890 | — | |||||||||
Issuances of common stock | 10 | 757 | |||||||||
Repurchases of common stock | (565) | (23) | |||||||||
Issuances of debt (maturities greater than 90 days) | 5,934 | 3,269 | |||||||||
Payments on debt (maturities greater than 90 days) and finance leases | (4,387) | (2,500) | |||||||||
(Decrease) increase in short-term debt, net | (1,871) | 888 | |||||||||
Advances from unconsolidated affiliates | 64 | — | |||||||||
Purchases of noncontrolling interests | (178) | (30) | |||||||||
Contributions from noncontrolling interests, net of distributions | — | 171 | |||||||||
Intercompany activities with discontinued operations, net | — | (128) | |||||||||
Other | (29) | (37) | |||||||||
Net cash (used in) provided by continuing operations | (1,111) | 1,526 | |||||||||
Net cash provided by discontinued operations | 401 | 49 | |||||||||
Net cash (used in) provided by financing activities | (710) | 1,575 | |||||||||
Effect of exchange rate changes in continuing operations | (2) | — | |||||||||
Effect of exchange rate changes in discontinued operations | (3) | (3) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5) | (3) | |||||||||
Increase in cash, cash equivalents and restricted cash, including discontinued operations | 3,329 | 251 | |||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 217 | 246 | |||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, September 30 | $ | 3,546 | $ | 497 |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||
Table D | ||||||||||||||||||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | ||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
Earnings (Losses) Attributable to Common Shares | ||||||||||||||||||||||||||||||||
SDG&E | $ | 178 | $ | 263 | $ | 633 | $ | 582 | ||||||||||||||||||||||||
SoCalGas | (24) | 143 | 425 | 437 | ||||||||||||||||||||||||||||
Sempra Texas Utilities | 209 | 212 | 458 | 419 | ||||||||||||||||||||||||||||
Sempra Mexico | 50 | 84 | 302 | 214 | ||||||||||||||||||||||||||||
Sempra Renewables | — | — | — | 59 | ||||||||||||||||||||||||||||
Sempra LNG | 71 | 2 | 207 | 13 | ||||||||||||||||||||||||||||
Parent and other | (126) | (139) | (515) | (383) | ||||||||||||||||||||||||||||
Discontinued operations | (7) | 248 | 1,840 | 267 | ||||||||||||||||||||||||||||
Total | $ | 351 | $ | 813 | $ | 3,350 | $ | 1,608 | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
Capital Expenditures, Investments and Acquisitions | ||||||||||||||||||||||||||||||||
SDG&E | $ | 473 | $ | 363 | $ | 1,323 | $ | 1,071 | ||||||||||||||||||||||||
SoCalGas | 460 | 360 | 1,345 | 1,019 | ||||||||||||||||||||||||||||
Sempra Texas Utilities | 86 | 56 | 225 | 1,338 | ||||||||||||||||||||||||||||
Sempra Mexico | 122 | 178 | 443 | 420 | ||||||||||||||||||||||||||||
Sempra Renewables | — | — | — | 2 | ||||||||||||||||||||||||||||
Sempra LNG | 63 | 37 | 200 | 183 | ||||||||||||||||||||||||||||
Parent and other | — | 3 | 6 | 6 | ||||||||||||||||||||||||||||
Total | $ | 1,204 | $ | 997 | $ | 3,542 | $ | 4,039 |
SEMPRA ENERGY | ||||||||||||||||||||||||||
Table E | ||||||||||||||||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
UTILITIES | ||||||||||||||||||||||||||
SDG&E and SoCalGas | ||||||||||||||||||||||||||
Gas sales (Bcf)(1) | 57 | 57 | 257 | 271 | ||||||||||||||||||||||
Transportation (Bcf)(1) | 174 | 156 | 451 | 424 | ||||||||||||||||||||||
Total deliveries (Bcf)(1) | 231 | 213 | 708 | 695 | ||||||||||||||||||||||
Total gas customer meters (thousands) | 6,953 | 6,912 | ||||||||||||||||||||||||
SDG&E | ||||||||||||||||||||||||||
Electric sales (millions of kWhs)(1) | 4,063 | 3,970 | 10,647 | 10,796 | ||||||||||||||||||||||
Direct Access and Community Choice Aggregation (millions of kWhs) | 914 | 952 | 2,530 | 2,640 | ||||||||||||||||||||||
Total deliveries (millions of kWhs)(1) | 4,977 | 4,922 | 13,177 | 13,436 | ||||||||||||||||||||||
Total electric customer meters (thousands) | 1,480 | 1,468 | ||||||||||||||||||||||||
Oncor(2) | ||||||||||||||||||||||||||
Total deliveries (millions of kWhs) | 39,084 | 40,834 | 100,542 | 102,462 | ||||||||||||||||||||||
Total electric customer meters (thousands) | 3,744 | 3,673 | ||||||||||||||||||||||||
Ecogas | ||||||||||||||||||||||||||
Natural gas sales (Bcf) | — | — | 2 | 2 | ||||||||||||||||||||||
Natural gas customer meters (thousands) | 137 | 129 | ||||||||||||||||||||||||
ENERGY-RELATED BUSINESSES | ||||||||||||||||||||||||||
Power generated and sold | ||||||||||||||||||||||||||
Sempra Mexico | ||||||||||||||||||||||||||
Termoeléctrica de Mexicali (TdM) (millions of kWhs) | 893 | 1,032 | 2,176 | 2,862 | ||||||||||||||||||||||
Wind and solar (millions of kWhs)(3) | 432 | 419 | 1,304 | 1,109 |
(1) | Include intercompany sales. |
(2) | Includes 100% of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an indirect 80.25% interest through our investment in Oncor Electric Delivery Holdings Company LLC. |
(3) | Includes 50% of the total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50% ownership interest. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra Texas Utilities | Sempra Mexico | Sempra LNG | Consolidating Adjustments, Parent & Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,472 | $ | 842 | $ | — | $ | 351 | $ | 63 | $ | (84) | $ | 2,644 | |||||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (957) | (661) | — | (160) | (105) | 66 | (1,817) | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (200) | (165) | — | (47) | (2) | (4) | (418) | ||||||||||||||||||||||||||||||||||||||||||||||
Other (expense) income, net | (2) | (7) | — | 36 | — | 2 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 313 | 9 | — | 180 | (44) | (20) | 438 | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (102) | (39) | — | (17) | 17 | (96) | (237) | ||||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (33) | 6 | — | (92) | (18) | 38 | (99) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity earnings, net | — | — | 209 | 1 | 116 | — | 326 | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | — | — | — | (22) | — | — | (22) | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | (48) | (48) | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 178 | $ | (24) | $ | 209 | $ | 50 | $ | 71 | $ | (126) | 358 | ||||||||||||||||||||||||||||||||||||||||
Losses from discontinued operations(2) | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 351 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra Texas Utilities | Sempra Mexico | Sempra LNG | Consolidating Adjustments, Parent & Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,427 | $ | 975 | $ | — | $ | 357 | $ | 100 | $ | (101) | $ | 2,758 | |||||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (802) | (571) | — | (174) | (120) | 69 | (1,598) | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (196) | (154) | — | (46) | (2) | (4) | (402) | ||||||||||||||||||||||||||||||||||||||||||||||
Impairment losses | (6) | (37) | — | — | — | — | (43) | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of assets | — | — | — | — | — | (3) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 19 | 1 | — | (30) | — | 3 | (7) | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 442 | 214 | — | 107 | (22) | (36) | 705 | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (105) | (36) | — | (10) | 4 | (110) | (257) | ||||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (71) | (35) | — | — | 2 | 43 | (61) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity earnings, net | — | — | 212 | 37 | 17 | — | 266 | ||||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (3) | — | — | (50) | 1 | — | (52) | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | (36) | (36) | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 263 | $ | 143 | $ | 212 | $ | 84 | $ | 2 | $ | (139) | 565 | ||||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations | 248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 813 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | Represents post-closing adjustments related to the sale of our equity interests in our Chilean businesses. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra Texas Utilities | Sempra Mexico | Sempra Renewables | Sempra LNG | Consolidating Adjustments, Parent & Other | Total | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 3,976 | $ | 3,247 | $ | — | $ | 935 | $ | — | $ | 255 | $ | (214) | $ | 8,199 | |||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (2,326) | (2,144) | — | (408) | — | (266) | 153 | (4,991) | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (598) | (486) | — | (141) | — | (7) | (10) | (1,242) | |||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 47 | 21 | — | (211) | — | — | (20) | (163) | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 1,099 | 638 | — | 175 | — | (18) | (91) | 1,803 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (305) | (117) | — | (48) | — | 26 | (298) | (742) | |||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (161) | (95) | — | 161 | — | (59) | 94 | (60) | |||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 458 | 207 | — | 257 | (100) | 822 | |||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | — | — | — | (193) | — | 1 | 1 | (191) | |||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (121) | (122) | |||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 633 | $ | 425 | $ | 458 | $ | 302 | $ | — | $ | 207 | $ | (515) | 1,510 | ||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations(2) | 1,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 3,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra Texas Utilities | Sempra Mexico | Sempra Renewables | Sempra LNG | Consolidating Adjustments, Parent & Other | Total | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 3,666 | $ | 3,142 | $ | — | $ | 1,058 | $ | 10 | $ | 327 | $ | (317) | $ | 7,886 | |||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (2,141) | (2,083) | — | (496) | (20) | (350) | 223 | (4,867) | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (571) | (449) | — | (136) | — | (7) | (11) | (1,174) | |||||||||||||||||||||||||||||||||||||||||||||
Impairment losses | (6) | (37) | — | — | — | — | (43) | ||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of assets | — | — | — | — | 61 | — | 2 | 63 | |||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 60 | 18 | — | 6 | — | — | 19 | 103 | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 1,008 | 591 | — | 432 | 51 | (30) | (84) | 1,968 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (308) | (103) | — | (31) | 8 | 27 | (326) | (733) | |||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (111) | (50) | — | (116) | (4) | (4) | 135 | (150) | |||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 419 | 43 | 5 | 19 | (1) | 485 | |||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (7) | — | — | (114) | (1) | 1 | — | (121) | |||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (107) | (108) | |||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 582 | $ | 437 | $ | 419 | $ | 214 | $ | 59 | $ | 13 | $ | (383) | 1,341 | ||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations | 267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 1,608 |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | Includes $1,747 million gain on the sale of our South American businesses in the second quarter of 2020. |
View original content to download multimedia:http://www.prnewswire.com/news-releases/sempra-energy-reports-third-quarter-2020-earnings-results-301166833.html
SOURCE Sempra Energy
LOS ANGELES, Oct. 29, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it is for the first time dispensing California-produced renewable natural gas (RNG) at many of the natural gas fueling stations it operates across the state. The utility recently began purchasing RNG from Pixley-based Calgren Dairy Fuels (Calgren), which captures the greenhouse gas-producing manure from dairy farms and turns it into RNG, a renewable fuel. SoCalGas has dispensed 100% RNG from out-of-state sources at its fueling stations for a year. Calgren's facility is part of a rapidly growing biomethane industry in California and is currently the largest dairy biogas operation in the U.S.
Photos of the fueling stations and Calgren's dairy digester facility are available here. A video demonstrating RNG's ability to reduce California's transportation emissions is available here.
"RNG is an important tool in reducing greenhouse gas emissions, which cause climate change, and we're looking forward to major growth in production of this renewable fuel in California," said Jawaad Malik, SoCalGas vice president of gas acquisition. "With the right incentives in place, RNG has significant opportunity to help the state move toward carbon-neutrality in not only the transportation sector but in many areas where traditional natural gas is now used."
"Calgren is excited to be one of the leading production facilities in the U.S., which will eventually capture the waste of more than 132,000 cows from at least 18 dairies," said Lyle Schlyer, president of Calgren. "Using the methane captured from dairy waste for transportation fuel is good for the environment because it not only keeps methane from escaping to the air, it allows us to replace traditional natural gas with a renewable version, and it reduces pollution from diesel truck engines."
RNG is produced when methane, a greenhouse gas that occurs naturally when organic waste breaks down, is captured and upgraded to pipeline standards rather than being released into the air. Organic waste sources such as dairy farms, landfills, sewage, food waste, and dead forest trees create about 80% of all methane emissions in California. Capturing this methane and converting it to RNG rapidly reduces greenhouse gas emissions. In California, a 2016 law requires a 40% reduction of methane emissions from waste sources, with provisions to deliver that energy to customers.
Production of the fuel has accelerated quickly in California, supported by state incentive programs seeking to reduce greenhouse gas emissions from trucking and dairy farms. In just the next three and a half years, at least 160 RNG production facilities will be online in California to serve the transportation fuel sector, producing more than 15.8 million therms of carbon-negative RNG every year and replacing about 119 million gallons of diesel fuel. That's enough to reduce greenhouse gas emissions by over 3.4 million tons every year, the equivalent of taking more than 730,000 cars off the road.
Renewable natural gas trucks currently displace about 150 million gallons of diesel fuel in California. By increasing RNG trucks by ten times and decreasing diesel trucks by half, California could cut NOx emissions by 200 tons and reduce greenhouse gas emissions by 10 million tons.
In addition, California recently enacted legislation that expands the definition of renewable natural gas to include organic waste such as dead trees, agricultural waste and vegetation removed for wildfire mitigation which is typically converted to RNG by non-combustion thermal conversion. The new legislation has a twin benefit of helping to manage wildfires with reduced debris and also lowering greenhouse gas emissions.
To help expand the growth and use of RNG, SoCalGas has proposed a service that would give its customers the option to purchase a portion of their natural gas from renewable sources, just as millions of people can opt to purchase renewable electricity today. The California Public Utilities Commission (CPUC) has issued a draft ruling authorizing such a service, which is expected to be voted on by the end of the year.
Investment in RNG is also growing beyond California. Oregon recently enacted legislation allowing its natural gas utilities to purchase RNG on behalf of its customers, with the goal of replacing 15% of traditional natural gas with RNG by 2030. Virginia-based Dominion Energy has committed to investing in enough RNG projects to make its gas infrastructure net-zero carbon by 2040. In 20 years, enough RNG could be available in the U.S. to replace about 90% of the nation's current residential natural gas consumption, according to a recent study by ICF.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable gas by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content to download multimedia:http://www.prnewswire.com/news-releases/socalgas-now-dispensing-california-produced-renewable-natural-gas-at-its-vehicle-fueling-stations-for-the-first-time-301163218.html
SOURCE Southern California Gas Company
LOS ANGELES, Oct. 22, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today partnered with The Laundry Truck LA (TLTLA) to unveil the organization's newest trailer which will provide free mobile laundry services to unhoused individuals in the Greater Los Angeles area. The trailer is fully equipped with five sets of washers and dryers, a folding station, and a water heater. With the addition of the new trailer, TLTLA is expecting to complete over 10,000 loads of laundry by the end of 2020. Please see photos from the media event here.
The Laundry Truck LA is a non-profit organization dedicated to providing free mobile laundry services for those in need throughout Los Angeles and is one of the first mobile laundry services in the country to serve the homeless population. With the help of additional sponsors and partners, TLTLA has successfully expanded their operations to meet growing demands. Earlier this year, Landi Renzo USA donated a converted CNG Ford F-250 pickup truck equipped with the company's Eco Ready™ compressed natural gas (CNG) system to assist with TLTLA's efforts. The addition of the truck will help TLTLA expand their reach to more people in need while reducing their environmental impact and lowering greenhouse gas emissions.
TLTLA's trailers offer services seven days a week, including night shifts, to unhoused individuals throughout Los Angeles County's parks, recreation centers and specialized locations. These free laundry services are made available exclusively to individuals experiencing homelessness at designated locations. Accessible personal care services, like laundry, play a large part in helping improve the day-to-day livelihood, self-confidence, hygiene, and future opportunities for underserved populations.
"We are proud to join with SoCalGas in launching this new truck," said Councilmember Gil Cedillo. "As an early supporter of The Laundry Truck LA, we have been gratified to watch this organization grow, and reach more people experiencing homelessness in our community. Clean clothing is something so many of us take for granted, but it is truly a human right and need for us all. They provide a great service to the homeless in Council District 1."
"Thanks to The Laundry Truck LA, many people experiencing homelessness in Los Angeles County have been able to wash and dry their clothes free of cost. That is why I proudly supported The Laundry Truck LA with a grant of $90,405, which made it possible for Laundry Truck LA to provide critical laundry services to residents of the Winter Shelter in Bassett Park," said Los Angeles County Supervisor Hilda L. Solis. "Access to laundry services is a simple way to give our unhoused neighbors self-confidence and a sense of dignity."
"I look forward to having my clothes washed and folded every week. This is a great necessity, especially during this time of the coronavirus," said TLTLA guest Daniel. "What I appreciate the most about The Laundry Truck and their services is their ability to treat all their guests like a human being, regardless of their situation or background."
Earlier this year, SoCalGas donated $25,000 to TLTLA to support rising demands for personal care and laundry services.
"As an Angeleno myself, I am extremely proud to join forces with The Laundry Truck LA to provide much needed support and services to our unhoused neighbors throughout Los Angeles County," said Andy Carrasco, vice president of strategy and engagement, and chief environmental officer at SoCalGas. "Our partnership with The Laundry Truck LA and Landi Renzo allows us to make a positive impact to our community and the environment."
"People experiencing homelessness in LA have been hit hard by the pandemic, and the demand for our free mobile laundry services has never been higher," said Jodie Dolan, founder of The Laundry Truck LA. "We are deeply grateful to SoCalGas and Landi Renzo for their incredible support and partnership. This new truck enables us to expand our reach and provide our services to those who need them most."
SoCalGas COVID-19 Pandemic Response
Since March, SoCalGas has donated more than $2.74 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About The Laundry Truck LA
Founded in 2017, The Laundry Truck LA (TLTLA) is a non-profit organization dedicated to providing free mobile laundry services for people experiencing homelessness in Los Angeles. TLTLA was one of the first mobile laundry services in the country to serve people experiencing homelessness, and is one of a handful in the world. TLTLA is expanding its services through local city, county and community support – and provided an estimated 3,000-4,000 loads of laundry in 2019. Accessible personal care services, like clean laundry, truly impact lives, and can make the difference in securing employment or housing, or for kids, the difference in having a positive school experience. For additional information, please visit https://www.thelaundrytruckla.com/.
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SOURCE Southern California Gas Company
LOS ANGELES, Oct. 19, 2020 /PRNewswire/ -- Distance learning has brought to light a number of equity challenges facing many Los Angeles County students and their families. One challenge that stands out is the lack of wifi connectivity to allow adequate access to at home learning and other resources.
The YMCA-LA and SoCalGas have partnered to provide free unlimited internet access to outdoor spaces at 20 Y branches throughout Los Angeles. This initiative is funded via a generous donation made by SoCalGas of $60,000 and provides in-need communities with this vital utility.
"We greatly appreciate the generosity of SoCalGas," said Mario Valenzuela, Vice President of Equity and Inclusion, YMCA-LA. "Their donation allows us to give in-need communities equal access to the internet and in turn equal opportunities as everyone else to learn and thrive."
The goal of the initiative is to bridge the digital divide with free wifi connectivity to support distance learning, offer career counseling, tele-health resources, job opportunities and other necessary resources to thrive in today's current climate.
The program kicks off on October 19 with four Y branches: Weingart East Los Angeles Family YMCA; Weingart YMCA Wellness & Aquatic Center; Wilmington Family YMCA; and Montebello-Commerce Family YMCA. An additional 16 branches will follow in the next few weeks with all branches operational by November.
"SoCalGas and the YMCA share the common goal of improving the quality of life in the communities in which we serve. We are proud to partner with the Y to help close the digital divide and provide free public wifi to all," said Cedric Williams, Vice President of Customer Services for SoCalGas and YMCA Board Member. "This initiative will open the doors of opportunity to many Angelenos, in particular students, jobseekers, and those in need of tele-health resources."
Internet access is unlimited and availability is in line with branch hours. Visit ymcala.org to find wifi locations and information.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable gas by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About the YMCA of Metropolitan Los Angeles:
Since the pandemic crisis YMCA-LA has been supporting the community by providing over 750,000 Grab & Go meals to kids and teens and their families, delivering tens of thousands of meals to homebound seniors and providing 25,000+ hours of free child care to emergency responders and essential workers. They have leveraged their facilities to provide nearly 15,000 showers for the homeless and are hosting over 70 blood drives to ensure LA County's blood supply is ready for all of our needs. The Y also wishes to thank their members for their commitment. Without them, the Y could not have provided the level of community support during these difficult times. For more information on YMCA-LA programs visit www.ymcala.org
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SOURCE Southern California Gas Company
DALLAS, Oct. 15, 2020 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its third quarter 2020 results on Nov. 5, prior to Sempra Energy's (NYSE: SRE) third quarter 2020 conference call. Oncor's earnings release will be available on Oncor's website, oncor.com.
Sempra Energy will conduct a conference call at 12 p.m. ET, Thursday, Nov. 5 that will include discussion of Oncor's third quarter operational and financial results. Investors, media, analysts and the public may listen to a live webcast of the conference call on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link. Prior to the conference call, an accompanying slide presentation will be posted on Sempra Energy's website.
For those unable to participate in the live webcast, a replay of Sempra Energy's call will be available a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 8857186.
Oncor's Quarterly Report on Form 10-Q for the period ended September 30, 2020 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call and, once filed, will also be available at oncor.com.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest distribution and transmission system in Texas, delivering power to more than 3.7 million homes and businesses and operating more than 139,000 miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra Energy, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company, LLC
SAN DIEGO, Oct. 15, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its third-quarter 2020 earnings by 7 a.m. ET, Thursday, Nov. 5.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, Thursday, Nov. 5. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted by 7 a.m. ET, Thursday, Nov. 5, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 8857186, or it can be accessed on the company's website.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 15, 2020 /PRNewswire/ -- In observance of the 13th annual Great California ShakeOut event, Southern California Gas Co. (SoCalGas) today reminded customers about the importance of emergency preparedness. Natural disasters such as earthquakes can happen at any moment, almost always without warning... SoCalGas encourages customers to be aware of their surroundings after an earthquake and not to turn off their natural gas unless there are signs of a natural gas leak and it is safe to do so.
"The safety of our communities is a priority at SoCalGas and we are proud to participate in The Great California ShakeOut to help bring awareness about the importance of being prepared for an earthquake or other emergency," said Angelica Espinosa, vice president and chief risk officer at SoCalGas. "We want to take this opportunity to educate our customers on some simple steps they can take to help keep their families safe."
California is at a higher risk for earthquakes compared to the rest of United States and natural disasters can happen at any moment. Last year, over 10.9 million Californians participated in the Great California ShakeOut event, which offers many ways for individuals, businesses, schools, and others to practice what to do during and after an earthquake.
"The Great Shakeout event is crucial in helping us all be aware of the risk from earthquakes and take the steps to prevent further harm to ourselves and our families. With the ongoing pandemic, many of us continue to remain sheltered in place at home – it's even more important now than ever to emphasize preparedness actions that can reduce risks from earthquakes," said Dr. Lucy Jones, seismologist and founder of the Dr. Lucy Jones Center for Science and Society. "Remember to practice drop, cover, and hold on with family and friends to make sure you remain safe in the next real earthquake, and take one other step to protect yourself, your family, and your community."
SoCalGas offers the following tips:
For more natural gas safety information, visit socalgas.com/stay-safe/emergency-information/emergency-preparedness.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 15, 2020 /PRNewswire/ -- Forbes and JUST Capital have named Sempra Energy (NYSE: SRE) to the Forbes JUST 100 list, which is intended to recognize companies that are doing right by all their stakeholders, including employees, customers, communities, the environment and shareholders.
"Sempra Energy's vision to deliver energy with purpose comes to life through our stakeholder-centered approach and leading with environmental, social and governance principles," said Lisa Alexander, senior vice president of corporate affairs and chief sustainability officer for Sempra Energy. "It's an honor to see Forbes and JUST Capital recognize Sempra Energy as a 'most just' corporation working to create long-term sustainable value for our stakeholders."
"Now more than ever, business leaders have the chance to spark lasting systemic change within their companies and across society," said Forbes Senior Editor Steven Bertoni. "The companies in this year's JUST 100 show that we can face the twin tragedies of the COVID-19 pandemic and racial inequality and continue to improve our actions and refocus our missions to do better, and be better, for all stakeholders."
Through vigorous, objective analysis determined by data from public reports, company surveys and crowd-sourced repositories, the Forbes JUST 100 evaluates and celebrates U.S. publicly traded corporations that outperform on the issues that matter most to the American public – paying a fair wage, upholding human rights across the supply chain, investing in worker training, acting ethically and with integrity, cultivating a diverse and inclusive workplace, protecting worker health and safety, providing good benefits and work-life balance, and more. By striving to meet the needs of all stakeholders, JUST 100 leaders demonstrate that profits and purpose go hand in hand.
United under a vision to deliver energy with purpose, Sempra Energy's 18,000 employees power the lives of more than 35 million consumers. This award represents the company's continued progress on living its values: do the right thing, champion people and shape the future. To learn more about Sempra Energy's commitment to environmental, social and governance principles, please read the 2019 corporate sustainability report.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
About JUST Capital
The mission of JUST Capital, an independent nonprofit, is to build an economy that works for all Americans by helping companies improve how they serve all their stakeholders – workers, customers, communities, the environment, and shareholders. We believe that business and markets can and must be a greater force for good, and that by shifting the resources of the $19 trillion private sector, we can address systemic issues at scale, including income inequality and lack of opportunity. Guided by the priorities of the public, our research, rankings, indexes, and data-driven tools help measure and improve corporate performance in the stakeholder economy. To learn more about how data-driven insights are creating a more just future for capitalism, visit: www.JUSTCapital.com.
About Forbes
The defining voice of entrepreneurial capitalism, Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 160 million people worldwide through its trusted journalism, signature LIVE events, custom marketing programs and 40 licensed local editions in 70 countries. Forbes Media's brand extensions include real estate, education and financial services license agreements. For more information, visit the Forbes News Hub or Forbes Connect.
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SOURCE Sempra Energy
SAN DIEGO, Oct. 14, 2020 /PRNewswire/ -- Sempra Energy's (NYSE: SRE) board of directors has received the National Association of Corporate Directors' NXT Award recognizing boards that have made transformative efforts in the areas of diversity and inclusion.
"Diversity and inclusion have been part of Sempra's DNA for decades, underpinned by our board's view that inclusive teams are essential to building a stronger and more successful company," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "It's an honor to receive this award as an acknowledgement of our progress to date and commitment to further live our values to do the right thing, champion people and shape the future."
Sempra Energy received the award due to its exemplary diversity and inclusion programs held across its family of companies. This includes launching Community Conversations, a series of employee dialogues held in the wake of racial injustice issues this summer. These dialogues, as well as strategic guidance from Sempra Energy's board of directors, accelerated the efforts to drive substantive and enduring change across the Sempra family of companies with a view toward ensuring every employee is valued, respected and enabled to reach their full potential.
Additionally, targeted volunteer and charitable giving programs are aimed at re-invigorating diverse spending goals with community partners. Sempra Energy's regulated California utilities have consistently exceeded internal goals for supplier diversity, as well as those set by the California Public Utilities Commission. Sempra Energy has been recognized as a Best Place to Work for LGBTQ Equality by the Human Rights Council and is included in Bloomberg's Gender-Equality Index.
Nominations were evaluated by an independent selection committee composed of leading corporate directors and executives. Each board is evaluated on the following criteria: strength of the organization's diversity, equity and inclusion, and/or belonging objectives; the organization's ability to define and measure the success of its diversity and inclusion objectives; board composition, culture and practices that align with the organization's diversity and inclusion objectives; how the company's diversity and inclusion initiatives permeate not only the organization internally but its external stakeholders; and how innovation was spurred based on diversity and inclusion efforts.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
About NACD
The National Association of Corporate Directors (NACD) empowers more than 21,000 directors to lead with confidence in the boardroom. As the recognized authority on leading boardroom practices, NACD helps boards strengthen investor trust and public confidence by ensuring that today's directors are well prepared for tomorrow's challenges. World-class boards join NACD to elevate performance, gain foresight, and instill confidence. Fostering collaboration among directors, investors, and corporate governance stakeholders, NACD has been setting the standard for responsible board leadership for more than 40 years. To learn more about NACD, visit https://www.nacdonline.org/.
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SOURCE Sempra Energy
SAN DIEGO, Oct. 12, 2020 /PRNewswire/ -- In the wake of Hurricane Delta, Sempra Energy (NYSE: SRE) today pledges $100,000 to assist communities in Southwest Louisiana and Southeast Texas in recovering from back-to-back hurricanes. This builds on a $500,000 pledge by the Sempra Energy Foundation toward recovery efforts after Hurricane Laura struck the region in August.
"Hurricane Delta has multiplied the hardship on Gulf Coast communities, including families and small businesses still recovering from Hurricane Laura and suffering from the COVID-19 pandemic," said Lisa Alexander, senior vice president of corporate affairs for Sempra Energy. "We are committed to strengthening communities where Sempra Energy operates and know these funds will provide much-needed support, particularly to the resilient people of Southwest Louisiana."
Together with the previous pledge from the Sempra Energy Foundation and generous commitments from Sempra Energy partners, this additional pledge from Sempra Energy will help families and small businesses repair damage caused by flooding and sustained winds. Together, these commitments will help speed the recovery of property for those hit hard from back-to-back storms on top of an economic recession. Sempra Energy, the Sempra Energy Foundation and Sempra LNG will engage community partners and local government in the Gulf Coast to help identify areas of need and distribute the funds.
Over the last three years Sempra Energy, Sempra LNG and the Sempra Energy Foundation have committed more than $3.5 million to nonprofit organizations providing services in Texas and Louisiana.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets at the end of 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
About the Sempra Energy Foundation
The Sempra Energy Foundation is a 501(c)(3) private foundation based in San Diego. The foundation was founded by Sempra Energy. The Sempra Energy Foundation is committed to making a difference through partnerships that produce sustainable and responsible change. Over time, the foundation has invested in communities where Sempra Energy employees live and work, responded to a wide range of natural disasters, and encouraged community collaboration.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 8, 2020 /PRNewswire/ -- In recognition of National Hydrogen & Fuel Cell Day and the hydrogen-powered Toyota Mirai, Southern California Gas Co. (SoCalGas) and Longo Toyota of El Monte are donating 1,008 meals to non-profit, Meals on Wheels (October 8th and the number 1,008 are used in connection with hydrogen because its atomic weight is 1.008). Toyota's Mirai fuel cell electric vehicle is powered solely by hydrogen without combustion, and its only emission is water. SoCalGas, the largest gas distribution utility in North America, recognizes hydrogen and fuel cells to be a critical part of the future of clean energy in California.
"Longo Toyota is proud to partner with SoCalGas on National Hydrogen & Fuel Cell Day to bring awareness to hydrogen and fuel cell technology in the automotive space," said Doug Eroh, President and General Manager of Longo Toyota. "As one of the original authorized Mirai dealers in California, we have sold over 1,300 Mirai fuel cell vehicles in addition to over 35,000 hybrid electric vehicles over the past 20 years. Longo Toyota is committed to promoting clean energy vehicles and educating the public on the importance of environmental sustainability."
"As California works to transition to cleaner energy, SoCalGas knows the importance of hydrogen and fuel cells in developing the 21st century energy system, and innovations like hydrogen-powered cars are key. Vehicles like the Mirai are expected to play an important role as California seeks to meet the requirements of Governor Newsom's executive order to require all new cars sold here to be zero-emissions by 2035," said Yuri Freedman, SoCalGas senior director of business development. "SoCalGas is also furthering innovation and the development of carbon-free and carbon-negative gases like renewable natural gas and hydrogen, which demonstrates our commitment to helping California reach its climate goals affordably and reliably."
For the past six years, the U.S. Congress has passed resolutions recognizing October 8 as Hydrogen and Fuel Cell Day. According to the U.S. Department of Energy, hydrogen and fuel cells can be used in multiple sectors such as transportation and stationary power enabling energy security and resiliency.
National Hydrogen and Fuel Cell Day was created by the Fuel Cell and Hydrogen Energy Association (FCHEA) to help raise awareness of fuel cell and hydrogen technologies. FCHEA recently launched a report titled, Road Map to a US Hydrogen Economy. The Road Map was developed with input from 20 major companies including Microsoft, Toyota, Air Liquide, Cummins, SoCalGas, and other Fortune 100 firms. It outlines how expanding the use of hydrogen would help solve a multitude of energy, environmental and health issues and makes the case that hydrogen will be required to dramatically decrease carbon fuels from U.S. energy supply, especially as energy demands increase. Further, the Road Map explains the role of hydrogen in providing carbon-free electricity, long-term storage of renewable power, and clean distributed power to prevent power outages during natural disasters or grid cyberattacks.
Fuel cells are yet another technology which continues to scale in the energy industry, combining both hydrogen and oxygen to produce electricity. SoCalGas recently announced it begun powering two of its largest Los Angeles-area facilities with Bloom Energy solid oxide fuel cells. The switch to fuel cells reduces greenhouse gas (GHG) emissions, air pollutants and the cost of power, as well as provides reliable electricity independent of the power grid.
SoCalGas' vision is to be the cleanest gas utility in North America and support a 21st century energy system that provides clean, affordable, resilient and integrated energy. As part of its vision, the utility committed to replacing 20 percent of natural gas supplies to its core customers with renewable natural gas (RNG) by 2030. SoCalGas will also make use of hydrogen, fuel cells and other energy alternatives.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable gas by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Longo Toyota
Longo Toyota, located in El Monte, CA, is the #1 Volume Toyota Dealer in the USA since 1967. Longo Toyota employs over 500 Team Members and is a multiple year winner of the Toyota President's Cabinet Award, President's Award, Circle of Excellence Award, and Board of Governor's Award. Longo Toyota is a past winner of the Automotive News Best Dealerships to Work For Award, and Women's Choice Award.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 8, 2020 /PRNewswire/ -- Amid the growing urgency to address climate change and its impacts, San Diego Gas & Electric Company (SDG&E) today released a comprehensive sustainability strategy with aspirational goals in the areas of environmental stewardship, clean transportation, grid modernization, community engagement, and company operations to support California's clean energy ambitions.
The company's holistic approach to sustainability builds on environmental, social and governance (ESG) principles, as well as its accomplishments to date. Titled "Building a Better Future: Our Commitment to Sustainability" (available at sdge.com/sustainability), the document will serve as a foundation for SDG&E to work toward key sustainability goals in the years and decades to come. Similar to climate action plans developed by local cities, SDG&E aims to update and evolve its "living" sustainability strategy to reflect stakeholder feedback, regulatory policies and technological breakthroughs.
"It's imperative that we move more quickly to address climate change with strategic investments and partnerships because the stakes are so high if we fail to take collective action now," said Caroline Winn, SDG&E's chief executive officer. "As an energy company, we have an important role to play in the fight against climate change by not only doing our part to reduce emissions from our own operations, but to also develop and encourage the use of energy innovations that can make a difference."
SDG&E aligned its sustainability goals with California's landmark climate policies and the company's own values: "do the right thing," "champion people" and "shape the future." The company recognizes its duties to provide safe, reliable and affordable energy services, as well as the systemic inequities that have existed for many years in society. It's committed to working with regional stakeholders and community-based organizations to help facilitate a just and equitable transition to a cleaner energy economy that does not leave behind vulnerable populations facing disproportionate impacts.
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE). For more information, visit SDGEnews.com [c212.net] or connect with SDG&E on Twitter (@SDGE [c212.net]), Instagram (@SDGE [c212.net]) and Facebook [c212.net].
This [report/press release] contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this [report/press release]. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this [report/press release], forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), U.S. Department of Energy, and other regulatory and governmental bodies and (ii) states, cities, counties and other jurisdictions in the U.S. in which we operate or do business; the success of business development efforts and construction projects, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) counterparties' financial or other ability to fulfill contractual commitments, and (iii) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, including in connection with a CPUC-ordered suspension of service disconnections, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; the impact on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed or local power generation, and the risk of nonrecovery for stranded assets and contractual obligations; volatility in interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of changes to U.S. federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that San Diego Gas & Electric Company and its parent company, Sempra Energy, have filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
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SOURCE San Diego Gas & Electric
LOS ANGELES, Oct. 7, 2020 /PRNewswire/ -- In recognition of Energy Efficiency Day, Southern California Gas Co. (SoCalGas) today reminded customers that taking a few simple steps to conserve energy can reduce greenhouse gas emissions linked to climate change, and save money on utility bills. In the last five years alone, SoCalGas energy efficiency programs delivered more than 208 million therms in energy savings, enough natural gas usage for 127,000 households a year. These advances have also helped save SoCalGas customers over $229 million in utility bill costs. Last year, a study by Energy Futures Initiative determined that energy efficiency is one of the most cost-effective and beneficial tools available to reduce greenhouse gas emissions and reach California's climate goals.
"National Energy Efficiency Day provides an opportunity to shine a light on simple steps we can all take to help improve the environment and save money," said Brian Prusnek, director of customer programs and assistance at SoCalGas. "As a leader in energy efficiency, we are committed to continuing to offer our customers programs that help make their SoCalGas bill more affordable and also promote energy efficiency."
SoCalGas offers rebates on hundreds of home appliances and products that help conserve energy and reduce costs. An energy efficient appliance can help save customers thousands of dollars in energy bills over its lifetime. For example:
Last month, SoCalGas announced that it was increasing rebates by 50% on energy efficient appliances and smart thermostats through the end of the year. Customers can apply for rebates quickly and easily from a computer or mobile device by visiting socalgas.com/rebates.
In addition to its energy efficiency rebate program, SoCalGas' Energy Savings Assistance (ESA) program provides eligible customers with home improvements, at no cost to the renter or homeowner, that help conserve energy, reduce natural gas use and enhance the safety, health, and comfort of the renter or homeowner. SoCalGas provides this service to approximately 100,000 customers each year. Over 1.5 million homes have received upgrades through the ESA program. To learn more, please visit socalgas.com/assistance.
While energy efficient appliances and home improvements can help save energy and money, they aren't the only way to do so. Customers can take these steps to reduce their natural gas use and keep energy costs affordable:
To learn more about SoCalGas' energy-saving programs and services, or for more information on how to more efficiently manage natural gas usage and possibly reduce monthly natural gas bills, please visit SoCalGas' website at socalgas.com or call (800) 427-2200.
Energy Efficiency Day is a collaboration between regional and national organizations aimed at helping individuals and organizations save energy and save money. Customers can find out how to participate by visiting energyefficiencyday.org.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable gas by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 5, 2020 /PRNewswire/ -- The National Organization on Disability (NOD) has recognized Sempra Energy (NYSE: SRE) as a 2020 Leading Disability Employer for adopting exemplary employment practices for people with disabilities.
"All of us across the Sempra Energy family of companies are honored to be recognized for our concerted efforts to create an accepting and comfortable work environment for people with visible and non-visible disabilities," said Karen Sedgwick, senior vice president, chief human resources officer for Sempra Energy. "This recognition reflects the proud work carried out by our operating companies, our diversity and inclusion team, as well as our executive leaders, in shaping a culture that accepts and validates people from all walks of life."
This annual recognition is designed to commend those organizations that are leading the way in disability hiring and to encourage additional companies to tap into the many benefits of hiring talent with disabilities, including strong consumer preference for companies that employ individuals with disabilities and greater employee engagement across the workforce.
Sempra Energy and its family of companies understand that diversity drives performance. By raising awareness of individual experiences and embracing an active dialogue to normalize disability, Sempra Energy actively seeks to foster a more inclusive, high-performing culture, where everyone feels a sense of belonging.
One critical way Sempra Energy and its family of companies strive to create a workforce that reflects the communities we serve is by working with nonprofit organizations advocating for individuals with disabilities to identify job opportunities that leverage their unique talents. As part of its commitment to living the value of championing people, Sempra has a robust team to facilitate accommodation requests from employees and support efforts to enable them to contribute to their full potential. By shining a spotlight on disability through programs such as inclusion webinars, Sempra Energy and its family of companies encourage all employees to challenge biases and make personal commitments to driving inclusion for all.
About National Organization on Disability (NOD)
The National Organization on Disability (NOD) is a private, non-profit organization that seeks to increase employment opportunities for the 80-percent of working age Americans with disabilities who are not employed. To achieve this goal, NOD offers a suite of employment solutions, tailored to meet leading companies' workforce needs. NOD has helped some of the world's most recognized brands be more competitive in today's global economy by building or enriching their disability inclusion programs.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 1, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a $25,000 sponsorship of The Midnight Mission's Banquet of Hope event. The money will provide at least 26,315 meals and critical resources for individuals experiencing homelessness. The Banquet of Hope is a daily lunch service held outside of The Midnight Mission's headquarters in downtown Los Angeles, which safely provides prepackaged lunches every day during the month of October. Please see photos from the first Banquet of Hope lunch service, held today, here.
"SoCalGas recognizes the need for assistance during these unprecedented, trying times," said Trisha Muse, director of community relations at SoCalGas. "We are proud to be able to continue our support to The Midnight Mission in their work to provide our most vulnerable community members with basic needs and services."
"The Midnight Mission is proud to partner with long-time supporter SoCalGas to raise awareness of the people living on our streets who are hungry and without a home during on our Banquet of Hope event," said Mike Arnold, president & CEO of The Midnight Mission. "The Midnight Mission's goal is to restore people to self-sufficiency and combat the issues surrounding homelessness. SoCalGas's commitment to ending homelessness makes us natural partners as we address the needs of those who are less fortunate."
The Banquet of Hope aims to address the need to provide critical support to thousands of people living in Skid Row and throughout Los Angeles and Orange County through the sponsorships and funds raised as a result of the event. To support The Midnight Mission and the Banquet of Hope or to get involved, please visit midnightmission.org/banquetofhope.
The Midnight Mission, founded in 1914, is a comprehensive homeless shelter and homeless services provider that offers a path to self-sufficiency for men, women, and children experiencing homelessness in Los Angeles. The organization offers the structure and the resources that people experiencing homelessness need to truly improve their lives.
From 2016 to 2019, SoCalGas employees have volunteered nearly 75,000 hours of their time and given over $3.2 million through payroll deductions to community organizations. SoCalGas has contributed over six thousand logged volunteer hours to The Midnight Mission since 2014 with over 1,300 volunteers. Prior to COVID-19, SoCalGas employees have traveled to the shelter, located in the heart of Skid Row, every Friday to volunteer and support the shelter's mission for the last six years.
SoCalGas COVID-19 Pandemic Response
Since March, SoCalGas has donated more than $2.74 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About The Midnight Mission
Founded in 1914, The Midnight Mission offers paths to self-sufficiency to men, women and children who have lost direction. Our emergency services and 12-step recovery, family living, job training, education and workforce development programs offer a compassionate bridge to achieve and maintain healthy, productive lives. We remove obstacles and provide the accountability and structure that people who are experiencing homelessness need to be productive in their communities. Our conviction and commitment to their success define us. For additional information, please visit www.midnightmission.org.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable gas by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 1, 2020 /PRNewswire/ -- Sempra Energy's (NYSE: SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its third-quarter 2020 earnings by 6 p.m. ET, Oct. 21, in advance of a conference call with IEnova executives at 11 a.m. ET, Oct. 22.
Briefing materials also will be posted by 6 p.m. ET, Oct. 21, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the conference call will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 9435755#.
About IEnova
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2019, the company has 1,300 employees and approximately $9.6 billion dollars in total assets, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor), and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Sept. 10, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company is increasing rebates by an additional 50% on all energy efficient appliances offered through its rebate program now through December 31, 2020. This means customers can get an additional 50% cash back on energy efficient products that will help them conserve energy and reduce their SoCalGas bill. The rebates are funded through energy efficiency incentive programs created by the California Public Utilities Commission.
"SoCalGas is offering bigger rebates for customers buying energy efficient appliances and other rebate-qualified products—and with many people facing financial hardship during the pandemic, it couldn't come at a better time," said Brian Prusnek, SoCalGas director of customer programs and assistance. "We also know that many consumers are looking to replace a dryer, a furnace or water heater, or simply want to save money with a new energy saving appliance, and SoCalGas is delivering on our commitment to our customers by helping them further improve energy efficiency and reduce their natural gas bills."
SoCalGas offers rebates on hundreds of home appliances and products that help conserve energy and reduce costs. Customers can apply for rebates quickly and easily from a mobile device by visiting socalgas.com/rebates. On the website, customers will find rebates of up to $600 on select water heaters and furnaces, up to $500 on select fireplaces and $50 on select smart thermostats and Energy Star natural gas dryers.
An energy efficient appliance, over its lifetime, will save customers thousands of dollars in energy bills. A tankless water heater can save about $1,500, an efficient traditional water heater about $200. An energy efficient furnace will save a customer about $550 over its lifetime and a smart thermostat, which can learn a customer's schedule and temperature preferences to adjust the temperature in the home accordingly, can save $125 over its lifetime.
Using less energy is also good for the environment. Between 2015 and 2019, SoCalGas energy efficiency programs helped customers avoid using enough natural gas to reduce greenhouse gas emissions (GHGs) by over 1,100,000 metric tons, the equivalent of removing nearly 238,000 cars from the road annually. These advances have also helped save SoCalGas customers over $229 million in natural gas bill costs. In 2019 alone, SoCalGas' energy efficiency programs saved customers $55.6 million.
In addition to rebates, SoCalGas offers a wide range of other programs and services to save money and conserve household energy use. To learn more about these programs and services, or for more information on how to more efficiently manage natural gas usage and possibly reduce monthly natural gas bills, please visit SoCalGas' website at socalgas.com or call (800) 427-2200.
SoCalGas COVID-19 Pandemic Response
Since March, SoCalGas has donated more than $2.74 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable gas by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Sept. 3, 2020 /PRNewswire/ -- Today, Sempra Energy's (NYSE: SRE) Chairman and CEO Jeffrey W. Martin, along with seven employees from the Sempra Energy family of companies, will participate in a virtual closing bell ceremony with the New York Stock Exchange (NYSE). Sempra Energy's employees are being recognized as part of the NYSE's Gratitude Campaign, honoring essential employees who are working throughout the COVID-19 pandemic.
"We could not be prouder of our employees across the Sempra Energy family of companies for the resilience and dedication they have displayed throughout the pandemic," said Martin. "Our long-standing focus on safety has been critical as we continue to provide essential energy services to millions of consumers, including hospitals, first responders and all those working from home during this time. We are excited to honor our employees at today's event for their essential work."
Sempra Energy's bell ringing event will begin at 3:59 p.m. Eastern Time and can be viewed live on the NYSE website at https://www.nyse.com/bell.
Sempra Energy's companies are leaders in their respective markets, and have been providing essential services and operating critical energy infrastructure throughout the COVID-19 pandemic.
Southern California Gas Co. is the largest natural gas distribution utility in the U.S., serving approximately 22 million consumers. Sempra Energy's leadership position in California is also bolstered by San Diego Gas & Electric, which provides electric and natural gas services to more than 3 million consumers. In Texas, Oncor Electric Delivery Company LLC, based in Dallas, operates the largest transmission and distribution system in the state, serving approximately 10 million Texans. Sempra LNG also has a market leading position in liquefied natural gas (LNG) export infrastructure, including owning over 50% interest in Cameron LNG, a 12 million ton per annum export facility operating in Hackberry, Louisiana. Sempra LNG is also developing LNG export facilities on the Gulf Coast and Pacific Coast of North America through Cameron LNG expansion, Port Arthur LNG in Texas and Energía Costa Azul LNG in Mexico. Sempra Energy is also the majority owner of Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) which is one of the largest private owners and developers of energy infrastructure in Mexico.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 2, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Manuela "Nelly" Molina, currently chief financial officer for Sempra Energy's Mexico subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), has been named vice president of investor relations for Sempra Energy.
"Over the past 10 years, Nelly has built a tremendous career at IEnova and we are very excited to have her join our senior leadership team at Sempra Energy," said Trevor Mihalik, executive vice president and chief financial officer for Sempra Energy. "Her extensive background in investor relations and finance will be instrumental to communicating with the investment community about Sempra Energy's disciplined focus on delivering long-term sustainable value."
Molina has served as chief financial officer for IEnova since 2017, managing the company's corporate finances, business planning, financial reporting, mergers and acquisitions, investor relations, risk management, and information technology, among other areas. Prior to that, she served as vice president of finance for IEnova. Since 2013, Molina has led and completed a range of financing initiatives for IEnova, totaling $10.1 billion, including the company's initial public offering. Before joining IEnova in 2010, she spent 13 years working in the energy industry at Kinder Morgan and El Paso Corporation in Mexico.
Earlier this year, Molina was recognized by Institutional Investor Magazine as the best overall chief financial officer among Latin America energy companies in the publication's list of "Latin America's Most Resilient Executives and Companies." Last year, Molina was also recognized as one of the top chief financial officers in Mexico by Mundo Ejecutivo Magazine and one of the "100 Most Powerful Women in Mexico" by Expansion editorial group.
Faisel Khan, senior vice president of finance for Sempra Energy and chief financial officer for Sempra LNG, currently leads Sempra Energy's investor relations team. Beginning Oct. 3, 2020, he will serve as chief financial officer for Sempra LNG, leaving leadership of Sempra Energy's investor relations team to Molina.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
LOS ANGELES, Sept. 1, 2020 /PRNewswire/ -- Southern California Gas Company (SoCalGas) today announced a virtual enrollment option for the Energy Savings Assistance Program, which continues to provide eligible customers with an average of $705 worth of energy-efficiency home upgrades at no cost to help improve the safety and comfort of customers' homes.
"The safety of our customers, employees and contractors is of the utmost importance and, keeping in mind that social distancing is a very important component of helping to stop the spread of the COVID-19 pandemic, we are pleased to offer a virtual enrollment option for our Energy Savings Assistance Program" said Jeff Walker, vice president of customer solutions at SoCalGas. "During this challenging time, it's critical that we continue to support our customers and communities by providing reliable and affordable energy, while also maintaining the health and safety of our customers, employees and contractors."
"Quality Conservation Services (QCS) is pleased to join with SoCalGas to have customers virtually enroll in the Energy Savings Assistance customer assistance program," said Allan Rago, President at QCS. "Customer and contractor safety is always of the utmost importance and especially now, during these unprecedented times. We are pleased to be able to offer this easy virtual option and encourage customers to enroll."
The Energy Savings Assistance Program provides eligible customers with professionally installed home improvements, at no cost to the renter or homeowner, that help conserve energy, reduce natural gas use and enhance safety, health, and comfort. Improvements may include installation of high efficiency washers, water heater replacement, furnace replacement, attic insulation, door weather-stripping and more. SoCalGas has helped over one million of its customers save on their energy bills through energy efficient upgrades.
To qualify for the program, the customer or someone in the customer's household must be enrolled in a qualifying public assistance program or meet income qualifications. Please see here for more information.
Customers interested in applying can visit the Energy Savings Assistance Program webpage on socalgas.com or call (800) 331-7593. Qualifying customers will then be contacted by a SoCalGas contractor who will conduct their virtual enrollment via phone or video call.
In addition to the Energy Savings Assistance Program, SoCalGas offers a wide range of other programs and services. To learn more about these programs and services, or for more information on how to more efficiently manage natural gas usage and possibly reduce monthly natural gas bills, please visit SoCalGas' website at socalgas.com or call (800) 427-2200.
Between 2015 and 2019, SoCalGas energy efficiency programs delivered more than 208 million therms in energy savings, enough natural gas usage for 127,000 households a year, and reduced greenhouse gas emissions (GHGs) by over 1,100,000 metric tons, the equivalent of removing nearly 238,000 cars from the road annually. These advances have also helped save SoCalGas customers over $229 million in utility bill costs. In 2019 alone, SoCalGas' energy efficiency programs saved customers $55.6 million.
The Energy Savings Assistance Program is funded by California investor-owned-utility customers and administered by Southern California Gas Company under the auspices of the California Public Utilities Commission.
SoCalGas COVID-19 Pandemic Response
Since March, SoCalGas has donated more than $2.9 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable gas by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Aug. 31, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its board of directors has declared a $1.045 per share quarterly dividend on the company's common stock, which is payable Oct. 15, 2020, to common stock shareholders of record at the close of business on Sept. 25, 2020.
Sempra Energy's board of directors declared a quarterly dividend of $1.50 per share on Sempra Energy's 6% Mandatory Convertible Preferred Stock, Series A. Sempra Energy's board of directors also declared a quarterly dividend of $1.6875 per share on the company's 6.75% Mandatory Convertible Preferred Stock, Series B. Additionally, the board of directors declared a dividend of $15.7083 per share on Sempra Energy's 4.875% Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, Series C. All of the preferred stock dividends will be payable Oct. 15, 2020, to preferred stock shareholders of record at the close of business on Oct. 1, 2020.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by (i) the Comisión Federal de Electricidad, California Public Utilities Commission (CPUC), U.S. Department of Energy, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, cities, counties and other jurisdictions in the U.S., Mexico and other countries in which we operate or do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, including in connection with a CPUC-ordered suspension of service disconnections, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed or local power generation, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the newly effective United States-Mexico-Canada Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to U.S. federal and state and foreign tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
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SOURCE Sempra Energy
LOS ANGELES, Aug. 31, 2020 /PRNewswire/ -- The Los Angeles Area Chamber of Commerce (L.A. Area Chamber) and Southern California Gas Co. (SoCalGas) today announced they will jointly offer a Virtual Job Fair for those seeking employment in the greater L.A. area. The Virtual Job Fair will showcase job openings from a range of companies as well as provide tips on how to complete job applications, prepare for interviews, and get workforce ready training if needed. Companies including SoCalGas, Ralphs, Henkels & McCoy, FedEx, Meruelo, Primoris ARB, Spectrum, ACS, Paxon and UPS, will discuss their job opportunities and skills they're seeking. The Virtual Job Fair will be held Thursday, September 3 from 10:00 a.m. to Noon. Participants may register beginning today at this link.
"The unemployment rate in the Los Angeles area now exceeds 19%, so Angelenos definitely need help finding work," said Denita Willoughby, L.A. Area Chamber Board Chair, and SoCalGas vice president of supply management and support services. "This event will help provide access to numerous job opportunities for those who may not be aware of them."
"Our communities are facing unprecedented challenges during the current economic and health crisis. The L.A. Area Chamber and our partners are focusing on solutions that provide opportunities and build a viable workforce for the Los Angeles region," said Los Angeles Area Chamber of Commerce President & CEO Maria S. Salinas.
The Virtual Job Fair will be held using the Zoom meeting platform. Job seekers will log in to a full-group session, then select from several Company Showcase breakout sessions featuring career opportunities in areas such as: Technology, Construction, Professional Services/Engineering, Information Technologies, Business Development, and Project Management, as well as Clerk, Courier and Customer Services. Represented companies will be available to discuss their open positions and answer questions. L.A. Area Chamber staff and participating companies will also provide concurrent training breakout sessions to share recommended strategies for getting job interviews, acing the interview and landing the job.
The Virtual Job Fair is part of the Chamber's work in providing opportunities for the Los Angeles region's workforce. SoCalGas is serving as the event's presenting sponsor as part of its support for COVID-19 recovery efforts. The utility has given more than $2.74 million to nonprofit organizations since March to support the region's workforce, feed the hungry, provide bill assistance to customers, and more.
Together, the Sempra Energy family of companies–including SoCalGas's sister California utility San Diego Gas and Electric, and the Sempra Energy Foundation–have donated more than $12.5 million to those in need during this crisis.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About Los Angeles Area Chamber of Commerce
The Los Angeles Area Chamber of Commerce represents the interests of business in the Los Angeles region. The Chamber's mission is to design and advance opportunities and solutions for a thriving regional economy that is inclusive and globally competitive. Founded in 1888, the Chamber is the oldest and largest business association in the region. Its member companies work together to promote a prosperous economy and quality of life in the Los Angeles region.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90% of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45% of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20% of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Aug. 27, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the Sempra Energy Foundation is pledging $500,000 to assist communities in Southwest Louisiana and Southeast Texas affected by Hurricane Laura. Sempra Energy has a goal to raise another $1 million toward recovery efforts by enlisting partners and others in the energy industry across the region.
"Our hearts go out to all the families that have been impacted by Hurricane Laura," said Lisa Alexander, president of the Sempra Energy Foundation. "We are proud to operate essential energy infrastructure in Southwest Louisiana and Texas and are committed to living our company's values by supporting those communities, and our employees who work and live there, throughout the recovery process. At the Sempra Energy Foundation, leading with purpose means partnering with the public and private sector alike to help the Gulf Coast community rebuild."
The Sempra Energy Foundation funds will be directed to support the critical needs of Louisiana and Texas as they are identified.
Sempra Energy's subsidiary, Sempra LNG, owns 50.2% of the Cameron LNG export facility, located in Hackberry, Louisiana, in addition to other operational facilities in Cameron, Calcasieu and Beauregard Parishes. Sempra Energy and Sempra LNG have been an active part of the Hackberry community for nearly two decades.
Over the last three years, Sempra Energy, Sempra LNG and the Sempra Energy Foundation have committed more than $2.5 million to nonprofit organizations providing services in Texas. The company has been operating in Texas for more than 20 years and plans to open a new "Center of Excellence" in Houston later this year. Additionally, Sempra LNG is developing the proposed Port Arthur LNG export project in Jefferson County, Texas.
About the Sempra Energy Foundation
The Sempra Energy Foundation is a 501(c)(3) private foundation based in San Diego. The foundation was founded by Sempra Energy. The Sempra Energy Foundation is committed to making a difference through partnerships that produce sustainable and responsible change. Over time, the foundation has invested in communities where our employees live and work, responded to a wide range of natural disasters, and encouraged community collaboration.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
LOS ANGELES, Aug. 26, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the U.S. Department of Energy (DOE) has awarded over $7.1 million in funding to three projects advancing clean automotive transportation technologies supported by the utility. SoCalGas' Research, Development & Demonstration department will provide $730,000 in additional funding for the projects which are led by Cummins, Inc., GTI and West Virginia University Research Corporation. The projects will advance fuel cell technology for on-road trucking and transit, near-zero emissions natural gas technology for rail locomotives, and best practices to reduce maintenance costs for alternative fuel vehicles.
"SoCalGas is committed to being an integral part of California's energy future, and as we work on achieving our goal to be the cleanest gas utility in North America, supporting the research and development of clean transportation technologies is key," said Yuri Freedman, senior director of business development at SoCalGas. "The transportation sector accounts for around 40% of California's GHG emissions, and developing zero- and near-zero emissions vehicle technology is critical to mitigating the impacts of climate change."
The projects include:
"We are pleased to work with SoCalGas, the DOE and our other partners to improve cost and operational performance of hydrogen fuel cell technologies," Amy Davis, President New Power, Cummins, Inc. "We are looking forward to moving this technology forward and bringing additional hydrogen products to our customers."
"GTI is excited to be awarded this DOE project and work with SoCalGas, OptiFuel Systems, and other partners to demonstrate a near-zero natural gas hybrid locomotive. Advancing the technology will expand access to cleaner, affordable mobility and contribute to transportation options for consumers," said Ted Barnes, GTI R&D Director, Energy Utilization.
"Lack of technical quality in comparison of maintenance cost between alternative fuel vehicles and conventional diesels has acted as barrier for increased adoption of AFV by heavy- and medium-duty fleets," said Dr. Arvind Thiruvengadam (Principal Investigator) and Assistant Professor at West Virginia University. "WVU CAFEE is excited for the partnership and the funding received from SoCalGas to further research in this topic and address the critical barriers that prevent the adoption of a domestic alternative fuel sources for transportation."
Selected projects under this funding opportunity will be managed by the Vehicle Technologies Office (VTO). VTO research pathways focus on fuel diversification, vehicle efficiency, energy storage, lightweight materials, and new mobility technologies to improve the overall energy efficiency and affordability of the transportation system.
To learn more about SoCalGas research and development projects and investments, please visit socalgas.com/smart-energy.
About Cummins Inc.
Cummins Inc. is a global technology company designing, manufacturing, distributing and servicing a broad portfolio of reliable, clean power solutions; including diesel, natural gas, hybrid, electric and other alternative solutions. Established in 1919 and headquartered in Columbus, Indiana (U.S.), Cummins serves customers in more than 190 countries and territories around the world. More information can be found at www.cummins.com/alwayson.
About West Virginia University's Center for Alternative Fuels, Engines and Emissions
Established in 1989 as a non-profit research center operating within academic surroundings. CAFEE's original mission was to coordinate and stimulate research in the following areas: Transportation Energy, Heavy-Duty Power Systems, Alternative Fuels. CAFEE is renowned for its history of successfully quantifying exhaust emissions of both conventional and alternative-fueled engines, heavy-duty vehicles, as well as improving energy efficiency and lessening environmental impact.
About GTI
GTI is a leading research, development and training organization that has been addressing global energy and environmental challenges by developing technology-based solutions for consumers, industry, and government for nearly 80 years.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Aug. 25, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company will award 60 students from Southern and Central California scholarships totaling $232,000. Recipients were evaluated on academic achievement, community engagement, and an essay about California's clean energy future. This year, 86 percent of scholarship recipients were minority students.
"At SoCalGas, we believe that a well-educated workforce is essential for a vital and economically healthy community. That's why we are proud to contribute to the education of students pursuing higher education through our annual scholarship program," said Andy Carrasco, vice president of strategy and engagement, and chief environmental officer at SoCalGas. "Helping students prepare for their professional careers is part of our commitment toward supporting the communities we serve."
SoCalGas partnered with more than thirty community and non-profit organizations to identify this year's recipients. Graduating high school students attending a vocational school, technical school or community college will receive $1,000, while transferring community college students and high school graduates attending an accredited four-year college or university will receive $5,000.
Yolanda Carrion, a graduate from South East High School in South Gate who will attend the University of Southern California this fall said, "I am a first-generation student planning to major in Public Policy at the University of Southern California. I am eager to begin to help address the social justice issues that plague my community. For now, it is as a student and in the future I hope as a community organizer. I am thankful for the new opportunities SoCalGas has awarded me and the continued support from my friends and family."
Mikhai Davis, a Culver City High School graduate attending Santa Monica College in the fall said, "This scholarship means so much to me and will be very helpful because it will give me the ability to pay for my books allowing me to focus more on them than their expenses. It will help me in my major of business by allowing me not to worry about covering certain expenses. I am very grateful for this opportunity and will use it to broaden my horizons."
Another scholarship recipient, Hailey Gough, said, "I attended Ernest Righetti High School. I will be attending the California State University of Fullerton. As of now, my major remains undeclared. Although I do not yet know what career path I will pursue, I am thinking of working in the sports industry. To me, this scholarship shows that hard work does not go unnoticed, and that consistent effort will eventually earn recognition. To my family, this scholarship serves as reimbursement for all the support and resources they have put into me and my successes. As I begin my college career and choose the profession I want to pursue, this scholarship will help support my goals and remind me that constant persistence results in success."
In addition to providing academic scholarships, SoCalGas supports technology-based learning in science, engineering, and math at schools across the company's service territory. Last year, the company provided more than $1.5 million in grants to hundreds of educational organizations in Central and Southern California. For more information about SoCalGas' charitable giving, please visit the 2019 Community Giving Report.
Since its launch in 2001, SoCalGas' scholarship program has provided more than $2.7 million in scholarship funding to more than 2,500 students.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. By developing renewable gas from our state's abundant organic waste streams, we can help to meet our climate goals sooner, while diversifying our carbon-free energy sources, improving energy resilience and reliability, while also creating additional renewable fuel and jobs for our communities. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Aug. 25, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the Sempra Energy Foundation will donate $250,000 to the California Fire Foundation in support of the organization's wildfire relief efforts.
"At a time when our state is facing an extraordinary set of challenges, we want to recognize the critical role of California's firefighters and first responders," said Lisa Alexander, president of the Sempra Energy Foundation. "Our communities are made stronger by their selfless contributions, and our thoughts are with them and the thousands of families that have been impacted by the wildfires in California."
The California Fire Foundation provides emotional and financial assistance to families of fallen firefighters, firefighters and the communities they protect. Formed in 1987 by California Professional Firefighters, the California Fire Foundation's mandate includes an array of survivor and victim assistance projects and community initiatives.
"We are extremely grateful for the Sempra Energy Foundation's commitment to support the California Fire Foundation's Disaster Relief programs and help for those affected by fire and natural disaster," said Rick Martinez, executive director for the California Fire Foundation. "This partnership could not come at a more critical time as California battles an unprecedented wildfire season, and it will ensure firefighters, victims and communities continue to get the help they desperately need."
The Sempra Energy Foundation's funding will further the California Fire Foundation's Supplying Aid to Victims of Emergency (SAVE) program, which brings immediate, short-term relief to victims of wildfire and other natural disasters across California. Currently, the California Fire Foundation is distributing 500 SAVE cards to firefighter partners in the field to deliver to eligible individuals and families affected by current and recent wildfires in the state. The cards enable victims to purchase basic necessities, such as food, clothing and medicine.
"Our firefighters, who are spending weeks at a time on the front line battling terrible fires, are bolstered by the generosity of the Sempra Energy Foundation," said Tim Edwards, president of CAL FIRE Local 2881. "We are grateful to the Sempra Energy Foundation for its support of our firefighters and their families who will be helped through these difficult times."
About the Sempra Energy Foundation
The Sempra Energy Foundation is a 501(c)(3) private foundation based in San Diego. The foundation was founded by Sempra Energy. As part of the company's commitment to investing in the communities it serves, the Sempra Energy Foundation and Sempra employees have donated more than $100 million over the past five years.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
SAN DIEGO, Aug. 24, 2020 /PRNewswire/ -- Sempra LNG, a subsidiary of Sempra Energy (NYSE: SRE), today announced that Lisa Glatch, currently chief operating officer for Sempra LNG, has been promoted to president and chief operating officer for Sempra LNG.
"We could not be more pleased to appoint Lisa to the role of president as we maintain our focus on growing our liquefied natural gas (LNG) business to serve global markets," said Justin Bird, chief executive officer of Sempra LNG. "With Phase 1 of Cameron LNG now in commercial operations, we have matured into a business that encompasses the full life cycle of LNG export facility development, design, construction, and operations. Lisa's impressive experience is a great asset and her leadership will be key to our continued success as we look ahead to the construction of our proposed export facility at Energía Costa Azul on the Pacific Coast of Mexico."
Glatch will continue to report to Justin Bird, chief executive officer of Sempra LNG. She also will continue to serve as the board chair for Cameron LNG and lead Sempra LNG's sustainability initiatives. Her appointment builds further on the Sempra LNG's leadership team's broad-based expertise in project development, marketing, financing, engineering and construction, as well as commercial and stakeholder engagement.
"I'm honored for the opportunity to help lead this talented team as we move into full commercial operations at Cameron LNG and advance our other prospects and projects," said Lisa Glatch. "Our mission to be North America's premier LNG infrastructure company is a bold one and I couldn't be more excited about the progress we are making as we continue to unlock access to global markets through strategically located facilities."
With more than 30 years of experience, Glatch joined Sempra Energy in 2018 as strategic initiatives officer and then joined Sempra LNG as chief operating officer, applying best practices in completing Cameron LNG construction and progressing Sempra LNG's proposed Energía Costa Azul LNG and Port Arthur LNG projects under development. Previously, Glatch held board and senior executive positions in business development, operations, and project management at CH2M, Jacobs and Fluor, global engineering, construction and technical services firms serving the energy market.
About Sempra LNG
Sempra LNG's mission is to be North America's premier LNG infrastructure company by providing sustainable, safe and reliable access to U.S. natural gas for global markets. Sempra LNG owns a 50.2% interest in Cameron LNG, a 12 million tonnes per annum (Mtpa) export facility operating in Hackberry, Louisiana and is currently developing additional LNG export facilities on the Gulf Coast and Pacific Coast of North America through Cameron LNG expansion, Port Arthur LNG in Texas and Energía Costa Azul LNG in Mexico. Through our disciplined value creation process, Sempra LNG evaluates expansion opportunities at each of these locations and other infrastructure investments along the LNG value chain.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: decisions, investigations, regulations, issuances of permits and other authorizations, and other actions by (i) the U.S. Department of Energy and other regulatory and governmental bodies and (ii) states, cities, counties and other jurisdictions in the U.S., Mexico and other countries in which we operate or do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the newly effective United States-Mexico-Canada Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to U.S. federal and state and foreign tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra LNG, Cameron LNG, Port Arthur LNG and ECA LNG are not the same company as San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra LNG, Cameron LNG, Port Arthur LNG and ECA LNG are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG
OXNARD, Calif., Aug. 19, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today partnered with Clinicas del Camino Real (Clinicas) and Meruelo Enterprises to deliver hundreds of hygiene items and dry goods to farmworkers and their families who have been impacted by the COVID-19 pandemic. The contactless donation event was organized through Feeding the Frontline: Feeding Our Farmworkers. SoCalGas also donated $5,000 to the organization. Photos and videos from today's drive are available here.
"SoCalGas recognizes the importance of supporting farmworkers during these challenging times with not only affordable energy but also with basic necessities like hygiene items and food," said Maria Ventura, public affairs manager at SoCalGas. "We are proud to partner with Clinicas and Meruelo Enterprises, and to see our employees stepping up to help others in the communities we serve."
"As one of the founding members of Feeding the Frontline, I am proud to partner with SoCalGas and Meruelo Enterprises in continuing our efforts," said Roberto S. Juarez, Chief Executive Officer at Clinicas del Camino Real, Inc. "We are thankful for partners like SoCalGas and Meruelo Enterprises who support important initiatives within our communities."
"Farmworkers have been unsung heroes during this pandemic. As a minority-owned enterprise, we feel a deep responsibility to give back and help the minority communities and workers that keep our economy going. Our diverse employees have embraced the 'Feeding Our Farmworkers' initiative, and because of our partnership with SoCalGas, we're able to make a significant impact for these workers," said Elizabeth Martinez, Director, Government Relations at Meruelo Enterprises.
For today's drive, SoCalGas and Meruelo employees purchased items from Feeding The Frontline's Amazon wish list or dropped off donated items at Clinicas' headquarters in Camarillo. Employees donated hygiene items such as hand sanitizers, paper towels, diapers, soap, shampoo, face coverings, and gas cards as well as dry goods such as white rice, corn tortillas, beans and more.
Feeding Our Farmworkers is made up of business owners and community leaders from Ventura County who've joined together to provide food, support and recognition to the thousands of farmworkers providing essential duties in Ventura County during COVID-19. The group's mission is to feed frontline workers by mobilizing local resources and planning regular food distributions specifically for farmworkers throughout the COVID-19 pandemic.
Since April, Feeding Our Farmworkers has held 27 food distribution events with over 21,000 farmworkers' families served. Over 300 tons of food have been donated and distributed by community partners like SoCalGas and Meruelo Enterprises.
In addition to the $5,000 donation to Clinicas, SoCalGas has given more than $2.74 million to nonprofit organizations for COVID-19 recovery efforts since March to support the region's workforce, feed the hungry, provide bill assistance to customers, and more.
Together, the Sempra Energy family of companies–including SoCalGas's sister California utility San Diego Gas and Electric, and the Sempra Energy Foundation–have donated more than $12.5 million to those in need during this crisis.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About Feeding the Frontline
Feeding the Frontline: Feeding Our Farmworkers is a group of business owners, non-profits, and community leaders from Ventura County, including Clinicas, Ruby's Restaurant, The Port of Hueneme, Del Monte, The Local Love Project and Gloria's Restaurant & Bar, that have joined forces to provide food, support and recognition to the thousands of farmworkers providing essential duties during the COVID-19 pandemic in Ventura County.
Feeding the Frontline seeks "to feed those who feed us" by visiting farms and community locations to provide free lunch or dinner to farmworkers, as well as providing essential products and healthy boxed food to those who have not stopped their duties while the rest of Ventura County residents have to stay at home.
About Clinicas del Camino Real (Clinicas)
Clinicas is a non-profit organization operating 15 clinic sites and 3 mobile units across Ventura County. The mission of Clinicas is to provide quality, comprehensive, and preventive health care services to the County's community at rates that are consistent with ability to pay. Clinicas has historically served underserved populations although all patients are accepted.
About Meruelo Enterprises
Meruelo Enterprises, Inc. (MEI) is a leader in integrated construction solutions. MEI is one of the leading Latino-owned, MBE certified utility + commercial construction contractor in California. We provide planning, construction, engineering, design and management services for large scale public and private projects serving the gas, electric, water utilities, transit construction services and high-tech installations.
For more than 75 years, customers have trusted MEI with both small and large-scale projects due to our commitment to safety, quality, and experience in the construction industry. We bring added value to each project as we continue to grow our portfolio of companies. Our companies include Herman Weissker Inc, Doty Brothers Construction Co., Tidwell Excavating, Neal Electric Company and Select Electric Inc. For more information visit our website https://merueloenterprises.com/ or connect with MEI on Facebook https://www.facebook.com/MerueloEnterprisesInc.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. By developing renewable gas from our state's abundant organic waste streams, we can help to meet our climate goals sooner, while diversifying our carbon-free energy sources, improving energy resilience and reliability, while also creating additional renewable fuel and jobs for our communities. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Aug. 12, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the launch of the company's Restaurant Recovery Program, which aims to assist Black-owned restaurants in both Los Angeles County and the Inland Empire that have been affected by the COVID-19 pandemic. The program will be administered by the Vermont Slauson Economic Development Corporation (VSEDC), a community-based organization that provides economic opportunities for prosperity by infusing resources into neighborhoods that need support the most. The Restaurant Recovery Program was announced in conjunction with Los Angeles Black Restaurant Week, of which SoCalGas is a proud sponsor. Black Restaurant Week is part of a larger, ongoing effort to support Black-owned businesses in the Los Angeles area.
"Black restaurant owners suffer disproportionately from the ills of this pandemic," said VSEDC's President & CEO Joseph T. Rouzan III. "This critical infusion of capital allows restaurateurs to make vital upgrades to help stay afloat during these challenging times."
"As our nation faces the negative economic impacts of the COVID-19 pandemic, it is critical to support business owners in the communities we serve. The Restaurant Recovery Program will provide some relief to Black-owned restaurant owners struggling during this time," said Trisha Muse, director of community relations at SoCalGas. "We are also pleased to support Black Restaurant Week Los Angeles. This is a wonderful way to celebrate and support Black-owned businesses in our community and we look forward to participating."
Awarded to restaurants including Watts Coffee House, Hot and Cool Cafe, Post and Beam, and Pip's on La Brea, the grants range from $1,000 to $5,000 and can be used for payroll assistance, sanitizing and personal protective equipment, plexiglass, energy efficiency upgrades or repairs, energy audits and more. The Restaurant Recovery Program runs through the end of the year or until funds are depleted.
"It is with warm appreciation that 27th Street Bakery would like to thank Southern California Gas Company for their generous grant offering," said Jeanette Bolden-Pickens, owner of 27th Street Bakery. "As a family owned business serving the community since 1956, this grant will have an immediate impact. Your generosity will help us to purchase shrink wrap equipment which will help create a healthier environment in this time of COVID-19. We appreciate Southern California Gas Company and VSEDC for their efforts in keeping 27th Street Bakery a 'sweet' spot in the local community."
"VSEDC has been fundamental to the economic navigation in South LA," said John Cleveland, owner of Post and Beam. "We are grateful for the opportunity to meet the challenge of supporting and uplifting our community. Post & Beam plays a significant role in the South Los Angeles community that we intend to uphold. It has been a challenge to prepare for a safe and sustainable outdoor dining environment. We intend to use the funds provided by the SoCalGas/VSEDC recovery grant to provide this much needed experience to our community."
SoCalGas announced the program in conjunction with Black Restaurant Week in Los Angeles, August 7-16. SoCalGas is the presenting sponsor of the week-long event. The company will participate in the Aroma Culinary Panel Discussion by way of VSEDC's President and CEO, Joe Rouzan on August 18.
"In these uncertain times we want to give small businesses an economic boost while raising their visibility in the greater Los Angeles area. They have been a part of the local fabric of this city and it is important that they have a platform to continue to succeed," said Warren Luckett, founder of Black Restaurant Week.
Founded in 2016, Black Restaurant Week® is dedicated to celebrating the flavors of African-American, African, and Caribbean cuisine nationwide. Through a series of events and promotional campaigns, Black Restaurant Week's culinary initiatives help introduce culinary businesses and culinary professionals to the community.
Ninety-six percent of professional chefs prefer natural gas for safe, reliable and cost-efficient operations. As California aims to become carbon neutral by 2045, SoCalGas will continue to provide, reliable, affordable and increasingly renewable gas to business owners and residents alike. Last year, SoCalGas announced its vision to become the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. The utility has set goal of replacing 20% of the gas it supplies to residential and most commercial customers with renewable natural gas (RNG) by 2030. SoCalGas is also pursuing research into renewable hydrogen.
SoCalGas COVID-19 Response
SoCalGas has donated more than $2.5 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more.
Together, the Sempra Energy family of companies – including SoCalGas's sister California utility San Diego Gas and Electric, and the Sempra Energy Foundation – have donated more than $12.5 million to those in need during this crisis.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About Black Restaurant Week
Black Restaurant Week LLC is an annual, multi-city culinary movement celebrating the flavors of African, African-American and Caribbean cuisine nationwide. Black Restaurant Week partners with black-owned restaurants, chefs, caterers and food trucks to host a selection of culinary experiences aimed to expand awareness and increase support for black culinary professionals. The organization was founded in 2016 by entrepreneurs Warren Luckett, Falayn Ferrell and Derek Robinson. Connect with Black Restaurant Week on Facebook, Twitter & Instagram.
About VSEDC
For nearly four decades, VSEDC has facilitated community development of the South Los Angeles area by providing programs that revitalize the physical, economic, and social life of the community. A newly-designated Community Development Financial Institution (CDFI), VSEDC has developed and implemented a comprehensive approach to community economic development that includes business development, access to capital, technical assistance and training, residential housing, commercial, and industrial development.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants. SoCalGas's vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Aug. 11, 2020 /PRNewswire/ -- In observance of National 811 Day, Southern California Gas Co. (SoCalGas) reminds homeowners and professional excavators to put safety first and contact 811 before starting any construction projects. This free service connects homeowners and professional excavators with the Underground Service Alert, who is responsible for relaying important information surrounding the planned dig site with appropriate utility companies. After a request is received and processed, professional utility technicians will then either mark their underground infrastructure or notify the individual if there are no underground lines. Marking utility lines before construction helps protect public safety, prevents injuries, and reduces the potential for service costly repairs for homeowners.
"At SoCalGas, the safety of our employees, customers and the general public comes first. Failing to contact 811 can have tragic consequences," said Gina Orozco, vice president of gas engineering and system integrity at SoCalGas. "A year ago, we lost one of our own when he responded to a damaged service line."
"The health and safety of our employees, customers and the community always come first. Contacting 811 is free, effortless and essential in making sure you and your families are protected from dangers of an accidental dig-in, which can lead to serious injury, costly property damage or service interruptions," said Gina Orozco, vice president of gas engineering and system integrity at SoCalGas. "Whether you're setting up a new fence or simply working in your yard – remember to contact 811 at least 2 business days prior to digging to keep you and your family safe against preventable damage."
This year, to bring even more attention to the importance of contacting 811, SoCalGas is partnering with home renovation experts for the "Dig It to Win It" contest on Facebook and Instagram. Participants are encouraged to submit home and yard improvement projects beginning on August 11 until September 10. A winner will be selected from two separate categories for a chance to win an $811 VISA gift card each.
According the Common Ground Alliance (CGA), in 2019, approximately 45 percent of all excavator damages in California were a result of failing to mark underground utility lines. Accidental dig-ins are preventable, and the likelihood of hitting a utility line is decreased by 99 percent when individuals contact 811. In the past year alone, SoCalGas recorded nearly 3,000 cases of damage to underground infrastructure.
With underground utility lines laying just inches below the surface under streets, sidewalks and private property, it is crucial for you to know where they are before digging. SoCalGas encourages the public to contact 811 through their online ticket system or dial 8-1-1 at least two business days before beginning any digging project.
Follow these steps before starting any project that involves digging:
For more information on natural gas safety and 811, visit: https://www.socalgas.com/stay-safe/safety-and-prevention/digging-and-yard-safety/residential
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Aug. 10, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it will again award Climate Adaptation & Resiliency Grants to local cities to support efforts to increase resiliency in the face of climate change risks such as wildfires, floods, extreme heat, drought, sea level rise, and other major weather events. The competitive grant program provides $50,000 each to three municipalities in the SoCalGas service territory and is designed to help cities and counties reduce the impact of climate change-related threats. The application process opens today.
An advisory panel of planning and sustainability experts from the Los Angeles Regional Collaborative for Climate Action and Sustainability (LARC) and the American Planning Association-California Chapter (APA-California) will assist with the selection of the winning applications from across Southern and Central California.
"Collaboration between utilities and municipalities is key to resiliency when preparing for climate events such as wildfires, earthquakes and floods," said Andy Carrasco, vice president of strategy & engagement and chief environmental officer at SoCalGas. "The natural gas infrastructure is critical to the resiliency of the energy supply during natural disasters and as we work to implement our vision for a 21st century energy system, we look forward to providing affordable and cleaner energy to cities while helping them maintain resiliency."
"As LA's regional climate collaborative, LARC supports cross-jurisdictional collaboration and facilitates the exchange of information, best practices, and cutting-edge research" said Erin Coutts, LARC's executive director. "We are excited to advise a grant program that encourages partnerships and will help our cities address climate vulnerabilities in disadvantaged communities."
"As shapers of the built environment, planners recognize our critical role in helping the communities we serve prepare for the risks associated with climate change," said Ashley Atkinson, president-elect of the American Planning Association's California Chapter. "We're grateful to SoCalGas for helping local cities elevate climate adaptation among competing priorities by providing grant funding for essential plan updates."
Municipalities embarking on a Hazard Mitigation Plan Update, Climate Adaptation and Resiliency Plan, or incorporating climate change impacts into the Safety Element of their General Plan are eligible to apply. Grant proposals will be assessed according to the following criteria:
The annual grants will be funded by shareholders and will not impact natural gas bills. The deadline to submit proposals is September 30, 2020.
Last year, the City of Loma Linda, the City of Malibu and Los Angeles County were awarded the three SoCalGas adaptation and resiliency grants.
Los Angeles County is utilizing its grant to prepare an Adaptive Capacity Assessment for disadvantaged communities in unincorporated Los Angeles County, which will inform and be incorporated into the County's Safety Element Update. The City of Loma Linda is making use of its grant to update its local hazard mitigation plan as well as the Safety Element of its General Plan. Finally, Malibu is applying its grant to create a comprehensive and actionable Community Resilience and Adaptation Plan that will be integrated into the Safety Element of the City's General Plan.
A study on the impacts of four climate-related disasters on the energy sector found that natural gas infrastructure exhibited significant resilience because it is underground. In addition, the study showed that backup generation powered by natural gas pipelines can provide on-site electricity generation for hospitals, relief centers and other critical facilities during a disaster. A summary of its findings may be found here.
The climate grant program is part of SoCalGas' vision to be the cleanest gas utility in North America. As part of this plan, the utility committed to displacing 20% of its traditional natural gas supply with RNG by 2030 through its reimagined 21st century energy system. It also has the potential to include several other clean energy strategies such as hydrogen and will provide clean, reliable and affordable energy.
For more information about SoCalGas' environmental initiatives, go to socalgas.com/smart-energy.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas's vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Aug. 10, 2020 /PRNewswire/ -- Sempra LNG, a subsidiary of Sempra Energy (NYSE: SRE), today announced that the Cameron LNG export facility in Hackberry, Louisiana, has begun full commercial operations under Cameron LNG's tolling agreements.
"At Sempra LNG, we set a goal of building the leading LNG export business in North America. With Cameron LNG moving to full commercial operations, we are one step closer to that goal. We look forward to continuing to work with customers and partners around the world to achieve their energy transition goals," said Justin Bird, chief executive officer of Sempra LNG.
Cameron LNG achieved commercial operations of Train 1 and Train 2 in August 2019 and February 2020, respectively. To date, the facility has shipped nearly 100 cargoes totaling more than 6 million tonnes of liquefied natural gas (LNG). The construction activities for the facility concluded with a safety record of more than 89 million hours without a lost-time incident.
Commercial operations of Train 3 mark the beginning of full run-rate earnings under Cameron LNG's tolling agreements. The facility is expected to generate nearly $12 billion of after-debt service cash flows for Sempra Energy during the 20-year contract period.
Cameron LNG is jointly owned by affiliates of Sempra LNG, TOTAL SE, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha. Sempra Energy indirectly owns 50.2% of Cameron LNG.
Sempra LNG and its partners are developing Cameron LNG Phase 2, previously authorized by the Federal Energy Regulatory Commission. Project owners have signed memorandums of understanding for 100% of Phase 2's offtake capacity with no change in equity ownership.
The successful development and ultimate construction of Cameron LNG Phase 2 and Sempra Energy's other LNG export projects currently under development are subject to a number of risks and uncertainties and there can be no assurance that any of these projects will be completed.
About Sempra LNG
Sempra LNG's mission is to be North America's premier LNG infrastructure company by providing sustainable, safe and reliable access to U.S. natural gas for global markets. Sempra LNG owns a 50.2% interest in Cameron LNG, a 12 million tonnes per annum (Mtpa) export facility operating in Hackberry, Louisiana and is currently developing additional LNG export facilities on the Gulf Coast and Pacific Coast of North America through Cameron LNG expansion, Port Arthur LNG in Texas and Energía Costa Azul LNG in Mexico. Through our disciplined value creation process, Sempra LNG evaluates expansion opportunities at each of these locations and other infrastructure investments along the LNG value chain.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: decisions, investigations, regulations, issuances of permits and other authorizations, and other actions by the U.S. Department of Energy, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra LNG, Cameron LNG, Port Arthur LNG and ECA LNG are not the same company as San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra LNG, Cameron LNG, Port Arthur LNG and ECA LNG are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG
SAN DIEGO, Aug. 5, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported second-quarter 2020 earnings of $2.239 billion, or $7.61 per diluted share, compared to second-quarter 2019 earnings of $354 million, or $1.26 per diluted share. On an adjusted basis, the company's second-quarter 2020 earnings were $485 million, or $1.65 per diluted share, compared to $309 million, or $1.10 per diluted share, in the second quarter of 2019.
"Our year-to-date financial results set us up well to post strong results for the full year in 2020 and are a credit to the dedication and teamwork of our employees who have continued to deliver for our stakeholders amid the pandemic and a challenging economic backdrop," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Over the last several years, the disciplined execution of our North American strategy has made our company stronger. This can be seen in the quality and strength of our earnings, as well as the visibility we now have to our future growth."
Sempra Energy's earnings for the first six months of 2020 were $2.999 billion, or $9.91 per diluted share, compared with earnings of $795 million, or $2.85 per diluted share, in the first six months of 2019. Adjusted earnings for the first six months of 2020 were $1.417 billion, or $4.76 per diluted share, compared to $843 million, or $3.03 per diluted share, in the first six months of 2019.
The reported financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the second quarter and first six months of 2020 and 2019.
Three months ended | Six months ended | ||||||||||
June 30, | June 30, | ||||||||||
(Dollars, except EPS, and shares, in millions) | 2020 | 2019 | 2020 | 2019 | |||||||
(Unaudited) | |||||||||||
GAAP Earnings | $ 2,239 | $ 354 | $ 2,999 | $ 795 | |||||||
Gain on Sale of South American Businesses | (1,754) | - | (1,754) | - | |||||||
Losses from Investment in RBS Sempra Commodities LLP | - | - | 100 | - | |||||||
Impacts Associated with Aliso Canyon Litigation | - | - | 72 | - | |||||||
Tax Impacts from Expected Sale of South American Businesses | - | - | - | 93 | |||||||
Gain on Sale of U.S. Wind Assets | - | (45) | - | (45) | |||||||
Adjusted Earnings(1) | $ 485 | $ 309 | $ 1,417 | $ 843 | |||||||
GAAP Diluted Weighted-Average Common Shares Outstanding | 294 | 280 | 308 | 278 | |||||||
GAAP Earnings Per Diluted Common Share(2) | $ 7.61 | $ 1.26 | $ 9.91 | $ 2.85 | |||||||
Adjusted Diluted Weighted-Average Common Shares Outstanding(1) | 294 | 280 | 313 | 278 | |||||||
Adjusted Earnings Per Diluted Common Share(1),(3) | $ 1.65 | $ 1.10 | $ 4.76 | $ 3.03 | |||||||
1) | Represents a non-GAAP financial measure. See Table A for information regarding non-GAAP financial measures. |
2) | To calculate YTD-2020 GAAP EPS, preferred dividends of $52 million are added back to GAAP Earnings because of the dilutive effect of Series A mandatory convertible preferred stock. |
3) | To calculate YTD-2020 Adjusted EPS, preferred dividends of $71 million are added back to Adjusted Earnings because of the dilutive effect of Series A and Series B mandatory convertible preferred stock. |
Executing on a Disciplined Strategy
Sempra Energy completed the sales of its South American businesses in June, marking the conclusion of its broad, two-year capital rotation plan. The company's investments are now focused on transmission and distribution energy infrastructure in the most attractive markets in North America, including California, Texas, Mexico and North America's liquefied natural gas (LNG) export market.
In total, including the sales of the company's South American businesses and its U.S. renewables businesses and non-utility natural gas storage assets, the company has generated approximately $8.3 billion in total gross proceeds from these divestitures. The recent sale of the company's Chilean businesses remains subject to post-closing adjustments. Proceeds from these transactions are being used to further bolster the company's strong liquidity position, strengthen the balance sheet, support the execution of its robust capital plan and return value to shareholders.
As part of Sempra Energy's goal of returning additional value to shareholders, the company recently completed a $500 million share buyback program. It also received authorization from its Board of Directors to repurchase an additional $2 billion of shares at future dates. Sempra Energy's capital allocation strategy has enabled the company to return approximately $13 billion to common shareholders since 2000 through cash dividends and common share repurchases.
Advancing Record Capital Plans at U.S. Utilities
Sempra Energy, including its ownership share in amounts funded by unconsolidated entities, is projected to invest a record $32 billion in capital over its 2020-2024, five-year plan with a focus on improving the safety and reliability of its transmission and distribution utility businesses in California and Texas.
Both San Diego Gas & Electric Co. (SDG&E) and Southern California Gas Co. (SoCalGas) continue to successfully execute on their infrastructure investments. More than 80% of their investments are allocated to enhance safety and reliability, including wildfire mitigation programs at SDG&E.
Since 2007, SDG&E has invested over $2 billion to help mitigate wildfire risk in and around its service territory. The utility continues to employ the latest technologies under its Fire Safe 3.0 program – such as artificial intelligence-based predictive models and high-speed weather data – to help advance the safety of its communities. SoCalGas is also investing in collaborative research and development related to hydrogen and power-to-gas technology. SoCalGas has already deployed a demonstration of power-to-gas technology at the National Renewable Energy Laboratory where green hydrogen produced from electrolysis powered by solar panels is converted to pipeline quality methane for storage and later use.
In Texas, Oncor Electric Delivery Company LLC (Oncor) is executing on its capital plan. Approximately 90% of the projects in Oncor's transmission budget through 2021 can commence construction without any further approvals. Oncor has connected approximately 20,000 new premises in the second quarter. Oncor is also on pace to surpass the number of new requests for transmission interconnections it received in 2019, which is predominantly driven by an increase in utility scale solar generation activity. Despite the impacts of COVID-19, Oncor believes it will continue to have a steady increase in interconnection requests for the remainder of 2020.
Continuing Progress on Energy Infrastructure Projects
Phase 1 of the Cameron LNG export facility is expected to reach full commercial operations in the coming days, marking the start of full run-rate earnings and cash flows. The facility is expected to generate nearly $12 billion of after-debt-service cash flow for Sempra Energy during the 20-year contract period. Train 3 at the Cameron LNG facility reached substantial completion on July 31.
Sempra Energy continues to work closely with the highest levels of the Mexican government on obtaining a 20-year export permit for Phase 1 of the proposed Energía Costa Azul (ECA) LNG liquefaction-export infrastructure project under development in Baja California, Mexico. Phase 1 of the proposed project, developed by Sempra LNG and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), is planned to be a single-train LNG export facility with an initial offtake capacity of approximately 2.5 million tonnes per annum. The project would enable the production of LNG in Baja California, with a view toward diversifying the region's energy supplies, lowering the price of energy and supporting strategic exports to growing Asian markets.
Driving Sustainable Value
Sempra Energy is focused on creating sustainable value for shareholders, employees, customers and communities. In May, Sempra Energy published its 12th corporate sustainability report, highlighting the company's strategies to achieve resilient operations and continue a leadership position in sustainable business practices. The full report is available on the Sustainability page of the company's website.
Sempra Energy continues to prioritize the safety and well-being of its employees, customers, partners and communities through the COVID-19 pandemic. The company has been engaging with public health authorities to implement health and safety guidelines for the protection of its customers and employees who are providing essential energy services to hospitals, healthcare facilities, first responders and others on the frontline of the COVID-19 pandemic. Face coverings, physical distancing, increased sanitization, temperature checks and other measures have been implemented for employees who are currently reporting to their work locations, and those same safety protocols will be in place when other employees return to the office.
Earnings Guidance
Sempra Energy is updating its full-year 2020 GAAP earnings-per-common-share (EPS) guidance range to $12.59 to $13.19 from $12.38 to $13.32, primarily reflecting completion of the sale of its South American businesses. The company is also reaffirming its full-year 2020 adjusted EPS guidance range that was increased to $7.20 to $7.80 on June 30, 2020.
Additionally, the company is reaffirming its full-year 2021 EPS guidance range of $7.50 to $8.10, driven primarily by strong execution at its U.S. utility businesses.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra Energy's adjusted earnings and adjusted EPS for the second quarters and first six months of 2020 and 2019, and full-year 2020 adjusted EPS guidance. See Table A for additional information regarding these non-GAAP financial measures.
Internet Broadcast
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log on to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 3865285.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by (i) the Comisión Federal de Electricidad, California Public Utilities Commission (CPUC), U.S. Department of Energy, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) states, cities, counties and other jurisdictions in the U.S., Mexico and other countries in which we operate or do business; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, including in connection with a CPUC-ordered suspension of service disconnections, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory inquiries, investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed or local power generation, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the newly effective United States-Mexico-Canada Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to U.S. federal and state and foreign tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
SEMPRA ENERGY | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Utilities | $ | 2,233 | $ | 1,895 | $ | 4,898 | $ | 4,410 | ||||||||||||||||
Energy-related businesses | 293 | 335 | 657 | 718 | ||||||||||||||||||||
Total revenues | 2,526 | 2,230 | 5,555 | 5,128 | ||||||||||||||||||||
EXPENSES AND OTHER INCOME | ||||||||||||||||||||||||
Utilities: | ||||||||||||||||||||||||
Cost of natural gas | (131) | (136) | (468) | (667) | ||||||||||||||||||||
Cost of electric fuel and purchased power | (260) | (263) | (489) | (519) | ||||||||||||||||||||
Energy-related businesses cost of sales | (51) | (63) | (110) | (171) | ||||||||||||||||||||
Operation and maintenance | (898) | (838) | (1,849) | (1,670) | ||||||||||||||||||||
Depreciation and amortization | (412) | (389) | (824) | (772) | ||||||||||||||||||||
Franchise fees and other taxes | (121) | (112) | (258) | (242) | ||||||||||||||||||||
Gain on sale of assets | — | 66 | — | 66 | ||||||||||||||||||||
Other income (expense), net | 62 | 28 | (192) | 110 | ||||||||||||||||||||
Interest income | 22 | 21 | 49 | 42 | ||||||||||||||||||||
Interest expense | (274) | (258) | (554) | (518) | ||||||||||||||||||||
Income from continuing operations before income taxes and equity earnings | 463 | 286 | 860 | 787 | ||||||||||||||||||||
Income tax (expense) benefit | (168) | (47) | 39 | (89) | ||||||||||||||||||||
Equity earnings | 233 | 118 | 496 | 219 | ||||||||||||||||||||
Income from continuing operations, net of income tax | 528 | 357 | 1,395 | 917 | ||||||||||||||||||||
Income from discontinued operations, net of income tax | 1,777 | 78 | 1,857 | 36 | ||||||||||||||||||||
Net income | 2,305 | 435 | 3,252 | 953 | ||||||||||||||||||||
Earnings attributable to noncontrolling interests | (28) | (45) | (179) | (86) | ||||||||||||||||||||
Preferred dividends | (37) | (35) | (73) | (71) | ||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | (1) | ||||||||||||||||||||
Earnings attributable to common shares | $ | 2,239 | $ | 354 | $ | 2,999 | $ | 795 | ||||||||||||||||
Basic earnings per common share (EPS): | ||||||||||||||||||||||||
Earnings | $ | 7.64 | $ | 1.29 | $ | 10.24 | $ | 2.89 | ||||||||||||||||
Weighted-average common shares outstanding | 293,060 | 274,987 | 292,925 | 274,831 | ||||||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||||
Earnings | $ | 7.61 | $ | 1.26 | $ | 9.91 | $ | 2.85 | ||||||||||||||||
Weighted-average common shares outstanding | 294,155 | 279,619 | 307,962 | 278,424 | ||||||||||||||||||||
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2020 and 2019 as follows:
Three months ended June 30, 2020:
Three months ended June 30, 2019:
Six months ended June 30, 2020:
Six months ended June 30, 2019:
Associated with holding the South American businesses for sale:
Sempra Energy Adjusted Earnings, Weighted-Average Common Shares Outstanding – Adjusted and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings, Weighted-Average Common Shares Outstanding – GAAP and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
SEMPRA ENERGY Table A (Continued) | ||||||||||||||||||||||||||||||||||||||||||
Pretax amount | Income tax expense | Earnings | Pretax amount | Income tax expense | Earnings | |||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | Three months ended June 30, 2020 | Three months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 2,239 | $ | 354 | ||||||||||||||||||||||||||||||||||||||
Excluded items: | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of South American businesses | $ | (2,915) | $ | 1,161 | (1,754) | $ | — | $ | — | — | ||||||||||||||||||||||||||||||||
Gain on sale of certain Sempra Renewables assets | — | — | — | (61) | 16 | (45) | ||||||||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 485 | $ | 309 | ||||||||||||||||||||||||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted | 294,155 | 279,619 | ||||||||||||||||||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 7.61 | $ | 1.26 | ||||||||||||||||||||||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 1.65 | $ | 1.10 | ||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | Six months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 2,999 | $ | 795 | ||||||||||||||||||||||||||||||||||||||
Excluded items: | ||||||||||||||||||||||||||||||||||||||||||
Impacts associated with Aliso Canyon litigation | $ | 100 | $ | (28) | 72 | $ | — | $ | — | — | ||||||||||||||||||||||||||||||||
Losses from investment in RBS Sempra Commodities LLP | 100 | — | 100 | — | — | — | ||||||||||||||||||||||||||||||||||||
Gain on sale of South American businesses | (2,915) | 1,161 | (1,754) | — | — | — | ||||||||||||||||||||||||||||||||||||
Gain on sale of certain Sempra Renewables assets | — | — | — | (61) | 16 | (45) | ||||||||||||||||||||||||||||||||||||
Associated with holding the South American businesses for sale: | ||||||||||||||||||||||||||||||||||||||||||
Change in indefinite reinvestment assertion of basis differences in discontinued operations | — | — | — | — | 103 | 103 | ||||||||||||||||||||||||||||||||||||
Reduction in tax valuation allowance against certain NOL carryforwards | — | — | — | — | (10) | (10) | ||||||||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 1,417 | $ | 843 | ||||||||||||||||||||||||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 2,999 | $ | 795 | ||||||||||||||||||||||||||||||||||||||
Add back dividends for dilutive series A preferred stock | 52 | — | ||||||||||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings for GAAP EPS | $ | 3,051 | $ | 795 | ||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – GAAP | 307,962 | 278,424 | ||||||||||||||||||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 9.91 | $ | 2.85 | ||||||||||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 1,417 | $ | 843 | ||||||||||||||||||||||||||||||||||||||
Add back dividends for dilutive series A and series B preferred stock | 71 | — | ||||||||||||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings for Adjusted EPS | $ | 1,488 | $ | 843 | ||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – Adjusted(2) | 312,575 | 278,424 | ||||||||||||||||||||||||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 4.76 | $ | 3.03 |
(1) | Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes were primarily calculated based on applicable statutory tax rates. We did not record an income tax benefit for the equity losses from our investment in RBS Sempra Commodities LLP because, even though a portion of the liabilities may be deductible under United Kingdom tax law, it is not probable that the deduction will reduce United Kingdom taxes. |
(2) | In the six months ended June 30, 2020, the denominator used to calculate Adjusted EPS includes an add-back of an additional 4,613 shares for the dilutive effect of the series B mandatory convertible preferred stock. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2020 Adjusted EPS Guidance Range of $7.20 to $7.80 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows:
Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2020 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2020 GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra Energy 2020 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
Full-Year 2020 | ||||||||||||||||||||||
Sempra Energy GAAP EPS Guidance Range(1) | $ | 12.59 | to | $ | 13.19 | |||||||||||||||||
Excluded items: | ||||||||||||||||||||||
Impacts associated with Aliso Canyon litigation | 0.25 | 0.25 | ||||||||||||||||||||
Losses from investment in RBS Sempra Commodities LLP | 0.34 | 0.34 | ||||||||||||||||||||
Gain on sale of South American businesses | (5.98) | (5.98) | ||||||||||||||||||||
Sempra Energy Adjusted EPS Guidance Range | $ | 7.20 | to | $ | 7.80 | |||||||||||||||||
Weighted-average common shares outstanding, diluted (millions)(2) | 293 |
(1) | Sempra Energy's prior GAAP EPS guidance range for full-year 2020 of $12.38 to $13.32 has been updated to reflect the actual gain on sale of our South American businesses, plus estimated post-closing adjustments with respect to the sale of our Chilean businesses. It also reflects a decrease in weighted-average common shares outstanding from recent repurchases of Sempra Energy common stock under an accelerated share repurchase program. |
(2) | Weighted-average common shares outstanding does not include the dilutive effect of mandatory convertible preferred stock, as they are assumed to be antidilutive for full-year 2020. If such mandatory convertible preferred stock were dilutive for the full year, the 2020 GAAP EPS Guidance Range would differ from the range presented above. |
SEMPRA ENERGY | |||||||||||
Table B | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | June 30, | December 31, 2019(1) | |||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 4,894 | $ | 108 | |||||||
Restricted cash | 33 | 31 | |||||||||
Accounts receivable – trade, net | 1,022 | 1,261 | |||||||||
Accounts receivable – other, net | 406 | 455 | |||||||||
Due from unconsolidated affiliates | 91 | 32 | |||||||||
Income taxes receivable | 121 | 112 | |||||||||
Inventories | 267 | 277 | |||||||||
Regulatory assets | 303 | 222 | |||||||||
Greenhouse gas allowances | 80 | 72 | |||||||||
Assets held for sale in discontinued operations | — | 445 | |||||||||
Other current assets | 423 | 324 | |||||||||
Total current assets | 7,640 | 3,339 | |||||||||
Other assets: | |||||||||||
Restricted cash | 3 | 3 | |||||||||
Due from unconsolidated affiliates | 603 | 742 | |||||||||
Regulatory assets | 1,973 | 1,930 | |||||||||
Nuclear decommissioning trusts | 1,062 | 1,082 | |||||||||
Investment in Oncor Holdings | 11,758 | 11,519 | |||||||||
Other investments | 2,197 | 2,103 | |||||||||
Goodwill | 1,602 | 1,602 | |||||||||
Other intangible assets | 208 | 213 | |||||||||
Dedicated assets in support of certain benefit plans | 463 | 488 | |||||||||
Insurance receivable for Aliso Canyon costs | 505 | 339 | |||||||||
Deferred income taxes | 224 | 155 | |||||||||
Greenhouse gas allowances | 552 | 470 | |||||||||
Right-of-use assets – operating leases | 578 | 591 | |||||||||
Wildfire fund | 378 | 392 | |||||||||
Assets held for sale in discontinued operations | — | 3,513 | |||||||||
Other long-term assets | 694 | 732 | |||||||||
Total other assets | 22,800 | 25,874 | |||||||||
Property, plant and equipment, net | 37,945 | 36,452 | |||||||||
Total assets | $ | 68,385 | $ | 65,665 | |||||||
(1) Derived from audited financial statements. |
SEMPRA ENERGY | |||||||||||
Table B (Continued) | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | June 30, | December 31, 2019(1) | |||||||||
(unaudited) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 3,143 | $ | 3,505 | |||||||
Accounts payable – trade | 1,302 | 1,234 | |||||||||
Accounts payable – other | 145 | 179 | |||||||||
Due to unconsolidated affiliates | 9 | 5 | |||||||||
Dividends and interest payable | 539 | 515 | |||||||||
Accrued compensation and benefits | 350 | 476 | |||||||||
Regulatory liabilities | 569 | 319 | |||||||||
Current portion of long-term debt and finance leases | 2,285 | 1,526 | |||||||||
Reserve for Aliso Canyon costs | 256 | 9 | |||||||||
Greenhouse gas obligations | 80 | 72 | |||||||||
Liabilities held for sale in discontinued operations | — | 444 | |||||||||
Other current liabilities | 917 | 866 | |||||||||
Total current liabilities | 9,595 | 9,150 | |||||||||
Long-term debt and finance leases | 20,535 | 20,785 | |||||||||
Deferred credits and other liabilities: | |||||||||||
Due to unconsolidated affiliates | 267 | 195 | |||||||||
Pension and other postretirement benefit plan obligations, net of plan assets | 1,068 | 1,067 | |||||||||
Deferred income taxes | 2,574 | 2,577 | |||||||||
Deferred investment tax credits | 20 | 21 | |||||||||
Regulatory liabilities | 3,432 | 3,741 | |||||||||
Asset retirement obligations | 2,950 | 2,923 | |||||||||
Greenhouse gas obligations | 402 | 301 | |||||||||
Liabilities held for sale in discontinued operations | — | 1,052 | |||||||||
Deferred credits and other | 2,156 | 2,048 | |||||||||
Total deferred credits and other liabilities | 12,869 | 13,925 | |||||||||
Equity: | |||||||||||
Sempra Energy shareholders' equity | 23,606 | 19,929 | |||||||||
Preferred stock of subsidiary | 20 | 20 | |||||||||
Other noncontrolling interests | 1,760 | 1,856 | |||||||||
Total equity | 25,386 | 21,805 | |||||||||
Total liabilities and equity | $ | 68,385 | $ | 65,665 | |||||||
(1) Derived from audited financial statements. |
SEMPRA ENERGY | |||||||||||
Table C | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Six months ended June 30, | |||||||||||
(Dollars in millions) | 2020 | 2019 | |||||||||
(unaudited) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 3,252 | $ | 953 | |||||||
Less: Income from discontinued operations, net of income tax | (1,857) | (36) | |||||||||
Income from continuing operations, net of income tax | 1,395 | 917 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | 429 | 482 | |||||||||
Intercompany activities with discontinued operations, net | — | 64 | |||||||||
Net change in other working capital components | 375 | 84 | |||||||||
Insurance receivable for Aliso Canyon costs | (166) | 80 | |||||||||
Changes in other noncurrent assets and liabilities, net | 35 | (104) | |||||||||
Net cash provided by continuing operations | 2,068 | 1,523 | |||||||||
Net cash (used in) provided by discontinued operations | (1,041) | 181 | |||||||||
Net cash provided by operating activities | 1,027 | 1,704 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Expenditures for property, plant and equipment | (2,198) | (1,651) | |||||||||
Expenditures for investments and acquisitions | (140) | (1,391) | |||||||||
Proceeds from sale of assets | 5 | 902 | |||||||||
Purchases of nuclear decommissioning trust assets | (797) | (497) | |||||||||
Proceeds from sales of nuclear decommissioning trust assets | 797 | 497 | |||||||||
Advances to unconsolidated affiliates | (25) | (16) | |||||||||
Repayments of advances to unconsolidated affiliates | — | 9 | |||||||||
Intercompany activities with discontinued operations, net | — | (2) | |||||||||
Other | 17 | 13 | |||||||||
Net cash used in continuing operations | (2,341) | (2,136) | |||||||||
Net cash provided by (used in) discontinued operations | 5,195 | (131) | |||||||||
Net cash provided by (used in) investing activities | 2,854 | (2,267) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Common dividends paid | (567) | (483) | |||||||||
Preferred dividends paid | (71) | (71) | |||||||||
Issuances of preferred stock | 891 | — | |||||||||
Issuances of common stock | 13 | 20 | |||||||||
Repurchases of common stock | (64) | (18) | |||||||||
Issuances of debt (maturities greater than 90 days) | 4,059 | 2,630 | |||||||||
Payments on debt (maturities greater than 90 days) and finance leases | (1,970) | (871) | |||||||||
Decrease in short-term debt, net | (1,871) | (444) | |||||||||
Advances from unconsolidated affiliates | 64 | — | |||||||||
Purchases of noncontrolling interests | (27) | (28) | |||||||||
Other | (16) | (41) | |||||||||
Net cash provided by continuing operations | 441 | 694 | |||||||||
Net cash provided by (used in) discontinued operations | 401 | (83) | |||||||||
Net cash provided by financing activities | 842 | 611 | |||||||||
Effect of exchange rate changes in continuing operations | (7) | — | |||||||||
Effect of exchange rate changes in discontinued operations | (3) | — | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (10) | — | |||||||||
Increase in cash, cash equivalents and restricted cash, including discontinued operations | 4,713 | 48 | |||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 217 | 246 | |||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, June 30 | $ | 4,930 | $ | 294 |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||
Table D | ||||||||||||||||||||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | ||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||
Earnings (Losses) Attributable to Common Shares | ||||||||||||||||||||||||||||||||||
SDG&E | $ | 193 | $ | 143 | $ | 455 | $ | 319 | ||||||||||||||||||||||||||
SoCalGas | 146 | 30 | 449 | 294 | ||||||||||||||||||||||||||||||
Sempra Texas Utilities | 144 | 113 | 249 | 207 | ||||||||||||||||||||||||||||||
Sempra Mexico | 61 | 73 | 252 | 130 | ||||||||||||||||||||||||||||||
Sempra Renewables | — | 46 | — | 59 | ||||||||||||||||||||||||||||||
Sempra LNG | 61 | 6 | 136 | 11 | ||||||||||||||||||||||||||||||
Parent and other | (141) | (127) | (389) | (244) | ||||||||||||||||||||||||||||||
Discontinued operations | 1,775 | 70 | 1,847 | 19 | ||||||||||||||||||||||||||||||
Total | $ | 2,239 | $ | 354 | $ | 2,999 | $ | 795 | ||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||
Capital Expenditures, Investments and Acquisitions | ||||||||||||||||||||||||||||||||||
SDG&E | $ | 448 | $ | 352 | $ | 850 | $ | 708 | ||||||||||||||||||||||||||
SoCalGas | 497 | 335 | 885 | 659 | ||||||||||||||||||||||||||||||
Sempra Texas Utilities | 53 | 1,226 | 139 | 1,282 | ||||||||||||||||||||||||||||||
Sempra Mexico | 151 | 157 | 321 | 242 | ||||||||||||||||||||||||||||||
Sempra Renewables | — | 2 | — | 2 | ||||||||||||||||||||||||||||||
Sempra LNG | 90 | 90 | 137 | 146 | ||||||||||||||||||||||||||||||
Parent and other | 3 | 3 | 6 | 3 | ||||||||||||||||||||||||||||||
Total | $ | 1,242 | $ | 2,165 | $ | 2,338 | $ | 3,042 |
SEMPRA ENERGY | |||||||||||||||
Table E | |||||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
UTILITIES | |||||||||||||||
SDG&E and SoCalGas | |||||||||||||||
Gas sales (Bcf)(1) | 71 | 75 | 200 | 214 | |||||||||||
Transportation (Bcf)(1) | 129 | 124 | 277 | 268 | |||||||||||
Total deliveries (Bcf)(1) | 200 | 199 | 477 | 482 | |||||||||||
Total gas customer meters (thousands) | 6,943 | 6,902 | |||||||||||||
SDG&E | |||||||||||||||
Electric sales (millions of kWhs)(1) | 3,124 | 3,244 | 6,584 | 6,826 | |||||||||||
Direct Access and Community Choice Aggregation (millions of kWhs) | 847 | 848 | 1,616 | 1,688 | |||||||||||
Total deliveries (millions of kWhs)(1) | 3,971 | 4,092 | 8,200 | 8,514 | |||||||||||
Total electric customer meters (thousands) | 1,478 | 1,463 | |||||||||||||
Oncor(2) | |||||||||||||||
Total deliveries (millions of kWhs) | 31,038 | 31,516 | 61,458 | 61,628 | |||||||||||
Total electric customer meters (thousands) | 3,723 | 3,655 | |||||||||||||
Ecogas | |||||||||||||||
Natural gas sales (Bcf) | 1 | 1 | 2 | 2 | |||||||||||
Natural gas customer meters (thousands) | 136 | 126 | |||||||||||||
ENERGY-RELATED BUSINESSES | |||||||||||||||
Power generated and sold | |||||||||||||||
Sempra Mexico | |||||||||||||||
Termoeléctrica de Mexicali (TdM) (millions of kWhs) | 457 | 693 | 1,283 | 1,830 | |||||||||||
Wind and solar (millions of kWhs)(3) | 381 | 445 | 803 | 690 |
(1) | Include intercompany sales. |
(2) | Includes 100% of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an indirect 80.25% interest through our investment in Oncor Electric Delivery Holdings Company LLC. |
(3) | Includes 50% of the total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50% ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra Mexico | Sempra Renewables | Sempra | Consolidating | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,235 | $ | 1,010 | $ | — | $ | 275 | $ | — | $ | 69 | $ | (63) | $ | 2,526 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (690) | (611) | 1 | (111) | — | (74) | 24 | (1,461) | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (197) | (162) | — | (47) | — | (3) | (3) | (412) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 18 | (2) | — | 36 | — | — | 10 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 366 | 235 | 1 | 153 | — | (8) | (32) | 715 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (103) | (39) | — | (17) | — | 3 | (96) | (252) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (70) | (49) | — | (54) | — | (18) | 23 | (168) | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity earnings, net | — | — | 143 | 6 | — | 84 | — | 233 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | — | — | — | (27) | — | — | 1 | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (37) | (38) | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 193 | $ | 146 | $ | 144 | $ | 61 | $ | — | $ | 61 | $ | (141) | 464 | |||||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations(2) | 1,775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 2,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra Mexico | Sempra Renewables | Sempra | Consolidating | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,094 | $ | 806 | $ | — | $ | 318 | $ | 3 | $ | 86 | $ | (77) | $ | 2,230 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (642) | (599) | — | (130) | (9) | (88) | 56 | (1,412) | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (189) | (148) | — | (46) | — | (3) | (3) | (389) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of assets | — | — | — | — | 61 | — | 5 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 19 | 1 | — | 17 | — | — | (9) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 282 | 60 | — | 159 | 55 | (5) | (28) | 523 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (101) | (33) | — | (10) | 1 | 13 | (107) | (237) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (35) | 4 | — | (44) | (14) | (2) | 44 | (47) | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 113 | 4 | 2 | — | (1) | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (3) | — | — | (36) | 2 | — | — | (37) | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (35) | (36) | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 143 | $ | 30 | $ | 113 | $ | 73 | $ | 46 | $ | 6 | $ | (127) | 284 | |||||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations | 70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | Includes $1,754 million gain on the sale of our South American businesses in the second quarter of 2020. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,504 | $ | 2,405 | $ | — | $ | 584 | $ | — | $ | 192 | $ | (130) | $ | 5,555 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (1,369) | (1,483) | — | (248) | — | (161) | 87 | (3,174) | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (398) | (321) | — | (94) | — | (5) | (6) | (824) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 49 | 28 | — | (247) | — | — | (22) | (192) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 786 | 629 | — | (5) | — | 26 | (71) | 1,365 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (203) | (78) | — | (31) | — | 9 | (202) | (505) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (128) | (101) | — | 253 | — | (41) | 56 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 249 | 206 | — | 141 | (100) | 496 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | — | — | — | (171) | — | 1 | 1 | (169) | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (73) | (74) | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 455 | $ | 449 | $ | 249 | $ | 252 | $ | — | $ | 136 | $ | (389) | 1,152 | |||||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations(2) | 1,847 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 2,999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,239 | $ | 2,167 | $ | — | $ | 701 | $ | 10 | $ | 227 | $ | (216) | $ | 5,128 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (1,339) | (1,512) | — | (322) | (20) | (230) | 154 | (3,269) | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (375) | (295) | — | (90) | — | (5) | (7) | (772) | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of assets | — | — | — | — | 61 | — | 5 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 41 | 17 | — | 36 | — | — | 16 | 110 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 566 | 377 | — | 325 | 51 | (8) | (48) | 1,263 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (203) | (67) | — | (21) | 8 | 23 | (216) | (476) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (40) | (15) | — | (116) | (4) | (6) | 92 | (89) | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 207 | 6 | 5 | 2 | (1) | 219 | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | (4) | — | — | (64) | (1) | — | — | (69) | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (71) | (72) | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 319 | $ | 294 | $ | 207 | $ | 130 | $ | 59 | $ | 11 | $ | (244) | 776 | |||||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 795 |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | Includes $1,754 million gain on the sale of our South American businesses in the second quarter of 2020. |
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SOURCE Sempra Energy
LOS ANGELES, Aug. 4, 2020 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | ||
Preferred Stock | $0.375 per share | |
Preferred Stock, Series A | $0.375 per share |
The dividends are payable on October 15, 2020, to shareholders of record on September 10, 2020.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas's vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Aug. 4, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it is working with Goodwill Southern California to promote its energy efficiency and money-saving programs for qualifying customers. The Energy Savings Assistance (ESA) program and the California Alternate Rates for Energy (CARE) bill discount program help customers save money on their SoCalGas bill while also helping to improve the safety and comfort of their homes. SoCalGas will publicize the programs with banners, flyers and applications at all participating Goodwill stores in its service territory beginning this month.
"Now more than ever, we need to make sure that all customers who qualify for these programs are aware of them and are getting signed up. With the COVID-19 pandemic affecting many families in Southern California economically, programs like these could help immensely. Qualifying customers are not only eligible for a 20% discount on their monthly SoCalGas bill from CARE; if they also take advantage of the ESA Program for home retrofits as well, their combined annual savings could grow to over $800," said Brian Prusnek, director of customer programs and assistance at SoCalGas. "Our partnership with Goodwill is another example of our commitment to our customers and our communities so that they have clean, reliable and affordable energy."
"Goodwill Southern California is proud to partner with SoCalGas, an organization that recognizes the importance of giving back to the community," said Patrick McClenahan, President and CEO of Goodwill Southern California. "We are particularly appreciative that this alliance will provide relief for families in the communities we serve."
In addition to providing printed materials and applications inside 10 Goodwill Southern California retail stores, SoCalGas will also work with employees at Goodwill SoCal Employment Centers who can work directly with their clients to provide information on SoCalGas's energy- and money-saving measures.
The CARE assistance program aims to aid people in paying their utility bills. Qualifying customers can receive a 20% discount on their SoCalGas bill each month and save an average of $145 dollars over two years through this program. Currently, SoCalGas has over 1.5 million customers enrolled in the CARE program. This is especially important in light of increasing economic impacts caused by the pandemic.
The ESA program provides eligible customers with home improvements, at no cost to the renter or homeowner, that help conserve energy, reduce natural gas use and will enhance their safety, health, and comfort. SoCalGas provides this service to over 100,000 customers a year. Those who qualify receive services and professionally installed upgrades worth hundreds of dollars. Improvements may include clothes washer replacement, water heater replacement, furnace replacement, attic insulation, door weather-stripping and more. This program helps customers save money on energy – up to $700 annually. SoCalGas has helped over one million of its customers save on their energy bills through energy efficient upgrades with the ESA program.
To qualify for either CARE or ESA, the customer or someone in the customer's household must be enrolled in a public assistance program or meet income qualifications. To learn more, please visit socalgas.com/assistance.
SoCalGas has donated more than $2.5 million to nonprofit organizations for COVID-19 recovery efforts, including supporting the region's workforce, feeding the hungry, providing bill assistance to customers, and more.
Together, the Sempra Energy family of companies – including SoCalGas's sister California utility San Diego Gas and Electric, and the Sempra Energy Foundation – have donated more than $12.5 million to those in need during this crisis.
For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About Goodwill Southern California
Transforming lives through the power of work, Goodwill Southern California (GSC) serves individuals with disabilities or other vocational challenges by providing education, training, work experience and job placement services. Each year, GSC prepares and places thousands of individuals into sustainable employment through programs and services offered at three campuses, Career Resource Centers, Work Source Centers, Deaf, Youth and Veteran Employment Programs throughout Los Angeles (north of Rosecrans Ave.), Riverside and San Bernardino counties. GSC supports its mission with proceeds generated from more than 80 stores and over 40 attended donation centers. GSC spends 95 percent of its budget on programs and services. Committed to caring for the earth, last year GSC diverted over 100 million pounds of reusable or recyclable goods from landfills. Goodwill is GOOD for Everyone!
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas's vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
DALLAS, July 16, 2020 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its second quarter 2020 results on August 5, prior to Sempra Energy's (NYSE: SRE) second quarter 2020 conference call. Oncor's earnings release will be available on Oncor's website, oncor.com.
Sempra Energy will conduct a conference call at 12 p.m. ET, August 5 that will include discussion of Oncor's second quarter operational and financial results. Investors, media, analysts and the public may listen to a live webcast of the conference call on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link. Prior to the conference call, an accompanying slide presentation will be posted on Sempra Energy's website.
For those unable to participate in the live webcast, a replay of Sempra Energy's call will be available a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 3865285.
Oncor's Quarterly Report on Form 10-Q for the period ended June 30, 2020 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call and, once filed, will also be available at oncor.com.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest distribution and transmission system in Texas, delivering power to more than 3.7 million homes and businesses and operating more than 139,000 miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra Energy, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company, LLC
SAN DIEGO, July 15, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its second-quarter 2020 earnings by 7 a.m. ET, Aug. 5.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, Aug. 5. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted by 7 a.m. ET, Aug. 5, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 3865285, or it can be accessed on the company's website.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
LOS ANGELES, July 14, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company has donated $25,000 to local non-profit, LA Conservation Corps for the organization's Food Waste Prevention program. This program collects as much as 9,000 pounds of excess edible and inedible food from local restaurants, grocery stores and convenience stores per day. The edible food is then provided to MEND, a non-profit who distributes the edible food to families in need in the San Fernando Valley, serving over 33,000 individuals monthly. The inedible food is donated to local community gardens and in the future will also be given to LA Compost at Cottonwood Urban Farm in Panorama City and the Kroger distribution center's anerobic digestion facility in Compton, for clean energy generation. Please see photos of Corpsmembers picking up and delivering food items here.
"The number of people experiencing food insecurity in Los Angeles has grown at an alarming rate due to the economic impacts of COVID-19," said Frank Lopez, senior governmental affairs manager at SoCalGas and board member at the LA Conservation Corps. "By providing LA Conservation Corps with this grant, we're able to enlist our youth to help us respond to the COVID-19 pandemic by feeding families in need and making use of food that would otherwise end up in a landfill."
"We are so grateful to SoCalGas for helping us continue this vital program, especially now as more and more people in our communities are struggling with food insecurity," said Wendy Butts, CEO of the LA Conservation Corps. "I am incredibly proud of and inspired by the selfless manner in which our Corpsmembers and staff have answered the call to serve those in need since the start of the pandemic. We hope to continue to build innovative and meaningful partnerships like this to affect real change."
Entering its second year of operation, LA Conservation Corps' Food Waste Prevention Program aims to provide a comprehensive prevention, recovery, and recycling solution to reduce food waste and increase food security for people in need. The program uses two refrigerated trucks, operated by two Corpsmembers to collect as much as 1,100-4,500 pounds of food per day from 30-40 donors, four days per week and delivers the food to local organizations who have a need.
The Corps Food Waste Prevention Program helped to increase MEND's capacity by providing pick-up and delivery from additional donors thus increasing the number of people MEND is able to serve from 20,000 to 33,200 individuals per month.
MEND food bank distributes the edible food to individuals in need in the Arleta, Lake View Terrace, Mission Hills, North Hills, Pacoima, Panorama City, San Fernando, and Sun Valley areas.
In the future, the Corps plans to provide any excess inedible food to LA Compost at Cottonwood Urban Farm in Panorama City and the Kroger distribution center's anerobic digestion facility in Compton. Residents in San Fernando Valley neighborhoods such as, Porter Ranch and Sylmar, who are adjacent to the Sunshine Canyon Landfill, will benefit from the reduction in landfilled food waste and emissions from transportation to move food waste to the landfill. Composting at the Cottonwood Urban Farm benefits the residents of Panorama City and the Kroger distribution facility's anaerobic digester's production of clean energy benefits Compton residents.
Since the program began in 2018, the LA Conservation Corps has been able to;
Last year, SoCalGas donated more than $7.6 million to community organizations, local non-profits and other groups. SoCalGas employees contributed more than $750,000 through payroll deductions and performed over 24,000 logged volunteer hours for various community groups throughout its service territory. Please see SoCalGas's 2019 Community Giving Summary for more information.
Since March, SoCalGas has donated more than $2 million to nonprofit organizations to support the region's workforce, feed the hungry, provide bill assistance to customers, and more as part of its COVID-19 recovery efforts. For more information on SoCalGas's response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas's vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About LA Conservation Corps
Transforming Youth. Enhancing Communities. The Los Angeles Conservation Corps (LA Corps) is an environmentally focused youth development organization. For over 30 years, we have been unleashing the power of youth to restore the urban environment and preserve natural resources on the coast and in the forests and mountains surrounding Los Angeles. Every year hundreds of youth and young adults from all over the Los Angeles area known as Corpsmembers make Los Angeles' underserved urban neighborhoods better places to live, work, learn, and play. They build parks and community gardens, plant trees, restore habitats, clean alleys, recycle and much more. In the course of restoring the environment for future generations and serving the communities they live in, youth are empowered to chart their own courses towards new opportunities, newfound strength and direction, and a meaningful career through access to education, job training, and support services. For more information, visit www.lacorps.org or connect on Facebook, Twitter, and Instagram @lacorps and witness the #lacorpspower of Corpsmembers.
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SOURCE Southern California Gas Company
LOS ANGELES, July 8, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced its recognition by the U.S. Environmental Protection Agency with an ENERGY STAR Certified Homes Market Leader award for 2019. The award acknowledges SoCalGas' commitment to environmental protection and energy efficient construction. In the last five years, SoCalGas has provided over $8 million in incentives to residential builders for the construction of environmentally-friendly, energy efficient homes. SoCalGas account representatives support builders throughout the construction process and provide each builder with an incentive check upon completion of the project. The award comes as a result of the California ENERGY STAR New Homes Program Marketing Support Bonus SoCalGas offers as part of its California Advanced Homes Program (CAHP). The company also received the ENERGY STAR award in 2015, 2017 and 2018.
"Since 2017, we have been the only investor-owned utility in California to offer the ENERGY STAR bonus as part of our California Advanced Homes Program and are thrilled to receive this award yet again," said Brian Prusnek, director of customer programs and assistance at SoCalGas. "Not only does this award signify our commitment to reducing greenhouse gas emissions through energy efficient construction, it also demonstrates SoCalGas' commitment to our vision to be the cleanest gas utility in North America."
"The ENERGY STAR program proudly recognizes the efforts of our outstanding partners who have made important contributions to energy-efficient construction and environmental protection. Our 2020 Market Leader Award winners demonstrate a high level of commitment to making ENERGY STAR certified homes and apartments available to American consumers. EPA proudly recognizes SoCalGas' efforts as an ENERGY STAR partner," said Jonathan Passe, chief of the ENERGY STAR Residential Branch at the U.S. Environmental Protection Agency.
"On behalf of the Building Industry Association of Southern California, I would like to congratulate SoCalGas on its 2020 Energy Star Market Leader Award," said Craig Foster, Executive Vice President at the Building Industry Association of Southern California (BIASC). "SoCalGas has always been a true partner to builders throughout Southern California. In addition to very generous energy efficiency incentives, the green building expertise and level of service provided by the SoCalGas Account Representatives is outstanding. These folks support our builder members every step on the way, from the early design stage through final inspection and delivery of the builder's incentive checks."
SoCalGas saved customers $65.4 million in 2019 on their annual gas bills through SoCalGas' energy efficiency programs. The energy savings is equivalent to removing nearly 293,000 metric tons of greenhouse gas emissions and taking more than 63,000 cars off California roads for one year.
SoCalGas continues to be a leader in researching and developing new technologies that improve energy efficiency and protect the environment. Between 2015 and 2019, SoCalGas energy efficiency programs delivered more than 208 million therms in energy savings, enough natural gas usage for 127,000 households a year, and reducing greenhouse gas emissions (GHGs) by over 1,100,000 metric tons, the equivalent of removing nearly 238,000 cars from the road annually. These advances have also helped save SoCalGas customers over $229 million in utility bill costs.
SoCalGas' commitment to protecting the environment and reaching California's ambitious climate goals stretches beyond energy efficiency. Last year, SoCalGas announced its vision to become the cleanest natural gas utility in North America by delivering a 21st century energy system that works for all Californians. This system would include replacing 20 percent of the traditional natural gas supply with renewable natural gas (RNG) by 2030. It also has the potential to include several other clean energy strategies such as hydrogen and will provide clean, reliable and affordable energy.
To learn more about SoCalGas and its vision for the21st century energy system, please visit socalgas.com/vision.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About ENERGY STAR
ENERGY STAR® is the government-backed symbol for energy efficiency, providing simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Thousands of industrial, commercial, utility, state, and local organizations—including more than 40 percent of the Fortune 500®—rely on their partnership with the U.S. Environmental Protection Agency (EPA) to deliver cost-saving energy efficiency solutions. Since 1992, ENERGY STAR and its partners helped save American families and businesses nearly 4 trillion kilowatt-hours of electricity and achieve over 3.5 billion metric tons of greenhouse gas reductions. In 2018 alone, ENERGY STAR and its partners helped Americans avoid $35 billion in energy costs. More background information about ENERGY STAR can be found at: energystar.gov/about and energystar.gov/numbers.
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SOURCE Southern California Gas Company
LOS ANGELES, July 6, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) in conjunction with five regional charity organizations today launched the "Fueling Our Communities" program to provide free meals to individuals impacted by the COVID-19 pandemic. The program, which is funded by a $500,000 donation from SoCalGas, will provide close to 140,000 meals to 40,000 individuals from underserved communities in Tulare, Kern, Ventura, San Bernardino, Riverside and Imperial counties. The program will span over the summer season in 44 cities and will feed seniors, students, families and migrant farm workers while stimulating local small businesses.
"As the summer season is approaching and more areas are reopening, we must keep in mind that the COVID-19 pandemic is still ongoing and there are many vulnerable populations in need," said Andy Carrasco, vice president of strategy and engagement, and chief environmental officer at SoCalGas. "Through the 'Fueling Our Communities' initiative, SoCalGas hopes to help fill an essential need by providing meals while helping local businesses as well. We are thankful for all the amazing organizations and community leaders who have stepped up and joined us to give back to those who need it the most."
The program will also partner with small businesses to help stimulate the local economy.
Participating charitable partners include:
"We're thrilled to partner with SoCalGas this Summer to provide nutritious meals to the senior population in the Inland Empire. This program will provide meals to seniors in 24 cities in Riverside and San Bernardino counties– many which are in rural and underserved areas," said Shannon Gonzalez, chief program officer at FSA. "In addition to distributing meals to senior residents weekly with our city partners, FSA will also purchase gift certificates from local restaurants which will allow recipients to visit their favorite food spots and contribute to the local economy."
"Kern Economic Development Foundation is pleased to have been selected by SoCalGas for this fantastic program to support our local economy by supporting local restaurants, while also feeding those in need," said Richard Chapman, executive director for Kern Economic Development Foundation. "We are thrilled to have Community Action Partnership of Kern working alongside us to implement this program which will provide thousands of meals to Kern County residents over the next few months."
SoCalGas is dedicated to supporting the health, safety, and wellness of our community. In addition to supporting the 'Fueling Our Communities' events, the utility has donated more than $2.5 million to nonprofit organizations to support the region's workforce, feed the hungry, provide bill assistance to customers, and more as part of their COVID-19 recovery efforts. Together, the Sempra Energy family of companies – including SoCalGas' sister California utility San Diego Gas and Electric, and the Sempra Energy Foundation – have donated more than $12.5 million to those in need during this crisis.
For more information about SoCalGas' response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, July 1, 2020 /PRNewswire/ -- Sempra Energy's (NYSE: SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its second-quarter 2020 earnings by 6 p.m. ET, July 22, in advance of a conference call with IEnova executives at 11 a.m. ET, July 23.
Briefing materials also will be posted by 6 p.m. ET, July 22, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the conference call will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 5667515#.
About IEnova
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2019, the company has 1,300 employees and approximately $9.6 billion dollars in total assets, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor), and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, June 30, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) has completed its business exit from South America, following the recently announced sale of its Chilean businesses, which generated approximately $2.23 billion in total cash proceeds, subject to post-closing adjustments. The completion of the Chilean transactions concludes Sempra Energy's sales of its South American businesses in both Chile and Peru, resulting in approximately $5.82 billion in combined total cash proceeds, subject to customary post-closing adjustments. The company's investments are now focused in top-tier markets in North America.
"By successfully executing on a broad capital recycling program, the past two years have proven to be transformational for our company and have allowed us to efficiently concentrate our capital program on the most attractive markets in North America," said Trevor I. Mihalik, executive vice president and chief financial officer of Sempra Energy.
Completion of Multi-Year Capital Recycling Program
The company is executing its mission to build North America's premier energy infrastructure company by focusing on transmission and distribution (T&D) energy infrastructure in the most attractive markets in North America including California, Texas, Mexico and North America's liquefied natural gas export market. Over the past two years, Sempra Energy has repositioned its infrastructure portfolio through the divestiture of non-core assets and is committed to invest a record $32 billion in capital over its 2020-2024 five-year plan with a focus on T&D investments in its Texas and California utilities.
In total, including the sale of the company's South American businesses and the company's U.S. renewables business and non-utility natural gas storage assets, which was completed in 2019, the company has generated approximately $8.3 billion in total cash proceeds from these divestitures.
"These proceeds are being used to support our growth initiatives, strengthen our balance sheet and return value to our owners," said Mihalik.
Company Raises 2020 EPS Guidance Ranges
As a result of enhanced visibility into earnings growth related to progress made on the company's strategic plan, today Sempra Energy announced that it is raising its full-year 2020 GAAP earnings-per-share (EPS) guidance range to $12.38 to $13.32, from $11.88 to $13.02. The company's full-year 2020 adjusted EPS guidance range also has been increased to $7.20 to $7.80, from $6.70 to $7.50.
Non-GAAP Financial Measure
Sempra Energy's full-year 2020 adjusted EPS guidance is a non-GAAP financial measure (GAAP represents accounting principles generally accepted in the United States of America). For a reconciliation of this non-GAAP financial measure to its most comparable GAAP financial measure, refer to the table at the end of this document.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE | |||
Sempra Energy 2020 Adjusted EPS Guidance Range of $7.20 to $7.80 excludes items (after the effects of income taxes(1) and,
| |||
Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2020 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2020 GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra Energy 2020 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP. | |||
Full-Year 2020 | |||
Sempra Energy GAAP EPS Guidance Range | $ 12.38 | to | $ 13.32 |
Excluded items: | |||
Impacts associated with Aliso Canyon litigation | 0.24 | 0.24 | |
Losses from investment in RBS Sempra Commodities LLP | 0.34 | 0.34 | |
Estimated gain on sale of South American businesses | (5.76) | (6.10) | |
Sempra Energy Adjusted EPS Guidance Range | $ 7.20 | to | $ 7.80 |
Weighted-average common shares outstanding, diluted (millions) | 295(2) |
(1) | Income taxes were primarily calculated based on applicable statutory tax rates. We did not record an income tax benefit for the equity losses from our investment in RBS Sempra |
(2) | Weighted-average common shares outstanding does not include the dilutive effect of mandatory convertible preferred stock as they are assumed to be antidilutive for full-year 2020. |
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SOURCE Sempra Energy
SAN DIEGO, June 29, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) was named the top utility company on 3BL Media's "100 Best Corporate Citizens" list for 2020. This is the 11th consecutive year Sempra Energy has appeared on the list.
"Sempra Energy's mission-focused, values-led culture means each of our 18,000 employees contributes to improving the lives of our customers by delivering energy with purpose," said Lisa Alexander, senior vice president of corporate affairs for Sempra Energy. "The ideal of service is central to our high-performance culture and empowers us to invest in the communities we serve."
Sempra Energy prioritizes performance in four key areas: world-class safety, workforce engagement, resilient operations and critical support for the energy transition. These categories and the key performance indicators in each area, as described in the company's latest corporate sustainability report, are vital to Sempra Energy's mission to become North America's premier energy infrastructure company and set a leading example for the energy industry.
Across Sempra Energy's family of companies, doing the right thing is central to the company's mission. Consequently, the Sempra Energy family of companies and Sempra Energy Foundation have donated more than $12 million in COVID-19 relief aid to organizations across North America. From California and Texas to Louisiana and Mexico, this support demonstrates Sempra Energy's firm investment in the resilient communities where the company operates.
The "100 Best Corporate Citizens" ranking is based on an assessment of the companies on the Russell 1000 Index – a stock market index that tracks 1,000 of the largest companies in the United States. Sempra Energy holds the 61st spot on the list overall, and is ranked first among utility companies. The assessment is based on a company's scores in seven areas: employee relations, environment, climate change, governance, stakeholders, human rights and financial performance. The "100 Best Corporate Citizens" list is developed by 3BL Media, formerly Corporate Responsibility Magazine.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers across North America. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, June 26, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) employees today held a contactless donation drive-up event for the Children's Fund of San Bernardino County to deliver hygiene and infant care items as well as gift cards for children and families in need. The organization will distribute these items to agencies and nonprofits that serve children experiencing poverty, abuse, and neglect. Photos and videos from today's event are available here.
"SoCalGas and our employees are pleased to support Children's Fund with this event and to help our communities stay strong during an unprecedented time," said Kristine Scott, senior public affairs manager at SoCalGas. "Now, more than ever, it is critical that we support our communities in need. With the effects of the COVID-19 pandemic and the number of individuals and families struggling with homelessness on the rise, we know that the incredible mission of the Children's Fund is crucial, and we are proud to be a community partner and see our employees stepping up to support this effort."
"The timing couldn't be better for this donation drive," said Dr. Ciriaco "Cid" Pinedo, president and CEO of Children's Fund. "These are critical times when people have lost their jobs or had their hours reduced, and they need assistance meeting basic needs like hygiene items and baby necessities. In a county where one in four children live in poverty, this support is needed now more than ever." He adds, "We would like to thank the employees of SoCalGas for their generosity and support."
For today's drive, donors could purchase hygiene and infant care items such as diapers, baby lotion, shampoo, conditioner, face coverings and drugstore gift cards to drop off at Children's Fund.
Children's Fund is a nonprofit organization, founded in 1986, and serving the county of San Bernardino whose mission is to give vulnerable children support, opportunity, and hope by breaking destructive cycles through community partnerships. The organization works with more than 80 agencies and nonprofit organizations to provide children in need with shelter, medical care, counseling, rental assistance for families and much more.
Last year, Children's Fund served over 66,000 children. The organization distributed nearly 3,000 new clothing and hygiene products, donated over 43,000 holiday gifts, and gave over 2,700 children new beds and bedding thanks in part to community partners like SoCalGas.
SoCalGas is a longtime supporter of Children's Fund, having collaborated with the organization since 2000.
Since March, SoCalGas has donated more than $2 million to nonprofit organizations to support the region's workforce, feed the hungry, provide bill assistance to customers, and more as part of its COVID-19 recovery efforts. For more information on SoCalGas' response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About Children's Fund
Founded in 1986 by the Honorable Patrick Morris, the late Jack H. Brown, and Co-founder A. Gary Anderson, Children's Fund is a nonprofit whose mission is giving our vulnerable children support, opportunity, and hope by breaking destructive cycles through community partnerships. Last year, Children's Fund provided more than 66,000 services to children in need in San Bernardino County and since its inception has facilitated over 1.7 million points of service to children and families. For more information on Children's Fund or to learn how you can give a child hope for brighter tomorrows, go to www.childrensfund.org or call 909.379.0000.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas's vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, June 24, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has completed the sale of its Chilean businesses, generating approximately $2.23 billion in total cash proceeds, subject to post-closing adjustments. The sale to State Grid International Development Limited (SGID) includes Sempra Energy's 100% stake in Chilquinta Energía S.A. (Chilquinta Energía).
"Today's announcement completes the divestiture of all of Sempra Energy's South American assets – an important step in narrowing our strategic focus to the most attractive markets in North America," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "This sale furthers our mission to be North America's premier energy infrastructure company. I commend all parties involved in getting this deal completed and want to thank the hardworking employees of Chilquinta Energía for their dedication to powering Chile's homes, businesses, medical facilities and more."
The sale also includes a 100% interest in Tecnored S.A., which provides electric construction and infrastructure services to Chilquinta Energía and third parties, and a 50% interest in Eletrans S.A., which owns, constructs, operates and maintains power transmission facilities.
The completion of the Chilean transactions concludes Sempra Energy's sales of its South American businesses, resulting in approximately $5.82 billion in combined total cash proceeds, subject to post-closing adjustments. Proceeds from the sales will be used to further strengthen the company's balance sheet and liquidity position.
In April, Sempra Energy announced the completion of the sale of its Peruvian businesses, including its 83.6% interest in Luz del Sur S.A.A., to an affiliate of China Yangtze Power International (Hongkong) Co., Limited, generating approximately $3.59 billion in total cash proceeds, subject to post-closing adjustments.
About Chilquinta Energía
Chilquinta Energía is the third-largest distributor of electricity in Chile. Chilquinta Energía provides electricity to a population of approximately 2 million in the regions of Valparaíso and Maule in central Chile and is active in the development and operation of electric transmission lines.
About State Grid International Development Limited
SGID, a wholly owned subsidiary of State Grid Corporation of China (SGCC), is incorporated in Hong Kong as a limited liability company. It leverages SGCC's operational strengths and financial support to actively pursue investment opportunities worldwide and improve the operating efficiency of its portfolio of companies. SGID currently has investments in the Philippines, Brazil, Portugal, Australia, Hong Kong SAR, Italy, Greece, and Oman. SGCC, headquartered in Beijing, is the world's largest power utility corporation, and has extensive experience in constructing and operating electricity transmission and distribution networks. The company's power grid network covers 26 provinces in China, accounting for more than 88% of China's territory, and serves a population of over 1.1 billion. The company ranked fifth in 2019 Fortune Global 500.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, June 23, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced key executive appointments at its California utility infrastructure companies as part of its ongoing commitment to leadership development and succession planning.
Kevin C. Sagara has been named group president of Sempra Energy, overseeing the company's California utilities, San Diego Gas & Electric Co. (SDG&E) and Southern California Gas Co. (SoCalGas). Caroline A. Winn, chief operating officer of SDG&E, has been named CEO of SDG&E. Scott D. Drury, president of SDG&E, has been named CEO of SoCalGas.
"At Sempra Energy, we re-focused our strategy in 2018 on building North America's premier energy infrastructure company. Central to that mission is a commitment to also lead our industry in safety and sustainable business practices," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Our company's long-standing focus on developing leaders of character includes recognizing and promoting leaders who are committed to furthering our safety culture and leading the energy transition through innovation and technology."
Sagara currently serves as chairman and CEO of SDG&E and is credited with raising the company's standing as a national leader in wildfire safety and clean energy. Previously, he served as president of Sempra Renewables, leading that business to become one of the largest renewable energy companies in the U.S. Sagara's leadership at the national level includes his service as a director of the Edison Electric Institute.
Winn has served as chief operating officer at SDG&E since 2017 and is responsible for SDGE's industry leadership in sustainability, technology and innovation, including the company's significant advances in safety and wildfire mitigation. She previously served as SDG&E's chief energy delivery officer, vice president of customer services and has held other operational leadership positions. She first joined the company in 1986 as an associate engineer. Winn also serves as the chair of the San Diego Regional Chamber of Commerce.
Under Drury's leadership as president of SDG&E since 2017, the utility strengthened the safety and reliability of the energy grid and provided customers with increasingly cleaner energy choices while maintaining affordability and expanding electric vehicle charging infrastructure in the region. Previously, he served as SDG&E's chief energy supply officer and vice president of human resources, diversity and inclusion. He has been with the Sempra Energy family of companies since 1986.
Bret Lane, currently CEO of SoCalGas, is retiring after 38 years of distinguished service for the company.
The CEO appointments are effective Aug. 1, 2020. Sagara's appointment as group president of Sempra Energy is effective June 27, 2020.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, June 19, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas), Homeboy Industries, and Alma Family Services today hosted a drive-thru meal distribution event to benefit East Los Angeles families affected by the COVID-19 pandemic. The event was made possible in part thanks to a $25,000 donation from SoCalGas to Homeboy Industries' Feed HOPE program, which provides meals to Angelenos facing food insecurity due to the pandemic. More than 5,000 meals were distributed to 1,000 families through Alma Family Services' coordination of a collaborative event with other local community organizations. Please see here for photos from the event.
"The COVID-19 pandemic has been met with heartrending and widespread hunger among hardworking families in East Los Angeles," said Los Angeles County Supervisor Hilda L. Solis. "I am working with Alma Family Services and SoCalGas to make sure that families don't go hungry. I am committed to fighting hunger, and I want people to know that if you need sustenance, we are here for you."
"As we navigate through this pandemic, it is important that we come together to help the most vulnerable members of our communities," said Trisha Muse, director of community relations at SoCalGas. "At SoCalGas we are proud to support this event by not only feeding our community, with the help of Alma Family Services, but by also helping Homeboy Industries provide meaningful work for their café and bakery employees."
Since 1992, Homeboy Industries has helped former gang members and inmates have an opportunity to acquire job skills and seek employment in a safe, supportive environment. In the wake of the COVID-19 pandemic, the organization launched the Feed HOPE program to give back to the community while bringing in funds to keep their employees working and their businesses running. Homeboy Industries has been partnering with businesses and organizations from the nonprofit and public sectors to create and deliver prepackaged, healthy meals to those suffering food insecurity in Los Angeles through this program. The meals provided at today's event were made by men and women who have completed Homeboy Industries' 18-month program and are currently part of their Feed HOPE initiative. SoCalGas' donation to the program, will help the organization hire and train employees for their Homegirl Café and Homeboy Bakery.
"We are grateful for the partnership with SoCalGas, the Office of Los Angeles County Supervisor Hilda Solis and Alma Family Services, in support of our Feed HOPE project," said Thomas Vozzo, CEO of Homeboy Industries. "The collaboration highlights the commitment and dedication to ensuring services and care are provided to the Los Angeles communities we serve. This work is more important than ever, especially because of the social and economic effects of COVID-19. Ongoing, critical services to address such things as food scarcity is an important focus for so many of us who are—at this moment—working with those on the margins."
Since 1975, Alma Family Services has provided a wide range of supportive services in Los Angeles County. Alma Family Services, which is dedicated to advancing the quality of life of families and individuals coping with a range of needs, has mobilized resources to help those most impacted by the pandemic. In partnership with Supervisor Hilda Solis and other elected officials as well as systems of care, Alma Family Services is helping families cope with the impact this crisis is having on all life domains, including food security, which can also trigger significant emotional angst for families who are already experiencing multiple stresses.
"The COVID-19 pandemic has exacerbated social and economic inequities, hitting those most vulnerable among us extremely hard," said Diego Rodrigues, executive vice president and chief operating officer at Alma Family Services. "Alma is pleased to have the opportunity to provide resources to our community members through innovative partnerships with local organizations. We are grateful for LA County Supervisor Hilda Solis' leadership and SoCalGas' generosity which helped feed 1,000 families in the East Los Angeles Area. Alma is proud to serve alongside those investing in our most impacted communities during these unprecedented times."
SoCalGas employees also volunteered at the event, distributing meals and sharing information on customer assistance programs. The utility also donated four pieces of commercial cooking equipment to Homeboy Industries to help support their operations, in addition to this $25,000 donation.
To date, SoCalGas has donated more than $2 million to nonprofit organizations to support the region's workforce, feed the hungry, provide bill assistance to customers, and more as part of its COVID-19 recovery efforts. For more information on SoCalGas' response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Homeboy Industries
Homeboy Industries is the largest and preeminent gang rehabilitation and re-entry program in the world. For 32 years, the organization has offered an "exit ramp" for those stuck in a cycle of violence and incarceration, helping them develop the strength and skills to transform their lives and become contributing members of our community. The organization's holistic approach, with free services and programs, supports nearly 9000 men and women per year as they work to overcome their pasts, reimagine their futures, and break the intergenerational cycle of gang violence. Therapeutic and educational offerings (case management, counseling, and classes), practical services (e.g., tattoo removal, work readiness, and legal assistance), and job training-focused businesses (e.g., Homeboy Bakery, Homegirl Café & Catering, and Homeboy Electronics Recycling) provide healing and alternatives to gang life, while creating more inclusive and healthier communities.
About Alma Family Services - Providing Quality Services to Families for Forty Five Years
Alma Family Services was established in 1975 in East Los Angeles by parents to provide, along with other purposes, a comprehensive range of multilingual community-based services for families including those with special needs. Since its inception, Alma has a "whatever it takes" tradition of multilingual, culturally competent services to meet client's needs in their homes and residential facilities, schools, social and vocational programs, juvenile facilities, and other settings as appropriate. Alma has expanded services to additional communities through 16 service locations in the County of Los Angeles and one (1) service location in the Jurupa Area of Riverside County. Alma also provides mental health services which are functionally integrated within community health facilities and domestic violence programs in the greater East Los Angeles and San Gabriel communities including The Wellness Center at the Historic General Hospital Center in Boyle Heights.
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SOURCE Southern California Gas Company
LOS ANGELES, June 18, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and the Latino Restaurant Association (LRA) today hosted an event to feed one thousand healthcare workers from Riverside Community Hospital. Members from the Front Line Appreciation Group (FLAG) also supported the event, distributing meals provided by local Latino-owned restaurants. The event was made possible thanks to grants from SoCalGas to LRA's Feed Frontliners Program, which provides support to healthcare workers. SoCalGas and LRA also fed 500 healthcare workers from Arrowhead Regional Medical Center in Colton earlier this week. Please see here for photos from the event.
"So grateful to SoCalGas for serving our health care workers on the front lines of the battles against COVID-19," said Riverside Mayor Rusty Bailey. "While it may seem that lunch is a small thing, the gesture and some tasty food go a long way to motivate and inspire others."
"These are unprecedented times for our community and as we work to reduce the impact of this pandemic, we thank SoCalGas and LRA for their generosity," said Jackie DeSouza-Van Blaricum, president and CEO at Riverside Community Hospital. "Today's event truly captured the community's gratitude towards our healthcare workers who have been working on the frontlines of this pandemic."
"Arrowhead Regional Medical Center Foundation truly appreciates SoCalGas and LRA bringing the Feed Frontliners program to San Bernardino," said David Glick, executive director at the Arrowhead Regional Medical Center Foundation. "This is another great example of how our communities are stepping up in incredible ways to support the brave women and men on the front lines of this pandemic."
"We're proud to partner with LRA and FLAG in recognizing and supporting Riverside frontline workers and local restaurants who have been hardest hit during this pandemic," said Lea Petersen, public affairs manager at SoCalGas. "My heartfelt thanks go out to all our first responders who have worked tirelessly for months protecting and caring for the lives of others while putting themselves at higher risk."
Meals for the events were prepared by LRA member restaurant chain – Miguel's Jr. SoCalGas' grant to the Feed Frontliners Program helped fund the purchases of the meals, which will support the restaurant whose business has been impacted by the pandemic.
"The LRA is very excited to partner with our friends from SoCalGas and Riverside and San Bernardino Counties to proudly support our Latino Restaurants," said Tati Polo, LRA cofounder. "By purchasing food from Latino Restaurants and providing delicious meals to our wonderful frontline heroes we focus on two amazing and hard-working groups! Our beloved healthcare staff have been working hard to help manage the flow of COVID-19 and deserve a huge thank you for all of their hard work."
SoCalGas is dedicated to supporting the health, safety, and wellness of our community. In addition to supporting the LRA's Feed Frontliners Program events, the utility has donated more than $2 million to nonprofit organizations to support the region's workforce, feed the hungry, provide bill assistance to customers, and more as part of their COVID-19 recovery efforts. Together, the Sempra Energy family of companies – including SoCalGas' sister California utility San Diego Gas and Electric, and the Sempra Energy Foundation – have donated more than $12 million to those in need during this crisis.
For more information about SoCalGas' response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About the Latino Restaurant Association
The Latino Restaurant Association promotes, supports and educates restaurateurs and small business owners to ensure the equitable economic growth of the Latino restaurant sector. As a member association we work to bring our member community together to advocate for the critical issues impacting our industry and provide resources and educational opportunities to support efficient business practices. The LRA strives to create an all-inclusive Latino restaurant platform for the country.
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SOURCE Southern California Gas Company
LOS ANGELES, June 18, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and the University of California Santa Barbara (UCSB) today announced the successful completion of two joint energy efficiency projects. In total, the projects are saving the university 66,000 therms of energy every year. The reduction in energy use equates to removing about 350 metric tons of greenhouse gas emissions, the same as a reduction of 866,516 miles driven by passenger vehicles per year. Both projects were part of California's joint Energy Efficiency Partnership between state universities and investor-owned utilities. Over the last five years, SoCalGas has supported over 184 energy efficiency projects, saving university campuses over 6,000,000 therms of energy—a $6 million savings— and providing over $6,300,000 in incentives through this state program.
In 2013, the University of California (UC) system announced its Carbon Neutrality Initiative, which commits UC to emitting net zero greenhouse gases from its buildings and vehicle fleet by 2025, something no other major university system has done. SoCalGas' energy efficiency programs support the campus and their ambitious conservation goals.
"SoCalGas is committed to providing affordable, clean energy solutions to our customers," said Brian Prusnek, director of customer programs and assistance at SoCalGas. "We value our partnership with the UC and CSU university systems, and through our energy efficiency solutions, we are working together to lower utility bills and curb carbon emissions."
"Whole-building energy efficiency projects at UCSB have proven to be strong financial investments and have helped us create more comfortable, safer, and more controllable environments for campus end users," said Jordan Sager, energy manager at UCSB. "SoCalGas has been a great partner to work with on these projects from start to finish."
The first of the two UCSB projects began in 2018 as part of the university's high opportunity projects and programs (HOPP's) initiative. SoCalGas and Southern California Edison co-funded the project, which investigated how best to update two important laboratories at the university. The utilities conducted an energy management plan to document and list the savings, costs and measures to implement an energy efficient system.
The utilities identified multiple measures to reduce energy consumption in the building's lighting and HVAC systems by installing occupancy sensors, wireless thermostats and low-power LED lights. The campus also added high efficiency dedicated natural gas boilers to each building. A new chilled water system including a cooling tower, and pumps were also installed. Following the installation of the energy efficient system, the utilities verified the energy systems using the Normalized Metered Energy Consumption (NMEC) approach, which uses building-level metered energy data to verify savings. The project resulted in natural gas savings of 60,959 therms, and the university received an incentive from SoCalGas of $152,000.
UCSB also installed an ozone laundry system to support their laundering of uniforms and sports gear for the university's athletic department which was eligible for a rebate from SoCalGas in the amount of $5,850 and will save the university approximately 5,880 therms of energy.
SoCalGas continues to be a leader in researching and developing new technologies that improve energy efficiency and protect the environment. Over the past five years, SoCalGas energy efficiency programs delivered more than 204 million therms in energy savings, enough natural gas usage for 125,000 households a year, and reducing greenhouse gas emissions by over 1,000,000 metric tons, the equivalent of removing more than 230,000 cars from the road annually. These advances have also helped save SoCalGas customers nearly $225 million in utility bill costs.
To learn more about SoCalGas' energy efficiency programs and services, visit socalgas.com or call 800-427-2200.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, June 15, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and the Latino Restaurant Association (LRA) today held meal distribution events at Mercy Hospital Southwest in Bakersfield and Adventist Health Delano Regional Medical Center. Hundreds of healthcare workers received a free meal provided by local Latino-owned restaurants. The events were made possible thanks to a grant from SoCalGas to LRA's Feed Frontliners Program, which provides support to healthcare workers and restaurants affected by the COVID-19 pandemic.
"Mercy Hospitals of Bakersfield is overwhelmed by the generosity of the SoCalGas and the LRA," said Toni Harper, vice president at Mercy Hospitals of Bakersfield. "As we continue to weather the pandemic, our caregivers are working tirelessly to ensure every patient and family has the best care. A gesture such as this by SoCalGas and the LRA renews their spirit and for that, we are eternally grateful."
"This pandemic has impacted all of us in different ways. Our goal with these events is to express our appreciation for healthcare workers and support local restaurant owners whose businesses have been affected by the pandemic," said Robert Duchow, public affairs manager at SoCalGas. "We are proud to continue supporting the communities we serve every day."
SoCalGas employees from Bakersfield also volunteered at the events, distributing meals and care packages to healthcare workers.
Meals for the events were prepared by LRA member restaurants, La Costa in Bakersfield and by Hole-in-One in Delano. SoCalGas' grant to the Feed Frontliners Program helped fund the purchases of the meals, which will support the restaurants whose business has been impacted by the pandemic.
"The Latino Restaurant Association is so thankful to SoCalGas for partnering with us to bring our Feed Frontliners Program to the Bakersfield and Delano community," said Lilly Rocha, LRA Board Chair. "SoCalGas has been with us from the beginning, starting with a handful of meals to local ICU units to 250 meals at Adventist Health Delano Regional Medical Center and Mercy Hospital respectively. The strength of the program is in supporting two vulnerable and impacted communities - frontline healthcare workers combating COVID-19 every day and restaurants who are struggling to stay open."
SoCalGas is dedicated to supporting the health, safety, and wellness of our community. In addition to supporting the LRA's Feed Frontliners Program events, the utility has donated more than $2 million to nonprofit organizations to support the region's workforce, feed the hungry, provide bill assistance to customers, and more as part of the COVID-19 recovery. For more information about SoCalGas' response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About the Latino Restaurant Association
The Latino Restaurant Association promotes, supports and educates restaurateurs and small business owners to ensure the equitable economic growth of the Latino restaurant sector. As a member association we work to bring our member community together to advocate for the critical issues impacting our industry and provide resources and educational opportunities to support efficient business practices. The LRA strives to create an all-inclusive Latino restaurant platform for the country.
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SOURCE Southern California Gas Company
SAN DIEGO, June 11, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its board of directors has declared a $1.045 per share quarterly dividend on the company's common stock, which is payable July 15, 2020, to common stock shareholders of record at the close of business on June 26, 2020.
Sempra Energy's board of directors also declared a quarterly dividend of $1.50 per share on Sempra Energy's 6% Mandatory Convertible Preferred Stock, Series A. Additionally, Sempra Energy's board of directors declared a quarterly dividend of $1.6875 per share on the company's 6.75% Mandatory Convertible Preferred Stock, Series B. The preferred stock dividends will be payable July 15, 2020, to preferred stock shareholders of record at the close of business on July 1, 2020.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward- looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, June 10, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the company has joined the Texas Economic Development Corporation (TxEDC), an independently funded and operated 501(c)(3) nonprofit organization promoting economic and business development in the state.
"As Texas dedicates itself to recovering from the COVID-19 pandemic, we are proud to support the TxEDC as it works to promote the economic vitality and international presence of the state," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We look forward to continuing our collaboration with Texas leaders to grow and expand the state's leading position in the worldwide energy landscape. Our company is focused on developing critical energy infrastructure needed to support the Texas economy and the transformation of America into a leader in energy exports."
The work of the TxEDC is a key part of Texas Gov. Greg Abbott's economic development plan to make Texas an even stronger state.
"The State of Texas is grateful for Sempra Energy's continued partnership to help strengthen the Texas economy and improve the livelihoods of all Texans," said Gov. Greg Abbott. "Texas remains the best state in the nation for business because of partners like Sempra Energy and we welcome this decision to join the TxEDC. The TxEDC plays a vital role in attracting more investments to Texas, creating more jobs, and empowering entrepreneurs and job creators across the state. By partnering with Sempra Energy, the TxEDC will help usher in even greater economic prosperity for communities across the Lone Star State."
Sempra Energy is dedicated to investing in the communities in which it serves and operates, including Texas. Over the last three years Sempra Energy, Sempra LNG and the Sempra Energy Foundation have committed more than $2.5 million to nonprofit organizations providing services in Texas, in addition to the community investments of Oncor Electric Delivery Company LLC (Oncor), headquartered in Dallas. Sempra Energy indirectly owns approximately 80% of Oncor.
Continuing to Grow in Texas
Sempra Energy continues to advance its presence in Texas as it focuses on growing in the most attractive markets in North America. The company plans to open a "Center of Excellence" in Houston later this year. In addition to expanded office space for regional business operations of Sempra LNG, the Houston Center of Excellence will showcase innovative technologies developed by the Sempra Energy family of companies to support today's evolving energy market.
Sempra Energy began operating in Texas more than 20 years ago. In May 2019, the company acquired a 50% limited-partnership interest in Sharyland Utilities, LLC. In 2018, Sempra Energy became the majority owner of Oncor, the largest electric transmission and distribution utility in Texas, serving more than 10 million consumers. In 2019, Sempra Energy also supported Oncor's acquisition of InfraREIT, Inc. Through these three acquisitions, Sempra Energy has made investments in Texas totaling more than $20 billion in enterprise value.
Additionally, Sempra LNG is developing the proposed Port Arthur LNG export project in Jefferson County, Texas. Port Arthur LNG is slated to be a multibillion-dollar infrastructure investment designed to enable the delivery of natural gas sourced from Texas to world markets. The project, if completed, would also support manufacturing, small businesses and the community by creating thousands of jobs and contributing to the local economy.
For more information on Sempra Energy's commitment to Texas, please visit www.sempra.com/Texas.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward- looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, June 9, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) and State Grid International Development Limited (SGID) have jointly announced today that both companies remain firmly committed to completing the sale of Sempra Energy's equity interests in its Chilean businesses, including its 100% stake in Chilquinta Energía S.A. (Chilquinta Energía), and are targeting June 24 as the closing date.
"As we move to close the transaction, our primary focus continues to be on the safety and well-being of our employees, customers and communities," said Dennis V. Arriola, executive vice president and group president of Sempra Energy. "We have received all the necessary approvals for the sale of our Chilean investments from the required governmental agencies in Chile and we plan to proceed with the closing with a target date of June 24."
In addition to Chilquinta Energía, Sempra Energy also intends to sell a 100% interest in Tecnored S.A., which provides electric construction and infrastructure services to Chilquinta Energía and third parties, and 100% ownership of Eletrans S.A., which owns, constructs, operates and maintains power transmission facilities.
"Our planned investment in Chile is very strategic to the overall long-term growth of SGID and we are fully supportive of the Chilean government's efforts to protect its citizens from the spread of COVID-19," said Hu Yuhai, Chairman of SGID. "Our Board of Directors remains fully committed to completing this transaction with Sempra Energy. We expect confirmation on the last remaining filing in China with the National Development and Reform Commission (NDRC) very soon."
In April, Sempra Energy announced the completion of the sale of its Peruvian businesses, including its 83.6% interest in Luz del Sur S.A.A., to an affiliate of China Yangtze Power International (Hongkong) Co., Limited, generating approximately $3.6 billion in total cash proceeds, subject to post-closing adjustments.
The sale of Sempra Energy's Chilean businesses is subject to various conditions to closing, including confirmation on the last remaining filing with the NDRC. The completion of the Chilean transactions will conclude Sempra Energy's planned sale of its South American businesses. Proceeds from the sales will be used to further strengthen the company's balance sheet and liquidity position.
About Chilquinta Energía
Chilquinta Energía is the third-largest distributor of electricity in Chile. Chilquinta Energía provides electricity to approximately 2 million people in the regions of Valparaíso and Maule in central Chile, and is also active in the development and operation of electric transmission lines.
About State Grid International Development Limited
SGID, a wholly-owned subsidiary of State Grid Corporation of China (SGCC), is incorporated in Hong Kong as a limited liability company. It leverages SGCC's operational strengths and financial support to actively pursue investment opportunities worldwide and improve the operating efficiency of its portfolio of companies. SGID currently has investments in the Philippines, Brazil, Portugal, Australia, Hong Kong SAR, Italy, Greece and Oman. SGCC, headquartered in Beijing, is the world's largest power utility corporation, and has extensive experience in constructing and operating electricity transmission and distribution networks. The company's power grid network covers 26 provinces in China, accounting for more than 88% of China's territory, and serves a population of over 1.1 billion. The company ranked fifth in 2019 Fortune Global 500.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward- looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, May 21, 2020 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | |
Preferred Stock | $0.375 per share |
Preferred Stock, Series A | $0.375 per share |
The dividends are payable on July 15, 2020, to shareholders of record on June 10, 2020.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas's vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, May 20, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today released its 12th corporate sustainability report, "Shaping the Future," outlining goals and key performance indicators across four broad categories: world-class safety, workforce engagement, operational resiliency and the energy transition.
"Our mission-focused, values-led approach enables the Sempra Energy family of companies to safely deliver reliable energy to over 35 million consumers across North America, including hospitals, first-responder facilities, home offices and essential businesses during this pandemic," said Jeffrey W. Martin, chairman and chief executive officer of Sempra Energy. "As discussed during our Investor Day, we are focused on managing the risks and opportunities that improve business resiliency and sustainable growth. Our high-performance culture is key, because it helps us adapt and focus on the right things, as our 18,000 employees work to improve the lives of our customers by delivering energy with purpose every day."
Through its family of companies, Sempra Energy operates new, smart energy infrastructure that connects residential and business consumers alike to lower-carbon choices for their energy supply. With a mission that is focused on building North America's premier energy infrastructure company, Sempra Energy is focused on key growth markets in California, Texas, Mexico and global LNG export markets. The company's operations are largely concentrated in energy transmission and distribution, a section of the energy value chain that the company believes limits commodity exposure and provides attractive risk-adjusted returns. To advance its strategy, Sempra Energy is focused on measurable improvements in safety, employee development, operations and the energy transition.
The company's sustainability approach is rooted in extensive stakeholder dialogue and deep enterprise-wide alignment around ambitious goals, all championed at the highest levels of the organization. This commitment to sustainability is why Sempra Energy is recognized as an industry leader, earning numerous recognitions, including being named to the Dow Jones Sustainability World Index the past two years, the only North American utility to earn that honor.
Sempra Energy's corporate sustainability report includes review and reporting of various topics, including safety performance, employee engagement and several goals related to the energy transition. The report is aligned with the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD) disclosure frameworks.
Read Sempra Energy's full 2019 corporate sustainability report at sempra.com/sustainability.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward- looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, May 14, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) staff and LA Kings staff, fans and mascot Bailey today held a donation event for LA Family Housing, to deliver hundreds of hygiene items for people transitioning out of homelessness. SoCalGas and the Sempra Energy Foundation also teamed up to donate $50,000 to LA Family Housing (LAFH). Photos and videos from the event are available here.
"SoCalGas recognizes the importance of supporting our communities and especially those struggling with, or on the verge of homelessness. People from every walk of life are in need of the basics – many people seeking assistance for first time," said Gillian Wright, senior vice president of customer services at SoCalGas and board chair at LA Family Housing. "SoCalGas is in the business of making the basics affordable – affordable heat, hot water and more energy efficient homes. Over the years our employees have raised millions to support homeless initiatives. It's wonderful to see our employees and partners stepping up in this time of unprecedented need."
"The LA Kings and SoCalGas enjoy a tremendous partnership and it is exciting to come together during this difficult, unique time to assist our community," said Jennifer Pope, Vice President, Community Relations and Team Services at LA Kings. "Collectively -- with our fans -- the entire Kings family can help support these efforts and supporting LAFH."
"LAFH has always depended on a strong base of community support to help our participants as they transition out of homelessness," said Stephanie Klasky-Gamer, president and CEO of LA Family Housing. "As we navigate the complexities of the COVID -19 crisis, we have never been more grateful for dedicated community partners like SoCalGas and the LA Kings, who have found creative ways to remain engaged and meet the needs of our most vulnerable neighbors."
Each year LA Family Housing distributes 12,000 hygiene kits to people who are unhoused, living in temporary housing, and to families to have recently moved into a place of their own. During the COVID-19 crisis, they need an additional 3,000 kits each month to meet the need. Through community support and partnerships with leading organizations like SoCalGas and the LA Kings, LA Family Housing is working diligently to meet the needs of the most vulnerable while safeguarding program participants, staff, and volunteers.
For the donation drive, participants could either mail in supplies, purchase items from LAFH's Amazon wish list or attend the event at LAFH's North Hollywood headquarters to drop off their donated items from their vehicles. LAFH accepted new items such as cloth face coverings, thermometers, shampoo, conditioner, body wash and more.
LA Family Housing is a non-profit organization helping people to transition out of homelessness and poverty through a continuum of housing enriched with supportive services. The organization's vision is to be a leader in providing solutions to end homelessness. The non-profit operates 29 properties of temporary, permanently affordable, and permanent supportive housing across Los Angeles, with headquarters and most services based in the San Fernando Valley.
SoCalGas is a longtime supporter of LA Family Housing, having collaborated with the organization since 1998 and given over $132,000 in support. In March, SoCalGas announced a $1 million donation to nonprofit organizations throughout its service area to support the region's workforce, feed the hungry, and provide bill assistance to customers most affected by COVID-19.
Together, the Sempra Energy family of companies – including SoCalGas' sister California utility San Diego Gas and Electric, and the Sempra Energy Foundation – are stepping up with more than $8 million to those in need during this crisis.
About LA Family Housing
LA Family Housing (LAFH) is a non-profit organization that helps people break the cycle of homelessness and regain stability through a proven model of housing enriched with supportive services. Since their inception in 1983, LA Family Housing has become one of the largest developers of affordable housing and homeless services providers in Los Angeles. Today they have 29 properties of temporary, permanently affordable, and permanent supportive housing across Los Angeles, with headquarters and most services based in the San Fernando Valley. A regional leader in homeless services for families and individuals, LA Family Housing helps more than 11,000 people transition out of homelessness each year.
About Los Angeles Kings
For more than half a century, the Los Angeles Kings have been bringing excitement, passion and Stanley Cup glory to Southern California, delighting our deeply loyal fan base by being a leader in incredible events and employing the greatest players in NHL history. In addition, the legacy of the LA Kings is an ultimate first-class commitment both to our fans and our partners with an unmatched pledge to improving our community by serving as a model sports franchise.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas's vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, May 7, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and Covenant House California (CHC) today announced that SoCalGas and the Sempra Energy Foundation together have donated $50,000 to Covenant House California, a non-profit shelter that provides sanctuary and support for homeless and trafficked youth, ages 18-24. The $50,000 donation includes, $25,000 from SoCalGas and $25,000 from the Sempra Energy Foundation. In addition, SoCalGas, is donating commercial cooking equipment for the shelter's kitchen. Please see here for photos and video from today's delivery of the kitchen equipment to Covenant House.
"SoCalGas is proud to support our friends at Covenant House of California with this donation," said Mia DeMontigny, Vice President Controller and Chief Financial Officer at SoCalGas and Covenant House California board member. "Covenant House works tirelessly to provide critical and life-changing services to youth experiencing homelessness in Los Angeles and we are proud to be able to support their efforts."
"SoCalGas is showing what an amazing partner they are, during the greatest time of need for young people experiencing homelessness. This gift helps us to be able to meet the needs of more youth than ever who do not have a safe place to sleep right now, as the result of the pandemic. We are so incredibly grateful to SoCalGas for stepping up in such a significant way for the most vulnerable people in our community," said Bill Bedrossian, CEO Covenant House of California.
CHC provides not only housing services including transitional living programs but also support services such as street outreach, medical and mental health services, and career and education programs. Covenant House California has over 100 youth currently living at its Los Angeles campus and served over 240,000 meals to youth throughout California last year.
The donations from both SoCalGas and the Sempra Energy Foundation will supplement the cost of food for the shelter's Los Angeles location as well as support other services the non-profit provides.
Last month, SoCalGas announced a $1 million donation to nonprofit organizations throughout its service area to support the region's workforce, feed the hungry, and provide bill assistance to customers most affected by COVID-19.
Together, the Sempra Energy family of companies – including SoCalGas' sister California utility San Diego Gas and Electric and the Sempra Energy Foundation – are stepping up with more than $8 million to those in need during this crisis.
SoCalGas has suspended service disconnections for its core customers until further notice. This means no residential or small business customer will have their natural gas turned off due to non-payment. SoCalGas has also temporarily waived late fees for small business customers. Late fees are never charged for residential customers.
Natural gas continues to flow and is being delivered to SoCalGas' 22 million customers across southern and central California, just as it does on a "typical" day. There is no shortage of supply of natural gas for homes or businesses or to power plants that generate electricity.
For more information about SoCalGas' response to the COVID-19 pandemic, please visit www.socalgas.com/coronavirus.
Covenant House California COVID-19 Response
Covenant House California is ACTIVELY serving nearly 5,000 youth a year who are experiencing homelessness across the state in Los Angeles, Oakland, and Berkeley. Simultaneously, each night in California, there are over 10,000 youth experiencing homelessness who don't have a safe place to sleep. Their need for shelter, sustenance, medical attention, sanctuary, and support has not quelled in the midst of social distancing and the shuttering of non-essential businesses; IT HAS DRASTICALLY INCREASED.
The work of providing care to an already traumatized population of youth centers upon human connection, contact, and engagement. To that end, our shelters are sheltering, our street outreach programs are outreaching, and our counselors are counseling; we make a commitment to every youth we serve that, when they are with us or working with us, they will receive absolute respect and unconditional love, and we will not relent in that covenant.
We work with a highly traumatized population. As a result, their response to this crisis – and our society's collective anxiety – requires a targeted, trauma-informed approach from a mental health standpoint. Our counselors are working double-time to ensure that youth who are scared are enveloped with love and support and reinforcing their inherent strengths that fuel healthy coping mechanisms – mechanisms that will prevent returns to homelessness.
Our Rapid Rehousing programs are structured to provide support to youth who have worked unbelievably hard to maintain a job and their first apartment lease. Many of those youth are now faced with the elimination of their employment (i.e., those working in the service industries). We are not willing to stand by and watch youth lose everything as a result of their work stoppage or shortage, and as a result, we are paying their rent – or whatever portion of their rent that they cannot afford.
In fact, a significant majority of our youth lost their employment just one week into the pandemic. This has created the need for additional food and staffing costs on our campuses as well as the need to have increased programming on our sites to ensure that youth are being constructive and staying healthy during this time where employment prospects are very low for them.
We will not stop doing this work. We have made that commitment to the youth we serve and, frankly, to the communities we serve. Every unrestricted dollar that can be mustered makes the fulfillment of that commitment less strenuous. In a time when everything is constantly changing, this funding allows us to rapidly target emergencies as they arise.
About Covenant House California
Covenant House California (CHC) is a non-profit youth shelter with locations in Hollywood, Oakland and Berkeley that provides sanctuary and support for homeless and trafficked youth, ages 18-24. CHC believes that no young person deserves to be homeless; that every young person in California deserves shelter, food, clothing, education and most importantly, to be loved. Now serving over 5,000 youth a year, CHC has served over 200,000 homeless youth since we've opened our doors. CHC provides a full continuum of services to meet the physical, emotional, educational, vocational, and spiritual well-being of young people, in order to provide them with the best chance for success in independence.
www.covenanthousecalifornia.org
Facebook: @covenanthousecalifornia
Twitter: @CovenantHouseCA
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, May 4, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported first-quarter 2020 earnings of $760 million, or $2.53 per diluted share, compared to first-quarter 2019 earnings of $441 million, or $1.59 per diluted share. On an adjusted basis, the company's first-quarter 2020 earnings were $932 million, or $3.08 per diluted share, compared to $534 million, or $1.92 per diluted share, in the first quarter of 2019.
"In the midst of a global pandemic, we are reminded that our employees face health risks in their daily lives and unique challenges in performing their jobs. That is why our first priority has been, and continues to be, the safety of our employees, customers and communities," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We remain focused on advancing our strategic priorities and committed to delivering safe and reliable energy to over 35 million consumers, including the many hospitals and primary care facilities across our communities."
"Our strong financial results this quarter reflect the focused execution of our strategic plan," added Martin. "We plan to continue to strengthen our balance sheet and maintain solid liquidity across our companies, while pursuing our disciplined growth plan."
The reported financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings reconciled to adjusted earnings for the first quarter of 2020 and 2019.
Three months ended | ||||||
March 31, | ||||||
(Dollars, except EPS, and shares, in millions) | 2020 | 2019 | ||||
(Unaudited) | ||||||
GAAP Earnings | $ 760 | $ 441 | ||||
Impacts Associated with Aliso Canyon Litigation | 72 | - | ||||
Losses from Investment in RBS Sempra Commodities LLP | 100 | - | ||||
Tax Impacts from Expected Sale of South American Businesses | - | 93 | ||||
Adjusted Earnings(1) | $ 932 | $ 534 | ||||
GAAP Diluted Weighted-Average Common Shares Outstanding | 314 | 277 | ||||
GAAP Earnings Per Diluted Common Share(2) | $ 2.53 | $ 1.59 | ||||
Adjusted Diluted Weighted-Average Common Shares Outstanding(1),(3) | 314 | 291 | ||||
Adjusted Earnings Per Diluted Common Share(1),(2),(3) | $ 3.08 | $ 1.92 | ||||
1) | Represents a non-GAAP financial measure. See Table A for information regarding non-GAAP financial measures. |
2) | To calculate Q1-2020 GAAP earnings per common share (EPS) and Adjusted EPS, preferred stock dividends of $36 million |
3) | To calculate Q1-2019 Adjusted EPS, preferred stock dividends of $26 million are added back to Adjusted Earnings and approximately |
Responding to COVID-19
As part of its commitment to deliver energy with purpose, Sempra Energy is dedicated to the safety and well-being of its employees, customers, partners and communities. The company has activated an enterprise-wide Task Force designed to respond to the impacts of the global pandemic and identify and mitigate risks across the Sempra Energy family of companies. Sempra Energy's operating companies are providing critical energy services to hospitals, healthcare facilities, first responders and others on the frontline of the crisis.
The Sempra Energy family of companies has donated approximately $8 million to COVID-19 relief efforts in areas where they operate, including California, Texas, Louisiana, Mexico and South America. This includes a $1.75 million Nonprofit Hardship Fund created by the Sempra Energy Foundation to help small to medium-sized nonprofits serve critical needs related to COVID-19.
Strengthening Balance Sheet and Liquidity Position with Peru Sale
Last month, Sempra Energy announced the completion of the sale of its Peruvian businesses, including its 83.6% interest in Luz del Sur S.A.A., to an affiliate of China Yangtze Power International (Hongkong) Co., Limited, generating approximately $3.6 billion in total cash proceeds, subject to post-closing adjustments. Sempra Energy continues to advance the sale of its Chilean assets, including its 100% interest in Chilquinta Energía S.A., to China State Grid International Development Limited for $2.23 billion in total cash proceeds, subject to adjustments and satisfaction of closing conditions.
The completion of these transactions will conclude Sempra Energy's planned sale of its South American businesses. Proceeds from the sales will be used to further strengthen the company's balance sheet and help fund the company's record capital plan.
Providing Essential Services at U.S. Utility Infrastructure Businesses
Sempra Energy's U.S. utility infrastructure businesses continue to deliver safe and reliable service to their customers. In March 2020, the Federal Energy Regulatory Commission approved the cost of capital settlement terms that SDG&E and all settling parties reached in October 2019. The settlement agreement provides for a return on equity (ROE) of 10.6%, consisting of a base ROE of 10.1% plus an additional 50 basis points for participation in the California Independent System Operator service area. Additionally, SDG&E and SoCalGas filed a joint petition for modification in April 2020 to revise their 2019 General Rate Case (GRC) to add two additional attrition years, resulting in a transitional five-year GRC period from 2019 to 2023.
Oncor Electric Delivery Company LLC (Oncor) continues to execute on its five-year capital plan of approximately $11.9 billion. Approximately 90% of projects in Oncor's transmission budget through 2021 do not need further approvals before commencing construction. These projects are designed to support growth, as well as strengthen and expand the grid in Oncor's service territory.
Advancing Energy Infrastructure Projects
Sempra Energy recently announced that Cameron LNG has reached the final commissioning stage for Phase 1 of the liquefaction-export project in Hackberry, Louisiana, as the third of three liquefaction trains for Phase 1 has achieved mechanical completion, introduced feed gas and initiated the start-up process. This achievement keeps the project on track to produce liquefied natural gas (LNG) from the third and final train in the second quarter of 2020 and begin commercial operations in the third quarter of 2020. Cameron LNG achieved commercial operations of Train 1 and Train 2 under its tolling agreements in August 2019 and February 2020, respectively.
Sempra Energy's share of full-year run-rate earnings from the Phase 1 project is anticipated to be between $400 million and $450 million annually starting in 2021 when all three trains are in commercial operations under Cameron LNG's tolling agreements. Sempra Energy indirectly owns 50.2% of Cameron LNG. Cameron LNG is jointly owned by affiliates of Sempra LNG, TOTAL S.A., Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha.
In March, Port Arthur LNG, LLC and Bechtel Oil, Gas, and Chemicals, Inc. signed a fixed-price EPC contract for the Port Arthur LNG liquefaction project under development in Jefferson County, Texas. Given current market dynamics, a final investment decision is now expected for the project in 2021.
Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) continues to develop infrastructure projects that provide consumers in Mexico access to cleaner, more reliable energy. IEnova is actively monitoring the current situation but as a result of the current pandemic, it is reasonable to expect that some of the construction capital will be deferred from 2020 to 2021.
Earnings Guidance
Sempra Energy's updated full-year 2020 GAAP EPS guidance range is $11.88 to $13.02. The updated range reflects a revision to the estimated gain on the sale of the company's South American businesses and litigation-related charges at SoCalGas and the company's prior investment in RBS Sempra Commodities LLP. Today, the company is reaffirming its full-year 2020 adjusted EPS guidance range of $6.70 to $7.50, and is reaffirming its full-year 2021 EPS guidance range of $7.50 to $8.10.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra Energy's adjusted earnings and adjusted EPS for the first quarters of 2020 and 2019, adjusted diluted weighted-average common shares outstanding for the first quarter of 2019, and full-year 2020 adjusted EPS guidance. See Table A for additional information regarding these non-GAAP financial measures.
Internet Broadcast
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 8909332.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward- looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | |||||||
Table A | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
Three months ended March 31, | |||||||
(Dollars in millions, except per share amounts; shares in thousands) | 2020 | 2019 | |||||
(unaudited) | |||||||
REVENUES | |||||||
Utilities | $ | 2,665 | $ | 2,515 | |||
Energy-related businesses | 364 | 383 | |||||
Total revenues | 3,029 | 2,898 | |||||
EXPENSES AND OTHER INCOME | |||||||
Utilities: | |||||||
Cost of natural gas | (337) | (531) | |||||
Cost of electric fuel and purchased power | (229) | (256) | |||||
Energy-related businesses cost of sales | (59) | (108) | |||||
Operation and maintenance | (951) | (832) | |||||
Depreciation and amortization | (412) | (383) | |||||
Franchise fees and other taxes | (137) | (130) | |||||
Other (expense) income, net | (254) | 82 | |||||
Interest income | 27 | 21 | |||||
Interest expense | (280) | (260) | |||||
Income from continuing operations before income taxes and equity earnings | 397 | 501 | |||||
Income tax benefit (expense) | 207 | (42) | |||||
Equity earnings | 263 | 101 | |||||
Income from continuing operations, net of income tax | 867 | 560 | |||||
Income (loss) from discontinued operations, net of income tax | 80 | (42) | |||||
Net income | 947 | 518 | |||||
Earnings attributable to noncontrolling interests | (151) | (41) | |||||
Mandatory convertible preferred stock dividends | (36) | (36) | |||||
Earnings attributable to common shares | $ | 760 | $ | 441 | |||
Basic earnings per common share (EPS): | |||||||
Earnings | $ | 2.60 | $ | 1.60 | |||
Weighted-average common shares outstanding | 292,790 | 274,674 | |||||
Diluted EPS: | |||||||
Earnings | $ | 2.53 | $ | 1.59 | |||
Weighted-average common shares outstanding | 313,925 | 277,228 |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted Diluted Earnings Per Common Share (Adjusted EPS) exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2020 and 2019 as follows:
Three months ended March 31, 2020:
Three months ended March 31, 2019:
Associated with holding the South American businesses for sale:
Sempra Energy Adjusted Earnings, Weighted-Average Common Shares Outstanding – Adjusted and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings, Weighted-Average Common Shares Outstanding – GAAP and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
Pretax amount | Income tax | Earnings | Income tax | Earnings | ||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | Three months ended March 31, 2020 | Three months ended March 31, 2019 | ||||||||||||||
Sempra Energy GAAP Earnings | $ | 760 | $ | 441 | ||||||||||||
Excluded items: | ||||||||||||||||
Impacts associated with Aliso Canyon litigation | $ | 100 | $ | (28) | 72 | $ | — | — | ||||||||
Losses from investment in RBS Sempra Commodities LLP | 100 | — | 100 | — | — | |||||||||||
Associated with holding the South American businesses for sale: | ||||||||||||||||
Change in indefinite reinvestment assertion of basis differences in discontinued operations | — | — | — | 103 | 103 | |||||||||||
Reduction in tax valuation allowance against certain NOL carryforwards | — | — | — | (10) | (10) | |||||||||||
Sempra Energy Adjusted Earnings | $ | 932 | $ | 534 | ||||||||||||
Diluted EPS: | ||||||||||||||||
Sempra Energy GAAP Earnings for GAAP EPS(2) | $ | 796 | $ | 441 | ||||||||||||
Weighted-average common shares outstanding, diluted – GAAP | 313,925 | 277,228 | ||||||||||||||
Sempra Energy GAAP EPS | $ | 2.53 | $ | 1.59 | ||||||||||||
Sempra Energy Adjusted Earnings for Adjusted EPS(2)(3) | $ | 968 | $ | 560 | ||||||||||||
Weighted-average common shares outstanding, diluted – Adjusted(3) | 313,925 | 291,179 | ||||||||||||||
Sempra Energy Adjusted EPS | $ | 3.08 | $ | 1.92 | ||||||||||||
(1) | Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes were primarily calculated based on applicable statutory tax rates. We did not record an income tax benefit for the equity losses from our investment in RBS Sempra Commodities LLP because, even though a portion of the liabilities may be deductible under United Kingdom tax law, it is not probable that the deduction will reduce United Kingdom taxes. | |||||||
(2) | In the three months ended March 31, 2020, due to the dilutive effect of the mandatory convertible preferred stock, the numerator used to calculate GAAP EPS and Adjusted EPS includes an add-back of $36 million of mandatory convertible preferred stock dividends declared in that quarter. | |||||||
(3) | In the three months ended March 31, 2019, the assumed conversion of the series A preferred stock and the series B preferred stock are antidilutive for GAAP Earnings, however, the series A preferred stock is dilutive for the higher Adjusted Earnings. As such, the series A preferred stock dividends of $26 million have been added back to the numerator and the dilutive effect of the series A preferred stock shares of 13,951 has been added to the denominator when calculating Adjusted EPS. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2020 Adjusted EPS Guidance Range of $6.70 to $7.50 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows:
Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2020 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2020 GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra Energy 2020 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
Full-Year 2020 | ||||||||||||||||||||
Sempra Energy GAAP EPS Guidance Range | $ | 11.88 | to | $ | 13.02 | |||||||||||||||
Excluded items: | ||||||||||||||||||||
Impacts associated with Aliso Canyon litigation | 0.24 | 0.24 | ||||||||||||||||||
Losses from investment in RBS Sempra Commodities LLP | 0.34 | 0.34 | ||||||||||||||||||
Estimated gain on sale of South American businesses | (5.76) | (6.10) | ||||||||||||||||||
Sempra Energy Adjusted EPS Guidance Range | $ | 6.70 | to | $ | 7.50 | |||||||||||||||
Weighted-average common shares outstanding, diluted (millions) | 295 |
SEMPRA ENERGY | |||||||
Table B | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Dollars in millions) | March 31, | December 31, 2019(1) | |||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 2,247 | $ | 108 | |||
Restricted cash | 23 | 31 | |||||
Accounts receivable – trade, net | 1,222 | 1,261 | |||||
Accounts receivable – other, net | 369 | 455 | |||||
Due from unconsolidated affiliates | 64 | 32 | |||||
Income taxes receivable | 120 | 112 | |||||
Inventories | 217 | 277 | |||||
Regulatory assets | 210 | 222 | |||||
Greenhouse gas allowances | 79 | 72 | |||||
Assets held for sale in discontinued operations | 566 | 445 | |||||
Other current assets | 307 | 324 | |||||
Total current assets | 5,424 | 3,339 | |||||
Other assets: | |||||||
Restricted cash | 3 | 3 | |||||
Due from unconsolidated affiliates | 592 | 742 | |||||
Regulatory assets | 1,837 | 1,930 | |||||
Nuclear decommissioning trusts | 987 | 1,082 | |||||
Investment in Oncor Holdings | 11,619 | 11,519 | |||||
Other investments | 2,215 | 2,103 | |||||
Goodwill | 1,602 | 1,602 | |||||
Other intangible assets | 211 | 213 | |||||
Dedicated assets in support of certain benefit plans | 413 | 488 | |||||
Insurance receivable for Aliso Canyon costs | 511 | 339 | |||||
Deferred income taxes | 265 | 155 | |||||
Greenhouse gas allowances | 515 | 470 | |||||
Right-of-use assets – operating leases | 592 | 591 | |||||
Wildfire fund | 385 | 392 | |||||
Assets held for sale in discontinued operations | 3,364 | 3,513 | |||||
Other long-term assets | 691 | 732 | |||||
Total other assets | 25,802 | 25,874 | |||||
Property, plant and equipment, net | 37,067 | 36,452 | |||||
Total assets | $ | 68,293 | $ | 65,665 |
(1) Derived from audited financial statements. |
SEMPRA ENERGY | |||||||
Table B (Continued) | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Dollars in millions) | March 31, | December 31, 2019(1) | |||||
(unaudited) | |||||||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 5,742 | $ | 3,505 | |||
Accounts payable – trade | 1,038 | 1,234 | |||||
Accounts payable – other | 163 | 179 | |||||
Due to unconsolidated affiliates | 8 | 5 | |||||
Dividends and interest payable | 548 | 515 | |||||
Accrued compensation and benefits | 264 | 476 | |||||
Regulatory liabilities | 444 | 319 | |||||
Current portion of long-term debt and finance leases | 2,079 | 1,526 | |||||
Reserve for Aliso Canyon costs | 284 | 9 | |||||
Greenhouse gas obligations | 79 | 72 | |||||
Liabilities held for sale in discontinued operations | 538 | 444 | |||||
Other current liabilities | 990 | 866 | |||||
Total current liabilities | 12,177 | 9,150 | |||||
Long-term debt and finance leases | 20,198 | 20,785 | |||||
Deferred credits and other liabilities: | |||||||
Due to unconsolidated affiliates | 263 | 195 | |||||
Pension and other postretirement benefit plan obligations, net of plan assets | 1,085 | 1,067 | |||||
Deferred income taxes | 2,466 | 2,577 | |||||
Deferred investment tax credits | 21 | 21 | |||||
Regulatory liabilities | 3,533 | 3,741 | |||||
Asset retirement obligations | 2,945 | 2,923 | |||||
Greenhouse gas obligations | 348 | 301 | |||||
Liabilities held for sale in discontinued operations | 1,006 | 1,052 | |||||
Deferred credits and other | 2,136 | 2,048 | |||||
Total deferred credits and other liabilities | 13,803 | 13,925 | |||||
Equity: | |||||||
Sempra Energy shareholders' equity | 20,117 | 19,929 | |||||
Preferred stock of subsidiary | 20 | 20 | |||||
Other noncontrolling interests | 1,978 | 1,856 | |||||
Total equity | 22,115 | 21,805 | |||||
Total liabilities and equity | $ | 68,293 | $ | 65,665 |
(1) Derived from audited financial statements. |
SEMPRA ENERGY | |||||||
Table C | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
Three months ended March 31, | |||||||
(Dollars in millions) | 2020 | 2019 | |||||
(unaudited) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ | 947 | $ | 518 | |||
Less: (Income) loss from discontinued operations, net of income tax | (80) | 42 | |||||
Income from continuing operations, net of income tax | 867 | 560 | |||||
Adjustments to reconcile net income to net cash provided by operating activities | 175 | 313 | |||||
Intercompany activities with discontinued operations, net | — | 31 | |||||
Net change in other working capital components | 217 | 169 | |||||
Insurance receivable for Aliso Canyon costs | (172) | (16) | |||||
Changes in other noncurrent assets and liabilities, net | 163 | (199) | |||||
Net cash provided by continuing operations | 1,250 | 858 | |||||
Net cash provided by discontinued operations | 68 | 93 | |||||
Net cash provided by operating activities | 1,318 | 951 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Expenditures for property, plant and equipment | (1,010) | (783) | |||||
Expenditures for investments and acquisitions | (86) | (94) | |||||
Proceeds from sale of assets | 5 | 327 | |||||
Purchases of nuclear decommissioning trust assets | (552) | (225) | |||||
Proceeds from sales of nuclear decommissioning trust assets | 552 | 225 | |||||
Advances to unconsolidated affiliates | (30) | — | |||||
Repayments of advances to unconsolidated affiliates | — | 3 | |||||
Intercompany activities with discontinued operations, net | (3) | — | |||||
Other | 8 | 7 | |||||
Net cash used in continuing operations | (1,116) | (540) | |||||
Net cash used in discontinued operations | (65) | (70) | |||||
Net cash used in investing activities | (1,181) | (610) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Common dividends paid | (269) | (232) | |||||
Preferred dividends paid | (36) | (36) | |||||
Issuances of common stock | 11 | 11 | |||||
Repurchases of common stock | (57) | (14) | |||||
Issuances of debt (maturities greater than 90 days) | 1,619 | 304 | |||||
Payments on debt (maturities greater than 90 days) and finance leases | (1,433) | (837) | |||||
Increase in short-term debt, net | 2,127 | 497 | |||||
Advances from unconsolidated affiliates | 64 | — | |||||
Purchases of noncontrolling interests | (16) | (26) | |||||
Intercompany activities with discontinued operations, net | (2) | (2) | |||||
Other | (5) | (1) | |||||
Net cash provided by (used in) continuing operations | 2,003 | (336) | |||||
Net cash provided by (used in) discontinued operations | 111 | (45) | |||||
Net cash provided by (used in) financing activities | 2,114 | (381) | |||||
Effect of exchange rate changes in continuing operations | (6) | — | |||||
Effect of exchange rate changes in discontinued operations | (8) | 1 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14) | 1 | |||||
Increase (decrease) in cash, cash equivalents and restricted cash, including discontinued operations | 2,237 | (39) | |||||
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 217 | 246 | |||||
Cash, cash equivalents and restricted cash, including discontinued operations, March 31 | $ | 2,454 | $ | 207 |
SEMPRA ENERGY | |||||||
Table D | |||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | |||||||
Three months ended March 31, | |||||||
(Dollars in millions) | 2020 | 2019 | |||||
(unaudited) | |||||||
Earnings (Losses) Attributable to Common Shares | |||||||
SDG&E | $ | 262 | $ | 176 | |||
SoCalGas | 303 | 264 | |||||
Sempra Texas Utilities | 105 | 94 | |||||
Sempra Mexico | 191 | 57 | |||||
Sempra Renewables | — | 13 | |||||
Sempra LNG | 75 | 5 | |||||
Parent and other | (248) | (117) | |||||
Discontinued operations | 72 | (51) | |||||
Total | $ | 760 | $ | 441 | |||
Three months ended March 31, | |||||||
(Dollars in millions) | 2020 | 2019 | |||||
(unaudited) | |||||||
Capital Expenditures, Investments and Acquisitions | |||||||
SDG&E | $ | 402 | $ | 356 | |||
SoCalGas | 388 | 324 | |||||
Sempra Texas Utilities | 86 | 56 | |||||
Sempra Mexico | 170 | 85 | |||||
Sempra LNG | 47 | 56 | |||||
Parent and other | 3 | — | |||||
Total | $ | 1,096 | $ | 877 |
SEMPRA ENERGY | ||||||
Table E | ||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||
Three months ended March 31, | ||||||
2020 | 2019 | |||||
UTILITIES | ||||||
SDG&E and SoCalGas | ||||||
Gas sales (Bcf)(1) | 129 | 139 | ||||
Transportation (Bcf)(1) | 148 | 144 | ||||
Total deliveries (Bcf)(1) | 277 | 283 | ||||
Total gas customer meters (thousands) | 6,933 | 6,894 | ||||
SDG&E | ||||||
Electric sales (millions of kWhs)(1) | 3,460 | 3,582 | ||||
Direct Access and Community Choice Aggregation (millions of kWhs) | 769 | 840 | ||||
Total deliveries (millions of kWhs)(1) | 4,229 | 4,422 | ||||
Total electric customer meters (thousands) | 1,475 | 1,460 | ||||
Oncor(2) | ||||||
Total deliveries (millions of kWhs) | 30,420 | 30,112 | ||||
Total electric customer meters (thousands) | 3,703 | 3,639 | ||||
Ecogas | ||||||
Natural gas sales (Bcf) | 1 | 1 | ||||
Natural gas customer meters (thousands) | 135 | 124 | ||||
ENERGY-RELATED BUSINESSES | ||||||
Power generated and sold | ||||||
Sempra Mexico | ||||||
Termoeléctrica de Mexicali (TdM) (millions of kWhs) | 826 | 1,137 | ||||
Wind and solar (millions of kWhs)(3) | 422 | 245 |
(1) | Includes intercompany sales. | |||
(2) | Includes 100% of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an indirect 80.45% interest at March 31, 2020 and an indirect 80.25% interest at March 31, 2019. | |||
(3) | Includes 50% of the total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50% ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||
Revenues | $ | 1,269 | $ | 1,395 | $ | — | $ | 309 | $ | — | $ | 123 | $ | (67) | $ | 3,029 | ||||||||||||||||
Cost of sales and other expenses | (679) | (872) | (1) | (137) | — | (87) | 63 | (1,713) | ||||||||||||||||||||||||
Depreciation and amortization | (201) | (159) | — | (47) | — | (2) | (3) | (412) | ||||||||||||||||||||||||
Other income (expense), net | 31 | 30 | — | (283) | — | — | (32) | (254) | ||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 420 | 394 | (1) | (158) | — | 34 | (39) | 650 | ||||||||||||||||||||||||
Net interest (expense) income | (100) | (39) | — | (14) | — | 6 | (106) | (253) | ||||||||||||||||||||||||
Income tax (expense) benefit | (58) | (52) | — | 307 | — | (23) | 33 | 207 | ||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 106 | 200 | — | 57 | (100) | 263 | ||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | — | — | — | (144) | — | 1 | — | (143) | ||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | — | (36) | (36) | ||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 262 | $ | 303 | $ | 105 | $ | 191 | $ | — | $ | 75 | $ | (248) | 688 | |||||||||||||||||
Earnings from discontinued operations | 72 | |||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 760 | ||||||||||||||||||||||||||||||
Three months ended March 31, 2019 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||
Revenues | $ | 1,145 | $ | 1,361 | $ | — | $ | 383 | $ | 7 | $ | 141 | $ | (139) | $ | 2,898 | ||||||||||||||||
Cost of sales and other expenses | (697) | (913) | — | (192) | (11) | (142) | 98 | (1,857) | ||||||||||||||||||||||||
Depreciation and amortization | (186) | (147) | — | (44) | — | (2) | (4) | (383) | ||||||||||||||||||||||||
Other income, net | 22 | 16 | — | 19 | — | — | 25 | 82 | ||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 284 | 317 | — | 166 | (4) | (3) | (20) | 740 | ||||||||||||||||||||||||
Net interest (expense) income | (102) | (34) | — | (11) | 7 | 10 | (109) | (239) | ||||||||||||||||||||||||
Income tax (expense) benefit | (5) | (19) | — | (72) | 10 | (4) | 48 | (42) | ||||||||||||||||||||||||
Equity earnings, net | — | — | 94 | 2 | 3 | 2 | — | 101 | ||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | (1) | — | — | (28) | (3) | — | — | (32) | ||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | — | (36) | (36) | ||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 176 | $ | 264 | $ | 94 | $ | 57 | $ | 13 | $ | 5 | $ | (117) | 492 | |||||||||||||||||
Losses from discontinued operations | (51) | |||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 441 |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, April 30, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a $25,000 donation to The Laundry Truck LA (TLTLA) to provide free laundry services and necessities to the homeless population in Los Angeles, including at the city's 42 coronavirus relief centers. The grant will help fund the purchase and furnishing of a second trailer to support the community's rising demands for laundry services. Landi Renzo USA, a global leader in alternative fuel technology, will also donate a truck equipped with the company's Eco Ready™ compressed natural gas (CNG) system to support TLTLA's efforts. The converted CNG Ford F-250 pickup truck will help TLTLA expand their reach and lower the organization's current transportation costs by 30 percent. With the donations from SoCalGas and Landi Renzo, TLTLA is expecting to complete 15,600 loads of laundry in 2020.
"In this pandemic, it is more critical than ever that our neighbors who are experiencing homelessness gain access to basic needs, such as laundry services," said Los Angeles County Supervisor Hilda L. Solis. "Without a vaccine, we all must maintain good hygiene and wash our clothes frequently. It is our best line of defense against this highly contagious virus. Our community partners are providing loads of help and hope by stepping up to ensure individuals who lack stable housing will get their clothes cleaned through the free services offered by The Laundry Truck LA."
"As an early supporter and funder of The LA Laundry Truck to provide critical hygiene services to unhoused Angelenos in my district, I applaud SoCalGas for their community support by investing in the expansion of The LA Laundry Truck with $25,000 funding towards a new trailer and a new CNG truck to haul the trailer," said Gil Cedillo, councilmember of Los Angeles Council District 1. "Together, we are united to provide mobile laundry service that meets the public health and personal welfare of unhoused Angelenos."
"This is an unprecedented time, and our homeless neighbors in Los Angeles County need our support more than ever," said Trisha Muse, director of community relations at SoCalGas. "Our partnership with Landi Renzo and The Laundry Truck LA not only allows us to serve our community but also the environment."
"This partnership is an amazing opportunity for us to be able to help and give back to our local community. We are pleased to partner with SoCalGas and The Laundry Truck to contribute in this unparalleled time of need," said Andrea Landi, president of Landi Renzo USA. "Our Ford F-250 truck with the Landi Renzo compressed natural gas system will help The Laundry Truck with their mobile services while lowering emissions, reducing their environmental impact, and decreasing their fuel costs."
The Laundry Truck LA is a non-profit organization dedicated to providing free mobile laundry services for those in need throughout Los Angeles and is one of the first mobile laundry services in the country to serve the homeless population. Prior to this donation, TLTLA served the community through a trailer furnished with five sets of washers and dryers, a folding station, and a water heater. Through the help of donations and partnerships, TLTLA is now expanding their operations to further assist the additional six thousand beds the City of Los Angeles have committed to for the COVID-19 pandemic.
"We believe that essential personal care services, like clean laundry, can truly impact lives -- especially at a time like this," said Jodie Dolan, founder and owner of The Laundry Truck LA. "This generous donation from SoCalGas and Landi Renzo will allow us to provide these critical services to some of the most vulnerable Angelenos."
SoCalGas is dedicated to supporting the health, safety and wellness of our community. This donation is in addition to SoCalGas' $1 million donation towards nonprofit organizations throughout its service area to help those in need during the COVID-19 pandemic. This money will be used to support the region's workforce, feed the hungry, and provide bill assistance to customers most affected by the coronavirus.
Additional information about SoCalGas's response to COVID-19 is available here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About The Laundry Truck LA
Founded in 2017, The Laundry Truck LA (TLTLA) is a non-profit organization dedicated to providing a free mobile laundry service for unhoused residents and those in need in Los Angeles. TLTLA was one of the first mobile laundry services in the country to serve the homeless community, and one of a handful in the world. TLTLA is expanding its services through local city, county and community support – and provided an estimated 3,000-4,000 loads of laundry in 2019. Accessible personal care services, like clean laundry, truly impact lives, and can make the difference in securing employment or housing, or for kids, the difference in having a positive school experience. For additional information, please visit https://www.thelaundrytruckla.com/.
About Landi Renzo
Landi Renzo is the world leader in the manufacturing of alternative fuel systems and components for the automotive industry. The Company has its global headquarters in Reggio Emilia, Italy, in addition to subsidiaries in 10 different countries, including Landi Renzo USA, based in Torrance, CA. As the leader in eco-mobility with 66 years' experience and an established presence in more than 70 countries, Landi Renzo has provided alternative fuels systems to over 50 million vehicles globally, allowing a
CO2 reduction of 15 million tons. Within the United States, Landi Renzo USA is a Ford Qualified Vehicle Modifier for developing and integrating compressed natural gas vehicle systems in commercial fleets. In addition, Landi Renzo USA is the only Ford-approved compressed natural gas vehicle system supplier in the state of California. Learn more at www.LandiUSA.com.
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SOURCE Southern California Gas Company
LOS ANGELES, April 24, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it has donated $10,000 to local non-profit, Hope Through Housing Foundation. The funds will be used to provide weekly meals to low-income seniors who reside in the Dumosa Senior Village affordable housing community in Yucca Valley, and to provide additional assistance to vulnerable residents during the COVID-19 crisis. SoCalGas and Hope Through Housing have partnered with local Yucca Valley restaurant John's Place to deliver individually packaged lunches once a week to each of the 85 seniors living at the property for the next month. In addition, Hope Through Housing will be providing regular well-being calls, individual resource assistance, and virtual financial counseling to residents in need.
"SoCalGas is thrilled to be able to partner with the Hope Through Housing Foundation and John's Place and provide meals to seniors in need," said Trisha Muse, director of community relations at SoCalGas. "SoCalGas believes it is important to support the communities we serve, not just by providing affordable and reliable natural gas service but also through these small acts of kindness and lending a helping hand to our friends and neighbors."
"During this challenging time, this grant will help us feed and provide individual assistance to vulnerable seniors, many of whom are homebound with limited support – with a double impact by supporting a local, family-owned business," said Gregory Bradbard, President of Hope Through Housing.
"Right now, it is crucial for communities to come together and help one another where needed, said John Tsiolis, owner of John's Place. "We are grateful SoCalGas and Hope Through Housing Foundation reached out to us to provide these meals and not only gave business to a small restaurant like ours during these trying and unprecedented times, but also gave us the opportunity to make a big impact in our community."
In 1998, the Hope through Housing Foundation was established to empower residents of National Community Renaissance (National CORE) properties, one of the largest nonprofit affordable housing developers in the country. Wanting to do more to help the children, families and seniors who lived in its communities, the Hope through Housing Foundation was created to deliver a broad range of charitable and educational programs for children, young adults, low-income and underprivileged families and seniors and the general public.
Last year, SoCalGas donated more than $7.6 million to community organizations, local non-profits and other groups. SoCalGas employees contributed more than $750,000 dollars through payroll deductions and performed over 24,000 logged volunteer hours for various community groups throughout its service territory. Please see SoCalGas' 2019 Community Giving Summary for more information.
For further information: Patrice Clayton, SoCalGas Office of Media and Public Information, (213) 244-2442, pclayton@socalgas.com; or Gregory Bradbard, Hope Through Housing Foundation & National CORE, (909) 204-3436, gbradbard@hthf.org.
SoCalGas COVID-19 Response
Last month, SoCalGas announced a $1 million donation to nonprofit organizations throughout its service area to support the region's workforce, feed the hungry, and provide bill assistance to customers most affected by the coronavirus.
Together, the Sempra Energy family of companies – including SoCalGas' sister California utility San Diego Gas and Electric and the Sempra Energy Foundation – are stepping up with more than $7 million to those in need during this crisis.
SoCalGas has also suspended service disconnections until further notice. This means no residential or small business customer will have their natural gas turned off due to non-payment. SoCalGas has also temporarily waived late fees for small business customers. Late fees are never charged for residential customers.
Natural gas continues to flow and is being delivered to SoCalGas' 22 million customers across southern and central California, just as it does on a "typical" day. There is no shortage of supply of natural gas for homes or businesses or to power plants that generate electricity.
Under the Governor's recent Executive Order, members of the critical infrastructure sector, including natural gas providers, are considered necessary to the security, economic security, public health and safety of California.
SoCalGas continues to perform work needed to safely and reliably maintain its natural gas infrastructure and to provide communities with safe and reliable energy services. SoCalGas also continues to make essential and emergency service appointments, including reports of suspected natural gas leaks, carbon monoxide checks, gas meter turn-ons, natural gas outage and pilot re-lights while protecting the safety of our workforce, customers and the communities we serve .
For more information about SoCalGas' response to the COVID-19 pandemic, visit www.socalgas.com/coronavirus.
Hope Through Housing COVID-19 Response
During this challenging time, the Hope Through Housing Foundation (HTHF) is uniquely positioned to respond to the immediate and sustained needs of thousands of low‐income families and seniors across Southern California and Texas. Utilizing our on‐site Community Centers and long‐standing relationships with residents living within 70+ National CORE affordable apartment communities, we have the ability to deliver resources and support right where residents live throughout and beyond the COVID‐19 crisis.
To address the pressing needs of our residents, Hope Through Housing has launched the COVID‐19 Emergency Response & Resilience Fund. Dollars contributed to the fund will directly support response efforts to meet the immediate needs of residents during the time of crisis and will help facilitate resilience and a full recovery by residents in the aftermath of this time.
Specifically, HTHF's response and resilience efforts include the following:
For more information, visit www.HTHF.org/relief.
About Hope through Housing
The Hope through Housing Foundation is committed to elevating the health, well-being, and self-sufficiency of low-income families and seniors. Hope through Housing delivers quality services within over 70 affordable housing sites, helping children and teens achieve success, improving families' financial well-being, and promoting seniors' health and wellness. For more information on Hope through Housing, please visit www.hthf.org.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, April 24, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it completed the sale of its Peruvian businesses, generating approximately $3.59 billion in total cash proceeds, subject to post-closing adjustments. The sale to China Yangtze Power International (Hongkong) Co., Limited (CYP) and assigned to Yangtze Andes Holding Co., Limited includes Sempra Energy's 83.6% stake in Luz del Sur S.A.A. (Luz del Sur), as well as Tecsur S.A., which provides electric construction and infrastructure services to Luz del Sur and third parties, and Inland Energy S.A.C., Luz del Sur's generation business.
"We are very pleased with today's announcement as the sales proceeds will be used to further strengthen our balance sheet and our already solid liquidity position," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We're also very excited that, in the face of current travel restrictions, all parties worked safely together to complete this deal as expected. We also remain on track for the sale of our Chilean businesses, which will complete the divestiture of all of Sempra Energy's South American assets and further our mission to become North America's premier energy infrastructure company."
Sempra Energy continues to move forward with the sale of its Chilean assets, including its 100% interest in Chilquinta Energía S.A., to State Grid International Development Limited for approximately $2.23 billion in total cash proceeds, subject to adjustments and satisfaction of closing conditions.
In combination, these transactions will conclude Sempra Energy's planned sale of its South American businesses for approximately $5.82 billion in total cash proceeds, subject to adjustments and, with respect to the sale of its Chilean assets, satisfaction of closing conditions.
BofA Merrill Lynch is serving as a financial advisor to Sempra Energy on the sale, and White & Case is serving as legal advisor.
Luz del Sur serves the southern region of Lima, Peru, and is the largest electric company in the country.
About China Yangtze Power Co Ltd
Yangtze Andes Holding Co., Limited is a subsidiary of China Yangtze Power Co Ltd, which is China's largest publicly listed power company. China Yangtze Power Co Ltd engages in electric power production, technological consultation of electric power generation and selected distribution services.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas; the impact of the COVID-19 pandemic on (i) our ability to commence and complete capital projects and obtain regulatory approvals, (ii) our current and prospective counterparties, customers and partners, and (iii) the stability of the capital markets; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, April 22, 2020 /PRNewswire/ -- Sempra LNG, a subsidiary of Sempra Energy (NYSE: SRE), today announced that Cameron LNG has entered the final commissioning stage for the Phase 1, three-train liquefaction-export project in Hackberry, La., as it began introducing pipeline feed gas flow to the third and last liquefaction train.
"Cameron LNG is a huge success story and a great tribute to what this organization and its people are capable of," said Lisa Glatch, chief operating officer of Sempra LNG and board chair for Cameron LNG. "We are proud of Sempra LNG's development of this project as well as Cameron LNG's employees and contractors who have built and are operating this facility. With a commitment to health and safety first, the commissioning and startup of Train 3 will help meet demand from global markets for cleaner and more secure energy sources."
Approximately 88 million hours have been worked without a lost-time incident and 58 liquefied natural gas (LNG) cargoes have been shipped from the facility.
Following authorization received from the Federal Energy Regulatory Commission allowing the introduction of pipeline feed gas, Cameron LNG began ramping up the feed gas deliveries to the third train as it completes the commissioning process. Commercial operation of Train 3 remains on track to begin in the third quarter of 2020.
Phase 1 of the Cameron LNG export project includes three liquefaction trains that will enable the export of approximately 12 million tonnes per annum (Mtpa) of LNG or approximately 1.7 billion cubic feet per day.
Cameron LNG is jointly owned by affiliates of Sempra LNG, Total S.A., Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG.
Sempra Energy's share of full-year run-rate earnings from the Phase 1 project is anticipated to be between $400 million and $450 million annually starting in 2021 when all three trains are in commercial operations under Cameron LNG's tolling agreements.
Sempra LNG is also developing four other LNG export projects in North America, including Cameron LNG Phase 2, Port Arthur LNG in Texas, and Energía Costa Azul LNG Phase 1 and Phase 2 in Mexico, with the goal of developing infrastructure capable of producing 45 Mtpa of LNG to export to world markets, which would make Sempra Energy one of North America's largest developers of LNG-export facilities.
The successful development and ultimate construction of Sempra Energy's LNG export projects are subject to a number of risks and uncertainties and there can be no assurance that any of these projects will be completed.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2019, the San Diego based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: decisions, investigations, regulations, issuances of permits and other authorizations, and other actions by the U.S. Department of Energy, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the novel coronavirus and the disease it causes, referred to as COVID-19, on (i) our ability to commence and complete capital projects and obtain regulatory approvals, (ii) our current and prospective counterparties, customers and partners, and (iii) the stability and accessibility of the capital markets; the resolution of civil and criminal litigation, regulatory investigations and proceedings and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, or Oncor Electric Delivery Company LLC and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG
DALLAS, April 20, 2020 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its first quarter 2020 results on May 4, prior to Sempra Energy's (NYSE: SRE) first quarter 2020 conference call. Oncor's earnings release will be available on Oncor's website, oncor.com.
Sempra Energy will conduct a conference call at 12 p.m. ET, May 4 that will include discussion of Oncor's first quarter operational and financial results. Investors, media, analysts and the public may listen to a live webcast of the conference call on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link. Prior to the conference call, an accompanying slide presentation will be posted on Sempra Energy's website.
For those unable to participate in the live webcast, a replay of Sempra Energy's call will be available a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 8909332.
Oncor's Quarterly Report on Form 10-Q for the period ended March 31, 2020 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call and, once filed, will also be available at oncor.com.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest distribution and transmission system in Texas, delivering power to more than 3.6 million homes and businesses and operating more than 139,000 miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra Energy, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, April 20, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its first-quarter 2020 earnings by 7 a.m. ET, May 4.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, May 4. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted by 7 a.m. ET, May 4, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 8909332, or it can be accessed on the company's website.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
LOS ANGELES, April 16, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it has received state approval to provide safety and service upgrades to thousands of additional mobile home parks through a ten-year Mobilehome Park Utility Conversion Program. Since its inception in 2014, the program has upgraded infrastructure and enhanced safety at more than 16,000 mobile homes in more than 244 mobile home communities throughout SoCalGas' territory. Now, due to the program's success, the CPUC voted to establish it as a ten-year, ongoing program, authorizing SoCalGas to upgrade up to half of the approximately 132,000 mobile homes in its service territory to direct utility service through 2030.
The MHP Utility Conversion Program is completely voluntary. Participating mobile home communities receive a new, professionally installed gas system that provides enhanced home safety and energy reliability for residents. As direct SoCalGas customers, residents can also sign up for a variety of SoCalGas' energy savings and assistance programs that can help them save money.
"This program will enhance safety for thousands of families across our service territory." said Rodger Schwecke, SoCalGas' senior vice president of gas operations and construction. "With direct utility service, families will also have access to a host of energy savings and assistance programs that will help mobile home park residents save money and live more comfortably."
"As the Chair of the Senate Select Committee on Manufactured Home Communities, I applaud the California Public Utilities Commission's ten-year continuation of the Mobile Home Park Utility Conversion Program," said Senator Connie M. Leyva (D-Chino). "This program continues to help residents of mobile home park communities across California, and I appreciate SoCalGas' participation in this program."
"The process from start to finish was incredibly smooth with minimal issues," said, Jamie Taylor manager of a Gardena, California mobile home park called Los Flamingos Lodge, which had direct utility service installed last year. "The entire SoCalGas team was efficient and worked seamlessly with our residents to get the work completed in a timely manner. Our mobile park's direct SoCalGas service will help us maintain state compliance guidelines and will allow park management to focus on other areas that can help improve our community for our residents."
Enrique Lopez, a resident at Peter Pan Mobile Village in Compton, California, received direct utility service last year. "SoCalGas did a great job," he said. "Everything is going well, and I am very happy with my gas service."
Mobile home park residents with direct natural gas service will have advanced meters, which allow customers to have access to their hourly natural gas usage on a next-day basis and enable them to better manage their gas usage and save money. New SoCalGas customers will now also be able to set up their own "My Account" to view and pay their bill online, schedule service and/or sign up for paperless billing. Income-qualified customers can also benefit from energy savings and assistance programs that can help them save money. More information about these programs is available at socalgas.com (search "Assistance") or by calling 1-800-252-0259 (available in English and Spanish).
Owners of participating mobile home communities also see benefits. Owners will no longer have to maintain or be liable for privately-owned gas systems and instead can contact SoCalGas directly for service needs. Direct service also saves owners time, since they no longer have to read meters, bill residents or respond to service questions. The program covers costs for installing new utility service at each mobile home community including, individual resident meters.
Nearly 80 percent of all mobile home communities in SoCalGas' territory applied to participate in the initial pilot program. For more information about the mobile home park utility conversion program and how to apply, please visit https://www.socalgas.com/stay-safe/safety-and-prevention/mobilehome-park-utility-upgrade-program.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, April 14, 2020 /PRNewswire/ -- Sempra Energy (NYSE:SRE) announced today that its 2020 Annual Shareholders Meeting will change to a virtual-only format, to help protect the health and safety of employees, shareholders and the communities it serves in light of the public health impact of the COVID-19 pandemic. Sempra Energy's Annual Shareholders Meeting (Annual Meeting) will take place at 9 a.m. Pacific Time on May 5, 2020, the same date and time as originally scheduled. There also is no change to the items of business to be addressed at the meeting, which are described in Sempra Energy's proxy materials as previously distributed.
The change to a virtual-only format for the meeting is in line with California Gov. Gavin Newsom's executive order N-40-20, released on March 30, 2020, issued under the state of emergency declared due to the COVID-19 pandemic. Sempra Energy intends to return to in-person Annual Meetings next year.
Shareholders will not be able to attend the Annual Meeting in person. Instead, shareholders should follow the instructions provided below to attend the virtual Annual Meeting. Shareholders who attend the virtual Annual Meeting by following the instructions below will have an opportunity to vote and to submit questions electronically during the meeting. Guests may access the virtual Annual Meeting in listen-only mode by visiting the virtual meeting site provided below, but will not be able to vote or submit questions during the meeting.
The proxy materials for the Annual Meeting are available on Sempra Energy's website at Sempra.com/annualmeeting and at https://www.astproxyportal.com/ast/Sempra/. Shareholders are encouraged to vote their shares prior to the virtual Annual Meeting by any of the methods described in the proxy materials. The proxy card and voting instruction form included with the previously distributed proxy materials will not be updated to reflect the change in location of the meeting, but they may continue to be used to vote your shares on the proposals to be presented at the virtual meeting. Shareholders who have previously voted do not need to take any further action.
Instructions to Attend the Annual Meeting
Record Holders: If you were a holder of record of common stock of Sempra Energy at the close of business on March 9, 2020 (i.e. your shares are held in your own name in the records of Sempra Energy's transfer agent, American Stock Transfer & Trust Company, LLC (AST)), you can attend the virtual Annual Meeting by visiting https://web.lumiagm.com/293523272 and entering the 11-digit control number previously provided to you in your proxy materials. The password for the virtual meeting is sempra2020. If you are a shareholder of record and you have misplaced your 11-digit control number, please call AST at (877) 773-6772.
Beneficial Owners: If you were a beneficial owner of common stock of Sempra Energy at the close of business on March 9, 2020 (i.e. you hold your shares in "street name" through an intermediary, such as a bank, broker or other nominee), you must register in advance in order to attend the virtual Annual Meeting. To register, please obtain a legal proxy from the bank, broker or other nominee that is the record holder of your shares and then submit the legal proxy, along with your name and email address, to AST to receive an 11-digit control number that may be used to access the virtual Annual Meeting site provided above. Any control number that was previously provided with your proxy materials, likely a 16-digit number, will not provide access to the virtual Annual Meeting site. Requests for registration and submission of legal proxies should be labeled as "Legal Proxy" and must be received by AST no later than 5 p.m., Eastern Time, on April 30, 2020. All such requests should be submitted (1) by email to proxy@astfinancial.com, (2) by facsimile to (718) 765-8730 or (3) by mail to American Stock Transfer & Trust Company, LLC, Attn: Proxy Tabulation Department, 6201 15th Avenue, Brooklyn, NY 11219. Obtaining a legal proxy may take several days and shareholders are advised to register as far in advance as possible. Once you have obtained your 11-digit control number from AST, please follow the steps set forth above for shareholders of record to attend the virtual Annual Meeting.
Holders of Shares in the Sempra Energy Employee Savings Plans: If you were a holder of shares of Sempra Energy common stock through the Sempra Energy Employee Savings Plans at the close of business on March 9, 2020, you may attend the virtual Annual Meeting by using the 11-digit control number previously provided to you and following the steps set forth above for shareholders of record. However, please note that your vote must be provided by the deadline set forth in our proxy materials and you will not be able to vote your shares at the virtual Annual Meeting.
Record holders, beneficial owners and holders of shares in the Sempra Energy Employee Savings Plan should call AST at (877) 773-6772 with any questions about attending the virtual Annual Meeting. You can also visit our website at Sempra.com/annualmeeting for additional information about the virtual Annual Meeting. If you encounter any difficulty accessing the virtual Annual Meeting, please visit https://go.lumiglobal.com/faq for assistance.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $65 billion in total assets reported in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
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SOURCE Sempra Energy
SAN DIEGO, April 10, 2020 /PRNewswire/ -- Sempra Energy (NYSE:SRE) announced today that it has received all required governmental authorizations for the sale of the company's equity interests in its Peruvian businesses. The sale to China Yangtze Power International (Hongkong) Co., Limited (CYP) will generate approximately $3.59 billion in total cash proceeds and is subject to customary post-closing adjustments. This transaction includes Sempra Energy's 83.6% stake in Luz del Sur S.A.A. (Luz del Sur), as well as Tecsur, which provides electric construction and infrastructure services to Luz del Sur and third parties, and Inland Energy S.A.C., Luz del Sur's generation business.
"Receiving all required governmental authorizations for the sale of our Peruvian businesses is another important step in strengthening Sempra Energy's strategic mission to be North America's premier energy infrastructure company," said Dennis V. Arriola, executive vice president and group president of Sempra Energy. "We're pleased that in spite of travel and logistics restrictions, all parties involved have been working closely together and we look forward to closing in April."
Sempra Energy also continues to move forward with the sale of its equity interests in its Chilean business, including its 100% interest in Chilquinta Energía S.A. and Tecnored S.A., to State Grid International Development Limited (SGID) for approximately $2.23 billion in total cash proceeds, subject to adjustments and satisfaction of closing conditions.
In combination, Sempra Energy's planned sale of its South American businesses is expected to result in combined proceeds of approximately $5.82 billion in total cash proceeds, subject to adjustments and satisfaction of closing conditions.
BofA Merrill Lynch and Lazard are serving as financial advisors to Sempra Energy on the sale, and White & Case is serving as legal advisor.
Luz del Sur serves the southern region of Lima, Peru, and is the largest electric company in the country.
About China Yangtze Power International
CYP is a subsidiary of China Yangtze Power Co., which is China's largest publicly listed power company. China Yangtze Power Co. engages in electric power production, technological consultation of electric power generation and selected distribution services.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $65 billion in total assets reported in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to over 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas; the impact of the novel coronavirus on (i) our ability to commence and complete capital projects and obtain regulatory approvals, (ii) our current and prospective counterparties, customers and partners, and (iii) the stability of the capital markets; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, April 8, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and Frontier Communications will collaborate to lead a series of webinars throughout April with tips for diverse business enterprises seeking to earn utility contracts.
Representatives from six other California utilities will participate in the webinars, offering suppliers latest updates from the utilities on upcoming sourcing opportunities, support for diverse businesses and available resources to the supplier community.
"The ongoing COVID-19 pandemic has severely affected the diverse business community, many of which are small and medium-sized businesses," said Denita Willoughby, SoCalGas Vice President of Supply Management and Logistics. "These virtual seminars bring a new, safe approach to further strengthen communications with suppliers and help them stay profitable."
"Together with SoCalGas and other utility partners, Frontier Communications recognizes the importance of critical infrastructure industries and essential services like ours," said Joe Gamble, Senior Vice President, Frontier Communications. "These virtual forums will help our diverse suppliers identify growth opportunities and enable Frontier to adapt supply chain requirements to keep our customers and the communities we serve connected."
Suppliers interested in participating are asked to RSVP and submit any questions prior to each virtual session to supplierdiversity@ftr.com. The sponsors anticipate participants will include representatives of diverse businesses from construction, engineering, facilities, janitorial, paving, consulting and professional services, along with vendors of a broad range of expendable and reusable goods.
The virtual series will be hosted by Dawn Gilbert of Frontier Communications and Joe Chow of SoCalGas starting on April 9th, followed by sessions on April 16th and April 23rd, and concluding on April 30th.
The session times, dates and panelists are the following:
Session 1 – April 9th – 11:00 to 11:45 a.m. Stephanie Green, CPUC Edward Simon, California American Water Lisa Roben, Comcast Jay Wesley, Century Link | Session 2 – April 16th – 11:00 to 11:45 a.m. Drisha Melton, CPUC Holly Joy, Golden State Water Joan Kerr, PG&E Telma Lopez, Southwest Gas |
Session 3 – April 23rd – 2:00 to 2:45 p.m. Stephanie Green, CPUC Edward Simon, California American Water Lisa Roben, Comcast Jay Wesley, CenturyLink | Session 4 – April 30th – 11:00 to 11:45 a.m. Drisha Melton, CPUC Holly Joy, Golden State Water Joan Kerr, PG&E Telma Lopez, Southwest Gas |
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Frontier Communications
Frontier Communications Corporation offers a variety of services to residential and business customers over its fiber-optic and copper networks in 29 states, including video, high-speed internet, advanced voice, and Frontier Secure® digital protection solutions.
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SOURCE Southern California Gas Company
LOS ANGELES, April 6, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today launched a campaign titled, "SoCalGas CAREs" for customers whose income may have recently changed due to COVID-19 or other reasons. The campaign aims to let customers know of their eligibility to qualify for SoCalGas' assistance program, California Alternate Rates for Energy or CARE, saving them 20 percent on their monthly natural gas bills. Over the next several weeks, SoCalGas will begin running both social media and television ads promoting the "SoCalGas CAREs" campaign.
"SoCalGas is committed to assisting the communities we serve during this challenging period," said Jeff Walker, Vice President of Customer Solutions at SoCalGas. "We recognize that many families are facing unexpected hardships such as job and income loss right now and we want to remind them that SoCalGas' assistance programs like CARE can help."
The CARE program aids people in paying their utility bills by providing a 20 percent discount on monthly natural gas bills.
Customers who have become recently unemployed or who are currently facing financial hardship due to the coronavirus pandemic or for other reasons are encouraged to visit socalgas.com/care, complete the quick online application and find out instantly if they qualify. The CARE online application is available in English, Spanish, Chinese, Korean and Vietnamese.
Other customer assistance programs SoCalGas offers include:
Gas Assistance Fund
Medical Baseline Allowance
Please visit socalgas.com/assistance for more information on how to know if you qualify for these programs as well as how to apply.
SoCalGas understands this is a challenging time for all and wants to assure customers natural gas service will be there for their communities. SoCalGas will continue to make safety and emergency service appointments, including reports of suspected natural gas leaks, carbon monoxide checks, gas meter turn-ons, natural gas outage and pilot re-lights. And we will continue to perform work needed to safely and reliably maintain infrastructure so we can continue to provide customers with safe and essential energy services.
Service disconnections have been suspended until further notice. This means no customer will have their natural gas turned off due to non-payment. SoCalGas has also temporarily waived late fees for small business customers. As a reminder, SoCalGas never charges late fees for residential customers.
Additional information about SoCalGas' response to COVID-19 is available here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, April 1, 2020 /PRNewswire/ -- Sempra Energy's (NYSE: SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its first-quarter 2020 earnings by 6 p.m. ET, April 22, in advance of a conference call with IEnova executives at 11 a.m. ET, April 23.
Briefing materials also will be posted by 6 p.m. ET, April 22, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the conference call will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 3487287#.
About IEnova
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2019, the company has more than 1,200 employees and approximately $9.6 billion dollars in total assets, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $65 billion in total assets reported in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to over 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor), and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, March 27, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today reminded customers to be on alert for potential scams targeting utility customers during the COVID-19 outbreak. One common scam involves telling customers they must pay their gas bill immediately or their natural gas service will be disconnected. SoCalGas does not call customers seeking payment. Additionally, on March 13, the utility announced it had suspended service disconnections for customers who are struggling to pay their bills until further notice. This decision was made to support the health, safety and wellness of our customers during this crisis. SoCalGas is providing the following tips on how to recognize and respond to these scams:
Be on the lookout for these common scam tactics:
How to protect yourself:
Customers who have questions about their experience with a SoCalGas representative should immediately contact SoCalGas customer service at 800-427-2200. Our customer service representatives are available 24 hours a day, seven days a week. Visit socalgas.com/scam-alert for additional tips and information about scams.
We understand this is a challenging time for us all. Rest assured, your natural gas service will be there for your community. We will continue to make safety and emergency service appointments, including reports of suspected natural gas leaks, carbon monoxide checks, gas meter turn-ons, natural gas outage and pilot re-lights. SoCalGas will also continue work needed to safely and reliably maintain our infrastructure so we can continue to provide you with safe and essential energy services.
Additional information about SoCalGas' response to COVID-19 is available here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, March 24, 2020 /PRNewswire/ -- Today, Sempra Energy's (NYSE: SRE) senior management team is providing an update on the company's business strategy on an Investor Day conference call, including details on the company's five-year capital plan, projected rate base growth, segment-level earnings guidance and planned improvements to balance sheet strength.
"In the midst of a global health crisis, our first obligation is to the health and safety of our employees and the communities we serve," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Building resilience into our business model and investing in safe and reliable infrastructure is at the core of our strategy."
"At Sempra Energy, our five-year capital plan – the most robust in our company's history – gives us great visibility into sustainable earnings growth that should help create long-term value for our stakeholders," added Martin. "Our strategy also focuses our investments within the most attractive markets in North America, with a sharp focus on the portion of the energy value chain where we believe we can create the most attractive risk-adjusted returns."
Sempra Energy reiterated its five-year capital plan of approximately $32 billion, primarily focused on investments at the company's U.S. utilities – San Diego Gas & Electric Co. (SDG&E), Southern California Gas Co. (SoCalGas) and Oncor Electric Delivery Co. LLC. These investments support safety, reliability and sustainability for the benefit of customers and all stakeholders. The capital plan results in a projected 9% rate base compound annual growth rate (CAGR) for 2019 to 2024, and a projected combined rate base of more than $51 billion in 2024.
Sempra Energy's full-year 2020 GAAP earnings-per-share (EPS) guidance range is $12.78 to $14.26 and includes the estimated gain on the sale of the company's South American businesses. Today, the company reaffirmed its full-year 2020 adjusted EPS guidance range of $6.70 to $7.50 and 2021 guidance range of $7.50 to $8.10.
Additionally, Sempra Energy continues to focus on strengthening its balance sheet to create financial flexibility and fund future growth. Across its consolidated family of companies, Sempra Energy has approximately $6.4 billion in liquidity, including cash and available credit capacity. In addition, Oncor has $2.3 billion in liquidity, including cash and available credit capacity dedicated to their operations. In connection with its financial plan, Sempra Energy does not have current plans for equity offerings.
In 2019, Sempra Energy announced two agreements that would conclude the company's planned sale of its South American businesses for expected combined after-tax cash proceeds of approximately $4.55 to $4.85 billion, subject to adjustments and satisfaction of closing conditions. Both of the company's South American sale transactions, one to sell Sempra Energy's equity interests in its Peruvian businesses and the other to sell its equity interests in its Chilean businesses, continue to advance and are expected to be completed in the next three to six weeks. The expected sale proceeds will be used to strengthen the company's balance sheet and help fund future growth.
Across Sempra Energy's liquefied natural gas (LNG) business, the company continues to target portfolio returns above those of its U.S. utility businesses and continues to advance its development projects with a disciplined approach.
Phase 1 of the Cameron LNG liquefaction-export project in Hackberry, Louisiana, is nearing completion. Once complete, Sempra Energy's share of full-year run-rate earnings from Phase 1, which includes the first three trains, are projected to be between $400 million and $450 million annually under Cameron LNG's tolling agreements. Sempra Energy indirectly owns 50.2% of Cameron LNG. Cameron LNG is jointly owned by affiliates of Sempra LNG, Total S.A., Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha.
Phase 1 of the Energía Costa Azul (ECA) LNG liquefaction-export project, under development in Baja California, Mexico, continues to move forward. Earlier this month, ECA LNG signed a fixed-price, lump-sum, turn-key engineering, procurement and construction (EPC) contract with Technip FMC. ECA LNG is targeting a final investment decision in the second quarter of 2020.
Additionally, earlier this month, Port Arthur LNG, LLC and Bechtel Oil, Gas, and Chemicals, Inc., signed a fixed-price EPC contract for the Port Arthur LNG liquefaction project under development in Port Arthur, Texas, and site preparation work continues.
While the majority of Sempra Energy's businesses are considered critical by the federal government and are currently operating without material disruptions, the fast-evolving global health crisis adds more uncertainty to the projections contained in this press release and the projections planned for the company's Investor Day conference call.
Non-GAAP Financial Measure
This press release includes Sempra Energy's 2020 adjusted EPS guidance range, which is a non-GAAP financial measure. See the appendix for additional information regarding this non-GAAP financial measure.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $65 billion in total assets reported in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to over 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas; the impact of the novel coronavirus on (i) our ability to commence and complete capital projects and obtain regulatory approvals, (ii) our current and prospective counterparties, customers and partners, and (iii) the stability of the capital markets; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
APPENDIX
RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2020 Adjusted EPS Guidance Range of $6.70 to $7.50 excludes approximately $1.8 billion to $2.0 billion estimated after-tax gain on the sale of our South American businesses, net of approximately $1.2 billion of income tax expense, which was calculated primarily based on applicable statutory tax rates.
Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded item, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2020 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2020 GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra Energy 2020 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
Full-Year 2020 | |||||||||
Sempra Energy GAAP EPS Guidance Range | $ | 12.78 | to | $ | 14.26 | ||||
Excluded item: | |||||||||
Estimated gain on sale of South American businesses | (6.08) | (6.76) | |||||||
Sempra Energy Adjusted EPS Guidance Range | $ | 6.70 | to | $ | 7.50 | ||||
Weighted-average common shares outstanding, diluted (millions) | 295 |
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SOURCE Sempra Energy
SAN DIEGO, March 23, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the Sempra Energy Foundation will donate up to $500,000 to help small to medium-sized nonprofits in Texas as they continue to serve critical needs related to the ongoing coronavirus (COVID-19) situation.
"Many nonprofit organizations are faced with unprecedented demand for their services due to the current COVID-19 situation," said Dennis V. Arriola, board chair of the Sempra Energy Foundation, and executive vice president and group president of Sempra Energy. "These grants will help them to continue serving the needs of vulnerable populations who need their support now more than ever."
The grants for Texas nonprofits will be part of a larger $1.75 million Nonprofit Hardship Fund from the Sempra Energy Foundation that will be made available to charities in the areas of the United States where Sempra Energy and its family of companies operate, including California, Texas and Louisiana.
"Texans from all walks of life are coming together to defeat COVID-19 and its economic impact," said Texas State Senator Kelly Hancock, the Chairman of the Senate Business & Commerce Committee. "I appreciate the Sempra Energy Foundation for stepping up to help local Texas nonprofits and communities with resources to recover from the impact of the coronavirus. I am confident that strong leadership from Texas citizens, employers, and charitable foundations will expedite the recovery process and get our communities and economies back on track."
The Sempra Energy Foundation's Nonprofit Hardship Fund will provide grants of up to $50,000 to nonprofit organizations serving populations affected by COVID-19. This could include, among other things: support for the increased volume of services being provided to clients, such as meals for homebound seniors; support for unexpected expenses associated with fulfilling those services; and/or support to sustain operations and services to populations impacted by COVID-19 amid pandemic-related cancellation of major fundraisers.
"Sempra continues to show its generosity and commitment to standing in solidarity with some of the neediest members of the Southeast Texas community," said Dan Maher, president and CEO of the Southeast Texas Food Bank. "After Hurricane Harvey's impact, Sempra showed its great corporate spirit and rallied around our community in a substantial way. It has been proactive in working with us to address community needs ever since. So, while it is not surprising that Sempra would wish to be a partner as we respond to the unique challenges of the coronavirus, it is truly impressive that at a moment when philanthropy is expected to dip because of the national scope of this crisis, Sempra has risen up to make a huge investment in the health and well-being of children in Southeast Texas."
Sempra Energy began operating in Texas more than 20 years ago. In May 2019, the company acquired a 50% limited-partnership interest in Sharyland Utilities, LLC. Sempra Energy is also the majority owner of Oncor Electric Delivery Company LLC (Oncor), the largest electric transmission and distribution utility in Texas, serving more than 10 million consumers. In 2019, Sempra Energy also supported Oncor's acquisition of InfraREIT, Inc. Through the acquisitions of Oncor, InfraREIT and Sharyland, Sempra Energy has made investments of more than $10 billion in Texas.
Additionally, Sempra Energy's subsidiary Sempra LNG is developing the proposed Port Arthur LNG export project in Jefferson County, Texas. Port Arthur LNG is a multibillion-dollar infrastructure investment that will enable the delivery of natural gas sourced from Texas to world markets. The project will also support manufacturing, small businesses and the community by creating thousands of jobs and contributing to the local economy. Sempra LNG develops and builds natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering up to 45 million tonnes per annum of clean natural gas to the largest world markets, which would make Sempra Energy one of North America's largest developers of LNG-export infrastructure facilities.
Visit the Sempra Energy Foundation website for information about the foundation's Nonprofit Hardship Fund, and to learn how to apply for a grant.
About the Sempra Energy Foundation
The Sempra Energy Foundation is a 501(c)(3) private foundation based in San Diego. The foundation was founded by Sempra Energy. As part of the company's commitment to investing in the communities it serves, the Sempra Energy Foundation and Sempra employees have donated more than $100 million over the past five years.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $65 billion in total assets reported in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to over 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas; the impact of the novel coronavirus on (i) our ability to commence and complete capital projects and obtain regulatory approvals, (ii) our current and prospective counterparties, customers and partners, and (iii) the stability of the capital markets; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, March 23, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the Sempra Energy Foundation will donate up to $1 million to help small to medium-sized nonprofits in California as they continue to serve critical needs related to the ongoing coronavirus (COVID-19) situation.
"Many nonprofit organizations are faced with unprecedented demand for their services due to the current COVID-19 situation," said Dennis V. Arriola, board chair of the Sempra Energy Foundation, and executive vice president and group president of Sempra Energy. "These grants will help them to continue serving the needs of vulnerable populations who need their support now more than ever."
The grants for California nonprofits will be part of a larger $1.75 million Nonprofit Hardship Fund from the Sempra Energy Foundation that will be made available to charities in the areas of the United States where Sempra Energy and its family of companies operate, including California, Texas and Louisiana.
"The Sempra Energy Foundation has stepped up to help California in a time of great need during this public health crisis," said Elise Buik, president and CEO of United Way of Greater Los Angeles. "I applaud their efforts to help the most vulnerable in our communities."
Sempra Energy's California utilities, San Diego Gas & Electric Co. (SDG&E) and Southern California Gas Co. (SoCalGas), have also set up funds to support their communities. SDG&E contributed $1 million to launch the San Diego COVID-19 Community Response Fund at the San Diego Foundation. This fund will support nonprofit organizations that provide food, income and rental assistance to those disproportionately affected by the pandemic's economic consequences. Additionally, SoCalGas is donating $1 million to local organizations supporting hunger and workforce relief causes. SDG&E and SoCalGas also are offering support to customers through existing funds at the United Way that offer assistance with utility bill payments for individuals and families in need.
The Sempra Energy Foundation's Nonprofit Hardship Fund will provide grants of up to $50,000 to nonprofit organizations serving populations affected by COVID-19. This could include, among other things: support for the increased volume of services being provided to clients, such as meals for homebound seniors; support for unexpected expenses associated with fulfilling those services; and/or support to sustain operations and services to populations impacted by COVID-19 amid pandemic-related cancellation of major fundraisers.
"It's wonderful to see a San Diego community partner like the Sempra Energy Foundation continue to be helpful and generous at a time when so many people are in a state of uncertainty and in need of help from our nonprofit organizations," said Father Joe Carroll of Father Joe's Villages at St. Vincent de Paul.
Visit the Sempra Energy Foundation website for information about the foundation's Nonprofit Hardship Fund, and to learn how to apply for a grant.
About the Sempra Energy Foundation
The Sempra Energy Foundation is a 501(c)(3) private foundation based in San Diego. The foundation was founded by Sempra Energy. As part of the company's commitment to investing in the communities it serves, the Sempra Energy Foundation and Sempra employees have donated more than $100 million over the past five years.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $65 billion in total assets reported in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to over 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas; the impact of the novel coronavirus on (i) our ability to commence and complete capital projects and obtain regulatory approvals, (ii) our current and prospective counterparties, customers and partners, and (iii) the stability of the capital markets; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, March 23, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the Sempra Energy Foundation will donate up to $250,000 to help small to medium-sized nonprofits in Louisiana as they continue to serve critical needs related to the ongoing coronavirus (COVID-19) situation.
"Many nonprofit organizations are faced with unprecedented demand for their services due to the current COVID-19 situation," said Dennis V. Arriola, board chair of the Sempra Energy Foundation, and executive vice president and group president of Sempra Energy. "These grants will help them to continue serving the needs of vulnerable populations who need their support now more than ever."
The grants for Louisiana nonprofits will be part of a larger $1.75 million Nonprofit Hardship Fund from the Sempra Energy Foundation that will be made available to charities in the areas of the United States where Sempra Energy and its family of companies operate, including California, Texas and Louisiana.
"I applaud the generosity of Sempra during this challenging time for all of us," said Louisiana State Senator Mark Abraham of Lake Charles. "This is not the first time they have stepped up to help our community and I know everyone in our region appreciates this generous gift. I encourage everyone to do whatever we can big or small to help each other get through this and I am confident that by helping each other we will come back stronger than ever."
The Sempra Energy Foundation's Nonprofit Hardship Fund will provide grants of up to $50,000 to nonprofit organizations serving populations affected by COVID-19. This could include, among other things: support for the increased volume of services being provided to clients, such as meals for homebound seniors; support for unexpected expenses associated with fulfilling those services; and/or support to sustain operations and services to populations impacted by COVID-19 amid pandemic-related cancellation of major fundraisers.
"It is comforting during this challenging time that the Sempra Energy Foundation recognizes what CareHelp is doing in Southwest Louisiana to keep our food bank open and Backpack Blessing program operating," said Jody Farnum, CareHelp executive director. "This availability of these grant funds will enable us to continue serving the most impacted families in our community."
Sempra Energy indirectly owns 50.2% of the Cameron LNG liquefaction-export project, located in Hackberry, Louisiana. Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK).
Sempra LNG develops and builds natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering up to 45 million tonnes per annum of clean natural gas to the largest world markets, which would make Sempra Energy one of North America's largest developers of LNG-export infrastructure facilities.
Visit the Sempra Energy Foundation website for information about the foundation's Nonprofit Hardship Fund, and to learn how to apply for a grant.
About the Sempra Energy Foundation
The Sempra Energy Foundation is a 501(c)(3) private foundation based in San Diego. The foundation was founded by Sempra Energy. As part of the company's commitment to investing in the communities it serves, the Sempra Energy Foundation and Sempra employees have donated more than $100 million over the past five years.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $65 billion in total assets reported in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to over 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Louisiana, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas; the impact of the novel coronavirus on (i) our ability to commence and complete capital projects and obtain regulatory approvals, (ii) our current and prospective counterparties, customers and partners, and (iii) the stability of the capital markets; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, March 20, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it will donate $1 million to nonprofit organizations throughout its service area to support the region's workforce, feed the hungry, and provide bill assistance to customers most affected by the coronavirus.
"All of us at SoCalGas want to do everything we can to support our community during this crisis—especially workers who might be laid off, people going hungry, and those who just won't be able to pay their gas bills without help," said Bret Lane, SoCalGas Chairman and Chief Executive Officer. "By providing funding to several outstanding nonprofit organizations, we're helping deliver critical services to help our neighbors who need it most."
The $1 million in donations will include:
"Here in Los Angeles, we are responding to the COVID-19 crisis with a full heart and a firm commitment to keeping all Angelenos healthy and safe," said Los Angeles Mayor Eric Garcetti. "Like so many right now, SoCalGas is stepping up to the plate and showing what it means to lead with L.A. love — doing its part to deliver essential assistance to the folks hit hardest by this pandemic."
"Thousands of children who are not getting their usual school meals during this crisis will receive meals thanks to this generous gift from SoCalGas," said Jarrett Barrios, CEO American Red Cross, Los Angeles Region. "School closures can create extreme food insecurity for many children. These funds will ensure the Red Cross continues its work feeding LA Unified students at risk of hunger. SoCalGas continues to be a true community partner."
The health, safety and wellness of SoCalGas customer and employees is foundational to the company. SoCalGas continues to closely monitor the COVID-19 situation with local, state and federal health agencies, as well as monitoring and implementing guidance from the Centers for Disease Control and Prevention.
In addition to the temporary suspension of service disconnections and waiving of late fees for small businesses, SoCalGas is taking precautionary measures including:
Additional information about SoCalGas' response to COVID-19 is available here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, March 13, 2020 /PRNewswire/ -- With the coronavirus pandemic causing significant impact on the economy and people's livelihoods, San Diego Gas & Electric (SDG&E) announced today that it will temporarily suspend service disconnections. The disconnection moratorium will remain in place until further notice.
The company is urging customers who are struggling to pay their utility bill due to financial hardships stemming from the coronavirus to call its Customer Contact Center at 1-800-411-7343 to make payment arrangements.
"With our entire region already experiencing many disruptions due to the coronavirus, the last thing we want our customers to worry about is whether they can afford to keep their lights on," said Scott Crider, SDG&E's vice president of customer services.
SDG&E will also waive late payment fees for business customers whose finances have been hit hard by the coronavirus. The company does not charge residential customers a late payment fee.
SDG&E's response to the pandemic also includes adopting a number of precautionary measures to protect the health and well-being of its customers, employees, and the communities it serves.
Health and Safety Precautions
SDG&E is following hygiene protocols recommended by the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO). The protective and preventative measures SDG&E is undertaking to reduce the risk of infection include the following:
To ensure operational stability, SDG&E has also implemented employee travel restrictions and protocols to limit in-person, onsite group meetings.
Scam Alert
During times of uncertainty, scams targeting utility customers increase. For this reason, we urge SDG&E customers to call the company's Customer Contact Center at 1-800-411-7343, if they are suspicious about any coronavirus-related emails or calls they receive from people claiming to be with the company.
For Updates
As the coronavirus pandemic is rapidly evolving, we may have to modify customer access to non-critical programs or services. Please check sdge.com for ongoing updates.
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric
SAN DIEGO, March 3, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) and Bechtel today announced that their respective subsidiaries, Port Arthur LNG, LLC and Bechtel Oil, Gas, and Chemicals, Inc., have signed a fixed-price engineering, procurement and construction (EPC) contract for the Port Arthur LNG liquefaction project under development in Port Arthur, Texas.
"Building new export infrastructure in the U.S. is critical to providing overseas markets with cleaner fuel alternatives," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Partnering with a world-class construction firm like Bechtel bolsters our execution plan for one of the world's largest LNG development projects."
Bechtel's Chairman and CEO Brendan Bechtel said, "We are honored and grateful that Sempra has chosen Bechtel as their trusted partner to help grow Sempra's LNG business on the Gulf Coast. Together, we will deliver an important, clean and sustainable energy source to the world while creating jobs and building economic opportunities for the Gulf Coast community."
As part of the EPC contract, Bechtel Oil, Gas, and Chemicals, Inc. will perform the detailed engineering, procurement, construction, commissioning, startup, performance testing and operator training activities for the project. The scope of the agreement also includes continuing pre-final investment decision engineering to better assure project cost and schedule certainty.
The Port Arthur LNG development project is expected to initially include two liquefaction trains, two liquefied natural gas (LNG) storage tanks, a marine berth and associated loading facilities and related infrastructure necessary to provide liquefaction services, with a nameplate capacity of approximately 13.5 million tonnes per annum (Mtpa) of LNG. The project site sits on nearly 3,000 acres of land along three miles of the Sabine-Neches waterway and has the potential to become one of the largest LNG export projects in North America, with expansion capabilities of up to eight liquefaction trains and approximately 45 Mtpa of capacity.
"Port Arthur LNG plays an important role in Sempra's goal of becoming one of North America's largest developers of liquefaction-export infrastructure projects and we look forward to continuing to move the project forward," added Martin.
In January, Sempra LNG signed an Interim Project Participation Agreement (IPPA) with Aramco Services Company, a subsidiary of Saudi Aramco, for the proposed Port Arthur LNG project. The IPPA represents another milestone for both companies after signing a heads of agreement in May 2019 for the potential purchase of 5 Mtpa of LNG and a 25% equity investment in the project. In December 2018, Port Arthur LNG entered into an agreement with Polish Oil and Gas Company for the sale and purchase of 2 Mtpa of LNG per year.
The Port Arthur LNG development project received authorization from the U.S. Department of Energy to export domestically produced LNG to countries that do not have a free trade agreement with the U.S. in May 2019. Additionally, the Federal Energy Regulatory Commission issued the approval to site, construct and operate the liquefaction-export facility in April 2019.
It is estimated that the proposed project will create a craft workforce on site that peaks at about 5,000 construction jobs, as well as several hundred additional Texas jobs in support of the project, including material fabrication. Nearly 200 long-term jobs will be created to operate and maintain the Port Arthur LNG facility.
Development of the Port Arthur LNG project is contingent upon obtaining additional customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, incentives and other factors, and reaching a final investment decision.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $65 billion in total assets reported in 2019, the San Diego based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to over 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.
About Bechtel
Bechtel is a trusted engineering, construction and project management partner to industry and government. Differentiated by the quality of its people and a relentless drive to deliver the most successful outcomes, Bechtel aligns its capabilities to customers' objectives to create a lasting positive impact. Since 1898, Bechtel has helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs, grown economies, improved the resiliency of the world's infrastructure, increased access to energy, resources, and vital services, and made the world a safer, cleaner place. Bechtel serves the Infrastructure; Nuclear, Security & Environmental; Oil, Gas & Chemicals; and Mining & Metals markets. The company's services span from initial planning and investment, through start-up and operations. www.bechtel.com
Sempra Energy Forward-Looking Information
We make statements in this press release that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: decisions, investigations, regulations, issuances of permits and other authorizations, and other actions by the U.S. Department of Energy, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget; (ii) obtaining the consent of partners; (iii) counterparties' financial or other ability to fulfill contractual commitments; (iv) the ability to complete contemplated acquisitions and/or divestitures; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Investors should not rely unduly on any forward-looking statements. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, or Oncor Electric Delivery Company LLC and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Feb. 13, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced support for the California Public Utilities Commission (CPUC) new Incentive Reservation System for the CPUC biomethane monetary incentive program. The reservation system will help increase transparency about available incentive funding for biomethane interconnection projects in the state. Currently, there is about $32 million in funding available through the incentive program. This money is available for eligible projects on a "first come, first served" basis through December 31, 2026 or until the money runs out, whichever occurs first.
The new reservation system is an important step to give biomethane developers certainty the money they applied for will be there at the end of the project. Another benefit of the reservation system is that it can help spur additional interconnection projects.
"SoCalGas commends the CPUC for establishing an incentive reservation system," said Sharon Tomkins, vice president of strategy and engagement and chief environmental officer for SoCalGas. "It is my hope that state policymakers will realize the increased demand for renewable natural gas projects and make additional incentive funding available for many years to come."
Renewable natural gas (RNG) is a clean fuel produced from our waste streams (i.e. sewers and food waste, as well as dairy and agricultural waste) and can be used to heat homes and businesses, for cooking, and to fuel trucks and buses. California law requires 40 percent of methane from sewage treatments plants, landfills, dairies and other agriculture to be captured, with provisions for energy delivery to customers as part of the state's ambitious plan to reduce greenhouse gas emissions.
RNG can take more carbon out of the air than it emits as an energy source, which makes it a carbon negative fuel. Last month, the Lawrence Livermore National Laboratory issued a report assessing pathways California can take to achieve carbon neutrality by 2045. The study found the pathway that holds the greatest potential for removing emissions from the atmosphere is to convert waste to fuel, with simultaneous capture of CO2 emissions. Estimates show this pathway could remove 83 million tons of CO2 per year.
Last year, SoCalGas announced its vision to be the cleanest gas utility in North America. As part of that vision, the utility committed to replacing 5 percent of its natural gas supplies with RNG by 2022 and 20 percent of its supplies with RNG by 2030. A 2018 study shows replacing about 20 percent of California's natural gas supply with RNG offers the same emissions reduction as electrifying all of the buildings in the state, but at half the cost.
There is widespread consumer preference for natural gas appliances in California and multiple studies have shown RNG is a cost-effective solution to reducing greenhouse gas emissions. Additionally, a recently released analysis shows that by 2040, there will be enough RNG available nationwide to replace 90 percent of fossil natural gas in US homes.
The reservation system opened on February 3, 2020. Customers who wish to apply for incentive funding should fill out this form.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Feb. 12, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its fourth-quarter and year-end 2019 earnings by 7 a.m. ET, Feb. 27.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, Feb. 27. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted by 7 a.m. ET, Feb. 27, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 1455338, and it can be accessed on the company's website.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
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SOURCE Sempra Energy
LOS ANGELES, Feb. 11, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas), officials from the San Joaquin Valley Air Pollution Control District and Western Milling, one of the largest and most diverse manufacturers and suppliers of nutrient solutions for plants, animals, and people in the U.S., unveiled the first of a planned 30 new ultra-low emissions trucks the company will deploy at its operation in Goshen, Calif. The near-zero emissions natural gas trucks will be fueled with renewable natural gas (RNG) that can virtually eliminate smog-forming pollutants and reduce greenhouse gas emissions linked to climate change by as much as 80 percent. These new trucks are powered by a 12-liter Cummins Westport engine, the first engine of its kind to meet the California Air Resources Board (CARB) optional low NOx standard. In addition, Western Milling revealed plans to open a new public fueling station supplying renewable natural gas in the city of Goshen later this year.
"Through the use of heavy-duty renewable CNG trucks, we're becoming more sustainable while simultaneously creating value for our employee owners," said Kevin Kruse, CEO at Western Milling. "It's good for everyone involved; us, our customers, and the communities in which we serve."
"The combination of new near‑zero‑emission natural gas engine technology and RNG provides the single best opportunity to achieve immediate and substantial NOx and GHG emission reductions in the on‑road heavy‑duty transportation sector," said Tom Swenson, business development manager at Cummins Westport. "We are proud to support a near-zero emissions strategy for our customers."
Western Milling's investment in its new natural gas trucks was supported by the San Joaquin Air Pollution Control District's Truck Replacement Program, an initiative to replace on-road diesel trucks with cleaner technology units or to expand fleets with the cleanest technology available – particularly in low income and disadvantaged communities experiencing greater air quality impacts. The program provides funding under its Standard Replacement, 2010 Compliant Replacement, and Fleet Expansion program options.
"As a public health agency serving the San Joaquin Valley, we are committed to improving the health and quality of life for all Valley residents through efficient, effective and entrepreneurial air quality management strategies. We are proud to support local companies investing in switching their diesel fueled trucks to clean natural gas trucks," said Samir Sheikh, executive director of Air Pollution Control Officer for the San Joaquin Valley Air Pollution Control District. "We applaud Western Milling's commitment to clean air and public health."
"At SoCalGas we are committed to raising awareness on how near-zero emissions natural gas trucks can help improve air quality and reduce greenhouse gas emissions," said Gillian Wright, senior vice president of customer relations at SoCalGas. "A huge congratulations to Western Milling as they invest in their future and cleaner air for the San Joaquin Valley."
In California, transportation account for more than 40 percent of greenhouse gas emissions and 80 percent of smog-forming pollution in the state, with heavy-duty trucks among the largest polluters. In the San Joaquin Valley, car and truck emissions make up about half of all measured airborne particulate matter, according to CARB.
Over the last five years, RNG use as a transportation fuel for heavy-duty trucks and buses has increased almost 600 percent, helping displace over seven million tons of carbon dioxide equivalent. That's equal to the emissions from more than a million homes' electricity use for one year.
RNG is not a fossil fuel. It is a renewable form of energy produced from the methane emissions at dairy farms, wastewater treatment plants, landfills, and other waste streams. Depending on its source, RNG can be carbon negative, meaning it takes out more emissions from the atmosphere than it emits when used as a fuel. Capturing the methane from these waste sources and converting it into RNG keeps greenhouse gas emissions from entering the atmosphere and contributing to climate change and reduces the use of fossil fuels.
SoCalGas has worked with fleet owners to secure millions of dollars in incentive funding for the replacement of diesel trucks with cleaner, new near-zero emissions natural gas trucks. Since 2014, the utility has helped truckers and trucking companies replace more than 550 diesel trucks with clean natural gas trucks. That equates to taking about 30,000 cars off California's roads. Recently, SoCalGas supported a Los Angeles-Long Beach Port trucking company with their efforts to replace its entire 40 diesel truck fleet with near-zero emissions natural gas trucks.
Each new near-zero emissions natural gas truck that replaces a diesel truck is the equivalent of taking 57 passenger cars off the road.
Last month, SoCalGas opened a new RNG fueling station in Bakersfield. The new RNG station extends the network of clean natural gas stations across a key regional goods movement corridor in the San Joaquin Valley, which experiences the worst particulate matter pollution in the state, according to CARB. SoCalGas currently operates 15 public RNG fueling stations across its service territory.
For pictures of today's event click HERE.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Feb. 4, 2020 /PRNewswire/ -- Sempra Energy's (NYSE: SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its fourth-quarter 2019 earnings by 6 p.m. ET, Feb. 19, in advance of a conference call with IEnova executives at 11 a.m. ET, Feb. 20.
Briefing materials also will be posted by 6 p.m. ET, Feb. 19, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 9188964#.
About IEnova
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2018, the company has more than 1,000 employees and approximately $8.8 billion dollars in total assets, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Jan. 30, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced Denita Willoughby, vice president of supply management and support services at SoCalGas will be installed as Board chair of the Los Angeles Area Chamber of Commerce (LAACC) at the Chamber's Inaugural Dinner on January 30. Willoughby is the first African-American woman to serve as chair since the Chamber's inception in 1888.
"SoCalGas is proud to have such an outstanding member of our team be recognized in this way," said Jimmie Cho, chief operating officer at SoCalGas. "We are certain that Denita's tenacity, motivation and commitment will shine through in her role as board chair of the Los Angeles Area Chamber of Commerce."
"In my role as board chair of the Los Angeles Area Chamber of Commerce, I plan to continue to help move this great city forward, I want us to build on the strengths of our city and tackle the weaknesses," said Denita Willoughby, vice president of supply management and support services at SoCalGas. "One focus for me will be the need to create sustainable and resilient communities but in a way that is realistic for all Angelenos. Coming from SoCalGas, where we provide millions of Southern Californians with a basic necessity, it is important that everyone has affordable energy as we move into the 21st century energy system."
Denita is a Chicago-native but has lived in Los Angeles for over two decades. She earned her engineering degree from the University of Wisconsin and her Master of Business Administration from Harvard University. Denita currently serves as vice president of supply management and support services for SoCalGas and previously served as regional vice president, external affairs, where she led the company's community relations, public affairs and media and employee communications efforts.
Denita's role as vice president of supply management and support services is crucial to SoCalGas' plan for a 21st century energy system. The vice president oversees a team who ensures the company has the materials and support needed to innovate and create the technologies and systems for renewable energy as SoCalGas looks toward the future of energy in California. Last year, SoCalGas announced its vision to be the cleanest gas utility in North America with plans to replace 20 percent of its traditional gas supply with renewable gas (RNG) by 2030 – and five percent by 2022.
The Los Angeles Area Chamber of Commerce works to champion the needs of the business community in Los Angeles through its nationally-recognized influence. The organization advocates for economic prosperity and quality of life for the Los Angeles region by being the voice of business, promoting collaboration and helping members grow. LAACC currently represents more than 650,000 employees and businesses from more than 35 industry sectors. Each year the LAACC delivers more than 40,000 referrals to member companies, 120+ business and professional development programs and more than 10,000 job and internship opportunities for Los Angeles youth.
"The Los Angeles Area Chamber of Commerce is incredibly fortunate to have the bold leadership of Denita Willoughby as our 2020 Board Chair. This is truly an exciting time and I'm looking forward to her partnership and support as we continue to chart the course to inspire the change that the region needs, and to address some of our most complex problems. We look forward to her leadership to help create a thriving region for all," said Maria S. Salinas, president & CEO for the Los Angeles Area Chamber of Commerce.
"The Chamber has launched a new strategic plan to champion economic growth, amplify Los Angeles' position as a global center and enhance opportunities for our entire community. This is a transformative step for the Chamber as we re-imagine our role in bringing about prosperity with economic growth that is inclusive and globally competitive. Denita is the perfect partner to guide the Chamber as we lead into a new decade."
The Los Angeles Area Chamber of Commerce's Board of Directors is the principal governing body of the organization. Membership is diverse, with more than 100 corporate and small business leaders serving on the board. The leadership determines the Chamber's policy positions on business issues and advises its members on strategies and policies.
About Los Angeles Area Chamber of Commerce
The Los Angeles Area Chamber of Commerce represents the interests of business in the Los Angeles region. The Chamber's mission is to design and advance opportunities and solutions for a thriving regional economy that is inclusive and globally competitive. Founded in 1888, the Chamber is the oldest and largest business association in the region. Its member companies work together to promote a prosperous economy and quality of life in the Los Angeles region. For more information, visit www.lachamber.com.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional gas supply with renewable gas (RNG) by 2030. Renewable gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
BAKERSFIELD, Calif., Jan. 30, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) Vice President Cedric Williams today joined Bakersfield Mayor Karen Goh, and local air quality regulators to mark the grand opening of a new compressed natural gas fueling station located at 35118 McMurtrey Avenue in Bakersfield, CA. The new fueling station is open to the public and will exclusively offer renewable natural gas (RNG), a clean, sustainable fuel made from methane that would otherwise be emitted from landfills, dairy farms, and other waste sources. The new RNG station extends the network of clean natural gas stations across a key regional goods movement corridor in the San Joaquin Valley, which experiences the worst particulate matter pollution in the state, according to the California Air Resources Board (CARB). In any given day, over twenty thousand trucks pass through Highway 99 in Bakersfield, emitting roughly eighty-five tons of smog-causing nitrogen-oxide emissions. Near-Zero emissions natural gas trucks fueled with RNG can virtually eliminate smog forming pollutants and reduce greenhouse gas emissions linked to climate change by as much as 80 percent.
"Renewable natural gas use in trucking and public transit has grown tremendously in recent years since it offers drivers an affordable way to reduce emissions and delivers the power they need to get the job done," said Cedric Williams, vice president of construction for SoCalGas. "We are excited to offer drivers who travel through Bakersfield an environmentally friendly fueling option that can immediately improve air quality in the region."
"Bakersfield serves as the center of a major movement corridor," said Mayor Karen K. Goh. "As one of the most important food and dairy producing hubs, having this CNG fueling station in Bakersfield will help us reduce our carbon footprint as we transport needed goods across the country. We thank our partners at SoCalGas for bringing this valuable resource to our community."
Renewable natural gas (RNG) is not a fossil fuel. It is a renewable form of energy produced from the methane emissions at dairy farms, wastewater treatment plants, landfills, and other waste streams. Depending on its source, RNG can be low-carbon or in some cases, even carbon neutral or negative. Capturing the methane from these waste sources and converting it into RNG keeps greenhouse gas emissions from entering the atmosphere and contributing to climate change and reduces the use of fossil fuels.
In California, vehicles account for more than 40 percent of greenhouse gas emissions and 80 percent of smog-forming pollution in the state, with heavy duty trucks among the largest polluters. In the San Joaquin Valley, car and truck emissions make up about half of all measured airborne particulate matter, according to CARB.
Over the last five years, RNG use as a transportation fuel for heavy duty trucks and buses has increased almost 600 percent, helping displace over seven million tons of carbon dioxide equivalent. That's equal to the emissions from more than a million homes' electricity use for one year.
In California alone, there are currently 30 operational dairy RNG projects, with approximately 50 more in various stages of development. SoCalGas began directly injecting RNG into its pipelines for the first time in 2018 when the company began accepting RNG produced at a waste hauling company's anaerobic digestion facility in Pixley, California. In 2019, RNG produced at a dairy digester facility in California also utilized SoCalGas' pipelines for delivery. This facility is expected to eventually collect RNG from anaerobic digesters at 12 dairies, which would prevent about 130,000 tons of GHGs from entering the atmosphere each year. Scientists at the University of California, Davis estimate that California's existing organic waste could produce enough RNG to meet the needs of 2.3 million homes.
In addition to being used to fuel trucks and buses, RNG can also be delivered to customers to generate clean electricity and to heat homes and businesses. Nationally, a just-released study by ICF estimates that enough renewable natural gas will be available by 2040, to replace about 90 percent of the nation's current residential natural gas consumption.
Last year, SoCalGas committed to delivering 20 percent of the natural gas it buys for homes and businesses from renewable sources by 2030. To kickstart the plan, SoCalGas is pursuing regulatory authority to implement a broad renewable natural gas procurement program. The company has also filed a request with the California Public Utilities Commission to allow current natural gas customers to sign up to purchase renewable natural gas for their homes. A similar, voluntary program was launched in Philadelphia earlier this month.
Several utilities and commercial fleets have committed to increasing the use of RNG as part of their sustainability efforts. For example:
In addition, SoCalGas has worked with fleet owners to secure millions of dollars in incentive funding for the replacement of diesel trucks with cleaner, new near-zero emissions natural gas trucks. Each new natural gas truck that replaces a traditional diesel truck is the equivalent of taking 57 passenger cars off the road.
The new fueling station in Bakersfield is the fifteenth public SoCalGas-operated CNG fueling station to open and is located at SoCalGas' Bakersfield operating base, a net-zero energy building that earned Leadership in Energy and Environmental Design (LEED) Gold Certification by the United States Green Building Council (USGBC) for its environmental benefits. These include a photovoltaic solar energy system, storm water management, drought-resistant and climate-appropriate landscaping, the use of natural lighting for the wellness of employees and a super energy-efficient air conditioning system power by natural gas instead of electricity.
SoCalGas' commitment to increase the use of RNG both in transportation and in buildings is part of a broad, inclusive and integrated plan to help California reach its ambitious climate goals. For more information on SoCalGas' vision for California's clean energy future, visit www.socalgas.com/vision.
Photos from today's ribbon-cutting ceremony marking the official opening are available here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its pipeline system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 22, 2020 /PRNewswire/ -- Sempra Energy (NYSE:SRE) was recognized by three organizations this week for its diversity and inclusion practices. The company was named a "Best Place to Work for LGBTQ Equality" by the Human Rights Campaign, receiving a perfect score on the organization's Corporate Equality Index for the 12th consecutive year. Sempra Energy was also listed on the 2020 Bloomberg Gender-Equality Index and named one of "America's Best Employers for Diversity" by Forbes.
"Diversity and inclusion drive our performance," said George W. Bilicic, president and chief legal officer for Sempra Energy. "We make better business decisions when we have diverse perspectives across the company and on our board of directors. This benefits all of our stakeholders and is key to carrying out our vision to deliver energy with purpose to the communities we serve."
The Corporate Equality Index is released annually by the Human Rights Campaign and serves as the nation's premier benchmarking survey and report measuring corporate policies and practices related to LGBTQ workplace equality.
"The impact of the Human Rights Campaign's Corporate Equality Index over its 18-year history is profound," said Human Rights Campaign President Alphonso David. "In this time, the corporate community has worked with us to adopt LGBTQ-inclusive policies, practices and benefits, establishing the Corporate Equality Index as a primary driving force for LGBTQ workplace inclusion in America and across the globe. These companies know that protecting their LGBTQ employees and customers from discrimination is not just the right thing to do – it is also the best business decision."
The Human Rights Campaign's index measures companies on five categories: non-discrimination policies, employment benefits, demonstrated competency and accountability around LGBTQ diversity and inclusion, public commitment to LGBTQ equality and responsible citizenship.
Sempra Energy was also one of 325 companies recognized on the Bloomberg Gender-Equality Index (GEI), which distinguishes companies committed to transparency in gender reporting and advancing women's equality. This year, the index included companies from 11 sectors headquartered across 42 countries and regions. The reference index measures gender equality across five pillars: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, sexual harassment policies and pro-women brand.
"The 325 companies included in the 2020 GEI have shown their commitment to transparency and demonstrated leadership in gender-related data reporting," said Peter T. Grauer, chairman of Bloomberg. "Disclosure of company statistics and practices is an important first step in supporting gender equality globally."
Sempra Energy scored higher than the utility sector average in the areas of women in senior management and executive positions, and female hires for the Bloomberg Gender-Equality Index.
Additionally, Sempra Energy was named to Forbes' "America's Best Employers for Diversity" list. This is the second year Sempra Energy was named to the list. Forbes' ranking was determined from an independent survey of more than 60,000 employees working for major companies in the U.S. Respondents were asked about their employers' diversity practices related to age, gender equality, ethnicity, disability, LGBTQ+ and general diversity. Diversity among top executives and board members at each company also was considered for the ranking.
Sempra Energy and its subsidiaries offer a variety of programs to enhance diversity and inclusivity in the workplace, including employee councils, a mentorship program, an annual Diversity & Inclusion Summit and supplier diversity programs. The company also is part of the Paradigm for Parity, a coalition of business leaders dedicated to addressing the corporate leadership gender gap. Additionally, Jeffrey W. Martin, chairman and CEO of Sempra Energy, is a participant of the CEO Action for Diversity & Inclusion,™ the largest CEO-driven business commitment to advance diversity and inclusion in the workplace.
Sempra Energy's utility companies have programs dedicated to advancing supplier opportunities for businesses owned by women, minorities, service-disabled veterans, and members of the LGBTQ community. Sempra Energy also supports a number of STEM programs with schools and nonprofits that focus on mentoring young women who are interested in pursuing careers in science, technology, engineering and math.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Jan. 21, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) has been named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine. This is the 10th time the company has been recognized on the list, which ranks global businesses with the strongest reputations within their industries.
"It's an honor to be recognized by Fortune Magazine again this year – a recognition that is truly a credit to our high-performance culture and the focused efforts of our employees," said Dennis V. Arriola, executive vice president and group president for Sempra Energy. "As we continue to see significant change in the energy industry, our strategy at Sempra Energy embraces the opportunities that come with the global energy transition. We're committed to carrying out our vision of delivering energy with purpose, backed by a strong leadership team and a united focus among all of our employees to serve our diverse stakeholders."
Sempra Energy's inclusion on the ranking demonstrates the company's commitment to purpose-driven performance. The company's 20,000 employees are united in advancing Sempra's mission to be North America's premier energy infrastructure company by safely delivering reliable, affordable energy to over 40 million consumers every day. Since 2018, the company has focused its portfolio to include transmission and distribution assets in the most attractive markets in North America, including the LNG export market. Sempra Energy's public utilities power homes and businesses in California and Texas. The company also develops and operates strategic energy infrastructure in the United States and Mexico, including liquefied natural gas (LNG) facilities, with a goal of delivering 45 million tonnes per annum of clean natural gas to the largest world markets.
Fortune partners with Korn Ferry Hay Group, a global management consulting firm, to select companies for the annual "World's Most Admired Companies" list. Fortune considered the 1,000 largest U.S. companies ranked by revenue for the list, along with non-U.S. companies that have revenues of approximately $10 billion or more. The rankings are determined by surveying senior executives and directors from about 680 companies and 52 industries, as well as financial analysts.
The survey asks respondents to rank the companies on the following topics: quality of management; quality of products or services; innovativeness; long-term investment value; financial soundness; ability to attract, develop and retain talent; social responsibility to the community and environment; wise use of corporate assets; and effectiveness in doing business globally. Companies who rank in the top half of their industry are recognized as the "World's Most Admired Companies."
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and the risk that we may not be able to recover any such costs from insurance, the California wildfire fund or in rates from customers in California or otherwise; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' financial ability or otherwise to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; actions of activist shareholders, which could disrupt our operations by, among other things, requiring significant time by management and our board of directors; the impact of federal or state tax reform and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Jan. 16, 2020 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) & The Midnight Mission today announced SoCalGas employees' contribution of nearly $23,000 to The Midnight Mission in support of its programs. SoCalGas presented a check to The Midnight Mission on January 16 in recognition of the grant. In addition to the grant, SoCalGas employees will ring in the new year by continuing their tradition of volunteering at The Midnight Mission. For the last six years, SoCalGas employees have traveled to the shelter, located in the heart of Skid Row, every Friday to volunteer and support the shelter's mission. SoCalGas employee, Marco Tachiquin, spreads awareness of the volunteer opportunity among employees and has led the effort for the last six years.
"SoCalGas recognizes the important work The Midnight Mission is doing within the Los Angeles community in helping those in need to get back on track, and we are committed to assisting this organization in whatever way we can," said Jawaad Malik, Vice President of Gas Acquisition at SoCalGas. "We believe that it is important to support our most vulnerable friends and neighbors, and we are thrilled not only to provide this grant to The Midnight Mission but also to be a part of their organization through our volunteer work."
From 2016 to 2019, SoCalGas employees have volunteered nearly 75,000 hours of their time and given over $3.2 million through payroll deductions to community organizations. SoCalGas has contributed over six thousand logged volunteer hours to The Midnight Mission since 2014 with over 1,300 volunteers.
The Midnight Mission, founded in 1914, is a comprehensive homeless shelter and homeless services provider that offers a path to self-sufficiency for men, women, and children experiencing homelessness in Los Angeles. The organization offers the structure and the resources that people experiencing homelessness need to truly improve their lives.
Gas Company employee Marco Tachiquin, a project manager in the Pipeline Safety Enhancement department, leads the volunteer effort each Friday and has done so since 2014. The company's gas acquisition department has also begun organizing clothing auctions to raise money for The Midnight Mission and started the employee grant for the non-profit, which over the years has expanded to the entire gas company.
"This is an effort that is very important to me," said Marco Tachiquin. "I feel that it is my responsibility to help make a difference in someone's life because I'm lucky enough to be able to. Giving up a couple of hours each week is the least I can do to make a difference, and I am grateful to all of the SoCalGas employees who show up each week and have done so for the past six years. In numbers, we make a much bigger impact – it's a team effort."
"Gratitude in action can help create bridges to significant transformation," said Midnight Mission President & CEO Mike Arnold. "We are so proud to work with the extraordinary employees from SoCalGas who volunteer with us year-round, supporting our basic needs programming and helping us to provide pathways to self-sufficiency to those experiencing the tragedy of homelessness. This grant will have an incredible impact on our organization and the thousands of individuals and families we serve each day, many of whom are still living on our streets, hungry and without a home. We are deeply grateful for our partnership with SoCalGas."
Please see photos from the check presentation event here.
About The Midnight Mission
Founded in 1914, The Midnight Mission offers paths to self-sufficiency to men, women and children who have lost direction. Our emergency services and 12-step recovery, family living, job training, education and workforce development programs offer a compassionate bridge to achieve and maintain healthy, productive lives. We remove obstacles and provide the accountability and structure that people who are experiencing homelessness need to be productive in their communities. Our conviction and commitment to their success define us. For additional information, please visit www.midnightmission.org.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use gas for heating, hot water, cooking, drying clothes or other uses. Gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional gas supply with renewable gas (RNG) by 2030. Renewable gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
PIXLEY, Calif., Jan. 13, 2020 /PRNewswire/ -- Calgren Dairy Fuels and Southern California Gas Co. (SoCalGas) today announced that four additional Central Valley dairies have started sending methane produced from cow manure to Calgren's biogas operation in Pixley, where it is processed into high-quality, renewable natural gas (RNG) and injected into SoCalGas' system. The Calgren facility now collects methane— a potent greenhouse gas that would otherwise escape to the atmosphere and contribute to climate change—from more than 66,000 cows at 10 area dairy farms. The additional dairies are projected to nearly double the amount of RNG produced at the facility, further reducing greenhouse gas emissions and displacing more traditional natural gas. Calgren partnered with Maas Energy Works to develop these four new dairy digesters as well as the previous six dairy digesters that have been operating since 2018.
"Over the last five years, renewable natural gas use in the transportation sector has grown by almost 600 percent," said Sharon Tomkins, SoCalGas vice president and chief environmental officer. "We're looking to build on that success by delivering more renewable energy options to our customers, including renewable natural gas produced at farms, hydrogen made from surplus solar energy, and advanced fuel cell systems that can provide energy in extreme weather events. Each of these technologies will be essential to promoting the long-term reliability of our energy systems and to meeting California's ambitious climate goals affordably."
"Calgren is leading efforts in California on this front, working with both dairies and SoCalGas to mitigate emissions," said Lyle Schlyer, president of Calgren Renewable Fuels. "This facility alone will eventually capture methane produced from the manure of more than 75,000 cows, preventing about 130,000 tons of greenhouse gas emissions from entering the atmosphere each year, the equivalent of taking more than 25,000 passenger cars off the road annually."
Renewable natural gas can rapidly cut greenhouse gas emissions (GHGs) because it takes more climate pollution out of the air than it emits as an energy source. The RNG produced at Calgren's facility today is used as a carbon-negative fuel for heavy-duty vehicles like transit buses and long-haul trucks. RNG can also be delivered to customers to generate clean electricity and heat homes and businesses. Last year, SoCalGas committed to delivering 20 percent of the natural gas it buys for homes and businesses from renewable sources by 2030.
More than 80 percent of all methane emissions in California come from organic sources like wastewater treatment plants, landfills, food and green waste and farms. In California, a 2016 law requires a 40 percent reduction of methane emissions from waste sources such as landfills and dairies, with provisions to deliver that energy to customers.
The law is expected to bolster the supply of RNG that is already growing rapidly as cities and towns across the country look to divert organic waste from landfills. Scientists at the University of California, Davis estimate that the state's existing waste could produce enough RNG to meet the needs of 2.3 million homes. Nationally, a just-released study by ICF estimates that 4,450 Trillion Btus of renewable natural gas will be available by 2040, about 90% of the nation's current residential natural gas consumption.
RNG is already helping eliminate emissions from trucks and buses. Over the last five years, RNG use as a transportation fuel has increased 577 percent, helping displace over seven million tons of carbon dioxide equivalent (how GHG emissions are measured). That's equal to the emissions from more than a million homes' electricity use for one year.
Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electric only energy and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects.
In recent years, energy providers across the country and around the world are capturing methane emissions—from farms, wastewater treatment plants, and landfills—to create renewable energy that displaces traditional natural gas. For example:
SoCalGas is also working to build on RNG's success in the transportation sector here by making it available to fuel the homes of the company's 21 million customers across Southern California. Earlier this year, SoCalGas' committed to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030 – as part of a broad, inclusive and integrated plan to help achieve California's ambitious climate goals.
To kickstart the plan, SoCalGas is pursuing regulatory authority to implement a broad renewable natural gas procurement program with a goal of replacing five percent of its natural gas supply with RNG by 2022. SoCalGas also recently filed a request with the CPUC to allow customers to purchase renewable natural gas for their homes.
For more information on SoCalGas vision for California's clean energy future, visit www.socalgas.com/vision
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 9, 2020 /PRNewswire/ -- SoCalGas today announced the City of Loma Linda, the City of Malibu and Los Angeles County each have been selected to receive $50,000 grants as part the utility's Climate Adaptation and Resiliency Planning Grant program. The grants will support local efforts to prepare for climate-change risks such as wildfires, drought, sea level rise, flooding, and other events.
The winning applications were selected from across Southern and Central California by an advisory panel of planning and sustainability experts from the Los Angeles Regional Collaborative for Climate Action and Sustainability (LARC), Climate Resolve, and the American Planning Association-California Chapter (APA-California). Recipients were judged based on their proposal's emphasis on: collaboration among various agencies; addressing vulnerabilities in disadvantaged communities; and benefits beyond resiliency, such as to public health, air quality, reductions in greenhouse gas emissions, and the economy. The grant program is funded by SoCalGas shareholders and does not impact natural gas bills. Photos of the grant presentations are available here.
"Collaboration between energy providers and local governments will be critical to fight climate change, prepare for its impacts, and to ensure that our collective planning efforts deliver diverse and affordable clean energy options for families and businesses," said Sharon Tomkins, SoCalGas chief environmental officer and vice president of strategy and engagement.
"Inclusive, community-centered planning practices are needed to develop climate adaptation strategies that work best for local residents," said Bryn Lindblad, deputy director of Climate Resolve. "This year's awardees really exemplify that collaborative spirit of co-creating solutions alongside their constituents. The projects also aim to enhance equity by prioritizing the needs of vulnerable populations."
"Cities and agencies across our region understand the immediacy of the need to plan their responses to climate change," said Ashley Atkinson, Los Angeles section director for the American Planning Association. "The support of this program enables them to engage in necessary resilience planning and create stronger Southern California communities."
Los Angeles County will use its grant to prepare an Adaptive Capacity Assessment for disadvantaged communities in unincorporated Los Angeles County, which will inform and be incorporated into the County's Safety Element Update.
"This grant will support L.A. County's efforts to help the unincorporated area communities adapt and develop resiliency in the face of climate change," said Amy J. Bodek, AICP, Director of Regional Planning for Los Angeles County. "The County's Department of Regional Planning will use the grant to prepare an Adaptive Capacity Assessment, which will create adaptation strategies for the 2,600 square miles of unincorporated Los Angeles County as well as for County department operations."
The City of Loma Linda will use its grant to update its local hazard mitigation plan as well as the Safety Element of its General Plan. Both plans will look at ways to alter the built environment so that life and property losses from natural hazards can be avoided or reduced. The SoCalGas grant will also make the city eligible for federal hazard mitigation grants which require matching funds from local sources.
"The City's Hazard Mitigation Plan (HMP) includes a comprehensive assessment of the threats that Loma Linda faces from both natural and human-caused hazards, as well as a set of coordinated policy recommendations to reduce these threats," said Shannon Kendall, emergency services coordinator, for the Loma Linda Fire Department and East Valley Fire Command. "The updated HMP will be incorporated into out city's General Plan, which will create a stronger mechanism for implementing hazard mitigation activities."
Malibu will use its grant to create a comprehensive and actionable Community Resilience and Adaptation Plan that will be integrated into the Safety Element of the City's General Plan.
"The City of Malibu's mountains-meet-the-sea landscape is especially vulnerable to extreme weather events and climate change," said Shea Cunningham, Malibu's environmental programs coordinator. "This grant award provides the City with a critical jumpstart to craft an actionable resilience and climate adaptation plan to help protect the community."
"The City Council recognizes we are in a state of climate emergency, and we must take positive steps toward reducing the impacts of climate change on the City of Malibu's population and infrastructure. We sincerely appreciate the support of SoCalGas to create a comprehensive plan to become a more resilient community," said City of Malibu Mayor Karen Farrer.
A study on the impacts of four climate-related disasters on the energy sector found that natural gas infrastructure exhibited significant resilience because it is underground. In addition, the study showed that backup generation powered by natural gas pipelines can provide on-site electricity generation for hospitals, relief centers and other critical facilities during a disaster. A summary of its findings may be found here.
SoCalGas is a leader in developing and investing in technologies that reduce greenhouse gas emissions linked to climate change. The company has been working to increase the amount of renewable natural gas (RNG) produced in California, and has committed to replacing 20 percent of its traditional natural gas supply with RNG by 2030. Renewable natural gas is made from methane emissions captured from landfills, wastewater treatment plants, dairies and other waste sources. It can be used in any way traditionally-sourced natural gas is used. SoCalGas is also promoting the development of technology that stores surplus renewable energy in the form of renewable gas. This "power-to-gas" technology uses existing infrastructure to store renewable energy and can store it for months or longer.
To learn more about what SoCalGas is doing to reduce emissions linked to climate change click here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 7, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the company is opening a new "Center of Excellence" in Houston, Texas. The office is expected to open later this year.
"We are committed to building the premier energy infrastructure company in North America, and creating a regional headquarters in Houston advances our business strategy," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Texas is a remarkable market, and our Houston Center of Excellence will allow us to add hundreds of new engineering and construction positions to support our growing liquefied natural gas (LNG) business in the Gulf region, while also allowing us to showcase our company's commitment to innovation, technology and leadership within the energy industry."
The new regional headquarters is located in Uptown Houston and will include the relocation of existing employees in the greater Houston area to the new site.
"Sempra Energy has already made a strong commitment to Texas with big investments in Oncor, Sharyland and natural gas infrastructure," said Texas Gov. Greg Abbott. "Their new Houston office is a symbol of confidence in Texas' energy leadership, workforce and regulatory climate. Houston is the world's premier energy community and I welcome Sempra's expansion in Texas."
In addition to expanded office space for regional business operations, the Houston Center of Excellence will showcase innovative technologies developed by Sempra companies to support today's evolving energy market. The exhibit space will display interactive technologies that improve the delivery of more secure and resilient energy supplies to customers, such as the expansion of natural gas into the electricity mix to support grid stability and integration of digital and meteorological technologies to improve power reliability, as well as virtual reality experiences connected to the Cameron LNG liquefaction-export facility.
Sempra Energy began operating in Texas more than 20 years ago. Most recently, in May 2019, the company acquired a 50% limited-partnership interest in Sharyland Utilities, LLC. Sempra Energy is also the majority owner of Oncor Electric Delivery Company LLC (Oncor), the largest electric transmission and distribution utility in Texas, serving more than 10 million consumers. In 2019, Sempra Energy also supported Oncor's acquisition of InfraREIT, Inc. Through the acquisitions of Oncor, InfraREIT and Sharyland, Sempra Energy has made investments of more than $10 billion in Texas.
Additionally, Sempra Energy's subsidiary Sempra LNG is developing the proposed Port Arthur LNG export project in Jefferson County, Texas. Port Arthur LNG is a potential multibillion-dollar infrastructure development project that will enable the delivery of natural gas sourced from Texas to world markets. The project will also support manufacturing, small businesses and the community by creating thousands of jobs and contributing to the local economy. Sempra LNG develops, builds and invests in natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 million tonnes per annum of clean natural gas, including natural gas sourced from Texas, to the largest world markets.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and the risk that we may not be able to recover any such costs from insurance, the California wildfire fund or in rates from customers in California or otherwise; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' financial ability or otherwise to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; actions of activist shareholders, which could disrupt our operations by, among other things, requiring significant time by management and our board of directors; the impact of federal or state tax reform and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
DHAHRAN, Saudi Arabia and SAN DIEGO, Jan. 6, 2020 /PRNewswire/ -- Sempra Energy (NYSE:SRE) and Saudi Aramco today announced their respective subsidiaries, Sempra LNG and Aramco Services Company, have signed an Interim Project Participation Agreement (IPPA) for the Port Arthur LNG export project under development in Jefferson County, Texas.
The IPPA represents another milestone for both companies after having signed a heads of agreement in May last year for the purchase of 5 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) and a 25% equity investment in the Port Arthur LNG project.
"Today's announcement is a reflection of the growing alignment between our companies' interest in the overall success of the Port Arthur LNG project," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We have a tremendous amount of respect for Saudi Aramco and its leadership team and we are pleased we can support their success in the global natural gas markets."
Saudi Aramco's President and CEO Amin H. Nasser said, "The global demand growth for LNG is expected to continue in the coming years, and we see significant opportunities in this market. This agreement with Sempra Energy is another step forward for Saudi Aramco's long-term gas strategy, and towards becoming the global leading integrated energy and chemicals company."
The initial phase of the Port Arthur LNG project is fully permitted and it is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities to enable the export of approximately 11 Mtpa of LNG on a long-term basis. Earlier this year, Sempra LNG initiated the Federal Energy Regulatory Commission pre-filing review for a subsequent potential expansion of the proposed project that would add two additional liquefaction trains for a total export capacity of approximately 22 Mtpa of LNG.
"Port Arthur LNG is expected to play a critical role in helping shape the future of global energy trade," added Martin. "This multibillion-dollar initiative is among the largest LNG projects in development anywhere in the world and is expected to deliver a cleaner energy supply to foreign markets, while creating important, high-skilled jobs right here at home."
The definitive agreements in the Port Arthur LNG export project remain subject to finalization and corporate approvals by each party in its sole discretion before they are executed. Each party's ultimate participation in the Port Arthur LNG export project also remains subject to the execution of related agreements and the fulfillment or waiver of certain conditions precedent contemplated by these agreements, including the condition that each party shall have taken a final investment decision (FID) with respect to its investment in the project at its sole discretion. The IPPA sets forth certain mechanisms for the parties to work towards these and other pre-FID activities.
Port Arthur LNG is one of Sempra LNG's five strategically located LNG development opportunities in North America and is a component of Sempra LNG's goal of developing the LNG infrastructure needed to export 45 Mtpa of clean natural gas to the global LNG market.
Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing and reaching final investment decisions, among other factors.
About Sempra LNG
Sempra LNG develops and builds natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets, which would make Sempra Energy one of North America's largest developers of LNG-export facilities.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
About Aramco Services Company
Aramco Services Company (ASC) is the U.S.-based subsidiary of Saudi Aramco, a world leader in integrated energy and chemicals, and has had a presence in the U.S. for more than 60 years. ASC is a contributor to the U.S. energy sector through research and development, venture fund activities, asset ownership, as well as technology and digital transformation. The company is headquartered in Houston, and maintains offices in New York, Washington D.C., Boston, and Detroit. ASC is committed to being a positive contributor in the communities where its employees live and work, and to making a difference through outreach that benefits the arts, geosciences, education and the environment. americas.aramco.com
About Saudi Aramco
Saudi Aramco is a global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world's oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world.
Saudi Aramco Forward-Looking Information
This release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements. Saudi Aramco believes that the forward-looking statements are based upon reasonable assumptions and expectations. However, you are cautioned that any such forward-looking statements are not guarantees of the future and that a number of risks and uncertainties could cause actual events to differ materially from those anticipated in the forward-looking statements.
Sempra Energy Forward-Looking Information
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' financial ability or otherwise to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; risks posed by actions of third parties who control the operations of our investments; cybersecurity threats to storage and pipeline infrastructure and the information and systems used to operate our businesses; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or the replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes, and changes that make our exports less competitive or otherwise restrict our ability to export; the impact of federal or state tax reform and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Dec. 23, 2019 /PRNewswire/ -- Sempra LNG, a subsidiary of Sempra Energy (NYSE: SRE), today announced that Cameron LNG has begun producing liquefied natural gas (LNG) from the second liquefaction train of the export facility in Hackberry, La.
"We are pleased to reach this important milestone in the development of the liquefaction facility," said Lisa Glatch, chief operating officer of Sempra LNG and board chair for Cameron LNG.
Train 2 and Train 3 are expected to commence commercial operations under Cameron LNG's tolling agreements in the first and third quarter of 2020, respectively. The facility's first liquefaction train started commercial operations in August 2019.
Phase 1 of the Cameron LNG export project includes the first three liquefaction trains that will enable the export of approximately 12 million tonnes per annum (Mtpa) of LNG, or approximately 1.7 billion cubic feet per day.
Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG.
Sempra Energy is also developing other LNG export projects in North America, including Cameron LNG Phase 2, previously authorized by the Federal Energy Regulatory Commission, which could include up to two additional liquefaction trains and up to two additional LNG storage tanks; Port Arthur LNG in Texas; and Energía Costa Azul (ECA) LNG Phase 1 and Phase 2 in Mexico.
Development of any of these LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG export project, is subject to a number of risks and uncertainties.
Sempra LNG develops and builds natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' financial ability or otherwise to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; risks posed by actions of third parties who control the operations of our investments; cybersecurity threats to storage and pipeline infrastructure and the information and systems used to operate our businesses; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or the replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes, and changes that make our exports less competitive or otherwise restrict our ability to export; the impact of federal or state tax reform and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG
SAN DIEGO, Dec. 11, 2019 /PRNewswire/ -- Sempra Energy's Chairman and CEO, Jeffrey W. Martin, delivered the keynote speech today at S&P Global Platts' Global Energy Outlook Forum, addressing the future of the rapidly evolving energy industry, trends affecting the sector and the need for leadership and innovation to address global issues.
"Access to energy has improved the lives of billions by enabling enhanced health care, greater food supply and technology innovations," said Martin in his keynote address. "However, there are a number of profound challenges facing communities around the globe, including the task of modernizing the world's energy infrastructure and delivering new energy resources."
Sempra Energy is working to capitalize on the opportunities created by the energy transition and the United States' growing leadership position in the global energy market. Sempra Energy is focused on growing in the most attractive markets in North America with a view toward having a global impact. Through its strategically located liquefied natural gas (LNG) development projects, the company is developing the infrastructure that can directly dispatch LNG into Atlantic and Pacific markets to deliver cleaner, more reliable and more affordable energy to the world.
"The world is depending on new energy sources," said Martin. "So many countries need access to cleaner, more secure forms of energy to address the needs of their growing populations. This underlies Sempra's belief that the 21st century is the 'Energy Century' highlighting the need to deliver energy with purpose – backed by strong leadership and a united focus. There is a lot riding on the decisions we make."
Over the past few years, Sempra has set out to simplify its business model and sharpen its focus on building North America's premier energy infrastructure company. The company has reduced its geographic asset base, while narrowing its focus in the energy value chain to transmission and distribution assets that offer attractive returns. In fact, more than 40 million consumers worldwide count on Sempra Energy to power their lives. The company's public utilities power homes and businesses in California and Texas, while also building and operating important energy infrastructure in the United States and Mexico.
The Global Energy Outlook Forum is an annual event held in New York City, bringing together approximately 200 energy executives and industry leaders to discuss power and energy topics driven by social, political, and economic issues around the world. The key themes for this year's event are the energy transition and how the industry is investing in the future.
Additionally, Martin has been nominated for the CEO of the Year Award for the S&P Global Platts Global Energy Awards. Sempra Energy is nominated for the Energy Transition Award, which distinguishes companies at the forefront of the transition to a low-carbon, sustainable economy.
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. S&P Global Platts is a division of S&P Global, which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.platts.com.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and the risk that we may not be able to recover any such costs from insurance, the California wildfire fund or in rates from customers in California or otherwise; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' financial ability or otherwise to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; actions of activist shareholders, which could disrupt our operations by, among other things, requiring significant time by management and our board of directors; the impact of federal or state tax reform and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 11, 2019 /PRNewswire/ -- As cool winter temperatures approach, Southern California Gas Co. (SoCalGas) is once again inviting its customers and employees to contribute to its Gas Assistance Fund, a program that helps income-qualified SoCalGas customers pay their natural gas bill with a one-time grant of up to $100 per household. All customer donations are matched by SoCalGas shareholders.
The fund, administered by the United Way of Greater Los Angeles (United Way), helps veterans, the elderly, people with disabilities, and low-income families in need pay their natural gas bills so they can cook, have hot water and heat their homes. Last year, SoCalGas' Gas Assistance Fund received $374,995 and benefitted more than 4,100 households. Since 1983, SoCalGas customers, shareholders and employees have contributed over $19 million to the Gas Assistance Fund, helping more than 230,000 individuals and families.
"Thanks to SoCalGas' generous customers and employees, we're able to help our customers in need cook meals and keep their homes warm during winter," said Sharon Tomkins, vice president of strategy and engagement at SoCalGas.
"No one in our community should have to choose between keeping warm or other life's basic necessities like buying groceries," Elise Buik, president and CEO of United Way. "We are grateful to those who have supported the Gas Assistance program for the past 36 years."
Those who wish to contribute to the fund may do so online or by mailing a check to: Gas Assistance Fund, File 56826, United Way Inc., P.O. Box 746826, Los Angeles, CA 90074-6826. Donations are tax-deductible and accepted year-round.
Those who wish to apply for a grant may do so by filling out an application at a participating United Way partner agency between Feb. 3rd and May 31st (or until the fund is depleted). For additional program information, including a list of partner agencies and income guidelines, click here.
In addition to the Gas Assistance Fund, SoCalGas offers other programs and services that can help customers manage home energy costs. Click here to learn more.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About United Way Greater Los Angeles
United Way of Greater Los Angeles is a nonprofit organization fighting to end poverty by preparing students for high school graduation, college, and the workforce, housing our homeless neighbors, and guiding hard-working families towards economic mobility. United Way identifies the root causes of poverty and works strategically to solve them by building alliances across all sectors, funding targeted programs and advocating for change. For more information, visit UnitedWayLA.org and EveryoneInLA.com.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 11, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that more than 110 local governments across Southern California, representing approximately 8 million people, have passed resolutions in support of affordable and balanced strategies to reduce greenhouse gas emissions. The resolutions urge policymakers to safeguard consumers' ability to choose natural gas, propane, or electric appliances for their homes and businesses. They were passed in response to concerns that state agencies are being called upon to take steps to prohibit the use of affordable natural gas in buildings.
"Advances in renewable natural gas and hydrogen technologies mean that we can meet our climate goals without sacrificing the reliability and resilience of our energy systems and without forcing people to give up their gas stoves, board up their fireplaces and take on costly renovations," said Sharon Tomkins, SoCalGas vice president of strategy and engagement and chief environmental officer. "To meet its ambitious environmental goals, California needs clean gas working together with clean electricity, and most importantly we cannot lose sight of affordability."
A growing number of experts, including researchers at Stanford University, University of California, Irvine, and Lawrence Livermore Labs, have raised concerns that the electrification of buildings, alone, could undercut the state's environmental goals, while making basic utility services less reliable and more expensive.
"Renewable gases can increase people's use of renewable energy and combat climate change—and we can't become carbon neutral without them," said Dr. Jack Brouwer, Director of the National Fuel Cell Research Center at University of California, Irvine. "These renewable gases are easily stored in the pipelines and also provide a complementary way to deliver renewable energy that will be more reliable and resilient than using the electric grid alone."
The Energy Futures Initiative (EFI), a research center founded by former US Secretary of Energy Ernest J. Moniz, reached similar conclusions. In a 2019 report on the pathways for achieving deep decarbonization in California, EFI found that meeting California's environmental goals will require a range of clean energy pathways, including clean fuels like renewable natural gas (RNG), hydrogen and biofuels.
"Once we realized what was at stake—the lack of affordable energy options, the loss of local control, and the negative impacts to businesses and residents who rely on natural gas—we knew we had to act. When it comes to energy, our residents deserve choice," said La Habra City Councilman Tim Shaw.
"The cost of living in Southern California is already too expensive for most of the families I represent," said South Gate Mayor Belen Bernal. "Switching to electricity-only would mean higher utility bills that people just can't afford. Maintaining a balanced approach is important for my community."
"The simple process of converting our organic wastes, yard trimmings, and food waste into a recycled natural gas can significantly reduce our overall carbon emissions, and yet, the energy discussion is often dominated by the idea of total electrification," said Temecula Councilmember Matt Rahn. "As we plan for California's energy future, we must realize that electrification is not the only solution, and certainly not something that everyone can afford."
"Mandating a move to a singular utility model loses sight of the financial burden it will create in many Californians' homes," said Upland City Councilmember Ricky Felix. "It would also be irresponsible to not have different types of utilities available, especially in emergency situations which would put residents at risk."
"People should have the choice of what energy source they use—and many prefer natural gas because it's more affordable," said Port Hueneme Mayor Will Berg. "In addition, to keep energy reliable and affordable it makes sense to not put all your eggs in one basket."
"Most residents use natural gas to heat and cook in their homes, so it makes sense to reduce emissions by replacing natural gas with renewable natural gas," said Tulare County Supervisor Pete VanderPoele. "And using RNG offers the opportunity to further develop this new green energy business right here among the dairies in the Central Valley. We should all want to bring new investment to our state and this region."
Today, more than 90 percent of homes in Southern California rely on natural gas for space and water heating or cooking. In surveys, Southern Californians regularly report they prefer natural gas for cooking, and home and water heating by a margin of 4 to 1, citing its affordability.
Last year, a study by Navigant Consulting found that replacing 20 percent of the natural gas California uses today with renewable natural gas could reduce emissions equal to making every building in the state electric-only, but at half the cost.
A separate study published last year by the California Building Industry Association (CBIA) found that replacing natural gas appliances in California homes with electric models could lead to more than $7,200 in upfront costs and an annual increase in household energy costs of more than $850.
A survey of registered voters published by CBIA at the time found that more than two-thirds of Californians oppose regulations that would eliminate natural gas use in homes and businesses. More than 80 percent opposed if eliminating natural gas resulted in higher utility bills.
SoCalGas has committed to replacing 20 percent of the natural gas the company purchases with renewable natural gas by 2030 – as part of a broad, inclusive and integrated plan to help achieve California's ambitious climate goals.
To view a list of the local governments that have passed balanced energy resolutions, click here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 10, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the completion of $465,000 in energy efficiency upgrades to 384 apartment units and the installation of 29 high efficiency boilers at Mountainside Apartments, an affordable housing community on Foothill Boulevard in Rancho Cucamonga. The work is part of SoCalGas' Energy Savings Assistance (ESA) Program's Common Area Measures (CAM) initiative. The upgrades will save an estimated 170,000 therms of natural gas over the lifetime of the upgrades, equivalent to removing 191 cars off of California's roads each year.
SoCalGas installed low-flow showerheads, low-flow aerators, thermostatic shower valves, thermostatic tub spouts and door weather-stripping in addition to the 29 high efficiency boilers put in place in the property's common areas that will provide hot water to the community. The property owner also participated in SoCalGas' On-Demand Efficiency and Multifamily Energy Efficiency Rebates programs which have helped reduce natural gas consumption and overall operating costs at the community.
"SoCalGas is proud to continue our work with National CORE, improving energy efficiency and reducing energy costs for low-income residents. Small changes in our energy consumption through energy efficient improvements can account for big savings on energy bills and a reduction in greenhouse gas emissions," said Dan Rendler, director of customer programs and assistance at SoCalGas. "But not only do these upgrades reduce emissions and costs but also demonstrate SoCalGas' commitment to our vision to be the cleanest natural gas utility in North America."
Mountainside Apartments is owned and managed by National Community Renaissance (National CORE), one of the nation's largest nonprofit developers of high-quality cost-contained affordable housing, with more than 10,000 affordable, senior and market-rate units in California, Florida, Arkansas and Texas. During its 25-plus year history, National CORE has offered programs and services at no charge to its residents, creating communities that support educational attainment, economic mobility, and improved health.
"National CORE is proud of the work we are doing around sustainability. It is important to us to work with organizations like SoCalGas, who share our goal of combatting the effects of climate change. Our partnership with SoCalGas also allows us to give back to our residents by reducing their energy costs," said Dan Lorraine, Senior Vice President of Property Management for National CORE.
"The City of Rancho Cucamonga thanks the Southern California Gas Company for their efforts to upgrade affordable housing in Rancho Cucamonga," said L. Dennis Michael, mayor of Rancho Cucamonga. "Our Healthy RC initiative is all about preserving the environment and these measures ensure that some of our most vulnerable residents have access to improvement health, safety and affordability while improving the environment through conservation."
The CAM project in Rancho Cucamonga is one of two. SoCalGas completed another project in October through the Energy Savings Assistance Program located in Corona. At this property, SoCalGas installed 12 high efficiency boilers at the Corona Del Rey Apartments which are also owned and managed by National CORE. SoCalGas also recently contributed $10,000 to the Hope through Housing Foundation, managed by National CORE. The donation was used to beautify a community center space for at-risk youth at the Sunset Heights Apartment Homes in Rancho Cucamonga, owned by National CORE.
The Common Area Measures initiative, through the Energy Savings Assistance Program, aims to provide low-income, deed-restricted properties with no-cost energy saving upgrades to their common areas. This could include boiler/water heater replacements, pipe insulation and ancillary services. The program will be available through 2020.
To qualify, the property must be deed restricted and the owner must certify that at least 65 percent of the resident households meet the ESA income guidelines. Energy efficiency services provided differ by utility and are limited to the communal areas, or common energy systems, of the residential building(s) or property. This program can be combined with the ESA in-unit offerings.
SoCalGas continues to be a leader in implementing energy efficiency and low-income programs that provide assistance to customers and protect the environment. Between 2014 and 2018, SoCalGas energy efficiency programs delivered more than 180 million therms in energy savings, enough natural gas usage for 403,000 households a year, and reducing greenhouse gas emissions (GHGs) by nearly 955,000 metric tons, the equivalent of removing more than 202,000 cars from the road annually. These advances have also helped save SoCalGas customers more than $198 million in utility bill costs. In 2018 alone, SoCalGas' energy efficiency programs saved customers $57 million and improved close to 100,000 homes.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 9, 2019 /PRNewswire/ -- Today, the Sempra Energy (NYSE:SRE) board of directors declared a quarterly dividend of $0.9675 per share of common stock. The common stock dividend is payable Jan. 15, 2020, to common stock shareholders of record at the close of business on Dec. 30, 2019.
The company's board of directors also declared a quarterly dividend of $1.50 per share on Sempra Energy's 6% Mandatory Convertible Preferred Stock, Series A (Preferred Stock, Series A). The Preferred Stock, Series A, dividend will be payable Jan. 15, 2020, to Preferred Stock, Series A, shareholders of record at the close of business on Jan. 1, 2020.
Additionally, Sempra Energy's board of directors declared a quarterly dividend of $1.6875 per share on the company's 6.75% Mandatory Convertible Preferred Stock, Series B (Preferred Stock, Series B). The Preferred Stock, Series B, dividend will be payable Jan. 15, 2020, to Preferred Stock, Series B, shareholders of record at the close of business on Jan. 1, 2020.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and the risk that we may not be able to recover any such costs from insurance, the California wildfire fund or in rates from customers in California or otherwise; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' financial ability or otherwise to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; actions of activist shareholders, which could disrupt our operations by, among other things, requiring significant time by management and our board of directors; the impact of federal or state tax reform and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 6, 2019 /PRNewswire/ -- Today, Southern California Gas Co. (SoCalGas) helped spruce up a community center for families living in affordable housing in Rancho Cucamonga, enlisting employee volunteers and donating $10,000 to the non-profit organization which runs the facility. Employee volunteers painted the walls, assembled new furniture for the space and donated books and games for the children who spend time at the center. The facility, located in the Sunset Heights Apartment Homes community, holds after-school programs for at-risk youth of all ages to foster their well-being and promote self-sufficiency. It is operated by Hope through Housing Foundation, a non-profit organization which serves low-income and underserved families who live in National Community Renaissance (National CORE) properties. Photos from today's beautification project are available here.
"SoCalGas is proud to partner with the Hope through Housing Foundation and National CORE to assist this organization and beautify a place for children to study and play after school," said Trisha Muse, community relations director at SoCalGas. "SoCalGas is committed to supporting the communities we serve, not only by providing affordable and reliable energy, but also through our partnerships with organizations who are working to assist our friends and neighbors in the community."
"We are grateful for outstanding partners like SoCalGas that help us to meet our mission of transforming lives and communities," said Gregory Bradbard, president of Hope through Housing. "Today's project and their financial support will allow us to better prepare youth for a bright future."
In addition to the beautification project and grant, SoCalGas has also completed work at the Sunset Heights Apartment Homes through the gas company's Energy Savings Assistance Program (ESA). The upgrades completed at the property include installing door weather-stripping, faucet aerators, low-flow showerheads, and tuning and cleaning furnaces. These upgrades aim to improve the comfort of the residents living at Sunset Heights and come at no cost to the property owner through the ESA program.
In 1998, the Hope through Housing Foundation was established to empower residents of National Community Renaissance (National CORE), one of the largest nonprofit affordable housing developers in the country. Wanting to do more to help the children, families and seniors who lived in its communities, the Hope through Housing Foundation was established to deliver a broad range of charitable and educational programs for children, young adults, low-income and underprivileged families and the general public.
Today, Hope through Housing is dedicated to elevating the health, well-being and self-sufficiency of National CORE residents. With a mission of breaking the generational cycle of poverty, the organization provides essential tools, guidance, and support to the low-income children, families and seniors it serves each day.
Last year, SoCalGas donated more than $7 million to non-profits and community organizations. SoCalGas employees contributed more than $700,000 dollars through payroll deductions and performed thousands of volunteer hours for various nonprofit groups throughout its service territory.
SoCalGas continues to be a leader in implementing energy efficiency and low-income programs that provide assistance to customers and protect the environment. Between 2014 and 2018, SoCalGas energy efficiency programs delivered more than 180 million therms in energy savings, enough natural gas usage for 403,000 households a year, and reducing greenhouse gas emissions (GHGs) by nearly 955,000 metric tons, the equivalent of removing more than 202,000 cars from the road annually. These advances have also helped save SoCalGas customers more than $198 million in utility bill costs. In 2018 alone, SoCalGas' energy efficiency programs saved customers $57 million and treated close to 100,000 homes.
In addition, SoCalGas remains dedicated to improving our environment and supporting California's environmental goals. Earlier this year, SoCalGas committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030 – as part of a broad, inclusive and integrated plan to help achieve California's climate goals while maintaining affordability, reliability and choice for its customers.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 3, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the winners of its 2019 Environmental Champions Initiative, which awards grants of up to $25,000 for projects related to clean air, energy, or organic waste diversion. Twenty-six nonprofits were selected to receive a total of $400,000 in funding.
"SoCalGas is proud of our annual Environmental Champions initiative and thrilled to partner with this year's group of champions," said George Minter, regional vice president of external affairs and environmental strategy at SoCalGas. "Each organization is leading the way towards improving the quality of air and energy in our region. We are excited to see our champion's projects grow and the impact they make in the community."
Cal Poly Pomona Foundation Inc. is a two-time grant recipient for its Healthy Soils & Clean Air project for 2020. The project encourages Southern California farmers and gardeners to adopt healthy soil practices and improve our environment on a grass-roots level. Soil, if properly managed, can trap carbon and prevent it from escaping into the atmosphere.
"With the SoCalGas Environmental Champions grant, students have been able to connect with communities across Southern California and encourage them to take care of their soil. People we've talked to find it eye-opening that soil is not 'just dirt,' and that taking care of soil improves air quality and mitigates climate change by capturing carbon," said Dr. Aaron Fox, Assistant Professor, Urban and Community Agriculture at California State Polytechnic University, Pomona (Cal Poly Pomona).
SoCalGas' Environmental Champions grant has provided funding for over ten Cal Poly Pomona students to participate in this project. These students have learned about sustainable land management practices and interacted with the public at numerous events, communicating with hundreds of people about soil's role in improving our environment. One such event was held today, highlighting practices such as compost application and crop covering that improve soil health and sequester carbon. Photos from today's Healthy Soils Demonstration Day are available here.
Another grant recipient, the Los Angeles Conservation Corps, will use its funds to help the environment while feeding the hungry and employing the jobless through its food waste prevention program. The program collects tons of food waste per week from dozens of supermarkets, convenience stores and restaurants, then partners with nonprofit Meeting Each Need with Dignity (MEND) to distribute the food to over 30,000 people per month. Inedible food waste is composted or converted to renewable natural gas (RNG).
"Los Angeles has the largest food insecure population in America and many of the young people in our Corps understand that challenge all too well," said CEO Wendy Butts. "This program is allowing at-risk young adults to gain valuable paid work experience and put food on their own tables by providing food to thousands of others in need. At the same time they are bringing awareness to the growing environmental challenge of food waste. The impact on people and the planet is exponential and we hope to see it grow."
Two-time grant recipient North East Trees will use this year's grant to plant 300 drought tolerant trees and renovate an underutilized park within Romana Gardens, a section 8 public housing development in Boyle Heights.
"Not only do trees beautify our community, but they also provide oxygen, improve air quality, lower depression/stress, and are beneficial to the environment in so many other ways. On behalf of North East Trees, I am proud of the growth that our Urban Greening in South LA project has had over the past few months, and the impact it has had on our community," said Joe Laskin, Project and Development Manager at North East Trees. "We thank SoCalGas for recognizing our work and for its generous contribution to our cause."
Other 2019 SoCalGas Environmental Champions include:
Since its inception in 2015, the Environmental Champions Initiative, which is funded by Sempra Energy shareholders, has awarded more than 150 grants totaling nearly $2 million. A complete list of this year's twenty-six grantees can be found here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 26, 2019 /PRNewswire/ -- With inclement weather and cold temperatures in the forecast throughout our service territory this week, Southern California Gas Co. (SoCalGas) today offered energy savings ideas and appliance rebates to help customers keep their bills affordable this winter.
Temperatures in Southern California typically turn cooler in November and can remain cold through March. During cold weather, it is possible to use three to seven times more natural gas than in summer months as your home heater responds to your thermostat settings and your water heater works harder to keep water hot. SoCalGas offers the following tips to help save on energy costs:
More energy savings tips may be found here.
As a reminder, SoCalGas customers who purchase a qualifying smart thermostat model on or after August 1, 2019 are eligible for a $50 rebate. Smart thermostats can learn your schedule and temperature preferences and adjust the temperature in your home accordingly. They also allow users to adjust home temperatures with a mobile app or computer and can even use local weather conditions to help control energy costs. Last winter, customers who enrolled in SoCalGas' smart thermostat demand response program saved 62,000 therms of natural gas, which is enough energy to fuel 40 homes for an entire year or charge 42 million smartphones.
In addition to rebates for smart thermostats, SoCalGas also offers rebates on other household appliances such as washing machines and dryers, water heaters and furnaces. For more information on available rebates, visit: https://www.socalgas.com/save-money-and-energy/rebates-and-incentives/natural-gas-appliance-rebates
Over the last five years, SoCalGas energy efficiency programs delivered more than 180 million therms in energy savings for customers, enough natural gas usage for 403,000 households a year. These advances have also helped save SoCalGas customers more than $198 million in utility bill costs. In 2018 alone, SoCalGas' energy efficiency programs saved customers $57 million.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 25, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and the Pacific Northwest National Laboratory (PNNL) today announced the U.S. Department of Energy (DOE) has awarded $300,000 in funding to a project that would advance the development of a process called Integrated CO2 Capture and Conversion to Methanol (ICCCM). Carbon capture and utilization (CCU) projects are an important component in helping California achieve its climate goal of having a "net zero" economy by 2045. CCU projects harnesses carbon before it can be emitted into the atmosphere. The carbon is then typically used to make chemicals that become resins and plastic materials.
The DOE funding for this project will be used to design, fabricate and demonstrate a modular ICCCM prototype for the combined capture and conversion of CO2 into methanol. As part of the research, the commercial viability of the prototype will also be assessed. The unit will be designed for installation at an industrial CO2 source, such as an electric generation or anaerobic digestion facility.
SoCalGas is committed to helping California achieve its ambitious climate goals. The utility has spent more than $10 million on the research and development of low or zero carbon technologies in the last three years.
"As we look for ways to reduce greenhouse gas emissions in support of the state's climate goals, we will need to develop cost-effective technologies that can capture and use CO2 to prevent it from reaching the atmosphere," said Yuri Freedman, senior director of business development for SoCalGas. "The goal of this project is to determine whether ICCCM technology can be a cost-effective way to reduce emissions and it is our hope the results will show that it is."
"At PNNL, we specialize in carbon capture and catalysis research and are thrilled to be collaborating with SoCalGas on developing a new and innovative capture and conversion technology and deploying this technology into the field," said Dr. David Heldebrant, who is co-leading this project and is PNNL chief scientist for separations materials. "Our role in this project is to design a continuous catalytic process that can take waste CO2 and repurpose it as a low carbon fuel or chemical feedstock with a large market size, such as a methanol."
What is ICCCM
ICCM uses flue gas from a power generation or heating source, cools the gas and then runs it through a CO2 absorber. In this absorber, CO2 is efficiently captured by PNNL's proprietary "Carbon Dioxide Binding Organic Liquids" solvent. The solvent is then pressurized, heated and passed through to the main reactor, along with hydrogen, for methanol production. The reactor produces a methanol and water mixture which is then pumped into a distillation column designed to produce methanol at a purity of 99.6 percent. The excess hydrogen and solvent from the reactor are recycled back to the CO2 absorber.
The ICCCM technology is unique because hydrogen is used as an indirect energy source to drive the carbon capture process rather than steam or electricity. Also, by using the ICCCM solvent to directly convert CO2 to methanol, no mechanical compression of the CO2 is required. Typically, compressing CO2 is energy-intensive, so reducing the need for additional energy inputs makes the ICCCM technology a potentially viable solution to capture and convert CO2 from landfill gases, wastewater treatment gases and manure off-gas.
California has set an ambitious goal of having a net zero economy by 2045, meaning the amount of carbon emitted into the atmosphere is no more than the amount of carbon taken out. While carbon neutrality is a good first step, research continues into finding ways to be carbon negative, i.e. remove more carbon from the atmosphere than is produced. One potential way to do this is to use green hydrogen created from renewable energy such as wind or solar is used in carbon capture and utilization.
Why methanol?
Methanol is used in a number of ways, from a feedstock in the chemical industry to a component in fuel blends like marine fuel and bio-diesel. For example, methanol is used to produce acetic acid and formaldehyde, which in turn are used in products like adhesives, foams, plywood subfloors, solvents and windshield washer fluid. Today, methanol is primarily made from syngas created from natural gas and other fossil fuels and current methanol production leads to greenhouse gas emissions. Using CO2 capture technology to create methanol can serve two purposes – first, it prevents carbon emissions which are produced from conventional syngas-to-methanol technologies from reaching the atmosphere, and second, COs utilization helps offset some of the costs incurred with carbon capture.
Over the next two years, this project will evaluate the compatibility of certain catalysts and solvents, design and build the reactor and test the unit. The later stages of this research will also assess the viability of producing polycarbonates.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 20, 2019 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | |
Preferred Stock | $0.375 per share |
Preferred Stock, Series A | $0.375 per share |
The dividends are payable on January 15, 2020, to shareholders of record on December 10, 2019.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 13, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today joined the Retirement Housing Foundation (RHF), a non-profit, affordable housing provider, and the Los Angeles Department of Water & Power (LADWP) to mark the completion of a two-year, $1 million energy efficiency project at Angelus Plaza in downtown Los Angeles. The energy efficiency upgrades are estimated to save over $150,000 annually in natural gas, equal to 160,000 therms of gas. This project will reduce emissions equal to taking nearly 200 cars off the road each year. The project is part of SoCalGas' Energy Savings Assistance Program's Common Area Measures (CAM) initiative. SoCalGas completed similar, smaller-scale energy efficiency projects at 35 RHF properties across Southern California. Please see photos from today's event here.
"At SoCalGas, our vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to our customers," said Jeff Walker, vice president of customer solutions for SoCalGas. "These energy efficiency upgrades demonstrate this commitment by helping low-income customers conserve energy and helping RHF to improve the living experience for residents through more affordable energy. SoCalGas is proud to have been a part of this work."
"I can tell you that the Angelus Plaza project happened because of what the SoCalGas team did with getting us enrolled early in site-wide energy conservation programs," said Stuart Hartman, senior vice president of operations at the Retirement Housing Foundation. "They were a true partner every step of the way. The energy audit that SoCalGas commissioned opened up the full potential for gas, electric and water savings as well greenhouse gas reductions. Our site-wide systems reliability and overall efficiencies will improve immensely."
"I'd like to congratulate Southern California Gas Company and the Los Angeles Department of Water and Power for completing a major energy efficiency upgrade to Angelus Plaza," said Jose Huizar, Los Angeles City Councilmember. "The project was completed at no cost to residents. This is precisely the kind of forward-thinking initiative that makes the City of Los Angeles a model for other urban areas across the nation."
The two-year, million-dollar undertaking at Angelus Plaza, replaced six domestic hot water boilers, six space heating hot water boilers and installed one tankless hot water heater with higher efficiency equipment. The project also installed pipe insulation and on-demand boiler controls.
In partnership with LADWP, SoCalGas completed upgrades in over 1,000 of the apartment units at Angelus Plaza. This work included installing low-flow shower heads and faucet aerators, thermostatic shower valves, door weather-stripping, common area lighting, LED lights and more. Through the Energy Savings Assistance Program (ESAP), the work completed came at no cost to RHF and will improve the comfort and safety of the residents living at Angelus Plaza.
SoCalGas' Low Income and Energy Efficiency programs provided over $1 million in funding to Angelus Plaza for these improvements.
"LADWP is proud to partner with SoCalGas in this project to improve the comfort and quality of life for Los Angeles seniors," said David Jacot, P.E., Director of Energy Efficiency for the Los Angeles Department of Water & Power. "The long term energy, water and financial savings resulting from these energy efficiency upgrades will yield many benefits to the residents of Angelus Plaza for many years to come."
The annual energy savings for the 1,000 LED bulbs, 1,000 LED night lights and 1,000 Smart Power Strips installed under ESAP is estimated at 169,400 kilowatt hours, enough to power 28 homes.
The water savings achieved through the simple installation of shower heads and faucet aerators is estimated at 6,862,657 gallons per year; enough to supply the annual water needs for 64 homes.
In addition 600,029 kilowatt-hours in savings were achieved through the installation of larger lighting fixtures under LADWP's Commercial Lighting Incentive Program (CLIP). This is enough energy to power 50 homes for one year, or the equivalent of removing 88 gas-powered vehicles from our highways.
In total, Angelus Plaza's participation in LADWP's Energy Efficiency programs, qualified it for $139,270 in rebates and incentives.
In addition to work at Angelus Plaza, which represents a multiyear utility and owner collaboration, SoCalGas, in partnership with LADWP, has completed upgrades at 35 other RHF properties. This represents over 5,300 affordable housing units, throughout southern California including Sun City Gardens, The Concord, Harbor Tower, and Pilgrim Tower North.
RHF has participated in SoCalGas' On-Demand Efficiency, Energy Savings Assistance and Energy Smart programs to improve the tenant experience throughout RHF's portfolio of affordable properties.
Upgrades across RHF's properties include but are not limited to:
SoCalGas continues to be a leader in energy efficiency and helping to reduce emissions. Over the last five years, SoCalGas energy efficiency programs delivered more than 180 million therms in energy savings for customers, enough natural gas usage for 403,000 households a year. These advances have also helped save SoCalGas customers more than $198 million in utility bill costs. In 2018 alone, SoCalGas' energy efficiency programs saved customers $57 million.
The commitment to reducing energy use is also evident in the SoCalGas vision, as announced earlier this year. As part of this vision to be the cleanest natural gas utility in North America, SoCalGas committed to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electric only energy and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects. Learn more about SoCalGas's vision.
Customers can learn more about Common Area Measures and Energy Savings Assistance Programs by visiting socalgas.com/save-money-and-energy/assistance-programs.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers safe, affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Retirement Housing Foundation
Headquartered in Long Beach, Retirement Housing Foundation (RHF) is one of this country's largest nonprofit organizations with a mission of providing various housing options for older adults, low-income families and persons with disabilities. RHF means home to more than 22,500 people in 197 housing communities in 29 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. For more information visit www.rhf.org and connect with RHF on Twitter (@RHFoundation) and Facebook.
About LADWP
The Los Angeles Department of Water and Power is the nation's largest municipal utility, with a 7,880 megawatt electric capacity and serves an average of 438 million gallons of water per day to 4 million residents, its business and visitors in the City of Los Angeles. LADWP is aggressively working with its customers to reduce greenhouse gas emissions by expanding renewable energy, energy efficiency and other clean energy alternatives. LADWP puts customers first by offering numerous rebate and incentive programs to help them reduce their energy use while also saving on their bills. To learn more about LADWP's commercial rebate programs visit www.ladwp.com or call (800) DIAL-DWP. LADWP is also on Twitter (@LADWP) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Nov. 11, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that for its second annual Veterans Day grant, the company is donating $20,000 to Fisher House Foundation. The organization builds comfort homes for military and veteran families to stay in while their loved one is in the hospital, and has a grant program that supports scholarship funds for military children and spouses, and children of fallen and disabled veterans.
"At Sempra Energy, we are truly inspired by the work that Fisher House Foundation does to support our veterans and their families at a time when they need it most," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Our support reflects our commitment to serving a diverse range of people and institutions within the communities where we live and work. As a U.S. Army veteran myself, I am proud of our company's commitment to helping our veterans and their families as it is aligned with our vision of delivering energy with purpose."
Last year, Sempra Energy announced an annual Veterans Day grant program, which is part of the company's overall commitment to supporting veteran employees, as well as veterans who live in the communities where the company operates. In the past five years, the Sempra Energy family of companies has donated approximately $2.5 million to causes supporting veterans or active-duty service members.
This year's grant will support the Fisher House Foundation's Heroes' Legacy Scholarship program, which provides scholarships to children of veterans who have died or become disabled through their military service.
"Fisher House Foundation is grateful to Sempra Energy for their continuing support of veterans and military this Veterans Day," said Dave Coker, president of Fisher House Foundation. "Sempra Energy has shown they truly understand how important it is to bring military families together at a critical time – when loved ones are receiving care in VA and military hospitals."
Fisher House Foundation also is focused on providing transportation and free housing for military and veteran families who have a loved one at a military or Veterans Affairs medical center. The organization's network includes 86 comfort homes across the U.S. and Europe, including in areas where Sempra Energy operates – with homes in San Diego, Los Angeles, Houston and Dallas. Since its inception, the program has saved military and veterans' families an estimated $451 million in out-of-pocket costs for lodging and transportation.
Nearly 1,000 employees across the Sempra Energy family of companies have served in the U.S. Armed Forces. Sempra Energy regularly participates in job-recruitment events for veterans and the company has supplier-diversity programs that advocate for procurement opportunities for businesses owned by service-disabled veterans, women, minorities and LGBT-owned business enterprises.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Nov. 1, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported third-quarter 2019 earnings of $813 million, or $2.84 per diluted share, up from $274 million, or $0.99 per diluted share, in the third quarter 2018. On an adjusted basis, the company's third-quarter 2019 earnings were $425 million, or $1.50 per diluted share, compared to $339 million, or $1.23 per diluted share, in the third quarter 2018.
"At Sempra Energy, we laid out a plan last year to increasingly focus on core markets where we can produce the best results for our stakeholders," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "With our recently announced agreements to sell our South American businesses, it reflects our ongoing commitment to simplify our strategy. Our year-to-date financial results are a product of that more focused strategy, and the hard work and dedication of all of our employees."
Sempra Energy's earnings for the first nine months of 2019 were $1.61 billion, or $5.74 per diluted share, compared with earnings of $60 million, or $0.23 per diluted share, in the first nine months of 2018. Adjusted earnings for the first nine months of 2019 were $1.46 billion, or $5.23 per diluted share, compared with $1.07 billion, or $4.00 per diluted share, in the first nine months of 2018.
These financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings reconciled to adjusted earnings for the third quarter and first nine months of 2019 and 2018.
Three months ended | Nine months ended | |||||||||
September 30 | September 30 | |||||||||
(Unaudited; Dollars, except EPS, and shares, in millions) | 2019 | 2018 | 2019 | 2018(1) | ||||||
GAAP Earnings | $ 813 | $ 274 | $ 1,608 | $ 60 | ||||||
Retroactive Impact of 2019 GRC FD for First Half of 2019 | (196) | - | - | - | ||||||
Gain on Sale of U.S. Wind Assets | - | - | (45) | - | ||||||
Tax Impacts from Expected Sale of South American Businesses | (192) | - | (99)(2) | - | ||||||
Impacts Associated with Aliso Canyon Litigation | - | - | - | 22 | ||||||
Impairment of U.S. Wind Equity Method Investments | - | - | - | 145 | ||||||
Impairment of Non-utility U.S. Natural Gas Storage Assets | - | - | - | 755 | ||||||
Impairment of Investment in RBS Sempra Commodities | - | 65 | - | 65 | ||||||
Impacts from the Tax Cuts and Jobs Act of 2017 | - | - | - | 25 | ||||||
Adjusted Earnings(3) | $ 425 | $ 339 | $ 1,464 | $ 1,072 | ||||||
Adjusted Diluted Weighted-Average Common Shares Outstanding(3) | 283(4) | 276 | 280 | 268(5) | ||||||
Adjusted Earnings Per Diluted Common Share(3) | $ 1.50 | $ 1.23 | $ 5.23 | $ 4.00 | ||||||
Diluted Weighted-Average Common Shares Outstanding | 296 | 276 | 280 | 266 | ||||||
GAAP Earnings Per Diluted Common Share | $ 2.84(4) | $ 0.99 | $ 5.74 | $ 0.23 | ||||||
1) | Amounts have been retrospectively adjusted for discontinued operations. |
2) | Includes $89 million income tax benefit due to change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations, and $10 million to reduce a tax valuation allowance against certain net operating loss (NOL) carryforwards at Parent and Other. |
3) | Sempra Energy adjusted earnings, adjusted EPS and adjusted diluted weighted-average common shares outstanding are non-GAAP financial measures. See Table A for information regarding non-GAAP financial measures and descriptions of the adjustments above. |
4) | In the three months ended September 30, 2019, because the assumed conversion of the series A preferred stock is dilutive for GAAP Earnings, the numerator used to calculate GAAP EPS includes an add-back of $26 million of series A preferred stock dividends declared in that quarter. However, because the assumed conversion is antidilutive for the lower adjusted earnings, 13,238 series A preferred stock shares are not included in the denominator used to calculate adjusted EPS. |
5) | In the nine months ended September 30, 2018, the total weighted-average potentially dilutive stock options and restricted stock units of 736 and common shares sold forward of 945 were not included in the denominator used to calculate GAAP EPS due to the losses from continuing operations attributable to common shares, but have been added to the denominator used to calculate Adjusted EPS. |
OPERATING HIGHLIGHTS
Sempra LNG
Sempra Energy is continuing to advance its liquefied natural gas (LNG) development projects.
Sempra Energy announced in October that it has entered into a memorandum of understanding (MOU) with Mitsui & Co., Ltd. (Mitsui) reflecting the parties' preliminary agreement for Mitsui's participation in the Cameron LNG Phase 2 project, and a future expansion of the Energía Costa Azul (ECA) LNG project in Baja California, Mexico. The MOU is non-binding and contemplates the continued mutual support for the development of Cameron LNG Phase 2, including Mitsui's potential purchase of up to one-third of the available capacity of the project, as well as the potential offtake of approximately 1 million tonnes per annum of LNG and equity participation in a future expansion of ECA LNG.
In September, Sempra LNG also entered into a MOU with China Three Gorges Corporation regarding potential cooperation in supplying LNG to support demand growth in China, including the growth of natural gas power generation.
In August, the Cameron LNG liquefaction-export project in Hackberry, La., began commercial operations at Train 1 of the facility. The project, including Trains 2 and 3, is over 96% complete. Commissioning of Train 2 is underway, and the previously disclosed project timeline remains unchanged.
California Utilities
In September, San Diego Gas & Electric and Southern California Gas Co. received a final decision in the utilities' 2019 General Rate Case. The increased revenue requirements will enable the utilities to invest in critical energy infrastructure with a focus on enhancing safety and reliability for the communities they serve.
Texas Utilities
Oncor Electric Delivery Company LLC (Oncor) has increased its five-year capital plan. The increase is related to growth seen in and around Oncor's service territory. The infrastructure investments will help to facilitate renewables integration in Texas, support growth in West Texas and the Dallas-Fort Worth area, and strengthen and expand the grid in Oncor's service territory for the benefit of Oncor's customers and the communities it serves. Oncor now plans to spend approximately $11.9 billion between 2020 and 2024.
Sempra Mexico
Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), Sempra Energy's Mexican subsidiary, continues to develop infrastructure that provides Mexico access to cleaner, more affordable and more reliable energy.
In August, IEnova reached constructive resolutions with the Federal Electricity Commission and the Mexican government on the Sur de Texas-Tuxpan pipeline and Guaymas-El Oro pipeline. Shortly thereafter, the Sur de Texas-Tuxpan pipeline, a joint venture with TC Energy Corporation, commenced commercial operations in September.
Announced Sale of South American Businesses
Sempra Energy recently announced two agreements that would conclude the company's planned sale of its South American businesses for combined proceeds of approximately $5.82 billion in cash, subject to adjustments and satisfaction of closing conditions. Both transactions, one to sell Sempra Energy's equity interests in its Peruvian businesses and the other to sell its equity interests in its Chilean businesses, are expected to be completed in the first quarter of 2020.
EARNINGS GUIDANCE
On a GAAP basis, the company's earnings-per-common-share (EPS) guidance range for full-year 2019 is $6.50 to $7.00. Sempra Energy today raised its 2019 adjusted EPS guidance from a range of $5.70 to $6.30 to a range of $6.00 to $6.50. The company also issued its full-year 2020 GAAP EPS guidance range of $12.78 to $14.26 and affirmed its full-year 2020 adjusted EPS guidance range of $6.70 to $7.50.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include Sempra Energy's adjusted earnings and adjusted EPS for both the third quarter and first nine months of 2019 and 2018, adjusted diluted weighted-average common shares outstanding for the third quarter of 2019 and the first nine months of 2018, and 2020 and 2019 adjusted EPS guidance. See Table A for additional information regarding these non-GAAP financial measures.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 6278133.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and the risk that we may not be able to recover any such costs from insurance, the California wildfire fund or in rates from customers in California or otherwise; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' financial ability or otherwise to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; actions of activist shareholders, which could disrupt our operations by, among other things, requiring significant time by management and our board of directors; the impact of federal or state tax reform and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | |||||||||||||||||||||||
Table A | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | 2019 | 2018(1) | 2019 | 2018(1) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Utilities | $ | 2,398 | $ | 2,102 | $ | 6,808 | $ | 6,112 | |||||||||||||||
Energy-related businesses | 360 | 463 | 1,078 | 1,164 | |||||||||||||||||||
Total revenues | 2,758 | 2,565 | 7,886 | 7,276 | |||||||||||||||||||
EXPENSES AND OTHER INCOME | |||||||||||||||||||||||
Utilities: | |||||||||||||||||||||||
Cost of natural gas | (122) | (255) | (789) | (782) | |||||||||||||||||||
Cost of electric fuel and purchased power | (410) | (446) | (929) | (1,037) | |||||||||||||||||||
Energy-related businesses cost of sales | (94) | (119) | (265) | (258) | |||||||||||||||||||
Operation and maintenance | (845) | (792) | (2,515) | (2,275) | |||||||||||||||||||
Depreciation and amortization | (402) | (366) | (1,174) | (1,115) | |||||||||||||||||||
Franchise fees and other taxes | (127) | (131) | (369) | (352) | |||||||||||||||||||
Impairment losses | (43) | (4) | (43) | (1,304) | |||||||||||||||||||
(Loss) gain on sale of assets | (3) | — | 63 | — | |||||||||||||||||||
Other (expense) income, net | (7) | 96 | 103 | 192 | |||||||||||||||||||
Interest income | 22 | 19 | 64 | 66 | |||||||||||||||||||
Interest expense | (279) | (222) | (797) | (656) | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | 448 | 345 | 1,235 | (245) | |||||||||||||||||||
Income tax (expense) benefit | (61) | (139) | (150) | 221 | |||||||||||||||||||
Equity earnings | 266 | 74 | 485 | 49 | |||||||||||||||||||
Income from continuing operations, net of income tax | 653 | 280 | 1,570 | 25 | |||||||||||||||||||
Income from discontinued operations, net of income tax | 256 | 54 | 292 | 137 | |||||||||||||||||||
Net income | 909 | 334 | 1,862 | 162 | |||||||||||||||||||
Earnings attributable to noncontrolling interests | (60) | (24) | (146) | (12) | |||||||||||||||||||
Mandatory convertible preferred stock dividends | (36) | (36) | (107) | (89) | |||||||||||||||||||
Preferred dividends of subsidiary | — | — | (1) | (1) | |||||||||||||||||||
Earnings attributable to common shares | $ | 813 | $ | 274 | $ | 1,608 | $ | 60 | |||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||
Earnings attributable to common shares | $ | 2.93 | $ | 1.00 | $ | 5.83 | $ | 0.23 | |||||||||||||||
Weighted-average common shares outstanding | 277,360 | 273,944 | 275,684 | 265,963 | |||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||
Earnings attributable to common shares | $ | 2.84 | $ | 0.99 | $ | 5.74 | $ | 0.23 | |||||||||||||||
Weighted-average common shares outstanding | 295,789 | 275,907 | 279,809 | 265,963 | |||||||||||||||||||
(1) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted Diluted Earnings Per Common Share (Adjusted EPS) exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2019 and 2018 as follows:
Three months ended September 30, 2019:
Associated with holding the South American businesses for sale:
Three months ended September 30, 2018:
Nine months ended September 30, 2019:
Associated with holding the South American businesses for sale:
Nine months ended September 30, 2018:
Sempra Energy Adjusted Earnings, Weighted-Average Common Shares Outstanding – Adjusted and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings, Weighted-Average Common Shares Outstanding – GAAP and GAAP Diluted Earnings Per Common Share (GAAP EPS), which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
SEMPRA ENERGY
Table A (Continued)
Pretax | Income | Earnings | Pretax | Income | Non- | Earnings | |||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | Three months ended | Three months ended | |||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 813 | $ | 274 | |||||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||
SDG&E retroactive impact of 2019 GRC FD for first half of 2019 | $ | (92) | $ | 26 | (66) | $ | — | $ | — | $ | — | — | |||||||||||||||||
SoCalGas retroactive impact of 2019 GRC FD for first half of 2019 | (181) | 51 | (130) | — | — | — | — | ||||||||||||||||||||||
Associated with holding the South American businesses for sale: | |||||||||||||||||||||||||||||
Change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations | — | (192) | (192) | — | — | — | — | ||||||||||||||||||||||
Impairment of investment in RBS Sempra Commodities | — | — | — | 65 | — | — | 65 | ||||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 425 | $ | 339 | |||||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings(2) | $ | 839 | $ | 274 | |||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – GAAP | 295,789 | 275,907 | |||||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 2.84 | $ | 0.99 | |||||||||||||||||||||||||
Sempra Energy Adjusted Earnings for Adjusted EPS | $ | 425 | $ | 339 | |||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – Adjusted(2) | 282,551 | 275,907 | |||||||||||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 1.50 | $ | 1.23 | |||||||||||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 1,608 | $ | 60 | |||||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||
Gain on sale of certain Sempra Renewables assets | $ | (61) | $ | 16 | (45) | $ | — | $ | — | $ | — | — | |||||||||||||||||
Associated with holding the South American businesses for sale: | |||||||||||||||||||||||||||||
Change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations | — | (89) | (89) | — | — | — | — | ||||||||||||||||||||||
Reduction in tax valuation allowance against certain NOL carryforwards | — | (10) | (10) | — | — | — | — | ||||||||||||||||||||||
Impacts associated with Aliso Canyon litigation | — | — | — | 1 | 21 | — | 22 | ||||||||||||||||||||||
Impairment of U.S. wind equity method investments | — | — | — | 200 | (55) | — | 145 | ||||||||||||||||||||||
Impairment of non-utility natural gas storage assets | — | — | — | 1,300 | (499) | (46) | 755 | ||||||||||||||||||||||
Impairment of investment in RBS Sempra Commodities | — | — | — | 65 | — | — | 65 | ||||||||||||||||||||||
Impact from the TCJA | — | — | — | — | 25 | — | 25 | ||||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 1,464 | $ | 1,072 | |||||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 1,608 | $ | 60 | |||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – GAAP | 279,809 | 265,963 | |||||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 5.74 | $ | 0.23 | |||||||||||||||||||||||||
Sempra Energy Adjusted Earnings for Adjusted EPS | $ | 1,464 | $ | 1,072 | |||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted – Adjusted(3) | 279,809 | 267,644 | |||||||||||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 5.23 | $ | 4.00 | |||||||||||||||||||||||||
(1) | Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. |
(2) | In the three months ended September 30, 2019, because the assumed conversion of the series A preferred stock is dilutive for GAAP Earnings, the numerator used to calculate GAAP EPS includes an add-back of $26 million of series A preferred stock dividends declared in that quarter. However, because the assumed conversion is antidilutive for the lower Adjusted Earnings, 13,238 series A preferred stock shares are not included in the denominator used to calculate Adjusted EPS. |
(3) | In the nine months ended September 30, 2018, the total weighted-average potentially dilutive stock options and restricted stock units of 736 and common shares sold forward of 945 were not included in the denominator used to calculate GAAP EPS due to the losses from continuing operations attributable to common shares, but have been added to the denominator used to calculate Adjusted EPS. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY 2019 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2019 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2019 Adjusted EPS Guidance Range of $6.00 to $6.50 excludes items as follows:
Associated with holding the South American businesses for sale:
Sempra Energy 2019 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2019 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2019 GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra Energy 2019 Adjusted EPS Guidance Range to Sempra Energy 2019 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
Full-Year 2019 | |||||||||||||||||
Sempra Energy GAAP EPS Guidance Range | $ | 6.50 | to | $ | 7.00 | ||||||||||||
Excluded items: | |||||||||||||||||
Gain on sale of certain Sempra Renewables assets | (0.16) | (0.16) | |||||||||||||||
Associated with holding the South American businesses for sale: | |||||||||||||||||
Change in indefinite reinvestment assertion of basis differences and structure of sale of discontinued operations | (0.31) | (0.31) | |||||||||||||||
Reduction in tax valuation allowance against certain NOL carryforwards | (0.03) | (0.03) | |||||||||||||||
Sempra Energy Adjusted EPS Guidance Range | $ | 6.00 | to | $ | 6.50 | ||||||||||||
Weighted-average common shares outstanding, diluted (millions) | 283 |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY 2020 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA ENERGY 2020 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2020 Adjusted EPS Guidance Range of $6.70 to $7.50 excludes approximately $1.8 billion to $2.0 billion estimated after-tax gain on the sale of our South American businesses, net of approximately $1.2 billion of income tax expense, which was calculated primarily based on applicable statutory tax rates.
Sempra Energy 2020 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded item, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of Sempra Energy's business operations to prior and future periods. Sempra Energy 2020 Adjusted EPS Guidance should not be considered an alternative to Sempra Energy 2020 GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra Energy 2020 Adjusted EPS Guidance Range to Sempra Energy 2020 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
Full-Year 2020 | |||||||||||||||||
Sempra Energy GAAP EPS Guidance Range | $ | 12.78 | to | $ | 14.26 | ||||||||||||
Excluded item: | |||||||||||||||||
Estimated gain on sale of South American businesses | (6.08) | (6.76) | |||||||||||||||
Sempra Energy Adjusted EPS Guidance Range | $ | 6.70 | to | $ | 7.50 | ||||||||||||
Weighted-average common shares outstanding, diluted (millions) | 296 |
SEMPRA ENERGY | |||||||||||
Table B | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | September 30, | December 31, | |||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 106 | $ | 102 | |||||||
Restricted cash | 28 | 35 | |||||||||
Accounts receivable, net | 1,431 | 1,535 | |||||||||
Dividends receivable from discontinued operations | 422 | — | |||||||||
Due from unconsolidated affiliates | 40 | 37 | |||||||||
Income taxes receivable | 98 | 60 | |||||||||
Inventories | 270 | 258 | |||||||||
Regulatory assets | 183 | 138 | |||||||||
Greenhouse gas allowances | 59 | 59 | |||||||||
Assets held for sale | — | 713 | |||||||||
Assets held for sale in discontinued operations | 720 | 459 | |||||||||
Other | 309 | 249 | |||||||||
Total current assets | 3,666 | 3,645 | |||||||||
Other assets: | |||||||||||
Restricted cash | 3 | 21 | |||||||||
Due from unconsolidated affiliates | 712 | 644 | |||||||||
Regulatory assets | 1,942 | 1,589 | |||||||||
Nuclear decommissioning trusts | 1,049 | 974 | |||||||||
Investment in Oncor Holdings | 11,145 | 9,652 | |||||||||
Other investments | 2,076 | 2,320 | |||||||||
Goodwill | 1,602 | 1,602 | |||||||||
Other intangible assets | 216 | 224 | |||||||||
Dedicated assets in support of certain benefit plans | 439 | 416 | |||||||||
Insurance receivable for Aliso Canyon costs | 354 | 461 | |||||||||
Deferred income taxes | 157 | 141 | |||||||||
Greenhouse gas allowances | 483 | 289 | |||||||||
Right-of-use assets – operating leases | 595 | — | |||||||||
Wildfire fund | 381 | — | |||||||||
Assets held for sale in discontinued operations | 3,395 | 3,259 | |||||||||
Sundry | 850 | 962 | |||||||||
Total other assets | 25,399 | 22,554 | |||||||||
Property, plant and equipment, net | 35,520 | 34,439 | |||||||||
Total assets | $ | 64,585 | $ | 60,638 |
(1) | Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | |||||||||||
Table B (Continued) | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | September 30, | December 31, | |||||||||
(unaudited) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 3,588 | $ | 2,024 | |||||||
Accounts payable, net | 1,129 | 1,298 | |||||||||
Due to unconsolidated affiliates | 12 | 10 | |||||||||
Dividends and interest payable | 517 | 480 | |||||||||
Accrued compensation and benefits | 362 | 440 | |||||||||
Regulatory liabilities | 445 | 105 | |||||||||
Current portion of long-term debt and finance leases | 1,623 | 1,644 | |||||||||
Reserve for Aliso Canyon costs | 45 | 160 | |||||||||
Greenhouse gas obligations | 59 | 59 | |||||||||
Liabilities held for sale in discontinued operations | 804 | 368 | |||||||||
Other | 914 | 935 | |||||||||
Total current liabilities | 9,498 | 7,523 | |||||||||
Long-term debt and finance leases | 20,995 | 20,903 | |||||||||
Deferred credits and other liabilities: | |||||||||||
Due to unconsolidated affiliates | 39 | 37 | |||||||||
Pension and other postretirement benefit plan obligations, net of plan assets | 1,120 | 1,143 | |||||||||
Deferred income taxes | 2,360 | 2,321 | |||||||||
Deferred investment tax credits | 22 | 24 | |||||||||
Regulatory liabilities | 3,823 | 4,016 | |||||||||
Asset retirement obligations | 2,824 | 2,786 | |||||||||
Greenhouse gas obligations | 281 | 131 | |||||||||
Liabilities held for sale in discontinued operations | 1,023 | 1,013 | |||||||||
Deferred credits and other | 2,049 | 1,493 | |||||||||
Total deferred credits and other liabilities | 13,541 | 12,964 | |||||||||
Equity: | |||||||||||
Sempra Energy shareholders' equity | 18,620 | 17,138 | |||||||||
Preferred stock of subsidiary | 20 | 20 | |||||||||
Other noncontrolling interests | 1,911 | 2,090 | |||||||||
Total equity | 20,551 | 19,248 | |||||||||
Total liabilities and equity | $ | 64,585 | $ | 60,638 |
(1) | Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | |||||||||||
Table C | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Nine months ended September 30, | |||||||||||
(Dollars in millions) | 2019 | 2018(1) | |||||||||
(unaudited) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 1,862 | $ | 162 | |||||||
Less: Income from discontinued operations, net of income tax | (292) | (137) | |||||||||
Income from continuing operations, net of income tax | 1,570 | 25 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | 741 | 2,084 | |||||||||
Intercompany activities with discontinued operations, net | 184 | 72 | |||||||||
Net change in other working capital components | (200) | 491 | |||||||||
Insurance receivable for Aliso Canyon costs | 107 | (56) | |||||||||
Wildfire fund, current and noncurrent | (323) | — | |||||||||
Changes in other noncurrent assets and liabilities, net | (250) | (177) | |||||||||
Net cash provided by continuing operations | 1,829 | 2,439 | |||||||||
Net cash provided by discontinued operations | 289 | 220 | |||||||||
Net cash provided by operating activities | 2,118 | 2,659 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Expenditures for property, plant and equipment | (2,590) | (2,654) | |||||||||
Expenditures for investments and acquisition | (1,449) | (9,921) | |||||||||
Proceeds from sale of assets | 899 | 1 | |||||||||
Decrease in cash from deconsolidation of Otay Mesa VIE | (8) | — | |||||||||
Purchases of nuclear decommissioning trust assets | (728) | (703) | |||||||||
Proceeds from sales of nuclear decommissioning trust assets | 728 | 703 | |||||||||
Advances to unconsolidated affiliates | (16) | (81) | |||||||||
Repayments of advances to unconsolidated affiliates | 12 | 4 | |||||||||
Intercompany activities with discontinued operations, net | (257) | (18) | |||||||||
Other | 33 | 38 | |||||||||
Net cash used in continuing operations | (3,376) | (12,631) | |||||||||
Net cash used in discontinued operations | (63) | (161) | |||||||||
Net cash used in investing activities | (3,439) | (12,792) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Common dividends paid | (734) | (645) | |||||||||
Preferred dividends paid | (107) | (53) | |||||||||
Issuances of mandatory convertible preferred stock, net | — | 2,259 | |||||||||
Issuances of common stock, net | 757 | 2,261 | |||||||||
Repurchases of common stock | (23) | (20) | |||||||||
Issuances of debt (maturities greater than 90 days) | 3,269 | 8,458 | |||||||||
Payments on debt (maturities greater than 90 days) and finance leases | (2,500) | (2,836) | |||||||||
Increase in short-term debt, net | 888 | 715 | |||||||||
Proceeds from sale of noncontrolling interests, net | 5 | 90 | |||||||||
Purchases of noncontrolling interests | (30) | — | |||||||||
Contributions from (distributions to) noncontrolling interests, net | 171 | (88) | |||||||||
Intercompany activities with discontinued operations, net | (128) | 70 | |||||||||
Other | (42) | (112) | |||||||||
Net cash provided by continuing operations | 1,526 | 10,099 | |||||||||
Net cash provided by (used in) discontinued operations | 49 | (34) | |||||||||
Net cash provided by financing activities | 1,575 | 10,065 | |||||||||
Effect of exchange rate changes in continuing operations | — | — | |||||||||
Effect of exchange rate changes in discontinued operations | (3) | (8) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3) | (8) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash, including discontinued operations | 251 | (76) | |||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 246 | 364 | |||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, September 30 | $ | 497 | $ | 288 |
(1) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||
Table D | ||||||||||||||||||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | ||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
(Dollars in millions) | 2019 | 2018(1) | 2019 | 2018(1) | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
Earnings (Losses) Attributable to Common Shares | ||||||||||||||||||||||||||||||||
SDG&E | $ | 263 | $ | 205 | $ | 582 | $ | 521 | ||||||||||||||||||||||||
SoCalGas | 143 | (14) | 437 | 244 | ||||||||||||||||||||||||||||
Sempra Texas Utilities | 212 | 154 | 419 | 283 | ||||||||||||||||||||||||||||
Sempra Mexico | 84 | 44 | 214 | 161 | ||||||||||||||||||||||||||||
Sempra Renewables | — | 34 | 59 | (54) | ||||||||||||||||||||||||||||
Sempra LNG | 2 | 16 | 13 | (764) | ||||||||||||||||||||||||||||
Parent and other | (139) | (211) | (383) | (446) | ||||||||||||||||||||||||||||
Discontinued operations | 248 | 46 | 267 | 115 | ||||||||||||||||||||||||||||
Total | $ | 813 | $ | 274 | $ | 1,608 | $ | 60 | ||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
(Dollars in millions) | 2019 | 2018(1) | 2019 | 2018(1) | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
Capital Expenditures, Investments and Acquisitions | ||||||||||||||||||||||||||||||||
SDG&E | $ | 363 | $ | 343 | $ | 1,071 | $ | 1,194 | ||||||||||||||||||||||||
SoCalGas | 360 | 344 | 1,019 | 1,127 | ||||||||||||||||||||||||||||
Sempra Texas Utilities | 56 | — | 1,338 | 9,278 | ||||||||||||||||||||||||||||
Sempra Mexico | 178 | 152 | 420 | 320 | ||||||||||||||||||||||||||||
Sempra Renewables | — | 9 | 2 | 46 | ||||||||||||||||||||||||||||
Sempra LNG | 37 | 65 | 183 | 202 | ||||||||||||||||||||||||||||
Parent and other | 3 | 5 | 6 | 408 | ||||||||||||||||||||||||||||
Total | $ | 997 | $ | 918 | $ | 4,039 | $ | 12,575 |
(1) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | ||||||||||||||||||||||||||
Table E | ||||||||||||||||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||||||||||||||||
Three months ended | Nine months ended September 30, | |||||||||||||||||||||||||
UTILITIES | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||
SDG&E and SoCalGas | ||||||||||||||||||||||||||
Gas sales (Bcf)(1) | 57 | 55 | 271 | 244 | ||||||||||||||||||||||
Transportation (Bcf)(1) | 156 | 163 | 424 | 447 | ||||||||||||||||||||||
Total deliveries (Bcf)(1) | 213 | 218 | 695 | 691 | ||||||||||||||||||||||
Total gas customer meters (thousands) | 6,912 | 6,874 | ||||||||||||||||||||||||
SDG&E | ||||||||||||||||||||||||||
Electric sales (millions of kWhs)(1) | 3,970 | 4,493 | 10,796 | 11,493 | ||||||||||||||||||||||
Direct Access and Community Choice Aggregation (millions of kWhs) | 952 | 1,009 | 2,640 | 2,680 | ||||||||||||||||||||||
Total deliveries (millions of kWhs)(1) | 4,922 | 5,502 | 13,436 | 14,173 | ||||||||||||||||||||||
Total electric customer meters (thousands) | 1,468 | 1,456 | ||||||||||||||||||||||||
Oncor(2) | ||||||||||||||||||||||||||
Total deliveries (millions of kWhs) | 40,834 | 38,163 | 102,462 | 77,476 | ||||||||||||||||||||||
Total electric customer meters (thousands) | 3,673 | 3,607 | ||||||||||||||||||||||||
Ecogas | ||||||||||||||||||||||||||
Natural gas sales (Bcf) | — | 1 | 2 | 7 | ||||||||||||||||||||||
Natural gas customer meters (thousands) | 129 | 121 | ||||||||||||||||||||||||
ENERGY-RELATED BUSINESSES | ||||||||||||||||||||||||||
Power generated and sold | ||||||||||||||||||||||||||
Sempra Mexico | ||||||||||||||||||||||||||
Termoeléctrica de Mexicali (TdM) (millions of kWhs) | 1,032 | 1,145 | 2,862 | 2,922 | ||||||||||||||||||||||
Wind and solar (millions of kWhs)(3) | 419 | 305 | 1,109 | 924 |
(1) | Includes intercompany sales. |
(2) | Includes 100 percent of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an 80.25-percent interest through our March 2018 acquisition of our equity method investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings). Total deliveries for the nine months ended September 30, 2018 only include volumes from the March 9, 2018 acquisition date. |
(3) | Includes 50 percent of the total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,427 | $ | 975 | $ | — | $ | 357 | $ | — | $ | 100 | $ | (101) | $ | 2,758 | |||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (802) | (571) | — | (174) | — | (120) | 69 | (1,598) | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (196) | (154) | — | (46) | — | (2) | (4) | (402) | |||||||||||||||||||||||||||||||||||||||||||||
Impairment losses | (6) | (37) | — | — | — | — | — | (43) | |||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of assets | — | — | — | — | — | — | (3) | (3) | |||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 19 | 1 | — | (30) | — | — | 3 | (7) | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 442 | 214 | — | 107 | — | (22) | (36) | 705 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (105) | (36) | — | (10) | — | 4 | (110) | (257) | |||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (71) | (35) | — | — | — | 2 | 43 | (61) | |||||||||||||||||||||||||||||||||||||||||||||
Equity earnings, net | — | — | 212 | 37 | — | 17 | — | 266 | |||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (3) | — | — | (50) | — | 1 | — | (52) | |||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | — | (36) | (36) | |||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 263 | $ | 143 | $ | 212 | $ | 84 | $ | — | $ | 2 | $ | (139) | 565 | ||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations | 248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 813 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2018(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra Texas | Sempra Mexico | Sempra Renewables | Sempra | Consolidating Adjustments, Parent & | Total | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,299 | $ | 802 | $ | — | $ | 410 | $ | 38 | $ | 147 | $ | (131) | $ | 2,565 | |||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (825) | (656) | — | (201) | (24) | (131) | 94 | (1,743) | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (174) | (141) | — | (45) | — | (2) | (4) | (366) | |||||||||||||||||||||||||||||||||||||||||||||
Impairment losses | — | — | — | (4) | — | — | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 24 | 3 | — | 66 | — | — | 3 | 96 | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 324 | 8 | — | 226 | 14 | 14 | (38) | 548 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (55) | (29) | — | (13) | (3) | 7 | (110) | (203) | |||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (53) | 7 | — | (126) | 2 | (6) | 37 | (139) | |||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 154 | (28) | 12 | — | (64) | 74 | |||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (11) | — | — | (15) | 9 | 1 | — | (16) | |||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | — | (36) | (36) | |||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 205 | $ | (14) | $ | 154 | $ | 44 | $ | 34 | $ | 16 | $ | (211) | 228 | ||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 274 |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 3,666 | $ | 3,142 | $ | — | $ | 1,058 | $ | 10 | $ | 327 | $ | (317) | $ | 7,886 | |||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (2,141) | (2,083) | — | (496) | (20) | (350) | 223 | (4,867) | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (571) | (449) | — | (136) | — | (7) | (11) | (1,174) | |||||||||||||||||||||||||||||||||||||||||||||
Impairment losses | (6) | (37) | — | — | — | — | — | (43) | |||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of assets | — | — | — | — | 61 | — | 2 | 63 | |||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 60 | 18 | — | 6 | — | — | 19 | 103 | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 1,008 | 591 | — | 432 | 51 | (30) | (84) | 1,968 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (308) | (103) | — | (31) | 8 | 27 | (326) | (733) | |||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (111) | (50) | — | (116) | (4) | (4) | 135 | (150) | |||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 419 | 43 | 5 | 19 | (1) | 485 | |||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (7) | — | — | (114) | (1) | 1 | — | (121) | |||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (107) | (108) | |||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 582 | $ | 437 | $ | 419 | $ | 214 | $ | 59 | $ | 13 | $ | (383) | 1,341 | ||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations | 267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 1,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2018(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra Texas | Sempra | Sempra Renewables | Sempra | Consolidating Adjustments, Parent & | Total | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 3,405 | $ | 2,700 | $ | — | $ | 1,028 | $ | 103 | $ | 330 | $ | (290) | $ | 7,276 | |||||||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (2,133) | (1,934) | — | (453) | (68) | (324) | 208 | (4,704) | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (509) | (414) | — | (131) | (27) | (24) | (10) | (1,115) | |||||||||||||||||||||||||||||||||||||||||||||
Impairment losses | — | — | — | (4) | — | (1,300) | — | (1,304) | |||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 77 | 49 | — | 64 | — | — | 2 | 192 | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 840 | 401 | — | 504 | 8 | (1,318) | (90) | 345 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (158) | (81) | — | (42) | (9) | 18 | (318) | (590) | |||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (151) | (75) | — | (226) | 67 | 488 | 118 | 221 | |||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 283 | 2 | (170) | 1 | (67) | 49 | |||||||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (10) | — | — | (77) | 50 | 47 | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (89) | (90) | |||||||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 521 | $ | 244 | $ | 283 | $ | 161 | $ | (54) | $ | (764) | $ | (446) | (55) | ||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations | 115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 60 |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | Amounts have been retrospectively adjusted for discontinued operations. |
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SOURCE Sempra Energy
SAN DIEGO, Oct. 29, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced two executive appointments to help lead the company's growing position in Texas and the liquefied natural gas (LNG) industry. John Sowers has been named chief transformation officer for Sempra LNG, and Brian Lloyd has been named regional vice president of external affairs, with a focus on LNG and the Texas market.
"We are excited about steadily growing our business presence in Texas," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "These key leadership appointments reflect the company's continued strategic focus on developing critical energy infrastructure needed to support the Texas economy and the transformation of America into a leader in energy exports. We have a unique opportunity here in Texas to take a leadership role in connecting abundant natural gas supplies in the Permian and other production basins to Mexico, as well as higher growth markets in Europe and Asia."
In addition to growing its Texas utility franchise, Sempra Energy has set an ambitious goal of building one of the world's largest LNG export facilities in Port Arthur, Texas.
"John's and Brian's experience and knowledge of the region and the energy industry will help us to capitalize on the tremendous opportunities we see in Texas and the Gulf Coast," added Martin.
Sowers brings more than 30 years of experience in the energy industry. In his new role, Sowers will help manage Sempra LNG's growth in the Gulf Coast and lead health, safety, security and environment efforts; permitting; quality; compliance; and the expansion of the company's Houston office.
As regional vice president of external affairs, Lloyd will lead Sempra LNG's public affairs, communications and citizenship initiatives, and will also lead public affairs for Sempra Energy in Texas. Previously, Lloyd served as director of regulatory strategy for Sempra Energy, and prior to that, from 2010 to 2018, was the executive director of the Public Utility Commission of Texas.
Sempra Energy has been operating in Texas for more than 20 years. Most recently, the company acquired a 50% limited-partnership interest in Sharyland Utilities, LLC. Sempra Energy is also the majority owner of Oncor Electric Delivery Company LLC (Oncor), the largest electric transmission and distribution utility in Texas, serving more than 10 million Texans. In 2019, Sempra Energy supported Oncor's acquisition of InfraREIT, Inc.
Sempra LNG develops, builds and invests in natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 million tonnes per annum of clean natural gas to the largest world markets, which would make Sempra Energy one of North America's largest developers of LNG-export facilities.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California or otherwise, including due to insufficient amounts in the wildfire fund; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Oct. 28, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has entered into a memorandum of understanding (MOU) with Mitsui & Co., LTD. (Mitsui) reflecting the parties' preliminary agreement for Mitsui's participation in the Cameron LNG Phase 2 project in Louisiana, and a future expansion of the Energía Costa Azul (ECA) LNG project in Baja California, Mexico.
"This agreement signals continued momentum in the growing U.S. liquefied natural gas (LNG) export market, while reinforcing the unique competitive advantage that Sempra offers customers seeking LNG export capabilities from the Gulf Coast, as well as the West Coast of North America," said Justin Bird, president of Sempra LNG. "We are pleased to expand our relationship with Mitsui and advance the development of both LNG projects."
"We are pleased to further expand our strategic relationship with Sempra in a broader range of opportunities. This agreement will contribute to expanding Mitsui's uniquely diversified supply portfolio worldwide by utilizing the strengths and capabilities of both companies," said Motoyasu Nozaki, managing officer, chief operating officer of Energy Business Unit II, Mitsui & Co., Ltd.
The MOU is non-binding and contemplates the continued mutual support for the development of Cameron LNG Phase 2, including Mitsui's purchase of up to one-third of the available capacity of the project, as well as the potential offtake of approximately 1 million tonnes per annum (Mtpa) of LNG and equity participation in a future expansion of ECA LNG.
ECA LNG is being developed with IEnova, Sempra's subsidiary in Mexico. Phase 1 of the project includes one liquefaction train with an export capacity of approximately 2.4 Mtpa. ECA LNG future expansion would include additional trains with an expected export capacity of approximately 12 Mtpa.
Train 1 of the Cameron LNG Phase 1 project started commercial operations in August 2019. Trains 2 and 3 are expected to begin LNG production in the first quarter and second quarter of 2020, respectively. Cameron LNG Phase 2, which has all necessary permits from the Federal Energy Regulatory Commission, encompasses up two additional liquefaction trains and up to two additional LNG storage tanks. Mitsui is also an equity owner of Cameron LNG, LLC, the development company for Cameron LNG Phase 1 and Phase 2.
Last November, Sempra LNG and Mitsui entered into a heads of agreement and are currently working to negotiate and finalize a definitive 20-year LNG sales-and-purchase agreement for the potential purchase of 0.8 Mtpa of LNG from the ECA LNG Phase 1 project.
Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing and reaching final investment decisions, amongst other factors. In addition, the ability to successfully complete construction projects, such as the Cameron LNG export project, is subject to a number of risk and uncertainties.
Sempra LNG develops and builds natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets, which would make Sempra Energy one of North America's largest developers of LNG-export facilities.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
Twitter: @SempraLNGM
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SOURCE Sempra LNG
LOS ANGELES, Oct. 23, 2019 /PRNewswire/ -- Hotel laundries and other businesses that use commercial clothes dryers could soon be using a game-changing technology that reduces energy costs up to 70 percent, saves water, and helps the environment. Southern California Gas Co. (SoCalGas) and Gas Technology Institute (GTI) announced today they have completed a proof-of-concept feasibility study on a new high-efficiency clothes drying technology that reduces natural gas use, saves money, and lowers greenhouse gas emissions. The new technology can be used in hotels, restaurants, hospitals, laundromats, multifamily housing laundries, and industrial laundry facilities.
Compared to existing commercial clothes dryers, the new technology uses accelerated drying speeds to reduce energy usage by one-fifth. Annual savings from the use of this new drying technology across the nation has a potential to reach over $2.5 billion.
When used for multiple laundry batches, this innovative drying equipment has the potential of saving almost 100 percent of water by recycling it for the next batch of washing. Additionally, the new technology reduces drying time up to 10 times and increases longevity of clothing, towels and bedding by eliminating severe, high temperature drying conditions. Laundry dried using this new technology comes out softer, retains more color, and will last up to five times longer.
"Both industrial and home natural gas appliances continue to advance technologically and become increasingly energy efficient," said Yuri Freedman, senior director of business development at SoCalGas. "This is yet another innovative technology that produces very low emissions and saves both energy and money."
"This gas-fired thermo-vacuum drying technology has the potential to offer significant energy, water and cost savings for many homes and businesses. We are proud to be a partner in developing this technology that will help many businesses and provide environmental benefits," said Yaroslav Chudnovsky, senior R&D staff at GTI.
Modern laundry drying is an energy intensive process, releasing heat and steam into the atmosphere, which wastes water and adds to the greenhouse effect. This new, high-efficiency drying system can greatly reduce the loss of heat and water using an ejector-based approach.
"The specially designed steam ejectors create a dynamic vacuum inside the drying chamber that accelerates moisture removal from the laundry while simultaneously provides heating of the batch being dried," said Dmytro Buyadgie, chief scientist and CTO at Wilson Engineering Technologies Inc., the major developer of the concept. The same heat that generates the vacuum also preserves hot water for the next washing batch. Together these factors significantly reduce energy and water use. Non-energy benefits of the new drying method include drying speed, simple design, high durability, low maintenance, and lower operating costs.
Project funding for this phase of development was provided by Utilization Technology Development (UTD), of which SoCalGas is a member.
SoCalGas has been a leader in the research and development of new technologies that increase energy efficiency, reduce air pollution and greenhouse gas emissions, and keep bills affordable for customers. Between 2014 and 2018, SoCalGas energy efficiency programs delivered more than 180 million therms in energy savings, enough natural gas usage for 403,000 households a year, and reducing greenhouse gas emissions by nearly 955,000 metric tons, the equivalent of removing more than 202,000 cars from the road annually. These advances have also helped save SoCalGas customers more than $198 million in utility bill costs. In 2018 alone, SoCalGas' energy efficiency programs saved customers $57 million.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About GTI
GTI is a leading research, development, and training organization that has been addressing global energy and environmental challenges by developing technology-based solutions for consumers, industry, and government for more than 75 years.
About Wilson Engineering Technologies, Inc.
Wilson Engineering Technologies, Inc. is a California based applied research and development organization that promotes the sustainable, competitive and secure energy production by introducing the emerging technologies multidisciplinary management approaches for industries and communities.
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SOURCE Southern California Gas Company
LOS ANGELES, Oct. 22, 2019 /PRNewswire/ -- Today, Southern California Gas Co. (SoCalGas) is partnering with the California Restaurant Association Foundation (CRAF) to help prepare Los Angeles-area high school students, enrolled in culinary programs, for their first jobs. SoCalGas employees will provide guidance on things like resume-writing, interview skills, handling typical job expectations, and the like. This one-day classroom takeover, called Force In Training® (FIT), is hosted in 50 high schools across the state, training nearly 3,500 students on a single day.
"SoCalGas is proud to take part in this one-day event to help mentor young people who aspire to be a part of the foodservice field," said Dan Rendler, director of customer programs and assistance at SoCalGas. "Natural gas is such an important part of the restaurant business, so we're happy to help give students some helpful tips on getting a job, making a strong contribution, and working their way up in their careers."
Natural gas plays a vital role in the restaurant industry as it provides an affordable and reliable way to cook. In a survey of 100 professional chefs from across the U.S., 96 reported they prefer natural gas cooktops, and 68 prefer gas ovens, according to The Daily Meal." There are more than 37,000 restaurants and 22,000 commercial kitchens in SoCalGas' service territory alone.
During the event, volunteers will lead the three-hour FIT training at each high school. Students will learn how to write a resume, interview, read a paycheck, move up in a career, and more. Industry volunteers will also bring the lessons to life with real-world examples and experience.
"What an amazing opportunity to have employers from the local community teaching young people how to land their first job," said Alycia Harshfield, Executive Director of CRAF. "For 75 percent of the students we serve, this is the only job-readiness course they receive in high school. We are so grateful to SoCalGas for taking the time to invest in our students."
Restaurants have a major role to play in youth employment. Nearly one in three people got their start in restaurants. First jobs are also critical to fostering soft skills like teamwork, customer service, and responsibility. SoCalGas and CRAF are teaming up to provide youth the skills, certifications and resources they need to land that all-important first job.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers safe, affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About the California Restaurant Association Foundation:
California is home to more than 90,000 eating and drinking places that ring up more than $72 billion in sales and employ more than 1.6 million workers, making restaurants an indisputable driving force in the state's economy. The California Restaurant Association Foundation is a non-profit that empowers and invests in California's restaurant workforce. Founded in 1981, CRAF supports the restaurant community through emergency assistance grants for restaurant workers facing a hardship, job and life skills training for 13,500 high school students each year, and scholarships.
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SOURCE Southern California Gas Company
DALLAS, Oct. 18, 2019 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its third quarter 2019 results on Nov. 1, prior to Sempra Energy's (NYSE: SRE) third quarter 2019 conference call. Oncor's earnings release will be available at oncor.com.
Sempra Energy executives will conduct a conference call at 12 p.m. ET on Nov. 1 that will include discussion of Oncor's third quarter 2019 operational and financial results. Sempra Energy is the indirect owner of 80.25% of Oncor's outstanding equity interests. Investors, media, analysts and the public may listen to a live webcast of the conference call on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link. Prior to the conference call, an accompanying slide presentation will be posted on Sempra Energy's website.
For those unable to participate in the live webcast, a replay of Sempra Energy's call will be available a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 6278133.
Oncor's Quarterly Report on Form 10-Q for the period ended September 30, 2019 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest distribution and transmission system in Texas, delivering power to more than 3.6 million homes and businesses and operating more than 138,500 miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra Energy, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, Oct. 18, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its third-quarter 2019 earnings by 7 a.m. ET, Nov. 1.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, Nov. 1. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted by 7 a.m. ET, Nov. 1, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 6278133 or it can be accessed on the company's website.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 17, 2019 /PRNewswire/ -- In recognition of the 12th annual Great California ShakeOut event, Southern California Gas Co. (SoCalGas) today reminded its customers about natural gas safety in preparation for and following an earthquake.
"During and after a natural disaster or other major incident, public safety services and first responders will be busy handling many emergency situations," said David Buczkowski, vice president of gas engineering and system integrity at SoCalGas. "That is why SoCalGas wants all Californians to be prepared in the event of a natural disaster. The safety of our communities and customers is of the utmost importance."
Natural disasters and other emergencies can strike without warning. As millions of Californians join today in earthquake preparedness drills during the Great ShakeOut, SoCalGas is reminding customers about the importance of being prepared for California's next major emergency.
"ShakeOut was created to help all of us remember the risk from earthquakes and that you can take actions to reduce that risk," said Dr. Lucy Jones, seismologist and founder of the Dr. Lucy Jones Center for Science & Society. "Practicing Drop, Cover, Hold On now will help you remember how to be safe in the next real earthquake. Practice the drill with you friends and family and then take the time to think of one more thing you could do to be safe."
SoCalGas offers these tips:
For more natural gas safety information, visit socalgas.com/stay-safe/emergency-information/emergency-preparedness.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers safe, affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 14, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that it has entered into an agreement to sell its equity interests in its Chilean businesses, including its 100% stake in Chilquinta Energía S.A. (Chilquinta Energía), to State Grid International Development Limited (SGID). Sempra Energy's interests will be sold for $2.23 billion in cash, subject to adjustments for working capital and net indebtedness and other adjustments. The sale also will include Sempra Energy's 100% interest in Tecnored S.A., which provides electric construction and infrastructure services to Chilquinta Energía and third parties, and its 50% interest in Eletrans S.A., which owns, constructs, operates and maintains power transmission facilities.
"This agreement is really important. It moves our company one step closer to completing the sale of our South American businesses and concentrating our investment strategy right here in North America," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "All of our companies in Chile, including Chilquinta Energía and Tecnored S.A., are excellent businesses with a strong focus on safety, reliability and customer service. We are so appreciative of the hard work and dedication of our Chilean team over the past 20 years."
Chilquinta Energía signed an agreement to purchase the remaining 50% interest in Eletrans S.A. from Sociedad Austral de Electricidad S.A. Closing of this transaction, which will enable Sempra Energy to transfer 100% ownership of Eletrans S.A. to SGID, is contingent on the closing of the sale of Sempra Energy's Chilean businesses and will not change the economics of the transaction for Sempra Energy.
The sale to SGID is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Chilean anti-trust authority, certain Chinese regulatory approvals and approval by the Bermuda Monetary Authority.
Today's announcement follows Sempra Energy's agreement to sell its equity interests in its Peruvian business, including its 83.6% stake in Luz del Sur S.A.A., to China Yangtze Power International (Hongkong) Co., Limited. That sale, which was announced in September, is also expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Peruvian anti-trust authority and the Bermuda Monetary Authority.
In combination, these transactions would conclude Sempra Energy's planned sale of its South American businesses for combined proceeds of approximately $5.82 billion in cash, subject to adjustments and satisfaction of their closing conditions.
"Proceeds from both of these transactions will be used to advance our business strategy by strengthening our company's balance sheet and supporting the growing capital needs of our utilities in California and Texas," said Martin.
BofA Merrill Lynch and Lazard are serving as financial advisors to Sempra Energy on the sales, and White & Case is serving as legal advisor.
Chilquinta Energía is the third-largest distributor of electricity in Chile. Chilquinta Energía provides electricity to approximately 2 million consumers in the regions of Valparaíso and Maule in central Chile, and is also active in the development and operation of electric transmission lines.
SGID, a wholly-owned subsidiary of State Grid Corporation of China (SGCC), is incorporated in Hong Kong as a limited liability company. It leverages SGCC's operational strengths and financial support to actively pursue investment opportunities worldwide and improve the operating efficiency of its portfolio of companies. SGID currently has investments in the Philippines, Brazil, Portugal, Australia, Hong Kong SAR, Italy and Greece. SGCC, headquartered in Beijing, China, is the world's largest power utility corporation, and has extensive experience in constructing and operating electricity transmission and distribution networks. The company's power grid network covers 26 provinces in China, accounting for more than 88% of China's territory, and serves a population of over 1.1 billion.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the possibility that, in connection with the agreements to sell Sempra Energy's interests in its Peruvian businesses, including its 83.6% interest in Luz del Sur, and its Chilean businesses, including its 100% interest in Chilquinta Energía, the closing conditions may not be satisfied or waived in a timely manner or at all, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval, that we may be subject to indemnification obligations or material adjustments to the sale prices, and that we may be unable to fully realize the anticipated benefits; the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California or otherwise, including due to insufficient amounts in the wildfire fund; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 6, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today sponsored CicLAvia: Heart of LA for the fourth consecutive year with a booth at the event's Chinatown hub. The company held cooking demonstrations from Chinatown chefs, offered food tastings, shared information on the company's customer assistance programs and more.
"Some of the best food in Los Angeles is cooked with natural gas, so SoCalGas is teaming up with Chinatown chefs who help create some of the most amazing cuisine of this neighborhood," said Trisha Muse, director of Community Relations at SoCalGas. "Highlighting the need for more walking, biking and the like during CicLAvia helps us all slow down and appreciate the diverse neighborhoods, restaurants, and treasures of our great city."
"We are thrilled to have SoCalGas as a partner," said Romel Pascual, executive director of CicLAvia. "CicLAvia is about reimagining our streets, our communities, our city, and our region in innovative ways that embrace sustainability. And together, we are showing Angelenos the many possibilities of creating a more livable city."
SoCalGas' participation at the CicLAvia event included:
Please see here for photos from SoCalGas' participation at CicLAvia: Heart of LA.
CicLAvia is the country's largest open streets event. CicLAvia: Heart of LA connected the communities of Westlake, Chinatown, Little Tokyo, Boyle Heights and Downtown Los Angeles. Streets were closed to cars and open for cyclists, pedestrians, runners and skaters to use as a recreational space showcasing Los Angeles's commitment to healthy communities and clean air.
SoCalGas remains committed to improving our environment and supporting California's environmental goals. Earlier this year, SoCalGas committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030 – as part of a broad, inclusive and integrated plan to help achieve California's climate goals while maintaining affordability, reliability and choice for its customers.
RNG is a renewable fuel produced from food waste, farms, landfills, and even sewer systems. It can rapidly cut greenhouse gas emissions (GHGs) because it takes more climate pollution out of the air than it emits as an energy source. RNG is already helping eliminate emissions from trucks and buses.
Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electric only energy and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects.
Last year, SoCalGas donated more than $7 million to non-profits and community organizations. SoCalGas employees contributed more than $700 thousand dollars through payroll deductions and performed thousands of volunteer hours for various nonprofit groups throughout its service territory.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Oct. 3, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today applauded the more than 100 local governments across Southern California, representing approximately 6.75 million Californians, that have passed resolutions in support of affordable and balanced strategies to reduce emissions from buildings and that call on state policymakers to preserve consumers' ability to choose either natural gas or electric appliances for their homes and businesses. These resolutions were passed in response to concerns state policymakers are taking steps to prohibit the use of natural gas in new buildings. State energy regulators are actively considering calls for new regulations that would eliminate natural gas use in new buildings and have also proposed programs that would result in existing natural gas customers paying for all-electric retrofits to existing homes.
"It is amazing to me that state regulators are seriously considering transitioning California to run on a single energy source," said Steve Tye, Mayor Pro Tem for the City of Diamond Bar. "Policymakers should be advocating for and focused on a diverse portfolio of clean energy sources like solar, wind and renewable natural gas. I am proud that our city council unanimously passed a resolution calling for such a policy."
"Many of my constituents have no idea the state has proposed moving towards eliminating the use of natural gas in every California building, including homes," said Rosemead Mayor Maggie Clark. "When I tell them what is happening they are incredulous and outraged because they love their natural gas stoves and appliances. How can it be that such an issue would not be debated in public?"
"People are going to want to continue to use natural gas, and RNG allows folks to keep their gas but have more of it come from renewable sources," said Joe Neves, Chair of the County Board of Supervisors for Kings County. "This clean energy solution works with people's preferences rather than against them. We should have that right to decide."
"The cost of switching gas appliances to electric-only in addition to an increase in energy costs would unfairly impact our low-income communities," said Andy Melendrez, Riverside Mayor Pro Tem. "More than 65 percent of the working population within the Inland Empire commutes to Los Angeles and Orange County daily due to our lower housing costs. This would force more of our population to move further away from their jobs increasing traffic, air-emissions and pollution."
"Keeping energy costs down should be a top priority, especially at a time when California is undergoing what Gov. Newsom has identified as an affordability crisis, with skyrocketing costs on everything from housing to child care," said Sharon Tomkins, SoCalGas vice president for strategy and engagement. "That requires keeping all solutions on the table that can help meet California's clean energy goals, including renewable natural gas and hydrogen."
Today, more than 90 percent of homes in Southern California use natural gas for space and water heating or cooking. Families in Southern California prefer natural gas by a margin of 4 to 1 for space and water heating and cooking because it is less expensive than electricity.
A 2018 study by the California Building Industry Association found that replacing natural gas appliances in California homes with electric models could increase household energy costs by more than $850. Alternatively, another recent study found that replacing 20 percent of the natural gas California uses today with renewable natural gas could reduce emissions equal to electrifying every building in the state, at half the cost.
Earlier this year, SoCalGas committed to replace 20 percent of the natural gas the company purchases with renewable natural gas by 2030 – as part of a broad, inclusive and integrated plan to help achieve California's ambitious climate goals.
For more information on SoCalGas' inclusive vision for California's clean energy future, visit www.socalgas.com/vision
To view a list of the local governments that have passed balanced energy resolutions, click here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Oct. 3, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the utility has awarded the City of Corona more than $44,000 in incentive funding following completion of a renewable energy project at one of the city's Department of Water & Power facilities. The project includes the retrofitting of an existing biogas conditioning unit at one of the city's wastewater treatment facilities. The unit, converts methane emissions from the wastewater treatment process into renewable natural gas that is used to heat the facility, helping reduce emissions. The newly-configured unit will save more than 50,000 therms each year – enough energy to fuel more than 300 homes. It will also save the City almost $30,000 annually.
"Renewable natural gas projects like this one are essential to meeting California's environmental goals since they remove potent methane emissions linked to climate change, reduce fossil fuel use and can help municipal wastewater treatment facilities save money," said Jeff Walker, vice president of customer solutions for SoCalGas. "As part of our commitment to be the cleanest natural gas utility in North America, SoCalGas has committed to replacing 20 percent of the natural gas we deliver to our customers with renewable natural gas over the next decade. Helping cities increase energy efficiency at municipal facilities and reduce methane emissions is another vital part of our commitment."
"The city's experience with this renewable energy project is one of many reasons the city council passed a resolution in support of a policy that provides affordable, reliable and diverse energy to the residents and business owners of Corona," said Mayor Jason Scott. "Not only is the city saving money and energy at our water reclamation facility thanks to this project, but we are also reducing emissions through the use of renewable natural gas."
Renewable natural gas (RNG) is a renewable fuel produced from the emissions at wastewater treatment plants, farms, landfills, and food waste. It can rapidly cut greenhouse gas emissions (GHGs) because it takes more climate pollution out of the air than it emits as an energy source.
SoCalGas is working to build on RNG's success in the transportation sector by making it available to fuel the homes of the company's 21 million customers across Southern California. Earlier this year, SoCalGas committed to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030 – as part of a broad, inclusive and integrated plan to help achieve California's ambitious climate goals.
The City of Corona is among 100 local governments across Southern California that have passed resolutions in support of using RNG as a strategy to reduce emissions from homes, businesses, farming, landfills, transportation and government operations.
Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electricity and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects.
Today organic waste from farms, landfills, and wastewater treatment plants account for 80 percent of methane emissions in California. A 2016 law requires 40 percent of methane from the state's landfills and dairies to be captured, with provisions to deliver that energy to customers.
This will bolster the supply of RNG that is already growing rapidly as cities and towns across the country look to divert organic waste from landfills. In California, scientists at the University of California, Davis estimate that the state's existing organic waste could produce enough RNG to meet the needs of 2.3 million homes.
SoCalGas and the Corona Department of Water & Power began the biogas conditioning project based on results of a 2013 engineering audit performed by SoCalGas. The incentive funding was provided by SoCalGas' energy efficiency programs, authorized by the California Public Utilities Commission.
For more information about renewable natural gas or to read about SoCalGas vision for California's energy systems, visit www.socalgas.com/vision.
Photos of the check presentation may be found here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians — about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 2, 2019 /PRNewswire/ -- Sempra Energy's (NYSE:SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its third-quarter 2019 earnings by 6 p.m. ET, Oct. 23, in advance of a conference call with IEnova executives at 11 a.m. ET, Oct. 24.
Briefing materials also will be posted by 6 p.m. ET, Oct. 23, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 4970119#.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2018, the company has more than 1,000 employees and approximately $8.8 billion dollars in total assets, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 1, 2019 /PRNewswire/ -- In advance of national Energy Efficiency Day on October 2, Southern California Gas Co. (SoCalGas) reminds customers that taking a few simple steps can help conserve energy, reduce greenhouse gas emissions and save money on utility bills. SoCalGas energy efficiency programs delivered more than 180 million therms in energy savings for their customers over the past five years, enough natural gas usage for 403,000 households a year. These advances have also helped save SoCalGas customers more than $198 million in utility bill costs. In 2018 alone, SoCalGas' energy efficiency programs saved customers $57 million.
"SoCalGas prides itself on being a leader in energy efficiency and helping to reduce emissions," said Dan Rendler, director of customer programs and assistance at SoCalGas. "By offering our customers innovative programs and services that assist them in using gas more efficiently, we are helping them reduce their energy costs and improve the environment. As we recognize Energy Efficiency Day, SoCalGas continues its commitment to provide programs and services that promote energy efficiency and drive energy affordability."
Customers can take advantage of hundreds of rebates on energy-efficient appliances. Applying for these rebates can be done online in a matter of minutes. Among the most popular are smart thermostats. These devices can learn your schedule and temperature preferences and adjust the temperature in your home accordingly. They also allow users to adjust home temperatures with a mobile app or computer and can even use local weather conditions to help control energy costs. Last winter, customers who participated in a smart thermostat energy efficiency pilot program saved enough natural gas to dry two million loads of laundry.
The utility also offers SoCalGas Marketplace, where customers can find and compare energy efficient products. Customers can save $50 on select smart thermostats and Energy Star natural gas dryers, up to $600 on select water heaters and up to $750 on select pool heaters. Customers can also save money on low-flow showerheads, including those with thermostatic shut-off valves that temporarily cut water flow once the water has become hot.
Over its lifetime, an energy efficient appliance will save customers thousands of dollars in energy bills—approximately $1,500 with a tankless water heater, $550 with a natural gas furnace, $200 with a storage water heater and $125 with a smart thermostat.
Customers are also encouraged to sign up for free bill tracking alerts and other online tools to help keep heating affordable this winter. "Bill Tracker Alerts" are an easy way to track natural gas use each week — instead of waiting until the monthly bill arrives — and can help customers use less natural gas and lower their bills.
Customers can enroll for Bill Tracker Alerts in My Account. Once enrolled, they can easily access their gas usage information, pay bills, schedule service orders and sign up for Bill Tracker Alerts by visiting "Manage My Account: Manage Alerts."
Temperatures in Southern California typically turn cooler in November and can remain cold through March. Lower temperatures are usually accompanied by an increase in home heating bills, but there are ways to save money.
Customers can take these steps to reduce their natural gas use during cold weather to help keep energy costs affordable:
More energy saving tips are located here. To learn more about SoCalGas energy efficiency programs and services, visit socalgas.com or call 800-427-2200.
For customers in need of assistance in paying their natural gas bills or in making their homes more energy efficient, SoCalGas offers a range of programs and services. To sign up for these programs and services, or for more information on how to reduce winter gas bills, visit SoCalGas' website at socalgas.com or call (800) 427-2200.
SoCalGas continues to be a leader in researching and developing new technologies that improve energy efficiency and protect the environment.
This year, SoCalGas was named a leader in promoting energy efficient construction by the U.S. Environmental Protection Agency. The award acknowledges SoCalGas' commitment to promoting environmental protection and energy efficient construction through the California ENERGY STAR New Homes Program Marketing Support Bonus offered as part of its California Advanced Homes Program. The company also received this award in 2015 and 2017.
Energy Efficiency Day is a collaboration between regional and national organizations aimed at helping individuals and organizations save energy and save money. Customers can find out how to participate by visiting energyefficiencyday.org.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Sept. 30, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has entered into an agreement to sell its equity interests in its Peruvian businesses, including its 83.6% stake in Luz del Sur S.A.A. (Luz del Sur), to China Yangtze Power International (Hongkong) Co., Limited (CYP). Sempra Energy's interests will be sold for $3.59 billion in cash, subject to closing adjustments for working capital and net indebtedness.
"We could not be more pleased about today's announcement," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "It directly supports our mission of building North America's premier energy infrastructure company. Proceeds from this transaction will be used to strengthen our balance sheet and meet the growing capital needs of our core utilities in California and Texas."
The sale will also include Sempra Energy's interest in Tecsur S.A., which provides electric construction and infrastructure services to Luz del Sur and third parties, and Inland Energy S.A.C., Luz del Sur's generation business.
The sale is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Peruvian anti-trust authority and the Bermuda Monetary Authority.
An active sales process continues for Sempra Energy's electric businesses in Chile, including the company's 100% stake in Chilquinta Energía S.A. and Tecnored S.A. The company expects to announce an agreement in the fourth quarter of this year.
BofA Merrill Lynch and Lazard are serving as financial advisors to Sempra Energy on the sale, and White & Case is serving as legal advisor.
Sempra Energy also announced today that its subsidiary Sempra LNG has entered into a memorandum of understanding with China Three Gorges Corporation (CTG), the ultimate parent company of CYP, regarding potential cooperation in supplying liquefied natural gas (LNG) to support demand growth in China, including the growth of natural gas power generation. Ultimate participation remains subject to finalization of a definitive agreement, among other factors.
"This initial agreement with CTG represents an opportunity to support strong growth in natural gas demand in Asia, with future expansions of our LNG projects right here in North America," said Martin.
Luz del Sur serves the southern region of Lima, Peru, and is the largest electric company in the country.
CYP is a subsidiary of China Yangtze Power Co., which is the largest publicly listed power company in China with a market capitalization of approximately $58 billion. China Yangtze Power Co. engages in electric power production, technological consultation of electric power generation and selected distribution services.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets reported in 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the possibility that, in connection with the agreement to sell Sempra Energy's interests in its Peruvian businesses, including its 83.6% interest in Luz del Sur, the closing conditions may not be satisfied or waived in a timely manner or at all, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval, that we may be subject to indemnification obligations, and that we may be unable to fully realize the anticipated benefits; the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California or otherwise, including due to insufficient amounts in the wildfire fund; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 26, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has signed two 15-year clean energy contracts with subsidiaries of Comercializadora Círculo CCK, S.A. de C.V. (Circle K18) and El Puerto de Liverpool, S.A.B. de C.V. (Liverpool). These corporate contracts will help solidify IEnova's commitment to the development of clean energy infrastructure in Mexico.
IEnova will supply energy for these contracts with power generated by a new solar facility located in Juárez, Chihuahua, south of El Paso, Texas. The $160 million project is expected to have an installed capacity of 150 megawatts (MW) and is anticipated to begin operations in the second half of 2020.
IEnova's clean energy portfolio includes more than 1,000 MW of solar and wind power generation in construction and operations.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2018, the company had invested more than U.S. $8.8 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange and the Sustainable IPC.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets for 2018, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and sustainability, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California or otherwise, including due to insufficient amounts in the wildfire fund; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 16, 2019 /PRNewswire/ -- For the second consecutive year, Sempra Energy (NYSE: SRE) is the only North American utility holding company to be named to the Dow Jones Sustainability World Index.
"This honor further inspires us to continue finding new and better ways to serve our 40 million consumers and to carry out our mission to be North America's premier energy infrastructure company," said Dennis V. Arriola, executive vice president and group president, and chief sustainability officer for Sempra Energy. "Our strategic initiatives center on 'People | Priorities | Culture' and being the only U.S. utility holding company named to this index for two-years running speaks volumes to how our 20,000 employees dedicate themselves to purpose and community."
RobecoSAM's Dow Jones sustainability indices are a family of best-in-class benchmarks for investors who have recognized that sustainable business practices are critical to generating long-term shareholder value and who wish to reflect their sustainability convictions in their investment portfolios.
"With a strong focus on safety, innovation and environmental stewardship, our company delivers cleaner energy to the world through our operations in California, Texas, Mexico and LNG export markets," Arriola added.
Sempra is consistently recognized for its leadership in diversity and inclusion, starting with its board of directors that is composed of 60% women and/or people of color. Employee safety performance includes record-low OSHA recordable incident rates at our California utilities San Diego Gas & Electric and Southern California Gas Company.
Sempra's businesses operate a wide range of renewable energy infrastructure with partners, including 400 megawatts of wind power and 110 megawatts of solar power through Sempra's Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. SDG&E delivers 45% renewable energy to its customers, among the highest levels in California and the country. SoCalGas has a bold plan to replace 20% of its traditional natural gas supply with renewable natural gas by 2030, part of its vision to be the cleanest natural gas utility in North America. Oncor Electric Delivery Company LLC delivers increasingly cleaner energy throughout Texas, a state that leads the nation in wind generation capacity at 22,000 megawatts.
"We congratulate Sempra Energy for being included in the DJSI World Index," said Manjit Jus, head of ESG ratings for RobecoSAM. "The SAM Corporate Sustainability Assessment has again raised the bar in identifying those companies best-positioned to address future sustainability challenges and opportunities. This year – which marks the 20th anniversary of the DJSI – record corporate interest in the SAM CSA reflects the enduring relevance of the DJSI for measuring and advancing ESG practices."
Learn more about Sempra's environmental, social and governance performance in its annual corporate sustainability report.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego- based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees deliver energy with purpose to approximately 40 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California or otherwise, including due to insufficient amounts in the wildfire fund; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Sept. 12, 2019 /PRNewswire/ -- Today, Southern California Gas Co. (SoCalGas) and Gas Technology Institute (GTI) announced they have successfully demonstrated a new industrial drying technology that uses far less energy, reduces greenhouse gas emissions and saves money. The new technology can be used for drying or heat processing across a broad spectrum of industrial, agricultural and commercial applications—including drying livestock feed, textiles and pharmaceutical ingredients.
Compared to existing industrial dryers, the new technology uses 61 to 65 percent less natural gas, at least 40 percent less electricity, and recovers a substantial amount of water, all while drying up to eleven tons of wet material per hour. Utilization Technology Development (UTD) co-sponsored the project along with SoCalGas, and project funding for developing this innovative process was awarded by the California Energy Commission.
"SoCalGas is pleased to support the development of this natural gas drying system, which produces very low emissions and offers significant energy savings," said Yuri Freedman, senior director of business development at SoCalGas. "This is yet another example of quickly evolving natural gas technology that benefits many industries and businesses while positively impacting the environment."
The new technology was demonstrated at Martin Feed LLC, an industrial food processing site based in Corona, California. The site collects waste bakery material, such as dough, crackers and pastries, then dries and processes it to sell to dairy farms for feed. Prior to implementing this new natural gas drying system, processing the bakery waste was an extensive and time-consuming process of sun drying that was affected by climate conditions such as wind and rain especially during the fall and winter months.
This new technology uses natural gas to generate a vacuum and captures excess heat from the process to preheat the incoming material being dried. The combination of the heat and vacuum results in faster, more efficient drying. The material is loaded into a feeding hopper and supplied into the drying chamber where controlled heat is applied to the continuously moving product while a vacuum draws out the moisture, allowing the product to be dried to specified moisture requirements in a shorter time. The product can be dried over a wide range of temperatures and production rates providing reliable operation, better product quality, and improved energy efficiency. Once the product is dried, it exits the system and is stored in a loading area.
SoCalGas has been a leader in the research and development of new technologies that increase energy efficiency, reduce air pollution and greenhouse gas emissions, and keeps bills affordable for customers. Between 2014 and 2018, SoCalGas energy efficiency programs delivered more than 180 million therms in energy savings, enough natural gas usage for 403,000 households a year, and reducing greenhouse gas emissions by nearly 955,000 metric tons, the equivalent of removing more than 202,000 cars from the road annually. These advances have also helped save SoCalGas customers more than $198 million in utility bill costs. In 2018 alone, SoCalGas' energy efficiency programs saved customers $57 million.
"This new drying system has been a gamechanger for our processing site. Not only does it save us copious amounts of time and money, but it's better for the environment. We are very pleased with this new technology," said Brian Hopkins, general Manager at Martin Feed, LLC.
"The Energy Commission works with researchers throughout the state and is proud to invest in innovative technologies to reduce greenhouse gas and other air pollutants while cutting energy use and costs," said Michael Lozano, CEC senior mechanical engineer.
"This emerging gas-fired thermo-vacuum drying technology offers significant energy and water savings across the industrial sector and has the potential to impact a lot of drying positively, and perhaps one day, can be replicated for commercial use as well," said Yaroslav Chudnovsky of GTI and principal investigator of the project.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About GTI
GTI is a leading research, development, and training organization that has been addressing global energy and environmental challenges by developing technology-based solutions for consumers, industry, and government for more than 75 years.
About Martin Feed, LLC
Martin Feed, LLC is a family owned and operated feed business based in Corona, Calif. The Martin family began in the bakery waste industry in the 1960's when Frank E. Martin Sr. started collecting waste to feed his cattle. Martin Feed now collects waste bakery material and sells the processed product to dairy farms throughout California.
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SOURCE Southern California Gas Company
SAN DIEGO, Aug. 27, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today issued the following statement in response to agreements reached between its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), and the Comisión Federal de Electricidad (CFE) on the Guaymas-El Oro pipeline and the Sur de Texas-Tuxpan marine pipeline, a joint venture with TC Energy Corporation.
"Sempra Energy is pleased that IEnova was able to reach a mutually agreeable resolution to the contracts with CFE on these important pipelines.
"The Sur de Texas-Tuxpan and Guaymas-El Oro pipelines are among Mexico's most important infrastructure projects, bringing more reliable supplies of clean U.S. natural gas to Mexico to help meet the growing energy needs of the country for generations to come."
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SOURCE Sempra Energy
SAN DIEGO, Aug. 19, 2019 /PRNewswire/ -- Sempra LNG, a Sempra Energy (NYSE: SRE) subsidiary, today announced that Cameron LNG's first train of the liquefaction-export project in Hackberry, La., has begun commercial operations under Cameron LNG's tolling agreements.
"This is an exciting moment for Cameron LNG and for Sempra Energy," said Carlos Ruiz Sacristan, chairman and CEO of Sempra North American Infrastructure. "Cameron LNG is exporting liquefied natural gas (LNG) to customers in the largest world markets, helping to support economic growth in the U.S. and abroad."
Sempra Energy's share of full-year run-rate earnings from the first three trains at Cameron LNG are projected to be between $400 million and $450 million annually when all three trains achieve commercial operations under Cameron LNG's tolling agreements.
"We are proud that Cameron LNG has realized this key milestone with an excellent safety record and zero lost-time incidents," said Lisa Glatch, chief operating officer of Sempra LNG and board chair for Cameron LNG. "We remain focused on safely achieving commercial operations of Train 2 and Train 3."
Train 1 is part of Phase 1 of the Cameron LNG liquefaction-export project which includes a projected export capacity of 12 million tonnes per annum (Mtpa) of LNG, or approximately 1.7 billion cubic feet per day of natural gas.
Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG.
Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America: Cameron LNG Phase 2, previously authorized by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks, Port Arthur LNG in Texas and Energía Costa Azul LNG Phase 1 and Phase 2 in Mexico.
Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG facility, is subject to a number of risks and uncertainties.
Sempra LNG develops, builds and invests in natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets, which would make Sempra Energy one of North America's largest developers of LNG-export facilities.
Visit sempra.com/mediakits for high resolution, downloadable images and b-roll, and additional facts about Sempra LNG and Cameron LNG.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG
LOS ANGELES and REDWOOD SHORES, Calif., Aug. 19, 2019 /PRNewswire/ -- SoCalGas and Oracle today announced that the Home Energy Reports SoCalGas customers receive each month have helped reduce natural gas use by 10 million therms since the program began in 2013. This has resulted in customers saving more than $11 million on their bills. The savings is enough to supply 21,000 Southern California households with natural gas for a year and also has had the effect of eliminating more than 53,000 metric tons of carbon emissions.
Home Energy Reports, included with most customer's bills, show how much energy each household is using compared to similar homes and provide recommendations for ways to save energy. The comparison is meant to make customers more aware of their energy use and the potential for using less.
"This milestone is a testament that small changes to our energy consumption behavior can amount to significant energy savings," said Dan Rendler, director of customer programs and assistance at SoCalGas. "Considering the average household in Southern California uses just 447 therms of natural gas per year, reaching this level of savings shows the commitment our customers have made to use energy wisely. Former Energy Secretary, Ernest Moniz recently citied, 'energy efficiency…is likely to be the most cost-efficient approach to decarbonization, and one of the most effective options across all economic sectors.' SoCalGas is pleased to provide our customers with the tools they need to use natural and increasingly renewable natural gas efficiently and to reduce environmental impacts."
SoCalGas also recently announced its vision to become the cleanest natural gas utility in North America and committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030.
"California has some of the most ambitious energy efficiency goals of any state and SoCalGas raises the bar for driving energy-efficiency programs that support a more sustainable future," said Scott Neuman, Opower group vice president at Oracle Utilities. "This milestone clearly shows the impact utilities can have on the environment when they empower their customers with information that can encourage and drive positive change."
SoCalGas has long been a leader in researching and developing new technologies that improve energy efficiency and protect the environment. Between 2014 and 2018, SoCalGas energy efficiency programs delivered more than 180 million therms in energy savings, enough natural gas usage for 403,000 households a year, and reducing greenhouse gas emissions (GHGs) by nearly 955,000 metric tons. This is the equivalent of removing more than 202,000 cars from the road annually. These advances have also helped save SoCalGas customers more than $198 million in utility bill costs. In 2018 alone, SoCalGas' energy efficiency programs saved customers $57 million.
SoCalGas first started delivering Opower Home Energy Reports (HERs) to its customers in 2013. Each report shows a household's average monthly natural gas usage in comparison to like homes and provides intelligent recommendations for reducing use.
Currently, more than 600,000 SoCalGas customers are receiving monthly HERs – representing more than 11 million reports delivered since the program began. Tips range from using pool heaters and washing machines more efficiently and economically to better utilizing smart thermostats to maximize savings. Every recommendation is tailored to each specific household and prioritized for its energy-saving impact and likelihood of being acted upon quickly.
Opower energy-efficiency initiatives, including Home Energy Reports, are part of a larger demand-side management product suite that includes Peak Management, Proactive Alerts, connected home and marketing solutions, and energy management web tools. Working together, these solutions are designed to inform and motivate consumers to better control their home energy consumption and cost, while allowing utilities to proactively meet regulatory requirements, decrease the cost to serve, reduce call center volume, and improve customer satisfaction.
Opower energy-efficiency initiatives are the most commonly used programs in the utility market today – spanning more than 60 million households globally. Learn more at: https://www.oracle.com/industries/utilities/products/what-is-opower.html
More Information
About Oracle
The Oracle Cloud offers a complete suite of integrated applications for Sales, Service, Marketing, Human Resources, Finance, Supply Chain and Manufacturing, plus Highly-Automated and Secure Generation 2 Infrastructure featuring the Oracle Autonomous Database. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.
About SoCalGas
Headquartered in Los Angeles, SoCalGas is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook. SoCalGas' energy efficiency programs are funded by California utility customers and administered by SoCalGas under the auspices of the California Public Utilities Commission.
Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. SoCalGas, the flame logo, and the crescent figure logo are registered trademarks of Sempra Energy. Other names may be trademarks of their respective owners.
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SOURCE Oracle
LOS ANGELES, Aug. 15, 2019 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | |
Preferred Stock | $0.375 per share |
Preferred Stock, Series A | $0.375 per share |
The dividends are payable on October 15, 2019, to shareholders of record on September 10, 2019.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians — about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Aug. 13, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and Electrochaea today announced the commissioning of the nation's first scalable biomethanation reactor system at the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) Energy System Integration Facility in Golden, Colo. The technology uses renewable electricity to convert hydrogen into pipeline quality methane for use in homes, businesses and in transportation. Over the next 24 months, the project will assess the commercial viability of this power-to-gas approach to energy storage and decarbonization and provide insights into potential mega-watt scale system designs. The announcement was made in conjunction with NREL's third annual Partner Forum.
Biomethane, or renewable natural gas, is created through this bioreactor system in a two-step process. First, renewable electricity, generated by the sun, passes through an electrolyzer where water molecules are split into hydrogen and oxygen, storing the renewable electricity as hydrogen gas. The newly-created "green" hydrogen is combined with carbon dioxide and piped into the reactor where archaea microorganisms produce renewable natural gas by consuming hydrogen and carbon dioxide and emitting methane. The system is capable of recycling carbon dioxide from a myriad of sources, such as ethanol plants and anaerobic digesters, preventing greenhouse gas emissions and displacing the consumption of fossil methane. The catalyst was originally developed at the University of Chicago and the basic methanation system was designed by Electrochaea and demonstrated in Europe.
The project in Colorado builds upon and advances research previously conducted by Electrochaea of Munich, Germany. The reactor system operates at a 50 to 60 percent efficiency. For every 10 kilowatts-hour of power received by the water electrolysis model, the equivalent of 5 to 6 kilowatts-hour of methane is created by the microbes.
"This is an exciting time in the development of clean energy," said Yuri Freedman, senior director of business development for SoCalGas. "In order to achieve our climate goals, we need to find solutions to the difficult problem faced with renewables like wind and solar – the issue of intermittency, and extensive mismatches between the periods of renewable energy generation and consumer demand. This project shows our existing natural gas pipeline infrastructure can store excess renewable energy for periods of time ranging from seconds to months."
"We are pleased to be a part of this partnership and to see biomethanation provide a versatile tool for the nation's renewable energy portfolio," commented Mich Hein, CEO of Electrochaea. "With SoCalGas and NREL demonstrating the scalability of this technology we can soon realize safe and reliable storage of renewable energy well beyond the capacity of batteries. A simultaneous benefit will be lowering the overall carbon intensity of the natural gas grid, as we have already accomplished with parts of the electrical power grid."
The next phase of the project will focus on improving the process efficiency, automating plant operations, reducing capital costs and identifying locations in the western U.S., including California, where grid-scale energy storage would be most beneficial and cost-effective.
Studies show that without long-term storage solutions, by 2025 California is expected to waste enough renewable energy each year to power Los Angeles County, the most populous county in the United States, for more than a month.
Electrolytic hydrogen, renewable natural gas and nascent technologies like biomethanation and long-term energy storage through power and gas gird integration are part of SoCalGas' integrated plan to help California achieve its ambitious climate goals.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Electrochaea
On the basis of biocatalysis, Electrochaea offers a power-to-gas key technology which has been patented internationally. It cost-effectively recycles CO2 and simultaneously produces storable and versatile usable Renewable Natural Gas from renewable electrical energy. The first industrial scale plant operates successfully in Denmark.
Plants of more than one gigawatt of capacity are targeted by 2025. Managing directors are Mich Hein (CEO) and Doris Hafenbradl (CTO). As CBO & Director of Business Strategy, Francesco di Bari is responsible for business development activities. Gorm Teper completes the management team as Director of Project Execution.
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SOURCE Southern California Gas Company
SAN DIEGO, Aug. 2, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported second-quarter 2019 earnings of $354 million, or $1.26 per diluted share, compared to second-quarter 2018 losses of $561 million, or $2.11 per diluted share. On an adjusted basis, the company's second-quarter 2019 earnings were $309 million, or $1.10 per diluted share, compared to $361 million, or $1.35 per diluted share, in the second quarter 2018.
"We're pleased with the financial and operational progress we've made so far this year," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We've set a clear mission to be North America's premier energy infrastructure company and I am proud of the steps we've taken to capitalize on the once-in-a-generation opportunity created by the need to develop energy infrastructure that supports the trend toward cleaner energy and greater exports of North America's energy."
Sempra Energy's earnings for the first six months of 2019 were $795 million, or $2.85 per diluted share, compared with losses of $214 million, or $0.82 per diluted share, in the first six months of 2018. Adjusted earnings for the first six months of 2019 were $843 million, or $3.03 per diluted share, compared with $733 million, or $2.78 per diluted share, in the first six months of 2018.
These financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings reconciled to adjusted earnings for the second quarter and first six months of 2019 and 2018.
Three months ended | Six months ended | |||||||||
June 30 | June 30 | |||||||||
(Unaudited; Dollars, except EPS, and shares, in millions) | 2019 | 2018 | 2019 | 2018 | ||||||
GAAP Earnings (Losses) | $ 354 | $ (561) | $ 795 | $ (214) | ||||||
Gain on Sale of U.S. Wind Assets | (45) | - | (45) | - | ||||||
Tax Impacts from Expected Sale of South American Businesses(1) | - | - | 93 | - | ||||||
Impairment of Non-utility U.S. Natural Gas Storage Assets | - | 755 | - | 755 | ||||||
Impairment of U.S. Wind Equity Method Investments | - | 145 | - | 145 | ||||||
Impacts Associated with Aliso Canyon Litigation | - | 22 | - | 22 | ||||||
Impact from the Tax Cuts and Jobs Act of 2017 | - | - | - | 25 | ||||||
Adjusted Earnings(2) | $ 309 | $ 361 | $ 843 | $ 733 | ||||||
Diluted Weighted-Average Common Shares Outstanding | 280 | 268 | 278 | 264 | ||||||
GAAP Earnings (Losses) Per Diluted Common Share | $ 1.26 | $ (2.11)(3) | $ 2.85 | $ (0.82)(3) | ||||||
Adjusted Earnings Per Diluted Common Share(2) | $ 1.10 | $ 1.35 | $ 3.03 | $ 2.78 | ||||||
1) | $103 million increase to adjusted earnings due to change in indefinite reinvestment assertion of basis differences in discontinued operations, partially offset by $10 million reduction in tax valuation allowance against certain net operating loss carryforwards at Parent & Other. |
2) | Sempra Energy Adjusted Earnings and Adjusted Earnings per Common Share (Adjusted EPS) are non-GAAP financial measures. See Table A for information regarding non-GAAP financial measures and descriptions of the adjustments above. |
3) | Weighted-average common shares outstanding for the three months and six months ended June 30, 2018 used to calculate EPS exclude common stock equivalents as they are antidilutive given the net loss in these periods. |
OPERATING HIGHLIGHTS
San Diego Gas & Electric (SDG&E) recently elected to contribute approximately $452 million to a wildfire recovery fund that was created as a result of the efforts of Gov. Gavin Newsom and the California Legislature. The legislation helps to reduce SDG&E's exposure to wildfire risk by addressing issues related to catastrophic wildfires in the state of California, including greater clarity of cost recovery standards and requirements, additional wildfire mitigation, establishment of a wildfire recovery fund, a cap on liability, and the formation of the California Wildfire Safety Advisory Board.
SDG&E and Southern California Gas Co. expect a proposed decision in the coming weeks for their 2019 General Rate Case from the California Public Utilities Commission. A final decision is expected by year end.
Sempra Energy expects substantial completion of the first liquefaction train of the Cameron LNG export project in Hackberry, La., in the coming days, with commercial operations to begin in mid-August. This follows the first commissioning cargo of liquefied natural gas (LNG) from Train 1, which was announced in May.
Sempra Energy's LNG development projects are continuing to advance, including a heads of agreement (HOA) signed between Sempra LNG and Aramco Services Company in May. The HOA anticipates the negotiation and finalization of a definitive 20-year LNG sale-and-purchase agreement for 5 million tonnes per annum of LNG offtake from the Port Arthur LNG export project under development.
Sempra Energy continued to grow its transmission and distribution footprint in Texas through Oncor Electric Delivery Company LLC's acquisition of InfraREIT, Inc., and Sempra Energy's acquisition of an indirect 50% limited-partnership interest in Sharyland Utilities, L.L.C. These acquisitions were completed in May and funded with a portion of the proceeds from Sempra Energy's completed sales of its U.S. solar, wind and certain non-utility natural gas storage assets.
The sales process of Sempra Energy's equity interests in its South American businesses, including its 83.6% stake in Luz del Sur S.A.A. in Peru and 100% stake in Chilquinta Energía S.A. in Chile, continues to make good progress.
2019 EARNINGS GUIDANCE
Sempra Energy today affirmed its 2019 adjusted earnings-per-share guidance range of $5.70 to $6.30.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include Sempra Energy's adjusted earnings and adjusted earnings per common share for both the second quarter and first six months of 2019 and 2018, and 2019 adjusted earnings-per-share guidance. See Table A for additional information regarding these non-GAAP financial measures.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7726556.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego- based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California or otherwise, including due to insufficient amounts in the wildfire fund; actions and the timing of actions, including decisions, investigations, new regulations and issuances of permits and other authorizations and renewal of franchises by the Comisión Federal de Electricidad (CFE), California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, and major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) the ability to complete contemplated acquisitions and/or divestitures and the disruptions caused by such efforts; and (vii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; expropriation of assets, the failure to honor the terms of contracts by foreign governments and state-owned entities such as the CFE, and other property disputes; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | ||||||||||||||||
Table A | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
Three months ended June 30, | Six months ended | |||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | 2019 | 2018(1) | 2019 | 2018(1) | ||||||||||||
(unaudited) | ||||||||||||||||
REVENUES | ||||||||||||||||
Utilities | $ | 1,895 | $ | 1,820 | $ | 4,410 | $ | 4,010 | ||||||||
Energy-related businesses | 335 | 355 | 718 | 701 | ||||||||||||
Total revenues | 2,230 | 2,175 | 5,128 | 4,711 | ||||||||||||
EXPENSES AND OTHER INCOME | ||||||||||||||||
Utilities: | ||||||||||||||||
Cost of natural gas | (136) | (179) | (667) | (527) | ||||||||||||
Cost of electric fuel and purchased power | (263) | (320) | (519) | (591) | ||||||||||||
Energy-related businesses cost of sales | (63) | (70) | (171) | (139) | ||||||||||||
Operation and maintenance | (838) | (742) | (1,670) | (1,483) | ||||||||||||
Depreciation and amortization | (389) | (377) | (772) | (749) | ||||||||||||
Franchise fees and other taxes | (112) | (104) | (242) | (221) | ||||||||||||
Impairment losses | — | (1,300) | — | (1,300) | ||||||||||||
Gain on sale of assets | 66 | — | 66 | — | ||||||||||||
Other income (expense), net | 28 | (56) | 110 | 96 | ||||||||||||
Interest income | 21 | 18 | 42 | 47 | ||||||||||||
Interest expense | (258) | (228) | (518) | (434) | ||||||||||||
Income (loss) from continuing operations before income taxes | 286 | (1,183) | 787 | (590) | ||||||||||||
Income tax (expense) benefit | (47) | 602 | (89) | 360 | ||||||||||||
Equity earnings (losses) | 118 | (4) | 219 | (25) | ||||||||||||
Income (loss) from continuing operations, net of income tax | 357 | (585) | 917 | (255) | ||||||||||||
Income from discontinued operations, net of income tax | 78 | 55 | 36 | 83 | ||||||||||||
Net income (loss) | 435 | (530) | 953 | (172) | ||||||||||||
(Earnings) losses attributable to noncontrolling interests | (45) | (5) | (86) | 12 | ||||||||||||
Mandatory convertible preferred stock dividends | (35) | (25) | (71) | (53) | ||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | (1) | ||||||||||||
Earnings (losses) attributable to common shares | $ | 354 | $ | (561) | $ | 795 | $ | (214) | ||||||||
Basic earnings (losses) per common share: | ||||||||||||||||
Earnings (losses) from continuing operations attributable to common shares | $ | 1.03 | $ | (2.29) | $ | 2.82 | $ | (1.08) | ||||||||
Earnings from discontinued operations attributable to common shares | $ | 0.26 | $ | 0.18 | $ | 0.07 | $ | 0.26 | ||||||||
Earnings (losses) attributable to common shares | $ | 1.29 | $ | (2.11) | $ | 2.89 | $ | (0.82) | ||||||||
Weighted-average common shares outstanding | 274,987 | 265,837 | 274,831 | 261,906 | ||||||||||||
Diluted earnings (losses) per common share: | ||||||||||||||||
Earnings (losses) from continuing operations attributable to common shares | $ | 1.01 | $ | (2.29) | $ | 2.78 | $ | (1.08) | ||||||||
Earnings from discontinued operations attributable to common shares | $ | 0.25 | $ | 0.18 | $ | 0.07 | $ | 0.26 | ||||||||
Earnings (losses) attributable to common shares | $ | 1.26 | $ | (2.11) | $ | 2.85 | $ | (0.82) | ||||||||
Weighted-average common shares outstanding | 279,619 | 265,837 | 278,424 | 261,906 |
(1) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (LOSSES) (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share (Adjusted EPS) exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2019 and 2018 as follows:
Three months ended June 30, 2019:
Three months ended June 30, 2018:
Six months ended June 30, 2019:
Associated with holding the South American businesses for sale:
Six months ended June 30, 2018:
Sempra Energy Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings (Losses) and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
Pretax | Income tax | Earnings | Pretax | Income tax | Non- | (Losses) | ||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | Three months ended June 30, 2019 | Three months ended June 30, 2018 | ||||||||||||||||||||||
Sempra Energy GAAP Earnings (Losses) | $ | 354 | $ | (561) | ||||||||||||||||||||
Excluded items: | ||||||||||||||||||||||||
Gain on sale of certain Sempra Renewables assets | $ | (61) | $ | 16 | (45) | $ | — | $ | — | $ | — | — | ||||||||||||
Impairment of non-utility natural gas storage assets | — | — | — | 1,300 | (499) | (46) | 755 | |||||||||||||||||
Impairment of U.S. wind equity method investments | — | — | — | 200 | (55) | — | 145 | |||||||||||||||||
Impacts associated with Aliso Canyon litigation | — | — | — | 1 | 21 | — | 22 | |||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 309 | $ | 361 | ||||||||||||||||||||
Diluted earnings (losses) per common share: | ||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 1.26 | $ | (2.11) | (2) | |||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 1.10 | $ | 1.35 | ||||||||||||||||||||
Weighted-average common shares outstanding, diluted – GAAP | 279,619 | 267,536 | (2) | |||||||||||||||||||||
Six months ended June 30, 2019 | Six months ended June 30, 2018 | |||||||||||||||||||||||
Sempra Energy GAAP Earnings (Losses) | $ | 795 | $ | (214) | ||||||||||||||||||||
Excluded items: | ||||||||||||||||||||||||
Gain on sale of certain Sempra Renewables assets | $ | (61) | $ | 16 | (45) | $ | — | $ | — | $ | — | — | ||||||||||||
Associated with holding the South American businesses for sale: | ||||||||||||||||||||||||
Change in indefinite reinvestment assertion of basis differences in discontinued operations | — | 103 | 103 | — | — | — | — | |||||||||||||||||
Reduction in tax valuation allowance against certain NOL carryforwards | — | (10) | (10) | — | — | — | — | |||||||||||||||||
Impairment of non-utility natural gas storage assets | — | — | — | 1,300 | (499) | (46) | 755 | |||||||||||||||||
Impairment of U.S. wind equity method investments | — | — | — | 200 | (55) | — | 145 | |||||||||||||||||
Impacts associated with Aliso Canyon litigation | — | — | — | 1 | 21 | — | 22 | |||||||||||||||||
Impact from the TCJA | — | — | — | — | 25 | — | 25 | |||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 843 | $ | 733 | ||||||||||||||||||||
Diluted earnings (losses) per common share: | ||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 2.85 | $ | (0.82) | (2) | |||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 3.03 | $ | 2.78 | ||||||||||||||||||||
Weighted-average common shares outstanding, diluted – GAAP | 278,424 | 263,584 | (2) |
(1) | Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates. | |||||||||||||||||||||||
(2) | In both the three months and six months ended June 30, 2018, total weighted-average potentially dilutive securities of 1.7 million were not included in the computation of GAAP losses per common share since to do so would have decreased the loss per share. |
SEMPRA ENERGY
Table A (Continued)
SEMPRA ENERGY 2019 ADJUSTED EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2019 Adjusted EPS Guidance Range of $5.70 to $6.30 excludes:
Sempra Energy 2019 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and nature of the excluded items, management believes that this non-GAAP financial measure provides a meaningful comparison of the performance of business operations to prior and future periods. Sempra Energy 2019 Adjusted EPS Guidance should not be considered an alternative to GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Due to the uncertainty surrounding the accounting and tax treatment of SDG&E's contributions to the California wildfire fund and the terms and structure of any potential transaction(s) associated with the planned sale of our South American businesses, 2019 GAAP EPS Guidance, the most directly comparable financial measure calculated in accordance with GAAP, is inestimable.
SEMPRA ENERGY | |||||||||||
Table B | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | June 30, | December | |||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 168 | $ | 102 | |||||||
Restricted cash | 50 | 35 | |||||||||
Accounts receivable, net | 1,242 | 1,535 | |||||||||
Due from unconsolidated affiliates | 23 | 37 | |||||||||
Income taxes receivable | 106 | 60 | |||||||||
Inventories | 214 | 258 | |||||||||
Regulatory assets | 195 | 138 | |||||||||
Greenhouse gas allowances | 61 | 59 | |||||||||
Assets held for sale | — | 713 | |||||||||
Assets held for sale in discontinued operations | 445 | 459 | |||||||||
Other | 279 | 249 | |||||||||
Total current assets | 2,783 | 3,645 | |||||||||
Other assets: | |||||||||||
Restricted cash | 21 | 21 | |||||||||
Due from unconsolidated affiliates | 710 | 644 | |||||||||
Regulatory assets | 1,780 | 1,589 | |||||||||
Nuclear decommissioning trusts | 1,044 | 974 | |||||||||
Investment in Oncor Holdings | 10,930 | 9,652 | |||||||||
Other investments | 2,082 | 2,320 | |||||||||
Goodwill | 1,602 | 1,602 | |||||||||
Other intangible assets | 219 | 224 | |||||||||
Dedicated assets in support of certain benefit plans | 409 | 416 | |||||||||
Insurance receivable for Aliso Canyon costs | 381 | 461 | |||||||||
Deferred income taxes | 150 | 141 | |||||||||
Greenhouse gas allowances | 416 | 289 | |||||||||
Right-of-use assets – operating leases | 600 | — | |||||||||
Assets held for sale in discontinued operations | 3,453 | 3,259 | |||||||||
Sundry | 865 | 962 | |||||||||
Total other assets | 24,662 | 22,554 | |||||||||
Property, plant and equipment, net | 35,282 | 34,439 | |||||||||
Total assets | $ | 62,727 | $ | 60,638 |
(1) | Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | ||||||||||
Table B (Continued) | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) | June 30, | December | ||||||||
(unaudited) | ||||||||||
Liabilities and Equity | ||||||||||
Current liabilities: | ||||||||||
Short-term debt | $ | 2,395 | $ | 2,024 | ||||||
Accounts payable, net | 1,200 | 1,298 | ||||||||
Due to unconsolidated affiliates | 9 | 10 | ||||||||
Dividends and interest payable | 490 | 480 | ||||||||
Accrued compensation and benefits | 299 | 440 | ||||||||
Regulatory liabilities | 349 | 105 | ||||||||
Current portion of long-term debt and finance leases | 2,156 | 1,644 | ||||||||
Reserve for Aliso Canyon costs | 46 | 160 | ||||||||
Greenhouse gas obligations | 61 | 59 | ||||||||
Liabilities held for sale in discontinued operations | 336 | 368 | ||||||||
Other | 836 | 935 | ||||||||
Total current liabilities | 8,177 | 7,523 | ||||||||
Long-term debt and finance leases | 21,199 | 20,903 | ||||||||
Deferred credits and other liabilities: | ||||||||||
Due to unconsolidated affiliates | 38 | 37 | ||||||||
Pension and other postretirement benefit plan obligations, net of plan assets | 1,135 | 1,143 | ||||||||
Deferred income taxes | 2,626 | 2,321 | ||||||||
Deferred investment tax credits | 23 | 24 | ||||||||
Regulatory liabilities | 4,026 | 4,016 | ||||||||
Asset retirement obligations | 2,815 | 2,786 | ||||||||
Greenhouse gas obligations | 225 | 131 | ||||||||
Liabilities held for sale in discontinued operations | 1,090 | 1,013 | ||||||||
Deferred credits and other | 1,939 | 1,493 | ||||||||
Total deferred credits and other liabilities | 13,917 | 12,964 | ||||||||
Equity: | ||||||||||
Sempra Energy shareholders' equity | 17,440 | 17,138 | ||||||||
Preferred stock of subsidiary | 20 | 20 | ||||||||
Other noncontrolling interests | 1,974 | 2,090 | ||||||||
Total equity | 19,434 | 19,248 | ||||||||
Total liabilities and equity | $ | 62,727 | $ | 60,638 |
(1) Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | ||||||||||||
Table C | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
Six months ended June 30, | ||||||||||||
(Dollars in millions) | 2019 | 2018(1) | ||||||||||
(unaudited) | ||||||||||||
Cash Flows from Operating Activities | ||||||||||||
Net income (loss) | $ | 953 | $ | (172) | ||||||||
Less: Income from discontinued operations, net of income tax | (36) | (83) | ||||||||||
Income (loss) from continuing operations, net of income tax | 917 | (255) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 772 | 749 | ||||||||||
Deferred income taxes and investment tax credits | (12) | (432) | ||||||||||
Impairment losses | — | 1,300 | ||||||||||
Gain on sale of assets | (66) | — | ||||||||||
Equity (earnings) losses | (219) | 25 | ||||||||||
Share-based compensation expense | 39 | 33 | ||||||||||
Fixed-price contracts and other derivatives | (28) | (9) | ||||||||||
Other | (4) | 45 | ||||||||||
Intercompany activities with discontinued operations, net | 64 | 42 | ||||||||||
Net change in other working capital components | 84 | 268 | ||||||||||
Insurance receivable for Aliso Canyon costs | 80 | (84) | ||||||||||
Changes in other noncurrent assets and liabilities, net | (104) | (157) | ||||||||||
Net cash provided by continuing operations | 1,523 | 1,525 | ||||||||||
Net cash provided by discontinued operations | 181 | 148 | ||||||||||
Net cash provided by operating activities | 1,704 | 1,673 | ||||||||||
Cash Flows from Investing Activities | ||||||||||||
Expenditures for property, plant and equipment | (1,651) | (1,834) | ||||||||||
Expenditures for investments and acquisition | (1,391) | (9,823) | ||||||||||
Proceeds from sale of assets | 902 | 1 | ||||||||||
Purchases of nuclear decommissioning trust assets | (497) | (487) | ||||||||||
Proceeds from sales of nuclear decommissioning trust assets | 497 | 487 | ||||||||||
Advances to unconsolidated affiliates | (16) | (81) | ||||||||||
Repayments of advances to unconsolidated affiliates | 9 | 1 | ||||||||||
Intercompany activities with discontinued operations, net | (2) | (8) | ||||||||||
Other | 13 | 39 | ||||||||||
Net cash used in continuing operations | (2,136) | (11,705) | ||||||||||
Net cash used in discontinued operations | (131) | (112) | ||||||||||
Net cash used in investing activities | (2,267) | (11,817) | ||||||||||
Cash Flows from Financing Activities | ||||||||||||
Common dividends paid | (483) | (416) | ||||||||||
Preferred dividends paid | (71) | (28) | ||||||||||
Preferred dividends paid by subsidiary | (1) | (1) | ||||||||||
Issuances of mandatory convertible preferred stock, net of $32 in offering costs | — | 1,693 | ||||||||||
Issuances of common stock, net of $38 in offering costs in 2018 | 20 | 2,090 | ||||||||||
Repurchases of common stock | (18) | (20) | ||||||||||
Issuances of debt (maturities greater than 90 days) | 2,630 | 7,328 | ||||||||||
Payments on debt (maturities greater than 90 days) and finance leases | (871) | (1,799) | ||||||||||
(Decrease) increase in short-term debt, net | (444) | 1,265 | ||||||||||
Proceeds from sale of noncontrolling interest, net of $1 in offering costs | — | 85 | ||||||||||
Purchases of and distributions to noncontrolling interests | (31) | (9) | ||||||||||
Intercompany activities with discontinued operations, net | — | 70 | ||||||||||
Other | (37) | (104) | ||||||||||
Net cash provided by continuing operations | 694 | 10,154 | ||||||||||
Net cash used in discontinued operations | (83) | (44) | ||||||||||
Net cash provided by financing activities | 611 | 10,110 | ||||||||||
Effect of exchange rate changes in continuing operations | — | — | ||||||||||
Effect of exchange rate changes in discontinued operations | — | (3) | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | — | (3) | ||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash, including discontinued operations | 48 | (37) | ||||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 246 | 364 | ||||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, June 30 | $ | 294 | $ | 327 |
(1) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | |||||||||||||||||||
Table D | |||||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | |||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||
(Dollars in millions) | 2019 | 2018(1) | 2019 | 2018(1) | |||||||||||||||
(unaudited) | |||||||||||||||||||
Earnings (Losses) Attributable to Common Shares | |||||||||||||||||||
SDG&E | $ | 143 | $ | 146 | $ | 319 | $ | 316 | |||||||||||
SoCalGas | 30 | 33 | 294 | 258 | |||||||||||||||
Sempra Texas Utilities | 113 | 114 | 207 | 129 | |||||||||||||||
Sempra Mexico | 73 | 97 | 130 | 117 | |||||||||||||||
Sempra Renewables | 46 | (109) | 59 | (88) | |||||||||||||||
Sempra LNG | 6 | (764) | 11 | (780) | |||||||||||||||
Parent and other | (127) | (126) | (244) | (235) | |||||||||||||||
Discontinued operations | 70 | 48 | 19 | 69 | |||||||||||||||
Total | $ | 354 | $ | (561) | $ | 795 | $ | (214) | |||||||||||
Three months ended | Six months ended | ||||||||||||||||||
(Dollars in millions) | 2019 | 2018(1) | 2019 | 2018(1) | |||||||||||||||
(unaudited) | |||||||||||||||||||
Capital Expenditures, Investments and Acquisitions | |||||||||||||||||||
SDG&E | $ | 352 | $ | 376 | $ | 708 | $ | 851 | |||||||||||
SoCalGas | 335 | 380 | 659 | 783 | |||||||||||||||
Sempra Texas Utilities | 1,226 | 117 | 1,282 | 9,278 | |||||||||||||||
Sempra Mexico | 157 | 81 | 242 | 168 | |||||||||||||||
Sempra Renewables | 2 | 6 | 2 | 37 | |||||||||||||||
Sempra LNG | 90 | 91 | 146 | 137 | |||||||||||||||
Parent and other | 3 | 10 | 3 | 403 | |||||||||||||||
Total | $ | 2,165 | $ | 1,061 | $ | 3,042 | $ | 11,657 |
(1) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | ||||||||||||
Table E | ||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||
Three months ended | Six months ended | |||||||||||
UTILITIES | 2019 | 2018 | 2019 | 2018 | ||||||||
SDG&E and SoCalGas | ||||||||||||
Gas sales (Bcf)(1) | 75 | 76 | 214 | 189 | ||||||||
Transportation (Bcf)(1) | 124 | 137 | 268 | 284 | ||||||||
Total deliveries (Bcf)(1) | 199 | 213 | 482 | 473 | ||||||||
Total gas customer meters (thousands) | 6,902 | 6,865 | ||||||||||
SDG&E | ||||||||||||
Electric sales (millions of kWhs)(1) | 3,244 | 3,394 | 6,826 | 7,000 | ||||||||
Direct Access and Community Choice Aggregation (millions of kWhs) | 848 | 926 | 1,688 | 1,671 | ||||||||
Total deliveries (millions of kWhs)(1) | 4,092 | 4,320 | 8,514 | 8,671 | ||||||||
Total electric customer meters (thousands) | 1,463 | 1,453 | ||||||||||
Oncor(2) | ||||||||||||
Total deliveries (millions of kWhs) | 31,516 | 32,658 | 61,628 | 39,313 | ||||||||
Total electric customer meters (thousands) | 3,655 | 3,590 | ||||||||||
Ecogas | ||||||||||||
Natural gas sales (Bcf) | 1 | — | 2 | 6 | ||||||||
Natural gas customer meters (thousands) | 126 | 121 | ||||||||||
ENERGY-RELATED BUSINESSES | ||||||||||||
Power generated and sold (millions of kWhs) | ||||||||||||
Sempra Mexico | ||||||||||||
Termoeléctrica de Mexicali (TdM) | 693 | 824 | 1,830 | 1,777 | ||||||||
Wind and solar(3) | 445 | 351 | 690 | 619 |
(1) | Includes intercompany sales. | |||||||||||
(2) | Includes 100 percent of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an 80.25-percent interest through our March 2018 acquisition of our equity method investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings). Total deliveries for the six months ended June 30, 2018 only include volumes from the March 9, 2018 acquisition date. | |||||||||||
(3) | Includes 50 percent of the total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | |||||||||||||||||||||||||
Revenues | $ | 1,094 | $ | 806 | $ | — | $ | 318 | $ | 3 | $ | 86 | $ | (77) | $ | 2,230 | |||||||||||||||||
Cost of sales and other expenses | (642) | (599) | — | (130) | (9) | (88) | 56 | (1,412) | |||||||||||||||||||||||||
Depreciation and amortization | (189) | (148) | — | (46) | — | (3) | (3) | (389) | |||||||||||||||||||||||||
Gain on sale of assets | — | — | — | — | 61 | — | 5 | 66 | |||||||||||||||||||||||||
Other income (expense), net | 19 | 1 | — | 17 | — | — | (9) | 28 | |||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 282 | 60 | — | 159 | 55 | (5) | (28) | 523 | |||||||||||||||||||||||||
Net interest (expense) income | (101) | (33) | — | (10) | 1 | 13 | (107) | (237) | |||||||||||||||||||||||||
Income tax (expense) benefit | (35) | 4 | — | (44) | (14) | (2) | 44 | (47) | |||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 113 | 4 | 2 | — | (1) | 118 | |||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (3) | — | — | (36) | 2 | — | — | (37) | |||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (35) | (36) | |||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 143 | $ | 30 | $ | 113 | $ | 73 | $ | 46 | $ | 6 | $ | (127) | 284 | ||||||||||||||||||
Earnings from discontinued operations | 70 | ||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 354 | |||||||||||||||||||||||||||||||
Three months ended June 30, 2018(2) | |||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | |||||||||||||||||||||||||
Revenues | $ | 1,051 | $ | 772 | $ | — | $ | 310 | $ | 40 | $ | 79 | $ | (77) | $ | 2,175 | |||||||||||||||||
Cost of sales and other expenses | (667) | (565) | — | (123) | (23) | (91) | 54 | (1,415) | |||||||||||||||||||||||||
Depreciation and amortization | (169) | (138) | — | (43) | (14) | (11) | (2) | (377) | |||||||||||||||||||||||||
Impairment losses | — | — | — | — | — | (1,300) | — | (1,300) | |||||||||||||||||||||||||
Other income (expense), net | 25 | 13 | — | (95) | — | — | 1 | (56) | |||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 240 | 82 | — | 49 | 3 | (1,323) | (24) | (973) | |||||||||||||||||||||||||
Net interest (expense) income | (52) | (25) | — | (14) | (3) | 6 | (122) | (210) | |||||||||||||||||||||||||
Income tax (expense) benefit | (42) | (23) | — | 55 | 58 | 506 | 48 | 602 | |||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 114 | 71 | (187) | 1 | (3) | (4) | |||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | — | — | — | (64) | 20 | 46 | — | 2 | |||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (25) | (26) | |||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 146 | $ | 33 | $ | 114 | $ | 97 | $ | (109) | $ | (764) | $ | (126) | (609) | ||||||||||||||||||
Earnings from discontinued operations | 48 | ||||||||||||||||||||||||||||||||
Losses attributable to common shares | $ | (561) |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||||
Six months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||||
Revenues | $ | 2,239 | $ | 2,167 | $ | — | $ | 701 | $ | 10 | $ | 227 | $ | (216) | $ | 5,128 | ||||||||||||||||||
Cost of sales and other expenses | (1,339) | (1,512) | — | (322) | (20) | (230) | 154 | (3,269) | ||||||||||||||||||||||||||
Depreciation and amortization | (375) | (295) | — | (90) | — | (5) | (7) | (772) | ||||||||||||||||||||||||||
Gain on sale of assets | — | — | — | — | 61 | — | 5 | 66 | ||||||||||||||||||||||||||
Other income, net | 41 | 17 | — | 36 | — | — | 16 | 110 | ||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 566 | 377 | — | 325 | 51 | (8) | (48) | 1,263 | ||||||||||||||||||||||||||
Net interest (expense) income | (203) | (67) | — | (21) | 8 | 23 | (216) | (476) | ||||||||||||||||||||||||||
Income tax (expense) benefit | (40) | (15) | — | (116) | (4) | (6) | 92 | (89) | ||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 207 | 6 | 5 | 2 | (1) | 219 | ||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | (4) | — | — | (64) | (1) | — | — | (69) | ||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (71) | (72) | ||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 319 | $ | 294 | $ | 207 | $ | 130 | $ | 59 | $ | 11 | $ | (244) | 776 | |||||||||||||||||||
Earnings from discontinued operations | 19 | |||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 795 | ||||||||||||||||||||||||||||||||
Six months ended June 30, 2018(2) | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||||
Revenues | $ | 2,106 | $ | 1,898 | $ | — | $ | 618 | $ | 65 | $ | 183 | $ | (159) | $ | 4,711 | ||||||||||||||||||
Cost of sales and other expenses | (1,308) | (1,278) | — | (252) | (44) | (193) | 114 | (2,961) | ||||||||||||||||||||||||||
Depreciation and amortization | (335) | (273) | — | (86) | (27) | (22) | (6) | (749) | ||||||||||||||||||||||||||
Impairment losses | — | — | — | — | — | (1,300) | — | (1,300) | ||||||||||||||||||||||||||
Other income (expense), net | 53 | 46 | — | (2) | — | — | (1) | 96 | ||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 516 | 393 | — | 278 | (6) | (1,332) | (52) | (203) | ||||||||||||||||||||||||||
Net interest (expense) income | (103) | (52) | — | (29) | (6) | 11 | (208) | (387) | ||||||||||||||||||||||||||
Income tax (expense) benefit | (98) | (82) | — | (100) | 65 | 494 | 81 | 360 | ||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 129 | 30 | (182) | 1 | (3) | (25) | ||||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests | 1 | — | — | (62) | 41 | 46 | — | 26 | ||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | (53) | (54) | ||||||||||||||||||||||||||
Earnings (losses) | $ | 316 | $ | 258 | $ | 129 | $ | 117 | $ | (88) | $ | (780) | $ | (235) | (283) | |||||||||||||||||||
Earnings from discontinued operations | 69 | |||||||||||||||||||||||||||||||||
Losses attributable to common shares | $ | (214) |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | |||||||||||||||||||||||||||||||||
(2) | Amounts have been retrospectively adjusted for discontinued operations. |
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SOURCE Sempra Energy
PIXLEY, Calif., July 29, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today joined Calgren Dairy Fuels, and state and local elected officials to announce the completion of Calgren's dairy renewable natural gas facility. The project, located in the Central Valley community of Pixley, is the first of its kind in California and is expected to be the largest dairy biogas operation in the U.S. later this year. At the new facility, Calgren collects cow manure – a potent source of greenhouse gas emissions - from four local dairy farms and processes it in an anerobic digestor that accelerates the natural decomposition process. Methane emissions (biogas) from that process are captured and converted to make renewable vehicle fuels. Producing pipeline quality renewable natural gas (RNG) that is then injected into the SoCalGas pipeline system which allows Calgren to supply RNG to existing compressed natural gas (CNG) refueling facilities. Ultimately, this also has the potential to be delivered to customers to fuel ultra-low emissions trucks and buses, generate clean electricity, and heat homes and businesses.
Calgren plans to partner with eight additional dairy farms by the end of 2019, which will make the facility the largest dairy biogas project in the nation. At a ceremony today marking the completion of the project, SoCalGas presented Calgren with a $5 million incentive check authorized by the California Public Utilities Commission (CPUC) to support the development of renewable energy projects.
"As part of our vision to be the cleanest natural gas company in North America, we have committed to replacing 20 percent of the natural gas we deliver today with renewable natural gas, primarily from organic sources, by 2030," said Jeff Walker, vice president of customer solutions at SoCalGas. "Renewable natural gas is a ready, reliable and realistic way to reduce GHG emissions and pollution from heavy duty transportation and buildings and will help ensure that families and businesses have an affordable option for heating and cooking as California transitions to a clean energy future."
"Calgren is proud to be the first facility in California to operate a dairy digester pipeline cluster and to work with both the dairies and SoCalGas to mitigate emissions," said Walt Dwelle, principal owner of Calgren Renewable Fuels. "This facility alone will eventually capture methane produced from the manure of more than 75,000 cows, preventing about 130,000 tons of greenhouse gas from entering the atmosphere each year, the equivalent of taking more than 25,000 passenger cars off the road for a year."
RNG is a renewable fuel produced from food waste, farms, landfills, and even sewer systems. It can rapidly cut greenhouse gas emissions (GHGs) because it takes more climate pollution out of the air than it emits as an energy source. RNG is already helping eliminate emissions from trucks and buses. Over the last five years, RNG use as a transportation fuel has increased 577 percent, helping displace over seven million tons of carbon dioxide equivalent (how greenhouse gas emissions are measured). That's equal to the total energy used by more than 868,000 homes for one year.
SoCalGas is working to build on RNG's success in the transportation sector by making it available to fuel the homes of the company's 21 million customers across Southern California. Earlier this year, SoCalGas' committed to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030 – as part of a broad, inclusive and integrated plan to help to help achieve California's ambitious climate goals.
To kickstart the plan, SoCalGas will pursue regulatory authority to implement a broad renewable natural gas procurement program with a goal of replacing five percent of its natural gas supply with RNG by 2022. SoCalGas also recently filed a request with the CPUC to allow customers to purchase renewable natural gas for their homes. SoCalGas seeks to have CPUC approval of its voluntary program by the end of the year.
Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electric only energy and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects.
Today organic waste from farms, landfills, and wastewater treatment plants account for 80 percent of methane emissions in California. A 2016 law requires 40 percent of methane from the state's landfills and dairies to be captured, with provisions to deliver that energy to customers. This will bolster the supply of RNG that is already growing rapidly as cities and towns across the country look to divert organic waste from landfills. In California, scientists at the University of California, Davis estimate that the state's existing organic waste could produce enough RNG to meet the needs of 2.3 million homes.
"Renewable natural gas is a viable and cost-effective solution to achieving emissions reductions in this state," said Tulare County Supervisor Pete Vander Poel. "Tulare County is the dairy capital of the world, and it's fantastic to see industries working together to have a positive impact on our air and environment. Innovation like this will not only reduce greenhouse gases and improve air quality, it will provide job opportunities for county residents and economic growth."
"Renewable natural gas is a smart way to address climate pollution," said Assemblymember Devon Mathis (26th District). "It not only helps develop new businesses and economic opportunities, it also reduces emissions while allowing people to keep the option of using gas for home heating, cooking and other needs."
The dairy digesters in the Calgren project and others like it are also partly funded under California's Dairy Digester Research and Development Program, which aims to reduce greenhouse gas emissions from manure generated at state dairy farms. The state currently has about 30 operational dairy RNG projects and 50 more in various stages of development that will result in more than 50 million metric tons of greenhouse gas reduction (CO2e) over the next 20 years, according to the industry group Dairy Cares. Experts estimate as many as 120 projects could be funded and operating in the next five years.
For more information on SoCalGas vision for California's clean energy future, visit www.socalgas.com/vision
Please see photos from the event here: https://flic.kr/s/aHsmFBtc4t
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram(@SoCalGas) and Facebook.
About Calgren Dairy Fuels, LLC
With its affiliates, Calgren has been producing renewable fuels in California's Central Valley since 2008. The carbon intensity of its fuel ethanol is among the lowest available. As a result of its pipeline dairy digester project, Calgren has added renewable compressed natural gas to its slate of products. The company also produces low carbon renewable biodiesel from waste feed stocks without the use of chemical catalysts.
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SOURCE Southern California Gas Company
LOS ANGELES, July 25, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced its recognition by the U.S. Environmental Protection Agency with an ENERGY STAR Certified Homes Market Leader award for 2018. The award acknowledges SoCalGas' commitment to promoting environmental protection and energy efficient construction through the California ENERGY STAR New Homes Program Marketing Support Bonus offered as part of its California Advanced Homes Program. The company also received this award in 2015 and 2017.
"SoCalGas is committed to reducing greenhouse gas emissions, and one way we do that is by encouraging the construction of homes that meet ENERGY STAR guidelines," said Dan Rendler, director of customer programs and assistance at SoCalGas. "We are pleased the U.S. EPA continues to recognize our leadership in the area of energy efficiency and are proud to receive this award yet again."
"The success of the ENERGY STAR program is grounded in the great work of our partners, and our Market Leader Award winners demonstrate a high level of commitment to making ENERGY STAR certified homes and apartments available to American consumers," said an ENERGY STAR program spokesperson.
"Energy efficiency is an important part of reducing our impact on the environment and providing environmentally-conscious construction to homebuyers," said Bill Holford, president of Olson Communities at The Olson Company. "SoCalGas' commitment to energy efficiency is admirable and we are proud to be one of their partners."
SoCalGas continues to be a leader in researching and developing new technologies that improve energy efficiency and protect the environment. Between 2014 and 2018, SoCalGas energy efficiency programs delivered more than 180 million therms in energy savings, enough natural gas usage for 403,000 households a year, and reducing greenhouse gas emissions (GHGs) by nearly 955,000 metric tons, the equivalent of removing more than 202,000 cars from the road annually. These advances have also helped save SoCalGas customers more than $198 million in utility bill costs. In 2018 alone, SoCalGas' energy efficiency programs saved customers $57 million.
In addition to SoCalGas' energy efficiency programs, the company is focused on reducing greenhouse gas emissions and help meet the state's ambitious climate goals though a recently announced, bold plan to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. The announcement is part of SoCalGas' vision to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. To kickstart the plan, SoCalGas will pursue regulatory authority to implement a broad renewable natural gas procurement program with a goal of replacing five percent of its natural gas supply with RNG by 2022. The company has also requested that the California Public Utilities Commission allow it to offer customers the option of purchasing a portion of their gas as renewable natural gas.
Renewable natural gas is a clean fuel produced from our waste streams (i.e., sewers and food waste, as well as dairy and agriculture waste) and can be used like traditional natural gas to heat homes and businesses, for cooking, and to fuel trucks and buses. RNG reduces GHG emissions because it takes more GHG emissions out of the air than it emits as an energy source. It also has the same positive impact to the environment as electrifying all homes and buildings in California but at one half to one third of the cost to ratepayers.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, July 23, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today alerted customers about reports of a possible scam in areas impacted by recent earthquakes. Earlier this week, SoCalGas customers in the City of Tustin reported being approached by a door-to-door salesperson offering to install an earthquake shutoff valve and promising that SoCalGas would provide a rebate. While earthquake shutoff valves are available and can be installed by a licensed professional, SoCalGas does not currently offer a rebate for earthquake shutoff valves.
During an earthquake, SoCalGas advises customers not to shut off their own gas service unless they smell, hear, or see signs of a natural gas leak, and only if conditions are safe to do so. SoCalGas' natural gas system is resilient during earthquakes and shaking does not typically result in a natural gas leak. Customers should look, listen and smell for signs of a natural gas leak after an earthquake. If a gas leak is suspected, customers should evacuate everyone from the area immediately.
If customers turn off their natural gas during an earthquake or other emergency, they should never attempt to restore natural gas service themselves. Customers should instead call SoCalGas at 1-800-427-2200 (or 1-800-342-4545 in Spanish) to schedule an appointment to have their natural gas service safely restored by a professional.
In addition to knowing when to turn off your natural gas service, there are several steps customers can take to prepare for earthquakes or other emergencies. They include:
If you are approached at home by someone claiming to be a SoCalGas representative, please remember: SoCalGas employees carry proper identification when called out to any job. Customers should verify the employee's proper uniform and identification before letting anyone in the home or on their property. SoCalGas employees will always be happy to wait while the customer confirms their identity.
For more information about some of the most common scams targeting utility customers, visit socalgas.com/scam-alert.
For a complete list of rebates offered by SoCalGas, visit our website.
For more information on emergency preparedness and other helpful emergency tips, visit socalgas.com/beprepared.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
DALLAS, July 19, 2019 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its second quarter 2019 results on Aug. 2, prior to Sempra Energy's (NYSE: SRE) second quarter 2019 conference call. Oncor's earnings release will be available at oncor.com.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, on Aug. 2 that will include discussion of Oncor's second quarter 2019 operational and financial results. Sempra Energy is the indirect owner of 80.25% of Oncor's outstanding equity interests. Investors, media, analysts and the public may listen to a live webcast of the conference call on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link. Prior to the conference call, an accompanying slide presentation will be posted on Sempra Energy's website.
For those unable to participate in the live event, a replay of Sempra Energy's call will be available a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 7726556.
Oncor's Quarterly Report on Form 10-Q for the period ended June 30, 2019 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest distribution and transmission system in Texas, delivering power to more than 3.6 million homes and businesses and operating more than 138,500 miles of transmission and distribution lines in Texas.. While Oncor is owned by two investors (indirect majority owner, Sempra Energy, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, July 19, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its second-quarter 2019 earnings at 7 a.m. ET, Aug. 2.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, Aug. 2. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted at 7 a.m. ET, Aug. 2, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7726556 or it can be accessed on the company's website.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
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SOURCE Sempra Energy
SAN DIEGO, July 8, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Brian L. Kelly has been named vice president of federal government affairs for Sempra Energy, effective today. Kelly will be based in Washington, D.C., and will lead Sempra Energy's federal legislative and regulatory priorities.
Kelly succeeds Maryam Sabbaghian Brown, who became president of Southern California Gas Co., a Sempra Energy company, in March.
"With his deep experience in the energy sector and federal government affairs, Brian will be a key member of our management team as we further advance our mission to be North America's premier energy infrastructure company," said Dennis V. Arriola, executive vice president and group president for Sempra Energy. "He brings a unique understanding of how public policy intersects with our mission, and his expertise will help us continue to build a stronger company for our customers, shareholders and employees. He joins an already strong team in Washington, D.C. that has helped Sempra Energy effectively advocate to our key federal stakeholders."
Kelly has extensive experience in public policy and government affairs. Most recently, he was founder and president of BK Strategies, a strategic and tactical consulting firm based in Washington, D.C. At BK Strategies, Kelly managed a diverse client list, including large multinational companies and foreign governments, with a focus on enhancing the organizations' goals and expanding business opportunities.
Previously, Kelly served as senior director of America's Natural Gas Alliance. As senior director, Kelly directed legislative and public policy for the natural gas industry's largest independent producers at the federal, state and local levels.
Prior to that, Kelly served as senior director of Comcast Corporation, managing legislative and policy efforts for the company. He has also previously served as senior vice president of global government affairs and communications for the Electronic Industries Alliance, director of government affairs for the Walt Disney Company, and director of legislative affairs for the National Association of Broadcasters.
Kelly holds a bachelor's degree in public administration from Samford University in Birmingham, Alabama.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego- based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement or the United States-Mexico-Canada Agreement (subject to congressional approval), that may increase our costs or impair our ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, July 5, 2019 /PRNewswire/ -- McDermott International (McDermott) and Chiyoda International (Chiyoda) announced today they have reached an agreement with Cameron LNG for performance-based commercial considerations related to the construction and commissioning schedule that further aligns the interests of all parties around safe, timely completion of Phase 1 of Cameron LNG, a three-train liquefaction-export project under construction in Hackberry, La.
McDermott and Chiyoda are providing the engineering, procurement and construction for the first three liquefaction trains at the Cameron LNG export project. Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy (NYSE: SRE) indirectly owns 50.2% of Cameron LNG.
Sempra Energy issued the following media statement regarding the agreement discussed above:
"As previously announced, commissioning of Train 1 at Cameron LNG continues to advance, and the first commissioning cargo was shipped from the facility earlier this year. Consistent with previously disclosed timing, Train 2 and Train 3 are expected to begin producing liquefied natural gas (LNG) in the first quarter 2020 and second quarter 2020, respectively.
"We believe it is reasonable to expect that the overall economics of Cameron LNG will not significantly change as a result of this agreement. Sempra Energy's projected share of full-year run-rate earnings from the first three trains at Cameron LNG continues to range between $400 million and $450 million annually.
"Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America: Cameron LNG Phase 2, previously authorized by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks, Port Arthur LNG in Texas and Energía Costa Azul (ECA) LNG Phase 1 and Phase 2 in Mexico.
"Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG export project, is subject to a number of risks and uncertainties."
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, July 3, 2019 /PRNewswire/ -- Sempra Energy's (NYSE:SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its second-quarter 2019 earnings at 6 p.m. ET, July 24, in advance of a conference call with IEnova executives at 11 a.m. ET, July 25.
Briefing materials also will be posted by 6 p.m. ET, July 24, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 1267648#.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2018, the company has more than 1,000 employees and approximately $8.8 billion dollars in total assets, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
BRAWLEY, Calif., June 27, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas), in collaboration with Hyperlight Energy, Genifuel Corporation, the STARS Corporation, Pacific Northwest National Laboratory (PNNL) and the National Renewable Energy Laboratory (NREL) today held a public exhibition of three innovative, cost-competitive renewable energy technology projects at the San Diego State University Center for Energy Sustainability in Brawley, Calif. Local officials, members of the business community and energy policymakers had the opportunity to learn about the innovative research behind the projects. These projects, which have received funding from SoCalGas, the California Energy Commission (CEC) and the U.S. Department of Energy (DOE), support the commercialization of low-cost, commercial-scale renewable energy technology that can help California achieve its ambitious climate goals.
The SDSU Center for Energy Sustainability promotes excellence in renewable energy research, provides academic and professional education relevant to California's energy future and contributes to one of the most renewable energy-rich locations in the world.
"We know that there is no simple, single solution to the problem of climate change," said Yuri Freedman, senior director of business development for SoCalGas. "That is why these types of partnerships, and the research that develops from them, are critical for reaching our environmental goals and keeping California at the forefront of clean energy leadership."
The Hyperlight system operating at the Center for Energy Sustainability is a concentrated solar power (CSP) technology which uses sunlight to produce heat for industrial processes. Water-filled trays support low-cost, linear solar reflectors that aim sunlight onto a heat receiving element. The system produces high-temperature steam that can serve a range of commercial, industrial and agricultural process heat applications. Currently, the Hyperlight technology is working in conjunction with Genifuel's hydrothermal processing (HTP) technology. HTP uses heat and pressure to convert wet organic matter, such as manure, algae and biosolids into renewable natural gas. In this project, the heat is supplied by the sun through the Hyperlight system. HTP reduces greenhouse gas emissions by three times that of traditional anaerobic digestion and costs about half as much. It is a highly efficient process, capturing 86 percent of the energy in the waste and using only 14 percent to process it.
"Hydrothermal processing converts wet waste materials into renewable oil and natural gas, directly offsetting the use of fossil fuels," said James Oyler, president of Genifuel Corporation. "There are enormous amounts of these materials which would otherwise degrade the environment instead of contributing clean renewable energy. This project shows how the process could benefit California's dairy industry by converting dairy cow manure into renewable fuels."
The third technology demonstrated is the R&D 100 Award-winning solar thermochemical advanced reactor system (STARS). Results from extensive testing show that STARS produces hydrogen from sunlight at record levels of solar-to-chemical energy conversion efficiency. By reacting water with methane, which provides an energy boost, the compact (measuring just a few cubic feet) modular system produces about 15 times more hydrogen than a combination of photovoltaics and electrolysis for the same amount of solar energy.
Initial planned applications include locating STARS systems at fueling stations to produce low-cost hydrogen for fuel cell vehicles. Transportation accounts for about 40 percent of California's greenhouse gas emissions. Zero-emission vehicles, like those powered by hydrogen fuel cells, can help achieve critical emissions reductions.
"The deployment of fuel cell vehicles has been slowed by limited availability of low-cost hydrogen at filling stations," said Robert Wegeng, president of STARS Technology Corporation and a former technology developer at the Pacific Northwest National Laboratory. "Combining concentrated solar energy with advanced chemical process units plus water and low-cost, carbon-lean natural gas provides a near-term opportunity for cheap hydrogen at the locations where it is needed. This gives fuel cell vehicles an opportunity to compete in the marketplace and will help California achieve its goals of net-neutral carbon emissions by 2045, net-negative afterwards."
All of these projects have "real world" applications. For example, Genifuel's hydrothermal technology is currently being implemented in two commercial projects to process wastewater solids. One project is in at the Central Contra Costa Sanitary District in Martinez Calif., and the other is at Metro Vancouver in Vancouver, Canada.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, June 20, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it will continue its grant program that helps California cities become more resilient in the face of climate change risks such as flooding, wildfires, extreme heat, drought, sea level rise, and other extreme weather events. The competitive grant program provides $50,000 to each of two municipalities in the utility's service territory and is designed to help cities and counties reduce the impact of climate change-related threats, which are expected to increase over the next decade. An advisory panel of planning and sustainability experts from Climate Resolve and the American Planning Association-California Chapter (APA-California) will select the winning applications from across Southern and Central California.
"Having a diverse energy supply that includes natural gas gives cities the ability to recover more quickly from disasters, increasing their resiliency," said George Minter, regional vice president of external affairs and environmental strategy for SoCalGas. "And when natural gas is derived from renewable sources like wastewater, landfills, or dairy farms, it reduces greenhouse gases that contribute to climate change."
"Climate change demands proactive and immediate responses across all planning sectors, including land use, transportation, natural resource management, public health and economic development," said Ashley Atkinson, director of the American Planning Association's Los Angeles section. "This kind of investment in planning is critical to creating stronger communities."
"Climate change is upon us. The impacts of climate pollution are already being felt in Southern California in the form of prolonged and more severe droughts, larger and more intense wildfires, more intense precipitation events, hotter heat waves … the list goes on," said Bryn Lindblad, Climate Resolve's deputy director. "Cities and counties must take stock of this 'new normal' and plan for ways that they can improve their climate resilience."
Grant proposals will be assessed according to the following criteria:
Collaboration: The extent to which the proposal reflects coordination and partnerships with a diverse range of stakeholders such as energy and water utilities, transportation, housing agencies, etc.
Disadvantaged Communities: SoCalGas encourages applicants to address vulnerabilities in disadvantaged communities.
Co-Benefits: The extent to which the proposal identifies potential added benefits of the adaptation work, such as benefits to public health, air quality, reductions in greenhouse gas emissions, and the economy.
The annual grants will be funded by shareholders and will not impact natural gas bills. The deadline to submit proposals is September 20, 2019.
Last year, the City of Redlands and the City of Artesia were awarded the two SoCalGas adaptation and resiliency grants. Both cities used the funds to update their hazard mitigation plans, which help cities plan and prepare for natural disasters and extreme weather events. Because of the grants, Redlands and Artesia became eligible for Federal hazard mitigation awards that require matching funds from local sources.
SoCalGas is a leader in developing and investing in technologies that reduce air pollution and greenhouse gas emissions linked to climate change. Earlier this year, the company announced plans to offer renewable natural gas to its 21 million customers in Central and Southern California. The program is part of SoCalGas' overall vision to be the cleanest natural gas utility in North America. As part of this plan, the utility committed to displacing 20 percent of its traditional natural gas supply with RNG by 2030 and replacing five percent of the traditional gas supply with RNG by 2022.
Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electric only energy and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects.
For more information about SoCalGas' environmental initiatives, go to socalgas.com/smart-energy.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, June 18, 2019 /PRNewswire/ -- Today, the Sempra Energy (NYSE:SRE) board of directors declared a quarterly dividend of $0.9675 per share of common stock. The common stock dividend is payable July 15, 2019, to common stock shareholders of record at the close of business on July 5, 2019.
The company's board of directors also declared a quarterly dividend of $1.50 per share on Sempra Energy's 6% Mandatory Convertible Preferred Stock, Series A (Preferred Stock, Series A). The Preferred Stock, Series A, dividend will be payable July 15, 2019, to Preferred Stock, Series A, shareholders of record at the close of business on July 1, 2019.
Additionally, Sempra Energy's board of directors declared a quarterly dividend of $1.6875 per share on the company's 6.75% Mandatory Convertible Preferred Stock, Series B (Preferred Stock, Series B). The Preferred Stock, Series B, dividend will be payable July 15, 2019, to Preferred Stock, Series B, shareholders of record at the close of business on July 1, 2019.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego- based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement or the United States-Mexico-Canada Agreement (subject to congressional approval), that may increase our costs or impair our ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
MONTREAL, June 5, 2019 /PRNewswire/ -- Énergir (Canada), SoCalGas (US), and French utilities GRDF and GRTgaz today shared a global discussion and their visions on viable solutions for fighting climate change. The presentation was part of the Movin'On Summit and brought together executives from each of the utilities. The theme for this year's summit is "Solutions for Multimodal Ecosystems" and examines decarbonization and air quality, urban transit and society, innovative technologies, goods movement and the circular economy.
Some of the highlights from the event, moderated by Énergir CEO Sophie Brochu, included discussion on the role of renewable gas and its growth potential, renewable energy technologies such as power-to-gas and effective ways to reduce transportation emissions through the deployment of natural gas vehicles fueled with renewable gas.
"It's time to move from deliberation to action. Now more than ever, renewable natural gas has a role to play in the energy transition," said Sophie Brochu, President and Chief Executive Officer of Énergir. "We need to capitalize on the experiences of our partners to continue and accelerate the development of this sector in Québec with a renewed commitment to resolve issues in the fight against global warming."
"We appreciate the collaboration we have built with Énergir, GRDF and GRTgaz because international dialogue and cooperation is how we will achieve global environmental goals," said Maryam Brown, president for SoCalGas. "We must all work together on ways to reduce emissions and minimize waste, that is why SoCalGas is committed to replacing 20 percent of our traditional natural gas supply with renewable natural gas by 2030."
"The collaboration between our four companies focuses on the development of solutions supporting low-carbon and circular economy," said Edouard Sauvage, chief executive officer of GRDF. "We joined our efforts in order to speed up the development of renewable gas and bioNGV as they are mature technologies which massively contribute to lowering CO2 emissions and improving air quality."
"And it is this combination: the environmental advantage and economic and operational performance which now allows the actors to 'go ahead' and explains this take-off of gas mobility," said Pierre Duvieusart, Deputy CEO of GRTgaz.
The Movin'On Summit marks the first time executives from this association of innovative energy utilities have presented publicly as a group since announcing a collaboration between the four companies last year. All four utilities share a common goal of advancing policies to combat climate change while providing customers with reliable and affordable energy solutions. As part of the collaboration, representatives from each company speak regularly to learn about research and development initiatives and ways to achieve policy initiatives.
In the last year, the group has visited the innovative demonstrator GRHYD in the North of France which is testing injection of hydrogen into the GRDF grid, a biomethane injection plant and GRTgaz' Jupiter 1000 power-to-gas demonstration project in southern France, SoCalGas funded research and development projects in California and will visit a biomethane project in Quebec hosted by Énergir this month.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Énergir
With more than $7 billion in assets, Énergir is a diversified energy company whose mission is to meet the energy needs of its 520,000 customers and the communities it serves in an increasingly sustainable way. In Québec, it is the leading natural gas distribution company and also produces, through its subsidiaries, electricity from wind power. In the United States, through its subsidiaries, the company operates in nearly fifteen states, where it produces electricity from hydraulic, wind and solar sources, in addition to being the leading electricity distributor and the sole natural gas distributor in Vermont. Énergir values energy efficiency and invests both resources and efforts in innovative energy projects such as renewable natural gas and liquefied and compressed natural gas. Through its subsidiaries, it also provides a variety of energy services. Énergir hopes to become the partner of choice for those striving toward a better energy future.
Twitter: @Energir_
About GRDF
GRDF is the operator of the main natural gas distribution network in France, GRDF distributes natural gas each day to more than 11 million customers to ensure that they have gas when they need it, regardless of their supplier. This convenient, affordable, comfortable, and modern source of energy enables people to heat their homes, cook, and get around.
To provide this public service, GRDF builds, operates, and maintains the largest transmission network in Europe (200,715 km) and develops it in more than 9,500 municipalities while ensuring the safety of people and property, as well as high-quality distribution.
Twitter: @grdf
About GRTGaz
GRTgaz is a world expert in gas transmission networks and systems and a leading European gas transmission system operator. In France, GRTgaz owns and operates more than 32,500 km of buried pipes and 26 compression stations used to ship gas between suppliers and consumers. GRTgaz is committed to ensuring security of supply to consumers, connecting territories and communities with great care for the environment. GRTgaz delivers innovative and accessible solutions to accelerate and secure a successful energy transition by connecting the energies of tomorrow, driving the growth of renewables and new uses for gas while fostering synergy between electricity and gas systems. For more information, go to www.grtgaz.com
Twitter: @GRTgaz
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SOURCE Southern California Gas Company
SAN DIEGO, May 31, 2019 /PRNewswire/ -- Sempra LNG, a subsidiary of Sempra Energy (NYSE: SRE), today announced that Cameron LNG has shipped the first commissioning cargo of liquefied natural gas (LNG) from the first liquefaction train of the export project in Hackberry, La.
"This achievement brings Cameron LNG, one of Sempra's five strategically located LNG infrastructure projects, one step closer to commercial operations," said Carlos Ruiz Sacristán, chairman and CEO of Sempra North American Infrastructure. "Seeing the first tanker depart loaded with U.S. LNG produced at this world-class facility is significant for our company."
Commissioning cargos are a critical step in the start-up process and support stabilizing production and performance testing. Commercial operations from the facility will begin after Cameron LNG receives authorization from the Federal Energy Regulatory Commission (FERC), which is expected in mid-2019.
More than 72 million hours were spent safely constructing the Cameron LNG export project to date, with nearly 11,000 workers supporting peak construction.
Phase 1 of the Cameron LNG export project includes the first three liquefaction trains that will enable the export of approximately 12 million tonnes per annum (Mtpa) of LNG, or approximately 1.7 billion cubic feet per day.
Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG.
Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America: Cameron LNG Phase 2, previously authorized by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks; Port Arthur LNG in Texas, which recently was approved by FERC; and Energía Costa Azul LNG Phase 1 and Phase 2 in Mexico.
Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG facility, is subject to a number of risks and uncertainties.
Sempra LNG develops, builds and invests in natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets, which would make Sempra Energy one of North America's largest developers of LNG-export facilities.
Visit sempra.com/mediakits for high resolution, downloadable images and b-roll, and additional facts about Sempra LNG and Cameron LNG.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, May 29, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas), the Metropolitan Water District of Southern California (MWD) and Los Angeles Department of Water and Power (LADWP) awarded the Los Angeles Unified School District (Los Angeles Unified) close to $600,000 in energy and water efficiency program rebates. Los Angeles Unified received $482,500 through SoCalGas' "Energy Efficiency Rebates for Business" program and $96,000 in rebates from MWD and LADWP through the "SoCalWater$mart" program. The rebates stemmed from the purchase of nearly 200 new high-efficiency natural gas pressure-less steamers placed in the kitchens at more than 90 Los Angeles Unified schools. Representatives from SoCalGas, MWD and LADWP presented the rebate checks at the May 28 Board of Education Committee of the Whole meeting. Photos from the check presentation may be viewed here.
The new equipment will be used to prepare lunches for more than 120,000 Los Angeles Unified students. The steamers replaced 15 to 20-year-old units that were much less energy and water efficient than the new models. In addition to the cost-savings on the purchase of the equipment, Los Angeles Unified will save more than 285,000 therms of natural gas and about 163 million gallons of water over its lifetime.
"We are always on the lookout for ways to help our customers save money and energy and reduce emissions to help fight climate change," said Dan Rendler, director of customer programs at SoCalGas. "We are pleased to provide these rebates to Los Angeles Unified, which are a great example of how we work collaboratively with other agencies to seek out and deliver valuable cost-savings to our customers."
"Metropolitan has made it a priority to improve water efficiency wherever we can – in homes, in businesses and in schools. But implementing improvements like this take willing partners, and we're grateful to Los Angeles Unified and SoCalGas for making the effort to conserve water," said MWD water efficiency manager Bill McDonnell. "Climate change and a growing population mean we all have to do our part to use our limited water resources wisely."
"LADWP is excited to be a part of Los Angeles Unified's push to increase efficiency in their food preparation process. This is another example of our successful joint endeavor to bring water and energy efficiency benefits to our local schools," said Sharon Grove, LADWP Assistant General Manager of the Customer Service Division. "Together with our partner agencies, LADWP is helping our customers save water, energy and money by offering a variety of rebate and custom incentive programs."
"Los Angeles Unified is very excited about enhancing our food menu to provide our students with more variety and options," said Director of Food Services Manish Singh. "The steamers will provide us with the capability to add steamed vegetables, pot stickers and dumplings to our menu selection, which will benefit over 120,000 students at more than 90 school sites. Los Angeles Unified will continue to add steamers at more schools."
SoCalGas is a leader in the research and development of new technologies that increase energy efficiency, reduce air pollution and greenhouse gas emissions and keep bills affordable for customers. Last year, SoCalGas awarded more than $5.7 million in rebates to residential customers and more than $7.2 million in rebates to business customers. In the last five years alone, SoCalGas energy efficiency programs have saved more than 146 million therms, enough to power 326,000 households a year. These programs also generated nearly $862 million in avoided energy costs, including $161 million in annual customer bill savings during that same 5-year period. Energy efficiency is a part of SoCalGas' vision to be the cleanest natural gas utility in North America.
Metropolitan Water District, in partnership with LADWP and other member agencies, offers a variety of residential and commercial rebates for water-saving appliances, toilets, sprinklers and irrigation systems through its SoCalWater$mart program. It also offers rebates to residents and business owners who replace their thirsty grass with more water-efficient sustainable landscaping. Metropolitan's investment of nearly $800 million in these and other conservation programs since the 1990s has helped cut Southern California's per capita water use by more than 35 percent. More information about Metropolitan's water-saving efforts can be found on the district's online conservation rebate portal, bewaterwise.com.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About the Metropolitan Water District of Southern California
The Metropolitan Water District of Southern California is a state-established cooperative that delivers water to 26 member agencies, which along with their retail providers serve 19 million people in six counties. The district imports water from the Colorado River and Northern California to supplement local supplies, and helps develop increased water conservation, recycling, storage and other resource-management programs.
About the Los Angeles Department of Water and Power
The Los Angeles Department of Water and Power (LADWP) is the nation's largest municipal utility, with a 7,880 megawatt (MW) electric capacity and serving an average of 438 million gallons of water per day to the 4 million residents of the City of Los Angeles, its businesses and visitors. For more than 100 years, LADWP has provided the city with reliable water and power service in a cost effective and environmentally responsible manner.
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SOURCE Southern California Gas Company
LOS ANGELES, May 24, 2019 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | |
Preferred Stock | $0.375 per share |
Preferred Stock, Series A | $0.375 per share |
The dividends are payable on July 15, 2019, to shareholders of record on June 10, 2019.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
DHAHRAN, Saudi Arabia and SAN DIEGO, May 22, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) and Saudi Aramco today announced their respective subsidiaries, Sempra LNG and Aramco Services Company, have signed a heads of agreement (HOA). The HOA anticipates the negotiation and finalization of a definitive 20-year liquefied natural gas (LNG) sale-and-purchase agreement (SPA) for 5 million tonnes per annum (Mtpa) of LNG offtake from Phase 1 of the Port Arthur LNG export project under development. It also includes the negotiation and finalization of a 25% equity investment in Phase 1 of Port Arthur LNG.
Amin Nasser, Saudi Aramco's CEO & President, said, "The agreement with Sempra LNG is a major step forward in Saudi Aramco's long term strategy to become a leading global LNG player. With global demand for LNG expected to grow by around 4% per year, and likely to exceed 500 million metric tons a year by 2035, we see significant opportunities in this market and we will continue to pursue strategic partnerships which enable us to meet rising global demand for LNG."
"At Sempra Energy, we are developing one of the largest LNG export infrastructure portfolios in North America, with an eye towards connecting millions of consumers to cleaner, more reliable energy sources," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We are pleased to partner with affiliates of Saudi Aramco, the largest oil and gas company in the world, to advance the development of Sempra LNG's natural gas liquefaction facility in Texas and enable the export of American natural gas to global markets."
The proposed Port Arthur LNG Phase 1 project is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities that should enable the export of approximately 11 Mtpa of LNG on a long-term basis. Port Arthur LNG could be one of the largest LNG export projects in North America, with potential expansion capabilities up to eight liquefaction trains or approximately 45 Mtpa of capacity.
Notes to Editors
About Aramco Services Company
Aramco Services Company (ASC) is the U.S.-based subsidiary of Saudi Aramco, a world leader in integrated energy and chemicals, and has had a presence in the U.S. for more than 60 years. ASC is a contributor to the U.S. energy sector through employment, partnerships with energy peers and oil services companies, joint industry and academic collaborations, and research and technology development. The company is headquartered in Houston, and maintains offices in New York, Washington D.C., Boston, and Detroit. ASC is committed to being a positive contributor in the communities where its employees live and work, and to making a difference through outreach that benefits the arts, geosciences, education and the environment. www.aramcoservices.com
About Saudi Aramco
Saudi Aramco is a global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world's oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.saudiaramco.com
Media Relations: international.media@aramco.com l @Saudi_Aramco
About Sempra Energy
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
Media Contact: Amber Albrecht, media@sempra.com
Financial Contact: Patrick Billings, investor@sempra.com
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SOURCE Sempra Energy
DALLAS and SAN DIEGO, May 16, 2019 /PRNewswire/ -- Today, Oncor Electric Delivery Company LLC (Oncor), Sempra Energy (NYSE: SRE), and InfraREIT, Inc. (InfraREIT) announced that Oncor's acquisition of InfraREIT, and Sempra Energy's acquisition of a 50% limited-partnership interest in Sharyland Utilities, LLC (Sharyland) have now closed. As a result of the acquisition, InfraREIT merged with and into a wholly owned subsidiary of Oncor and ceased to exist. The subsidiaries of InfraREIT became wholly owned indirect subsidiaries of Oncor.
"We are excited to successfully close this acquisition, and want to thank our stakeholders and the great people at InfraREIT for their hard work throughout this process," said Oncor CEO Allen Nye. "This is an exciting time for Texas, the ERCOT market, and for Oncor as we integrate these high-quality transmission assets into our portfolio."
Oncor acquired 100% of the equity interests of InfraREIT, including all the limited-partnership units in its subsidiary InfraREIT Partners, LP, for approximately $1.275 billion, or $21 per share (or partnership unit), excluding certain transaction costs. The shareholders of InfraREIT and limited partners of InfraREIT Partners, LP as of immediately prior to the effective time of the merger will also receive a prorated cash dividend of $0.1319. Additionally, InfraREIT's common stock, which previously traded under the ticker symbol "HIFR," has ceased trading and the New York Stock Exchange has initiated the delisting process.
In connection with the acquisition, Oncor received capital contributions from Sempra Energy and Texas Transmission Investment LLC (in amounts proportionate to their respective shares of Oncor's outstanding equity interests) to fund the entire $1.275 billion purchase price plus certain fees and expenses relating to the acquisition.
"At Sempra Energy, we are focused on making disciplined investments in the most attractive growth markets in North America," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "There is no question Texas is an exciting place to do business. Today's investment underscores our commitment to the state, while creating a larger platform for Oncor to better meet the growing energy needs of Texans."
In connection with closing, Oncor also extinguished all of InfraREIT's outstanding debt (which totaled approximately $953.35 million principal amount at closing) by repaying approximately $602.50 million aggregate principal amount on behalf of InfraREIT's subsidiaries and exchanging approximately $350.85 million aggregate principal amount of secured senior notes issued by InfraREIT subsidiaries for secured senior notes issued by Oncor.
Concurrently, Sempra Energy acquired its 50% limited partnership interest in the holding company that owns Sharyland (formerly Sharyland Utilities, LP) for $98 million, subject to customary post-closing adjustments.
As part of the transaction, a subsidiary of InfraREIT exchanged certain assets with Sharyland, with the end result being that Oncor now indirectly owns all of the electric transmission assets in Central, North and West Texas that were held by InfraREIT and Sharyland prior to the closing of the transactions, and Sharyland owns all of the assets in South Texas that were held by InfraREIT and Sharyland prior to the closing of the transactions. The assets Oncor acquired include approximately 1,575 miles of transmission lines, including 1,235 circuit miles of 345kV transmission lines and approximately 340 circuit miles of 138kV transmission lines. The Central, North and West Texas transmission system acquired by Oncor in the transaction is directly connected to approximately 20 operational generation facilities totaling approximately 3,900 MW and serves over 50 transmission stations and substations.
On May 9, 2019, the Public Utility Commission of Texas (PUCT) approved a final order granting regulatory approval for the transaction. PUCT approval was the final regulatory approval needed to complete the transactions. In addition to PUCT approval, the transaction received required approvals by the Federal Energy Regulatory Commission, the early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other regulatory approvals. The transaction also required the approval of InfraREIT's shareholders, which was received in February 2019.
Financial advisors for the transaction were Barclays for Oncor, Lazard for Sempra Energy, and Evercore for the InfraREIT Conflicts Committee. Legal advisors for the transaction were Vinson & Elkins LLP for Oncor, White & Case LLP for Sempra Energy, Hunton Andrews Kurth LLP for the InfraREIT Conflicts Committee, and Gibson, Dunn & Crutcher LLP for InfraREIT.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest distribution and transmission system in Texas, delivering power to more than 3.6 million homes and businesses and operating more than 138,500 miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra Energy, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego- based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when Oncor and Sempra Energy discuss their respective guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the transactions associated with the acquisition of InfraREIT, and any of the applicable parties' post-acquisition plans and intentions, and other statements that are not historical facts. The following important factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the risk that the businesses will not be integrated successfully; the risk that any potential cost savings and any potential synergies from the transactions may not be fully realized or may take longer to realize than expected; and the diversion of management time and attention to issues related to the transactions.
Additional factors, among others, that could cause actual results and future actions of Oncor, Sempra Energy and/or their subsidiaries to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: for Sempra Energy and its subsidiaries, the greater degree and prevalence of wildfires in California in recent years and the risk that Sempra Energy or its subsidiaries may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that Sempra Energy or its subsidiaries may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by, as applicable, the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which Oncor, Sempra Energy and/or Sempra Energy's subsidiaries operate; the success of Sempra Energy's and its subsidiaries' business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; actions by credit rating agencies to downgrade credit ratings of Oncor, Sempra Energy or those of their subsidiaries or to place those ratings on negative outlook and the ability of Oncor, Sempra Energy and their subsidiaries to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and/or ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; for Sempra Energy and its subsidiaries, moves to reduce or eliminate reliance on natural gas; the availability of electric power and/or natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt operations, damage facilities and systems, cause the release of harmful materials, cause fires and subject Oncor, Sempra Energy or their subsidiaries to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact the ability of Oncor, Sempra Energy or their subsidiaries to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate the businesses of Oncor, Sempra Energy or their subsidiaries and the confidentiality of proprietary information of Oncor, Sempra Energy or their subsidiaries and the personal information of their customers and employees; actions of activist shareholders, which could impact the market price of Sempra Energy's securities and disrupt its operations as a result of, among other things, requiring significant time by management and its board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and the companies' ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement or the United States-Mexico-Canada Agreement (subject to congressional approval), that may increase Sempra Energy's and its subsidiaries' costs or impair their ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor's ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by Oncor's board of directors, a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond the control of Oncor and Sempra Energy and/or their subsidiaries.
These risks and uncertainties are further discussed in the reports that Sempra Energy and/or Oncor have filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and Sempra Energy and Oncor undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Oncor Electric Delivery Company LLC
LOS ANGELES, May 16, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the utility received approval from the California Public Utilities Commission (CPUC) to begin the next phase in construction of four new dairy biomethane projects in California. Last week, the CPUC approved the contracts signed between SoCalGas and the developers of the four projects for the construction of infrastructure that will connect each biomethane facility to the SoCalGas pipeline system. This approval now allows SoCalGas to move forward, starting with the design and engineering phase. When completed, biogas from anaerobic digesters at 35 dairies will be collected and then cleaned to produce pipeline-quality renewable natural gas. The new projects represent four of six pilot projects in the San Joaquin and Sacramento Valleys selected by the CPUC, the Air Resources Board (CARB) and the Department of Food and Agriculture in December 2018. These new dairy biomethane facilities will significantly reduce greenhouse gas emissions by harnessing methane emissions from dairy digesters and converting that energy into renewable natural gas (RNG) which can be used to heat homes and businesses, for cooking and to fuel trucks and buses.
The facilities are targeted to be completed by December 2020 and combined, will have the ability to produce enough renewable natural gas to fuel close to 40,000 homes each year. Today, there are about 37 dairy methane capture projects either operating or in development, and experts estimate there could be as many as 120 projects funded and operating in the next five years. In addition, as the state seeks to divert organic waste from landfills and capture emissions from wastewater treatment plants, more locally produced RNG will become available.
"In the last year we began injecting RNG into the SoCalGas system through a project at an anaerobic digester in Perris and a dairy digester pipeline cluster in Pixley," said Sharon Tomkins, vice president of strategy and engagement for SoCalGas. "We look forward to bringing these four dairy biomethane projects online as we all work to help achieve California's ambitious environmental goals."
Earlier this year, SoCalGas announced plans to offer RNG to its 21 million customers in Central and Southern California. The program is part of the SoCalGas' overall vision to be the cleanest natural gas utility in North America. As part of this plan, the utility committed to displacing 20 percent of its traditional natural gas supply with RNG by 2030 and replacing five percent of the traditional gas supply with RNG by 2022.
State law requires 40 percent of methane from California's dairies and other waste sectors to be captured, with provisions to deliver that energy to customers. This will bolster the supply of RNG that is already growing rapidly as cities and towns across the country look to divert organic waste from landfills. In California, scientists at the University of California, Davis estimate that the state's existing organic waste could produce enough RNG to meet the needs of 2.3 million homes.
Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electric only energy and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects.
SoCalGas recently released a broad, inclusive and integrated plan to help achieve California's ambitious environmental goals in a paper titled California's Clean Energy Future: Imagine the Possibilities. The plan embraces an all-of-the-above approach to fight climate change, keeps energy affordability as a key focus, calls for developing long-term renewable energy storage using existing infrastructure, and can aid in promoting rapid consumer adoption. RNG is one of many tools California will need to achieve its environmental goals.
You can read SoCalGas' plan at www.socalgas.com/vision.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, May 14, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today celebrated the completion of construction of Train 1 of the Cameron LNG export project in Hackberry, La., with a group of international, federal, state and local officials, including the U.S. president and members of the U.S. administration. The celebratory visit coincided with today's announcement that Cameron LNG is producing liquefied natural gas (LNG) from the first liquefaction train of the three-train facility, a major commissioning milestone.
Sempra Energy set a goal in 2018 to become the largest developer of North American LNG export infrastructure, targeting 45 million tonnes per annum of LNG export capacity to serve global markets.
"With a renaissance in domestic energy production, Sempra Energy is pleased to advance America as one of the world's largest exporters of LNG," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We are committed to providing a cleaner fuel source to the global markets while supporting job creation right here at home."
Over 11,000 highly skilled workers have contributed to the construction of this U.S. energy infrastructure project, including welders, iron workers, insulators, electricians, construction workers, logistics professionals and other important vocations.
Cameron LNG Phase 1 is one of five LNG projects Sempra Energy is developing in North America. Other projects under development include Cameron LNG Phase 2, previously authorized by the Federal Energy Regulatory Commission (FERC), which could include up to two additional liquefaction trains and up to two additional LNG storage tanks; Port Arthur LNG in Texas, which recently was approved by FERC; and Energía Costa Azul LNG Phase 1 and Phase 2 in Mexico.
"Sempra Energy is developing five world-class projects that offer more choice to our customers, including brown-field locations, access to both the Asian and European markets, and flexibility and scalability to meet growing demand," added Martin.
Development of Sempra Energy's LNG export projects are contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG export project, is subject to a number of risks and uncertainties.
Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
Visit sempra.com/mediakits for high resolution, downloadable images and b-roll, Martin's full remarks, and additional facts about Sempra LNG and Cameron LNG.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of federal and state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, May 14, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Cameron LNG has begun producing liquefied natural gas (LNG) from the first liquefaction train of the Cameron LNG export project in Hackberry, La.
"Reaching this important milestone of first LNG production is truly a credit to the team at Cameron LNG and the work they've done to reach this point," said Lisa Glatch, chief operating officer of Sempra LNG and board chair for Cameron LNG. "Cameron LNG expects to load cargoes in the coming weeks – another major step forward to bringing cleaner, affordable energy to global markets."
Cameron LNG completed all major construction activities for Train 1 of the liquefaction-export project and began the commissioning and start-up process in November 2018. Last month, the facility began receiving gas flow for testing as it reached the final stage of the commissioning process.
Phase 1 of the Cameron LNG export project includes the first three liquefaction trains that will enable the export of approximately 12 million tonnes per annum of LNG, or approximately 1.7 billion cubic feet per day.
Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG.
Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America. The other projects include Cameron LNG Phase 2, previously authorized by the Federal Energy Regulatory Commission (FERC), which could include up to two additional liquefaction trains and up to two additional LNG storage tanks; Port Arthur LNG in Texas, which recently was approved by FERC; and Energía Costa Azul (ECA) LNG Phase 1 and Phase 2 in Mexico.
Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG export project, is subject to a number of risks and uncertainties.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
Visit sempra.com/mediakits for high resolution, downloadable images and b-roll, and additional facts about Sempra LNG and Cameron LNG.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of federal and state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, May 13, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that George W. Bilicic has been named group president for Sempra Energy, effective upon completion of his service at Lazard later this year. Bilicic will lead the company's strategy, corporate development, and legal activities, reporting to Jeffrey W. Martin, chairman and CEO of Sempra Energy.
Bilicic is currently a vice chairman of investment banking with Lazard Ltd, a New York-based investment banking firm. He also serves as global head of power, energy and infrastructure and head of Midwest investment banking.
"George Bilicic is a well-respected advisor and leader in our industry and I could not be more pleased that he is joining the Sempra team," said Martin. "He is an outstanding strategist, with a background in the law and especially deep experience in the capital markets. He also has a uniquely broad perspective on our industry. I look forward to him joining our world-class executive team and together building on Sempra's continued success as we advance our mission to become North America's premier energy infrastructure company."
Prior to joining Lazard, Bilicic served as managing director and head of infrastructure at KKR, a global investment firm. He also served as a managing director at Merrill Lynch in its mergers and acquisitions department and was a partner in the law firm of Cravath, Swaine & Moore.
Bilicic serves on the boards of directors of Polaris Industries and The HistoryMakers, and the boards of trustees of the Mayo Clinic and the Museum of Science and Industry. He also serves on the Georgetown University Law Center Board of Visitors.
Bilicic holds a bachelor's degree from DeSales University and a law degree from Georgetown University.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infrastructure Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
DALLAS and SAN DIEGO, May 9, 2019 /PRNewswire/ -- Today, Oncor Electric Delivery Company LLC (Oncor) and Sempra Energy (NYSE: SRE) announced that they have received approval from the Public Utility Commission of Texas (PUCT) for Oncor's acquisition of InfraREIT, Inc. (NYSE: HIFR) (InfraREIT), and, concurrently, Sempra Energy's acquisition of a 50% limited-partnership interest in a holding company that will own Sharyland Utilities, LP (Sharyland). PUCT approval was the final regulatory approval needed to complete the transactions.
"Texas is a great place to do business, and we are pleased that the Public Utility Commission approved another opportunity for Sempra Energy to invest in Oncor, and the state," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "We look forward to continuing to advance our growth strategy in Texas and the U.S. Gulf Coast region."
"Today is an exciting day for Oncor. When our acquisition of InfraREIT is complete, we will expand our transmission footprint and be better positioned to support the long-term needs of the ERCOT market," said Oncor CEO Allen Nye. "We want to thank the Commissioners, Commission staff, and all the stakeholders involved in this process for their hard work. We look forward to closing this transaction."
"With the PUCT's approval to integrate the InfraREIT assets into Oncor's system, the Oncor team has engineered a great outcome that balances the needs of all stakeholders. We are proud to be a part of this team," said the owners of Texas Transmission Investment LLC, Oncor's minority owner.
The transaction required approvals by the PUCT, the Federal Energy Regulatory Commission, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other regulatory approvals. The transaction also required the approval of InfraREIT's shareholders, which was received in February 2019. In addition to these approvals, the transaction is subject to the satisfaction of various closing conditions.
On Oct. 18, 2018, Oncor and Sempra Energy announced that they entered into agreements whereby Oncor would acquire 100% of the equity interests of InfraREIT, including all the limited-partnership units in its subsidiary InfraREIT Partners, LP, for approximately $1.275 billion, or $21 per share (or partnership unit), excluding certain transaction costs, and, concurrently, Sempra Energy would acquire a 50% limited-partnership interest in a holding company that will own Sharyland for approximately $98 million. Oncor's acquisition of InfraREIT also includes InfraREIT's outstanding debt, which totaled approximately $946 million at March 31, 2019.
As part of the transaction, a subsidiary of InfraREIT will exchange certain assets with Sharyland, with the end result being that, after Oncor's acquisition of InfraREIT, Oncor will own all of InfraREIT's and Sharyland's electric transmission and distribution business in Central, North and West Texas, and Sharyland will own Sharyland and InfraREIT assets in South Texas.
If all remaining closing conditions are satisfied, Oncor and Sempra Energy expect to close the transaction by the end of the month.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.6 million homes and businesses and operating more than 137,000 miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra Energy, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego- based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when Oncor and Sempra Energy discuss their respective guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the timing of the anticipated transactions contemplated by the proposed acquisition of InfraREIT, and any of the applicable parties' post-acquisition plans and intentions, and other statements that are not historical facts. The following important factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the satisfaction of conditions to closing the definitive agreements for the transactions; obtaining required governmental and regulatory approvals, which may delay the transactions or result in the imposition of conditions that could cause the parties to abandon the transactions or be onerous to Oncor or Sempra Energy; the expected timing to consummate the proposed transactions; the risk that the businesses will not be integrated successfully; the risk that any potential cost savings and any potential synergies from the transactions may not be fully realized or may take longer to realize than expected; and the diversion of management time and attention to issues related to the transactions.
Additional factors, among others, that could cause actual results and future actions of Oncor, Sempra Energy and/or their subsidiaries to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: for Sempra Energy and its subsidiaries, the greater degree and prevalence of wildfires in California in recent years and the risk that Sempra Energy or its subsidiaries may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that Sempra Energy or its subsidiaries may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by, as applicable, the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which Oncor, Sempra Energy and/or Sempra Energy's subsidiaries operate; the success of Sempra Energy's and its subsidiaries' business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; actions by credit rating agencies to downgrade credit ratings of Oncor, Sempra Energy or those of their subsidiaries or to place those ratings on negative outlook and the ability of Oncor, Sempra Energy and their subsidiaries to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and/or ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; for Sempra Energy and its subsidiaries, moves to reduce or eliminate reliance on natural gas; the availability of electric power and/or natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt operations, damage facilities and systems, cause the release of harmful materials, cause fires and subject Oncor, Sempra Energy or their subsidiaries to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact the ability of Oncor, Sempra Energy or their subsidiaries to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate the businesses of Oncor, Sempra Energy or their subsidiaries and the confidentiality of proprietary information of Oncor, Sempra Energy or their subsidiaries and the personal information of their customers and employees; actions of activist shareholders, which could impact the market price of Sempra Energy's securities and disrupt its operations as a result of, among other things, requiring significant time by management and its board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and the companies' ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement or the United States-Mexico-Canada Agreement (subject to congressional approval), that may increase Sempra Energy's and its subsidiaries' costs or impair their ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor's ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by Oncor's board of directors, a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond the control of Oncor and Sempra Energy and/or their subsidiaries.
These risks and uncertainties are further discussed in the reports that Sempra Energy and/or Oncor have filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and Sempra Energy and Oncor undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, May 7, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported first-quarter 2019 earnings of $441 million, or $1.59 per diluted share, up from first-quarter 2018 earnings of $347 million, or $1.33 per diluted share. On an adjusted basis, the company's first-quarter 2019 earnings increased to $534 million, or $1.92 per diluted share, from $372 million, or $1.43 per diluted share, in the first quarter 2018.
"Our earnings performance this quarter reflects our strategic focus, improved capital investments and commitment to a high-performance culture, as we work to achieve our mission to be North America's premier energy infrastructure company," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Sempra Energy is well positioned at the intersection of two key trends – the transition toward cleaner energy, and the U.S.' rise as a global energy leader – and this creates a unique opportunity for our company's continued growth."
These financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings reconciled to adjusted earnings for the first quarter of 2018 and 2019.
Three months ended | ||||||
March 31 | ||||||
(Unaudited; Dollars, except EPS, and shares, in millions) | 2019 | 2018 | ||||
GAAP Earnings | $ 441 | $ 347 | ||||
Tax Impacts From Expected Sale of South American Businesses(1) | 93 | - | ||||
Impact From the Tax Cuts and Jobs Act of 2017 | - | 25 | ||||
Adjusted Earnings(2) | $ 534 | $ 372 | ||||
Adjusted diluted weighted-average shares outstanding(2),(3) | 291 | 259 | ||||
Adjusted Earnings Per Diluted Common Share(2) | $ 1.92(4) | $ 1.43 | ||||
GAAP diluted weighted-average shares outstanding | 277 | 259 | ||||
GAAP Earnings Per Diluted Common Share | $ 1.59 | $ 1.33 | ||||
1) | $103 million increase to adjusted earnings due to change in indefinite reinvestment assertion of basis differences in discontinued operations, partially offset by $10 million reduction in tax valuation allowance against certain NOL carryforwards at Parent & Other. |
2) | Sempra Energy Adjusted Earnings, Adjusted EPS and Adjusted Diluted Weighted-Average Shares Outstanding are non-GAAP financial measures. See Table A for information regarding non-GAAP financial measures and descriptions of adjustments above. |
3) | Adjusted diluted weighted-average shares outstanding include 13,951 shares of Series A mandatory convertible preferred stock for the three months ended March 31, 2019 due to their dilutive effect. |
4) | Preferred dividends of $26 million have been added back to adjusted earnings for the three months ended March 31, 2019 because of the dilutive effect of Series A mandatory convertible preferred stock. |
OPERATING HIGHLIGHTS
In April, Oncor Electric Delivery Company LLC (Oncor) and Sempra Energy reached a settlement agreement with several Texas stakeholders for Oncor's proposed acquisition of InfraREIT, Inc. and Sempra Energy's proposed acquisition of 50% of Sharyland Utilities, LP.
The last regulatory step in the transaction is approval of a final order from the Public Utility Commission of Texas (PUCT). If approved by the PUCT, Oncor and Sempra Energy expect to close the transaction in mid-2019.
San Diego Gas & Electric Company and Southern California Gas Co. are awaiting a proposed decision for their 2019 General Rate Case from the California Public Utilities Commission (CPUC), which is expected in mid-2019. Additionally, the California utilities filed their application in the Cost-of-Capital proceeding with the CPUC on April 22.
Sempra Energy also announced in April that Cameron LNG has begun pipeline feed gas flow to the first liquefaction train, which is the final commissioning step for Train 1 of the liquefaction-export facility in Hackberry, La. Production of LNG at the facility is expected to occur this quarter.
In March, Sempra Energy also increased its projected share of full run-rate earnings from the first three trains at Cameron LNG to be between $400 million and $450 million annually, up from the previous projection of $365 million to $425 million. Sempra Energy expects to begin recognizing earnings from Train 1 in mid-2019.
Additionally, IEnova recently announced two new capacity contracts with a global integrated oil company. This included an additional contract for 740,000 barrels of storage at the previously announced Manzanillo marine terminal development project, as well as the storage of up to 290,000 barrels of capacity at a new storage terminal project in Guadalajara. The Guadalajara terminal is IEnova's seventh terminal project and one of 12 projects currently in development or under construction.
The sales process of Sempra Energy's equity interests in its South American businesses, including its 83.6% stake in Luz del Sur S.A.A. in Peru and 100% stake in Chilquinta Energía S.A. in Chile, also remains on track. First-round bids are expected in June.
2019 EARNINGS GUIDANCE
Sempra Energy today affirmed its 2019 adjusted earnings-per-share guidance range of $5.70 to $6.30 and 2020 earnings-per-share guidance range of $6.70 to $7.50. The earnings-per-share guidance range for 2020 does not include impacts from the planned sale of Sempra Energy's South American businesses.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures for Sempra Energy include first-quarter 2018 and 2019 adjusted earnings, adjusted diluted weighted-average shares outstanding, adjusted earnings per share and 2019 adjusted earnings-per-share guidance. See Table A for additional information regarding these non-GAAP financial measures.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7994290.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego- based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, and social responsibility, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, plans, goals, vision, mission, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of federal or state tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement or the United States-Mexico-Canada Agreement (subject to congressional approval), that may increase our costs or impair our ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | ||||||||
Table A | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
Three months ended March 31, | ||||||||
(Dollars in millions, except per share amounts; shares in thousands) | 2019 | 2018(1) | ||||||
(unaudited) | ||||||||
REVENUES | ||||||||
Utilities | $ | 2,515 | $ | 2,190 | ||||
Energy-related businesses | 383 | 346 | ||||||
Total revenues | 2,898 | 2,536 | ||||||
EXPENSES AND OTHER INCOME | ||||||||
Utilities: | ||||||||
Cost of natural gas | (531) | (348) | ||||||
Cost of electric fuel and purchased power | (256) | (271) | ||||||
Energy-related businesses cost of sales | (108) | (69) | ||||||
Operation and maintenance | (832) | (741) | ||||||
Depreciation and amortization | (383) | (372) | ||||||
Franchise fees and other taxes | (130) | (117) | ||||||
Other income, net | 82 | 152 | ||||||
Interest income | 21 | 29 | ||||||
Interest expense | (260) | (206) | ||||||
Income from continuing operations before income taxes and equity earnings (losses) of unconsolidated entities | 501 | 593 | ||||||
Income tax expense | (42) | (242) | ||||||
Equity earnings (losses) | 101 | (21) | ||||||
Income from continuing operations, net of income tax | 560 | 330 | ||||||
(Loss) income from discontinued operations, net of income tax | (42) | 28 | ||||||
Net income | 518 | 358 | ||||||
(Earnings) losses attributable to noncontrolling interests | (41) | 17 | ||||||
Mandatory convertible preferred stock dividends | (36) | (28) | ||||||
Earnings attributable to common shares | $ | 441 | $ | 347 | ||||
Basic earnings (losses) per common share: | ||||||||
Earnings from continuing operations attributable to common shares | $ | 1.79 | $ | 1.26 | ||||
(Losses) earnings from discontinued operations attributable to common shares | $ | (0.19) | $ | 0.08 | ||||
Earnings attributable to common shares | $ | 1.60 | $ | 1.34 | ||||
Weighted-average common shares outstanding | 274,674 | 257,932 | ||||||
Diluted earnings (losses) per common share: | ||||||||
Earnings from continuing operations attributable to common shares | $ | 1.78 | $ | 1.25 | ||||
(Losses) earnings from discontinued operations attributable to common shares | $ | (0.19) | $ | 0.08 | ||||
Earnings attributable to common shares | $ | 1.59 | $ | 1.33 | ||||
Weighted-average common shares outstanding | 277,228 | 259,490 |
(1) | Amounts have been retrospectively adjusted for discontinued operations |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share (Adjusted EPS) exclude items in 2019 and 2018 as follows:
Three months ended March 31, 2019:
Associated with holding the South American businesses for sale:
Three months ended March 31, 2018:
Sempra Energy Adjusted Earnings, Weighted-Average Shares Outstanding – Adjusted and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2019 to 2018 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings, Weighted-Average Shares Outstanding – GAAP and GAAP Diluted Earnings Per Common Share (GAAP EPS), which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
Income tax | Earnings | Income tax | Earnings | ||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | Three months ended March 31, 2019 | Three months ended March 31, 2018 | |||||||||||
Sempra Energy GAAP Earnings | $ | 441 | $ | 347 | |||||||||
Excluded items: | |||||||||||||
Associated with holding the South American businesses for sale: | |||||||||||||
Change in indefinite reinvestment assertion of basis differences in discontinued operations | $ | 103 | 103 | $ | — | — | |||||||
Reduction in tax valuation allowance against certain NOL carryforwards | (10) | (10) | — | — | |||||||||
Impact from the TCJA | — | 25 | 25 | ||||||||||
Sempra Energy Adjusted Earnings | $ | 534 | $ | 372 | |||||||||
Diluted earnings per common share: | |||||||||||||
Sempra Energy GAAP Earnings | $ | 441 | $ | 347 | |||||||||
Weighted-average shares outstanding, diluted – GAAP | 277,228 | 259,490 | |||||||||||
Sempra Energy GAAP EPS | $ | 1.59 | $ | 1.33 | |||||||||
Sempra Energy Adjusted Earnings for Adjusted EPS(1) | $ | 560 | $ | 372 | |||||||||
Weighted-average shares outstanding, diluted – Adjusted(1) | 291,179 | 259,490 | |||||||||||
Sempra Energy Adjusted EPS(1) | $ | 1.92 | $ | 1.43 | |||||||||
(1) | In the three months ended March 31, 2019, the assumed conversion of the series A preferred stock and the series B preferred stock are antidilutive for GAAP earnings, however, the series A preferred stock is dilutive for the higher Adjusted Earnings. As such, the series A preferred stock dividends of $26 million have been added back to the numerator and the dilutive effect of the series A preferred stock shares of 13,951 has been added to the denominator when calculating Adjusted EPS. |
SEMPRA ENERGY
Table A (Continued)
SEMPRA ENERGY 2019 ADJUSTED EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2019 Adjusted EPS Guidance Range of $5.70 to $6.30 excludes:
Sempra Energy 2019 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and nature of the excluded items, management believes that this non-GAAP financial measure provides better clarity into the ongoing results of the business and the comparability of such results to prior and future periods. Sempra Energy 2019 Adjusted EPS Guidance should not be considered an alternative to GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Because the sale process for the planned divestiture of our South American businesses initiated in January 2019 is ongoing, the terms and structure of any potential sale transaction or transactions are unknown, including the terms that would impact the final income tax expense resulting from the expected change in our assertion regarding indefinite reinvestment of foreign undistributed earnings, including timing and amounts of repatriation of such earnings. As a result, 2019 GAAP EPS Guidance, the most directly comparable financial measure calculated in accordance with GAAP, is inestimable.
(1) | Income taxes on estimated gain were calculated based on applicable statutory tax rates. |
SEMPRA ENERGY | |||||||
Table B | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Dollars in millions) | March 31, | December 31, | |||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 78 | $ | 102 | |||
Restricted cash | 41 | 35 | |||||
Accounts receivable, net | 1,542 | 1,535 | |||||
Due from unconsolidated affiliates | 50 | 37 | |||||
Income taxes receivable | 121 | 60 | |||||
Inventories | 189 | 258 | |||||
Regulatory assets | 87 | 138 | |||||
Greenhouse gas allowances | 61 | 59 | |||||
Assets held for sale | 374 | 713 | |||||
Assets held for sale in discontinued operations | 457 | 459 | |||||
Other | 262 | 249 | |||||
Total current assets | 3,262 | 3,645 | |||||
Other assets: | |||||||
Restricted cash | 21 | 21 | |||||
Due from unconsolidated affiliates | 668 | 644 | |||||
Regulatory assets | 1,838 | 1,589 | |||||
Nuclear decommissioning trusts | 1,037 | 974 | |||||
Investment in Oncor Holdings | 9,748 | 9,652 | |||||
Other investments | 2,290 | 2,320 | |||||
Goodwill | 1,602 | 1,602 | |||||
Other intangible assets | 222 | 224 | |||||
Dedicated assets in support of certain benefit plans | 413 | 416 | |||||
Insurance receivable for Aliso Canyon costs | 477 | 461 | |||||
Deferred income taxes | 139 | 141 | |||||
Greenhouse gas allowances | 353 | 289 | |||||
Right-of-use assets – operating leases | 612 | — | |||||
Assets held for sale in discontinued operations | 3,388 | 3,259 | |||||
Sundry | 850 | 962 | |||||
Total other assets | 23,658 | 22,554 | |||||
Property, plant and equipment, net | 34,698 | 34,439 | |||||
Total assets | $ | 61,618 | $ | 60,638 |
(1) | Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | |||||||
Table B (Continued) | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Dollars in millions) | March 31, | December 31, | |||||
(unaudited) | |||||||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 2,523 | $ | 2,024 | |||
Accounts payable, net | 1,155 | 1,298 | |||||
Due to unconsolidated affiliates | 10 | 10 | |||||
Dividends and interest payable | 496 | 480 | |||||
Accrued compensation and benefits | 264 | 440 | |||||
Regulatory liabilities | 523 | 105 | |||||
Current portion of long-term debt and finance leases | 2,152 | 1,644 | |||||
Reserve for Aliso Canyon costs | 60 | 160 | |||||
Greenhouse gas obligations | 61 | 59 | |||||
Liabilities held for sale in discontinued operations | 375 | 368 | |||||
Other | 993 | 935 | |||||
Total current liabilities | 8,612 | 7,523 | |||||
Long-term debt and finance leases | 19,738 | 20,903 | |||||
Deferred credits and other liabilities: | |||||||
Due to unconsolidated affiliates | 38 | 37 | |||||
Pension and other postretirement benefit plan obligations, net of plan assets | 1,155 | 1,143 | |||||
Deferred income taxes | 2,622 | 2,321 | |||||
Deferred investment tax credits | 23 | 24 | |||||
Regulatory liabilities | 3,996 | 4,016 | |||||
Asset retirement obligations | 2,795 | 2,786 | |||||
Greenhouse gas obligations | 174 | 131 | |||||
Liabilities held for sale in discontinued operations | 1,046 | 1,013 | |||||
Deferred credits and other | 1,949 | 1,493 | |||||
Total deferred credits and other liabilities | 13,798 | 12,964 | |||||
Equity: | |||||||
Sempra Energy shareholders' equity | 17,346 | 17,138 | |||||
Preferred stock of subsidiary | 20 | 20 | |||||
Other noncontrolling interests | 2,104 | 2,090 | |||||
Total equity | 19,470 | 19,248 | |||||
Total liabilities and equity | $ | 61,618 | $ | 60,638 |
(1) | Derived from audited financial statements, which have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | ||||||||
Table C | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
Three months ended March 31, | ||||||||
(Dollars in millions) | 2019 | 2018(1) | ||||||
(unaudited) | ||||||||
Cash Flows from Operating Activities | ||||||||
Net income | $ | 518 | $ | 358 | ||||
Loss (income) from discontinued operations, net of income tax | 42 | (28) | ||||||
Income from continuing operations, net of income tax | 560 | 330 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 383 | 372 | ||||||
Deferred income taxes and investment tax credits | 24 | 202 | ||||||
Equity (earnings) losses | (101) | 21 | ||||||
Share-based compensation expense | 21 | 15 | ||||||
Fixed-price contracts and other derivatives | (27) | (35) | ||||||
Other | 13 | 7 | ||||||
Intercompany activities with discontinued operations, net | 31 | — | ||||||
Net change in other working capital components | 169 | 101 | ||||||
Insurance receivable for Aliso Canyon costs | (16) | (29) | ||||||
Changes in other noncurrent assets and liabilities, net | (199) | (94) | ||||||
Net cash provided by continuing operations | 858 | 890 | ||||||
Net cash provided by discontinued operations | 93 | 76 | ||||||
Net cash provided by operating activities | 951 | 966 | ||||||
Cash Flows from Investing Activities | ||||||||
Expenditures for property, plant and equipment | (783) | (979) | ||||||
Expenditures for investments and acquisitions, net of cash and cash equivalents acquired | (94) | (9,617) | ||||||
Proceeds from sale of assets | 327 | — | ||||||
Purchases of nuclear decommissioning trust assets | (225) | (210) | ||||||
Proceeds from sales of nuclear decommissioning trust assets | 225 | 210 | ||||||
Advances to unconsolidated affiliates | — | (81) | ||||||
Repayments of advances to unconsolidated affiliates | 3 | 1 | ||||||
Intercompany activities with discontinued operations, net | — | (3) | ||||||
Other | 7 | 35 | ||||||
Net cash used in continuing operations | (540) | (10,644) | ||||||
Net cash used in discontinued operations | (70) | (58) | ||||||
Net cash used in investing activities | (610) | (10,702) | ||||||
Cash Flows from Financing Activities | ||||||||
Common dividends paid | (232) | (194) | ||||||
Preferred dividends paid | (36) | — | ||||||
Issuances of mandatory convertible preferred stock, net of $32 in offering costs | — | 1,693 | ||||||
Issuances of common stock, net of $24 in offering costs in 2018 | 11 | 1,278 | ||||||
Repurchases of common stock | (14) | (19) | ||||||
Issuances of debt (maturities greater than 90 days) | 304 | 5,949 | ||||||
Payments on debt (maturities greater than 90 days) and finance leases | (837) | (154) | ||||||
Increase in short-term debt, net | 497 | 1,149 | ||||||
Purchases of and distributions to noncontrolling interests | (27) | (3) | ||||||
Intercompany activities with discontinued operations, net | (2) | 67 | ||||||
Other | — | (82) | ||||||
Net cash (used in) provided by continuing operations | (336) | 9,684 | ||||||
Net cash used in discontinued operations | (45) | (6) | ||||||
Net cash (used in) provided by financing activities | (381) | 9,678 | ||||||
Effect of exchange rate changes in continuing operations | — | 1 | ||||||
Effect of exchange rate changes in discontinued operations | 1 | — | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1 | 1 | ||||||
Decrease in cash, cash equivalents and restricted cash, including discontinued operations | (39) | (57) | ||||||
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 246 | 364 | ||||||
Cash, cash equivalents and restricted cash, including discontinued operations, March 31 | $ | 207 | $ | 307 |
(1) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | ||||||||
Table D | ||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | ||||||||
Three months ended | ||||||||
(Dollars in millions) | 2019 | 2018(1) | ||||||
(unaudited) | ||||||||
Earnings (Losses) | ||||||||
SDG&E | $ | 176 | $ | 170 | ||||
SoCalGas | 264 | 225 | ||||||
Sempra Texas Utility | 94 | 15 | ||||||
Sempra Mexico | 57 | 20 | ||||||
Sempra Renewables | 13 | 21 | ||||||
Sempra LNG | 5 | (16) | ||||||
Parent and other | (117) | (109) | ||||||
Discontinued operations | (51) | 21 | ||||||
Total | $ | 441 | $ | 347 | ||||
Three months ended | ||||||||
(Dollars in millions) | 2019 | 2018(1) | ||||||
(unaudited) | ||||||||
Capital Expenditures, Investments and Acquisitions | ||||||||
SDG&E | $ | 356 | $ | 475 | ||||
SoCalGas | 324 | 403 | ||||||
Sempra Texas Utility | 56 | 9,161 | ||||||
Sempra Mexico | 85 | 87 | ||||||
Sempra Renewables | — | 31 | ||||||
Sempra LNG | 56 | 46 | ||||||
Parent and other | — | 393 | ||||||
Total | $ | 877 | $ | 10,596 |
(1) | Amounts have been retrospectively adjusted for discontinued operations. |
SEMPRA ENERGY | |||||||
Table E | |||||||
OTHER OPERATING STATISTICS (Unaudited) | |||||||
Three months ended | |||||||
UTILITIES | 2019 | 2018 | |||||
SDG&E and SoCalGas | |||||||
Gas sales (Bcf)(1) | 139 | 113 | |||||
Transportation (Bcf)(1) | 144 | 147 | |||||
Total deliveries (Bcf)(1) | 283 | 260 | |||||
Total gas customer meters (thousands) | 6,894 | 6,854 | |||||
SDG&E | |||||||
Electric sales (millions of kWhs)(1) | 3,582 | 3,603 | |||||
Direct Access and Community Choice Aggregation (millions of kWhs) | 840 | 745 | |||||
Total deliveries (millions of kWhs)(1) | 4,422 | 4,348 | |||||
Total electric customer meters (thousands) | 1,460 | 1,449 | |||||
Oncor(2) | |||||||
Total deliveries (millions of kWhs) | 30,112 | 6,655 | |||||
Total electric customer meters (thousands) | 3,639 | 3,572 | |||||
Ecogas | |||||||
Natural gas sales (Bcf) | 1 | 6 | |||||
Natural gas customer meters (thousands) | 124 | 121 | |||||
ENERGY-RELATED BUSINESSES | |||||||
Power generated and sold (millions of kWhs) | |||||||
Sempra Mexico(3) | 1,382 | 1,221 | |||||
Sempra Renewables(4) | 609 | 1,192 |
(1) | Includes intercompany sales. |
(2) | Includes 100 percent of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an 80.25-percent interest through our March 2018 acquisition of our equity method investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings). Total deliveries for the three months ended March 31, 2018 only include volumes from the March 9, 2018 acquisition date. |
(3) | Includes power generated and sold at the TdM natural gas-fired power plant and the Ventika wind power generation facilities. Also includes 50 percent of total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. |
(4) | We include 50 percent of total power generated and sold related to U.S. solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. On June 25, 2018, our board of directors approved a plan to sell all U.S. wind and solar assets and investments, resulting in the sale of all Sempra Renewables' solar and wind projects in separate transactions that closed in December 2018 and April 2019, respectively. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||||
Three months ended March 31, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra Texas | Sempra Mexico | Sempra Renewables | Sempra LNG | Consolidating Adjustments, Parent & | Total | ||||||||||||||||||||||||||
Revenues | $ | 1,145 | $ | 1,361 | $ | — | $ | 383 | $ | 7 | $ | 141 | $ | (139) | $ | 2,898 | ||||||||||||||||||
Cost of sales and other expenses | (697) | (913) | — | (192) | (11) | (142) | 98 | (1,857) | ||||||||||||||||||||||||||
Depreciation and amortization | (186) | (147) | — | (44) | — | (2) | (4) | (383) | ||||||||||||||||||||||||||
Other income, net | 22 | 16 | — | 19 | — | — | 25 | 82 | ||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 284 | 317 | — | 166 | (4) | (3) | (20) | 740 | ||||||||||||||||||||||||||
Net interest (expense) income | (102) | (34) | — | (11) | 7 | 10 | (109) | (239) | ||||||||||||||||||||||||||
Income tax (expense) benefit | (5) | (19) | — | (72) | 10 | (4) | 48 | (42) | ||||||||||||||||||||||||||
Equity earnings, net | — | — | 94 | 2 | 3 | 2 | — | 101 | ||||||||||||||||||||||||||
Earnings attributable to noncontrolling interests | (1) | — | — | (28) | (3) | — | — | (32) | ||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | — | (36) | (36) | ||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 176 | $ | 264 | $ | 94 | $ | 57 | $ | 13 | $ | 5 | $ | (117) | 492 | |||||||||||||||||||
Loss from discontinued operations | (51) | |||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 441 | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2018(2) | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra Texas | Sempra Mexico | Sempra Renewables | Sempra LNG | Consolidating Adjustments, Parent & | Total | ||||||||||||||||||||||||||
Revenues | $ | 1,055 | $ | 1,126 | $ | — | $ | 308 | $ | 25 | $ | 104 | $ | (82) | $ | 2,536 | ||||||||||||||||||
Cost of sales and other expenses | (641) | (713) | — | (129) | (21) | (102) | 60 | (1,546) | ||||||||||||||||||||||||||
Depreciation and amortization | (166) | (135) | — | (43) | (13) | (11) | (4) | (372) | ||||||||||||||||||||||||||
Other income (expense), net | 28 | 33 | — | 93 | — | — | (2) | 152 | ||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 276 | 311 | — | 229 | (9) | (9) | (28) | 770 | ||||||||||||||||||||||||||
Net interest (expense) income | (51) | (27) | — | (15) | (3) | 5 | (86) | (177) | ||||||||||||||||||||||||||
Income tax (expense) benefit | (56) | (59) | — | (155) | 7 | (12) | 33 | (242) | ||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 15 | (41) | 5 | — | — | (21) | ||||||||||||||||||||||||||
Losses attributable to noncontrolling interests | 1 | — | — | 2 | 21 | — | — | 24 | ||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | — | (28) | (28) | ||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 170 | $ | 225 | $ | 15 | $ | 20 | $ | 21 | $ | (16) | $ | (109) | 326 | |||||||||||||||||||
Earnings from discontinued operations | 21 | |||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 347 |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | Amounts have been retrospectively adjusted for discontinued operations. |
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, May 3, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) has kicked-off its 2019 Environmental Champions Grant initiative, announcing the company is accepting applications from nonprofit organizations focused on clean air, clean energy and renewable natural gas. Eligible organizations can apply for grants of up to $25,000 each by visiting this link between May 2 and June 5, 2019. Winners will be selected and notified of their selection in Sept. 2019.
Last year, SoCalGas awarded nearly $400,000 in grants to 32 nonprofits for projects related to clean air, energy, or water. Since its inception in 2015, the Environmental Champions Initiative, which is funded by Sempra Energy shareholders, has awarded more than 150 grants totaling over $2 million.
"SoCalGas is committed to being the cleanest natural gas utility in North America, and part of that commitment is helping advance the work of the environmental champions working to improve our local communities each day," said Sharon Tomkins, vice president of strategy and engagement for SoCalGas. "Since our Environmental Champions initiative launched in 2015, SoCalGas has been proud to partner with more than 150 local leaders to develop projects that help improve our environment and tackle climate change."
Last year's winners include:
"Energy Independence Now (EIN) was honored to be recognized by SoCalGas with the Environmental Champions Award. We are proud to stand alongside our peers in the environmental community as we advocate for clean air and the fight against climate change. As the only nonprofit environmental organization dedicated to advancing zero-emission hydrogen fuel cell electric vehicles and renewable hydrogen, EIN applauds the work SoCalGas is doing to decarbonize their business model and to further the green hydrogen marketplace," said Brian Goldstein, executive director of Energy Independence Now. "Together, we are exploring renewable energy storage, zero-emission fuel distribution and deep decarbonization opportunities. EIN is thrilled to team up with SoCalGas to improve air quality and to address climate change."
"The Environmental Champions Initiative has provided Southeast Community Development Corporation with the opportunity to focus on educating our youth about clean air, clean water, and renewable energy in the Southeast area," said Cesar Zaldivar-Motts, executive director of the SCDC. "This initiative will assist with educating and mentoring our future community leaders to develop potential solutions to regional environmental problems. Thank you to SoCalGas for supporting these efforts."
The following groups are eligible to apply for the 2019 grant initiative:
Applications must be submitted by 5 p.m. on June 5, 2019. Following submission, applicants will receive a confirmation email acknowledging receipt of their application.
Supporting local environmental organizations is part of SoCalGas' vision to the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. As part of that vision, SoCalGas committed to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030.
In addition, SoCalGas recently announced a broad, integrated, and inclusive plan to help achieve California's ambitious climate goals in a paper titled, California's Clean Energy Future: Imagine the Possibilities. The plan embraces an all-of-the-above approach to fight climate change, keeps energy affordability as a key focus, calls for developing long-term renewable energy storage using existing infrastructure, and can aid in promoting rapid consumer adoption.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, May 2, 2019 /PRNewswire/ -- U.S. Secretary of Energy Rick Perry today signed the Department of Energy's authorization allowing Sempra Energy's (NYSE: SRE) Port Arthur LNG to export approximately 13.5 million tonnes per annum (Mtpa) of U.S.-produced liquefied natural gas (LNG) to countries that do not have a free-trade agreement (FTA) with the U.S. during the first U.S.-EU Energy Council High-Level Energy Forum in Brussels, Belgium.
"I am pleased to announce the order signed today authorizing Port Arthur LNG to export up to 1.91 billion cubic feet per day of LNG, to any country that does not have an FTA with the United States," said Perry. "The United States is in its third consecutive year as a net exporter of natural gas, now exporting domestic LNG to 35 countries. I applaud the American private sector for continuing to reach new milestones and look forward to continued growth in this sector."
The Port Arthur LNG export project in development in Jefferson County, Texas is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities.
"Today's approval marks a major regulatory step for the development of Port Arthur LNG that would allow LNG to be exported from Port Arthur to all European, Asian and other markets around the world," said Carlos Ruiz Sacristán, chairman and CEO of Sempra North American Infrastructure. "Port Arthur LNG is one of Sempra Energy's five LNG-export projects under development that we believe will help to further establish the U.S. as a global leader in LNG exports."
Port Arthur LNG is expected to create approximately 3,500 on-site engineering and construction jobs, as well as several hundred jobs in Texas in support of the project, including fabrication and operational jobs. Nearly 200 full-time jobs will be created to operate and maintain Port Arthur LNG facility.
Last month, Port Arthur LNG received authorization from the Federal Energy Regulatory Commission to site, construct and operate the liquefaction project. In December 2018, Port Arthur LNG and the Polish Oil & Gas Company signed a definitive 20-year sale-and-purchase agreement for 2 Mtpa of LNG from the Port Arthur LNG project, subject to certain conditions. Bechtel has been selected as the engineering, procurement, construction and commissioning contractor for the project, subject to reaching a definitive agreement.
Development of the Port Arthur LNG project is contingent upon obtaining additional customer commitments, completing the required commercial agreements, obtaining financing, incentives and other factors, as well as reaching a final investment decision.
Sempra LNG develops, builds and invests in natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets, making Sempra Energy one of North America's largest developers of LNG-export facilities.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, April 23, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its first-quarter 2019 earnings at 7 a.m. ET, May 7.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, May 7. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted at 7 a.m. ET, May 7, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7994290 or it can be accessed on the company's website.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
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SOURCE Sempra Energy
SAN DIEGO, April 22, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE), today announced that it has completed the divestiture of its U.S. renewables business and non-utility natural gas storage assets, generating approximately $2.5 billion in total cash proceeds. The announcement comes with today's completion of the sale of its remaining ownership interests in operating and development-stage wind assets to American Electric Power Company, Inc. (NYSE: AEP) for $584 million in cash, subject to customary post-closing adjustments.
"We have a long and successful track record of actively managing our portfolio, including exiting businesses that are no longer consistent with our strategy," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "The proceeds from the asset sales will be used to pay down debt and redeploy capital to support the strategic growth of Sempra Energy in North America."
The sale to AEP included approximately 724 megawatts of net operating capacity comprising the following projects: Black Oak Getty Wind in Minnesota and Apple Blossom Wind in Michigan, as well as Sempra Energy's interests in jointly-owned projects with BP Wind Energy: Auwahi Wind in Hawaii (wind and battery storage), Flat Ridge 2 Wind in Kansas, Mehoopany Wind in Pennsylvania, Cedar Creek 2 Wind in Colorado, and Fowler Ridge 2 Wind in Indiana. AEP also acquired all of Sempra Energy's wind projects currently in development.
In February, Sempra Energy completed the sale of its non-utility U.S. natural gas storage facilities to an affiliate of ArcLight Capital Partners for $328 million in cash, subject to post-closing adjustments. In December 2018, Sempra Energy completed the sale of its U.S. solar assets and battery storage development projects, as well as its ownership interest in one wind facility, to Consolidated Edison for approximately $1.6 billion. The company also is in the process of selling its equity interests in its South American businesses, including its 83.6% stake in Luz del Sur S.A.A. in Peru and 100% stake in Chilquinta Energía S.A. in Chile.
Credit Suisse and J.P. Morgan served as Sempra Energy's lead financial advisors and Latham & Watkins LLP its legal advisor on the sale of the wind portfolio.
AEP is one of the nation's largest investor-owned energy delivery companies, with approximately $16 billion in annual revenues and $69 billion in assets.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 reported revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; the success of business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, April 18, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that its subsidiary, Port Arthur LNG, LLC, received authorization from the Federal Energy Regulatory Commission (FERC) to site, construct and operate its natural gas liquefaction-export facility under development in Jefferson County, Texas.
"With today's FERC order and the commercial momentum of the Port Arthur LNG project, we are one step closer to reaching a final investment decision and delivering low-cost, reliable and clean U.S. natural gas to world markets," said Carlos Ruiz Sacristán, chairman and CEO of Sempra North American Infrastructure. "Port Arthur LNG should help us achieve our goal to become one of the largest exporters of North American liquefied natural gas (LNG). We are grateful to all of our stakeholders for supporting this important infrastructure project that is expected to create thousands of jobs and provide economic benefits for years to come."
The Port Arthur LNG project is expected to include two liquefaction trains, up to three LNG storage tanks and associated facilities that will enable the export of approximately 11 million tonnes per annum (Mtpa) of LNG. The FERC order also approved the construction of the Texas and Louisiana connector pipeline projects that will provide natural gas transportation for the new liquefaction facilities.
In December 2018, Port Arthur LNG and the Polish Oil & Gas Company signed a definitive 20-year sale-and-purchase agreement for two Mtpa of LNG from the Port Arthur LNG project, subject to certain conditions. Last year, Sempra LNG selected Bechtel as the engineering, procurement, construction and commissioning contractor for the project, subject to reaching a definitive agreement.
Port Arthur LNG received authorization from the Department of Energy (DOE) in August 2015 to export domestically produced natural gas to countries with which the U.S. has free trade agreements and has a pending application to export natural gas to non-free trade agreement countries.
Development of the Port Arthur LNG project is contingent upon obtaining additional customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, incentives and other factors, and reaching a final investment decision.
Sempra LNG develops, builds and invests in natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 Mtpa of clean natural gas to the largest world markets, making Sempra Energy one of North America's largest developers of LNG export facilities.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, April 15, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that Cameron LNG has begun pipeline feed gas flow to the first liquefaction train of the liquefaction-export project as it prepares to begin production of liquefied natural gas (LNG) at the facility in Hackberry, La. This is the final commissioning step for Train 1 of Cameron LNG Phase 1.
"The entire Cameron LNG team has worked safely and diligently to reach this milestone and we expect to start producing LNG this quarter," said Lisa Glatch, chief operating officer of Sempra LNG and board chair for Cameron LNG. "Sempra Energy is now one step closer to reaching our goal of building up to 45 million tonnes per annum (Mtpa) of LNG export capacity to serve global markets."
Following authorization received from the Federal Energy Regulatory Commission Friday, April 5, allowing the introduction of pipeline feed gas, Cameron LNG will begin ramping up the feed gas deliveries to the facility as it completes the commissioning process.
Phase 1 of the Cameron LNG liquefaction-export project, which includes the first three liquefaction trains, is a $10 billion facility with a projected export of 12 Mtpa of LNG, or approximately 1.7 billion cubic feet per day.
Cameron LNG Phase 1 is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2% of Cameron LNG.
Sempra Energy's share of full run-rate earnings from the first three trains at Cameron LNG are projected to be between $400 million and $450 million annually.
Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America: Cameron LNG Phase 2, previously authorized by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks; Port Arthur LNG in Texas; and Energía Costa Azul (ECA) LNG Phase 1 and Phase 2 in Mexico.
Development of Sempra Energy's LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG facility, is subject to a number of risks and uncertainties.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, April 11, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the California Energy Commission (CEC) has awarded the company a $3 million grant to fund the next phase of development of a new technology that doubles the amount of renewable energy created from the decomposition of organic material at wastewater treatment plants. The new process, known as Hydrothermal Processing (HTP), reduces greenhouse gas emissions by three times that of traditional anaerobic digestion and costs about half. HTP is highly efficient, using heat and pressure to capture 86 percent of the energy in the waste and using only 14 percent to process it. A pilot project, to be located at the Central Contra Costa Sanitary District ("Central San") Wastewater Treatment Plant in Martinez, California. The work is being funded in part by the California Energy Commission, SoCalGas and other private participants.
"Technological advances, like hydrothermal processing, are an important part of SoCalGas' vision to be the cleanest natural gas utility in North America and will help us meet our commitment of to deliver renewable natural gas to homes and businesses," said Ron Kent, Technology Development Manager at SoCalGas. "This new technology holds the potential to convert not only wastewater, but landfill, forestry and food waste into carbon-neutral renewable energy that displaces fossil fuels and helps California meet its climate goals."
"The best thing about HTP is how simple it is," said Corinne Drennan, who is responsible for bioenergy technologies research at the Department of Energy's Pacific Northwest National Laboratory. "The reactor is literally a hot, pressurized tube. We've really accelerated hydrothermal conversion technology over the last seven years to create a continuous, and scalable process which allows the use of wet wastes like sewage sludge without the need for drying it first. And we're excited to see HTP piloted beyond the lab, at an actual waste treatment plant."
"The project will lay the groundwork for full-scale commercial hydrothermal processing plants that could revolutionize the way renewable energy is produced at wastewater treatment plants," said James Oyler, president of Genifuel Corporation, which produces the HTP equipment patented by PNNL. "Unlike anaerobic digestion, this technology completely eliminates leftover biosolids. Getting rid of the biosolids hauled to landfills would significantly reduce costs for wastewater treatment facilities."
The project team is comprised of a number of industry leaders, including: SoCalGas, the Water Research Foundation, Central San, PNNL, Genifuel Corporation, Merrick & Company, Black & Veatch, Brown and Caldwell, MicroBio Engineering, Leidos, and others.
Earlier this month, SoCalGas announced a broad, inclusive and integrated plan to help achieve California's ambitious environmental goals in a paper titled California's Clean Energy Future: Imagine the Possibilities. The plan embraces an all-of-the-above approach to fight climate change, keeps energy affordability as a key focus, calls for developing long-term renewable energy storage using existing infrastructure, and can aid in promoting rapid consumer adoption. The new strategy comes one month after SoCalGas announced its vision to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers.
As part of that vision, SoCalGas committed to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electric only energy and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects.
In California, scientists at the University of California, Davis estimate that the state's existing organic waste could produce enough RNG to meet the needs of 2.3 million homes.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians — about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, April 5, 2019 /PRNewswire/ -- To promote National Safe Digging Month, Southern California Gas Co. (SoCalGas) will bring a 30-foot-tall shovel to the Angel Stadium of Anaheim to raise awareness about the importance of contacting 811 at least 72 hours prior to the start of any excavation project. When residents or contractors dial 811 before any project that involves digging, utility companies will mark the locations of underground lines to prevent them from being damaged, which could cause injury or service outages.
SoCalGas will take the giant shovel—popular for selfies—to inform area residents about pipeline safety, customer assistance programs and the company's vision for California's Clean Energy Future. The shovel will be at displayed at the Angel Stadium of Anaheim from April 5-7. The partnership includes radio spots on Angels Radio AM830 and an in-stadium video that will air for fans.
On April 8, SoCalGas is partnering with Pacific Gas & Electric (PG&E), Bakersfield Fire and Kern County Fire to raise awareness about National Safe Digging Month and remind customers to contact 811 before digging in the yard or on the job. Both utilities and fire departments will show paint markings in the street for the approximate location of buried utility lines at SoCalGas' regional base on McMurtrey Avenue near Highways 99 and 65 in Bakersfield starting at 10 a.m.
An underground utility line is accidentally damaged once every nine minutes nationwide. Those accidents can lead to significant safety hazards or result in costly repair bills for homeowners. Across SoCalGas' service territory, about 60 percent of pipeline damage due to digging is caused by homeowners, contractors, and excavators who did not call 811 before digging.
"Last year, SoCalGas recorded close to 3,000 cases of damage to underground infrastructure caused by customers who did not call 811 prior to digging, but we know that number can be drastically reduced by practicing safe digging," said Rodger Schwecke, senior vice president, gas operations and construction for SoCalGas. "Data shows that when customers call 811 before digging, the likelihood of hitting a utility line is decreased by 99 percent."
In addition to the big shovel being at Angel Stadium, Schwecke will be throwing out the first pitch at the Angels game on Sunday, April 7 at approximately 1 p.m. to bring awareness to calling 811 before you dig.
SoCalGas encourages customers to take the following steps when planning any digging project this spring:
811 is the national phone number, designated by the Federal Communications Commission (FCC), that connects professionals and homeowners who plan to dig with a local call center. The call center collects information about the planned dig site and communicates with the appropriate utility companies, which then send professional utility locating technicians to identify and mark the approximate location of lines. Once lines have been marked, the caller may dig safely around the marks.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Co.
SAN DIEGO, April 2, 2019 /PRNewswire/ -- Sempra Energy's (NYSE:SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its first-quarter 2019 earnings at 6 p.m. EDT, April 29, in advance of a conference call with IEnova executives at 11 a.m. EDT, April 30.
Briefing materials also will be posted by 6 p.m. EDT, April 29, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 4999563#.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2018, the company has invested approximately US$8.2 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the Dow Jones Utility Index.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, April 2, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today released a broad, inclusive and integrated plan to help achieve California's ambitious environmental goals in a paper titled California's Clean Energy Future: Imagine the Possibilities. The plan embraces an all-of-the-above approach to fight climate change, keeps energy affordability as a key focus, calls for developing long-term renewable energy storage using existing infrastructure, and can aid in promoting rapid consumer adoption. The new strategy comes one month after SoCalGas announced its vision to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. As part of that vision, SoCalGas committed to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030.
"Achieving California's ambitious climate goals will require business leaders, non-governmental organizations, and policymakers to work together to re-imagine how California's energy infrastructure can operate as one, integrated system that maximizes emissions reductions and minimizes waste," said Bret Lane, SoCalGas chief executive officer. "Implementing a balanced approach that promotes advanced energy technologies will allow California to keep energy affordable and reliable and preserve consumer choice."
"We need to take an expedited, but Kaizen approach to combatting climate change. I welcome incorporating energy sources such as hydrogen and renewable natural gas into our energy infrastructure," said Duarte Mayor Pro Tem Sam Kang. "It would be irresponsible to legislate solely in favor of one technology over another and doing so could come at the expense of the innovation necessary for a carbon-neutral economy."
"It is important to remember that many Californians do not have the means to make the changes some are advocating for," said Andy Molina, president of the Southeast Churches Services Center. "SoCalGas has been a tremendous community partner as we work to ensure all our neighbors have clean and affordable energy in their homes and we welcome this new plan and look forward to continuing this work together."
"It is an honor for the CA Latino Leadership Institute to partner with SoCalGas in California's underserved communities building career pathways into energy including renewable, natural gas and electricity for high school youth," said Lisa Baca, executive director for the CA Latino Leadership Institute. "We welcome any plan that will help create good jobs and maintains affordable energy for all."
Keeping Energy Affordable
A cornerstone of this new clean energy strategy is SoCalGas' commitment to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. RNG is a renewable fuel produced from food waste, farms, landfills, and even sewer systems. It can rapidly cut greenhouse gas emissions (GHGs) because it takes more climate pollution out of the air than it emits as an energy source. RNG is already helping eliminate emissions from trucks and buses and recently SoCalGas asked the California Public Utilities Commission (CPUC) for support to bring this renewable fuel to homes and businesses.
To kickstart the plan, SoCalGas will pursue regulatory authority to implement a broad renewable natural gas procurement program with a goal of replacing five percent of its natural gas supply with RNG by 2022. SoCalGas also recently filed a request with the CPUC to allow customers to purchase renewable natural gas for their homes. SoCalGas seeks to have CPUC approval of its voluntary program by the end of the year.
Research shows that replacing about 20 percent of California's traditional natural gas supply with RNG would lower emissions equal to retrofitting every building in the state to run on electric only energy and at a fraction of the cost. Using RNG in buildings can be two to three times less expensive than any all-electric strategy and does not require families or businesses to purchase new appliances or take on costly construction projects.
A 2016 law requires 40 percent of methane from California's landfills and farms to be captured, with provisions to deliver that energy to customers. This will bolster the supply of RNG that is already growing rapidly as cities and towns across the country look to divert organic waste from landfills. In California, scientists at the University of California, Davis estimate that the state's existing organic waste could produce enough RNG to meet the needs of 2.3 million homes.
Developing Long-term and Seasonal Renewable Energy Storage Using Existing Infrastructure
California already produces more renewable energy than residents and businesses can use on most days and reaching 100 percent renewable electricity isn't as simple as adding more solar panels and wind turbines. That's because there is a mismatch between when renewable energy is generated (during the day) and when people need it (around the clock). Without new solutions to long-term storage, by 2025, California is expected to waste enough renewable energy each year to power Los Angeles County for more than a month.
Advances in battery technology will help prevent some of this waste. However, batteries are most effective in managing short term demand for energy and are not well suited for long-term and seasonal energy storage. One example of a broad, inclusive view of energy is Hydrogen. Hydrogen is a zero-emissions energy resource that has the potential to provide the long-term and seasonal energy storage on a scale that batteries cannot.
One relatively new technology that can produce green hydrogen is called Power-to-Gas. It works by converting surplus solar and wind electricity into basic elements, including hydrogen that can be used as energy. Power-to-Gas technology has already been deployed at the University of California, Irvine where hydrogen produced from solar panels is being blended into the campus' natural gas system and stored for later use. Large scale Power-to-Gas projects are also underway across Europe including in the United Kingdom where researchers are set to begin blending up to 20 percent of hydrogen (by volume) with the normal gas supply in part of Keele University's gas network. The "Les Hauts de France", in France is another an ambitious Power-to-Gas project, that aims to build five 100 MW hydrogen production units over a five-year period.
Using this technology, SoCalGas' clean energy strategy describes how California's existing natural gas infrastructure could store significant amounts of renewable solar and wind power for months and address seasonal fluctuations in energy supply and demand.
Inspiring Consumer Adoption
Preserving choice, providing affordable options and minimizing disruption to people's daily lives are also important strategies outlined in the plan, to inspire rapid consumer adoption here and around the world. California emits less than one percent of global GHG emissions. To have a meaningful impact on climate change, the state needs solutions that can be readily adopted by other states and countries. This includes examining the entire energy value chain, so emissions are not inadvertently transferred to other regions.
Carbon Capture and Utilization (CCU)
SoCalGas' strategy also calls for carbon dioxide (CO2) released from industrial processes and power plants to be captured and recycled as a raw material to produce a variety of products. Using Power-to-Gas technology, these carbon emissions can also be combined with hydrogen to form renewable gas to fuel homes, businesses and vehicles.
CCU technology is advancing quickly and many companies around the world are already using it. One California-based company is making plastics from captured carbon instead of petroleum. A Canadian company is using carbon captured from power plants to make stronger concrete. And a German company uses waste CO2 to make polymers. According to the Global CO2 initiative, the market for products made from CO2 could be more than $800 billion and use 7 billion metric tons of CO2 per year by 2030—the equivalent of approximately 15 percent of current annual global CO2 emissions.
The plan released today calls on California to deploy every resource available to combat climate change, and specifically to:
To read more about our vision for California's clean energy future, visit www.socalgas.com/vision.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, March 31, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that its subsidiary Energía Costa Azul (ECA) LNG received two authorizations from the U.S. Department of Energy (DOE) to export U.S. produced natural gas to Mexico and to re-export liquefied natural gas (LNG) to countries that do not have a free-trade agreement (non-FTA) with the U.S., from its Phase 1 and Phase 2 liquefaction-export facilities in development in Baja California, Mexico.
"The timing of these approvals is great news as we meet with customers and partners this week in Shanghai," said Joseph A. Householder, president and chief operating officer for Sempra Energy. "ECA LNG's location on the West Coast of North America is truly a differentiator and it has the potential to be a game changer. ECA LNG will source natural gas from some of the fastest-growing production regions in the U.S. and provide our customers with a competitive advantage in accessing world markets, especially Asia."
"The authorizations are another step forward in the development of this project that could bring many benefits for Mexico, U.S. natural gas producers and our customers and partners in greater Asia," said Carlos Ruiz Sacristán, chairman and CEO of Sempra North American Infrastructure. "We are pleased to continue to advance the development of ECA LNG, which can uniquely meet the energy needs of isolated markets in Mexico and customers in Asia."
ECA LNG Phase 1 development opportunity is a single train LNG facility to be located adjacent to the existing LNG receipt terminal. It is expected to utilize current LNG storage tanks, marine berth and associated facilities. Phase 2 of the project will include the addition of two trains and one LNG storage tank. The DOE authorizations allow the export of 636 billion cubic feet (Bcf) a year of U.S. sourced LNG from these infrastructure projects. Phase 2 of the project will require additional DOE approval in order to export its full expected capacity.
The existing ECA receipt terminal was the first LNG receipt terminal constructed on North America's West Coast. Located about 15 miles north of Ensenada, Baja California, it began commercial operations in 2008 and is capable of processing up to 1 Bcf of natural gas per day.
The DOE approval comes as the company prepares to discuss the U.S. LNG market this week at the 19th International Conference & Exhibition on LNG (LNG2019), in Shanghai. LNG2019 is the largest LNG event to ever be held in China – the world's fastest-growing LNG market.
Last November, Sempra Energy announced that its subsidiaries IEnova and Sempra LNG had signed Heads of Agreements (HOAs) with affiliates of Total S.A., Mitsui & Co., Ltd. and Tokyo Gas Co., Ltd. for Phase 1 of the ECA LNG project, subject to reaching definitive agreements. TechnipFMC and Kiewit were selected as the engineering, procurement, construction and commissioning (EPC) contractors for the project, subject to reaching a definitive agreement on the EPC contract.
Development of the ECA LNG liquefaction project is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, including additional export authorization from the Mexican and U.S. governments, obtaining financing, incentives and other factors, and reaching a final investment decision.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and its a member of the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the success of business development efforts and construction projects, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; and (v) the ability to realize anticipated benefits from any of these efforts once completed; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, March 28, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today was named a "Best Place to Work for LGBTQ Equality," receiving its 10th consecutive perfect score on the Corporate Equality Index administered by the Human Rights Campaign Foundation.
"Inclusion is a competitive differentiator for Sempra," said G. Joyce Rowland, senior vice president and chief culture officer for Sempra Energy. "Our employees act with energy and purpose, finding new ways to create positive impacts in the communities we serve. We take pride in being a company of ideas while actively seeking to understand how we can foster a more inclusive, high-performing culture."
The Corporate Equality Index is released annually and serves as the nation's premier benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality.
"The top-scoring companies on this year's CEI are not only establishing policies that affirm and include employees here in the United States, they are applying these policies to their global operations and impacting millions of people beyond our shores," said Chad Griffin, president of the Human Rights Campaign.
The distinction follows Sempra Energy's recognition as the highest-ranked U.S. utility by Ernst & Young on its Women in Power and Utilities Index, released earlier this month.
"Imagine if utilities could meet exponential disruption with exponential inclusion," said Cyntressa Dickey, people advisory services leader of Ernst & Young Americas Energy. "Providing equitable opportunities to the right talent could further drive innovation and deliver value quicker to customers."
Since 2014, the Ernst & Young index has put a focus on utilities with women in senior leadership roles, and those that practice diverse perspectives at the leadership level. The number of women in upper management at Sempra Energy has increased by 34 percent over the last five years.
Sempra Energy's commitment to diversity and inclusion is led by Chairman and Chief Executive Officer Jeffrey W. Martin – who signed on to the CEO Action for Diversity and Inclusion Initiative – and is carried through employees who embrace their roles and are empowered to make a difference through employee-driven diversity and inclusion councils.
Sempra Energy's mission is to be North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value.
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SOURCE Sempra Energy
LOS ANGELES, March 26, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company will lower the price of compressed natural gas at all of its 13 public access natural gas vehicle fueling stations by $0.26 per gallon beginning April 1st. Through a California Public Utilities Commission approved program, the utility is able to offer a reduced price by returning revenue generated from the sale of Low Carbon Fuel Standard (LCFS) credits to customers.
The LCFS program is administered by the California Air Resources Board and seeks to reduce greenhouse gas emissions from transportation fuels by 20 percent through 2030. Under the program, fuels that help lower GHG emissions, such as natural gas, generate LCFS credits.
"Natural gas has played a significant role in reducing greenhouse gas emissions under the LCFS program, while also reducing smog-forming emissions by over 90% percent," said Yuri Freedman, senior director of business development at SoCalGas. "Lowering the cost of this clean fuel increases the benefits for trucking fleets and others that have switched from gasoline or diesel to natural gas."
Natural gas costs significantly less than gasoline or diesel per gallon. For example, the average pump price at utility compressed natural gas stations was $2.37 per gallon in February, whereas the average cost of gasoline in California was $3.24 per gallon, and the average cost of diesel was $3.73 per gallon, according to the Energy Information Administration.
Cleaning Up California's Highways with Renewable Natural Gas
SoCalGas also recently announced it will soon begin using renewable natural gas, a fuel produced from waste sources, at its fueling stations. Because of its low or even negative carbon intensity, renewable natural gas can generate additional LCFS program credits.
The transportation sector is responsible for 41 percent of GHG emissions and 80 percent of smog forming pollution. The latest heavy-duty natural gas engines can cut smog-forming emissions by more than 90 percent compared to the cleanest heavy-duty diesel trucks on the road today. When these trucks are fueled with renewable natural gas, GHG emissions are reduced by at least 80 percent.
SoCalGas has worked with fleet owners to secure millions of dollars in incentive funding for the replacement of diesel trucks with cleaner, new near-zero natural gas trucks.
Renewable natural gas is produced from the methane generated in landfills, wastewater treatment plants, food processing, and dairies. It can be used to fuel trucks and buses, to generate electricity, to heat homes and businesses, and to cook. Capturing the methane from these waste sources and using it for fuel has two benefits: it keeps methane, a GHG, from entering the atmosphere and contributing to climate change, and it reduces the use of traditionally-sourced natural gas.
Already in California, close to 70 percent of natural gas fleets are fueled with renewable natural gas.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, March 25, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced its customers saved $56.1 million in 2018 on their annual natural gas bills through SoCalGas' energy efficiency programs. The energy savings also reduced greenhouse gas emissions equivalent to removing more than 57,000 cars from the road for a year.
"SoCalGas prides itself on providing affordable energy. By giving our customers the programs and tools they need to purchase high efficiency gas appliances and make their existing gas appliances more efficient, customers can both lower their bills and curb carbon emissions," said Dan Rendler, director of customer programs and assistance at SoCalGas.
SoCalGas energy efficiency programs include offering rebates on hundreds of home appliances and products that help conserve energy and reduce costs. Customers can apply for rebates quickly and easily from a mobile device.
An energy efficient appliance, over its lifetime, will save customers thousands of dollars in energy bills. A tankless water heater can save about $1,500 over its lifetime and a traditional water heater about $200. An energy efficient furnace will use about $550 less natural gas over its lifetime. Smart thermostats, which can learn a customer's schedule and temperature preferences to adjust the temperature in the home accordingly, can save $125.
Customers can use the website SoCalGas Marketplace to find and compare energy efficient products. The site points users to rebates of $75 on select smart thermostats and Energy Star natural gas dryers, $200 on select water heaters and furnaces and up to $75 on select washing machines.
SoCalGas continues to be a leader in researching and developing new technologies that improve energy efficiency and protect the environment. Between 2013 and 2017, SoCalGas energy efficiency programs delivered more than 154 million therms in energy savings, enough to power 309,000 households a year, and reducing greenhouse gas emissions (GHGs) by more than 820,000 metric tons, the equivalent of removing nearly 175,000 cars from the road. These advances have also helped save SoCalGas customers more than $164 million in utility bill costs.
To learn more about SoCalGas energy efficiency programs and services, visit socalgas.com or call 800-427-2200.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
DALLAS, March 20, 2019 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") announced today that CEO Allen Nye will participate in Sempra Energy's (NYSE: SRE) Investor Day on March 27. Nye will provide an update on Oncor's business strategy and financial goals during the conference, which will be webcast live starting at 8 a.m. PDT from the Investor Day at Sempra Energy's Headquarters in San Diego. Sempra Energy is the indirect owner of 80.25% of Oncor's equity interests.
Interested parties can view the live webcast by visiting the investor section of Sempra Energy's website, http://investor.sempra.com/events. Prior to the webcast, an accompanying slide presentation (including Oncor's presentation) will be posted to the investor section of Sempra Energy's website. A replay of the webcast will be available on Sempra Energy's website within 24 hours after the conference.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.6 million homes and businesses and operating more than 137,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, March 18, 2019 /PRNewswire/ -- Sempra Energy's (NYSE: SRE) executive management team will provide an update on the company's business strategy and financial goals at 8 a.m. PDT, March 27, on a live webcast from the Investor Day at Sempra Energy's Headquarters in San Diego.
The presentation slides will be posted to the investor section of Sempra Energy's website at 4 a.m. PDT, March 27. The live webcast of the conference will be available on the investor section of the company's website and a replay also will be available on the website within 24 hours after the conference.
Sempra Energy's mission is to become North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and was recently added to the Dow Jones Utility Index.
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SOURCE Sempra Energy
LOS ANGELES, March 18, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it will fund a field demonstration of adsorbed natural gas bi-fuel vehicles powered by natural gas compressing technology developed by Adsorbed Natural Gas Products, Inc. and Ingevity. Adsorbed natural gas technology uses Ingevity's unique Nuchar® activated carbon to reduce the storage pressure of natural gas without sacrificing the volume of natural gas stored through a process called adsorption. Using this type of fuel provides a cleaner and lower cost fuel option for large, light-duty vehicles, such as SUVs, half-ton pickup trucks, and service vans, than diesel, gasoline, or traditional compressed natural gas fuel.
"The transportation sector accounts for more than 80 percent of smog forming emissions and about 40 percent of greenhouse gas emissions in California," said Yuri Freedman, senior director of business development at SoCalGas. "Natural gas can play an important role in reducing emissions, and adsorbed natural gas can revolutionize the way natural gas is used as a transportation fuel. We are excited to see how the vehicles perform during the demonstration."
"It is the unique 'capture and release' properties of our Nuchar activated carbon that makes this incredible new transportation option possible," said Ed Woodcock, executive vice president and president of Performance Materials at Ingevity. "Having SoCalGas as a project partner will provide invaluable insight and support as we work to demonstrate the value of adsorbed natural gas to the natural gas community and light-duty vehicle fleets, and commercialize this exciting new technology."
Adsorbed natural gas vehicles can be fueled at public-access compressed natural gas stations, as well as conveniently from home or work through a refueling compressor. They operate at significantly lower fueling pressure than standard compressed natural gas vehicles, refilling at 900 psi instead of 3600 psi. This reduces energy consumption by over 50 percent and decreases fueling time by over 60 percent. Additionally, these vehicles can travel long distances on adsorbed natural gas before seamlessly switching to gasoline. As natural gas costs $1.00-$1.50 less per gasoline gallon equivalent than gasoline, adsorbed natural gas offers a lower-cost fueling alternative.
Natural gas is one of the cleanest burning alternative fuels available. And natural gas vehicles are some of the cleanest vehicles in commercial production today; they can reduce emissions of carbon dioxide by as much as 30 percent, carbon monoxide by 85 percent, and carcinogenic particulate emissions by 99 percent. Adsorbed natural gas vehicles are 90 percent cleaner than the Environmental Protection Agency's current nitrogen oxide standard and emit over 25 percent fewer greenhouse gas (GHG) emissions than comparable gasoline and diesel vehicles. When refueling with renewable natural gas, GHG emissions can be reduced by up to 125 percent.
SoCalGas is providing funding for the project with research and development funds authorized by the California Public Utilities Commission and will also test and validate the adsorbed natural gas vehicles during a six-month demonstration period.
Results from SoCalGas' demonstration will support a commercial rollout of adsorbed natural gas vehicles to fleet operators in Southern California.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
Ingevity: Purify, Protect and Enhance
Ingevity provides specialty chemicals, high-performance carbon materials and engineered polymers that purify, protect, and enhance the world around us. Through a team of talented and experienced people, Ingevity develops, manufactures, and brings to market products and processes that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bio-plastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,750 people. The company is traded on the New York Stock Exchange (NYSE: NGVT). For more information visit www.ingevity.com.
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SOURCE Southern California Gas Company
SAN DIEGO, March 18, 2019 /PRNewswire/ -- Sempra LNG, a unit of Sempra Energy (NYSE:SRE), today announced that Justin Bird has been named president and Lisa Glatch will become the company's chief operating officer.
"The Sempra Energy board and the management team could not be more pleased to match our world-class liquefied natural gas (LNG) opportunity with a world-class leadership team," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "This is a powerful combination as we work to become North America's premier energy infrastructure company."
Both Bird and Glatch will be reporting to Carlos Ruiz Sacristán, chairman and CEO of Sempra North American Infrastructure.
"We are well positioned to serve the growing Atlantic and Pacific markets with five strategically located development projects that will provide direct access to clean and reliable natural gas," said Ruiz Sacristán. "Justin and Lisa bring extensive expertise in developing infrastructure projects, marketing capacity, financing, engineering and construction. With their leadership, our LNG business is on solid footing for continued disciplined growth."
Bird led the continued development of Sempra's five LNG projects in his prior position as chief development officer for Sempra North American Infrastructure. He previously led the $7.4 billion project financing of the Cameron LNG liquefaction project in Hackberry, La. Earlier in his career, Bird played a key role in the development and commercial arrangements for the Cameron LNG facility and Energía Costa Azul regasification terminal in Baja California, Mexico. Bird also served in senior leadership roles within the Sempra companies, including vice president of gas infrastructure and special counsel, vice president of compliance and governance, and corporate secretary. In his new role, Bird will focus on marketing and project development.
With more than 30 years of engineering and construction experience, as well as the management of multibillion-dollar projects, Glatch will be responsible for engineering and construction, project controls, human resources, external affairs and operations for Sempra LNG. She also will continue to serve as the board chair for Cameron LNG. Glatch joined Sempra Energy in 2018 as strategic initiatives officer and her primary focus has been to support the completion of Cameron LNG's Phase 1, the $10 billion joint-venture liquefaction project under construction, of which Sempra Energy owns 50 percent. Previously, Glatch held board and senior executive positions at CH2M, Jacobs and Fluor, global engineering, construction and technical firms serving the energy market.
Sempra LNG develops, builds and invests in natural gas liquefaction facilities and is pursuing the development of five strategically located LNG projects in North America with a goal of delivering 45 million tonnes per annum of clean natural gas to the largest world markets, making Sempra Energy one of North America's largest developers of LNG export facilities.
Sempra Energy's mission is to become North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; the success of business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG
LOS ANGELES, March 15, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that it achieved the highest level of spend with diverse business enterprises in the history of the company, spending more than $673 million dollars with 583 diverse suppliers last year. The company exceeded the California Public Utilities Commission's (CPUC) goal for contracting purchases with women, minority, service-disabled veteran, and lesbian, gay, bisexual, and transgender-owned businesses for the 26th consecutive year in 2018. More than 40 percent of the utility's contract spending went to women, minority, service-disabled veteran and LGBT-owned companies, nearly double the CPUC's goal of 21.5 percent.
"I'm proud that our activities and investments have not only made SoCalGas a leader in supplier diversity, but also contributed to a stronger local economy, job growth and an improved business climate," said Bret Lane, chief executive officer for SoCalGas. "We have made significant investments in supplier diversity initiatives and provided technical assistance to help diverse firms grow and succeed."
"The construction manager in Bakersfield introduced us to a manager in transmission, which helped expand our network," says Hal Hays Construction chief executive officer Kirby Hays, whose father founded the company in 1991. "Other areas within SoCalGas also opened up since we forged a relationship with their Supplier Diversity department. We've met a lot of people and relationships blossomed rather quickly," he adds, noting the work resulted in about a dozen new hires.
The Riverside-based, general and civil construction firm was awarded its first contract to build the utility's new base in Bakersfield. This was followed by contracts to replace concrete at the Blythe compressor station, make infrastructure improvements through the Mobilehome Park Utility Upgrade program and build a compressed natural gas (CNG) refueling station in Bakersfield.
While the Native American-owned firm with 200-plus employees was well established before its SoCalGas contracts, Hays says SoCalGas' Supplier Diversity team was helpful in sharing the utility's environmental and safety priorities and keeping them updated on the competitive bid process.
Spending included new major contracts with diverse suppliers for environmental services, mobile home park utility upgrade program, facilities and finance. In addition, 12 of the company's 25 largest vendors are diverse suppliers.
SoCalGas also offers these large and small businesses innovative training programs, including supplier development and technical assistance, contractor safety workshops, seminars and other events.
SoCalGas' commitment to diversity extends beyond its diverse suppliers to its workforce and the communities it serves as well. In 2018, SoCalGas invested more than $7.5 million to nearly 1,000 organizations across its service territory, benefiting in part underserved community groups in African American, Hispanic American, Asian Pacific American, and Native American communities. In addition, the company's diverse workforce of more than 7,500 employees includes 68 percent people of color.
More information about SoCalGas' commitment to supplier diversity can be found in the newly released 2018 Supplier Diversity Annual Report.
The CPUC's Utility Supplier Diversity Program topped $10.5 billion in goods and services that utilities purchased from women, minority, disabled veterans and LGBT-owned business enterprises. For more information, read CPUC's 2018 Annual Report or visit consumers.cpuc.ca.gov/supplierdiversity.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, March 14, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it has received state approval to extend its pilot program that provides direct natural gas service to mobile homes. The Mobile Home Park (MHP) Utility Upgrade Pilot Program was authorized for extension by the California Public Utilities Commission (CPUC) through December 31, 2021. Mobile home park residents who receive direct utility service are able to monitor their natural gas use through advanced meter technology and easily access energy savings programs and bill assistance for income-qualified customers. Through the initial pilot program that began in 2014, SoCalGas is authorized to convert more than 18 percent of mobile home park spaces in its service territory to direct utility service through 2021. Photos of a participating mobile home park in Compton, California are available here.
An overwhelming majority—81 percent—of all mobile home parks in SoCalGas' territory applied to participate in the initial MHP Utility Upgrade Pilot Program. The program has enhanced safety and reliability through direct utility service to approximately 12,000 mobile homes in more than 200 parks throughout SoCalGas' territory.
"The CPUC's decision to extend the MHP Utility Upgrade is good news for residents of mobile home parks in our service territory," said Gina Orozco, SoCalGas' vice president of gas operations. "We will continue modernizing and converting natural gas systems at mobile home parks to direct utility service to allow thousands of mobile home park residents, many of whom are seniors, working families, and others with limited resources, the benefits of safe, affordable, natural gas and eligibility for customer assistance programs for those in need."
"As the Chair of the Senate Select Committee on Manufactured Home Communities, I applaud the California Public Utilities Commission's approval of the continuation of the Mobilehome Park Utility Upgrade Program. This program continues to help residents of mobile home park communities across California, including within the 20th State Senate District. I appreciate SoCalGas' participation in this program and look forward to these upgraded technologies continuing to help California residents," said Senator Connie M. Leyva (D-Chino).
"Foothill Village is excited to be participating in the MHP Utility Upgrade Program," said Ernest Schroer, owner of Foothill Village in Pomona, California. "The modernization of pipeline for natural gas means that we no longer have to make expensive repairs and replacements to meters ourselves. We are happy to have the professionals at SoCalGas build and manage the new gas system. It's a win-win for everyone involved."
"Our property management firm operates mobile home parks for 128 properties throughout California, 20 of which have participated in the MHP Utility Upgrade Program," said Thomas Pacelli, Vice President of Operations at J&H Asset Property Management. "We've seen our residents at 20 mobile home parks benefit from the upgraded infrastructure and technology. By becoming new customers of SoCalGas, residents who need assistance paying their monthly bills can sign up and qualify for California Alternate Rates for Energy (CARE) to receive a 20 percent discount on monthly natural gas bills."
In March 2014, the CPUC approved a voluntary, statewide, three-year pilot program offering mobile home park owners the opportunity to replace their parks' energy distribution system with a new, professionally installed natural gas distribution system, which includes the installation and use of advanced meter technology. With advanced meters, mobile home park residents will have access to their hourly natural gas usage on a next-day basis that can enable them to better manage their gas usage and save money. New SoCalGas customers will now also be able to set up their own "My Account" to view and pay their bill online, schedule service and/or sign up for paperless billing.
For more information about the Mobilehome Park Utility Upgrade Program, please visit https://www.socalgas.com/stay-safe/safety-and-prevention/mobilehome-park-utility-upgrade-program.
Customers can learn more about SoCalGas' customer assistance programs and apply today at socalgas.com (search "ASSISTANCE") or call 1-800-252-0259 (available in English and Spanish).
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, March 12, 2019 /PRNewswire/ -- Restaurants use a lot of energy to not only prepare and cook food, but to cool kitchens, dining rooms, and other spaces. A new high efficiency, ultra-low emissions commercial water heating and space cooling unit, which begins field demonstrations at two Southern California restaurants this week, could dish out energy savings, lower operating costs, and reduce greenhouse gas emissions for foodservice and hospitality facility operators.
The new technology uses a thermally driven heat pump fueled by natural gas or propane to capture ambient energy, achieving a heating efficiency of 140 percent or greater. It is projected to reduce energy use by 30 to 50 percent compared to standard natural gas water heaters. The highly-efficient heat pump also provides space cooling simultaneously, which reduces the need for air conditioning and can help lessen electricity use.
Stone Mountain Technologies, Inc. (SMTI) developed the new heat pump by redesigning heat pump technology traditionally used for cooling and focusing it on heating with cost-effectiveness and scalability in mind. GTI is leading the demonstration, and AO Smith Corporation is also providing support. Project funding was awarded by the California Energy Commission and Southern California Gas Company (SoCalGas) research and development funds authorized by the California Public Utilities Commission.
"SoCalGas is pleased to support the development of this novel heat pump technology, which will be especially beneficial for the foodservice industry," said Yuri Freedman, senior director of business development at SoCalGas. "This single system, efficiently and with very low NOx emissions, provides hot water for washing dishes and air conditioning to cool off warm kitchens and leads to increased energy bill savings."
Unlike other electrically-driven heat pump systems that use environmentally damaging hydrofluorocarbons, the new heat pump's ammonia/water refrigerant has zero ozone depletion and zero global warming potential. It was recently certified as Ultra-Low NOx per South Coast Air Quality Management District requirements.
SoCalGas has been a leader in the research and development of new technologies that increase energy efficiency, reduce air pollution and greenhouse gas emissions, and keeps bills affordable for customers. In the last five years alone, SoCalGas energy efficiency programs have saved more than 146 million therms, enough to power 326,000 households a year, and have reduced emissions by an amount equivalent to taking 165,000 passenger cars off the road.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. Earlier this month, SoCalGas announced a bold plan to replace 20 percent of its traditional natural gas supply with renewable natural gas by 2030.
"The Energy Commission is proud to work with researchers throughout the state and invest in innovative technologies that can help lower energy costs for ratepayers while reducing greenhouse gas emissions," said Laurie ten Hope, deputy director of the Energy Commission's Energy Research and Development Division.
"With nearly 90,000 restaurants in California, this emerging product could enable the proliferation of Zero Net Energy Restaurants," said Paul Glanville of GTI and principal investigator of the project. "We are fortunate to have an exceptional team on this project, with active support from our manufacturing partners, our research partners, a very capable installation contractor, and two great host sites, and we look forward to measuring system performance in the field."
SMTI will continue to pursue efforts to commercialize this water heating and space cooling unit after the demonstrations have been completed and the results analyzed.
"Already, we have strong interest from major manufacturers of HVAC equipment who would buy the core part of the technology from us, and then finish it into final products," said Michael Garrabrant, president of SMTI. "By offering Thermal Compressors for sale, our business model is to leverage the strengths of existing original equipment manufacturers and to help them quickly and easily get to market with a new and highly efficient heating technology offering for their customers."
About the California Energy Commission
The California Energy Commission is the state's primary energy policy and planning agency. It has seven core responsibilities: advancing state energy policy, encouraging energy efficiency, certifying thermal power plants, investing in energy innovation, developing renewable energy, transforming transportation, and preparing for energy emergencies.
About GTI
GTI is a leading research, development, and training organization that has been addressing global energy and environmental challenges by developing technology-based solutions for consumers, industry, and government for more than 75 years. www.gti.energy
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians— about 45 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas' vision is to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. In support of that vision, SoCalGas is committed to replacing 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills and wastewater treatment plants. SoCalGas is also committed to investing in its natural gas system infrastructure while keeping bills affordable for our customers. From 2014 through 2018, the company invested nearly $6.5 billion to upgrade and modernize its natural gas system to enhance safety and reliability. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Stone Mountain Technologies, Inc.
Based in Johnson City, Tennessee, SMTI has been developing and perfecting a cost-effective and scalable design for Thermally-Driven Heat Pumps since 2009. The approach re-configures an age-old thermodynamic cycle into high-efficiency replacement products for furnaces, boilers, and hot-water heaters in homes and light commercial buildings. The company is commercializing several HVAC products with OEM partners, and also significant support from utilities and other energy efficiency stakeholders. SMTI's approach offers the most economically practical method to decarbonize building heat loads on a large scale, a major source of green-house gases and other pollutants. More information at www.StoneMountainTechnologies.com and on LinkedIn at www.linkedin.com/company/stone-mountain-technologies-inc./
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SOURCE Southern California Gas Company
SAN DIEGO, March 11, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it intends to appoint Cynthia (C.J.) Warner to the company's board of directors in June 2019.
Warner is president and CEO, and on the board of directors, of Renewable Energy Group, a U.S. producer of biofuels. She has more than 35 years of experience in the global energy industry, serving in prior executive leadership roles with Andeavor (formerly Tesoro Corporation), Sapphire Energy and British Petroleum (BP).
"Our strategic mission is to become North America's premier energy infrastructure company," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "With C.J.'s considerable management experience in the international oil and natural gas industry, she will add critical global energy experience to our board as we look to become a leader in our industry in electric and natural gas infrastructure, including the development of vital export infrastructure for liquified natural gas."
Warner, 60, has served in her current role with Renewable Energy Group since January 2019. Prior to joining Renewable Energy Group, she served as executive vice president, operations for Andeavor, an integrated marketing, logistics and refining company, and as executive vice president, strategy and business development for Andeavor. Before joining Andeavor, Warner served as president, chief executive officer and chairman of the board of Sapphire Energy, a biofuels company. Prior to Sapphire Energy, Warner served as group vice president of global refining and group vice president of health, safety, security, environmental and technology for BP.
Warner serves as a member of the board of directors for IDEX Corporation and serves as a member of the National Petroleum Council.
Sempra Energy's mission is to become North America's premier energy infrastructure company. With 2018 revenues of more than $11.6 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value, and is a member of the Dow Jones Utility Index.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Los Angeles County Department of Public Health, U.S. Environmental Protection Agency, Federal Energy Regulatory Commission, Pipeline and Hazardous Materials Safety Administration, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; the success of business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, March 6, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a bold plan to replace 20 percent of its traditional natural gas supply with renewable natural gas (RNG) by 2030. Today's announcement is part of SoCalGas' vision to be the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to its customers. To kickstart the plan, SoCalGas will pursue regulatory authority to implement a broad renewable natural gas procurement program with a goal of replacing five percent of its natural gas supply with RNG by 2022. SoCalGas also recently filed a request with the California Public Utilities Commission (CPUC) to allow customers to purchase renewable natural gas for their homes. SoCalGas aims to have CPUC approval of its voluntary program by the end of the year.
Renewable natural gas is a clean fuel produced from our waste streams (i.e., sewers and food waste, as well as dairy and agriculture waste) and can be used like traditional natural gas to heat homes and businesses, for cooking, and to fuel trucks and buses. RNG reduces GHG emissions because it can take more GHG emissions out of the air than it emits as an energy source. In 2016, Governor Brown signed legislation to reduce short-lived climate pollutants, including methane from organic sources. The law requires 40 percent of methane from sewage treatment plants, landfills and agriculture to be captured, with provisions for energy delivery to customers.
SoCalGas' commitment to develop RNG is part of a broader, integrated vision for the future of clean energy that keeps energy affordable, expands consumer choice, and develops long-term and seasonal renewable energy storage using existing infrastructure.
"Our vision is to become the cleanest natural gas utility in North America, delivering affordable and increasingly renewable energy to our customers," said Bret Lane, SoCalGas' chief executive officer. "Californians deserve clean, safe, and reliable energy that every family can afford. Today's announcement is an important step toward delivering a clean energy future that works for every family and business in our state."
"We applaud SoCalGas' commitment to have 5 percent of their supplies be renewable natural gas by 2022. Our campuses currently rely on gas-fired power plants to keep the lights on," said David Phillips, associate vice president of energy and sustainability of the University of California's Office of the President. "Decarbonizing our gas supplies can be an effective strategy to lower our greenhouse gas emissions. Widely available renewable natural gas will bring us and the rest of California closer to carbon-neutrality."
"What a great goal! California needs more renewable energy, and we need all the renewable natural gas we can put into the pipeline. We welcome SoCalGas' announcement and look forward to the day renewable natural gas is available to all customers," said Joe Lyou, president and chief executive officer of the Coalition for Clean Air.
"SoCalGas is taking a bold step in the fight against climate change," said Maria Salinas, president and chief executive officer of the Los Angeles Area Chamber of Commerce. "Businesses are often looking for ways to be both cost efficient and environmentally responsible. SoCalGas strikes the right balance with their vision for 2030, becoming the largest and cleanest natural gas utility in the country and helping Los Angeles continue to be a leader in environmental standards."
"California has a population of 40 million people, converting the waste we produce into clean energy for use in our homes and businesses is necessary if we are going to achieve a carbon-neutral economy by 2045," said Dr. Matt Rahn of Cal State San Marcos, Environmental Leadership Institute. "Creating a balanced energy portfolio that includes renewable natural gas will help meet the state's climate goals."
"Tulare County is in a vital position to produce renewable natural gas from one of our largest industries, dairy," said Paul Saldana, president and chief executive officer of the Tulare County EDC. "We are proud to be part of the solution to climate change in California."
"SoCalGas continues to demonstrate great leadership with their goal to be the cleanest natural gas utility in the country," said Alicia Berhow, Senior Vice President of Government Affairs of OCBC. "Ensuring renewable natural gas is available to customers will help preserve consumer choice and provide affordable, and increasingly renewable energy to homes and businesses."
SUFFICIENT RNG SUPPLIES TO ACCELERATE DEVELOPMENT
With a commitment to replace 20 percent of its traditional natural gas supply with RNG, SoCalGas aims to accelerate the development of in-state renewable gas projects and achieve significant emissions reductions. Today more than 80 percent of methane emissions in California come from agriculture, dairies, wastewater treatment plants and other organic sources. A 2016 study by the University of California, Davis calculated that California has the potential to produce nearly 100 billion cubic feet (bcf) per year of renewable natural gas. This would be enough to meet the annual natural gas needs of around 2.3 million California homes.
In addition, out-of-state sources of RNG are significant and growing. According to the U.S. Department of Energy, the U.S. currently produces 1 trillion cubic feet of renewable natural gas every year, and that number is expected to increase to 10 trillion by 2030.
RNG IS ALREADY HELPING CALIFORNIA MEET ITS CLIMATE GOALS
SoCalGas has been working to accelerate the further development of RNG projects in California. In 2018, renewable natural gas produced in the state began flowing into SoCalGas pipelines for the first time, from an anaerobic digester built and operated by waste hauling company CR&R. CR&R's facility produces renewable natural gas using organic waste collected in Southern California cities' green waste bins and already fuels 400 of their collection trucks.
In January 2019, Calgren, a biofuel producer, began flowing renewable natural gas into the SoCalGas system from a dairy digester pipeline cluster. The facility will eventually collect biogas from anaerobic digesters at 12 Tulare County dairies, preventing about 130,000 tons of greenhouse gas from entering the atmosphere each year, the equivalent of taking more than 25,000 passenger cars off the road for a year.
Today, there are some 24 California dairy methane capture projects either operating or in development, and experts estimate there could be as many as 120 projects funded and operating in the next five years. In addition, as the state seeks to divert organic waste from landfills and capture emissions from wastewater treatment plants, more locally produced renewable natural gas will become available.
For more information on RNG's visit https://www.socalgas.com/smart-energy/renewable-gas
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the U.S.; the timing and success of business development efforts and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, and (iii) counterparties being unable fulfill contractual commitments; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in inflation and interest rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Southern California Gas Company
LOS ANGELES, March 5, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company's latest efforts to help California fleets obtain funding for the purchase of new near-zero emissions heavy-duty natural gas trucks. Beginning March 5, fleets operating within the South Coast Air Quality Management District (SCAQMD) are eligible to apply for incentive funding to replace diesel trucks with new near-zero emissions natural gas trucks through the Carl Moyer Program. Fleet owners whose applications are accepted will receive $100,000 towards the purchase of the new trucks. The program grant is competitive, which means funds are distributed on a rolling basis until all money is awarded. According to the SCAQMD, almost 8,000 tons of NOx (smog-forming emissions) and more than 232 tons of particulate matter have been reduced each year with the air district as the result of the Carl Moyer Program.
Last year, the Carl Moyer Program was expanded to include infrastructure projects such as fueling and charging stations and SoCalGas representatives are available to assist with applications for compressed natural gas (CNG) fueling stations in addition to applications for new trucks. In 2018, SoCalGas customers received more than $1.4 million to build three new CNG stations thanks to the Carl Moyer Program. The expansion of CNG stations across the state is a crucial step in the transition to near-zero natural gas trucks.
SoCalGas customers received funding for 116 new near-zero natural gas trucks through the Carl Moyer Program in 2018. In the last two years customers have received funding to replace more than 250 diesel trucks with grants from all of California's incentive funding programs.
"Incentive programs like the Carl Moyer Program are vital tools to help California reduce emissions and can help the state reach its established climate goals," said Sharon Tomkins, vice president of customers solutions and strategy for SoCalGas. "Studies show that replacing 250 diesel trucks with new, near-zero emissions natural gas trucks is the equivalent of removing more than 13,000 passenger cars from the road."
The transportation sector is responsible for about 40 percent of California's greenhouse gas (GHG) emissions and more than 80 percent of the state's NOx, or smog-forming, emissions. Transportation is the only sector that saw an increase in GHG emissions in the last year. These new heavy-duty natural gas trucks cut smog-forming emissions by more than 90 percent compared to the cleanest heavy-duty diesel trucks on the road today. When these ultra-low emission natural gas trucks are fueled by renewable natural gas, greenhouse gas emissions are reduced by at least 80 percent. Already, close to 70 percent of natural gas fleets in California are fueled with renewable natural gas. SoCalGas recently announced that renewable natural gas will soon be available at its utility-owed fueling stations.
The Cummins-Westport near-zero 12-liter natural gas engine is the only heavy-duty engine in the category to not only meet, but exceed, the California Air Resources Board's cleanest optional low-NOx standard of 0.02 g/bhp-hr. Results from a recent study conducted by the University of California, Riverside helps to understand one reason replacing these diesel trucks is so important. The study showed that NOx emissions from diesel trucks are "actually much higher" than California Air Resources Board certification standards. The study cited poor performance of after treatment systems for diesel vehicles as the main reason.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Feb. 28, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it has filed a request with the California Public Utilities Commission seeking to offer renewable natural gas to its 21 million customers in Central and Southern California. Renewable natural gas is a fuel produced from waste and agriculture that can be used to heat homes and businesses, for cooking, and to fuel trucks and buses. The fuel assists in helping California reduce its greenhouse gas (GHG) emissions because it is carbon-neutral or carbon-negative, meaning that it can take more GHG emissions out of the air than it emits as an energy source. Under the proposed program, millions of Californians would have the option to purchase a portion of their natural gas from renewable sources, just as many today can opt to purchase renewable electricity. The program is expected to create increased demand for renewable natural gas, which should help increase supply and lower its cost over time, similar to what has happened with renewable electricity created from wind and solar power. Photos of renewable natural gas projects in California are available here.
"Renewable natural gas is an important component in California's efforts to reduce GHG emissions," said Sharon Tomkins, SoCalGas vice president of customer solutions and strategy. "Using renewable natural gas in homes and commercial buildings will cut greenhouse gas emissions just as much as mandating all-electric appliances, but 2 to 3 times more cost-effectively. This solution not only preserves consumer choice, it can achieve climate goals at a lower cost."
As California seeks to reduce GHG emissions from homes and commercial buildings, renewable natural gas has emerged as a viable and cost-effective solution. A study last year showed that replacing less than 20 percent of SoCalGas' traditional natural gas supply with renewable natural gas by 2030 can achieve the same greenhouse gas reductions as converting all homes and commercial buildings to electric-only energy. That same study also found that using a mix of both in- and out-of-state renewable gas resources is up to 2 to 3 times more cost effective in reducing greenhouse gases than an electrification scenario.
A 2016 study by the University of California, Davis calculated that California has the potential to produce approximately 90.6 billion cubic feet (bcf) per year of renewable natural gas from dairy, landfill, municipal solid waste, and wastewater treatment plant sources alone. This would be enough to meet the annual natural gas needs of around 2.3 million California homes. In addition, out-of-state sources of renewable natural gas are significant and growing. According to the U.S. Department of Energy the U.S. currently produces 1 trillion cubic feet of renewable natural gas every year, and that number is expected to increase to 10 trillion by 2030. Using even a portion of this renewable fuel would meet the needs of millions more Californians.
Renewable Natural Gas Program Details
If approved, the renewable natural gas program will be available to nearly all SoCalGas core residential and small commercial and industrial customers. Residential customers will be able to have some of their natural gas delivered from renewable sources, choosing from several set dollar amounts to be provided from renewable natural gas supplies. Commercial customers will be able to have all of their natural gas come from renewable sources or select from a series of set dollar amounts or a percentage of their total gas use.
Each month, participating customers would see a line item on their bill that includes the amount of renewable gas they received, along with a very small program fee. To allow the utilities to enter into the longer-term contracts necessary to purchase renewable natural gas, residential customers will have to commit to one year. After one year, they would have the option to change their dollar amount or could participate on a month-to-month basis.
As customers opt to purchase renewable natural gas, SoCalGas will buy the renewable gas from producers and reduce the amount of fossil gas that is brought into their pipeline systems. As renewable natural gas enters the SoCalGas pipeline system, its molecules blend together with traditional natural gas and cannot be separated or filtered by source, just like solar and wind electrons on the electric grid. Every additional therm of this renewable fuel that is purchased means one less therm of traditional natural gas is used. Renewable fuel will be displacing fossil gas and helping build the market for more renewable natural gas.
SoCalGas hopes to offer the program beginning in 2020 if regulators at the California Public Utilities Commission approve the proposal. Customers who support being able to purchase a portion of their gas from renewable sources and increase their use of green energy should express their support by contacting the Public Utilities Commission Public Advisor at 1 (877) 849-8390 or public.advisor@cpuc.ca.gov.
Increasing Demand will Encourage Further Production of More Renewable Fuel
California has the potential to produce more than 90 billion cubic feet of renewable natural gas per year from waste sources, enough to meet the natural gas needs of around 2.3 million California homes.
SoCalGas has been bringing renewable natural gas into its pipeline system from out of state since about 2013, in large part because using the renewable fuel in vehicles is supported by the state's Low Carbon Fuel Standard, a program designed to reduce greenhouse gas and air pollution from the transportation sector. In 2018, renewable natural gas produced in California began flowing into SoCalGas pipelines for the first time, from an anaerobic digester built and operated by waste hauling company CR&R. CR&R's facility produces renewable natural gas using organic waste collected in Southern California cities' green waste bins.
In February 2019, SoCalGas announced that renewable natural gas was flowing into its system from a dairy digester pipeline cluster run by biofuel producer Calgren. The Calgren facility will eventually collect biogas from anaerobic digesters at 12 Tulare County dairies. Those digesters will capture and process manure from more than 75,000 cows, preventing about 130,000 tons of greenhouse gas from entering the atmosphere each year, the equivalent of taking more than 25,000 passenger cars off the road for a year.
Today, there are already 24 California dairy methane capture projects either operating or in development, and experts estimate there could be as many as 120 projects funded and operating in next five years. In addition, as the state seeks to divert organic waste from landfills and capture emissions from wastewater treatment plants, more and more renewable natural gas will become available.
Consumer polls support the increased production and use of renewable natural gas. Research shows nine out of 10 California families use natural gas in their homes. A recent California Building Industry Association survey of California voters found that only 10 percent of voters would consider purchasing an all-electric home and 80 percent oppose laws that would take away their natural gas appliances.
Renewable natural gas is complementary to other renewable energy sources like solar and wind, since it is available day and night to make the entire energy system cleaner and more reliable. This renewable fuel has already begun to clean the air and reduce greenhouse gas emissions in California's transportation sector, which accounts for more than 80 percent of smog forming emissions and about 40 percent of greenhouse gas emissions in the state.
Proposal Has Broad Support
Many organizations and businesses have voiced support for the renewable natural gas proposal, including environmental groups, businesses, and universities. A list of supporters may be found here.
"The University of California supports the SoCalGas proposal to offer customers renewable natural gas," said David Phillips, associate vice president of energy and sustainability of the University of California's Office of the President. "UC is committed to carbon neutrality and has been working to develop our own renewable gas supply projects. New programs like this proposal are necessary to create a robust and cost-effective commercial market for renewable natural gas in California."
"Renewable natural gas (RNG) is an important alternate fuel with significant greenhouse gas and air quality benefits," said Arun Raju, director of the Center for Renewable Natural Gas at the University of California, Riverside. "RNG, like most other renewable fuels, is more expensive than fossil fuels due to a number of factors. With proper policy support, the costs will very likely decrease over time as more projects are developed and technology keeps maturing. SoCalGas' proposed initiative is an excellent way to support RNG, and similar approaches have worked for other renewable resources and in other jurisdictions. This approach also gives individuals and organizations a unique opportunity to support a clean, renewable fuel and combat climate change."
"This is smart policy and is wholly aligned with California's goal of achieving net zero emissions by 2045," said Jonathan Parfrey, executive director of Climate Resolve, a Los Angeles-based environmental non-profit. "SoCalGas' program is a practical way for households, businesses, even entire cities, to achieve carbon neutral goals."
"Renewable natural gas is the lowest-carbon fuel available -- in fact the California Air Resources Board verified it is net-carbon negative over its lifecycle, when food waste or manure are the feedstocks," said Matt Tomich, president of the non-profit Energy Vision. "RNG is 'pipeline grade' so it can reach its markets through the same pipelines used to transport fossil gas. It's one of the most powerful decarbonization tools there is, and California's and SoCalGas's leadership in scaling it up has important national impact."
For more information on renewable natural gas, go to: socalgas.com/smart-energy
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
DALLAS, Feb. 26, 2019 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported twelve months ended December 31, 2018 net income of $545 million compared to reported twelve months ended December 31, 2017 net income of $419 million. Oncor's fourth quarter 2018 net income increased to $119 million, up from $77 million in the fourth quarter of 2017. Financial and operational results are provided in Tables A, B, C and D below.
"2018 was a great year for Oncor, with one of the best financial, operational, and safety performances in the history of our Company," said Allen Nye, chief executive of Oncor. "During 2018, we successfully closed the transaction with Sempra Energy, completed our leadership succession as planned and grew our business with capital support from our equity holders. Oncor has a solid strategic plan in place, robust capital growth and a vibrant service territory that will set the stage for growth in 2019 and beyond. We look forward to continuing to provide safe, reliable and affordable electric service to our customers while delivering value for our customers, our equity holders and Texas."
Operating Highlights
In March, after receiving final regulatory approvals, Sempra Energy (NYSE: SRE) completed its acquisition of an approximate 80 percent indirect ownership interest in Oncor. With the closing of the Sempra Energy transaction, Oncor now has a financially strong and dynamic majority owner who will partner with Oncor in our efforts to continue to provide the safest, most reliable and affordable electric service to our customers.
Effective with the closing of the Sempra Energy transaction, Oncor implemented its previously-announced leadership succession plan. Allen Nye, who had been serving as Oncor's senior vice president and general counsel, became Oncor's chief executive, succeeding Robert S. Shapard, who became Oncor's chairman.
In April, Oncor's members Sempra Energy (the indirect owner of 80.25% of Oncor's outstanding equity interests) and Texas Transmission Investment LLC (the owner of 19.75% of Oncor's outstanding equity interests), contributed a total of $144 million in cash proportionate to their equity ownership interests to Oncor, which allowed Oncor to achieve its Public Utility Commission of Texas ("PUCT") authorized regulatory capital structure of 57.5% debt to 42.5% equity in May 2018. These additional equity investments satisfied one of the PUCT regulatory commitments made by Sempra Energy in connection with its acquisition of equity interests in Oncor and provided capital in support of Oncor's growth.
In October, Oncor announced its intent to acquire 100 percent of the equity interests of InfraREIT, Inc. (NYSE: HIFR) ("InfraREIT") and all of the limited-partnership units of its subsidiary, InfraREIT Partners, LP, for a purchase price of approximately $1.275 billion based on the number of shares and partnership units outstanding. Oncor will also bear certain transaction costs incurred by InfraREIT. Sempra Energy and certain indirect equity holders of Texas Transmission Investment LLC have committed to provide their pro rata share of capital contributions to us in an aggregate amount of up to $1.330 billion to fund the cash consideration payable by Oncor and the payment of certain fees and expenses relating to the transaction. The transaction also includes InfraREIT's outstanding debt, which totaled an aggregate of approximately $945 million at September 30, 2018. The transaction is subject to regulatory approvals, including the approval of the PUCT, and the satisfaction of other closing conditions. If all such regulatory approvals are received and closing conditions are satisfied, Oncor expects to close the transaction in mid-2019.
In November, Oncor announced an updated projected capital expenditure program. Oncor expects its capital expenditures for the years 2019-2023 to total approximately $10.5 billion, with capital expenditures of $2.0 billion in 2019 and $2.1 billion to $2.2 billion in each of the years 2020-2023.
Sempra Energy Internet Broadcast Today
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. (Eastern Time) with senior management of Sempra Energy, which will include discussion of earnings and other information relating to Oncor. Access is available by logging on to Sempra Energy's website, www.sempra.com. An accompanying slide presentation will also be posted at sempra.com. For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 2787825.
Oncor's Annual Report on Form 10-K for the year ended December 31, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call. The annual financial statements of Oncor Electric Delivery Holdings Company LLC for the year ended December 31, 2018 will be included as an exhibit to Sempra Energy's Annual Report on Form 10-K for the year ended December 31, 2018.
Oncor Electric Delivery Company LLC | ||||
Table A - Statements of Consolidated Net Income | ||||
Three and Twelve Months Ended December 31, 2018 and December 31, 2017; $ millions | ||||
Q4 '18 | Q4 '17(a) | TME '18 | TME '17(a) | |
Operating revenues | $995 | $991 | $4,101 | $3,958 |
Operating expenses: | ||||
Wholesale transmission service | 243 | 239 | 962 | 929 |
Operation and maintenance | 238 | 202 | 875 | 731 |
Depreciation and amortization | 168 | 181 | 671 | 762 |
Provision in lieu of income taxes | 18 | 57 | 152 | 266 |
Taxes other than amounts related to income taxes | 122 | 122 | 496 | 462 |
Total operating expenses | 789 | 801 | 3,156 | 3,150 |
Operating income | 206 | 190 | 945 | 808 |
Other income and (deductions) ‒ net | (22) | (11) | (84) | (46) |
Nonoperating (benefit) provision in lieu of income taxes | (22) | 17 | (35) | 1 |
Interest expense and related charges | 87 | 85 | 351 | 342 |
Net income | $119 | $ 77 | $ 545 | $ 419 |
(a) | As adjusted for the retrospective adoption of ASU 2017-07 |
Oncor Electric Delivery Company LLC | ||
Table B - Statements of Consolidated Cash Flows | ||
Twelve Months Ended December 31, 2018 and December 31, 2017; $ millions | ||
TME '18 | TME '17 | |
Cash flows – operating activities: | ||
Net income | $ 545 | $ 419 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 777 | 815 |
Provision in lieu of deferred income taxes – net | 18 | 309 |
Other – net | (3) | (2) |
Changes in operating assets and liabilities: | ||
Accounts receivable — trade (including affiliates) | 68 | (76) |
Inventories | (25) | (1) |
Accounts payable — trade (including affiliates) | 30 | (11) |
Regulatory accounts related to reconcilable tariffs | 66 | 29 |
Other — assets | 33 | 54 |
Other — liabilities | (27) | (77) |
Cash provided by operating activities | 1,482 | 1,459 |
Cash flows — financing activities: | ||
Issuances of long-term debt | 1,150 | 600 |
Repayment of long-term debt | (825) | (324) |
Net (decrease) increase in short-term borrowings | (137) | 161 |
Capital contributions from members | 284 | - |
Distributions to members | (209) | (237) |
Debt discount, premium, financing and reacquisition costs – net | (14) | (10) |
Cash provided by financing activities | 249 | 190 |
Cash flows — investing activities: | ||
Capital expenditures | (1,767) | (1,631) |
Business acquisition | - | (25) |
Other – net | 18 | 12 |
Cash used in investing activities | (1,749) | (1,644) |
Net change in cash and cash equivalents | (18) | 5 |
Cash and cash equivalents — beginning balance | 21 | 16 |
Cash and cash equivalents — ending balance | $ 3 | $ 21 |
Oncor Electric Delivery Company LLC | ||
Table C - Consolidated Balance Sheets | ||
At December 31, 2018 and 2017; $ millions | ||
At 12/31/18 | At 12/31/17 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 3 | $ 21 |
Trade accounts receivable ‒ net | 559 | 635 |
Amounts receivable from members related to income taxes | - | 26 |
Materials and supplies inventories ‒ at average cost | 116 | 91 |
Prepayments and other current assets | 94 | 88 |
Total current assets | 772 | 861 |
Investments and other property | 120 | 113 |
Property, plant and equipment – net | 16,090 | 14,879 |
Goodwill | 4,064 | 4,064 |
Regulatory assets | 1,691 | 2,180 |
Other noncurrent assets | 15 | 23 |
Total assets | $22,752 | $22,120 |
LIABILITIES AND MEMBERSHIP INTERESTS | ||
Current liabilities: | ||
Short-term borrowings | $ 813 | $ 950 |
Long-term debt due currently | 600 | 550 |
Trade accounts payable | 300 | 242 |
Amounts payable to members related to income taxes | 26 | 21 |
Accrued taxes other than amounts related to income | 199 | 190 |
Accrued interest | 68 | 83 |
Other current liabilities | 209 | 188 |
Total current liabilities | 2,215 | 2,224 |
Long-term debt, less amounts due currently | 5,835 | 5,567 |
Liability in lieu of deferred income taxes | 1,602 | 1,517 |
Regulatory liabilities | 2,697 | 2,807 |
Employee benefit obligations and other | 1,943 | 2,102 |
Total liabilities | 14,292 | 14,217 |
Membership interests : | ||
Capital account ― number of interests outstanding 2018 and 2017 – 635,000,000 | 8,624 | 8,004 |
Accumulated other comprehensive loss | (164) | (101) |
Total membership interests | 8,460 | 7,903 |
Total liabilities and membership interests | $22,752 | $22,120 |
Oncor Electric Delivery Company LLC | ||||
Table D – Operating Statistics | ||||
Three and Twelve Months Ended December 31, 2018 and December 31, 2017; mixed measures | ||||
Q4 '18 | Q4 '17 | TME '18 | TME '17 | |
Electric energy volumes (gigawatt-hours): | ||||
Residential | 9,697 | 9,245 | 46,007 | 41,483 |
Commercial, industrial, small business and other | 20,103 | 18,583 | 84,049 | 76,117 |
Total electric energy volumes | 29,800 | 27,828 | 130,056 | 117,600 |
Electricity distribution points of delivery (end of period and in thousands) (b) | 3,621 | 3,551 | ||
(b) | Based on number of active meters |
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.6 million homes and businesses and operating more than 137,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
Forward-Looking Statements
This press release contains forward-looking statements relating to Oncor within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. All statements in this press release, other than statements of historical facts (often, but not always, through the use of words or phrases such as "expects," "intends," "plans," "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "should," "projection," "target," "goal," "objective" and "outlook"), are forward-looking statements. They involve risks, uncertainties and assumptions. Further discussion of risks and uncertainties that could cause actual results to differ materially from management's current projections, forecasts, estimates and expectations is contained in filings made by Oncor with the U.S. Securities and Exchange Commission. Specifically, Oncor makes reference to the section entitled "Risk Factors" in its annual and quarterly reports. Any forward-looking statement speaks only as of the date on which it is made, and Oncor undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events.
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SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, Feb. 26, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported its 2018 full-year earnings increased to $924 million, or $3.42 per diluted share, from $256 million, or $1.01 per diluted share, in 2017. On an adjusted basis, the company's 2018 earnings were $1.5 billion, or $5.57 per diluted share, up from $1.37 billion, or $5.42 per diluted share, in 2017.
"Our strong 2018 operational and financial results confirm that we're on track to fulfill our mission to become North America's premier energy infrastructure company," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Over the past year, we made significant strides in all aspects of our business. We expanded our Texas regulated utility platform with the acquisition of our majority interest in Oncor. Also, we delivered outstanding safety, reliability and customer service at our California utilities, while advancing our role in North America's liquefied natural gas (LNG) export market. Moreover, we executed our strategy to realign our portfolio to support our core mission. These results are a testament to our team's ability to deliver value to our owners."
In the fourth quarter 2018, Sempra Energy reported earnings of $864 million, or $3.03 per diluted share, compared with a loss of $501 million, or $1.99 per diluted share, in 2017. Sempra Energy's adjusted earnings in the fourth quarter 2018 increased to $431 million, or $1.56 per diluted share, from $389 million, or $1.54 per diluted share in 2017.
These financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings reconciled to adjusted earnings for the fourth quarter and full year 2018 and 2017.
Three months ended | Years ended | ||||||||||
Dec. 31 | Dec. 31 | ||||||||||
(Dollars, except earnings per share, and shares, in millions) | 2018 | 2017 | 2018 | 2017 | |||||||
(Unaudited) | |||||||||||
GAAP Earnings (Losses)(1) | $ 864 | $ (501) | $ 924 | $ 256 | |||||||
Gain on Sale of Certain Sempra Renewables Assets | (367) | - | (367) | - | |||||||
Impairment of Investment in RBS Sempra Commodities | - | - | 65 | - | |||||||
(Adjustment)/Impairment of Non-Utility U.S. Natural Gas Storage Assets | (126) | - | 629 | - | |||||||
Impairment of U.S. Wind Equity Method Investments | - | - | 145 | - | |||||||
Impacts Associated With Aliso Canyon Litigation | - | 20 | 22 | 20 | |||||||
Impact From Tax Cuts and Jobs Act of 2017 | 60 | 870 | 85 | 870 | |||||||
Write-Off of Wildfire Regulatory Asset | - | - | - | 208 | |||||||
Adjustments Related to Termoeléctrica de Mexicali (TdM) Held for Sale | - | - | - | 42 | |||||||
Recoveries Related to Permanent Releases of Pipeline Capacity | - | - | - | (28) | |||||||
Adjusted Earnings(1) | $ 431 | $ 389 | $ 1,503 | $ 1,368 | |||||||
GAAP Diluted Weighted-Average Shares Outstanding | 296 | 252 | 270 | 252 | |||||||
GAAP Earnings (Losses) per Diluted Share(1) | $ 3.03(2) | $ (1.99) | $ 3.42 | $ 1.01 | |||||||
Adjusted Diluted Weighted-Average Shares Outstanding(1) | 276 | 253 | 270 | 252 | |||||||
Adjusted Earnings per Diluted Share(1) | $ 1.56 | $ 1.54 | $ 5.57 | $ 5.42 | |||||||
1) | Attributable to common shares. Sempra Energy adjusted earnings and adjusted earnings per share are non-GAAP financial measures. See Table A for information regarding non-GAAP financial measures and descriptions of adjustments above. |
2) | Due to the dilutive effect of the mandatory convertible preferred stock for GAAP earnings, the numerator used to calculate GAAP earnings per share includes an add-back of $36 million of mandatory preferred stock dividends declared in the quarter. |
Last week, Sempra Energy's board of directors approved an approximate 8-percent increase in the company's dividend to $3.87 per common share from $3.58 per common share, on an annualized basis. This marks the ninth consecutive year that the company has raised its common dividend.
OPERATING HIGHLIGHTS
In 2018, Sempra Energy achieved several significant milestones in advancing its mission to become North America's premier energy infrastructure company.
Earlier this month, Sempra Energy announced an agreement to complete the divestiture of its U.S. renewables business by selling its remaining wind operating and development assets. When complete, the sales of the company's U.S. solar, wind and non-utility natural gas storage assets are expected to generate approximately $2.5 billion in cash proceeds for Sempra Energy. The proceeds will be used to support Sempra Energy's focus on North America and strengthen its balance sheet.
Additionally, in January, Sempra Energy announced that it would sell its equity interests in its South American businesses, including Luz del Sur S.A.A. in Peru and Chilquinta Energía S.A. in Chile. While Luz del Sur and Chilquinta Energía have made significant contributions to Sempra Energy over the past two decades and offer exciting future growth opportunities, the planned sale supports Sempra Energy's refocusing of capital investments in North America. Sempra Energy will launch the formal sale process in March.
Sempra Energy also announced several LNG agreements with commercial parties in the fourth quarter 2018 with respect to the company's LNG facilities in development: Port Arthur LNG in Jefferson County, Texas; Cameron LNG Phase 2 in Hackberry, La.; and Energía Costa Azul LNG Phases 1 and 2 in Mexico. The agreements support Sempra Energy's goal to become one of the largest U.S. exporters of LNG, targeting the export of 45 million tons per annum to global markets.
In November 2018, Cameron LNG initiated the commissioning process for the first of three liquefaction trains of Phase 1 of the project. Sempra Energy expects Cameron LNG to begin generating earnings in mid-2019.
Last month, Sempra Energy was added to the Dow Jones Utility Average, a 15-stock, price-weighted index measuring the performance of some of the largest U.S. companies within the utilities sector. Stocks are selected for the index based on reputation, demonstration of sustained financial growth and interest to a large number of investors.
Additionally, in 2018, the Wall Street Journal ranked Sempra Energy as the top company in the utility sector in the Journal's first "Management Top 250" list.
2019 EARNINGS GUIDANCE
Sempra Energy today affirmed its 2019 adjusted earnings-per-share guidance range of $5.70 to $6.30.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures for Sempra Energy include fourth-quarter and full-year 2018 and 2017 adjusted earnings and adjusted earnings per share and 2019 adjusted earnings-per-share guidance. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the fourth-quarter 2018 financial tables.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 2787825.
Sempra Energy's mission is to become North America's premier energy infrastructure company. With 2018 revenues of more than $11.5 billion, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 20,000 employees are focused on delivering energy with purpose to approximately 40 million consumers worldwide. Sempra Energy has been consistently recognized for its leadership in diversity and inclusion, social responsibility and investment value.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the greater degree and prevalence of wildfires in California in recent years and the risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; actions and the timing of actions, including decisions, new regulations and issuances of authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; the success of business development efforts, construction projects, major acquisitions, divestitures and internal structural changes, including risks in (i) obtaining or maintaining authorizations; (ii) completing construction projects on schedule and budget; (iii) obtaining the consent of partners; (iv) counterparties' ability to fulfill contractual commitments; (v) winning competitively bid infrastructure projects; (vi) disruption caused by the announcement of contemplated acquisitions and/or divestitures or internal structural changes; (vii) the ability to complete contemplated acquisitions and/or divestitures; and (viii) the ability to realize anticipated benefits from any of these efforts once completed; the resolution of civil and criminal litigation and regulatory investigations and proceedings; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; delays in, or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; actions of activist shareholders, which could impact the market price of our securities and disrupt our operations as a result of, among other things, requiring significant time by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit; and volatility in currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; expropriation of assets by foreign governments and title and other property disputes; the impact at San Diego Gas & Electric (SDG&E) on competitive customer rates and reliability of electric transmission and distribution systems due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and other regulatory and governance commitments, including the determination by a majority of Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | |||||||||||||||||
Table A | |||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
Three months ended | Years ended | ||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | 2018 | 2017(1) | 2018 | 2017(1) | |||||||||||||
(unaudited) | |||||||||||||||||
REVENUES | |||||||||||||||||
Utilities | $ | 2,798 | $ | 2,604 | $ | 10,046 | $ | 9,776 | |||||||||
Energy-related businesses | 423 | 360 | 1,641 | 1,431 | |||||||||||||
Total revenues | 3,221 | 2,964 | 11,687 | 11,207 | |||||||||||||
EXPENSES AND OTHER INCOME | |||||||||||||||||
Utilities: | |||||||||||||||||
Cost of electric fuel and purchased power | (545) | (551) | (2,323) | (2,281) | |||||||||||||
Cost of natural gas | (426) | (287) | (1,208) | (1,190) | |||||||||||||
Energy-related businesses: | |||||||||||||||||
Cost of natural gas, electric fuel and purchased power | (98) | (113) | (355) | (339) | |||||||||||||
Other cost of sales | (24) | (19) | (78) | (24) | |||||||||||||
Operation and maintenance | (916) | (868) | (3,309) | (3,096) | |||||||||||||
Depreciation and amortization | (391) | (384) | (1,549) | (1,490) | |||||||||||||
Franchise fees and other taxes | (120) | (111) | (472) | (436) | |||||||||||||
Write-off of wildfire regulatory asset | — | — | — | (351) | |||||||||||||
Impairment losses | 182 | — | (1,122) | (72) | |||||||||||||
Gain on sale of assets | 514 | 1 | 524 | 3 | |||||||||||||
Other (expense) income, net | (124) | (89) | 72 | 233 | |||||||||||||
Interest income | 28 | 20 | 104 | 46 | |||||||||||||
Interest expense | (240) | (166) | (925) | (659) | |||||||||||||
Income before income taxes and equity earnings of unconsolidated entities | 1,061 | 397 | 1,046 | 1,551 | |||||||||||||
Income tax expense | (223) | (898) | (96) | (1,276) | |||||||||||||
Equity earnings | 126 | 50 | 176 | 76 | |||||||||||||
Net income (loss) | 964 | (451) | 1,126 | 351 | |||||||||||||
Earnings attributable to noncontrolling interests | (64) | (50) | (76) | (94) | |||||||||||||
Mandatory convertible preferred stock dividends | (36) | — | (125) | — | |||||||||||||
Preferred dividends of subsidiary | — | — | (1) | (1) | |||||||||||||
Earnings (losses) attributable to common shares | $ | 864 | $ | (501) | $ | 924 | $ | 256 | |||||||||
BASIC EARNINGS PER COMMON SHARE | |||||||||||||||||
Numerator: | |||||||||||||||||
Earnings (losses) attributable to common shares | $ | 864 | $ | (501) | $ | 924 | $ | 256 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average shares outstanding, basic | 274,331 | 251,902 | 268,072 | 251,545 | |||||||||||||
Basic earnings (losses) per common share | $ | 3.15 | $ | (1.99) | $ | 3.45 | $ | 1.02 | |||||||||
DILUTED EARNINGS PER COMMON SHARE | |||||||||||||||||
Numerator: | |||||||||||||||||
Earnings (losses) attributable to common shares | $ | 864 | $ | (501) | $ | 924 | $ | 256 | |||||||||
Add back dividends for dilutive mandatory convertible preferred stock | 36 | N/A | N/A | N/A | |||||||||||||
Total | $ | 900 | $ | (501) | $ | 924 | $ | 256 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average shares outstanding, basic | 274,331 | 251,902 | 268,072 | 251,545 | |||||||||||||
Dilutive effect of stock options, RSAs and RSUs | 905 | — | 919 | 755 | |||||||||||||
Dilutive effect of common shares sold forward | 994 | — | 861 | — | |||||||||||||
Dilutive effect of mandatory convertible preferred stock | 20,199 | — | — | — | |||||||||||||
Weighted-average shares outstanding, diluted(2) | 296,429 | 251,902 | 269,852 | 252,300 | |||||||||||||
Diluted earnings (losses) per common share(2) | $ | 3.03 | $ | (1.99) | $ | 3.42 | $ | 1.01 |
(1) | As adjusted for the retrospective adoption of Accounting Standards Update (ASU) 2017-07 and a reclassification to conform to current year presentation. | ||||||||||||||||
(2) | For the three months ended December 31, 2017, the total weighted-average potentially dilutive securities was 823 shares. However, these securities were not included in the computation of GAAP EPS since to do so would have decreased the loss per share. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (LOSSES) (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share (Adjusted EPS) exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2018 and 2017 as follows:
Three months ended December 31, 2018:
Three months ended December 31, 2017:
Year ended December 31, 2018:
Year ended December 31, 2017:
Sempra Energy Adjusted Earnings, Weighted-Average Shares Outstanding – Adjusted and Adjusted EPS are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2018 to 2017 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings (Losses), Weighted-Average Shares Outstanding – GAAP and GAAP Diluted Earnings (Losses) Per Common Share (GAAP EPS), which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
SEMPRA ENERGY | |||||||||||||||||||||||||||
Table A (Continued) | |||||||||||||||||||||||||||
Pretax | Income tax | Non- | Earnings | Pretax | Income tax | Non- | (Losses) | ||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | Three months ended December 31, 2018 | Three months ended December 31, 2017 | |||||||||||||||||||||||||
Sempra Energy GAAP Earnings (Losses) | $ | 864 | $ | (501) | |||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||
Gain on sale of certain Sempra Renewables assets | $ | (513) | $ | 146 | $ | — | (367) | $ | — | $ | — | $ | — | — | |||||||||||||
Reduction of impairment of non-utility natural gas storage assets | (183) | 47 | 10 | (126) | — | — | — | — | |||||||||||||||||||
Impact from the TCJA | — | 60 | — | 60 | — | 870 | — | 870 | |||||||||||||||||||
Aliso Canyon litigation reserves | — | — | — | — | 20 | — | — | 20 | |||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 431 | $ | 389 | |||||||||||||||||||||||
Diluted earnings (losses) per common share(2): | |||||||||||||||||||||||||||
Sempra Energy GAAP Earnings (Losses) | $ | 900(3) | $ | (501) | |||||||||||||||||||||||
Weighted-average shares outstanding, diluted – GAAP | 296,429 | 251,902 | |||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 3.03(3) | $ | (1.99) | |||||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 431 | $ | 389 | |||||||||||||||||||||||
Weighted-average shares outstanding, diluted – Adjusted | 276,230(4) | 252,725(5) | |||||||||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 1.56(4) | $ | 1.54(5) | |||||||||||||||||||||||
Year ended December 31, 2018 | Year ended December 31, 2017 | ||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 924 | $ | 256 | |||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||
Gain on sale of certain Sempra Renewables assets | $ | (513) | $ | 146 | $ | — | (367) | $ | — | $ | — | $ | — | — | |||||||||||||
Impairment of investment in RBS Sempra Commodities | 65 | — | — | 65 | — | — | — | — | |||||||||||||||||||
Impairment of non-utility natural gas storage assets | 1,117 | (452) | (36) | 629 | — | — | — | — | |||||||||||||||||||
Impairment of U.S. wind equity method investments | 200 | (55) | — | 145 | — | — | — | — | |||||||||||||||||||
Impacts associated with Aliso Canyon litigation | 1 | 21 | — | 22 | — | — | — | — | |||||||||||||||||||
Impact from the TCJA | — | 85 | — | 85 | — | 870 | — | 870 | |||||||||||||||||||
Write-off of wildfire regulatory asset | — | — | — | — | 351 | (143) | — | 208 | |||||||||||||||||||
Impairment of TdM assets held for sale | — | — | — | — | 71 | — | (24) | 47 | |||||||||||||||||||
Aliso Canyon litigation reserves | — | — | — | — | 20 | — | — | 20 | |||||||||||||||||||
Deferred income tax benefit associated with TdM | — | — | — | — | — | (8) | 3 | (5) | |||||||||||||||||||
Recoveries related to 2016 permanent release of pipeline capacity | — | — | — | — | (47) | 19 | — | (28) | |||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 1,503 | $ | 1,368 | |||||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 3.42 | $ | 1.01 | |||||||||||||||||||||||
Sempra Energy Adjusted EPS | $ | 5.57 | $ | 5.42 | |||||||||||||||||||||||
Weighted-average shares outstanding, diluted | 269,852 | 252,300 |
(1) | Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes were primarily calculated based on applicable statutory tax rates. Income taxes associated with TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. An income tax benefit of $12 million associated with the 2017 TdM impairment has been fully reserved. | ||||||||||||||||||||||||||
(2) | For the three months ended December 31, 2018, the assumed conversion of the mandatory convertible preferred stock is dilutive for GAAP earnings, but antidilutive for the lower adjusted earnings. | ||||||||||||||||||||||||||
(3) | Due to the dilutive effect of the mandatory convertible preferred stock, the numerator used to calculate GAAP EPS includes an add-back of $36 million of mandatory convertible preferred stock dividends declared in that quarter. | ||||||||||||||||||||||||||
(4) | Due to the antidilutive effect of the mandatory convertible preferred stock, the denominator used to calculate Adjusted EPS excludes 20,199 shares of mandatory convertible preferred stock. | ||||||||||||||||||||||||||
(5) | The denominator used to calculate Adjusted EPS includes 823 shares of potentially dilutive securities, which were excluded from GAAP EPS because to include them would have decreased the loss per share. |
SEMPRA ENERGY
Table A (Continued)
SEMPRA ENERGY 2019 ADJUSTED EPS GUIDANCE RANGE (Unaudited)
Sempra Energy 2019 Adjusted EPS Guidance Range of $5.70 to $6.30 excludes:
Sempra Energy 2019 Adjusted EPS Guidance is a non-GAAP financial measure. Because of the significance and nature of the excluded items, management believes that this non-GAAP measure provides better clarity into the ongoing results of the business and the comparability of such results to prior and future periods. Sempra Energy 2019 Adjusted EPS Guidance should not be considered an alternative to GAAP EPS Guidance. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Because the sale process for the planned divestiture of our South American businesses was only recently initiated in January 2019, the terms and structure of any potential sale transaction or transactions are unknown, including terms that would impact income tax expense resulting from an expected change in our assertion regarding indefinite reinvestment of foreign undistributed earnings, including the timing and amounts of repatriation of such earnings.
(1) | Income taxes were estimated based on statutory tax rates. |
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) | December 31, 2018 | December 31, 2017 | ||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 190 | $ | 288 | ||||||
Restricted cash | 35 | 62 | ||||||||
Accounts receivable, net | 1,850 | 1,584 | ||||||||
Due from unconsolidated affiliates | 39 | 37 | ||||||||
Income taxes receivable | 68 | 110 | ||||||||
Inventories | 296 | 307 | ||||||||
Regulatory assets | 138 | 325 | ||||||||
Greenhouse gas allowances | 59 | 299 | ||||||||
Assets held for sale | 713 | 127 | ||||||||
Other | 257 | 202 | ||||||||
Total current assets | 3,645 | 3,341 | ||||||||
Other assets: | ||||||||||
Restricted cash | 21 | 14 | ||||||||
Due from unconsolidated affiliates | 688 | 598 | ||||||||
Regulatory assets | 1,589 | 1,517 | ||||||||
Nuclear decommissioning trusts | 974 | 1,033 | ||||||||
Investment in Oncor Holdings | 9,652 | — | ||||||||
Other investments | 2,337 | 2,527 | ||||||||
Goodwill | 2,373 | 2,397 | ||||||||
Other intangible assets | 272 | 596 | ||||||||
Dedicated assets in support of certain benefit plans | 416 | 455 | ||||||||
Insurance receivable for Aliso Canyon costs | 461 | 418 | ||||||||
Deferred income taxes | 151 | 170 | ||||||||
Greenhouse gas allowances | 289 | 93 | ||||||||
Sundry | 974 | 792 | ||||||||
Total other assets | 20,197 | 10,610 | ||||||||
Property, plant and equipment, net | 36,796 | 36,503 | ||||||||
Total assets | $ | 60,638 | $ | 50,454 |
SEMPRA ENERGY | ||||||||||
Table B (Continued) | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) | December 31, 2018 | December 31, 2017 | ||||||||
Liabilities and Equity | ||||||||||
Current liabilities: | ||||||||||
Short-term debt | $ | 2,079 | $ | 1,540 | ||||||
Accounts payable | 1,474 | 1,523 | ||||||||
Due to unconsolidated affiliates | 10 | 7 | ||||||||
Dividends and interest payable | 499 | 342 | ||||||||
Accrued compensation and benefits | 469 | 439 | ||||||||
Regulatory liabilities | 105 | 109 | ||||||||
Current portion of long-term debt | 1,673 | 1,427 | ||||||||
Reserve for Aliso Canyon costs | 160 | 84 | ||||||||
Greenhouse gas obligations | 59 | 299 | ||||||||
Liabilities held for sale | 25 | 49 | ||||||||
Other | 970 | 816 | ||||||||
Total current liabilities | 7,523 | 6,635 | ||||||||
Long-term debt | 21,611 | 16,445 | ||||||||
Deferred credits and other liabilities: | ||||||||||
Due to unconsolidated affiliates | 37 | 35 | ||||||||
Pension and other postretirement benefit plan obligations, net of plan assets | 1,161 | 1,148 | ||||||||
Deferred income taxes | 2,571 | 2,767 | ||||||||
Deferred investment tax credits | 24 | 28 | ||||||||
Regulatory liabilities | 4,016 | 3,922 | ||||||||
Asset retirement obligations | 2,787 | 2,732 | ||||||||
Greenhouse gas obligations | 131 | — | ||||||||
Deferred credits and other | 1,529 | 1,602 | ||||||||
Total deferred credits and other liabilities | 12,256 | 12,234 | ||||||||
Equity: | ||||||||||
Sempra Energy shareholders' equity | 17,138 | 12,670 | ||||||||
Preferred stock of subsidiary | 20 | 20 | ||||||||
Other noncontrolling interests | 2,090 | 2,450 | ||||||||
Total equity | 19,248 | 15,140 | ||||||||
Total liabilities and equity | $ | 60,638 | $ | 50,454 |
SEMPRA ENERGY | |||||||||
Table C | |||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
Years ended December 31, | |||||||||
(Dollars in millions) | 2018 | 2017 | |||||||
Cash Flows from Operating Activities | |||||||||
Net income | $ | 1,126 | $ | 351 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 1,549 | 1,490 | |||||||
Deferred income taxes and investment tax credits | (182) | 1,160 | |||||||
Write-off of wildfire regulatory asset | — | 351 | |||||||
Impairment losses | 1,122 | 72 | |||||||
Gain on sale of assets | (524) | (3) | |||||||
Equity earnings, net | (176) | (76) | |||||||
Share-based compensation expense | 83 | 82 | |||||||
Fixed-price contracts and other derivatives | (10) | 7 | |||||||
Other | 315 | 67 | |||||||
Net change in other working capital components | 173 | 57 | |||||||
Insurance receivable for Aliso Canyon costs | (43) | 188 | |||||||
Changes in other noncurrent assets and liabilities, net | 14 | (121) | |||||||
Net cash provided by operating activities | 3,447 | 3,625 | |||||||
Cash Flows from Investing Activities | |||||||||
Expenditures for property, plant and equipment | (3,784) | (3,949) | |||||||
Expenditures for investments and acquisitions, net of cash and | (10,376) | (270) | |||||||
Proceeds from sale of assets, net of cash and restricted cash sold | 1,593 | 17 | |||||||
Distributions from investments | 10 | 26 | |||||||
Purchases of nuclear decommissioning trust assets | (890) | (1,314) | |||||||
Proceeds from sales by nuclear decommissioning trust assets | 890 | 1,314 | |||||||
Advances to unconsolidated affiliates | (102) | (531) | |||||||
Repayments of advances to unconsolidated affiliates | 71 | 9 | |||||||
Other | 31 | (2) | |||||||
Net cash used in investing activities | (12,557) | (4,700) | |||||||
Cash Flows from Financing Activities | |||||||||
Common dividends paid | (877) | (755) | |||||||
Preferred dividends paid | (89) | — | |||||||
Preferred dividends paid by subsidiary | (1) | (1) | |||||||
Issuances of mandatory convertible preferred stock, net of $42 in offering costs in 2018 | 2,258 | — | |||||||
Issuances of common stock, net of $41 in offering costs in 2018 | 2,272 | 47 | |||||||
Repurchases of common stock | (21) | (15) | |||||||
Issuances of debt (maturities greater than 90 days) | 9,174 | 4,509 | |||||||
Payments on debt (maturities greater than 90 days) | (3,510) | (2,800) | |||||||
Decrease in short-term debt, net | (124) | (36) | |||||||
Advances from unconsolidated affiliates | — | 35 | |||||||
Proceeds from sale of noncontrolling interests, net of $1 and $3 in offering costs, respectively | 90 | 196 | |||||||
Net distributions to noncontrolling interests | (43) | (130) | |||||||
Settlement of cross-currency swaps | (33) | — | |||||||
Other | (90) | (43) | |||||||
Net cash provided by financing activities | 9,006 | 1,007 | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14) | 7 | |||||||
Decrease in cash, cash equivalents and restricted cash | (118) | (61) | |||||||
Cash, cash equivalents and restricted cash, January 1 | 364 | 425 | |||||||
Cash, cash equivalents and restricted cash, December 31 | $ | 246 | $ | 364 |
SEMPRA ENERGY | |||||||||||||||||
Table D | |||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | |||||||||||||||||
Three months ended | Years ended | ||||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
(unaudited) | |||||||||||||||||
Earnings (Losses) | |||||||||||||||||
San Diego Gas & Electric | $ | 148 | $ | 131 | $ | 669 | $ | 407 | |||||||||
Southern California Gas | 156 | 128 | 400 | 396 | |||||||||||||
Sempra Texas Utility | 88 | — | 371 | — | |||||||||||||
Sempra South American Utilities | 59 | 52 | 199 | 186 | |||||||||||||
Sempra Mexico | 76 | 64 | 237 | 169 | |||||||||||||
Sempra Renewables | 382 | 203 | 328 | 252 | |||||||||||||
Sempra LNG & Midstream | 147 | 126 | (617) | 150 | |||||||||||||
Parent and other | (192) | (1,205) | (663) | (1,304) | |||||||||||||
Total | $ | 864 | $ | (501) | $ | 924 | $ | 256 | |||||||||
Three months ended | Years ended | ||||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
(unaudited) | |||||||||||||||||
Capital Expenditures, Investments and Acquisitions | |||||||||||||||||
San Diego Gas & Electric | $ | 348 | $ | 433 | $ | 1,542 | $ | 1,555 | |||||||||
Southern California Gas | 411 | 334 | 1,538 | 1,367 | |||||||||||||
Sempra Texas Utility | 179 | — | 9,457 | — | |||||||||||||
Sempra South American Utilities | 287 | 106 | 448 | 245 | |||||||||||||
Sempra Mexico | 148 | 202 | 468 | 467 | |||||||||||||
Sempra Renewables | 10 | 136 | 56 | 497 | |||||||||||||
Sempra LNG & Midstream | 104 | 15 | 306 | 68 | |||||||||||||
Parent and other | (63) | 3 | 345 | 20 | |||||||||||||
Capital Expenditures, Investments and Acquisitions | $ | 1,424 | $ | 1,229 | $ | 14,160 | $ | 4,219 |
SEMPRA ENERGY | ||||||||||||||
Table E | ||||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||||
Three months ended | Years ended or at | |||||||||||||
UTILITIES | 2018 | 2017 | 2018 | 2017 | ||||||||||
SDG&E and SoCalGas | ||||||||||||||
Gas sales (Bcf)(1) | 93 | 88 | 337 | 341 | ||||||||||
Transportation (Bcf)(1) | 134 | 150 | 581 | 638 | ||||||||||
Total deliveries (Bcf)(1) | 227 | 238 | 918 | 979 | ||||||||||
Total gas customer meters (thousands) | 6,885 | 6,846 | ||||||||||||
SDG&E | ||||||||||||||
Electric sales (millions of kWhs)(1) | 3,643 | 3,845 | 15,125 | 15,617 | ||||||||||
Direct Access and Community Choice Aggregation (millions of kWhs) | 947 | 864 | 3,628 | 3,394 | ||||||||||
Total deliveries (millions of kWhs)(1) | 4,590 | 4,709 | 18,753 | 19,011 | ||||||||||
Total electric customer meters (thousands) | 1,459 | 1,446 | ||||||||||||
Oncor(2) | ||||||||||||||
Total deliveries (millions of kWhs) | 29,800 | — | 107,276 | — | ||||||||||
Total electric customer meters (thousands) | 3,621 | — | ||||||||||||
Ecogas | ||||||||||||||
Natural gas sales (Bcf) | — | 7 | 7 | 29 | ||||||||||
Natural gas customer meters (thousands) | 123 | 120 | ||||||||||||
Chilquinta Energía | ||||||||||||||
Electric Sales (Millions of kWhs) | 739 | 735 | 2,948 | 2,936 | ||||||||||
Tolling (Millions of kWhs) | 85 | 27 | 303 | 98 | ||||||||||
Total Deliveries (Millions of kWhs) | 824 | 762 | 3,251 | 3,034 | ||||||||||
Electric customer meters (thousands) | 722 | 704 | ||||||||||||
Luz del Sur | ||||||||||||||
Electric Sales (Millions of kWhs) | 1,661 | 1,678 | 6,760 | 6,999 | ||||||||||
Tolling (Millions of kWhs) | 649 | 539 | 2,385 | 1,922 | ||||||||||
Total Deliveries (Millions of kWhs) | 2,310 | 2,217 | 9,145 | 8,921 | ||||||||||
Electric customer meters (thousands) | 1,134 | 1,102 | ||||||||||||
ENERGY-RELATED BUSINESSES | ||||||||||||||
Power generated and sold (millions of kWhs) | ||||||||||||||
Sempra Mexico(3) | 1,404 | 1,305 | 5,250 | 4,337 | ||||||||||
Sempra Renewables(4) | 1,036 | 1,075 | 4,799 | 4,175 |
(1) | Includes intercompany sales. |
(2) | Includes 100 percent of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an 80.25-percent interest through our March 2018 acquisition of our equity method investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings). Total deliveries for the year ended December 31, 2018 only include volumes from the March 9, 2018 acquisition date. |
(3) | Includes power generated and sold at the TdM natural gas-fired power plant and the Ventika wind power generation facilities. Also includes 50 percent of total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. |
(4) | We include 50 percent of total power generated and sold related to U.S. solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. On June 25, 2018, our board of directors approved a plan to sell all U.S. wind and solar assets and investments. For assets and investments sold in December 2018, we include their power generated and sold up to the date of the sale. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||||||||
Three months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | |||||||||||||||||||||||||||||
Revenues | $ | 1,163 | $ | 1,262 | $ | — | $ | 395 | $ | 348 | $ | 21 | $ | 142 | $ | (110) | $ | 3,221 | ||||||||||||||||||||
Cost of sales and other expenses | (737) | (882) | — | (293) | (175) | (26) | (122) | 106 | (2,129) | |||||||||||||||||||||||||||||
Depreciation and amortization | (179) | (142) | — | (15) | (44) | — | (2) | (9) | (391) | |||||||||||||||||||||||||||||
Write-off and reduction in impairment losses | — | — | — | — | — | — | 183 | (1) | 182 | |||||||||||||||||||||||||||||
Gain (loss) on sale of assets | — | 1 | — | 1 | (1) | 513 | — | — | 514 | |||||||||||||||||||||||||||||
Other (expense) income, net | (21) | (34) | — | 10 | (63) | 1 | — | (17) | (124) | |||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 226 | 205 | — | 98 | 65 | 509 | 201 | (31) | 1,273 | |||||||||||||||||||||||||||||
Net interest (expense) income | (59) | (32) | — | 2 | (13) | 2 | 10 | (122) | (212) | |||||||||||||||||||||||||||||
Income tax (expense) benefit | (22) | (17) | — | (31) | 41 | (138) | (53) | (3) | (223) | |||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 88 | — | 38 | 1 | (1) | — | 126 | |||||||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests | 3 | — | — | (10) | (55) | 8 | (10) | — | (64) | |||||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | — | — | (36) | (36) | |||||||||||||||||||||||||||||
Earnings (losses) | $ | 148 | $ | 156 | $ | 88 | $ | 59 | $ | 76 | $ | 382 | $ | 147 | $ | (192) | $ | 864 | ||||||||||||||||||||
Three months ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | |||||||||||||||||||||||||||||
Revenues | $ | 1,125 | $ | 1,090 | $ | — | $ | 398 | $ | 323 | $ | 20 | $ | 134 | $ | (126) | $ | 2,964 | ||||||||||||||||||||
Cost of sales and other expenses(2) | (698) | (729) | — | (312) | (165) | (19) | (136) | 111 | (1,948) | |||||||||||||||||||||||||||||
Depreciation and amortization | (171) | (131) | — | (14) | (42) | (10) | (11) | (5) | (384) | |||||||||||||||||||||||||||||
Other income (expense), net(2) | 9 | (20) | — | 6 | (85) | 1 | 1 | (1) | (89) | |||||||||||||||||||||||||||||
Income (loss) before interest and tax(1)(3) | 265 | 210 | — | 78 | 31 | (8) | (12) | (21) | 543 | |||||||||||||||||||||||||||||
Net interest (expense) income | (52) | (25) | — | 3 | (13) | (1) | 3 | (61) | (146) | |||||||||||||||||||||||||||||
Income tax (expense) benefit | (83) | (57) | — | (23) | 51 | 201 | 136 | (1,123) | (898) | |||||||||||||||||||||||||||||
Equity earnings (losses), net(3) | — | — | — | 2 | 45 | 4 | (1) | — | 50 | |||||||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests | 1 | — | — | (8) | (50) | 7 | — | — | (50) | |||||||||||||||||||||||||||||
Earnings (losses) | $ | 131 | $ | 128 | $ | — | $ | 52 | $ | 64 | $ | 203 | $ | 126 | $ | (1,205) | $ | (501) |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | As adjusted for the retrospective adoption of ASU 2017-07. |
(3) | As adjusted for a reclassification to conform to current year presentation. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | |||||||||||||||||||||||||||||
Revenues | $ | 4,568 | $ | 3,962 | $ | — | $ | 1,585 | $ | 1,376 | $ | 124 | $ | 472 | $ | (400) | $ | 11,687 | ||||||||||||||||||||
Cost of sales and other expenses | (2,870) | (2,816) | — | (1,218) | (628) | (94) | (446) | 327 | (7,745) | |||||||||||||||||||||||||||||
Depreciation and amortization | (688) | (556) | — | (58) | (175) | (27) | (26) | (19) | (1,549) | |||||||||||||||||||||||||||||
Write-off and impairment losses | — | — | — | — | (4) | — | (1,117) | (1) | (1,122) | |||||||||||||||||||||||||||||
Gain (loss) on sale of assets | — | 1 | — | 11 | (1) | 513 | — | — | 524 | |||||||||||||||||||||||||||||
Other income (expense), net | 56 | 15 | — | 14 | 1 | 1 | — | (15) | 72 | |||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 1,066 | 606 | — | 334 | 569 | 517 | (1,117) | (108) | 1,867 | |||||||||||||||||||||||||||||
Net interest (expense) income | (217) | (113) | — | (9) | (55) | (7) | 28 | (448) | (821) | |||||||||||||||||||||||||||||
Income tax (expense) benefit | (173) | (92) | — | (95) | (185) | (71) | 435 | 85 | (96) | |||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 371 | 1 | 40 | (169) | — | (67) | 176 | |||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (7) | — | — | (32) | (132) | 58 | 37 | — | (76) | |||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | — | (125) | (126) | |||||||||||||||||||||||||||||
Earnings (losses) | $ | 669 | $ | 400 | $ | 371 | $ | 199 | $ | 237 | $ | 328 | $ | (617) | $ | (663) | $ | 924 | ||||||||||||||||||||
Year ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | |||||||||||||||||||||||||||||
Revenues | $ | 4,476 | $ | 3,785 | $ | — | $ | 1,567 | $ | 1,196 | $ | 94 | $ | 540 | $ | (451) | $ | 11,207 | ||||||||||||||||||||
Cost of sales and other expenses(2) | (2,746) | (2,643) | — | (1,227) | (568) | (76) | (489) | 386 | (7,363) | |||||||||||||||||||||||||||||
Depreciation and amortization | (670) | (515) | — | (54) | (156) | (38) | (42) | (15) | (1,490) | |||||||||||||||||||||||||||||
Write-off and impairment losses | (351) | — | — | — | (72) | — | — | — | (423) | |||||||||||||||||||||||||||||
Other income (expense), net(2) | 70 | 31 | — | 13 | 105 | 2 | 3 | 9 | 233 | |||||||||||||||||||||||||||||
Income (loss) before interest and tax(1)(3) | 779 | 658 | — | 299 | 505 | (18) | 12 | (71) | 2,164 | |||||||||||||||||||||||||||||
Net interest (expense) income | (203) | (101) | — | (10) | (74) | (8) | 17 | (234) | (613) | |||||||||||||||||||||||||||||
Income tax (expense) benefit | (155) | (160) | — | (80) | (227) | 226 | 119 | (999) | (1,276) | |||||||||||||||||||||||||||||
Equity earnings (losses), net(3) | — | — | — | 4 | 38 | 29 | 5 | — | 76 | |||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (14) | — | — | (27) | (73) | 23 | (3) | — | (94) | |||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | — | — | (1) | |||||||||||||||||||||||||||||
Earnings (losses) | $ | 407 | $ | 396 | $ | — | $ | 186 | $ | 169 | $ | 252 | $ | 150 | $ | (1,304) | $ | 256 |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | As adjusted for the retrospective adoption of ASU 2017-07. |
(3) | As adjusted for a reclassification to conform to current year presentation. |
[SRE-F]
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SOURCE Sempra Energy
SAN DIEGO, Feb. 25, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that, in support of the company's North American strategy, it will launch a formal process in March for the previously announced sale of its equity interests in its South American businesses, including its 83.6-percent stake in Luz del Sur S.A.A. in Peru and 100-percent stake in Chilquinta Energía S.A. in Chile.
"Our businesses in Peru and Chile are considered some of the most admired and desirable companies in the region," said Trevor I. Mihalik, executive vice president and chief financial officer of Sempra Energy. "We expect this to be a highly competitive process with strong interest from both strategic and financial investors."
Bank of America Merrill Lynch (BAML) and Lazard will act as financial advisors to Sempra Energy in connection with the planned sale, and White & Case will act as legal advisor. Following today's announcement, any interested parties who would like more information should contact BAML or Lazard.
The planned sale also includes Sempra Energy's interests in two energy-services companies, Tecnored and Tecsur, which provide electric construction and infrastructure services to Chilquinta Energía and Luz del Sur, respectively. Sempra Energy expects the sale process to be completed by the end of 2019.
Luz del Sur serves more than 4.9 million consumers in the southern region of Lima, Peru, and is the largest electric company in that country. Luz del Sur also is active in the development and operation of hydroelectric projects, including its Santa Teresa hydroelectric plant in central Peru.
Chilquinta Energía is the third-largest distributor of electricity in Chile. The utility provides electricity to more than 2 million consumers in the cities of Valparaiso and Viña del Mar in central Chile, and also is active in the development and operation of electric transmission lines.
Sempra Energy, a San Diego-based energy infrastructure company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the timing of the anticipated transactions contemplated by the planned sale of our equity interests in our South American businesses, and any of our post-sale plans and intentions, and other statements that are not historical facts. The following important factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the risk that we will be unable to enter into definitive agreements and consummate the planned sale; the risk that we are unable to consummate the planned sale within the anticipated timeline; the risk that the proceeds from the planned sale may be lower than expected; disruption from the planned sale making it more difficult to maintain relationships with customers, employees or suppliers; and the diversion of management time and attention to issues related to the planned sale.
Additional factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Feb. 22, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that on Feb. 21, 2019, its board of directors approved an 8.1-percent increase in the dividend on shares of the company's common stock to $3.87 per share, on an annualized basis, from $3.58 per share. This is the ninth consecutive year that Sempra Energy has increased its common stock dividend, which has grown more than 47 percent since 2014.
The first quarterly installment of the new common stock dividend, $0.9675 per share, is payable April 15, 2019, to common stock shareholders of record as of March 22, 2019.
Sempra Energy's board of directors also declared a quarterly dividend of $1.50 per share on the company's 6-percent Mandatory Convertible Preferred Stock, Series A. Additionally, the board of directors declared a quarterly dividend of $1.6875 per share on the company's 6.75-percent Mandatory Convertible Preferred Stock, Series B. The preferred stock dividends will be payable April 15, 2019, to preferred stock shareholders of record as of April 1, 2019.
Sempra Energy, a San Diego-based energy infrastructure company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
DALLAS, Feb. 18, 2019 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its fourth quarter and year-end 2018 results on February 26, 2019, prior to Sempra Energy's (NYSE: SRE) fourth quarter and year-end 2018 conference call. Oncor's fourth quarter and year-end 2018 earnings release will be available at oncor.com.
Sempra Energy's conference call will occur at 12 p.m. ET on February 26, 2019, and may include discussion of Oncor's fourth quarter and year-end 2018 operational and financial results. Sempra Energy is the indirect owner of 80.25% of Oncor's outstanding equity interests. Investors, media, analysts and the public may listen to a live webcast of the conference call on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link. Prior to the conference call, an accompanying slide presentation will be posted on Sempra Energy's website.
For those unable to participate in the live event, a replay of Sempra Energy's call will be available a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 2787825.
Oncor's Annual Report on Form 10-K for the year ended December 31, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company LLC
LOS ANGELES, Feb. 14, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and biogas producer Calgren Dairy Fuels (Calgren) today announced that renewable natural gas produced at Calgren's dairy digester facility in Pixley, California is being injected into SoCalGas pipelines. The project marks the first time that carbon-negative renewable natural gas produced from cow manure has been injected directly into SoCalGas' natural gas system. In August 2018, SoCalGas began receiving renewable natural gas into its system from CR&R, Inc.'s anaerobic digestion facility in Perris, California. The renewable natural gas from that digestion facility is already being used to fuel about 400 waste hauling trucks. Renewable natural gas is a carbon-negative fuel produced from waste and agriculture that can be used in trucks and buses, to generate electricity, fuel heating systems in homes and businesses, and for cooking.
"Developing renewable natural gas is a smart and cost-effective solution to reducing greenhouse gas emissions from the transportation and building sectors," said Sharon Tomkins SoCalGas vice president for customer solutions and strategy. "Replacing just 16 to 20 percent of our traditional natural gas with renewable natural gas would reduce emissions equal to electrifying 100 percent of buildings in the state, but it would be two to three times more cost-effective. Moreover, the renewable natural gas solution does not require expensive appliance changeouts or costly new mandates."
"We are proud of what we have accomplished here," said Lyle Schlyer, Calgren's President. "The benefits of this partnership between dairy farmers, private industry and SoCalGas are numerous. We produce clean renewable natural gas for use as a carbon-negative fuel which benefits the local community through cleaner air and jobs."
"Renewable natural gas options have presented themselves as an incredibly viable way of achieving our environmental sustainability goals," said Assemblymember Devon J. Mathis. "Tulare County is the dairy capital of the world, and it's wonderful to see a logical blend of agriculture and technology in a way which benefits everyone. The potential for these technologies is outstanding and deserves to be further developed and funded."
"The biogas project brought to Tulare County by Calgren will be a welcomed economic benefit to Tulare County communities," said Pete Vander Poel, Vice Chair of the Tulare County Board of Supervisors.
"This new energy sector will not only reduce greenhouse gases and improve air quality, it will provide real job opportunities for County residents and economic growth."
Calgren's facility, known as a dairy digester pipeline cluster, will collect biogas from anaerobic digesters at 12 Tulare County dairies then clean it to produce pipeline-quality renewable natural gas. This is the first such dairy digester pipeline cluster in California and is expected to be the largest dairy biogas operation in the U.S. when Calgren adds 9 additional dairies later this year. The facility will capture the methane produced from the manure of more than 75,000 cows, preventing about 130,000 tons of greenhouse gas from entering the atmosphere each year, the equivalent of taking more than 25,000 passenger cars off the road for a year.
SoCalGas will be capable of adding up to 2.26 billion cubic feet of renewable natural gas each year to its pipeline system from the facility, enough to fuel more than 1,200 Class 8 heavy duty trucks.
Renewable natural gas can be produced from dairy manure, food waste, landfills, and wastewater treatment plants and other sources. Capturing this otherwise wasted gas and turning it into a renewable fuel significantly reduces greenhouse gas emissions from these waste sources.
Research shows that California can achieve the same greenhouse gas emissions reductions as electrifying 100 percent of the state's buildings by displacing 16 to 20 percent of traditional natural gas with renewable natural gas sourced from dairies, landfills and wastewater treatment plants. This scenario is two to three times more cost-effective than mandated electrification and does not require expensive appliance change outs or impose limitations on the forms of energy Californians can choose.
A renewable natural gas solution to reducing emissions from the transportation and building sectors is also consistent with the mandate under Senate Bill 1383 to reduce short-lived climate pollutants, 80 percent of which comes from waste streams, dairies and agriculture. Today, there are already 24 California dairy methane capture projects either operating or in development, and experts estimate there could be as many as 120 projects funded and operating in next five years. In addition, as the state seeks to divert organic waste from landfills and capture emissions from wastewater treatment plants, more and more renewable natural gas will become available.
The Calgren project and others like it are partly funded under California's Dairy Digester Research and Development Program, which aims to reduce greenhouse gas emissions from manure generated at state dairy farms. Calgren's preference is to provide renewable fuel for existing CNG refuelers in California via SoCalGas' pipeline system. However, the Calgren facility is also able to use the renewable gas to indirectly produce a high-octane gasoline additive or in a new biodiesel plant that will come online midyear.
Another source of renewable energy for California
As California policymakers have sought to expand the production and use of renewable energy, SoCalGas has been working to increase the amount of renewable natural gas produced in California and delivered to its customers. Renewable natural gas can be produced from waste at landfills, wastewater treatment plants, food processing and dairies.
Consumer preference polls support the increased production and use of renewable natural gas. Research shows nine out of 10 California families use natural gas in their homes and prefer it by a margin of 4 to 1 over electricity. In addition, strong majorities of consumers—nearly 80 percent—prefer to use natural gas for cooking in their homes, and nearly two-thirds of consumers believe gas is their most affordable energy choice. According to the American Gas Association (AGA), households that use natural gas for water and space heating, cooking and clothes drying save an average of $874 per year compared to homes using electricity for those applications.
In addition, unlike solar and wind energy, renewable natural gas is available when needed—day or night—for use in homes or electric generation.
Renewable natural gas has already begun to clean the air and reduce greenhouse gas emissions in California's transportation sector, which accounts for more than 80 percent of smog forming emissions and about 40 percent of greenhouse gas emissions in the state. The latest generation of natural gas engines for heavy duty vehicles can reduce smog-forming emissions by more than 90 percent. When fueled with renewable natural gas, they can reduce greenhouse gas emissions by 80 percent or more. Already, more than 60 percent of natural gas trucks in California are fueled by renewable gas delivered by SoCalGas pipelines.
For more information on renewable natural gas, go to: socalgas.com/smart-energy
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Calgren Dairy Fuels, LLC
With its affiliates, Calgren has been producing renewable fuels in California's Central Valley since 2008. The carbon intensity of its fuel ethanol is among the lowest available. As a result of its pipeline dairy digester project, Calgren will be able to add renewable compressed natural gas to its slate of products. The company is also constructing a facility to produce biodiesel from waste feed stocks without the use of chemical catalysts.
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SOURCE Southern California Gas Company
LOS ANGELES, Feb. 13, 2019 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | |
Preferred Stock | $0.375 per share |
Preferred Stock, Series A | $0.375 per share |
The dividends are payable on April 15, 2019, to shareholders of record on March 10, 2019.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Feb. 13, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its fourth-quarter and year-end 2018 earnings at 7 a.m. ET, Feb. 26.
Sempra Energy executives will conduct a conference call at 12 p.m. ET, Feb. 26. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, and by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted at 7 a.m. ET, Feb. 26, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 2787825 or it can be accessed on the company's website.
Sempra Energy, a San Diego-based energy infrastructure company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
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SOURCE Sempra Energy
SAN DIEGO, Feb. 12, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has entered into an agreement to complete the sale of its U.S. renewables business by selling its remaining wind operating and development assets to American Electric Power (AEP) for $551 million in cash, subject to closing adjustments and working capital.
"The agreement to sell our U.S. wind assets along with the previously announced sales of our U.S. solar and natural gas storage assets are expected to generate approximately $2.5 billion in cash proceeds to support our growth plan as we strive to become North America's premier energy infrastructure company," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "The timing of these asset sales is important as we look to redeploy new capital into important growth at our U.S. utilities where we are improving the safety and reliability of electric and gas service."
The agreement to sell the remainder of Sempra Renewables, a subsidiary of Sempra Energy, includes the Black Oak Getty Wind project in Minnesota and the Apple Blossom Wind project in Michigan, as well as its interests in the following projects jointly owned with BP Wind Energy: Auwahi Wind in Hawaii (wind and battery storage), Flat Ridge 2 Wind in Kansas, Mehoopany Wind in Pennsylvania, Cedar Creek 2 Wind in Colorado, and Fowler Ridge 2 Wind in Indiana. AEP also will acquire all of the Sempra Renewables wind projects currently in development.
The sale to AEP comprises approximately 724 megawatts of capacity in Sempra Energy's non-utility U.S. renewables portfolio. The sale is expected to be completed in the second quarter of 2019.
The sale is subject to customary closing conditions and consents, including Federal Energy Regulatory Commission and Hart-Scott-Rodino Antitrust Improvements Act approvals.
Credit Suisse and J.P. Morgan are serving as Sempra Energy's lead financial advisors on the sale and Latham & Watkins LLP is serving as its legal advisor.
American Electric Power is one of the nation's largest investor-owned energy-delivery companies, with approximately $16 billion in annual revenues and $69 billion in assets.
Sempra Energy, a San Diego-based energy infrastructure company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
Media Contact: | Amber Albrecht |
Sempra Energy | |
877-340-8875 | |
Financial Contact: | Patrick Billings |
Sempra Energy | |
877-736-7727 | |
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SOURCE Sempra Energy
LOS ANGELES, Feb. 11, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the utility will participate in the World Agricultural Expo in Tulare, Calif. The theme for this year's SoCalGas display is "Clean, Renewable and Affordable" and will highlight the important role natural gas plays in California's clean energy future. Visitors to the SoCalGas exhibit booth will learn about the benefits of natural gas by taking the "SoCalGas Challenge" – a series of five stations each highlighting the value of natural gas. The stations include information on residential energy efficiency programs, business energy efficiency programs, customer assistance programs, natural gas vehicles and renewable energy.
"Our display at the World Agricultural Expo is a way for SoCalGas to show how natural gas can help the state achieve its climate goals in a way that is affordable for all Californians," said Sharon Tomkins, vice president of customer solutions and strategy at SoCalGas. "The San Joaquin Valley's agricultural and dairy industries, which can produce renewable fuels, uniquely positions the region to play a large role in attaining those goals."
Each attendee who participates in the "SoCalGas Challenge" by collecting stamps from each station will have the opportunity to spin the SoCalGas prize wheel. This year, SoCalGas is giving away smart thermostats, low-flow showerheads, leather work gloves and other items. SoCalGas' 30-foot "Giant Shovel" will return to the Expo once again this year to bring attention to SoCalGas' safety initiatives and programs. A near-zero 12-liter heavy-duty natural gas truck will also be part of the SoCalGas display.
The SoCalGas exhibit will be located at H and Median Streets in the northwest section of the International Agri-Center. Visitors to the SoCalGas exhibit will:
SoCalGas is a leader in the research and development of new technologies that increase energy efficiency, reduce air pollution and greenhouse gas emissions and keep bills affordable for customers. Last year, SoCalGas awarded more than $5.7 million in rebates to residential customers and more than $7.2 million in rebates to business customers. In the last five years alone, SoCalGas energy efficiency programs have saved more than 146 million therms, enough to power 326,000 households a year. These programs also generated nearly $862 million in avoided energy costs, including $161 million in annual customer bill savings during that same 5-year period.
SoCalGas is committed to helping California achieve its climate goals, which is why the utility is working to get more renewable natural gas (RNG) flowing into its pipeline system. RNG can be used anywhere conventional natural gas is used – to heat your homes, cook your food or as a transportation fuel. Currently, SoCalGas is investing more than $150 million in four dairy RNG pilot projects in the San Joaquin Valley. It is anticipated that 45 California dairies will be producing RNG for injection into utility pipelines in the next few years. This is important because research by the University of California, Davis suggests more than 20 percent of California's current residential natural gas use can be provided by RNG made from the state's existing organic waste. RNG is one of many clean and renewable tools available as the state looks for climate solutions. The SoCalGas exhibit will also provide information on other available technologies, such as power-to-gas, which converts excess electricity into hydrogen or renewable methane that can be stored in natural gas pipelines and used as needed.
Research also shows that renewable natural gas is a cost-effective solution to reducing emissions in buildings. A recent study showed that California can achieve the same greenhouse gas emissions reductions as electrifying 100 percent of the state's buildings by displacing 16 to 20 percent of traditional natural gas with renewable natural gas sourced from dairies, landfills and wastewater treatment plants. This scenario is two to three times more cost-effective than mandated electrification and does not require expensive appliance change outs or impose limitations on the forms of energy Californians can choose.
A renewable natural gas solution to reducing emissions from the transportation and building sectors is also consistent with the mandate under Senate Bill 1383 to reduce short-lived climate pollutants, 80 percent of which comes from waste streams, dairies and agriculture. Today, there are already 24 California dairy methane capture projects either operating or in development, and experts estimate there could be as many as 120 projects funded and operating in next five years. In addition, as the state seeks to divert organic waste from landfills and capture emissions from wastewater treatment plants, more and more renewable natural gas will become available.
World Agricultural Expo attendees will also have the opportunity to learn about heavy duty near-zero natural gas vehicles and how they can reduce smog-forming NOx emissions by 90 percent. When these vehicles are fueled by RNG, they can also cut greenhouse gas emissions by at least 80 percent. Representatives will be available during the Expo to explain the benefits of natural gas vehicles and discuss the SoCalGas Truck Loan Program which allows qualified fleet owners to "try before you buy" a 12-liter heavy-duty natural gas truck for up to two weeks.
Company representatives at the SoCalGas exhibit will also encourage visitors to sign up for its assistance programs like California Alternate Rates for Energy (CARE), which saves eligible customers 20 percent on their natural gas bills, and the Energy Savings Assistance Program, which offers qualifying customers energy-saving home improvements like insulation, weather stripping, caulking, and low-flow shower heads at no charge.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Feb. 7, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has completed the sale of its non-utility U.S. natural gas storage facilities to an affiliate of ArcLight Capital Partners (ArcLight) for $328 million in cash, subject to customary post-closing adjustments. ArcLight's affiliate Enstor Gas will operate the facilities going forward.
"With the sale of these assets, we can reallocate capital toward growing our core electric and natural gas infrastructure businesses," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "We are focused on expanding our leadership position in the most attractive markets as we strive to become North America's premier energy infrastructure company."
The non-utility natural gas storage assets included in the sale are the Mississippi Hub storage facility in Simpson County, Miss., with a working capacity of 22.3 billion cubic feet (Bcf) of natural gas, and the Bay Gas storage facility in Southwest Alabama, which comprises five underground caverns with a working capacity of 20.4 Bcf of natural gas.
The sale included Sempra Energy's approximate 91-percent stake in Bay Gas. Immediately prior to the sale, Sempra Energy's subsidiary acquired the approximate 9-percent interest from a minority owner and included it in the sale to ArcLight. ArcLight owns now 100 percent of Mississippi Hub and Bay Gas.
Sempra Energy's financial advisor for this transaction is Wells Fargo Securities, LLC, and its legal advisor is Jones Day.
ArcLight is one of the leading private equity firms focused on energy infrastructure investments. Founded in 2001, the firm helped pioneer an asset-based private equity approach to investing in the dynamic energy sector. ArcLight has invested approximately $21 billion in over 100 transactions since inception. Based in Boston, the firm's investment team employs a hands-on value creation strategy that utilizes its in-house technical, operational, and commercial specialists and works closely with the firm's 1,000-person asset management affiliate.
Sempra Energy, a San Diego-based electric and natural gas infrastructure company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Feb. 6, 2019 /PRNewswire/ -- As conversations about climate change and wildfires continue to be at the forefront of California policy discussions, San Diego Gas & Electric (SDG&E) has developed a comprehensive 2019 Wildfire Mitigation Plan (the Plan), designed to help prevent electric equipment-related fires, improve the resiliency of the regional power grid to withstand extreme weather conditions, and enhance the company's highest priority: keeping customers and the communities it serves safe.
The Plan builds upon the wildfire mitigation programs SDG&E has been developing and implementing over the past decade. Submitted to the California Public Utilities Commission on Feb. 6 in accordance with Senate Bill 901, the Plan outlines the ongoing practices and additional improvements the company will undertake beyond the more than $1 billion in investments that SDG&E has made over the past decade to adapt to the effects of the changing climate and threat of year-round wildfires.
"Every year, climate change presents new risks and challenges that we must prepare for and adapt to," said Caroline Winn, chief operating officer for SDG&E. "Our engineers, fire science and climate adaption experts are continuing to develop and implement industry-leading wildfire mitigation tactics to help protect our communities. There is no higher priority for us than the safety of our customers."
In addition to the actions that SDG&E intends to implement in the Plan, the company recognizes that state policy makers are actively examining additional solutions to proactively help mitigate wildfire risk throughout the state. SDG&E looks forward to hearing the recommendations from the Governor's Blue Ribbon Commission and encourages legislators and policy makers to act with a sense of urgency to continue enabling utilities to strengthen their wildfire mitigation programs for the benefit of all Californians.
SDG&E started aggressive efforts to address climate change and enhance power grid resiliency 10 years ago when rising temperatures, prolonged droughts, and severe weather patterns began correlating with the increasing frequency and severity of wildfires.
SDG&E's approach to prudently managing the risk of its electrical infrastructure causing a wildfire is three-pronged, focusing on, but not limited to, ongoing efforts in the following areas:
1. Operations and Engineering: build and operate a fire-safety system with the following elements:
2. Situational Awareness and Weather Technology: detect, monitor and forecast weather conditions and fire behavior by creating and maintaining the following tools and resources:
3. Customer Outreach and Education: Collaborating with local agencies to help ensure effective outreach and communications to the public is ongoing regarding preparedness.
To learn more about SDG&E's long-standing commitment to wildfire safety over the years, including its recent Edison Award dedicated to wildfire safety, click here.
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing around 45 percent of its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S.; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks that our counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in interest rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacements of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; the impact on reliability of our electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through our electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE San Diego Gas & Electric
SAN DIEGO, Feb. 5, 2019 /PRNewswire/ -- Sempra Energy's (NYSE:SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its fourth-quarter 2018 earnings at 6 p.m. ET, Feb. 20, in advance of a conference call with IEnova executives at 11 a.m. ET, Feb. 21.
Briefing materials also will be posted by 6 p.m. ET, Feb. 20, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 2744249#.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2017, the company had invested approximately US$7.6 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy, a San Diego-based electric and natural gas infrastructure company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Feb. 5, 2019 /PRNewswire/ -- Due to cold weather predicted for parts of the SoCalGas service territory, Southern California Gas Co. (SoCalGas) has issued a "Dial It Down" Alert, encouraging Southern Californians to conserve natural gas until further notice. Customers are asked to conserve energy by reducing their natural gas use, specifically in the evenings when natural gas is typically at peak use. During periods of cold weather, local demand for natural gas for home heating, hot water, and cooking can increase rapidly and put a strain on the natural gas system.
Dial It Down Alerts are similar to Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to voluntarily conserve electricity for a specific period of time.
Conservation Tips
To reduce their natural gas use during the alert period, SoCalGas customers can take simple steps, like setting their thermostat to 68 degrees when home and 55 degrees when not home. Others helpful tips include:
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
In addition to the Dial It Down Alerts, SoCalGas has taken several actions to further promote conservation and reduce local demand for natural gas, including activating SoCalGas' Smart Therm demand response program.
The Smart Therm Program is a partnership between SoCalGas and participating smart thermostat manufacturers that aims to conserve natural gas during some cold weather events, when local demand for natural gas for home and hot water heating and cooking can increase rapidly and strain the natural gas system.
When a Smart Therm Event is called, customers who have enrolled in the Smart Therm Program are sent notifications through their smart thermostat, smart phone app, or over email (depending on the manufacturer), letting them know that their thermostats will be automatically adjusted for four hours from 5 AM to 9 AM or from 6 PM to 10 PM.
Customers who enroll in the program agree to allow their smart thermostats to be automatically lowered by as much as four degrees when a Smart Therm Event is called. Program participants are eligible to receive a $50 incentive, plus an additional $25 for staying enrolled through April 1, 2019. Customers who enroll in the program can manually adjust their thermostat at any time.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Feb. 2, 2019 /PRNewswire/ -- Due to colder weather and rain predicted for parts of the SoCalGas service territory, Southern California Gas Co. (SoCalGas) has issued a "Dial It Down" Alert, encouraging Southern Californians to conserve natural gas until further notice. Customers are asked to conserve energy by reducing their natural gas use, specifically in the evenings when natural gas is typically at peak use. During periods of cold weather, local demand for natural gas for home heating, hot water, and cooking can increase rapidly and put a strain on the natural gas system.
Dial It Down Alerts are similar to Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to voluntarily conserve electricity for a specific period of time.
Conservation Tips
To reduce their natural gas use during the alert period, SoCalGas customers can take simple steps, like setting their thermostat to 68 degrees when home and 55 degrees when not home. Others helpful tips include:
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 31, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced it received the Final Environmental Impact Statement (FEIS) from the Federal Energy Regulatory Commission (FERC) to construct the Port Arthur LNG natural gas liquefaction-export project in Jefferson County, Texas, as well as the Texas and Louisiana connector pipeline projects that will deliver natural gas to the new export facility.
"Today's positive review of our Port Arthur liquefaction-export project and new pipeline projects by the FERC represents a significant step forward as we remain focused on becoming North America's premier infrastructure company," said Carlos Ruiz Sacristán, president and CEO of Sempra North American Infrastructure Group. "We appreciate the support we've received from regulators and the supporters in Texas and Louisiana. We look forward to delivering a world-class project that will create jobs and support the local economy for decades to come."
The proposed Port Arthur LNG project is expected to include two natural gas liquefaction trains capable of processing approximately 11 million tonnes per annum (Mtpa) liquefied natural gas (LNG), up to three LNG storage tanks and associated facilities and new natural gas transmission pipelines in Texas and Louisiana.
The FEIS is the final step in the environmental review process before FERC can proceed to issue an order approving the project.
Last month, Port Arthur LNG and the Polish Oil & Gas Company signed a definitive 20-year sale-and-purchase agreement for LNG from the Port Arthur LNG as part of Sempra Energy's long-term goal of exporting 45 Mtpa of North American LNG to meet the global demand. The agreement is subject to certain conditions, including Port Arthur LNG making a final investment decision.
Last year, Port Arthur LNG selected Bechtel as the engineering, procurement, construction and commissioning contractor for the project, subject to reaching a definitive agreement. In June 2017, Port Arthur signed a Memorandum of Understanding with Korea Gas Corporation for potential participation in the Port Arthur LNG project.
Development of the Port Arthur LNG liquefaction facility is contingent upon obtaining additional customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, incentives and other factors, and reaching a final investment decision.
Sempra Energy, a San Diego-based electric and natural gas infrastructure company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Jan. 31, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today highlighted payment options and protections for federal employees who have been affected by the recent government shutdown. Customers who are having a hard time paying their natural gas bill may request an extension of their payment due date. SoCalGas does not charge late payment fees to residential customers. Additionally, SoCalGas will not disconnect service to those customers who are furloughed federal employees for a period of 45 days after the end of the government shutdown. Federal employees whose service may have been disconnected will be reconnected without the need to make their balance current and any reconnection fees and deposit requirements will be waived if the customer agrees to a payment plan for the balance on the account. Customers may also be asked to provide proof of federal employment. Customers are encouraged to call 1-877-238-0092 to speak with a representative about their bill. SoCalGas customer service is available 24-hours a day, 7 days a week.
"We understand that our customers who were furloughed during the recent government shutdown may be worried about paying their upcoming natural gas bill," said Paul Goldstein, vice president of customer services at SoCalGas. "We want to help ease their concerns and ensure they have the reliable natural gas service they depend on."
SoCalGas offers customers programs and tips to save money on their natural gas bill year-round. For example, customers who purchase a smart thermostat can save an additional $75 by applying for a smart thermostat rebate from SoCalGas. More information about smart thermostats and additional rebates may be found at socalgas.com/rebates. The utility also offers energy-saving tips for your home.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 31, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a dramatic increase in the number of customers enrolled in the utility's Smart Therm program. Approximately 9,100 customers were enrolled in the Smart Therm program on Jan. 4, 2019 and that number now stands at 24,300 as of Jan. 28. Some customers have more than one thermostat in their home, which brings the total number of thermostats enrolled to 28,500. The program is a partnership between SoCalGas and participating smart thermostat manufacturers that aims to conserve natural gas during cold weather events, when local demand for natural gas for heating homes and hot water and cooking can increase rapidly.
Customers who enroll in the program agree to allow their smart thermostats to be automatically adjusted by up to four degrees when a Smart Therm event is called. Program participants are eligible to receive a $50 incentive, plus an additional $25 for staying enrolled through April 1, 2019.
"The Smart Therm Program is still in its infancy, so seeing enrollment more than double in such a short period of time is a strong indicator of the interest in energy savings programs," said Dan Rendler, director of customer programs and assistance for SoCalGas. "Smart thermostats help manage demand during peak usage and they also support cost-savings for customers year-round."
Participants are sent notifications through their smart thermostat, smart phone app, or via email when a Smart Therm event is called. These notifications inform the customer that their enrolled thermostats will be automatically adjusted for four hours from 5 a.m. to 9 a.m. or from 6 p.m. to 10 p.m. A Smart Therm event can only be called once a day, weekdays. Smart Therm events are not called on federal holidays. Customers who enroll in the program can manually adjust their thermostat at any time.
Customers who purchase a smart thermostat can save an additional $75 by applying for a smart thermostat rebate from SoCalGas. The rebate covers models from Nest, ecobee, and Honeywell. More information may be found here.
SoCalGas is a leader in the research and development of new technologies that increase energy efficiency, reduce air pollution and greenhouse gas emissions and keep bills affordable for customers. In the last five years alone, SoCalGas energy efficiency programs have saved more than 146 million therms, enough to power 326,000 households a year. In addition to conserving energy, SoCalGas energy efficiency programs have helped customers save money on their energy costs. In the same five-year period, energy efficiency programs have generated nearly $862 million in avoided energy costs, including $161 million in annual customer bill savings.
SoCalGas also suggests these additional tips to reduce natural gas use during cold weather to help keep energy costs affordable:
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 28, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that, as part of its increasing focus on North American markets, the company is initiating the process to sell its equity interests in its South American businesses, including Luz del Sur S.A.A. in Peru and Chilquinta Energía S.A. in Chile.
"We have set a clear strategic goal of becoming North America's premier energy infrastructure company," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "This planned sale allows us more focused capital investment in the U.S. and Mexico to support additional growth opportunities, with a view toward creating greater shareholder value and a stronger balance sheet.
"Luz del Sur in Peru, Chilquinta Energía in Chile and their affiliates have been strong-performing investments for us over the past two decades of our ownership. They've made significant contributions to Sempra Energy and offer exciting future growth opportunities."
The planned sale includes Sempra Energy's 100-percent stake in Chilquinta Energía and 83.6-percent stake in Luz del Sur, as well as Sempra Energy's interests in two energy-services companies, Tecnored and Tecsur, which provide electric construction and infrastructure services to Chilquinta Energía and Luz del Sur, respectively. Sempra Energy originally acquired approximately 50-percent ownership in Chilquinta Energía and an approximate 42-percent ownership interest in Luz del Sur in 1999. In 2011, Sempra Energy acquired its partner's stakes in the utilities, resulting in 100-percent ownership of Chilquinta Energía and majority ownership of Luz del Sur. Some shares of Luz del Sur are held by institutional investors and the general public.
Sempra Energy expects the planned sales process to be completed by the end of 2019.
Luz del Sur serves more than 4.9 million consumers in the southern region of Lima, Peru, and is the largest electric company in that country. Luz del Sur also is active in the development and operation of hydroelectric projects, including its Santa Teresa hydroelectric plant in central Peru.
Chilquinta Energía is the third-largest distributor of electricity in Chile. Chilquinta Energía provides electricity to more than 2 million consumers in the cities of Valparaiso and Viña del Mar in central Chile, and also is active in the development and operation of electric transmission lines.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the timing of the anticipated transactions contemplated by the planned sale of the South American utilities, and any of our post-sale plans and intentions, and other statements that are not historical facts. The following important factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the risk that we will be unable to enter into definitive agreements and consummate the planned sale; the risk that we are unable to consummate the planned sale within the anticipated timeline; the risk that the proceeds from the planned sale may be lower than expected; disruption from the planned sale making it more difficult to maintain relationships with customers, employees or suppliers; and the diversion of management time and attention to issues related to the planned sale.
Additional factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Jan. 25, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that effective at 10 p.m. PT this evening, Jan. 24, the "Dial It Down" Alert urging customers to conserve natural gas has ended. The Dial It Down Alert was initiated on Monday, January 21 in response to cold weather conditions, specifically in the mornings and evenings, throughout the SoCalGas service territory.
Winter Conservation Tips
SoCalGas encourages customers to continue to reduce their natural gas use this winter to help conserve energy and to save money on utility bills. Customers can take simple steps, like setting their thermostat to 68 degrees when home and 55 degrees when not home. Other helpful tips include:
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 23, 2019 /PRNewswire/ -- Due to cold morning and evening temperatures predicted for parts of the Southern California Gas Co. (SoCalGas) service territory, SoCalGas will continue the current "Dial It Down" Alert through 10:00 p.m. tomorrow evening, Thursday, Jan. 24, urging Southern Californians to continue conserving natural gas. Customers are asked to conserve energy by reducing their natural gas use, especially in the mornings and evenings when natural gas is typically at peak use. During periods of cold weather, local demand for natural gas for home heating, hot water, and cooking can increase rapidly and put a strain on the natural gas system.
Dial It Down Alerts are similar to Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to voluntarily conserve electricity for a specific period of time.
Conservation Tips
To reduce their natural gas use during the alert period, SoCalGas customers can take simple steps, like setting their thermostat to 68 degrees when home and 55 degrees when not home. Other helpful tips include:
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills, and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 22, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that its Smart Therm Program received the Energy Award for Outstanding Achievement in Demand Response and Pricing from the Association of Energy Services Professionals' (AESP) at this year's 29th Annual AESP Conference in San Antonio, Texas. SoCalGas was recognized for being one of the first utilities in the country to pilot the use of smart thermostats for natural gas demand response. Natural gas demand response programs, like the Smart Therm Program, provide incentives to customers who agree to allow their thermostats to be automatically adjusted during periods of peak energy use, thereby helping conserve natural gas. Photos from the Energy Awards Luncheon are available here.
"Energy efficiency programs, like the Smart Therm Program, are one of the tools that help our customers reduce emissions linked to climate change, while also helping them conserve energy and save money," said Darren Hanway, energy efficiency program operations manager for SoCalGas. "Over the past 10 years, SoCalGas residential customers' natural gas consumption has decreased by more than 14 percent, and, since 1990, our energy efficiency programs have saved more than 622 million therms – the equivalent to the annual consumption of the State of Maine."
"Energy efficiency and demand-side management programs represent a vital component of the energy industry," said John Hargrove, CEO of AESP. "SoCalGas as well as our other award recipients have demonstrated their leadership roles in moving the industry forward and driving users of energy toward smarter methods of consumption."
Customers who enroll in the Smart Therm Program agree to allow their smart thermostats to be adjusted automatically by up to four degrees when a Smart Therm Event is called. Depending on the manufacturer, participants are sent notifications through their smart thermostat, smart phone app, or over email, letting them know when their thermostats will be automatically adjusted. Program participants are eligible to receive a $50 incentive, plus an additional $25 for staying enrolled through April 1, 2019, and can save an additional $75 by applying for a smart thermostat rebate from SoCalGas. The rebate covers models from Nest, ecobee, Honeywell, and others. To learn more or to participate in SoCalGas' Residential Rebate Program, visit socalgas.com/rebates.
Delivering Results in Energy Efficiency
SoCalGas is a leader in researching and developing new technologies that improve energy efficiency and protect the environment. Over the past five years, SoCalGas' energy efficiency programs have delivered more than 146 million therms in energy savings – enough to power 326,000 households a year – and have reduced greenhouse gas emissions by more than 775,000 metric tons – the equivalent of removing nearly 165,000 cars from the road.
In addition to conserving energy, SoCalGas' energy efficiency programs have helped customers save money on their energy costs. Over the past five years, the utility's energy efficiency programs have generated nearly $862 million of avoided energy costs, including $161 million in annual customer bill savings. Over the same period, SoCalGas energy efficiency programs have also resulted in:
In addition to the Smart Therm Program, in late 2018, SoCalGas launched a voluntary demand response alert system designed to encourage customers to reduce natural gas consumption during peak usage periods. "Dial It Down" Alerts are similar to the Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to conserve electricity during high-demand periods.
More information on SoCalGas' Smart Therm Program can be found at socalgas.com/smarttherm.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills, and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 22, 2019 /PRNewswire/ -- Today, Fortune magazine recognized Sempra Energy (NYSE:SRE) as one of the "World's Most Admired Companies" for 2019, the ninth time the company has been recognized by Fortune on the list of global businesses with the strongest reputations.
"We're pleased to be recognized again by Fortune on the prestigious 'Most Admired Companies' list," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "At the core of our success is the strength and diversity of our employees and their commitment to finding new and better ways to serve our customers. The criteria for this ranking – including financial soundness, quality of our service, workforce talent, innovation and social responsibility – are factors critical to achieving our strategic vision of becoming North America's premier energy infrastructure company."
Fortune works with Korn Ferry Hay Group, a global management consulting firm, to select companies for the "World's Most Admired Companies" list. Fortune and Korn Ferry Hay Group determine the rankings by surveying financial analysts, and senior executives and directors from 680 companies, across 30 countries and 52 industries.
The surveys ask respondents to rank the companies on the following topics: ability to attract and retain talent, quality of management, social responsibility, innovativeness, quality of products or services, wise use of corporate assets, financial soundness, long-term investment value and effectiveness in doing business globally.
Fortune considered the 1,000 largest U.S. companies ranked by revenue for the list, along with non-U.S. companies that have revenues of $10 billion or more.
Sempra Energy develops and own natural gas and electric infrastructure with a focus on the fastest-growing markets in North America.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Jan. 21, 2019 /PRNewswire/ -- Due to cold weather predicted for parts of the Southern California Gas Co. (SoCalGas) service territory, SoCalGas has issued a "Dial It Down" Alert effective 7:00 p.m. this evening through 7:00 a.m. Thursday, January 24, urging Southern Californians to conserve natural gas. Customers are asked to conserve energy by reducing their natural gas use, specifically in the evenings when natural gas is typically at peak use. During periods of cold weather, local demand for natural gas for home heating, hot water, and cooking can increase rapidly and put a strain on the natural gas system.
Dial It Down Alerts are similar to Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to voluntarily conserve electricity for a specific period of time.
Conservation Tips
To reduce their natural gas use during the alert period, SoCalGas customers can take simple steps, like setting their thermostat to 68 degrees when home and 55 degrees when not home. Other helpful tips include:
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills, and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 18, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that effective as of 8 a.m., the "Dial It Down" Alert, urging customers to conserve natural gas, has ended. The "Dial It Down" Alert was initiated on Monday, January 14 in response to extended rain and cold weather conditions throughout the SoCalGas service territory.
Winter Conservation Tips
SoCalGas encourages customers to continue to reduce their natural gas use this winter to help conserve energy and to save money on utility bills. Customers can take simple steps, like setting their thermostat to 68 degrees when home and 55 degrees when not home. Other helpful tips include:
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 16, 2019 /PRNewswire/ -- Sempra Energy (NYSE:SRE) has been named to Forbes' list of the "Best Employers for Diversity 2019" and also to the 2019 Bloomberg Gender-Equality Index, which distinguishes companies committed to transparency in gender reporting and advancing women's equality.
"We're a stronger company because of our diversity and inclusion," said G. Joyce Rowland, senior vice president and chief culture officer for Sempra Energy. "The different perspectives and backgrounds of our employees, management team and board enable better decision-making as we strive to become North America's premier energy infrastructure company."
Sempra Energy was ranked as the top utility by Forbes, and 20th overall out of 500 major U.S. companies and institutions from various sectors. This is the first time Sempra Energy has been recognized by Forbes on its "Best Employers for Diversity" list, which was introduced last year.
Forbes' list was determined by results from an independent survey of 50,000 employees working for major companies in the U.S. Respondents were asked open-ended questions on a series of statements on the topics of age, gender equality, ethnicity, disability, LGBTQ+ and general diversity concerning their own employer. Diversity among top executives and board members at each company also was considered for the ranking.
Sempra Energy was one of 14 utilities and a total of 230 companies recognized on the Bloomberg Gender-Equality Index. This year, the index included companies from 10 sectors headquartered across 36 countries and regions.
The Bloomberg Gender-Equality Index measures gender equality using a standardized reporting framework which offers public companies the opportunity to disclose information on how they promote gender equality across four separate areas: company statistics, policies, community engagement and products and services.
Sempra Energy scored higher than the utility sector average in the areas of community engagement and gender employer statistics for the Bloomberg Gender-Equality Index.
"We applaud Sempra Energy and the other 229 firms tracked by the index for their action to measure gender equality through the Bloomberg Gender-Equality Index framework," said Peter T. Grauer, chairman of Bloomberg and founding chairman of the U.S. 30% Club. "Sempra Energy's Gender-Equality Index inclusion is a strong indicator to its employees, investors and industry peers alike that it is leading by example to advance ongoing efforts for a truly inclusive workplace."
Over the past five years, the number of women in officer and director roles at Sempra Energy has increased by 34 percent. Across the company, women make up 31 percent of the workforce, compared with the U.S. utility average of 25 percent, and 34 percent of management, compared with the U.S. utility average of 21 percent. Sempra Energy also is a leader in board diversity – eight out of 14, or 57 percent, of the company's board of directors are women and/or people of color.
Additionally, the Sempra Energy family of companies have programs dedicated to advancing supplier opportunities for businesses owned by women, minorities, service-disabled veterans, and LGBT-owned business enterprises. Sempra Energy also supports a number of STEM programs with schools and nonprofits that focus on mentoring young women who are interested in pursuing careers in science, technology, engineering and math.
Sempra Energy and its subsidiaries offer a variety of programs to enhance diversity of thought and inclusivity in the workplace, including employee councils, a mentorship program, an annual Diversity & Inclusion Summit and supplier diversity programs. Jeffrey W. Martin, chairman and CEO of Sempra Energy, also is a participant of the CEO Action for Diversity & Inclusion,™ the largest CEO-driven business commitment to advance diversity and inclusion in the workplace.
Sempra Energy owns and operates natural gas and electric distribution utilities and is a major developer of North American energy infrastructure.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
NEW YORK, Jan. 15, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) will replace PG&E Corp. (NYSE: PCG) in the Dow Jones Utility Average (DJU) effective prior to the open of trading on Friday, January 18.
PG&E is preparing to initiate voluntary reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code on or about January 29 and is no longer appropriate for the Dow Jones Utility Average. The index is a 15-stock, price-weighted index that measures the performance of some of the largest U.S. companies within the utilities sector. Sempra Energy, which is headquartered in San Diego, CA, invests in, develops, and operates energy infrastructure, as well as provides electric and gas services.
The change won't disrupt the level of the index. The divisor used to calculate the index from the components' prices on their respective home exchanges will be changed prior to the opening on January 18. This procedure prevents any distortion in the index's reflection of the portion of the U.S. stock market it is designed to measure.
Additions to or deletions from an index are not an investment opinion or recommendation.
For more information, please visit http://www.djaverages.com.
Following is a summary of the change:
DOW JONES UTILITY AVERAGE – JANUARY 18, 2019 | |||
COMPANY | GICS ECONOMIC SECTOR | GICS SUB-INDUSTRY | |
ADDED | Sempra Energy | Utilities | Multi-Utilities |
DELETED | PG&E | Utilities | Multi-Utilities |
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SOURCE S&P Dow Jones Indices
LOS ANGELES, Jan. 15, 2019 /PRNewswire/ -- Southern California Gas Company (SoCalGas) and Onboard Dynamics, Inc. (ObDI) today announced the field demonstration of new mobile compressor technology that provides on-site backup and supplemental compression at natural gas fueling stations. The new compressor, called the GoFlo® CNG80, is now being demonstrated at the Antelope Valley School Transportation Agency in Lancaster, California, where 43 natural gas school busses refuel using the fueling station at AVSTA's fleet yard. SoCalGas and ObDI are partnering to fund the demonstration project to validate the performance of the new mobile compressor, which they expect will further improve on-site refueling for natural gas fleet customers. Photos of the compressor are available here.
"The new GoFlo mobile compressors increase reliability and resilience of natural gas fueling stations by helping mitigate the risk of electric power supply interruption," said Yuri Freedman, SoCalGas senior director of business development. "This type of equipment will enhance the function of any fueling station and make refueling even easier for fleet operators who fuel with clean natural gas and renewable natural gas."
"The GoFlo compressor technology provides an affordable and reliable refueling solution for compressed natural gas (CNG) fleet operators that provides additional value to all customers including those with inadequate electric infrastructure or higher electricity rates," said Rita Hansen, chief executive officer of ObDI. "This technology promises to offer both the backup capability and capacity increases that many CNG fleet operators need today."
"Antelope Valley schools switched to natural gas buses 36 years ago to help clean our air," said Mike Breivogel, fleet manager for AVSTA. "Installation of the GoFlo compressor partially offsets use of our aging electric compressor, provides mobile and easily deployable backup capability, increases capacity of our pumps and reduces our operating costs."
The Antelope Valley School Transportation Agency installation represents the second phase of field demonstration of the new mobile compressor. In the first phase, field testing was conducted and completed at Mountain View School District (MVSD) in South El Monte, California. There, the GoFlo compressor enabled MVSD to improve on-site refueling of eight compressed natural gas (CNG) school buses, reduce vehicle fuel costs and improve driver productivity. The demonstration at MVSD provided information that led to product improvements of the commercial unit that is now running at AVSTA.
The GoFlo compressor uses natural gas instead of electricity to operate, which increases its cost-effectiveness and allows it to provide backup in the event of an existing CNG compressor failure. It is also an economical way to expand CNG refueling capabilities without relying on a connection to an external electric power source to operate.
The mobile CNG compressor helps to fuel CNG fleets of all sizes (e.g., school buses, waste haulers, box trucks, etc.) and helps to reduce operational costs and greenhouse gas emissions. The availability of a more affordable on-site CNG refueling system is expected to increase overall adoption of natural gas—and renewable natural gas—among fleet operators. Renewable natural gas is produced from the methane generated in landfills, wastewater treatment plants, food processing and dairies. Depending on its source, it is either low-carbon or carbon-negative.
Natural gas engines for heavy duty vehicles greatly reduce smog-forming emissions and when renewable natural gas is used as fuel, greenhouse gas emissions are reduced by at least 80 percent. Using renewable natural gas in one diesel truck is equivalent to taking 325 cars off the road. This makes renewable natural gas an important tool for reducing emissions from California's transportation sector, which is responsible for about 40 percent of the state's greenhouse gas emissions and more than 80 percent of its smog-forming (NOx) emissions.
Near zero emission natural gas trucks are helping achieve the state's greenhouse gas reduction goals and clean the air around California's transportation corridors. Because of this, California provides incentive funding to help trucking fleets transition to renewable natural gas. Close to 70 percent of natural gas fleets in California are fueled with renewable natural gas.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Onboard Dynamics, Inc.
Founded in 2013, Onboard Dynamics is helping lead the clean fuel revolution with the introduction of its GoFlo® CNG80 natural gas compressor. This mobile platform enables fleet managers and others to lower their fuel costs and carbon emission profiles by simplifying the compression of natural gas. Whether it's in the field, or at the fleet yard, the GoFlo® mobile compressor can accept any low-pressure natural gas or a renewable natural gas source and compress it for use as a cost-effective, clean fuel for vehicles or means of transport. For more, visit ObDI media coverage or connect on Twitter (@OnboardDynamics), Facebook, and LinkedIn.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 14, 2019 /PRNewswire/ -- Due to cold weather and rain predicted for parts of the Southern California Gas Co. (SoCalGas) service territory, SoCalGas has issued a "Dial It Down" Alert through Friday, January 18, urging Southern Californians to conserve natural gas. Customers are asked to conserve energy by reducing their natural gas use, specifically in the evenings when natural gas is typically at peak use. During periods of cold weather, local demand for natural gas for home heating, hot water, and cooking can increase rapidly and put a strain on the natural gas system.
Dial It Down Alerts are similar to Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to voluntarily conserve electricity for a specific period of time.
Conservation Tips
To reduce their natural gas use during the alert period, SoCalGas customers can take simple steps, like setting their thermostat to 68 degrees when home and 55 degrees when not home. Other helpful tips include:
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills, and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Co.
LOS ANGELES, Jan. 10, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the utility was awarded $1.7 million in funding from the South Coast Air Quality Management District (AQMD) for two projects to reduce emissions in residential and commercial buildings. The funding will support a commercial water heating incentive program that provides rebates to distributors selling ultra-low emission water heaters. The award will also be used to build a 1.5 kilowatt fuel cell in a new, mixed fuel, zero-net-energy home that will demonstrate how renewable energy and natural gas can work together to reduce emissions at the lowest cost for the homeowner. The money is part of a $61 million funding pool for projects that will reduce stationary and mobile source emissions in the Los Angeles Basin.
"We are continuously working to find innovative ways to reduce emissions and provide our customers with equipment that helps to keep their energy bills affordable," said Sharon Tomkins, vice president of customer solutions and strategy for SoCalGas. "Curbing California's emissions requires cooperation from all sectors - policymakers, businesses and consumers, and this AQMD program is a prime example of what can be achieved when we all work together."
According to the California Air Resources Board (CARB), residential and commercial buildings account for about 12 percent of the state's greenhouse gas emissions. SoCalGas is a leader in the research and development of new technologies that increase energy efficiency, reduce air pollution and greenhouse gas emissions and keeps bills affordable for customers. In the last five years alone, SoCalGas energy efficiency programs have saved more than 146 million therms, enough to power 326,000 households a year, and have reduced emissions by an amount equivalent to taking 165,000 passenger cars off the road.
In this latest round of funding, the AQMD awarded $1.2 million to SoCalGas' midstream commercial water heating incentive program. The funds will be used to provide rebates to distributors selling ultra-low emission commercial water heaters and will result in lower costs for customers who purchase the energy saving water heaters. Through this program SoCalGas aims to deploy about 1,000 ultra-low emission commercial water heating boilers, space heating boilers and tankless water heaters across its service territory.
SoCalGas was also awarded close to $500,000 for a residential fuel cell and solar power storage demonstration project. The utility is working with a homebuilder to install a 1.5 kilowatt (kW) fuel cell in a new, mixed fuel, zero-net-energy home located within SoCalGas service territory. A solar PV and battery storage system will also be installed as part of this project. The combined fuel cell, solar PV and battery storage system will be used to provide electricity and water heating for the home. One goal of this project, besides reducing emissions, is to learn more about how renewable energy and natural gas can work together at optimal performance to reduce emissions at the lowest cost for the homeowner. SoCalGas will evaluate these results after one year of use.
In addition to receiving funding for two of the company's projects, SoCalGas supported BioFuels Energy with its fuel cell power generation system at the Aquarium of the Pacific in Long Beach, Calif., which was also awarded AQMD funding. Once the project is completed and fully operational it will reduce CO2 emissions by 885 metric tons a year and smog-forming NOx emissions by nearly 4 metric tons a year.
"The emissions savings from a project of this nature will be especially beneficial to the Long Beach area as we all look for ways to curb pollution, particularly from the port complex," said Ken Frisbie, managing director for BioFuels Energy. "We are thankful for the support SoCalGas provided us on this project and look forward to future collaborations."
The utility's research and development team also played an instrumental role in at least five other projects that were awarded funding. The projects range from low-NOx cooking and heating equipment to renewable hydrogen production.
Projects like the ones being funded by the AQMD are just one of the many ways SoCalGas is working to reduce emissions. Recently, the company participated in a demonstration of a new ultra-low NOx furnace developed by Rheem that reduces smog forming emissions by 65 percent. In late-2016, SoCalGas also became the first natural gas utility to institute a demand response program to help customers save energy and money on their winter bills. SoCalGas aims to sign up 50,000 customers to its Smart Thermostat Program this winter.
In Southern California, natural gas is the most affordable and reliable option for water heating, cooking and space heating. More than 90 percent of residents use natural gas to heat their home and hot water and Californians prefer natural gas for heating and cooking by a margin of 5 to 1 because it is more affordable and reliable than electricity for those uses.
SoCalGas is also working to curb emissions by increasing the production and use of renewable natural gas, which turns waste from dairies, farms, wastewater and landfills, into a source of clean and renewable energy to fuel homes and businesses.
A recent study by Navigant Consulting demonstrates that by increasing the delivery of renewable natural gas, California can reach its emission reductions targets in the building sector without costly mandates and without sacrificing consumers' preference for affordable natural gas. The study, released earlier this year, shows that California could achieve emissions reductions equal to electrifying the entire building sector by replacing less than 20 percent of our traditional natural gas supply with renewable natural gas (RNG) sourced from dairies, landfills and wastewater treatment plants. Moreover, the study showed that pursuing renewable gas as a strategy to reduce emissions is two to three times more cost effective than mandates requiring electric only energy.
A recent poll by the California Building Industry Association found that only 10 percent of voters would consider purchasing an all-electric home and 80 percent oppose laws that would take away their natural gas appliances.
For more information on SoCalGas' energy efficiency programs and rebates visit https://www.socalgas.com/save-money-and-energy.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 7, 2019 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that Jimmie I. Cho has been named the company's chief operating officer and, Maryam S. Brown, the company's president.
Cho currently is senior vice president of customer services for SoCalGas and senior vice president of distribution operations for SoCalGas and San Diego Gas & Electric (SDG&E). Brown currently serves as vice president of federal government affairs for Sempra Energy. In their new roles, Cho and Brown succeed Bret Lane, who was president and chief operating officer of SoCalGas before being appointed CEO of the company last month.
"Today's announcement of these executive appointments strengthens our leadership team with a balance of deep operational and energy policy experience," said Lane. "SoCalGas continues to be a champion for balanced energy solutions offering Californians energy choice and affordability."
In his 28 years with Sempra Energy's utilities, Cho has served in a variety of leadership roles, including as senior vice president of gas transmission and distribution, vice president of gas transmission and distribution and vice president of human resources. He first joined SoCalGas as an environmental engineer in 1990.
Previously, Cho was director of resource conservation and public outreach at the Las Virgenes Municipal Water District, a member agency of the Metropolitan Water District of Southern California.
Cho serves on the board of directors of the National Utilities Diversity Council and previously was chairman of the board of directors of the Los Angeles Conservation Corps.
He holds a bachelor's degree in geology from Brown University and a master's degree in civil engineering from Stanford University.
Brown joined Sempra Energy in 2016 as vice president of federal government affairs.
Prior to joining Sempra Energy, she served as the senior energy and environment counsel for the Office of the Speaker of the U.S. House of Representatives. Previously, from 2011 to 2012, she was the energy chief counsel for the U.S. House Committee on Energy and Commerce. From 2010 to 2011, Brown was policy counsel for the U.S. Senate's Republican Policy Committee, and, from 2008 to 2010, she was manager of public policy and strategic planning for ConocoPhillips.
Brown holds both a bachelor's degree in mechanical engineering and a law degree (Order of the Coif) from Louisiana State University.
Cho's appointment is effective Jan. 12. Brown's appointment will be effective at a yet-to-be-determined future date.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians — about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills, and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the U.S.; the timing and success of business development efforts and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, and (iii) counterparties being unable fulfill contractual commitments; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in inflation and interest rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 2, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its subsidiary has entered into an agreement to sell its non-utility U.S. natural gas storage facilities to an affiliate of ArcLight Capital Partners (ArcLight) for $332 million in cash, subject to adjustments for working capital. The facilities will become part of the Enstor natural gas storage platform, which ArcLight acquired in 2018.
"Our agreement to sell our non-utility U.S. natural gas storage assets is an important component to achieving our portfolio-optimization goals we announced in June 2018," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "Completing this sale, along with the recently announced sale of our non-utility U.S. solar assets, enables us to reallocate capital to further strengthen our balance sheet and support Sempra Energy's future growth opportunities."
The gas storage assets included in the sale to ArcLight are the Mississippi Hub storage facility in Simpson County, Miss., with a working capacity of 22.3 billion cubic feet (Bcf) of natural gas, and the Bay Gas storage facility in Southwest Alabama, which comprises five underground caverns with a working capacity of 20.4 Bcf of natural gas.
Sempra Energy's subsidiary currently owns approximately 91 percent of Bay Gas storage facility. Immediately prior to the sale, Sempra Energy's subsidiary will purchase the approximate 9-percent interest from a minority owner and include it in the sale to ArcLight.
The sale of the non-utility natural gas assets to ArcLight is expected to be completed in the first quarter 2019, subject to customary closing conditions. At closing, ArcLight will own 100 percent of Mississippi Hub and Bay Gas storage facilities.
Sempra Energy's financial advisor for this transaction is Wells Fargo Securities, LLC and its legal advisor is Jones Day.
Last month, Sempra Energy announced that it had completed the sale of its non-utility U.S. operating solar assets, solar and battery storage development projects, as well as its ownership interest in one wind facility, to Consolidated Edison, Inc. for approximately $1.6 billion in cash.
An active sales process continues for Sempra Energy's non-utility U.S. wind assets.
ArcLight is one of the leading private equity firms focused on energy infrastructure investments. Founded in 2001, the firm helped pioneer an asset-based private equity approach to investing in the dynamic energy sector. ArcLight has invested approximately $21 billion in over 100 transactions since inception. Based in Boston, the firm's investment team employs a hands-on value creation strategy that utilizes its in-house technical, operational, and commercial specialists and works closely with the firm's 1,000-person asset management affiliate.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 31, 2018 /PRNewswire/ -- Due to cold temperatures forecast for parts of the SoCalGas service territory, Southern California Gas Co. (SoCalGas) today announced that the Dial It Down Alert issued on Dec. 28 will remain in effect through at least Wednesday Jan. 2, 2019. Southern Californians are urged to reduce their natural gas use, particularly in the evenings when natural gas use is typically highest. During periods of cold weather, local demand for natural gas for home heating, hot water, and cooking can increase rapidly and put a strain on the natural gas system.
Dial It Down Alerts are like Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to voluntarily conserve electricity.
Conservation Tips
To reduce natural gas use during the Dial It Down Alert period, SoCalGas customers are encouraged to take simple steps, like setting their thermostat to 68 degrees when they are home and 55 degrees when they are not home. Other ways to reduce natural gas use include:
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 28, 2018 /PRNewswire/ -- Due to colder weather predicted for parts of the SoCalGas service territory, Southern California Gas Co. (SoCalGas) has issued a "Dial It Down" Alert, encouraging Southern Californians to conserve natural gas until further notice. Customers are asked to conserve energy by reducing their natural gas use, specifically in the evenings when natural gas is typically at peak use. During periods of cold weather, local demand for natural gas for home heating, hot water, and cooking can increase rapidly and put a strain on the natural gas system.
Dial It Down Alerts are similar to Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to voluntarily conserve electricity for a specific period of time.
Conservation Tips
To reduce their natural gas use during the alert period, SoCalGas customers can take simple steps, like setting their thermostat to 68 degrees when home and 55 degrees when not home. Others helpful tips include:
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 20, 2018 /PRNewswire/ -- Chilquinta Energía, a subsidiary of Sempra Energy (NYSE: SRE) and one of Chile's largest electric distribution utilities, announced this week that it has completed the acquisition of two major regulated transmission lines from AES Gener S.A., a subsidiary of AES Corporation.
As a result of the successful completion of the transaction, Chilquinta Energía now owns 100 percent of Compañía Transmisora del Norte Grande S.A. (CTNG) for a total purchase price of approximately $225.5 million. CTNG, which is part of AES Gener S.A. and its subsidiary Empresa Eléctrica Angamos S.A., owns the regulated transmission assets in central and northern Chile.
"These transmission assets will expand our presence in the region and enhance our portfolio of reliable electric infrastructure that serves our customers in Chile," said Dennis V. Arriola, executive vice president and group president for Sempra Energy. "Additionally, this acquisition fits with our business focus on owning and operating utility infrastructure with a transmission-and-distribution risk profile."
The CTNG transmission assets acquired by Chilquinta Energía include a 114-mile, 110-kilovolt (kV) transmission line and substations in the central Valparaiso-Santiago region, located in Chilquinta Energía's service territory, and an 82-mile, 220-kV transmission line in the northern Antofagasta region. Both transmission lines are currently in operation.
Chilquinta Energía used cash to finance the transaction.
The transaction received regulatory approval from the Fiscalía Nacional Económica Nov. 29, 2018.
Chilquinta Energía, the third-largest distributor of electricity in Chile, and its affiliates serve more than 600,000 customers in the central and southern regions of Chile.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 20, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the launch of the Smart Therm Program – a partnership between the utility and participating smart thermostat manufacturers that aims to conserve natural gas during some cold weather events this winter, when local demand for natural gas for home and hot water heating and cooking can increase rapidly and strain the natural gas system. Customers who enroll in the program agree to allow their smart thermostats to be adjusted automatically by up to four degrees when a Smart Therm Event is called. Program participants are eligible to receive a $50 incentive, plus an additional $25 for staying enrolled through April 1, 2019.
"The Smart Therm Program is an innovative demand response tool that not only leverages smart energy technology, but promotes energy reliability, saves our customers money, and reduces emissions linked to climate change," said Dan Rendler, director of customer programs and assistance at SoCalGas. "SoCalGas was the first utility in the country to pioneer voluntary demand response as a conservation effort back in 2016. This year, we're working hard to increase total enrollment to 50,000 participants this winter season."
"The Smart Therm Program is another example of how SoCalGas finds innovative ways to deliver world-class service to its customers," said Seth Frader-Thompson, president and co-founder of EnergyHub. "We're proud to provide SoCalGas with the software platform that enables the Smart Therm Program, and we look forward to continue collaborating with the leading connected thermostat providers to help SoCalGas customers save money."
When a Smart Therm Event is called, participants are sent notifications through their smart thermostat, smart phone app, or over email (depending on the manufacturer), letting them know that their thermostats will be automatically adjusted for four hours from 5 a.m. to 9 a.m. or 6 p.m. to 10 p.m. A Smart Therm Event can only be called on a weekday and excludes federal holidays. Customers who enroll in the program can manually adjust their thermostat at any time.
Customers who purchase a smart thermostat can save an additional $75 by applying for a smart thermostat rebate from SoCalGas. The rebate covers models from Nest, ecobee, and Honeywell. To learn more or to participate in SoCalGas' Residential Rebate Program, visit socalgas.com/rebates.
In addition, SoCalGas launched a voluntary demand response alert system earlier this month designed to encourage customers to reduce natural gas use during peak usage periods, such as in the morning when customers need natural gas to heat their shower water or in the evening when customers need natural gas to cook their food. "Dial It Down" Alerts are similar to the Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to conserve electricity during high-demand periods. Some of the ways customers can reduce their natural gas use when a Dial It Down Alert is issued include:
Thanks to energy efficiency measures and new innovative technologies, residential buildings account for only about 5 percent of greenhouse gas emissions statewide, according to the California Air Resources Board. SoCalGas offers more than 90 energy efficiency programs that have delivered $161 million in cost savings directly to its customers over the past five years.
Natural gas is the most affordable, reliable, clean, and increasingly renewable energy choice for home and water heating and cooking in Southern California and is used by more than 90 percent of residents in the region. According to the American Gas Association (AGA), across the country, households that use natural gas for water and space heating, cooking, and clothes drying save an average of $874 per year compared to homes using electricity for those applications.
More information on SoCalGas' Smart Therm Program can be found at socalgas.com/smarttherm.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills, and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 20, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Bret Lane has been named CEO of Southern California Gas Co. (SoCalGas), a Sempra Energy company, effective Dec. 18.
Lane, previously president and chief operating officer of SoCalGas, succeeds Patricia K. Wagner, who was named group president of U.S. utilities for Sempra Energy last month.
"Bret will bring extensive knowledge and experience to his new role as CEO," said Wagner. "In his 36 years at SoCalGas, he has shown exceptional leadership for the company and the natural gas industry, which will prove instrumental as SoCalGas continues to be a champion for balanced energy solutions that offer Californians energy choice and affordability."
Prior to becoming chief operating officer in 2014, Lane served as senior vice president of gas operations and system integrity for SoCalGas, responsible for all aspects of gas delivery services, including region operations, engineering, transmission, storage and pipeline safety.
He also has served as: vice president of field services for SoCalGas; vice president of gas transmission and distribution for San Diego Gas & Electric (SDG&E) and SoCalGas; vice president of environmental, safety and facilities for SDG&E and SoCalGas; vice president of labor relations for SDG&E and SoCalGas; and chief environmental officer for SoCalGas. He joined SoCalGas' transmission and storage operations division in 1982.
Lane currently is chairman of the board of directors of the Gas Technology Institute and serves on the board of directors for the American Gas Association.
He holds a bachelor's degree in petroleum engineering from Oklahoma State University.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 19, 2018 /PRNewswire/ -- As many in Los Angeles begin holiday celebrations, nearly a half million residents will receive special packages in their mailboxes, courtesy of Southern California Gas Co. (SoCalGas) and the Los Angeles Department of Water and Power (LADWP). The boxes contain simple devices that the utilities' customers can easily install to save water and natural gas over the holidays and throughout the coming years. Single-family and multi-family residents who had not received similar devices through other SoCalGas or LADWP water conservation programs in recent years were selected to receive the kits. All totaled, the program has the potential to reduce natural gas use in Los Angeles by about 5.4 million therms a year, and water consumption by 5.7 billion gallons each year. Photos of the kit are available here.
Each package contains a water-efficient showerhead; two bathroom faucet aerators; a kitchen faucet aerator; and a device that alerts residents when their HVAC filter needs changing. Customers will also receive information on energy-saving water heaters, smart thermostats, clothes dryers and other appliances that are eligible for SoCalGas rebates.
"Providing these energy-saving tools is one of the most cost-effective ways SoCalGas can help our residential customers in L.A. reduce their natural gas and water use," said Dan Rendler, director of customer programs and assistance. "SoCalGas encourages residents to install these devices to save energy, water and money, and benefit the environment as well."
"Just in time for the holidays, LADWP and SoCalGas are spreading holiday cheer with care packages that will help us continue to protect our natural resources in 2019 and beyond," said Councilwoman Nury Martinez, who chairs the Energy, Climate Change, and Environmental Justice Committee of the Los Angeles City Council. "Simple initiatives such as these kits are highly impactful in our efforts to make saving water and energy a way of life."
"LADWP is proud to partner with SoCalGas in expanding programs and education outreach that helps customers save on their bills, reduce energy use and save water," said David Jacot, LADWP Director of Efficiency Solutions. "LADWP has long recognized water and energy conservation as a core strategy for improving our service reliability and creating a more sustainable city."
SoCalGas is a leader in researching and developing new technologies that improve energy efficiency, reduce emissions, and keep bills affordable for customers. In the past five years, SoCalGas energy efficiency programs have delivered more than 146 million therms in energy savings, enough to power 326,000 households a year, and reducing greenhouse gas (GHG) by more than 775,000 metric tons, the equivalent of removing nearly 165,000 cars from the road. These advances have also helped save SoCalGas customers more than $161 million in utility bill costs over the past five years. The utility is also working to increase the production and use of renewable natural gas, which turns waste from dairies, farms, wastewater and landfills, into a source of clean and renewable energy to fuel homes and businesses. Learn more about the environmental and cost-saving benefits of renewable natural gas by viewing the utility's latest video, Digesting the Facts About Renewable Natural Gas.
In the City of Los Angeles, water conservation is among the city's multiple strategies to secure a sustainable water supply for Los Angeles and improve overall water supply reliability. With the help of LADWP's water conservation rebates and programs, coupled with educational and marketing campaigns, water conservation has become a way of life in Los Angeles. As of fiscal year 2017-18, each L.A. resident uses 112 gallons of water per day, one of the lowest of any major U.S. city. Today, the entire city of Los Angeles uses just as much as water as it did 40 years ago despite the rise in population by over 1 million. Read more at www.ladwp.com/waterconservation.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About LADWP
The Los Angeles Department of Water and Power is the nation's largest municipal utility, with a 7,880-megawatt electric capacity and serves an average of 438 million gallons of water per day to 4 million residents, its business and visitors in the City of Los Angeles. LADWP is aggressively working with its customers to reduce greenhouse gas emissions by expanding renewable energy, energy efficiency and other clean energy alternatives. LADWP puts customers first by offering numerous rebate and incentive programs to help them reduce their energy use while also saving on their bills. To learn more about LADWP's rebate programs visit ladwp.com/save or call (800) DIAL-DWP. LADWP is also on Twitter (@LADWP), Instagram (@ladwp1) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 19, 2018 /PRNewswire/ -- Port Arthur LNG, LLC, a subsidiary of Sempra Energy (NYSE: SRE), and the Polish Oil & Gas Company (PGNiG) today announced they have entered into a definitive 20-year sale-and-purchase agreement for liquefied natural gas (LNG) from the Port Arthur LNG liquefaction-export facility under development in Jefferson County, Texas.
Today's announcement is an important milestone as Sempra Energy pursues its long-term goal of exporting 45 million tonnes per annum (Mtpa) of North American LNG.
"This agreement marks an important step toward Poland's energy independence and security," said U.S. Secretary of Energy Rick Perry. "As demonstrated with the launch of the Strategic Dialogue on Energy in Poland last month, the Trump Administration remains committed to increasing energy diversity, advancing energy security, strengthening national security, and creating a future of prosperity and opportunity in Poland and throughout the region."
"This agreement with PGNiG represents an important expansion of our portfolio of contracts for LNG exports and major step forward in the development of our Port Arthur LNG project," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Last month, we began the commissioning phase of our Cameron LNG liquefaction-export facility in Louisiana. This agreement, along with the great progress on Cameron LNG, continue to validate our growth strategy as we advance our vision to become North America's premier energy infrastructure company."
"Our activities show that we consistently implement our strategy," said Piotr Woźniak, president of the management board of PGNiG. "Another long-term contract not only allows us to develop LNG portfolio with a view to delivering to Poland, but it gives us, in the near future, the possibility of trading in LNG purchased on a global scale. I am glad that Sempra Energy is among our American partners. I am convinced that we will have good long-term cooperation."
While financial terms were not disclosed, the agreement is for the sale and purchase of 2 Mtpa, or approximately 2.7 billion cubic meters per year (after regasification) – enough natural gas to meet about 15 percent of Poland's daily needs. The agreement is subject to certain conditions precedent, including Port Arthur LNG making a final investment decision.
Under the agreement, LNG purchases from Port Arthur LNG will be made on a Free-On-Board basis, with PGNiG responsible for shipping the LNG from the Port Arthur terminal to the final destination. Port Arthur LNG will manage gas pipeline transportation, liquefaction processing and cargo loading, giving PGNiG flexibility in cargo management. PGNiG plans to deliver cargos to domestic customers in Poland or trade LNG on the global market, once operations commence.
In addition to the PGNiG agreement, Sempra Energy signed a Memorandum of Understanding (MOU) with Korea Gas Corporation last year for potential participation in the Port Arthur LNG project.
Sempra Energy has partnered with Mitsubishi, Mitsui & Co. LTD. and Total S.A. on the construction of the Cameron LNG liquefaction-export project in Hackberry, La. The first phase of this project is currently being commissioned and with the expectation that LNG will be produced from all three liquefaction trains in 2019.
Sempra Energy also has an MOU with Total, S.A. for some export capacity at Cameron LNG Phase 2 and Heads of Agreements (HOAs) with Mitsui & Co. LTD., Tokyo Gas Company and Total, S.A. for all of the export capacity at Energía Costa Azul Phase 1 in Baja California, Mexico. An MOU and HOA define terms and conditions of contracts to be negotiated and do not commit any party to enter into a definitive agreement.
The Port Arthur liquefaction-export facility is proposed to include two natural gas liquefaction trains capable of processing approximately 11 Mtpa of LNG; up to three LNG storage tanks; two marine berths, and associated facilities.
The Port Arthur liquefaction-export facility is scheduled to receive its final environmental impact statement from the Federal Energy Regulatory Commission next month. Earlier this year, Bechtel was selected by Port Arthur LNG to serve as the engineering, procurement, construction and commissioning contractor for the facility, subject to reaching a definitive agreement.
Development of the Port Arthur LNG liquefaction facility is contingent upon obtaining additional customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, incentives and other factors, and reaching a final investment decision.
PGNiG is the leader of the Polish natural gas market. Listed on the Warsaw Stock Exchange, the company's core businesses include the exploration and production of natural gas and crude oil, and – through its key branches and subsidiaries – import, storage, and sale of natural gas; the distribution of gaseous and liquid fuels; and heat and electricity generation. PGNiG holds exploration and production licenses on the Norwegian Continental Shelf and in Pakistan. Munich-based PGNiG Supply & Trading is engaged in gas trading in Western Europe and operates an LNG trading office in London.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This news release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; our ability to successfully execute our plan to divest certain non-strategic assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or the replacement of international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG & Midstream, LLC and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), or Oncor Electric Delivery Company LLC (Oncor) and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 18, 2018 /PRNewswire/ -- More than 500 volunteers from Southern California Gas Co. (SoCalGas) and Meet Each Need With Dignity® (MEND®), the largest poverty relief agency in the San Fernando Valley, provided boxes of food, blankets, and holiday toys and gifts to more than 600 homeless individuals and families throughout the Northeast San Fernando Valley. In addition to food and gifts, attendees also enjoyed a performance by the LIFE community choir. SoCalGas sponsored this morning's event with a $10,000 contribution. Photos from today's event are available here.
"With more than 53,000 men, women, and children without a home, homelessness continues to be a major issue in Los Angeles County," said Trisha Muse, director of community relations at SoCalGas. "SoCalGas is proud to support our friends at MEND who work tirelessly to provide critical and transformative services to this population. I am also very proud of our employees who generously give their own time and resources toward this cause."
"We are very grateful for partners like SoCalGas, who help make our community a better place for vulnerable families and homeless individuals," said Maggie Gregor, program director for MEND.
For over 47 years, MEND has served homeless individuals and families throughout the San Fernando Valley, providing food; medical, dental, and vision care; adult literacy, education, and job training classes; after school youth programs; clothing; homeless care and case management services; and a Holiday Basket Program for families in need. Each month, the organization serves an average of 30,000 members of the local community.
SoCalGas is a longtime supporter of MEND. Since 2003, the utility has contributed more than $100,000 to help the organization assist individuals and families experiencing homelessness.
SoCalGas is committed to giving back to the communities that it serves. In 2018, the utility contributed approximately $6 million to more than 800 educational, environmental, and community organizations across its service territory. Learn more about SoCalGas' corporate giving at socalgas/com/our-community.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About MEND®
MEND - Meet Each Need with Dignity's mission is to meet the immediate needs of individuals and families and increase their access to opportunities that strengthen their capacity to thrive. To this end, we offer a range of comprehensive services delivered with dignity and respect by MEND's exceptionally dedicated staff and "army" of volunteers. For 47 years, MEND has opened its doors to the most vulnerable members of our community and over the years we have become one of the most comprehensive and empowering poverty relief agencies in Los Angeles County, serving, in 2017, over 14,600 unduplicated individuals but providing an average of 30,000 client encounters each month. Started in a San Fernando Valley garage in 1971, MEND is an anchor institution with the largest food bank in the Valley, medical, dental and vision clinics, clothing, homeless care services, as well as support and care through case management services.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 18, 2018 /PRNewswire/ -- Today, the Sempra Energy (NYSE:SRE) board of directors declared a quarterly dividend of $0.8950 per share of common stock. The common stock dividend is payable Jan. 15, 2019, to common stock shareholders of record at the close of business on Dec. 31, 2018.
The company's board of directors also declared a quarterly dividend of $1.50 per share on Sempra Energy's 6-percent Mandatory Convertible Preferred Stock, Series A (Preferred Stock, Series A). The Preferred Stock, Series A, dividend will be payable Jan. 15, 2019, to Preferred Stock, Series A, shareholders of record at the close of business on Jan. 1, 2019.
Additionally, Sempra Energy's board of directors declared a quarterly dividend of $1.6875 per share on the company's 6.75-percent Mandatory Convertible Preferred Stock, Series B (Preferred Stock, Series B). The Preferred Stock, Series B, dividend will be payable Jan. 15, 2019, to Preferred Stock, Series B, shareholders of record at the close of business on Jan. 1, 2019.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Dec. 13, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has completed the sale of its U.S. operating solar assets, solar and battery storage development projects, as well as its ownership interest in one wind facility, to Consolidated Edison, Inc. (Con Edison) (NYSE: ED) for approximately $1.6 billion in cash, subject to customary post-closing adjustments.
"With the completion of this sale, we continue to build momentum toward becoming North America's premier energy infrastructure company, while expanding our opportunities to build and acquire other energy infrastructure," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "We've had a long-standing relationship working with Con Edison and want to commend their leadership team for their efforts to expeditiously complete this transaction."
Sempra Energy expects to use the sale proceeds to significantly expand its regulated Texas utility platform through Oncor Electric Delivery Company LLC's pending acquisition of InfraREIT, Inc. and to pay down debt.
The transaction included: Mesquite Solar 2 and 3 in Arizona; Copper Mountain Solar 1 and 4 in Nevada; Great Valley Solar in California; and solar and battery storage development projects. Additionally, Con Edison also acquired Sempra Energy's interest in the jointly owned facilities including: Mesquite Solar 1; Copper Mountain Solar 2 and 3; the Alpaugh, Corcoran and White River solar facilities in California; and the Broken Bow II wind facility in Nebraska. The sale represents approximately 980 megawatts AC of installed capacity.
This transaction is part of a multi-phase, portfolio-optimization initiative announced by Sempra Energy on June 28 following a year-long comprehensive strategic review by Sempra Energy's executive team and board of directors. This initiative is designed to sharpen the company's strategic focus and create value for all shareholders.
An active sales process continues for Sempra Energy's U.S. wind and certain non-utility U.S. midstream natural gas assets.
Con Edison is one of the nation's largest investor-owned energy-delivery companies, with approximately $12 billion in annual revenues and $49 billion in assets.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
Media Contact: | Paty Ortega Mitchell |
Sempra Energy | |
877-855-7887 | |
Financial Contact: | Patrick Billings |
Sempra Energy | |
877-736-7727 | |
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SOURCE Sempra Energy
SAN DIEGO, Dec. 5, 2018 /PRNewswire/ -- PXiSE Energy Solutions, LLC, a unit of Sempra Energy (NYSE: SRE), today announced it has been selected by Horizon Power to install PXiSE's Active Control Technology (ACT) as the distributed energy resources management system (DERMS) in Western Australia.
PXiSE's DERMS will provide the platform for Horizon Power to manage distributed energy resources in the future across its approximately 888,000-square-mile service area while enhancing efficiency and maintaining reliability of its electric grid. Financial terms of the agreement were not disclosed.
"Horizon Power has a great vision for how to meet its customers' future energy needs and we look forward to being part of it," said Patrick T. Lee, president of PXiSE Energy Solutions. "Our DERMS solution will give Horizon Power the tools it needs to manage the grid as more customers install distributed solar and storage resources."
PXiSE's DERMS will provide Horizon Power with continuous, high-resolution visibility into the operations of the solar panels, batteries and generators. The platform will automatically respond to conditions on the grid by discharging power stored in batteries to correct any real-time disturbances and ensure a smooth, two-way flow of electricity across its systems.
"With increasing customer demand for behind the meter energy resources, we will need innovative technology to enable us to efficiently manage the resources while maintaining our highest safety and reliability standards," said Terry Mohn, general manager of Advanced Microgrid Developments for Horizon Power. "PXiSE's flexible and comprehensive DERMS solution was selected because it offers innovative new technology for Western Australia that will serve as a platform to increase renewable capacity."
The deployment of PXiSE DERMS solution will enable Horizon Power to manage and orchestrate various distributed energy resources and further transition to a higher percentage of renewable resources.
The PXiSE Active Control Technology platform runs on a standard Microsoft Windows platform and uses an imbedded OSIsoft software and synchro-phasor data to enhance, analyze and respond to grid data from numerous power resources. The continuous higher-resolution visibility and artificial intelligence balances a mix of renewable energy, storage and traditional generation on the electrical grid.
The PXiSE software application currently controls distributed energy resources at renewable energy projects, including Auwahi Wind in Hawaii and in microgrids at Sempra Energy's headquarters in San Diego and a winery in Sonoma County, California. To find out more, visit www.pxise.com.
About Horizon Power
Horizon Power is a Western Australian State Government-owned, commercially-focused corporation that provides high quality, safe and reliable power to more than 48,000 customers located in regional and remote communities.
The utility's service area is vast – approximately 2.3 million square kilometers – which means Horizon Power generates, distributes and retails electricity to the largest service area with the least amount of customers in the world. For every 50 square kilometers of terrain, there is just one customer.
About PXiSE
PXiSE Energy Solutions LLC., headquartered in San Diego, is a subsidiary of Sempra Energy and partially owned by Mitsui & Co., Ltd. Formed in 2016, the company develops, operates and markets ACT, a next-generation software power-grid management technology for renewable energy developers and operators, grid operators, commercial property owners and microgrids. To find out more, visit www.pxise.com.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
Media Contact: | Paty Ortega Mitchell |
Sempra Renewables | |
877-855-7887 | |
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SOURCE PXiSE Energy Solutions, LLC
LOS ANGELES, Dec. 5, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) invites customers and employees to donate to the company's Gas Assistance Fund, which helps income-qualified customers pay their natural gas bill with a one-time grant of up to $100 per household. Contributions to the fund will be matched by SoCalGas.
The Gas Assistance Fund helps veterans, seniors, people with disabilities, and families in need pay their natural gas bills. It is administered by United Way of Greater Los Angeles, which partners with nearly 90 nonprofit organizations throughout SoCalGas' service territory to manage and distribute the grants.
"We are continually amazed at the generosity of our customers and employees, who donate to help others," said Sharon Tomkins, vice president of customer solutions and strategy at SoCalGas. "SoCalGas is grateful to everyone who has supported the Gas Assistance Fund over the last 35 years."
"SoCalGas is an important partner in ending poverty in Los Angeles County," said Elise Buik, President and CEO of United Way of Greater Los Angeles. "For a family struggling with financial hardship, this one-time gas assistance grant could be the difference in keeping them warm during the cold winter months," she added.
Contributions may be made online or by mailing a check to: Gas Assistance Fund, File 56826, United Way Inc., P.O. Box 746826, Los Angeles, CA 90074-6826. Donations are tax-deductible and accepted year-round.
Grant applications may be filled out at a participating United Way of Greater Los Angeles partner agency between Feb. 12th and May 31st (or until the fund is depleted). For additional information, including a list of partner agencies and income guidelines, click here.
Last year, SoCalGas' Gas Assistance Fund benefitted nearly 2,600 households in Central and Southern California and received $238,000 in donations. Since 1983, SoCalGas, the company's customers, and its employees have contributed nearly $19 million to the Gas Assistance Fund, helping more than 226,000 individuals and families.
In addition to the Gas Assistance Fund, SoCalGas offers other programs and services that can help customers manage their home energy costs. Click here to learn more.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About United Way Greater Los Angeles
United Way of Greater Los Angeles is a nonprofit organization fighting to end poverty by preparing students for high school graduation, college, and the workforce, housing our homeless neighbors, and guiding hard-working families towards economic mobility. United Way identifies the root causes of poverty and works strategically to solve them by building alliances across all sectors, funding targeted programs and advocating for change. For more information, visit UnitedWayLA.org and EveryoneInLA.com.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 3, 2018 /PRNewswire/ -- The California Public Utilities Commission, Air Resources Board and the California Department of Food and Agriculture today announced the selection of six dairy biomethane projects that will significantly reduce greenhouse gas emissions from animal manure by putting dairy methane waste to use as a transportation fuel. SoCalGas offers the following statement in response to the announcement:
"SoCalGas applauds the California Public Utilities Commission, Air Resources Board (CARB), and Department of Food and Agriculture for today's announcement that the state will fund six pilot projects in the San Joaquin and Sacramento Valleys designed to harness methane emissions from dairy digesters and convert that energy into renewable natural gas.
"Renewable natural gas from other states has already begun to clean the air and reduce greenhouse gas emissions in California's transportation sector, which accounts for more than 80 percent of smog-forming emissions and about 40 percent of greenhouse gas emissions in the state.
"Heavy duty trucks are a significant source of air pollution and greenhouse gas emissions in California. When those trucks are fueled with renewable natural gas, greenhouse gas emissions can be cut by 80 percent or more. Already, about 70 percent of natural gas trucks in California are fueled by renewable gas delivered by SoCalGas pipelines.
"Renewable natural gas is also a cost-effective way to reduce greenhouse gas emissions in residential and commercial buildings. According to a recent study by Navigant Consulting, Inc., replacing a fraction of the traditional natural gas supply with renewable gas can achieve greenhouse gas reductions equivalent to converting 100 percent of buildings to electric-only energy by 2030.
"Estimates by researchers at the University of California, Davis suggest more than 20 percent of California's current residential natural gas use can be provided by renewable gas made from the state's existing organic waste.
"Today's announcement is an important step in helping decarbonize the natural gas system, while protecting Californians' rights for affordable energy options."
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 3, 2018 /PRNewswire/ -- To help lower the risk of possible natural gas and electricity shortages this winter, Southern California Gas Co. (SoCalGas) today announced the launch of a new energy conservation alert program designed to raise awareness about ways Southern Californians can reduce their natural gas use during periods of cold weather this winter. Beginning December 1, SoCalGas will issue a "Dial It Down" Alert during periods of cold weather when local demand for natural gas for home heating, hot water, and cooking can increase rapidly and put a strain on the natural gas system. Dial It Down Alerts are similar to the Flex Alerts issued by the California Independent System Operator (CAISO) that call on customers to conserve electricity for a specific period of time. If a Dial It Down Alert is issued this winter, SoCalGas will determine the duration of the conservation effort and will announce when the alert has ended.
"SoCalGas has helped pioneer conservation efforts for decades, and our efforts to date have saved our customers more than $670 million in energy costs and have reduced emissions equal to removing 700,000 cars from the road," said Dan Rendler, director of customer programs and assistance at SoCalGas. "The new Dial It Down Alerts and our ongoing work to deploy more smart thermostats across our service territory will help promote energy reliability, save customers money, and reduce emissions linked to climate change."
To initiate a Dial It Down Alert, the utility will release a media statement and deploy messages through social media and on the radio calling on customers to reduce their natural gas use during peak usage periods. When a Dial It Down Alert is called, customers can take simple steps to reduce their natural gas use, such as:
To further encourage energy conservation this winter, SoCalGas will launch the SoCalGas Smart Therm Program later this month. The Smart Therm Program is a partnership between the utility and participating ENERGY STAR® Certified Smart Thermostat providers. Customers who enroll in the Smart Therm Program agree to allow their smart thermostat to be automatically adjusted by up to four degrees when energy conservation is needed. In addition to the energy savings associated with the lower thermostat setting, customers who enroll in the program will receive a $50 incentive, plus an additional $25 for staying enrolled through April 1, 2019. To enroll in the program, customers register their smart thermostats through the manufacturer's website. They are then sent notifications through their smart thermostat, smart phone app, or over email ten to 12 hours before a Dial It Down Alert is issued, letting them know that their thermostats will be automatically adjusted.
In addition to the SoCalGas Smart Therm Program incentive, customers who purchase a smart thermostat can save an additional $75 by applying for a smart thermostat rebate from SoCalGas. The rebate covers models from Nest, ecobee, Honeywell, and others. To learn more or to participate in SoCalGas' Residential Rebate Program, visit socalgas.com/rebates.
Thanks to energy efficiency measures and new innovative technologies, residential buildings account for only about 5 percent of greenhouse gas emissions statewide, according to the California Air Resources Board. SoCalGas offers more than 90 energy efficiency programs that have delivered $161 million in cost savings directly to its customers over the past five years.
SoCalGas is a leader in researching and developing new technologies that improve energy efficiency, reduce emissions, and keep bills affordable for customers. The utility is also working to increase the production and use of renewable natural gas, which turns methane emissions into a source of clean and renewable energy to fuel homes and businesses. Learn more about the environmental and cost-saving benefits of renewable natural gas by viewing the utility's latest video, Digesting the Facts About Renewable Natural Gas, on SoCalGas' YouTube Channel.
Natural gas is the most affordable, reliable, clean, and increasingly renewable energy choice for home and water heating and cooking in Southern California and is used by more than 90 percent of residents in the region. According to the American Gas Association (AGA), across the country, households that use natural gas for water and space heating, cooking, and clothes drying save an average of $874 per year compared to homes using electricity for those applications.
More information on SoCalGas' Dial It Down Alert energy conservation program can be found at socalgas.com/dialitdown.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Nov. 30, 2018 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced it is providing $400,000 in contributions toward reducing homelessness in cities where the company operates, reaching communities throughout California, Texas, Louisiana, Mexico, Chile and Peru.
The grants are part of a giving campaign in honor of Sempra Energy's 20th anniversary – the "20/20/20" campaign – in which employees have been challenged to collectively engage in 20,000 volunteer hours in their communities. Thus far, Sempra Energy employees have recorded approximately 60,000 volunteer hours, triple the campaign goal.
"Our company's success is tied to the positive impacts we can have on the community," said Dennis V. Arriola, executive vice president and group president for Sempra Energy. "Over the past 20 years, our employees have been committed to volunteering in our communities and we've contributed more than $260 million to charitable causes. I'm excited that we're providing these grants through our 20/20/20 campaign because we believe it's critical to be a responsible partner in the communities we're honored to serve."
In recognition of employee volunteerism, the company has committed to issuing $20,000 grants to 20 organizations supporting the battle against homelessness. This includes Father Joe's Villages and Casa de Amparo in San Diego County, where the company is headquartered.
"From all of us at Father Joe's Villages, I congratulate Sempra Energy on its 20-year anniversary and extend our deep appreciation for this generous grant which will help us provide desperately needed services for men, women and families who are homeless in San Diego," said Deacon Jim Vargas, president and CEO of Father Joe's Villages.
"Casa de Amparo has had the privilege of helping hundreds of foster and former foster youth secure housing, obtain employment and create economic stability for themselves and their families," said Tamara Fleck-Myers, executive director of Casa de Amparo. "Casa de Amparo has been honored to partner with Sempra Energy for many years to continue to meet the needs of San Diego's foster and former foster youth as they grow into self-sufficient young adults."
Organizations receiving the $20,000 grants include:
Southern California
Texas
Louisiana
Mexico
Chile
Peru
Sempra Energy is dedicated to supporting the communities it serves. The company has numerous programs to support employee charitable donations and volunteerism. In 2017, Sempra Energy donated nearly $16 million to charitable causes and employees donated an additional $2 million.
Sempra Energy owns and operates natural gas and electric distribution utilities and is a major developer of North American energy infrastructure.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Nov. 29, 2018 /PRNewswire/ -- San Diego Gas & Electric (SDG&E) believes that every home and business deserves reliable energy. Whether it is keeping the lights on at home or work, or charging an electric vehicle, customers depend on SDG&E every day to power their lives.
Yesterday, SDG&E was honored with the 2018 ReliabilityOne™ 'National Reliability Award' for superior performance among utilities in America by PA Consulting. In addition to this achievement, SDG&E received the 'Regional Reliability Award' for the Western Region for the 13th consecutive year, and the 'Outstanding Technology and Innovation' award for the second year in a row for utilizing innovative technology to improve electric service.
"Every day, our 4,000 employees come to work committed to providing reliable energy service to our customers – it is what our customers expect, and it is what they deserve," said Caroline Winn, chief operating officer for SDG&E. "This award is particularly noteworthy given that the amount of renewable energy SDG&E integrates is among the highest levels in the country. Our efforts don't stop there. We are continuing to improve, modernize and upgrade the electric grid to ensure that the communities we serve have clean, safe and reliable energy for generations to come."
The ReliabilityOne™ Awards are given annually to utilities over six regions that have excelled in delivering the most reliable electric service to its customers. To be named the most reliable utility in the United States means electricity is available when customers need it, 24 hours a day, 365 days a year with fewer interruptions than most utility-customers throughout the country.
Maintaining award-winning reliability is the foundation of SDG&E's day-to-day operations. Highly trained engineers, electric crews and power grid operators are continually working to lower the number and duration of power outages customers experience. With advanced and innovative improvements to the grid, customers on average experience about one power outage every other year lasting approximately 60 minutes.
Some of SDG&E's innovative technology and reliability enhancements that contributed to national recognition include:
"Since 2000, PA Consulting's ReliabilityOne™ program has pushed electric utilities providers to new heights of reliability," said Gregg Edeson, PA Consulting's ReliabilityOne™ Program Director. "This year, we once again showcase top industry leaders. The PA Consulting team applauds SDG&E for continuing to move the needle forward."
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing around 45 percent of its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
About PA Consulting
An innovation and transformation consultancy, we believe in the power of ingenuity to build a positive human future in a technology-driven world. As strategies, technologies and innovation collide, we turn complexity into opportunity. Our diverse teams of experts combine innovative thinking and breakthrough technologies to progress further, faster. Our clients adapt and transform, and together we achieve enduring results. We are over 2,600 specialists in consumer, defense and security, energy and utilities, financial services, government, healthcare, life sciences, manufacturing, and transport, travel and logistics. And we operate globally from offices across the Americas, Europe, the Nordics and the Gulf. PA. Bringing Ingenuity to Life. For more information about PA Consulting, visit www.paconsulting.com.
PA's ReliabilityOne™ awards are presented to electric utilities providing their customers with the highest levels of reliability in the industry. PA's ReliabilityOne™ study is based on standard industry reliability statistics that measure the frequency and duration of electric power outages and has been analyzing electric utility performance since 1987. For more information about PA Consulting, visit www.paconsulting.com/energy.
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SOURCE San Diego Gas & Electric
LOS ANGELES, Nov. 20, 2018 /PRNewswire/ -- As winter approaches, nighttime temperatures in Southern California regularly dip into the 40s. Southern California Gas Co. (SoCalGas) will join the LA Kings this Saturday, November 24, to give away three Nest smart thermostats at the team's Fan Fest event outside the Staples Center in downtown Los Angeles. Fans who stop by SoCalGas' booth can enter to win the smart thermostats and will also have a chance to win prizes, including a signed LA Kings team jersey, fleece blanket, beanie, and rally towel. There is no cost to enter, and thermostat winners will be announced each hour at 5 p.m., 6 p.m., and 7 p.m.
"Smart thermostats are a great way for our customers to conserve energy and save money on natural gas bills, especially during the colder months when people use more gas to heat their homes," said Sharon Tomkins, vice president of customer solutions and strategy at SoCalGas. "We also offer great cost-saving incentives that make the purchase of a smart thermostat an even more worthwhile investment."
SoCalGas is partnering with the LA Kings for the 2018 – 2019 season to share ways Southern Californians can keep their bills affordable and improve energy efficiency, as well as the latest developments in renewable natural gas, and other programs that reduce greenhouse gas emissions. The new partnership includes radio spots and in-stadium marketing, featuring digital ads and video, in addition to Fan Fest sponsorships. For more information about SoCalGas' partnership with the LA Kings, visit socalgas.com/kings.
SoCalGas offers rebates on hundreds of home products that help save energy. SoCalGas customers can apply online for rebates in a matter of minutes. Among the most popular products are smart thermostats, which can learn residents' schedule and temperature preferences and adjust the temperature in their home automatically. Using a mobile app or computer, smart thermostats also allow users to adjust home temperatures and even use local weather conditions to help control energy costs. In addition, smart thermostats update software periodically to ensure the devices use the latest algorithms and energy-saving features available. Last winter, customers who participated in a smart thermostat energy efficiency pilot program saved enough natural gas to dry two million loads of laundry.
SoCalGas also offers a website called SoCalGas Marketplace, where customers can find and compare cost-savings on various ENERGY STAR® certified appliances. Customers can save $75 on select smart thermostats and Energy Star natural gas dryers, $200 on select water heaters, and up to $75 on select washing machines. Customers can also save money on low-flow showerheads. Over their lifetime, energy efficient appliances can save customers hundreds of dollars in energy bills— average savings from energy efficiency appliances are approximately $1,500 with a tankless water heater, $550 with a natural gas furnace, $200 with a storage water heater, and $125 with a smart thermostat.
SoCalGas is a leader in researching and developing new technologies that improve energy efficiency and protect the environment. Over the past five years, SoCalGas' energy efficiency programs have delivered more than 146 million therms in energy savings – enough to power 326,000 households a year – and have reduced greenhouse gas (GHG) emissions by more than 775,000 metric tons – the equivalent of removing nearly 165,000 cars from the road.
In addition to purchasing energy efficient appliances, there are many simple steps customers can take to reduce their natural gas use during cold weather to help keep energy costs affordable, including:
More tips on home energy saving are available at socalgas.com/homeenergysavings.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 19, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and the Sempra Energy Foundation today announced as much as $350,000 in combined donations to support relief efforts for victims and evacuees impacted by the major wildfires that continue to burn throughout California. The contributions include:
In addition, the Sempra Energy Foundation has agreed to match Sempra Energy employee donations up to $50,000 to the American Red Cross and United Way of Ventura County, adding potentially $100,000 to the total contribution for relief efforts.
"SoCalGas crews have been working with first responders around the clock to keep communities safe and to restore natural gas service to impacted customers because we know that being without natural gas service may be difficult, especially when temperatures are low," said Trisha Muse, director of community relations at SoCalGas. "It is our hope that these donations provide some relief and support to the thousands of families impacted by these devastating fires."
"Residents have faced so much devastation and confusion throughout these terrible wildfires," said Eric Harrison, president and CEO of United Way of Ventura County. "The continued support from the Sempra Energy Foundation, SoCalGas, and Sempra Energy employees will go a long way to provide immediate assistance to impacted households in Ventura County. We're so thankful for their ongoing generosity."
Through its strong network of volunteers, donors, and partners, the American Red Cross works to provide care, shelter, and hope for all people across the country and around the world affected by disaster.
In times of emergency, the United Way of Ventura County works to improve people's lives by mobilizing a wide range of partners to provide the necessary resources to those who need it most.
In addition to the American Red Cross and the United Way of Ventura County, the SoCalGas donations will support the following relief funds and organizations:
SoCalGas has more than 100 field representatives working alongside fire fighters in support of public safety and first responders. In areas where evacuation orders have been lifted, SoCalGas crews are working diligently to restore natural gas service to customers impacted by the fire.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Sempra Energy Foundation
The Sempra Energy Foundation is the 501(c)(3) private foundation of Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide. For more information on the Sempra Energy Foundation, visit sempraenergyfoundation.org.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 15, 2018 /PRNewswire/ -- SoCalGas today announced the cities of Redlands and Artesia each have been selected to receive $50,000 grants as part the utility's new Climate Adaptation and Resiliency Planning Grant program. The initiative is designed to support local efforts to prepare for climate-change risks such as wildfires, drought, sea level rise, flooding, and other events, which are expected to increase over the next decade. Photos of the grant presentations are available here.
The winning applications were selected from across Southern and Central California by an advisory panel of planning and sustainability experts from the Los Angeles Regional Collaborative for Climate Action and Sustainability (LARC), Climate Resolve, and the American Planning Association-California Chapter (APA-California). Recipients were chosen based on their proposal's emphasis on: collaboration among various agencies, first responders and utilities; addressing vulnerabilities in disadvantaged communities; and benefits beyond resiliency, such as to public health, air quality, reductions in greenhouse gas emissions, and the economy. The grant program is funded by SoCalGas shareholders and does not impact natural gas bills.
"With increasing climate-related events, it's more important than ever for local communities to enhance their resiliency," said George Minter, SoCalGas regional vice president of external affairs and environmental strategy. "Maintaining a diversity of energy resources, including delivery by both electric and gas systems, can ensure energy remains available to help communities respond to and recover from many types of adverse events."
The City of Redlands will use its grant to update its local hazard mitigation plan, which will look at ways to alter the built environment so that life and property losses from natural hazards can be avoided or reduced. The SoCalGas grant will also make the city eligible for federal hazard mitigation grants which require matching funds from local sources.
"We appreciate the efforts of SoCal Gas and the opportunity to partner with them to address and prepare for the inevitable natural disasters that occur in Southern California," said Redlands Mayor Paul Foster. "Public safety is one of the primary responsibilities of local government. This grant funding from SoCal Gas will help the City of Redlands to better meet that responsibility through planning and mitigation efforts."
Artesia will use its grant to revamp its local hazard mitigation plan to better plan and prepare for natural disasters and extreme weather events with the goal of developing a federally-approved hazard mitigation plan. "As a small city with a limited budget, Artesia was hard-pressed to meet the new state requirement to include climate adaptation plans into our General Plan updates," said Sally Flowers, Mayor of Artesia. "This grant from SoCalGas will allow us to create a plan that will allow us to be better prepared for extreme heat, fires, windstorms and other potential disasters."
SoCalGas is a leader in developing and investing in technologies that reduce greenhouse gas emissions linked to climate change. The company has been working to increase the amount of renewable natural gas produced in California. Renewable natural gas technology captures methane emissions from landfills, wastewater treatment plants, and dairies, then makes the methane available for use in any way traditionally-sourced natural gas is used. SoCalGas is also developing cutting-edge technologies that store surplus renewable energy in the form of renewable gas or hydrogen. These "power-to-gas" technologies use existing infrastructure to store energy and can store it for months or longer.
A recent study on the impacts of four climate-related disasters on the energy sector found that natural gas infrastructure exhibited significant resilience because it is underground. In addition, the study showed that backup generation powered by natural gas pipelines can provide on-site electricity generation for hospitals, relief centers and other critical facilities during a disaster. A summary of its findings may be found here.
To learn more about what SoCalGas is doing to reduce emissions linked to climate change click here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.7 million customers across 22,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 14, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and other natural gas water and electric utilities across the United States and Canada are joining forces today to protect their customers from scammers impersonating utility employees, either on the phone or in-person. A coalition of utilities called Utilities United Against Scams (UUAS) designated November 14 as the third annual "Utilities United Against Scams Day," which will also be supported by a week-long campaign focused on exposing the tricks criminals use to steal money from customers. Through increased awareness and reports of possible scams, UUAS and its member companies have helped to shut down nearly 2,500 Toll-Free Numbers used by scammers against utility customers since March 2017.
"We take the privacy and security of our SoCalGas customers very seriously and are proud to take part in this campaign to help raise awareness," said Paul Goldstein, vice president of customer services at SoCalGas. "We encourage customers to look for the warning signs associated with this latest scam and to call the police as well as our customer call center number to report it to us. We also want to reiterate that we do not call our customers who are late on their payments but will instead send a text, an email or a notice in the mail."
Going from November 11-17, this year's campaign "7 Scams in 7 Days" focuses on scams involving unsolicited phone calls from individuals who falsely claim to be SoCalGas or other utility representatives. The scammer warns the customer that SoCalGas will disconnect the customer's natural gas service if the customer fails to make a payment, usually within a short timeframe. It is important that customers call SoCalGas directly to check on the status of their accounts if they are ever unsure about the authenticity of a caller or the identity of a service worker, or if they suspect any fraudulent activity. SoCalGas representatives do not call customers demanding payments by phone. In some cases, recorded messages remind customers that payments are due to avoid service interruptions, but SoCalGas will never demand payments be made by phone.
Bill payment options include:
Warning signs of a scam:
How to protect yourself:
SoCalGas continues its efforts to protect its customers in a variety of ways including: bill messages and alerts, working with the media, and partnering with local law enforcement and officials.
Customers are also encouraged to enroll in My Account for free tracking alerts and other online tools. It's an easy way to monitor natural gas use each week — instead of waiting until the monthly bill arrives — and it can help customers use less natural gas to lower their bills. Once enrolled, they can easily access their gas usage information, pay bills, schedule service orders and sign up for Bill Tracker Alerts.
Get Social to #StopScams
Help us spread awareness about utility scams on social media by sharing stories, articles and tips using #StopScams. Follow the official UUAS channels on Twitter: @U_U_A_S and Facebook: https://www.facebook.com/UtilitiesUnited/ for the latest updates. For more information, visit http://www.utilitiesunited.org.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Nov. 12, 2018 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that the company is launching an annual charitable-contribution program for Veterans Day to benefit support organizations for veterans and their families, with the inaugural grant of $20,000 going to the Gary Sinise Foundation.
The Gary Sinise Foundation is a charitable organization dedicated to assisting service members, first responders, veterans and their families.
This year's grant will support the Gary Sinise Foundation's R.I.S.E. program, which provides wounded veterans and their families the resources they need to increase their mobility and overcome new life challenges. This includes home modifications, adapted vehicles, mobility devices or constructing specially adapted smart homes.
"We're proud to initiate this annual grant program to assist U.S. veterans who have sacrificed to protect our great nation's freedom and our way of life," said Jeffrey W. Martin, CEO of Sempra Energy. "I am honored that Sempra Energy employs nearly 1,000 veterans across our family of companies, who bring value to the communities we serve every day."
"We are thankful for supporters like Sempra Energy for their generous contribution to help change the lives for those who have sacrificed so much for our freedom," said Judith Otter, chief operating officer of the Gary Sinise Foundation. "With our R.I.S.E. program, we currently have 70 homes completed or underway. These 100-percent mortgage-free, specially adapted homes restore independence for our severely wounded heroes and ease daily life for them and their loved ones."
Sempra Energy is committed to supporting veteran employees, as well as veterans who live in the communities where the company operates. Sempra Energy regularly participates in job-recruitment events for veterans and the company has supplier-diversity programs that advocate for procurement opportunities for businesses owned by service-disabled veterans, women, minorities and LGBT-owned business enterprises.
Sempra Energy owns and operates natural gas and electric distribution utilities and is a major developer of North American energy infrastructure.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
DALLAS, Nov. 7, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported third quarter 2018 net income of $194 million compared to third quarter 2017 net income of $157 million.
"We are pleased with our financial performance in the third quarter," said Allen Nye, chief executive of Oncor. "Our solid operational and financial results are another example of the value we deliver for our customers, our shareholders, and the state of Texas."
Oncor's net income of $426 million for the nine months ended September 30, 2018 compared favorably to net income of $343 million for the nine months ended September 30, 2017. Financial and operational results are provided in Tables A, B, C and D below.
Operating Highlights
On October 18, 2018 Oncor announced its intent to acquire 100 percent of the equity interests of InfraREIT, Inc. (NYSE: HIFR) ("InfraREIT"), including all the limited-partnership units in its subsidiary, InfraREIT Partners, LP, for approximately $1.275 billion. Sempra Energy (NYSE: SRE), the owner of 80.25% of Oncor's outstanding membership interests, and certain indirect equity holders of Texas Transmission Investment LLC, the owner of 19.75% of Oncor's outstanding membership interests, have provided an equity commitment letter for up to $1.330 billion to fund the cash consideration payable by Oncor and the payment of certain fees and expenses relating to the transaction. The transaction also includes InfraREIT's outstanding debt, which totaled an aggregate of approximately $945 million at September 30, 2018. The transaction is subject to regulatory approvals and the satisfaction of other closing conditions. If all such regulatory approvals are received and closing conditions are satisfied, Oncor expects to close the transaction in mid-2019.
Sempra Energy Internet Broadcast Today
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EST with senior management of Sempra Energy, which will include discussion of earnings and other information relating to Oncor. Access is available at sempra.com. An accompanying slide presentation will also be posted at sempra.com. For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 9587918.
Oncor's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
Oncor Electric Delivery Company LLC | ||||
Table A - Condensed Statements of Consolidated Net Income | ||||
Three and Nine Months Ended September 30, 2018 and September 30, 2017; $ millions | ||||
Q3 18 | Q3 17(a) | YTD 18 | YTD 17(a) | |
Operating revenues | $1,095 | $1,068 | $3,106 | $2,967 |
Operating expenses: | ||||
Wholesale transmission service | 237 | 230 | 719 | 690 |
Operation and maintenance | 214 | 176 | 636 | 529 |
Depreciation and amortization | 169 | 193 | 503 | 581 |
Provision in lieu of income taxes | 54 | 97 | 134 | 209 |
Taxes other than amounts related to income taxes | 128 | 120 | 374 | 340 |
Total operating expenses | 802 | 816 | 2,366 | 2,349 |
Operating income | 293 | 252 | 740 | 618 |
Other income and (deductions) ‒ net | (13) | (13) | (63) | (35) |
Nonoperating benefit in lieu of income taxes | (3) | (5) | (13) | (17) |
Interest expense and related charges | 89 | 87 | 264 | 257 |
Net income | $ 194 | $ 157 | $ 426 | $ 343 |
(a) As adjusted for the retrospective adoption of ASU 2017-07 |
Oncor Electric Delivery Company LLC | ||||
Table B – Operating Statistics | ||||
Three and Nine Months Ended September 30, 2018 and September 30, 2017; mixed measures | ||||
Q3 18 | Q3 17 | YTD 18 | YTD 17 | |
Electric energy volumes (gigawatt-hours): | ||||
Residential | 14,486 | 13,750 | 36,310 | 32,238 |
Other (b) | 23,677 | 21,555 | 63,946 | 57,534 |
Total electric energy volumes | 38,163 | 35,305 | 100,256 | 89,772 |
Electricity distribution points of delivery (end of period and in thousands) (c) | 3,607 | 3,483 | ||
(b) Includes small business, large commercial and industrial and all other non-residential distribution points of delivery | ||||
(c) Based on number of active meters |
Oncor Electric Delivery Company LLC | ||
Table C - Condensed Consolidated Balance Sheets | ||
At September 30, 2018 and December 31, 2017; $ millions | ||
At 9/30/18 | At 12/31/17 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 1 | $ 21 |
Trade accounts receivable ‒ net | 688 | 635 |
Amounts receivable from members related to income taxes | - | 26 |
Materials and supplies inventories ‒ at average cost | 115 | 91 |
Prepayments and other current assets | 95 | 88 |
Total current assets | 899 | 861 |
Investments and other property | 121 | 113 |
Property, plant and equipment – net | 15,782 | 14,879 |
Goodwill | 4,064 | 4,064 |
Regulatory assets | 1,850 | 2,180 |
Other noncurrent assets | 20 | 23 |
Total assets | $22,736 | $22,120 |
LIABILITIES AND MEMBERSHIP INTERESTS | ||
Current liabilities: | ||
Short-term borrowings | $ 1,099 | $ 950 |
Long-term debt due currently | 250 | 550 |
Trade accounts payable | 253 | 242 |
Amounts payable to members related to income taxes | 32 | 21 |
Accrued taxes other than amounts related to income | 168 | 190 |
Accrued interest | 92 | 83 |
Other current liabilities | 190 | 188 |
Total current liabilities | 2,084 | 2,224 |
Long-term debt, less amounts due currently | 5,836 | 5,567 |
Liability in lieu of deferred income taxes | 1,560 | 1,517 |
Regulatory liabilities | 2,763 | 2,807 |
Employee benefit obligations and other | 2,046 | 2,102 |
Total liabilities | 14,289 | 14,217 |
Membership interests : | ||
Capital account ― number of interests outstanding 2018 and 2017 – 635,000,000 | 8,544 | 8,004 |
Accumulated other comprehensive loss | (97) | (101) |
Total membership interests | 8,447 | 7,903 |
Total liabilities and membership interests | $22,736 | $22,120 |
Oncor Electric Delivery Company LLC | ||
Table D - Condensed Statements of Consolidated Cash Flows | ||
Nine Months Ended September 30, 2018 and September 30, 2017; $ millions | ||
YTD 18 | YTD 17 | |
Cash flows – operating activities: | ||
Net income | $ 426 | $ 343 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 589 | 618 |
Provision in lieu of deferred income taxes – net | 37 | 250 |
Other – net | (1) | (2) |
Changes in operating assets and liabilities: | ||
Regulatory accounts related to reconcilable tariffs | 130 | 30 |
Other operating assets and liabilities | (100) | (189) |
Cash provided by operating activities | 1,081 | 1,050 |
Cash flows — financing activities: | ||
Issuances of long-term debt | 800 | 600 |
Repayment of long-term debt | (825) | (324) |
Change in short-term borrowings | 149 | 128 |
Capital contributions from members | 144 | - |
Distributions to members | (30) | (237) |
Debt discount, premium, financing and reacquisition costs | (9) | (4) |
Cash provided by financing activities | 229 | 163 |
Cash flows — investing activities: | ||
Capital expenditures | (1,345) | (1,234) |
Other – net | 15 | 10 |
Cash used in investing activities | (1,330) | (1,224) |
Net change in cash and cash equivalents | (20) | (11) |
Cash and cash equivalents — beginning balance | 21 | 16 |
Cash and cash equivalents — ending balance | $ 1 | $ 5 |
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, Nov. 7, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported third-quarter 2018 earnings of $274 million, or $0.99 per diluted share, up from $57 million, or $0.22 per diluted share, in the third quarter 2017.
On an adjusted basis, Sempra Energy's third-quarter 2018 earnings increased to $339 million, or $1.23 per diluted share, from $265 million, or $1.04 per diluted share, in the third quarter 2017.
"The most recent quarter was very strong – credit goes to our employees," said Jeffrey W. Martin, CEO of Sempra Energy. "All of our businesses contributed to our third-quarter operating results. We are building momentum, successfully executing on several major initiatives to advance our strategic vision of becoming North America's premier energy infrastructure company. Our agreement to sell our U.S. solar assets is important. We expect to utilize capital from our solar asset sales to significantly expand our regulated Texas utility platform through Oncor's acquisition of InfraREIT and our acquisition of a 50-percent interest in Sharyland. We also have made significant progress toward our goal of becoming a market leader in North American liquefied natural gas (LNG) exports, recently securing preliminary commercial agreements for development of several LNG export projects."
For the first nine months of 2018, Sempra Energy's earnings were $60 million, or $0.22 per diluted share, compared with $757 million, or $2.99 per diluted share, in the first nine months last year. Adjusted earnings for the first nine months of 2018 were $1.07 billion, or $4 per diluted share, compared with $979 million, or $3.87 per diluted share, in the first nine months of 2017.
These results reflect certain significant items as described in the following table of GAAP earnings reconciled to adjusted earnings (on an after-tax basis) for the third quarter and first nine months of 2018 and 2017:
Three months ended | Nine months ended | ||||||||||
September 30, | September 30, | ||||||||||
(Unaudited; dollars, except EPS, and shares, in millions) | 2018 | 2017 | 2018 | 2017 | |||||||
GAAP Earnings(1) | $ 274 | $ 57 | $ 60 | $ 757 | |||||||
Impairment of Non-Utility Natural Gas Storage Assets | - | - | 755 | - | |||||||
Impairment of U.S. Wind Equity Method Investments | - | - | 145 | - | |||||||
Impairment of Investment in RBS Sempra Commodities | 65 | - | 65 | - | |||||||
- | |||||||||||
Impact from the Tax Cuts and Jobs Act of 2017 | - | - | 25 | - | |||||||
Impacts Associated with Aliso Canyon Litigation | - | - | 22 | - | |||||||
Write-off of Wildfire Regulatory Asset | - | 208 | - | 208 | |||||||
Adjustments Related to Termoeléctrica de Mexicali (TdM) | - | - | - | 42 | |||||||
Recoveries Related to 2016 Permanent Release of Pipeline Capacity | - | - | - | (28) | |||||||
Adjusted Earnings(1) | $ 339 | $ 265 | $ 1,072 | $ 979 | |||||||
Diluted weighted-average shares outstanding | 276 | 253 | 268 | 253 | |||||||
GAAP Earnings Per Diluted Share(1) | $ 0.99 | $ 0.22 | $ 0.22 | $ 2.99 | |||||||
Adjusted Earnings Per Diluted Share(1) | $ 1.23 | $ 1.04 | $ 4.00 | $ 3.87 | |||||||
1) | Attributable to common shares. Sempra Energy adjusted earnings and adjusted earnings per share are non-GAAP financial measures. See Table A for information regarding non-GAAP financial measures and descriptions of adjustments above. |
OPERATING HIGHLIGHTS
Earlier today, Sempra Energy announced that its IEnova and Sempra LNG & Midstream subsidiaries have signed three Heads of Agreements (HOAs) with affiliates of Total S.A., Mistui & Co., Ltd., and Tokyo Gas Co., Ltd., for the full export capacity of Phase 1 of the Energia Costa Azul (ECA) LNG liquefaction project located in Baja California, Mexico. The HOAs contemplate the parties negotiating and finalizing definitive 20-year LNG sales-and-purchase agreements, with each of the companies purchasing approximately 0.8 million tonnes per annum (Mtpa) of LNG. ECA LNG Phase 1 is expected to include one liquefaction train capable of producing approximately 2.4 Mtpa of LNG.
Earlier this week, Sempra Energy announced a Memorandum of Understanding (MOU) with Total S.A. that contemplates Total potentially contracting for up to 9 Mtpa of LNG offtake from Sempra Energy's LNG export development projects, including the approximately 0.8 Mtpa at ECA LNG Phase 1, as described above, and at Cameron LNG Phase 2. On Nov. 2, Sempra Energy announced that Cameron LNG has initiated the commissioning process for the first liquefaction train of Phase 1 of the Louisiana joint-venture export project. Commissioning is the last step before the start-up process, when the liquefaction trains become fully operational and LNG can be exported from the facility. The first three liquefaction trains that comprise Cameron LNG Phase 1 are expected to be producing LNG in 2019.
On Oct. 18, Sempra Energy announced that it and Oncor have entered into agreements under which Oncor will acquire 100 percent of the equity interests of InfraREIT, Inc. for $1.275 billion, excluding certain transaction costs, and Sempra Energy will acquire a 50-percent limited-partnership interest in a holding company that will own Sharyland Utilities, LP, for approximately $98 million. Sempra Energy expects to utilize approximately $1.12 billion, excluding certain transaction costs, from the company's pending solar asset sales to help fund the transaction, which is slated for completion in mid-2019, subject to regulatory approvals, lender consents and customary closing conditions.
On Sept. 20, Sempra Renewables entered into an agreement to sell all of its U.S. operating solar assets, one U.S. wind generation facility, and its solar and battery storage development projects to a subsidiary of Consolidated Edison for $1.54 billion, subject to regulatory approvals and customary closing conditions. The sales process for the other announced asset sales – U.S. wind and U.S. non-utility natural gas storage assets – is ongoing.
Sempra Energy's Mexican subsidiary IEnova continues to expand its liquids business with the recent acquisition of a 51-percent equity interest in the Manzanillo marine terminal development project. IEnova will build the terminal, which is estimated to cost approximately $200 million, of which IEnova's share would be approximately $100 million. The project is expected to commence commercial operations in late 2020 and 50 percent of the terminal's capacity already is contracted to Trafigura Mexico, S.A. de C.V. In recent months, IEnova also announced new capacity agreements for the Baja Refinados and Topolobampo liquids terminals, both of which are now fully contracted.
EARNINGS GUIDANCE
Today, Sempra Energy reaffirmed its 2018 GAAP earnings-per-share guidance range of $2.83 to $3.44 and 2018 adjusted earnings-per-share guidance range of $5.30 to $5.80.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include Sempra Energy's adjusted earnings and adjusted earnings per share for the third-quarter and nine-month periods in 2018 and 2017, as well as the adjusted 2018 earnings-per-share guidance range. Additional information regarding these non-GAAP financial measures is in Table A of the third-quarter financial tables.
INTERNET BROADCAST
Sempra Energy will webcast a live discussion of its earnings results today at 12 p.m. EST with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 9587918.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | |||||||||||||||
Table A | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(Dollars in millions, except per share amounts) | 2018 | 2017(1) | 2018 | 2017(1) | |||||||||||
(unaudited) | |||||||||||||||
REVENUES | |||||||||||||||
Utilities | $ | 2,460 | $ | 2,277 | $ | 7,248 | $ | 7,172 | |||||||
Energy-related businesses | 480 | 402 | 1,218 | 1,071 | |||||||||||
Total revenues | 2,940 | 2,679 | 8,466 | 8,243 | |||||||||||
EXPENSES AND OTHER INCOME | |||||||||||||||
Utilities: | |||||||||||||||
Cost of electric fuel and purchased power | (675) | (650) | (1,778) | (1,730) | |||||||||||
Cost of natural gas | (255) | (190) | (782) | (903) | |||||||||||
Energy-related businesses: | |||||||||||||||
Cost of natural gas, electric fuel and purchased power | (119) | (97) | (257) | (226) | |||||||||||
Other cost of sales | (17) | (21) | (54) | (5) | |||||||||||
Operation and maintenance | (819) | (759) | (2,383) | (2,226) | |||||||||||
Depreciation and amortization | (380) | (378) | (1,158) | (1,106) | |||||||||||
Franchise fees and other taxes | (131) | (114) | (352) | (325) | |||||||||||
Write-off of wildfire regulatory asset | — | (351) | — | (351) | |||||||||||
Impairment losses | (4) | (1) | (1,304) | (72) | |||||||||||
Other income, net | 97 | 40 | 196 | 322 | |||||||||||
Interest income | 22 | 12 | 76 | 26 | |||||||||||
Interest expense | (232) | (165) | (685) | (493) | |||||||||||
Income (loss) before income taxes and equity earnings of unconsolidated subsidiaries | 427 | 5 | (15) | 1,154 | |||||||||||
Income tax (expense) benefit | (167) | 84 | 127 | (378) | |||||||||||
Equity earnings | 74 | 13 | 50 | 26 | |||||||||||
Net income | 334 | 102 | 162 | 802 | |||||||||||
Earnings attributable to noncontrolling interests | (24) | (45) | (12) | (44) | |||||||||||
Mandatory convertible preferred stock dividends | (36) | — | (89) | — | |||||||||||
Preferred dividends of subsidiary | — | — | (1) | (1) | |||||||||||
Earnings attributable to common shares | $ | 274 | $ | 57 | $ | 60 | $ | 757 | |||||||
Basic earnings per common share | $ | 1.00 | $ | 0.23 | $ | 0.23 | $ | 3.01 | |||||||
Weighted-average number of shares outstanding, basic (thousands) | 273,944 | 251,692 | 265,963 | 251,425 | |||||||||||
Diluted earnings per common share | $ | 0.99 | $ | 0.22 | $ | 0.22 | $ | 2.99 | |||||||
Weighted-average number of shares outstanding, diluted (thousands) | 275,907 | 253,364 | 267,644 | 252,987 |
(1) | As adjusted for the retrospective adoption of Accounting Standards Update (ASU) 2017-07 and a reclassification to conform to current year presentation. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2018 and 2017 as follows:
Three months ended September 30, 2018:
Three months ended September 30, 2017:
Nine months ended September 30, 2018:
Nine months ended September 30, 2017:
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2018 to 2017 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings and GAAP Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
Pretax | Income tax | Non- | Earnings | Pretax | Income tax | Non- | Earnings | ||||||||||||||||||
(Dollars in millions, except per share amounts) | Three months ended September 30, 2018 | Three months ended September 30, 2017 | |||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 274 | $ | 57 | |||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||
Impairment of investment in RBS Sempra Commodities | $ | 65 | $ | — | $ | — | 65 | $ | — | $ | — | $ | — | — | |||||||||||
Write-off of wildfire regulatory asset | — | — | — | — | 351 | (143) | — | 208 | |||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 339 | $ | 265 | |||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 0.99 | $ | 0.22 | |||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 1.23 | $ | 1.04 | |||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) | 275,907 | 253,364 | |||||||||||||||||||||||
Nine months ended September 30, 2018 | Nine months ended September 30, 2017 | ||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 60 | $ | 757 | |||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||
Impairment of investment in RBS Sempra Commodities | $ | 65 | $ | — | $ | — | 65 | $ | — | $ | — | $ | — | — | |||||||||||
Impairment of non-utility natural gas storage assets | 1,300 | (499) | (46) | 755 | — | — | — | — | |||||||||||||||||
Impairment of U.S. wind equity method investments | 200 | (55) | — | 145 | — | — | — | — | |||||||||||||||||
Impacts associated with Aliso Canyon litigation | 1 | 21 | — | 22 | — | — | — | — | |||||||||||||||||
Impact from the TCJA | — | 25 | — | 25 | — | — | — | — | |||||||||||||||||
Write-off of wildfire regulatory asset | — | — | — | — | 351 | (143) | — | 208 | |||||||||||||||||
Impairment of TdM assets held for sale | — | — | — | — | 71 | — | (24) | 47 | |||||||||||||||||
Deferred income tax benefit associated with TdM | — | — | — | — | — | (8) | 3 | (5) | |||||||||||||||||
Recoveries related to 2016 permanent release of pipeline capacity | — | — | — | — | (47) | 19 | — | (28) | |||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 1,072 | $ | 979 | |||||||||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 0.22 | $ | 2.99 | |||||||||||||||||||||
Sempra Energy Adjusted Earnings | $ | 4.00 | $ | 3.87 | |||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) | 267,644 | 252,987 |
(1) | Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes were primarily calculated based on applicable statutory tax rates. Income taxes associated with TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. An income tax benefit of $12 million associated with the 2017 TdM impairment has been fully reserved. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY 2018 ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGE TO SEMPRA ENERGY 2018 GAAP EARNINGS-PER-SHARE GUIDANCE RANGE (Unaudited)
Sempra Energy 2018 Adjusted Earnings-Per-Share Guidance Range of $5.30 to $5.80 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows:
Sempra Energy 2018 Adjusted Earnings-Per-Share Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes this non-GAAP financial measure provides additional clarity into the ongoing results of the business and the comparability of such results to prior and future periods and also as a base for projected earnings-per-share compound annual growth rate. Sempra Energy 2018 Adjusted Earnings-Per-Share Guidance should not be considered an alternative to Earnings-Per-Share Guidance determined in accordance with GAAP. The table below reconciles Sempra Energy 2018 Adjusted Earnings-Per-Share Guidance Range to Sempra Energy 2018 GAAP Earnings-Per-Share Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
Full-Year 2018 | ||||||||
Sempra Energy GAAP Earnings-Per-Share Guidance Range | $ | 2.83 | to | $ | 3.44 | |||
Excluded items: | ||||||||
Impairments of certain assets and equity method investments | 3.55 | 3.55 | ||||||
Impacts associated with Aliso Canyon litigation | 0.08 | 0.08 | ||||||
Impact from the TCJA | 0.09 | 0.09 | ||||||
Estimated gain on the Renewables Sale | (1.25) | (1.36) | ||||||
Sempra Energy Adjusted Earnings-Per-Share Guidance Range | $ | 5.30 | to | $ | 5.80 | |||
Weighted-average number of shares outstanding, diluted (millions) | 272 |
(1) | Income taxes on estimated gain were calculated based on applicable statutory tax rates. |
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) | September 30, | December 31, | ||||||||
(unaudited) | ||||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 212 | $ | 288 | ||||||
Restricted cash | 73 | 62 | ||||||||
Accounts receivable, net | 1,663 | 1,584 | ||||||||
Due from unconsolidated affiliates | 43 | 37 | ||||||||
Income taxes receivable | 99 | 110 | ||||||||
Inventories | 345 | 307 | ||||||||
Regulatory assets | 92 | 325 | ||||||||
Fixed-price contracts and other derivatives | 96 | 66 | ||||||||
Greenhouse gas allowances | 339 | 299 | ||||||||
Assets held for sale | 1,881 | 127 | ||||||||
Other | 202 | 136 | ||||||||
Total current assets | 5,045 | 3,341 | ||||||||
Other assets: | ||||||||||
Restricted cash | 3 | 14 | ||||||||
Due from unconsolidated affiliates | 682 | 598 | ||||||||
Regulatory assets | 1,469 | 1,517 | ||||||||
Nuclear decommissioning trusts | 1,042 | 1,033 | ||||||||
Investment in Oncor Holdings | 9,553 | — | ||||||||
Other investments | 2,561 | 2,527 | ||||||||
Goodwill | 2,363 | 2,397 | ||||||||
Other intangible assets | 229 | 596 | ||||||||
Dedicated assets in support of certain benefit plans | 443 | 455 | ||||||||
Insurance receivable for Aliso Canyon costs | 474 | 418 | ||||||||
Deferred income taxes | 116 | 170 | ||||||||
Greenhouse gas allowances | 275 | 93 | ||||||||
Sundry | 852 | 792 | ||||||||
Total other assets | 20,062 | 10,610 | ||||||||
Property, plant and equipment, net | 35,498 | 36,503 | ||||||||
Total assets | $ | 60,605 | $ | 50,454 |
(1) | Derived from audited financial statements. |
SEMPRA ENERGY | ||||||||||
Table B (Continued) | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) | September 30, | December 31, | ||||||||
(unaudited) | ||||||||||
Liabilities and Equity | ||||||||||
Current liabilities: | ||||||||||
Short-term debt | $ | 2,897 | $ | 1,540 | ||||||
Accounts payable | 1,375 | 1,523 | ||||||||
Due to unconsolidated affiliates | 7 | 7 | ||||||||
Dividends and interest payable | 495 | 342 | ||||||||
Accrued compensation and benefits | 356 | 439 | ||||||||
Regulatory liabilities | 284 | 109 | ||||||||
Current portion of long-term debt | 1,464 | 1,427 | ||||||||
Fixed-price contracts and other derivatives | 63 | 109 | ||||||||
Customer deposits | 172 | 162 | ||||||||
Reserve for Aliso Canyon costs | 161 | 84 | ||||||||
Greenhouse gas obligations | 339 | 299 | ||||||||
Liabilities held for sale | 156 | 49 | ||||||||
Other | 722 | 545 | ||||||||
Total current liabilities | 8,491 | 6,635 | ||||||||
Long-term debt | 21,335 | 16,445 | ||||||||
Deferred credits and other liabilities: | ||||||||||
Customer advances for construction | 146 | 150 | ||||||||
Due to unconsolidated affiliates | 36 | 35 | ||||||||
Pension and other postretirement benefit plan obligations, net of plan assets | 1,052 | 1,148 | ||||||||
Deferred income taxes | 2,231 | 2,767 | ||||||||
Deferred investment tax credits | 25 | 28 | ||||||||
Regulatory liabilities | 3,974 | 3,922 | ||||||||
Asset retirement obligations | 2,750 | 2,732 | ||||||||
Fixed-price contracts and other derivatives | 235 | 316 | ||||||||
Greenhouse gas obligations | 102 | — | ||||||||
Deferred credits and other | 1,117 | 1,136 | ||||||||
Total deferred credits and other liabilities | 11,668 | 12,234 | ||||||||
Equity: | ||||||||||
Sempra Energy shareholders' equity | 16,617 | 12,670 | ||||||||
Preferred stock of subsidiary | 20 | 20 | ||||||||
Other noncontrolling interests | 2,474 | 2,450 | ||||||||
Total equity | 19,111 | 15,140 | ||||||||
Total liabilities and equity | $ | 60,605 | $ | 50,454 |
(1) | Derived from audited financial statements. |
SEMPRA ENERGY | ||||||||||
Table C | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
Nine months ended September 30, | ||||||||||
(Dollars in millions) | 2018 | 2017(1) | ||||||||
(unaudited) | ||||||||||
Cash Flows from Operating Activities | ||||||||||
Net income | $ | 162 | $ | 802 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | 1,158 | 1,106 | ||||||||
Deferred income taxes and investment tax credits | (289) | 302 | ||||||||
Write-off of wildfire regulatory asset | — | 351 | ||||||||
Impairment losses | 1,304 | 72 | ||||||||
Equity earnings | (50) | (26) | ||||||||
Fixed-price contracts and other derivatives | (44) | (142) | ||||||||
Other | 139 | 18 | ||||||||
Net change in other working capital components | 444 | 229 | ||||||||
Insurance receivable for Aliso Canyon costs | (56) | 64 | ||||||||
Changes in other noncurrent assets and liabilities, net | (177) | (72) | ||||||||
Net cash provided by operating activities | 2,591 | 2,704 | ||||||||
Cash Flows from Investing Activities | ||||||||||
Expenditures for property, plant and equipment | (2,815) | (2,880) | ||||||||
Expenditures for investments and acquisitions | (9,921) | (110) | ||||||||
Proceeds from sale of assets | 7 | 12 | ||||||||
Distributions from investments | 9 | 25 | ||||||||
Purchases of nuclear decommissioning trust assets | (703) | (1,082) | ||||||||
Proceeds from sales of nuclear decommissioning trust assets | 703 | 1,082 | ||||||||
Advances to unconsolidated affiliates | (84) | (321) | ||||||||
Repayments of advances to unconsolidated affiliates | 71 | 8 | ||||||||
Other | 29 | 6 | ||||||||
Net cash used in investing activities | (12,704) | (3,260) | ||||||||
Cash Flows from Financing Activities | ||||||||||
Common dividends paid | (645) | (561) | ||||||||
Preferred dividends paid | (53) | — | ||||||||
Preferred dividends paid by subsidiary | (1) | (1) | ||||||||
Issuances of mandatory convertible preferred stock, net of $41 in offering costs | 2,259 | — | ||||||||
Issuances of common stock, net of $41 in offering costs in 2018 | 2,261 | 37 | ||||||||
Repurchases of common stock | (20) | (15) | ||||||||
Issuances of debt (maturities greater than 90 days) | 8,628 | 2,395 | ||||||||
Payments on debt (maturities greater than 90 days) | (2,967) | (1,829) | ||||||||
Increase in short-term debt, net | 707 | 475 | ||||||||
Proceeds from sales of noncontrolling interest, net of $1 in offering costs | 90 | — | ||||||||
Net distributions to noncontrolling interests | (101) | (109) | ||||||||
Settlement of cross-currency swaps | (33) | — | ||||||||
Other | (80) | (11) | ||||||||
Net cash provided by financing activities | 10,045 | 381 | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (8) | 11 | ||||||||
Decrease in cash, cash equivalents and restricted cash | (76) | (164) | ||||||||
Cash, cash equivalents and restricted cash, January 1 | 364 | 425 | ||||||||
Cash, cash equivalents and restricted cash, September 30 | $ | 288 | $ | 261 |
(1) | As adjusted for the retrospective adoption of ASU 2016-15 and ASU 2016-18. |
SEMPRA ENERGY | |||||||||||||||||
Table D | |||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
(unaudited) | |||||||||||||||||
Earnings (Losses) | |||||||||||||||||
SDG&E | $ | 205 | $ | (28) | $ | 521 | $ | 276 | |||||||||
SoCalGas | (14) | 7 | 244 | 268 | |||||||||||||
Sempra Texas Utility | 154 | — | 283 | — | |||||||||||||
Sempra South American Utilities | 50 | 42 | 140 | 134 | |||||||||||||
Sempra Mexico | 44 | 66 | 161 | 105 | |||||||||||||
Sempra Renewables | 34 | 15 | (54) | 49 | |||||||||||||
Sempra LNG & Midstream | 16 | (4) | (764) | 24 | |||||||||||||
Parent and other | (215) | (41) | (471) | (99) | |||||||||||||
Total | $ | 274 | $ | 57 | $ | 60 | $ | 757 | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
(unaudited) | |||||||||||||||||
Capital Expenditures, Investments and Acquisitions | |||||||||||||||||
SDG&E | $ | 343 | $ | 359 | $ | 1,194 | $ | 1,122 | |||||||||
SoCalGas | 344 | 351 | 1,127 | 1,033 | |||||||||||||
Sempra Texas Utility | — | — | 9,278 | — | |||||||||||||
Sempra South American Utilities | 54 | 62 | 161 | 139 | |||||||||||||
Sempra Mexico | 152 | 38 | 320 | 265 | |||||||||||||
Sempra Renewables | 9 | 261 | 46 | 361 | |||||||||||||
Sempra LNG & Midstream | 65 | 16 | 202 | 53 | |||||||||||||
Parent and other | 5 | 4 | 408 | 17 | |||||||||||||
Total | $ | 972 | $ | 1,091 | $ | 12,736 | $ | 2,990 |
SEMPRA ENERGY | |||||||||||||
Table E | |||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
UTILITIES | 2018 | 2017 | 2018 | 2017 | |||||||||
SDG&E and SoCalGas | |||||||||||||
Gas sales (Bcf)(1) | 55 | 56 | 244 | 253 | |||||||||
Transportation (Bcf)(1) | 163 | 184 | 447 | 488 | |||||||||
Total deliveries (Bcf)(1) | 218 | 240 | 691 | 741 | |||||||||
Total gas customer meters (thousands) | 6,874 | 6,835 | |||||||||||
SDG&E | |||||||||||||
Electric sales (millions of kWhs)(1) | 4,493 | 4,443 | 11,493 | 11,772 | |||||||||
Direct Access and Community Choice Aggregation (millions of kWhs) | 1,009 | 957 | 2,680 | 2,530 | |||||||||
Total deliveries (millions of kWhs)(1) | 5,502 | 5,400 | 14,173 | 14,302 | |||||||||
Total electric customer meters (thousands) | 1,456 | 1,440 | |||||||||||
Oncor(2) | |||||||||||||
Total deliveries (millions of kWhs) | 38,163 | — | 77,476 | — | |||||||||
Total electric customer meters (thousands) | 3,607 | — | |||||||||||
Ecogas | |||||||||||||
Natural gas sales (Bcf) | 1 | 7 | 7 | 22 | |||||||||
Natural gas customer meters (thousands) | 121 | 120 | |||||||||||
Chilquinta Energía | |||||||||||||
Electric sales (millions of kWhs) | 701 | 699 | 2,209 | 2,201 | |||||||||
Tolling (millions of kWhs) | 75 | 26 | 218 | 70 | |||||||||
Total deliveries (millions of kWhs) | 776 | 725 | 2,427 | 2,271 | |||||||||
Electric customer meters (thousands) | 718 | 700 | |||||||||||
Luz Del Sur | |||||||||||||
Electric sales (millions of kWhs) | 1,641 | 1,647 | 5,099 | 5,321 | |||||||||
Tolling (millions of kWhs) | 595 | 478 | 1,736 | 1,384 | |||||||||
Total deliveries (millions of kWhs) | 2,236 | 2,125 | 6,835 | 6,705 | |||||||||
Electric customer meters (thousands) | 1,125 | 1,093 | |||||||||||
ENERGY-RELATED BUSINESSES | |||||||||||||
Power generated and sold (millions of kWhs) | |||||||||||||
Sempra Mexico(3) | 1,450 | 1,327 | 3,846 | 3,032 | |||||||||
Sempra Renewables(4) | 1,189 | 894 | 3,763 | 3,100 |
(1) | Includes intercompany sales. |
(2) | Includes 100 percent of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an 80.25-percent interest through our March 2018 acquisition of our equity method investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings). Total deliveries for the nine months ended September 30, 2018 only include volumes from the March 9, 2018 acquisition date. |
(3) | Includes power generated and sold at the TdM natural gas-fired power plant and the Ventika wind power generation facilities. Also includes 50 percent of total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. |
(4) | Includes 50 percent of total power generated and sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. On June 25, 2018, our board of directors approved a plan to sell all U.S. wind and solar assets and investments. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||||||
Revenues | $ | 1,299 | $ | 802 | $ | — | $ | 375 | $ | 410 | $ | 38 | $ | 147 | $ | (131) | $ | 2,940 | |||||||||||||||||||
Cost of sales and other expenses | (825) | (656) | — | (277) | (201) | (24) | (131) | 98 | (2,016) | ||||||||||||||||||||||||||||
Depreciation and amortization | (174) | (141) | — | (14) | (45) | — | (2) | (4) | (380) | ||||||||||||||||||||||||||||
Impairment losses | — | — | — | — | (4) | — | — | — | (4) | ||||||||||||||||||||||||||||
Other income, net | 24 | 3 | — | 1 | 66 | — | — | 3 | 97 | ||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 324 | 8 | — | 85 | 226 | 14 | 14 | (34) | 637 | ||||||||||||||||||||||||||||
Net interest (expense) income | (55) | (29) | — | (4) | (13) | (3) | 7 | (113) | (210) | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (53) | 7 | — | (23) | (126) | 2 | (6) | 32 | (167) | ||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 154 | — | (28) | 12 | — | (64) | 74 | ||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (11) | — | — | (8) | (15) | 9 | 1 | — | (24) | ||||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | — | — | (36) | (36) | ||||||||||||||||||||||||||||
Earnings (losses) | $ | 205 | $ | (14) | $ | 154 | $ | 50 | $ | 44 | $ | 34 | $ | 16 | $ | (215) | $ | 274 | |||||||||||||||||||
Three months ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||||||
Revenues | $ | 1,236 | $ | 684 | $ | — | $ | 376 | $ | 336 | $ | 26 | $ | 152 | $ | (131) | $ | 2,679 | |||||||||||||||||||
Cost of sales and other expenses(2) | (773) | (547) | — | (295) | (152) | (22) | (154) | 112 | (1,831) | ||||||||||||||||||||||||||||
Depreciation and amortization | (170) | (132) | — | (14) | (41) | (9) | (10) | (2) | (378) | ||||||||||||||||||||||||||||
Impairment losses | (351) | — | — | — | (1) | — | — | — | (352) | ||||||||||||||||||||||||||||
Other income, net(2) | 20 | 13 | — | 2 | 3 | — | 1 | 1 | 40 | ||||||||||||||||||||||||||||
(Loss) income before interest and tax(1)(3) | (38) | 18 | — | 69 | 145 | (5) | (11) | (20) | 158 | ||||||||||||||||||||||||||||
Net interest (expense) income | (53) | (25) | — | (4) | (14) | (2) | 5 | (60) | (153) | ||||||||||||||||||||||||||||
Income tax benefit (expense) | 72 | 14 | — | (18) | (34) | 9 | 2 | 39 | 84 | ||||||||||||||||||||||||||||
Equity earnings, net(3) | — | — | — | 1 | 2 | 7 | 3 | — | 13 | ||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (9) | — | — | (6) | (33) | 6 | (3) | — | (45) | ||||||||||||||||||||||||||||
(Losses) earnings | $ | (28) | $ | 7 | $ | — | $ | 42 | $ | 66 | $ | 15 | $ | (4) | $ | (41) | $ | 57 |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | As adjusted for the retrospective adoption of ASU 2017-07. |
(3) | As adjusted for a reclassification to conform to current year presentation. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||||||
Revenues | $ | 3,405 | $ | 2,700 | $ | — | $ | 1,190 | $ | 1,028 | $ | 103 | $ | 330 | $ | (290) | $ | 8,466 | |||||||||||||||||||
Cost of sales and other expenses | (2,133) | (1,934) | — | (915) | (453) | (68) | (324) | 221 | (5,606) | ||||||||||||||||||||||||||||
Depreciation and amortization | (509) | (414) | — | (43) | (131) | (27) | (24) | (10) | (1,158) | ||||||||||||||||||||||||||||
Impairment losses | — | — | — | — | (4) | — | (1,300) | — | (1,304) | ||||||||||||||||||||||||||||
Other income, net | 77 | 49 | — | 4 | 64 | — | — | 2 | 196 | ||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 840 | 401 | — | 236 | 504 | 8 | (1,318) | (77) | 594 | ||||||||||||||||||||||||||||
Net interest (expense) income | (158) | (81) | — | (11) | (42) | (9) | 18 | (326) | (609) | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (151) | (75) | — | (64) | (226) | 67 | 488 | 88 | 127 | ||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 283 | 1 | 2 | (170) | 1 | (67) | 50 | ||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (10) | — | — | (22) | (77) | 50 | 47 | — | (12) | ||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | — | (89) | (90) | ||||||||||||||||||||||||||||
Earnings (losses) | $ | 521 | $ | 244 | $ | 283 | $ | 140 | $ | 161 | $ | (54) | $ | (764) | $ | (471) | $ | 60 | |||||||||||||||||||
Nine months ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | SDG&E | SoCalGas | Sempra | Sempra | Sempra | Sempra | Sempra | Consolidating | Total | ||||||||||||||||||||||||||||
Revenues | $ | 3,351 | $ | 2,695 | $ | — | $ | 1,169 | $ | 873 | $ | 74 | $ | 406 | $ | (325) | $ | 8,243 | |||||||||||||||||||
Cost of sales and other expenses(2) | (2,048) | (1,914) | — | (915) | (403) | (57) | (353) | 275 | (5,415) | ||||||||||||||||||||||||||||
Depreciation and amortization | (499) | (384) | — | (40) | (114) | (28) | (31) | (10) | (1,106) | ||||||||||||||||||||||||||||
Impairment losses | (351) | — | — | — | (72) | — | — | — | (423) | ||||||||||||||||||||||||||||
Other income, net(2) | 61 | 51 | — | 7 | 190 | 1 | 2 | 10 | 322 | ||||||||||||||||||||||||||||
Income (loss) before interest and tax(1)(3) | 514 | 448 | — | 221 | 474 | (10) | 24 | (50) | 1,621 | ||||||||||||||||||||||||||||
Net interest (expense) income | (151) | (76) | — | (13) | (61) | (7) | 14 | (173) | (467) | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (72) | (103) | — | (57) | (278) | 25 | (17) | 124 | (378) | ||||||||||||||||||||||||||||
Equity earnings (losses), net(3) | — | — | — | 2 | (7) | 25 | 6 | — | 26 | ||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | (15) | — | — | (19) | (23) | 16 | (3) | — | (44) | ||||||||||||||||||||||||||||
Preferred dividends | — | (1) | — | — | — | — | — | — | (1) | ||||||||||||||||||||||||||||
Earnings (losses) | $ | 276 | $ | 268 | $ | — | $ | 134 | $ | 105 | $ | 49 | $ | 24 | $ | (99) | $ | 757 |
(1) | Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) | As adjusted for the retrospective adoption of ASU 2017-07. |
(3) | As adjusted for a reclassification to conform to current year presentation. |
[SRE-F]
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SOURCE Sempra Energy
SAN DIEGO, Nov. 7, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its subsidiaries Infraestructura Energetica Nova S.A.B. de C.V. (IEnova) (BMV: IENOVA) and Sempra LNG & Midstream have signed three Heads of Agreements (HOAs) with affiliates of Total S.A. (Total), Mitsui & Co., Ltd. (Mitsui) and Tokyo Gas Co., Ltd. (Tokyo Gas) for the full export capacity of Phase 1 of the Energia Costa Azul liquefied natural gas (ECA LNG) project located in Baja California, Mexico.
ECA LNG Phase 1 is a single-train liquefaction facility to be located adjacent to the existing LNG receipt terminal and expected to produce approximately 2.4 million tonnes per annum (Mtpa) of LNG for export to global markets.
"These three HOAs mark a significant milestone for the development of the ECA liquefaction export-project, supporting Sempra Energy's strategic vision of becoming North America's premier energy infrastructure company," said Joseph A. Householder, president and chief operating officer of Sempra Energy.
"We look forward to working with three world-class and well-respected LNG companies to develop a project that should provide low-cost, flexible operations and reliable LNG to the Pacific Basin market and to supply the Baja California peninsula market in Mexico," said Carlos Ruiz Sacristán, CEO of the Sempra North American Infrastructure group and executive chairman of IEnova.
"We are pleased to work with Sempra Energy and IEnova to participate in the development of ECA LNG, which will benefit from synergies with existing infrastructure and from a significant shipping cost advantage for our customers in Asia," said Philippe Sauquet, president of gas, renewables and power for Total S.A.
"We are pleased to work with Sempra Energy and IEnova for ECA LNG, which is another significant milestone to further strengthen the strategic partnership with Sempra LNG and IEnova in a broad range of business opportunities," said Hirotatsu Fujiwara, executive managing officer, chief operating officer of Energy Business Unit II, Mitsui & Co., Ltd.
"Tokyo Gas looks forward to working with the Sempra Energy team to advance the ECA LNG project and to provide the benefits of North American LNG supplies to our customers," said Kentaro Kimoto, managing executive officer, chief executive of the Gas Resources & Energy Production Division of Tokyo Gas.
The three HOAs for ECA LNG Phase 1 contemplate the parties negotiating and finalizing definitive 20-year LNG sales-and-purchase agreements. The three companies each will potentially purchase approximately 0.8 Mtpa of LNG from ECA LNG Phase 1. A final investment decision for ECA LNG is targeted in late 2019 with potential first LNG deliveries in 2023.
In June, TechnipFMC and Kiewit were selected as the engineering, procurement, construction and commissioning (EPC) contractor for the ECA LNG project, subject to reaching a definitive agreement on the EPC contract.
The ECA LNG receipt terminal was the first LNG receipt terminal constructed on North America's West Coast. Located about 15 miles north of Ensenada, Baja California, it began commercial operations in 2008 and is capable of processing up to 1 billion cubic feet of natural gas per day.
In addition to the ECA LNG Phase 1 and 2 export projects, Sempra Energy is developing Port Arthur LNG export project in Texas and Cameron LNG Phase 1 and 2 export projects in Louisiana. Cameron LNG Phase 1 currently is under construction and Total and Mitsui are two of Sempra Energy's joint-venture partners in the project.
Development of the ECA LNG Phase 1 and 2, Port Arthur LNG and Cameron LNG Phase 2 export projects are subject to a number of risks and uncertainties, including obtaining binding customer commitments, required regulatory approvals and permits, securing financing, completing the required commercial agreements and other factors, as well as reaching a final investment decision. The ultimate participation of Total, Mitsui and Tokyo Gas in the ECA LNG project remains subject to finalization of definitive agreements, among other factors.
About Sempra Energy
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
About IEnova
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2017, the company has invested more than US$7.6 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova is the first energy infrastructure company to be listed on the Mexican Stock Exchange.
About Total, S.A.
With a portfolio of 15.6 million tons managed in 2017, Total is one of the world's leading players in the sector, with solid and diversified positions across the LNG value chain. Through its stakes in liquefaction plants located in Qatar, Nigeria, Russia, Norway, Oman, the United Arab Emirates, the United States, Australia, Angola and Yemen, the Group sells LNG in all global markets. Following the acquisition of Engie's LNG business, Total became the second-largest private global LNG player among the majors, with an overall LNG portfolio of around 40 Mtpa by 2020 and a worldwide market share of 10 percent. LNG development is a key element of the Group strategy, which is strengthening its upstream positions in the major production regions with projects in Russia, the Middle East, the U.S. and Australasia, as well as its downstream positions in all markets.
About Mitsui & Co., Ltd.
Mitsui & Co., Ltd. is one of the world's most diversified and comprehensive trading, investment and service enterprises. Headquartered in Tokyo, Mitsui maintains a global network of 138 offices in 66 countries and regions and has 472 subsidiaries and associated companies worldwide. (As of March 31, 2018) Visit www.mitsui.com to learn more.
About Tokyo Gas
Tokyo Gas Co., Ltd is Japan's largest provider of city gas, serving more than 11 million for gas customers, and 1.5 million for electricity customers primarily in the Tokyo metropolitan area and surrounding Kanto region. Tokyo Gas is committed to be a leader in this new era of energy liberalization through our Gas, Power, and Services mission on a Global level while continuing to promote a low-carbon society. Tokyo Gas received Japan's very first LNG cargo in 1969, and 2019 marks its 50th anniversary.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Nov. 2, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Cameron LNG has initiated the commissioning process for the support facilities and first liquefaction train of Phase 1 of its Hackberry, La., liquefaction-export project.
"All major construction activities have been completed to begin the commissioning and start-up process to produce LNG from the first liquefaction train," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "This is a significant milestone for this landmark U.S. energy infrastructure facility – an important step forward in advancing our strategic vision to become North America's premier energy infrastructure company."
Phase 1 of the Cameron LNG liquefaction-export project, which includes the first three liquefaction trains, is a $10 billion facility with a projected export capability of 12 million tonnes per annum (Mtpa) of LNG, or approximately 1.7 billion cubic feet per day. All three trains are expected to be producing LNG in 2019.
The commissioning process includes testing of all support systems, combustion turbines and compressors, as well as the delivery of feed gas from the transmission pipeline and production of the first LNG. Once all of the steps of the commissioning process are approved by the Federal Energy Regulatory Commission (FERC) and successfully completed for the first liquefaction train, LNG production will start up, and then ramp up to full production for delivery to global markets.
Cameron LNG is jointly owned by affiliates of Sempra LNG & Midstream, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2 percent of Cameron LNG.
Sempra Energy's share of full run-rate earnings from the first three trains at Cameron LNG are projected to be between $365 million and $425 million annually.
Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America. Cameron LNG Phase 2, previously authorized by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks. Sempra Energy's other LNG development projects include Port Arthur LNG, Energía Costa Azul (ECA) LNG Phase 1 and ECA LNG Phase 2.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, and (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Nov. 1, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Patricia K. Wagner has been promoted to group president of U.S. utilities for the company.
Currently chairman and CEO of Southern California Gas Co. (SoCalGas), Wagner will assume her new position Nov. 17, reporting to Joseph A. Householder, president and chief operating officer of Sempra Energy, and continue in her role as chairman of SoCalGas.
"We are pleased to elevate Patti Wagner into this broader role overseeing our U.S. utilities," said Householder. "She brings a long track record of leadership success and industry experience. In her new position, Patti will be able to apply her deep and diverse experiences from managing within our utility, infrastructure and corporate organizations."
As group president, Wagner will oversee San Diego Gas & Electric (SDG&E), SoCalGas and Sempra Energy's investment in Oncor Electric Delivery Company LLC. J. Bret Lane will remain president and chief operating officer of SoCalGas and continue to report to Wagner.
Wagner has served as CEO of SoCalGas, the nation's largest natural gas distribution utility, since 2016 and as chairman of SoCalGas since May 2018. Previously, from 2014 to 2016, she was president and CEO of Sempra U.S. Gas & Power, a predecessor company for Sempra Energy's renewable energy and non-utility natural gas infrastructure businesses. In her 23-year Sempra Energy career, Wagner has held a range of other leadership positions, including: vice president of audit services for Sempra Energy; vice president of accounting and finance for SoCalGas; vice president of information technology for SoCalGas and SDG&E; and vice president of operational excellence for SoCalGas and SDG&E. She also has served in key management roles at SoCalGas and SDG&E in gas distribution operations and customer services.
Prior to joining the Sempra Energy companies in 1995, Wagner held management positions at Fluor Daniel, McGaw Laboratories and Allergan Pharmaceuticals.
She serves on the board of directors of Apogee Enterprises, Inc. where she is a member of the Compensation and Audit committees. Wagner also is a board member for the Southern California Leadership Council and Cal Poly Pomona College of Engineering's Dean's Leadership Board.
Wagner holds a master's degree in business administration from Pepperdine University and a bachelor's degree in chemical engineering from California State Polytechnic University, Pomona.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Nov. 1, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Bethany J. Mayer has been named to the newly created position, executive vice president of corporate development and technology for Sempra Energy.
Mayer, currently an executive partner with Siris Capital Group LLC, a New York-based private equity firm, will join Sempra Energy Nov. 26 in her new role, reporting to Jeffrey W. Martin, CEO of Sempra Energy. Mayer served on the Sempra Energy board of directors from February 2017 until Oct. 30, 2018, when she resigned her board position in advance of assuming her new management role with the company.
As executive vice president of corporate development and technology, Mayer will lead the company's strategy, corporate development/mergers and acquisitions activity, cybersecurity, digital technology and certain human resources activities.
"We are building North America's premier energy infrastructure company and, every day, we are striving to better serve the changing energy needs of more than 40 million consumers worldwide," said Martin. "Bethany Mayer's appointment underscores the increasingly critical role technology plays today and in the future in our business. We are thrilled to have someone of Bethany's caliber join our executive team. She is an innovator with deep technology and business experience, who will provide leadership as we seek new and better ways to serve our customers."
Prior to joining Siris Capital Group, Mayer was president and CEO of Ixia, a publicly traded $500 million company and market leader in test, visibility and security solutions. During her tenure at Ixia, Mayer drove the growth of the company in key new markets, culminating in a successful sale of the company to Keysight Technologies Inc. in 2017. She brings more than 25 years of technology experience serving in executive roles in companies both large and small. Prior to Ixia, Mayer was senior vice president and general manager of Hewlett Packard's $2.5 billion networking business unit and Network Functions Virtualization business unit. Previously, Mayer served as senior vice president of marketing and alliances for Blue Coat Systems and held leadership roles at both Cisco Systems and Apple.
In addition to serving as a Sempra Energy director, Mayer also holds director positions with Marvell Technology and DataStax Inc.
In 2017, Mayer was awarded the Global Leader of the Year Award by Women in IT and was named one of the "Top 50 Most Powerful Women in Technology" in both 2015 and 2016 by The National Diversity Council. In 2015, she was named to The Channel Company's prestigious 2015 CRN® Top 100 list as one of the technology industry's "Top 25 Disruptors" – executives who have made the most significant impact on the technology sector.
Mayer holds a bachelor's degree from Santa Clara University and a master's degree in business administration from California State University, Monterey Bay, where she received the Distinguished Alumni award in 2018.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or when we discuss our guidance, strategy, plans, goals, vision, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts, major acquisitions such as our interest in Oncor, and construction projects, including risks in (i) timely obtaining or maintaining permits and other authorizations, (ii) completing construction projects on schedule and on budget, (iii) obtaining the consent and participation of partners and counterparties and their ability to fulfill contractual commitments, and (iv) not realizing anticipated benefits; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; and moves to reduce or eliminate reliance on natural gas; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; risks posed by actions of third parties who control the operations of our investments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our equity and debt securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; changes in capital markets, energy markets and economic conditions, including the availability of credit and the liquidity of our investments; and volatility in inflation, interest and currency exchange rates and commodity prices and our ability to effectively hedge the risk of such volatility; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation and the potential risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements and commitments, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
DALLAS, Oct. 25, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its third quarter 2018 results on November 7, 2018, prior to Sempra Energy's (NYSE: SRE) third quarter 2018 conference call. Oncor's third quarter 2018 earnings release will be available at oncor.com.
Sempra Energy's conference call will occur at 12 p.m. EST on November 7, 2018, and may include discussion of Oncor's third quarter 2018 operational and financial results. Sempra Energy is the indirect owner of 80.25% of Oncor's outstanding equity interests. Investors, media, analysts and the public may listen to a live webcast of the conference on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link.
For those unable to participate in the live event, a replay of Sempra Energy's call will be available a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 9587918.
Oncor's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company LLC
LOS ANGELES, Oct. 24, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the launch of the new SoCalGas Truck Loan Program. The program allows qualified fleet owners the opportunity to try out the latest in heavy-duty natural gas truck technology by test driving a 12-Liter near-zero truck. This "try before you buy" program provides fleet owners with the opportunity to haul loads with the new truck for up to two weeks. Operators will experience the similarities between natural gas trucks and diesel trucks with respect to power, drivability, fuel range and fuel availability. Additionally, fleet owners will see the advantages natural gas trucks have over diesel, including lower fuel costs.
SoCalGas is working in partnership with the truck's owner, Rush Truck Centers, the only company with a 12-Liter near-zero natural gas truck equipped with a Cummins Westport ISX12N engine and Momentum Fuel system available for rent in Southern California. As part of the rental program, customers will participate in a "pre-rental" and "post-rental" survey of their natural gas vehicle driving experience. The survey will include topics such as truck performance, fueling availability, grants and incentives and purchase decision.
"More fleet owners have switched to natural gas trucks over the last few years, due in part to available incentive funding," said Sharon Tomkins, vice president of customer solutions and strategy for SoCalGas. "However, some are unfamiliar with the technology and are hesitant to make the switch. The SoCalGas Truck Loan Program is the perfect way to put natural gas trucks to the test on routes driven every day."
"We had the opportunity to be one of the first participants in the Truck Loan Program," said Gordy Reimer, president of Southern Counties Express. "Our drivers were able to successfully test the newest 12-Liter renewable natural gas engine on trade lanes they current operate their own trucks on and discover for themselves the advances in natural gas engine technology."
This loan program is just one tool SoCalGas is using to get more drivers behind the wheel of the cleanest heavy-duty truck commercially available. SoCalGas account executives have assisted dozens of fleet owners with incentive funding applications to purchase more than 350 near-zero natural gas trucks and build five new CNG fueling stations since the beginning of the year. Replacing 350 diesel trucks with near-zero natural gas trucks is the equivalent of taking more than 20,000 passenger cars off the road.
For more information on the Truck Loan Program or to inquire about upcoming funding programs, please contact Wendell Peoples at WPeoples@semprautilities.com.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 24, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its third-quarter 2018 earnings at 7 a.m. EST, Nov. 7.
Sempra Energy executives will conduct a conference call at 12 p.m. EST, Nov. 7. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted at 7 a.m. EST, Nov. 7, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 9587918 or it can be accessed on the company's website.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
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SOURCE Sempra Energy
SAN DIEGO, Oct. 23, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has signed a long-term contract with a subsidiary of Marathon Petroleum Corporation (MPC) for approximately 50 percent of the 1-million-barrel initial capacity of the Topolobampo refined fuels marine terminal in Sinaloa, Mexico.
Under the agreement, MPC's subsidiary will have storage capacity of 500,000 barrels of refined fuels that will provide access to new international supplies of fuel to meet the growing demand in the West Coast region of Mexico. Commercial operations of the approximately $150-million marine terminal are expected to commence in late 2020.
Last month, IEnova announced it signed a long-term contract with Chevron Combustibles de Mexico S. de R.L. de C.V. for 50 percent of the initial capacity of the terminal. IEnova will be responsible for the development of the liquid fuels project, including obtaining permits, engineering, procurement, construction, financing as well as maintenance and operations.
IEnova also announced last month it is constructing a 1-million-barrel liquid fuels project in Baja California. Together, these projects advance IEnova's growth plan to develop and build energy infrastructure to benefit energy consumers in Mexico and support Sempra Energy's strategic vision to become North America's premier energy infrastructure company.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2017, the company had invested more than U.S. $7.6 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets, volatility in commodity prices and moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacements of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements, certain reductions in its senior secured credit rating, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission
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SOURCE Sempra Energy
LOS ANGELES, Oct. 19, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the utility had achieved a new milestone with its innovative natural gas capture system, conserving a total of more than 2.5 million cubic feet of natural gas – the equivalent to what more than 12,500 homes use each day on average in the U.S. – since first deploying the technique in August 2016. When crews perform work on a pipeline, some natural gas inside the pipe must be released for safety. Instead of being released into the atmosphere, the natural gas is captured, compressed, and reinjected back into the utility's pipeline system for use by SoCalGas customers. The innovative process reduces emissions and eliminates noise and odor that typically occur in the traditional venting process during pipeline replacement or inspection work. The methane capture technique was one of the best practices included in the utility's Leak Abatement Compliance Plan approved on October 12 by the California Public Utilities Commission (CPUC). Photos from one of the natural gas capture projects are available here.
"For more than 25 years, SoCalGas has been working hard to reduce emissions from its operations, and because of many practices, like the gas capture system, we have one of the lowest methane emission rates of any natural gas distribution company in the country," said David Buczkowski, vice president of gas engineering and system integrity for SoCalGas. "We are pleased that the CPUC responded positively to the compliance plan and best practices we submitted earlier this year, and believe the approved plan will assist our efforts to further reduce emissions."
The methane capture technique was first trialed through SoCalGas' Pipeline Safety Enhancement Plan (PSEP), a multi-year program that identifies various high pressure pipeline sections throughout SoCalGas' system and schedules them to be pressure-tested or replaced.
SoCalGas is a leader in reducing emissions from its system, delivering more than 99.5 percent of the natural gas brought into its pipelines. The utility deploys a suite of advanced technologies to detect and mitigate potential leaks and damage to pipelines, including:
In 1993, SoCalGas was one of the first local gas distribution companies to join Environmental Protection Agency's (EPA) Natural Gas STAR Program, an effort by the EPA to promote the development and adoption of technologies and best practices to reduce methane emissions. Since joining STAR, SoCalGas has voluntarily implemented dozens of cost-effective, methane reduction projects that have resulted in the reduction of more than 800,000 metric tons of carbon dioxide equivalent (CO2e).
Addressing California's Emissions with Renewable Natural Gas
Nationwide, emissions from natural gas pipeline systems, like SoCalGas', represent less than 1 percent of greenhouse gas emissions. Most of California's methane emissions—about 80 percent—come from the agriculture and waste industries. Because of this, SoCalGas has been working to rapidly expand the production and use of renewable natural gas (RNG) in California.
Earlier this year, SoCalGas announced that RNG derived from organic waste from sources like dairies, wastewater treatment plants, and landfills was being introduced into the utility's pipeline system. RNG is a carbon-negative fuel produced from waste found at landfills, wastewater treatment plants, and agriculture and dairy farms that can be used in trucks and buses, to generate electricity, fuel heating systems in home and businesses, and for cooking.
New research shows that RNG can play an important role in lowering carbon emissions in buildings. The analysis forecasts that replacing roughly 16 percent of the traditional natural gas supply with RNG can achieve greenhouse gas reductions equivalent to converting 100 percent of buildings to electric-only energy by 2030. By using a mix of both in and out of state resources, RNG strategy is three times more cost effective in reducing greenhouse gas emissions than an electrification pathway.
SoCalGas recently joined a new international collaboration with Canadian natural gas utility Énergir and French utilities GRDF and GRTgaz aimed at advancing the research and development of renewable natural gas and renewable energy storage technologies, such as power-to-gas.
To help educate the public on renewable natural gas and assist developers who may be interested in interconnecting to the SoCalGas pipeline network, the utility developed a downloadable toolkit. Watch this video to learn more about the environmental and cost-saving benefits of renewable natural gas: Digesting the Facts About Renewable Natural Gas.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 18, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) and Oncor Electric Delivery Company LLC (Oncor) today announced that they have entered into agreements whereby Oncor will acquire 100 percent of the equity interests of InfraREIT, Inc. (NYSE: HIFR) (InfraREIT), including all the limited-partnership units in its subsidiary InfraREIT Partners, LP, for approximately $1.275 billion, or $21 per share (or partnership unit), excluding certain transaction costs, and, concurrently, Sempra Energy will acquire a 50-percent limited-partnership interest in a holding company that will own Sharyland Utilities, LP (Sharyland) for approximately $98 million.
Sempra Energy owns an approximate 80-percent ownership stake in Oncor.
"This transaction advances our growth strategy and will expand our Texas regulated utility platform," said Jeffrey W. Martin, CEO of Sempra Energy. "These assets are highly desirable and supported by strong economic growth, attractive demographic trends and increased demand for electric transmission in Texas. We expect these acquisitions to be accretive to earnings. We also look forward to working with Sharyland on further developing electric transmission and related infrastructure in Texas."
"The purchase of InfraREIT gives us access to high-quality transmission assets that are adjacent to our service territory and are a great fit for our portfolio," said Allen Nye, CEO of Oncor. "As growth continues across Texas and new generation projects continue to come online, this acquisition positions us to make future investments in transmission infrastructure that will better serve the ERCOT market and our customers. We pride ourselves on building safe, reliable, state-of-the-art transmission infrastructure, while providing our customers the lowest rates of any investor-owned utility in Texas."
"We believe that Oncor's acquisition of InfraREIT will bring tremendous benefits to Texas and the ERCOT market," said Texas Transmission Investment LLC (TTI), minority owner of Oncor, in a statement.
Oncor plans to fund its acquisition of InfraREIT with capital contributions proportionate to their ownership interests from Sempra Energy and TTI. Sempra Energy expects to utilize the proceeds from pending asset sales to fund its capital contribution of approximately $1.025 billion to Oncor, excluding certain transaction costs, and also to purchase the 50-percent interest in Sharyland for approximately $98 million.
In addition, the transaction by Oncor includes InfraREIT's outstanding debt, which, as of June 30, 2018, was approximately $945 million.
The transaction requires approvals by the Public Utility Commission of Texas (PUCT) and Federal Energy Regulatory Commission, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and the satisfaction of other regulatory requirements, certain lender consents and other customary closing conditions. Additionally, the purchase of InfraREIT requires approval by its shareholders and is subject to a go-shop provision whereby InfraREIT can solicit superior bids. If all such closing conditions are satisfied, Sempra Energy and Oncor expect to close the transaction in mid-2019.
As part of the transaction, a subsidiary of InfraREIT will exchange certain assets with Sharyland, with the end result being that, after Oncor's acquisition of InfraREIT, Oncor will own InfraREIT's electric transmission and distribution business in Central, North and West Texas, and Sharyland will own assets in South Texas.
Financial advisors for the transaction are Lazard for Sempra Energy and Barclays for Oncor; legal advisors for the transaction are White & Case LLP for Sempra Energy and Vinson & Elkins LLP for Oncor.
EARNINGS GUIDANCE
Based on the expected accretion from today's announced transaction, combined with the expected use of proceeds from ongoing asset sales and the reduced earnings due to such asset sales – including the company's non-utility U.S. wind and solar assets and non-utility U.S. storage assets – Sempra Energy today affirmed its earnings-per-share guidance range of $5.70 to $6.30 for 2019 and $6.70 to $7.50 for 2020. Sempra Energy also updated its 2018 GAAP earnings-per-share guidance range to $2.83 to $3.44, primarily to reflect the estimated impact of the asset sales announced last month. The company's adjusted earnings-per-share guidance range for 2018 remains at $5.30 to $5.80. The 2018 adjusted earnings-per-share guidance range is a non-GAAP financial measure (see Table A for a reconciliation of the GAAP and adjusted earnings-per-share guidance ranges).
INTERNET BROADCAST
Sempra Energy and Oncor senior management plan to hold a conference call with the financial community today at 12 p.m. EDT to discuss the transaction. Investors, media, analysts and the public may listen to a live webcast of the conference call on Sempra Energy's website, www.sempra.com, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 3162523. Briefing materials will be posted on Sempra Energy's website at approximately 7 a.m. EDT.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.6 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. Oncor is managed by its board of directors, which is comprised of a majority of independent directors.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the timing of the anticipated transactions contemplated by the merger agreement and the securities purchase agreement, and any of the applicable parties' post-acquisition plans and intentions, and other statements that are not historical facts. The following important factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the satisfaction of conditions to closing the definitive agreements for the transactions; obtaining required governmental and regulatory approvals, which may delay the transactions or result in the imposition of conditions that could cause the parties to abandon the transactions or be onerous to Sempra Energy or Oncor; the expected timing to consummate the proposed transactions; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transactions may not be fully realized or may take longer to realize than expected; disruption from the transactions making it more difficult to maintain relationships with customers, employees or suppliers; and the diversion of management time and attention to issues related to the transactions.
Additional factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets, volatility in commodity prices and moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacements of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements, certain reductions in its senior secured credit rating, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy and Oncor have filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and neither company undertakes any obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
Additional Information and Where to Find It
The proposed acquisition of InfraREIT by Oncor and the related agreement and plan of merger will be submitted to InfraREIT's stockholders for their consideration and approval. In connection with the proposed acquisition, InfraREIT will file a proxy statement with the SEC. This press release does not constitute a solicitation of any vote or proxy from any stockholder of InfraREIT. Investors are urged to read the proxy statement carefully and in its entirety when it becomes available and any other relevant documents or materials filed or to be filed with the SEC or incorporated by reference in the proxy statement, because they will contain important information about the proposed acquisition. The definitive proxy statement will be mailed to InfraREIT's stockholders. In addition, the proxy statement and other documents will be available free of charge at the SEC's website, www.sec.gov. When available, the proxy statement and other pertinent documents may also be obtained free of charge at the Investor Relations section of InfraREIT's website, http://infrareitinc.com, or by directing a written request to InfraREIT, Inc., Attention: Corporate Secretary, 1900 North Akard Street, Dallas, Texas 75201.
Certain Information Concerning Participants
Sempra Energy, Oncor and InfraREIT and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed acquisition. Information about Sempra Energy's directors and executive officers is included in Sempra Energy's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on February 27, 2018, and Sempra Energy's definitive proxy statement for its 2018 Annual Meeting of Shareholders filed with the SEC on March 23, 2018, and Sempra Energy's Current Report on Form 8-K filed with the SEC on October 12, 2018. Information about Oncor's directors and executive officers is included in Oncor's Registration Statement on Form S-4 filed with the SEC on April 5, 2018, and Oncor's Current Report on Form 8-K filed with the SEC on July 19, 2018. Information about InfraREIT's directors and executive officers is included in InfraREIT's definitive proxy statement for its 2018 Annual Meeting of Stockholders filed with the SEC on March 22, 2018.
SEMPRA ENERGY
Table A
RECONCILIATION OF SEMPRA ENERGY 2018 ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGE TO SEMPRA ENERGY 2018 GAAP EARNINGS-PER-SHARE GUIDANCE RANGE (Unaudited)
Sempra Energy 2018 adjusted earnings-per-share guidance range of $5.30 to $5.80 excludes items as follows:
Sempra Energy 2018 adjusted earnings-per-share guidance is a non-GAAP financial measure (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes this non-GAAP financial measure provides additional clarity into the ongoing results of the business and the comparability of such results to prior and future periods and also as a base for projected earnings-per-share compound annual growth rate. Sempra Energy 2018 adjusted earnings-per-share guidance should not be considered an alternative to earnings-per-share guidance determined in accordance with GAAP. The table below reconciles Sempra Energy 2018 adjusted earnings-per-share guidance range to Sempra Energy 2018 GAAP earnings-per-share guidance range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
Full-Year 2018 | |||||||||
Sempra Energy GAAP Earnings-Per-Share Guidance Range | $ | 2.83 | to | $ | 3.44 | ||||
Excluded items: | |||||||||
Impairments of certain assets and equity method investments | 3.55 | 3.55 | |||||||
Impacts associated with Aliso Canyon litigation | 0.08 | 0.08 | |||||||
Impact from the TCJA | 0.09 | 0.09 | |||||||
Estimated gain on sale of U.S. solar assets | (1.25) | (1.36) | |||||||
Sempra Energy Adjusted Earnings-Per-Share Guidance Range | $ | 5.30 | to | $ | 5.80 | ||||
Weighted-average number of common shares outstanding, diluted (millions) | 272 |
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SOURCE Sempra Energy
SAN DIEGO, Oct. 12, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Cynthia L. Walker and Michael N. Mears have been appointed to the company's board of directors.
Walker is senior vice president of marketing and midstream operations and development for Occidental Petroleum, where she also formerly served as executive vice president and chief financial officer. Mears currently is chairman, president and CEO of Magellan Midstream Partners LP.
The appointments of Walker and Mears were mutually agreed upon by Sempra Energy's board and Elliott Management Corporation as part of the cooperation agreement announced last month. Walker and Mears will serve on the board's LNG and Business Development Committee, which, together with the board, will lead an expanded review of Sempra Energy's businesses. Along with Walker and Mears, three current independent board directors – William C. Rusnack, James C. Yardley and Alan L. Boeckmann – will serve on the committee, with Boeckmann as chair.
"Our strategic vision is to become North America's premier energy infrastructure company," said Jeffrey W. Martin, CEO of Sempra Energy. "With their considerable management experience in the energy industry, especially in the midstream sector, Cynthia Walker and Mike Mears will add critical depth and experience to our board as we continue to expand our energy infrastructure businesses. In addition, their experience evaluating and advising on significant transactions will inform their important work on the LNG and Business Development Committee as part of our expanded business review."
Walker, 42, has served in her current role with Occidental Petroleum since 2016, leading midstream operations and the company's crude oil and natural gas marketing efforts. Previously, she was senior vice president of strategy and development for Occidental, overseeing the company's business development and financial planning activities. Walker joined Occidental Petroleum in 2012 as executive vice president and chief financial officer after 12 years at Goldman, Sachs & Co., where she rose to the position of managing director. At Goldman Sachs, she provided clients with strategic advice in high-profile energy industry transactions as a senior member of the firm's Global Natural Resources Group and Mergers and Acquisitions Group. Walker holds a bachelor's degree in business administration with high honors from the University of Texas at Austin.
Mears, 55, has been chairman, president and CEO of Magellan Midstream Partners since 2011. Previously, from 2008 to 2011, he was the company's chief operating officer. Mears first joined Magellan Midstream Partners in 2002 when the company was formed and held a series of increasingly responsible management positions, including vice president of transportation and senior vice president of terminals and transportation. Before Magellan, Mears worked in a range of management positions for its predecessor company, Williams Pipeline Co., beginning in 1985. He holds a bachelor's degree in chemical and petroleum refining engineering from the Colorado School of Mines.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets, volatility in commodity prices and moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to or replacements of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements, certain reductions in its senior secured credit rating, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Oct. 8, 2018 /PRNewswire/ -- Sempra Energy's (NYSE:SRE) Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its third-quarter 2018 earnings at 6 p.m. EDT, Oct. 24, in advance of a conference call with IEnova executives at 11 a.m. EDT, Oct. 25.
Briefing materials also will be posted by 6 p.m. EDT, Oct. 24, on IEnova's website, www.ienova.com.mx.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 1587977#.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2017, the company had invested approximately US$7.6 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 5, 2018 /PRNewswire/ -- In recognition of the third annual Energy Efficiency Day, Southern California Gas Co. (SoCalGas) today issued a reminder about smart thermostat and appliance rebates that give customers cash back while helping keep natural gas bills low. SoCalGas is among a growing network of advocates, companies, government agencies, utilities and others that will showcase the benefits of energy efficiency during the nationwide Energy Efficiency Day. SoCalGas also offered its customers tips about how to save energy and money during the upcoming home heating season.
"Taking simple steps to improve energy efficiency helps reduce heating costs and helps curb emissions linked to climate change," said Dan Rendler, director of customer programs and assistance for SoCalGas. "You can be better prepared for the winter months by taking advantage of rebates on energy-saving appliances and ensuring the safe operation of home furnaces."
More than twenty cities, counties, states and universities across the country have already issued proclamations recognizing October 5, 2018 as Energy Efficiency Day, including the City of West Hollywood.
"The City of West Hollywood has issued a proclamation to recognize October 5, 2018 as 'Energy Efficiency Day,'" said West Hollywood Mayor John J. Duran, "In West Hollywood, we're taking steps to implement clean power options and reduce energy use in our city facilities. It's essential that we reduce power plant emissions that can harm our health, pollute our air, and warm our climate. On Energy Efficiency Day, we're reminding community members that we can all take steps right now to reduce our energy use with simple actions such as selecting energy efficient appliances, using LED bulbs and turning off lights when not in use, and adjusting thermostats to more efficient settings. Together, we can make greener choices."
SoCalGas offers rebates on hundreds of home products that help save energy. Applying for these rebates can be done online in a matter of minutes. Among the most popular are smart thermostats. These devices can learn your schedule and temperature preferences and adjust the temperature in your home accordingly. They also allow users to adjust home temperatures with a mobile app or computer and can even use local weather conditions to help control energy costs. Last winter, customers who participated in a smart thermostat energy efficiency pilot program saved enough natural gas to dry two million loads of laundry.
SoCalGas also offers a website SoCalGas Marketplace, where customers can find and compare energy efficient products. Customers can save $75 on select smart thermostats and Energy Star natural gas dryers, $200 on select water heaters and up to $75 on select washing machines. Customers can also save money on low-flow showerheads, including those with thermostatic shut-off valves that temporarily cut water flow once the water has become hot.
Over its lifetime, an energy efficient appliance will save customers thousands of dollars in energy bills—approximately $1,500 with a tankless water heater, $550 with a natural gas furnace, $200 with a storage water heater and $125 with a smart thermostat.
Temperatures in Southern California typically turn cooler in November and can remain cold through March. Lower temperatures are usually accompanied by an increase in home heating bills, but there are ways to save money.
Customers can take these steps to reduce their natural gas use during cold weather to help keep energy costs affordable:
More energy saving tips are located here.
In Southern California, natural gas is the most affordable and reliable option for water heating, cooking and space heating. More than 90 percent of residents use natural gas to heat their home and hot water. In addition, more than half of the electricity generated in California is produced using clean burning natural gas. Generating electricity locally using natural gas helps California avoid importing electricity generated with less desirable fuels like coal.
SoCalGas is a leader in researching and developing new technologies that improve energy efficiency and protect the environment. In the past five years, SoCalGas energy efficiency programs have delivered more than 146 million therms in energy savings, enough to power 326,000 households a year, and reducing greenhouse gas (GHG) by more than 775,000 metric tons, the equivalent of removing nearly 165,000 cars from the road. These advances have also helped save SoCalGas customers more than $161 million in utility bill costs.
Customers are also encouraged to sign up for free bill tracking alerts and other online tools to help keep heating affordable this winter. "Bill Tracker Alerts" are an easy way to track natural gas use each week — instead of waiting until the monthly bill arrives — and can help customers use less natural gas and lower their bills. Customers can enroll for Bill Tracker Alerts in My Account. Once enrolled, they can easily access their gas usage information, pay bills, schedule service orders and sign up for Bill Tracker Alerts by visiting "Manage My Account: Manage Alerts."
For customers in need of assistance in paying their natural gas bills or in making their homes more energy efficient, SoCalGas offers a range of programs and services. To sign up for these programs and services, or for more information on how to reduce winter gas bills, visit SoCalGas' website at socalgas.com or call (800) 427-2200.
Energy Efficiency Day is a collaboration between regional and national organizations aimed at helping individuals and organizations save energy and save money. Customers can find out how to participate by visiting energyefficiencyday.org.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Oct. 2, 2018 /PRNewswire/ -- California's energy and biogas industry leaders met today at the "Power of Waste" conference to share their expertise in renewable natural gas and its importance in helping the state meet its renewable energy, greenhouse gas reduction, and clean air goals. In addition to the state's new law requiring all renewable and zero-carbon resources for electric generation by 2045, another law, Senate Bill (SB) 1440, requires the state's Public Utilities Commission and Air Resources Board to consider adopting biomethane procurement targets for gas companies in the state. The conference, hosted jointly by Southern California Gas Co. (SoCalGas), Pacific Gas and Electric Company (PG&E), and the national nonprofit organization Energy Vision, provided a timely look into successful biomethane development and its growth potential in California. The event was held at SoCalGas' Energy Resource Center in Downey, California.
Renewable natural gas (RNG) can be produced from waste at landfills, wastewater treatment plants, food processing and dairies. The California Department of Resources Recycling and Recovery ("CalRecycle") estimates 50 to 100 new or expanded anaerobic digestion and composting facilities will be developed in California to meet the 75% organics diversion goal by 2025 required by state law (SB 1383).
Renewable natural gas is a cost-effective way to reduce greenhouse gas emissions. According to a recent study by Navigant, Consulting, Inc., replacing approximately 16 percent of the traditional natural gas supply with renewable gas can achieve greenhouse gas (GHG) reductions equivalent to converting 100 percent of buildings to electric-only energy by 2030. By using a mix of both in- and out-of-state resources, a renewable natural gas strategy is about three times more cost effective in reducing GHGs than an electrification pathway. In addition, renewable natural gas is available day and night to complement other renewable energy sources like solar and wind, making the entire energy system cleaner and more reliable.
"Renewable natural gas can cost-effectively reduce greenhouse gas emissions, short-lived climate pollutants and criteria pollutants to help meet California's climate and clean air goals," said Yuri Freedman, senior director of business development for SoCalGas. "And the latest state legislation means this renewable fuel is primed for further development."
"Adding the various benefits of renewable natural gas together, you get something unique: the clean burning and lowest-carbon fuel available today," said Joanna Underwood, founder and board member of Energy Vision. "The California Air Resources Board and Argonne National Labs have both verified RNG can be net-carbon negative over its lifecycle, with more greenhouse gases being captured to make the fuel than are emitted by burning it. So making and using RNG doesn't just slow the accumulation of atmospheric GHG; it can actually help roll it back. As a transportation fuel, it can cut health-damaging particulate, NOx and SOx emissions to close to zero. California is the major market for RNG in the US, but it has yet to make much of it in-state. RNG represents a tremendous opportunity for California to turn its waste into energy, meet its climate goals and improve its air quality."
"Interconnecting biomethane producers to our extensive pipeline network requires new, creative and innovative approaches," said Steve Moorleghen, wholesale marketing and business development, PG&E. "We are proud to partner with dairies and other energy companies to explore how we can bring more biomethane on-system and reduce greenhouse gas emissions."
Creating more renewable energy for California
As California policymakers have sought to expand the production and use of renewable energy, SoCalGas has been working to expand the production and use of renewable natural gas in the state. The utility announced last month it will soon begin using renewable natural gas for the first time at the 25 utility-owned natural gas vehicle fueling stations across its service territory. In July, it launched a video on renewable natural gas, and worked with waste management company CR&R Environmental to begin injecting renewable natural gas produced at CR&R's anaerobic digestion facility in Perris, Calif., into SoCalGas pipelines. In June, SoCalGas joined two French utilities and a Canadian natural gas utility in a new collaboration to advance the research and development of renewable natural gas and technologies such as power-to-gas. SoCalGas also assists California fleets in obtaining state funds designated for the purchase of near-zero emissions heavy-duty natural gas trucks.
SoCalGas has supported the implementation of California Senate Bill (SB) 1383, considered the most aggressive law in the nation designed to tackle short-lived climate pollutants. Last year, SoCalGas worked with other natural gas utilities in the state to solicit the dairy biomethane pilot projects required by the legislation.
In addition, SoCalGas has created a downloadable toolkit to assist renewable gas producers and developers who are interested in interconnecting their projects with the SoCalGas pipeline network. The utility also created new provisions in 2017 to enable SoCalGas and renewable gas producers to accelerate the process of interconnecting to SoCalGas pipelines.
Renewable natural gas from other states has already begun to clean the air and reduce greenhouse gas emissions in California's transportation sector, which accounts for more than 80 percent of smog forming emissions and about 40 percent of greenhouse gas emissions in the state. The latest generation of natural gas engines for heavy-duty vehicles can reduce smog-forming emissions by more than 90 percent. When fueled with renewable natural gas, these trucks reduce greenhouse gas emissions by 80 percent or more. Already, about 70 percent of natural gas trucks in California are fueled by renewable gas delivered by SoCalGas pipelines.
For more information on renewable natural gas, go to: socalgas.com/smart-energy.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information on renewable natural gas, go to: socalgas.com/smart-energy. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Pacific Gas and Electric Company
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation, is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation's cleanest energy to nearly 16 million people in Northern and Central California.
PG&E has proudly served northern California communities, families and businesses since 1905 and is committed to become the safest, most reliable, affordable and clean energy company in the country. PG&E is making strategic investments in new technologies and processes, including biomethane and low-carbon gas alternatives, that help reduce greenhouse gas emissions. Since 1998, the company has reduced its SF6 emissions rate by more than 85 percent and total emissions by more than 70 percent.
About Energy Vision
Energy Vision is a non-profit organization which researches, analyzes and promotes currently viable technologies and strategies for accomplishing the transition to a sustainable, low-carbon energy and transportation future. Learn more at www.energy-vision.org.
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SOURCE Southern California Gas Company
LOS ANGELES, Sept. 27, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today joined the Coalition for Clean Air (CCA), local elected officials, industry representatives, businesses, and community leaders at Union Station in Downtown Los Angeles to announce plans for California Clean Air Day, a multifaceted, statewide program built on the idea that shared experiences unite people to action to improve community health, taking place on Oct. 3, 2018. In celebration of Clean Air Day, SoCalGas has pledged to reduce its yearly use of air conditioning at each of the company's 60 work locations on an ongoing basis, starting on Oct. 3, 2018. The new initiative is expected to reduce the utility's overall electricity usage by more than 86,000 kWh per year – the equivalent of more than 157,000 miles driven by an average passenger car. In addition, more than 125 SoCalGas employees, so far, have taken the Clean Air Pledge, which includes actions like reducing car use by telecommuting, taking mass transit to work, biking, turning off lights, changing the filter in their car or home heater, planting trees, and encouraging friends and family members to take the pledge. Photos from this morning's event are available here.
"Earlier this year, California celebrated as we announced that our statewide efforts had reduced greenhouse gas emissions below 1990 levels and four years ahead of schedule," said George Minter, regional vice president of external affairs and environmental strategy for SoCalGas. "But a closer look at the data shows that GHG emissions from the transportation sector are actually increasing. And this year, we had more days with unhealthy air than at any point in the last two decades. We can address pollution and emissions linked to climate change today with balanced energy policies that encourage the rapid deployment of near-zero emissions natural gas trucks fueled with renewable natural gas sourced from farms, landfills, and wastewater treatment plants."
"Heavy-duty trucks fueled with renewable natural gas reduce air pollution and help protect against climate change. It's a win-win combination," said Joseph K. Lyou, Ph.D., president and CEO of the Coalition for Clean Air.
Earlier this year, SoCalGas announced that, for the first time, renewable natural gas produced from organic waste was being introduced into the company's pipeline system. Renewable natural gas is already being used by a local waste hauler as fuel for 400 of its collection trucks and is reducing emissions equal to taking 130,000 cars off the road.
SoCalGas also recently announced it will soon begin using renewable natural gas for the first time at the 25 utility-owned natural gas vehicle fueling stations across its service territory, as well as at six fueling stations in the San Diego area.
SoCalGas is a leader in reducing emissions. Since 1990, the company's energy efficiency and rebate programs have reduced emissions equal to taking almost 700,000 cars off the road.
Through the Clean Air Pledge, individuals, communities, businesses, government, schools, and other organizations across California commit to taking simple, personal actions to clean the air in ways that makes sense for them. Clean Air Day is a project of the Coalition for Clean Air. For more information about Clean Air Day, visit www.cleanairday.org.
Reducing Emissions with Renewable Natural Gas
Today, the transportation sector is responsible for about 41 percent of California's greenhouse gas emissions and 80 percent of smog-forming pollution. The latest heavy-duty natural gas engines can cut smog-forming emissions by more than 90 percent compared to the cleanest heavy-duty diesel trucks on the road today. And, when near-zero emission natural gas trucks are fueled by renewable natural gas, greenhouse gas emissions are reduced by at least 80 percent. Each heavy-duty diesel truck that is replaced with a near-zero emissions natural gas truck is equal to removing 57 passenger vehicles from the road.
Already, close to 70 percent of natural gas fleets in California are fueled with renewable natural gas.
In support of renewable energy and the state's vision of a low-carbon future, SoCalGas has been working to rapidly expand the production and use of renewable natural gas in California. Renewable natural gas is a carbon-negative fuel produced from waste found at landfills, wastewater treatment plants, and agriculture and dairy farms that can be used in trucks and buses, to generate electricity, fuel heating systems in home and businesses, and for cooking.
In addition, new research shows that renewable natural gas can play an important role in lowering carbon emissions in buildings. The analysis forecasts that replacing roughly 16 percent of the traditional natural gas supply with renewable gas captured from sources like dairies, wastewater treatment plants, and landfills can achieve greenhouse gas reductions equivalent to converting 100 percent of buildings to electric only energy by 2030. By using a mix of both in and out of state resources, the renewable natural gas strategy is three times more cost effective in reducing greenhouse gas emissions than an electrification pathway.
SoCalGas also recently joined a new international collaboration with Canadian natural gas utility Énergir and French utilities GRDF and GRTgaz aimed at advancing the research and development of renewable natural gas and renewable energy storage technologies, such as power-to-gas.
To help educate the public on renewable natural gas and assist developers who may be interested in interconnecting to the SoCalGas pipeline network, the utility developed a downloadable tool kit. Watch this video to learn more about the environmental and cost-saving benefits of renewable natural gas: Digesting the Facts About Renewable Natural Gas.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Sept. 20, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has entered into an agreement to sell its U.S. non-utility operating solar assets, solar and battery storage development projects and one wind facility to Consolidated Edison, Inc. (NYSE: ED) for $1.54 billion in cash, subject to adjustments for working capital and pre-closing cash contributions.
"This sale represents an important step forward in the portfolio-optimization plan we announced in June to support market growth opportunities," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "We plan to work closely with Consolidated Edison to ensure a smooth transition."
On June 28, Sempra Energy announced a multi-phase, portfolio-optimization initiative designed to sharpen the company's strategic focus and create value for all shareholders. The portfolio-optimization announcement followed a year-long, comprehensive strategic review by Sempra Energy's executive team and board of directors. In addition to the assets included in this sale, Sempra Energy intends to sell the rest of its non-utility U.S. wind and certain U.S. midstream natural gas assets.
The assets included in the sale to Consolidated Edison are: Mesquite Solar 2 and 3 in Arizona; Copper Mountain Solar 1 and 4 in Nevada; Great Valley Solar in California; and solar and battery storage development projects. Additionally, Consolidated Edison will acquire the facilities jointly owned with Sempra Renewables including: Mesquite Solar 1; Copper Mountain Solar 2 and 3; the Alpaugh, Corcoran and White River solar facilities in California; and the Broken Bow II wind facility in Nebraska.
The sale comprises approximately 980 megawatts AC of installed capacity in Sempra Energy's non-utility renewables portfolio. The sale is expected to be completed near the end of 2018.
The sale is subject to customary closing conditions and consents, including approvals of the Federal Energy Regulatory Commission and the U.S. Department of Energy, and expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
Credit Suisse, J.P. Morgan and Lazard are serving as financial advisors on the sale and Latham & Watkins LLP is serving as legal advisor.
Consolidated Edison is one of the nation's largest investor-owned energy-delivery companies, with approximately $12 billion in annual revenues and $49 billion in assets.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets, volatility in commodity prices and moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements, certain reductions in its senior secured credit rating, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
SAN DIEGO, Sept. 18, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has entered into a cooperation agreement with affiliates of Elliott Management Corporation (Elliott) and Bluescape Energy Partners LLC (Bluescape). Funds affiliated with Elliott and Bluescape collectively own a 4.9-percent economic interest in Sempra Energy valued at $1.6 billion.
Board Enhancement
As part of the agreement and the ongoing refreshment of the Sempra Energy board, the parties have worked cooperatively together to identify a discrete list of final board nominees and expect to work together for Sempra Energy to announce and appoint two new directors to Sempra Energy's board that are mutually agreed between the parties in the coming weeks.
LNG and Business Development Committee
Additionally, Sempra Energy will repurpose its board's current LNG Construction and Technology Committee into a new LNG and Business Development Committee. The new committee will consist of its three current members and, upon appointment to the Sempra Energy board, the two new directors.
The LNG and Business Development Committee's updated charter calls for it to work with management and the board in leading a comprehensive review of Sempra Energy's businesses. The charter also allows the committee to retain its own independent consultants and advisors. Sempra Energy intends to update the market on the results to date of the strategic review, including any actions to be taken, in the first quarter of 2019.
Elliott and Bluescape also have agreed to customary standstill, voting and other provisions.
"Sempra Energy is committed to an open dialogue with our shareholders and to considering all investor perspectives on the company's existing strategy and longer-term opportunities to create shareholder value," said Jeffrey W. Martin, CEO of Sempra Energy. "We are pleased to have reached a positive outcome with Elliott and Bluescape. Our management team looks forward to working with the LNG and Business Development Committee and our full board on the continued thoughtful examination of our business and capital allocation opportunities."
Jesse Cohn and Jeff Rosenbaum of Elliott issued the following statement: "This announcement is the result of a constructive dialogue with Jeff Martin, Sempra Energy's senior management team and board, and we look forward to continuing the collaborative relationship. Our interactions with the Sempra Energy team have given us confidence in their direction and ability to execute. We are confident that Jeff and his team, along with the directors who will be added to the board and the LNG and Business Development Committee's review, will lead a new era of sustainable value creation for all of Sempra Energy's stakeholders."
"Today's agreement will help create long-term value for all Sempra Energy shareholders," said John Wilder, chairman of Bluescape. "This outcome is a credit to the Sempra Energy board, and we believe the board and management are well-positioned to lead the company on this path forward."
The full cooperation agreement between Sempra Energy and Elliott and Bluescape will be filed on a Form 8-K with the Securities and Exchange Commission.
About Elliott
Elliott Management Corporation manages two multi-strategy investment funds which combined have approximately $35 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
About Bluescape
Bluescape, founded in 2007, is a private investment firm focused on value-oriented investments in the upstream oil and gas and power industries. Bluescape employs a unique approach and long-term perspective, helping position companies for growth and value creation by providing capital and strategic oversight with its multi-disciplined team of executive-level managers, operators, strategic consultants, and restructuring advisors.
About Sempra Energy
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets, volatility in commodity prices and moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements, certain reductions in its senior secured credit rating, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 14, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) has been named to the 2018 Dow Jones Sustainability World Index – the only U.S. utility that qualified for the index. Sempra Energy also was named to the 2018 Dow Jones Sustainability North America Index for the eighth consecutive year.
Both Dow Jones Sustainability indices recognize top companies based on environmental, social and governance data.
"Conducting our business in a responsible and sustainable way is critical to our growth," said Dennis V. Arriola, chief strategy officer, executive vice president of external affairs and South America, and chief sustainability officer for Sempra Energy. "Energy plays a unique – and growing – role in people's lives. We are committed to providing greater access to clean, affordable and diversified sources of energy for the markets we serve."
This year, Sempra Energy scored in the 100th percentile in seven categories for the Dow Jones survey, including risk and crisis management, supply chain management and labor practice indicators, among others. The company's progress in those areas, and other environmental, social and governance metrics, are outlined in Sempra Energy's 10th annual corporate sustainability report, released earlier this year.
"I congratulate Sempra Energy for being included in the Dow Jones Sustainability World and North America indices," said Manjit Jus, head of ESG ratings for RobecoSAM. "Companies that compete for a coveted place in the DJSI challenge themselves to continuously improve their sustainability practices and we are pleased to see that the number of companies that commit to achieving measurable positive impacts continues to rise."
Established in 1999, the Dow Jones Sustainability indices are compiled annually by S&P Dow Jones and RobecoSAM, a sustainable investment specialty firm. They were the first organizations in the world to track the financial performance of companies that lead their respective industries in managing environmental, social and governance issues. The indices serve as benchmarks for investors who integrate sustainability considerations into their portfolios.
The World Index tracks the performance of the top 10 percent of the 2,500 largest companies in the S&P Global Broad Market Index. Similarly, the North America Index evaluates top companies in various industries in North America, with 140 companies named to the list this year, including seven utility companies.
Sempra Energy includes San Diego Gas & Electric, Southern California Gas Co., Oncor Electric Delivery Co., Sempra LNG & Midstream, IEnova, Sempra South American Utilities and Sempra Renewables.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 13, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has signed a long-term contract with Chevron Combustibles de México S. de R.L. de C.V. (Chevron) for 50 percent of the 1-million-barrel initial capacity of the Topolobampo refined fuels marine terminal in Sinaloa, Mexico.
Under the agreement, subsidiaries of Chevron will have storage capacity of 500,000 barrels of refined fuels and the option to acquire up to 25 percent of the equity in the terminal after commercial operations begin. IEnova signed a separate long-term contract for the remaining half of the facility's initial storage capacity with another U.S. large independent refiner that will be announced at a later date.
"The Topolobampo project provides an important supply source of refined fuels for Mexico," said Carlos Ruiz Sacristán, chairman and CEO of the Sempra North American Infrastructure group and executive chairman of IEnova. "Together, working with our customers, this terminal will increase reliability of supply, create jobs and provide benefits to millions of Mexican consumers."
The Chevron contract for the Topolobampo terminal is the second announced by IEnova this week. On Tuesday, IEnova announced that British Petroleum would use 50 percent of the 1-million-barrel initial capacity of the refined fuels Baja Refinados terminal to be constructed in Baja California. Earlier this year, IEnova had signed an agreement with Chevron to utilize the other 50 percent initial capacity of the Baja Refinados facility.
IEnova will be responsible for financing, obtaining permits, engineering, procurement and construction, as well as maintenance and operations. Operations of the Topolobampo facility are expected to commence in the fourth quarter of 2020.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2017, the company had invested more than U.S. $7.6 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy announced in August that it formed a new operating group, Sempra North American Infrastructure. The new group's operations include IEnova, as well as Sempra LNG & Midstream development and marketing activities.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets, volatility in commodity prices and moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements, certain reductions in its senior secured credit rating, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Sept. 13, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company has joined the Hydrogen Council, a global initiative of leading energy, transport and industry companies with a united vision to foster the role of hydrogen technologies in the global energy transition. The announcement was made during the Global Climate Action Summit in San Francisco where SoCalGas representatives participated in the Council's annual meeting. The prime focus of the meeting was discussion and planning geared towards delivering on the Council's vision of utilizing hydrogen to avert 6 gigatonnes (Gt) of CO2 emissions, create a $2.5 trillion market and provide employment for more than 30 million people worldwide by mid-century.
"SoCalGas has long been a leader in developing clean energy technology solutions," said Bret Lane, president and chief operating officer for SoCalGas. "We are pleased to join the Hydrogen Council and look forward to working with global leaders in hydrogen to facilitate its broader adoption as an important component of California's low-carbon future."
Over the last three years, SoCalGas has commissioned numerous hydrogen-related research and development projects. One of the company's first hydrogen projects was a partnership with the University of California, Irvine on power-to-gas (P2G) technology. P2G converts renewable electricity from solar or wind which would otherwise go to waste into hydrogen. This renewable hydrogen can then be blended with natural gas for use in everything from home appliances to power plants. Additionally, this hydrogen could also be used in fuel cell vehicles or converted to methane for use in a natural gas pipeline and storage system. Hydrogen from the P2G projects helps fuel the UC Irvine campus power plant.
"Our research at UCI is showing that hydrogen energy storage and use throughout society will be critical for enabling the zero emissions economy that we envision," said Jack Brouwer, associate director of the Advanced Power and Energy Program of UCI. "Without renewable hydrogen production there is no economic and technically viable means to achieve zero greenhouse gas emissions and zero criteria pollutant emissions in all sectors of the economy. SoCalGas has been a key sponsor and collaborator with us to advance renewable and zero emission fuels and conversion technologies. We are very pleased to learn that SoCalGas will become a member of the Hydrogen Council."
Last year, SoCalGas began a P2G collaboration with the U.S. Department of Energy's National Renewable Energy Laboratory (NREL). This project is examining the potential of P2G technology to store large quantities of renewable energy for an entire year and how it compares in performance and cost to battery storage.
SoCalGas is involved in other hydrogen research and development projects outside of P2G technology. One such project looks to advance a new process that converts natural gas to hydrogen, carbon fiber and carbon nanotubes. The ultimate goal of this project is to offset the expense of hydrogen production with the sales of the carbon fiber and carbon nanotubes. This will help reduce the hydrogen production cost and make hydrogen more competitive with conventional gasoline and diesel vehicles. Another exciting project is the solar thermochemical advanced reactor system (STARS), which produces hydrogen through a thermochemical process where the sun provides thermal energy to break down natural gas and water into hydrogen and carbon dioxide in a process called steam methane reforming. Results from extensive testing show STARS can be configured to produce hydrogen and other chemicals without any carbon emissions reaching the atmosphere. These chemicals "trap" and use the carbon that would otherwise be emitted. The carbon then can be used to make chemicals that become resins and plastic materials.
SoCalGas supports efforts to increase hydrogen production, particularly for use along California's Hydrogen Fuel Station Network, a series of hydrogen-fueling stations throughout the state. Currently there are 35 hydrogen fueling stations in the state, with another 29 stations in development. Increasing this fueling infrastructure could help speed the deployment of zero emission hydrogen fuel cell vehicles which play a significant role in reducing California's greenhouse gas and smog emissions, according to the California Air Resources Board.
In addition to joining the Hydrogen Council, SoCalGas is also collaborating with Canadian and French utilities. The goal of this international collaboration is to advance research and development of renewable natural gas and technologies such as power-to-gas.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Sept. 11, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has signed a long-term contract with British Petroleum (BP) for the remaining 50 percent of the initial capacity of the proposed Baja Refinados liquid fuels marine terminal in Baja California, Mexico.
Under the agreement, BP will have storage capacity of 500,000 barrels of liquid fuels to supply its growing network of service stations in northern Mexico. In addition, subject to the execution of certain agreements, BP will have the option to acquire up to 25 percent of the terminal's equity after commercial operations begin in the second half of 2020.
In April, IEnova announced it signed a long-term contract with Chevron Combustibles de México S. de R.L. de C.V for approximately 50 percent of the facility's initial storage capacity to supply Chevron service stations and other commercial and industrial consumers.
"The Baja Refinados project is an important part of our growth strategy," said Carlos Ruiz Sacristán, chairman and CEO of the Sempra North American Infrastructure group and chairman of IEnova. "This new terminal will increase Baja California's energy reliability and will foster competitive prices for gasoline and other refined products on the West Coast of Mexico."
IEnova will be responsible for the development of the liquid fuels terminal project, including financing, obtaining permits, engineering, procurement and construction, as well as maintenance and operations. The project will be located at the La Jovita Energy Hub in Ensenada and have an initial capacity of 1 million barrels of liquid fuels, with the potential for future expansion.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2017, the company had invested more than U.S.$7.6 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova was the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy announced in August that it formed a new operating group, Sempra North American Infrastructure. The new group's operations include IEnova, as well as Sempra LNG & Midstream development and marketing activities.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets, volatility in commodity prices and moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements, certain reductions in its senior secured credit rating, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 10, 2018 /PRNewswire/ -- The board of directors of Sempra Energy (NYSE: SRE) today announced that CEO Jeffrey W. Martin has been elected chairman of the company, effective Dec. 1. Martin will succeed Debra L. Reed, who is retiring from Sempra Energy Dec. 1, as previously announced.
Martin, 56, has served as Sempra Energy's CEO since May.
"Early in his tenure as CEO, Jeff Martin has outlined a new strategy to focus on – and grow – Sempra Energy's North American business," said William C. Rusnack, lead independent director for Sempra Energy. "Jeff also has implemented important steps to further optimize the company's diversified business portfolio. Our board of directors strongly believes Jeff will provide the leadership necessary to continue to create long-term value for our shareholders and other key stakeholders by serving in the dual role of chairman and CEO."
In his 13 years with the Sempra Energy family of companies, Martin has held a variety of increasingly responsible leadership positions. Prior to becoming Sempra Energy's CEO in May, he was executive vice president and chief financial officer of Sempra Energy. Previously, from 2014 through 2016, Martin was CEO of San Diego Gas & Electric (SDG&E). From 2010 through 2013, Martin was president and CEO of Sempra U.S. Gas & Power and Sempra Generation, the predecessor companies of Sempra Energy's renewable energy and midstream businesses. Prior to that, he was vice president of investor relations for Sempra Energy. He first joined Sempra Energy in 2004 as a principal working in Sempra Energy's mergers and acquisitions group.
Prior to joining Sempra Energy, Martin was chief financial officer of NewEnergy, Inc. He also previously served as corporate counsel at UniSource Energy and was an attorney at the law firm of Snell & Wilmer, focusing on corporate and commercial finance and real estate.
Martin currently serves on the board of directors of Oncor Electric Delivery Company LLC. He also is on the Business Roundtable and the board of trustees of the University of San Diego. Martin recently served on the boards of directors of the Edison Electric Institute, California Chamber of Commerce and National Association of Manufacturers.
Martin holds a bachelor's degree from the United States Military Academy at West Point, a master's degree in public administration from the University of Texas, El Paso, and a law degree from the University of Miami.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-strategic assets on the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); the ability to obtain additional permanent equity financing for the acquisition of our investment in Oncor Holdings on favorable terms; indebtedness we have incurred to fund the acquisition of our investment in Oncor Holdings, which may make it more difficult for us to repay or refinance our debt or may require us to take other actions that may decrease business flexibility and increase borrowing costs; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 6, 2018 /PRNewswire/ -- Today, the Sempra Energy (NYSE:SRE) board of directors declared a quarterly dividend of $0.895 per share of common stock. The common stock dividend is payable Oct. 15, 2018, to common stock shareholders of record at the close of business on Sept. 21, 2018.
The company's board of directors also declared a quarterly dividend of $1.50 per share on the company's 6-percent Mandatory Convertible Preferred Stock, Series A (Preferred Stock, Series A). The Preferred Stock, Series A, dividend will be payable Oct. 15, 2018, to Preferred Stock, Series A, shareholders of record as of Oct. 1, 2018.
Additionally, Sempra Energy's board of directors declared a quarterly dividend of $1.725 per share on the company's 6.75-percent Mandatory Convertible Preferred Stock, Series B (Preferred Stock, Series B). The Preferred Stock, Series B, dividend will be payable Oct. 15, 2018, to Preferred Stock, Series B, shareholders of record as of Oct. 1, 2018.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets, volatility in commodity prices and moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements, certain reductions in its senior secured credit rating, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
SAN DIEGO, Sept. 6, 2018 /PRNewswire/ -- Sempra Energy (NYSE:SRE) is the only U.S. utility holding company ranked in the top 25 on the Thomson Reuters iX Global Diversity and Inclusion Index, released today.
"A focus on diversity and inclusion not only creates a respectful work environment for our employees, but it also drives our success," said G. Joyce Rowland, senior vice president and chief culture officer for Sempra Energy. "When employees have different perspectives and backgrounds, we can view issues through a broader lens, be a more responsible partner in the community and make forward-looking decisions that benefit our stakeholders."
This is the third year Thomson Reuters has released this index, which ranks the top 100 publicly traded companies using environmental, social and governance metrics to assess diversity and inclusivity in the workplace. The index evaluates companies in four key categories: diversity, inclusion, people development, and news and controversies.
Sempra Energy and its subsidiaries have a variety of programs to enhance diversity of thought and inclusivity in the workplace, including employee councils, a mentorship program, an annual Diversity & Inclusion Summit and supplier diversity programs. Jeffrey W. Martin, Sempra Energy's CEO, also has joined the CEO Action for Diversity & Inclusion,™ the largest CEO-driven business commitment to advance diversity and inclusion in the workplace.
Sempra Energy includes San Diego Gas & Electric, Southern California Gas Co., Oncor Electric Delivery Co., Sempra LNG & Midstream, IEnova, Sempra South American Utilities and Sempra Renewables.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 4, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE), has received a Notice of Schedule from the Federal Energy Regulatory Commission (FERC) that sets Jan. 31, 2019, as the planned completion date of the final environmental impact statement for siting, construction and operation of the proposed Port Arthur LNG natural gas liquefaction-export project in Jefferson County, Texas.
"This is an important step forward in the federal regulatory review to construct our Port Arthur liquefaction-export project on Texas' Gulf Coast," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "Federal and Texas state policymakers have been instrumental in supporting U.S. liquefied natural gas (LNG) exports to bolster the U.S. economy."
"Sempra Energy's new liquefaction facility will be a boon to the Port Arthur community and to the entire state of Texas," said Texas Gov. Greg Abbott. "This project will not only create thousands of jobs and benefit the local economies, but it will also be a boost to our nation's economy. I thank Sempra Energy for their investment in Texas and Port Arthur, and I look forward to the completion of this project."
"I am honored to have worked to make the Port Arthur LNG export project a reality, which will bring thousands of jobs to Texas and renewed prosperity to communities like Port Arthur, where families are still rebuilding one year after the devastation of Hurricane Harvey," U.S. Sen. Ted Cruz said. "Our Gulf communities remain strong, and Texas continues to forge ahead as an energy leader for America and the entire world."
"Southeast Texas is America's energy gateway," said U.S. Rep. Randy Weber. "As more LNG facilities come online, the contributions our region makes to America's energy dominance further increase. I am grateful to FERC for finalizing the notice of schedule, allowing Sempra Energy to complete this project years in the making."
The FERC issued its Notice of Schedule for the proposed Port Arthur liquefaction-export project Aug. 31. The project is expected to include two natural gas liquefaction trains to enable the long-term sale of approximately 11 million tonnes per annum (Mtpa) of LNG; feed gas pre-treatment facilities; natural gas liquids and refrigerant storage; up to three LNG storage tanks; two marine berths and associated facilities.
The ultimate decision to construct the Port Arthur liquefaction project is contingent upon obtaining binding customer commitments and financing arrangements; reaching a definitive engineering, procurement and construction contract; securing all necessary permits and approvals including a FERC order approving the siting, construction and operation of the project and reaching a final investment decision.
Sempra Energy, a San Diego-based energy services holding company with 2017 revenues of more than $11 billion, is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
RIVERSIDE, Calif., Aug. 30, 2018 /PRNewswire/ -- The University of California, Riverside College of Engineering Center for Environmental Research and Technology (CE-CERT) and Southern California Gas Co. (SoCalGas) today announced the results of a new study on ultra-low emission natural gas heavy-duty engines, showing a new 11.9-liter engine achieved California's lowest smog-forming emissions standard, and maintained those emission during all types of driving. The study results underscore the ability of the near-zero truck engines to clean the air: most heavy-duty vehicles on roads today are predominantly diesel-powered and represent one of the largest sources of nitrogen oxide (NOx), or smog-forming, emissions and fuel consumption in North America. By contrast, the new near-zero emissions 12-liter engine, made by Cummins Westport, is the only heavy-duty engine in the category to not only meet, but exceed, the California Air Resources Board's cleanest optional low-NOx standard of 0.02 g/bhp-hr.
Kent Johnson, assistant research engineer at CE-CERT, led the tests on the near-zero emissions natural gas engine. The evaluation included regulated and non-regulated emissions, ultrafine particles, global warming potential, and fuel economy. The testing was performed during in-use testing on a dynamometer that simulated various types of driving conditions, from pulling into a loading dock to regional hauling. Johnson performed similar testing on an 8.9-liter near-zero natural gas engine last year. Those results found the smaller engine had even lower emissions than California standards will require in the near future—in some driving conditions, almost zero.
"The first study was a smaller engine intended for use in school buses and trash trucks, which are only about 30 percent of the heavy-duty inventory. The new engine is for drayage and movement of goods, or 70 percent of the inventory. This engine technology is good not only for the smaller work-force applications of transit and refuse, but also for hauling loads around Southern California," Johnson said.
"The transportation sector accounts for more than 80 percent of smog-forming emissions in California," said Sharon Tomkins, vice president of customer solutions and strategy for SoCalGas. "The test results from UC Riverside once again shows the latest natural gas engine technology, which is available and on the road today, will play a vital role in achieving California's clean air goals."
"The Energy Commission is pleased to support, along with South Coast Air Quality Management District and SoCalGas, the initial testing of this cleaner low NOx Cummins engine and glad to see it has been certified by the California Air Resources Board," said California Energy Commission Commissioner Janea A. Scott. "This type of near-zero pollution engine adds to the growing number of clean energy technologies being developed to reduce pollution in efforts to meet California's clean air standards and is particularly important in Southern California where air quality continues to be a challenge and freight movement represents a third of the region's economy."
"Large scale and accelerated deployment of near zero-emissions engine technology is vital for achieving the necessary emission reductions to achieve federal air quality standards in 2023 and 2031," said Wayne Nastri, executive officer of the South Coast Air Quality Management District. "To meet our air quality goals, we must continue to see improvements in the transportation sector, which contributes the most air pollution in our region."
About 41 percent of the state's greenhouse gas (GHG) emissions come from transportation. When near-zero emission natural gas trucks are fueled by renewable natural gas, GHG emissions can be reduced by at least 80 percent. Already, close to 70 percent of natural gas fleets in California are fueled with renewable natural gas and is expected to continue to climb this year.
The full study, funded by the South Coast Air Quality Management District, the California Energy Commission and SoCalGas, can be found here.
About the University of California Riverside's CE-CERT:
Distinguished by more than 50 years of high-impact research, the University of California at Riverside has become one of the leading institutions for the exploration of society's most pressing environmental challenges in air, energy, and transportation. CE-CERT's research focus is on using technology to achieve environmental sustainability, an ambitious goal that will require innovation in many different areas. From working to understand how emissions impact air quality to developing technologies needed to improve solar and other renewable power sources, the projects that our research teams are currently engaged in support one of more of the following focus areas: clean air, sustainable transportation, renewable fuels, climate change, and renewable energy and smart grids. Learn more at: http://www.cert.ucr.edu.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.8 million customers across 24,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Aug. 9, 2018 /PRNewswire/ -- In recognition of upcoming National 811 Day on Aug. 11, Southern California Gas Co. (SoCalGas) raised its 30-foot-tall giant shovel at the OC Fair, where it will remain through Sun., Aug. 12 to bring awareness to the importance of contacting 811 to have utility lines marked by a professional before digging. Designated by the Federal Communications Commission (FCC), 811 is the national phone number that connects professionals and homeowners who plan to dig with a local call center that then sends professional utility technicians to mark the location of utility lines.
According to data collected by Common Ground Alliance (CGA), an underground utility line is damaged once every 6 minutes nationwide because someone decided to dig without first calling 811. In 2017, SoCalGas recorded nearly 3,000 cases of damage to underground infrastructure caused by residents and contractors who did not call 811 prior to digging. Data shows, however, that when customers call 811 before digging, the likelihood of hitting a utility line is decreased by 99 percent. In 2017, approximately 15 percent of all accidental line strikes occurred in Orange County, the most of any region in SoCalGas' service territory.
"Across SoCalGas' service territory, about 60 percent of pipeline damage is due to digging by homeowners, contractors, and excavators who did not call 811 before they started digging," said Rodger Schwecke, SoCalGas senior vice president of gas transmission, storage, and engineering. "We hope that by having our giant shovel here at the OC Fair customers are reminded that every digging project – no matter how big or small – warrants a call to 811, and since it's a free service, there is no reason not to call."
In addition to providing safety-related information and a free reusable canvas tote bag to visitors who stop by SoCalGas' booth, the utility is holding a photo contest on Aug. 11 for SoCalGas customers who post a photo of themselves with the giant shovel to Facebook, using #bigshovel. Contestants will earn a ticket to be entered into a raffle for the chance to win an $811 Visa Gift Card. The winning ticket will be drawn at 8:11 p.m. on Sat., Aug. 11 by Lieutenant Pat Rich from the Orange County Sheriff's Department. Photos of the 30-foot giant shovel at the OC Fair are available here.
Striking an underground utility line can result in serious injury and disrupt vital services, like natural gas, water, or electric service, to an entire neighborhood or community. To prevent such events from happening, SoCalGas encourages customers to take the following steps when planning any digging project this spring:
Raising the community's awareness of public safety issues, like practicing safe digging, is just one way SoCalGas works hard to keep its customers safe. From 2011-2016, SoCalGas invested nearly $6 billion to upgrade and modernize its natural gas system, and SoCalGas bills continue to be among the lowest in the nation. Natural gas continues to rank among the most affordable sources of energy. More than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes, or other uses.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.8 million customers in Central and Southern California. Its service territory spans 24,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Aug. 8, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company has entered into a settlement agreement with the Los Angeles City Attorney's Office, the County of Los Angeles, the California Office of the Attorney General, and the California Air Resources Board to resolve all outstanding claims by those government bodies against the company related to the 2015-2016 natural gas leak at the Aliso Canyon natural gas storage facility. Under the terms of the $119.5 million settlement agreement, SoCalGas will, among other things, reimburse city, county and state governments for costs associated with their response to the leak; establish a program with the California Air Resources Board to mitigate the methane emissions from the leak; and fund local environmental benefit projects to be administered by the government parties.
"SoCalGas is delivering on our commitment to the Governor and the people of California to fully mitigate the methane emissions from the leak at our Aliso Canyon facility," said Bret Lane, president and chief operating officer for SoCalGas. "The settlement will also help California meet its ambitious climate goals by advancing projects that capture methane from dairy farms and waste and convert that energy into renewable natural gas for use in transportation. SoCalGas is pleased to have worked with the Attorney General's Office, the Air Resources Board, the Los Angeles City Attorney and the County of Los Angeles to resolve these matters for the people of California."
Building on the comprehensive safety enhancements that have been introduced at the field, SoCalGas also agreed to continue its fence line methane monitoring program and hire an independent ombudsman to monitor and report on safety at the facility.
Most Comprehensive Safety Review in the Nation
On Jul. 19, 2017, the California Public Utilities Commission (CPUC) and Division of Oil, Gas, and Geothermal Resources (DOGGR) cleared SoCalGas to resume limited injections at the Aliso Canyon natural gas storage facility as described here. State regulators and independent experts at the National Labs have called the safety review conducted at Aliso Canyon the most comprehensive in the nation.
Under new regulations, gas will only flow through newly installed and pressure-tested inner steel tubing. The outer casing of wells will serve only as a secondary layer of protection. At the state's direction, the field also will be operated at a reduced pressure, providing an added margin of safety.
Additionally, SoCalGas has introduced industry-leading technology and practices at Aliso Canyon, including:
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.8 million customers in Central and Southern California. Its service territory spans 24,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks that our counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in inflation and interest rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Company
DALLAS, Aug. 6, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported second quarter 2018 net income of $143 million compared to second quarter 2017 net income of $112 million.
"We are pleased with our strong performance in the second quarter," said Allen Nye, chief executive of Oncor. "We have a solid plan in place, robust capital growth, and a vibrant service territory. For the remainder of 2018, we look forward to providing safe, reliable, and affordable electric service to our customers and meeting our financial objectives."
Oncor's net income of $232 million for the six months ended June 30, 2018 compared favorably to net income of $185 million for the six months ended June 30, 2017. Financial and operational results are provided in Tables A, B, C and D below.
Sempra Energy Internet Broadcast Today
Sempra Energy (NYSE: SRE) will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EDT with senior management of Sempra Energy. Access is available at sempra.com. For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7703894.
Oncor's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
Oncor Electric Delivery Company LLC | ||||
Table A - Condensed Statements of Consolidated Net Income | ||||
Three and Six Months Ended June 30, 2018 and June 30, 2017; $ millions | ||||
Q2 18 |
Q2 17 |
YTD 18 |
YTD 17 | |
Operating revenues |
$1,021 |
$964 |
$2,011 |
$1,899 |
Operating expenses: |
||||
Wholesale transmission service |
238 |
229 |
483 |
460 |
Operation and maintenance |
203 |
166 |
422 |
354 |
Depreciation and amortization |
168 |
193 |
334 |
387 |
Provision in lieu of income taxes |
47 |
67 |
80 |
112 |
Taxes other than amounts related to income taxes |
121 |
107 |
246 |
220 |
Total operating expenses |
777 |
762 |
1,565 |
1,533 |
Operating income |
244 |
202 |
446 |
366 |
Other income and (deductions) ‒ net |
(18) |
(11) |
(50) |
(22) |
Nonoperating benefit in lieu of income taxes |
(4) |
(6) |
(11) |
(11) |
Interest expense and related charges |
87 |
85 |
175 |
170 |
Net income |
$ 143 |
$112 |
$ 232 |
$ 185 |
Oncor Electric Delivery Company LLC | ||
Table B - Condensed Consolidated Balance Sheets | ||
At June 30, 2018 and December 31, 2017; $ millions | ||
At 6/30/18 |
At 12/31/17 | |
ASSETS |
||
Current assets: |
||
Cash and cash equivalents |
$ 1 |
$ 21 |
Trade accounts receivable ‒ net |
686 |
635 |
Amounts receivable from members related to income taxes |
4 |
26 |
Materials and supplies inventories ‒ at average cost |
107 |
91 |
Prepayments and other current assets |
94 |
88 |
Total current assets |
892 |
861 |
Investments and other property |
118 |
113 |
Property, plant and equipment – net |
15,500 |
14,879 |
Goodwill |
4,064 |
4,064 |
Regulatory assets |
2,093 |
2,180 |
Other noncurrent assets |
11 |
23 |
Total assets |
$22,678 |
$22,120 |
liabilities and membership interests |
||
Current liabilities: |
||
Short-term borrowings |
$ 1,296 |
$ 950 |
Long-term debt due currently |
931 |
550 |
Trade accounts payable |
252 |
242 |
Amounts payable to members related to income taxes |
13 |
21 |
Accrued taxes other than amounts related to income |
116 |
190 |
Accrued interest |
82 |
83 |
Other current liabilities |
179 |
188 |
Total current liabilities |
2,869 |
2,224 |
Long-term debt, less amounts due currently |
5,044 |
5,567 |
Liability in lieu of deferred income taxes |
1,545 |
1,517 |
Regulatory liabilities |
2,878 |
2,807 |
Employee benefit obligations and other |
2,061 |
2,102 |
Total liabilities |
14,397 |
14,217 |
Membership interests : |
||
Capital account ― number of interests outstanding 2018 and 2017 – 635,000,000 |
8,380 |
8,004 |
Accumulated other comprehensive loss |
(99) |
(101) |
Total membership interests |
8,281 |
7,903 |
Total liabilities and membership interests |
$22,678 |
$22,120 |
Oncor Electric Delivery Company LLC | ||
Table C - Condensed Statements of Consolidated Cash Flows | ||
Six Months Ended June 30, 2018 and June 30, 2017; $millions | ||
YTD 18 |
YTD 17 | |
Cash flows – operating activities: |
||
Net income |
$ 232 |
$ 185 |
Adjustments to reconcile net income to cash provided by operating activities: |
||
Depreciation and amortization |
393 |
412 |
Provision in lieu of deferred income taxes – net |
26 |
158 |
Other – net |
(1) |
(1) |
Changes in operating assets and liabilities: |
||
Regulatory accounts related to reconcilable tariffs |
45 |
(27) |
Other operating assets and liabilities |
(145) |
(89) |
Cash provided by operating activities |
550 |
638 |
Cash flows — financing activities: |
||
Repayment of long-term debt |
(144) |
- |
Change in short-term borrowings |
346 |
367 |
Capital contributions from members |
144 |
- |
Distributions to members |
- |
(172) |
Cash provided by financing activities |
346 |
195 |
Cash flows — investing activities: |
||
Capital expenditures |
(926) |
(856) |
Other – net |
10 |
8 |
Cash used in investing activities |
(916) |
(848) |
Net change in cash and cash equivalents |
(20) |
(15) |
Cash and cash equivalents — beginning balance |
21 |
16 |
Cash and cash equivalents — ending balance |
$ 1 |
$ 1 |
Oncor Electric Delivery Company LLC | ||||
Table D – Operating Statistics | ||||
Three and Six Months Ended June 30, 2018 and June 30, 2017; mixed measures | ||||
Q2 18 |
Q2 17 |
YTD 18 |
YTD 17 | |
Electric energy volumes (gigawatt-hours): |
||||
Residential |
11,379 |
9,998 |
21,824 |
18,487 |
Other (a) |
21,279 |
19,091 |
40,269 |
35,980 |
Total electric energy volumes |
32,658 |
29,089 |
62,093 |
54,467 |
Electricity distribution points of delivery (end of period and in thousands) (b) |
3,590 |
3,468 | ||
(a) Includes small business, large commercial and industrial and all other non-residential distribution points of delivery |
(b) Based on number of active meters |
***
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
View original content with multimedia:http://www.prnewswire.com/news-releases/oncor-reports-improved-second-quarter-2018-results-300692158.html
SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, Aug. 6, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported second-quarter 2018 losses of $561 million, or $2.11 per diluted share, compared with earnings of $259 million, or $1.03 per diluted share, in the second quarter 2017. Sempra Energy's second-quarter 2018 results included a $755 million impairment (after tax and noncontrolling interests) related to the planned sale of certain U.S. midstream assets and a $145 million after-tax impairment related to the planned sale of U.S. wind investments. On an adjusted basis, excluding the aforementioned impairment charges, Sempra Energy's second-quarter 2018 earnings were $361 million, or $1.35 per diluted share, up from $276 million, or $1.10 per diluted share, in last year's second quarter.
"In the second quarter, we achieved solid operating results and, with our recent successful equity offerings, we have strengthened our balance sheet," said Jeffrey W. Martin, CEO of Sempra Energy. "We also have taken significant steps to begin optimizing our portfolio of assets and expand our liquefied natural gas (LNG) business. These initiatives are integral to our long-term strategic plan, which should deliver shareholder value through superior earnings and dividend growth."
Sempra Energy's losses for the first six months of 2018 were $214 million, or $0.82 per diluted share, compared with earnings of $700 million, or $2.77 per diluted share, in the first six months of 2017. Adjusted earnings for the first six months of 2018 were $733 million, or $2.78 per diluted share, compared with $714 million, or $2.83 per diluted share, in the first six months of 2017.
On June 28, following the company's annual strategic review, Sempra Energy announced a portfolio optimization initiative designed to create incremental shareholder value. The company intends to sell several energy infrastructure assets, including its entire portfolio of U.S. wind and U.S. solar assets and investments, as well as certain U.S. midstream storage assets. Proceeds from the sales will be used to support growth opportunities in the company's other businesses and further strengthen Sempra Energy's balance sheet.
On July 13, Sempra Energy successfully completed equity offerings that are expected to raise $1.82 billion, assuming settlement of all forward sale agreements by issuance of common stock. The funds will be used to complete the financing for the acquisition earlier this year of an 80.25-percent stake in Oncor Electric Delivery Co. with approximately 65 percent in equity.
OPERATING HIGHLIGHTS
In the second quarter, Sempra LNG & Midstream advanced development of its Port Arthur LNG and Energía Costa Azul natural gas liquefaction-export projects. On June 26, Port Arthur LNG entered into a preliminary 20-year agreement for the sale of 2 million tonnes per annum (Mtpa) of natural gas to the Polish national oil company, beginning in 2023, subject to reaching a definitive agreement. On June 22 and June 25, respectively, Sempra LNG & Midstream announced the selection of Bechtel as the engineering, procurement, construction and commissioning (EPC) contractor for the Port Arthur liquefaction project under development in Texas and a partnership of TechnipFMC and Kiewit as the EPC contractor for the Energía Costa Azul liquefaction project under development in Mexico.
Last month, Sempra Energy's Mexican operating unit, IEnova, announced it had been awarded a 20-year contract by the Topolobampo Port Administration in Mexico to build and operate an estimated $150 million receipt, storage and send-out liquid fuels marine terminal in the state of Sinaloa. Operations are expected to commence in the fourth quarter 2020. To support the project, IEnova has entered into 10- and 15-year U.S. dollar-denominated contracts for 100 percent of the terminal's capacity. The two contracts are with refining and fuel marketing companies. Both contracts have the potential to be extended to 20 years.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include Sempra Energy's 2018 adjusted earnings and adjusted earnings per share for both the second quarter and first six months of 2018 and 2017. Information regarding these non-GAAP financial measures is in the appendix on Table A of the second-quarter financial tables.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EDT with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7703894.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in timely obtaining or maintaining permits and other authorizations, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets, volatility in commodity prices and moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-utility assets within the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory capital requirements, certain reductions in its senior secured credit rating, or the determination by Oncor's independent directors or a minority member director to retain such amounts to meet future requirements; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | |||||||||||||||||
Table A | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
Three months ended June 30, |
Six months ended June 30, | ||||||||||||||||
(Dollars in millions, except per share amounts) |
2018 |
2017(1) |
2018 |
2017(1) | |||||||||||||
(unaudited) | |||||||||||||||||
REVENUES |
|||||||||||||||||
Utilities |
$ |
2,190 |
$ |
2,197 |
$ |
4,788 |
$ |
4,895 |
|||||||||
Energy-related businesses |
374 |
336 |
738 |
669 |
|||||||||||||
Total revenues |
2,564 |
2,533 |
5,526 |
5,564 |
|||||||||||||
EXPENSES AND OTHER INCOME |
|||||||||||||||||
Utilities: |
|||||||||||||||||
Cost of electric fuel and purchased power |
(557) |
(553) |
(1,103) |
(1,080) |
|||||||||||||
Cost of natural gas |
(179) |
(228) |
(527) |
(713) |
|||||||||||||
Energy-related businesses: |
|||||||||||||||||
Cost of natural gas, electric fuel and purchased power |
(69) |
(62) |
(138) |
(129) |
|||||||||||||
Other cost of sales |
(19) |
38 |
(37) |
16 |
|||||||||||||
Operation and maintenance |
(783) |
(748) |
(1,564) |
(1,467) |
|||||||||||||
Depreciation and amortization |
(392) |
(368) |
(778) |
(728) |
|||||||||||||
Franchise fees and other taxes |
(104) |
(101) |
(221) |
(211) |
|||||||||||||
Impairment losses |
(1,300) |
(71) |
(1,300) |
(71) |
|||||||||||||
Other (expense) income, net |
(54) |
108 |
99 |
282 |
|||||||||||||
Interest income |
21 |
8 |
54 |
14 |
|||||||||||||
Interest expense |
(237) |
(159) |
(453) |
(328) |
|||||||||||||
(Loss) income before income taxes and equity (losses) earnings of unconsolidated subsidiaries |
(1,109) |
397 |
(442) |
1,149 |
|||||||||||||
Income tax benefit (expense) |
583 |
(167) |
294 |
(462) |
|||||||||||||
Equity (losses) earnings |
(4) |
18 |
(24) |
13 |
|||||||||||||
Net (loss) income |
(530) |
248 |
(172) |
700 |
|||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(5) |
12 |
12 |
1 |
|||||||||||||
Mandatory convertible preferred stock dividends |
(25) |
— |
(53) |
— |
|||||||||||||
Preferred dividends of subsidiary |
(1) |
(1) |
(1) |
(1) |
|||||||||||||
(Losses) earnings attributable to common shares |
$ |
(561) |
$ |
259 |
$ |
(214) |
$ |
700 |
|||||||||
Basic (losses) earnings per common share |
$ |
(2.11) |
$ |
1.03 |
$ |
(0.82) |
$ |
2.79 |
|||||||||
Weighted-average number of shares outstanding, basic (thousands) |
265,837 |
251,447 |
261,906 |
251,290 |
|||||||||||||
Diluted (losses) earnings per common share |
$ |
(2.11) |
$ |
1.03 |
$ |
(0.82) |
$ |
2.77 |
|||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
265,837 |
252,822 |
261,906 |
252,609 |
|||||||||||||
Dividends declared per share of common stock |
$ |
0.89 |
$ |
0.83 |
$ |
1.79 |
$ |
1.65 |
(1) |
As adjusted for the retrospective adoption of ASU 2017-07 and a reclassification to conform to current year presentation. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP (LOSSES) EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2018 and 2017 as follows:
Three months ended June 30, 2018:
Three months ended June 30, 2017:
Six months ended June 30, 2018:
Six months ended June 30, 2017:
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2018 to 2017 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP (Losses) Earnings and GAAP Diluted (Losses) Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
Pretax |
Income tax |
Non- |
(Losses) |
Pretax |
Income tax |
Non- interests |
Earnings | |||||||||||||||||||
(Dollars in millions, except per share amounts) |
Three months ended June 30, 2018 |
Three months ended June 30, 2017 | ||||||||||||||||||||||||
Sempra Energy GAAP (Losses) Earnings |
$ |
(561) |
$ |
259 |
||||||||||||||||||||||
Excluded items: |
||||||||||||||||||||||||||
Impairment of non-utility natural gas storage assets |
$ |
1,300 |
$ |
(499) |
$ |
(46) |
755 |
$ |
— |
$ |
— |
$ |
— |
— |
||||||||||||
Impairment of U.S. wind equity method investments |
200 |
(55) |
— |
145 |
— |
— |
— |
— |
||||||||||||||||||
Impacts associated with Aliso Canyon litigation |
1 |
21 |
— |
22 |
— |
— |
— |
— |
||||||||||||||||||
Impairment of TdM assets held for sale |
— |
— |
— |
— |
71 |
— |
(24) |
47 |
||||||||||||||||||
Deferred income tax benefit associated with TdM |
— |
— |
— |
— |
— |
(3) |
1 |
(2) |
||||||||||||||||||
Recoveries related to 2016 permanent release of pipeline capacity |
— |
— |
— |
— |
(47) |
19 |
— |
(28) |
||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
361 |
$ |
276 |
||||||||||||||||||||||
Diluted (losses) earnings per common share: |
||||||||||||||||||||||||||
Sempra Energy GAAP (Losses) Earnings |
$ |
(2.11) |
(2) |
$ |
1.03 |
|||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1.35 |
$ |
1.10 |
||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
267,536 |
(2) |
252,822 |
|||||||||||||||||||||||
Six months ended June 30, 2018 |
Six months ended June 30, 2017 | |||||||||||||||||||||||||
Sempra Energy GAAP (Losses) Earnings |
$ |
(214) |
$ |
700 |
||||||||||||||||||||||
Excluded items: |
||||||||||||||||||||||||||
Impairment of non-utility natural gas storage assets |
$ |
1,300 |
$ |
(499) |
$ |
(46) |
755 |
$ |
— |
$ |
— |
$ |
— |
— |
||||||||||||
Impairment of U.S. wind equity method investments |
200 |
(55) |
— |
145 |
— |
— |
— |
— |
||||||||||||||||||
Impacts associated with Aliso Canyon litigation |
1 |
21 |
— |
22 |
— |
— |
— |
— |
||||||||||||||||||
Impact from the TCJA |
— |
25 |
— |
25 |
— |
— |
— |
— |
||||||||||||||||||
Impairment of TdM assets held for sale |
— |
— |
— |
— |
71 |
— |
(24) |
47 |
||||||||||||||||||
Deferred income tax benefit associated with TdM |
— |
— |
— |
— |
— |
(8) |
3 |
(5) |
||||||||||||||||||
Recoveries related to 2016 permanent release of pipeline capacity |
— |
— |
— |
— |
(47) |
19 |
— |
(28) |
||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
733 |
$ |
714 |
||||||||||||||||||||||
Diluted (losses) earnings per common share: |
||||||||||||||||||||||||||
Sempra Energy GAAP (Losses) Earnings |
$ |
(0.82) |
(2) |
$ |
2.77 |
|||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
2.78 |
$ |
2.83 |
||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
263,584 |
(2) |
252,609 |
(1) |
Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes were primarily calculated based on applicable statutory tax rates. Income taxes associated with TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. An income tax benefit of $12 million associated with the 2017 TdM impairment has been fully reserved. | |||||||||||||||||||||||||
(2) |
In both the three months and six months ended June 30, 2018, total weighted-average number of potentially dilutive securities of 1.7 million were not included in the computation of GAAP losses per common share since to do so would have decreased the loss per share. |
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) |
June 30, 2018 |
December 31, 2017(1) | ||||||||
(unaudited) |
||||||||||
Assets |
||||||||||
Current assets: |
||||||||||
Cash and cash equivalents |
$ |
252 |
$ |
288 |
||||||
Restricted cash |
60 |
62 |
||||||||
Accounts receivable, net |
1,441 |
1,584 |
||||||||
Due from unconsolidated affiliates |
40 |
37 |
||||||||
Income taxes receivable |
96 |
110 |
||||||||
Inventories |
288 |
307 |
||||||||
Regulatory assets |
337 |
325 |
||||||||
Fixed-price contracts and other derivatives |
69 |
66 |
||||||||
Greenhouse gas allowances |
339 |
299 |
||||||||
Assets held for sale |
1,877 |
127 |
||||||||
Other |
148 |
136 |
||||||||
Total current assets |
4,947 |
3,341 |
||||||||
Other assets: |
||||||||||
Restricted cash |
15 |
14 |
||||||||
Due from unconsolidated affiliates |
634 |
598 |
||||||||
Regulatory assets |
1,644 |
1,517 |
||||||||
Nuclear decommissioning trusts |
1,022 |
1,033 |
||||||||
Investment in Oncor Holdings |
9,407 |
— |
||||||||
Other investments |
2,576 |
2,527 |
||||||||
Goodwill |
2,371 |
2,397 |
||||||||
Other intangible assets |
221 |
596 |
||||||||
Dedicated assets in support of certain benefit plans |
443 |
455 |
||||||||
Insurance receivable for Aliso Canyon costs |
502 |
418 |
||||||||
Deferred income taxes |
139 |
170 |
||||||||
Greenhouse gas allowances |
228 |
93 |
||||||||
Sundry |
842 |
792 |
||||||||
Total other assets |
20,044 |
10,610 |
||||||||
Property, plant and equipment, net |
34,916 |
36,503 |
||||||||
Total assets |
$ |
59,907 |
$ |
50,454 |
||||||
Liabilities and Equity |
||||||||||
Current liabilities: |
||||||||||
Short-term debt |
$ |
3,708 |
$ |
1,540 |
||||||
Accounts payable |
1,215 |
1,523 |
||||||||
Due to unconsolidated affiliates |
10 |
7 |
||||||||
Dividends and interest payable |
491 |
342 |
||||||||
Accrued compensation and benefits |
317 |
439 |
||||||||
Regulatory liabilities |
282 |
109 |
||||||||
Current portion of long-term debt |
1,108 |
1,427 |
||||||||
Fixed-price contracts and other derivatives |
73 |
109 |
||||||||
Customer deposits |
175 |
162 |
||||||||
Reserve for Aliso Canyon costs |
160 |
84 |
||||||||
Greenhouse gas obligations |
339 |
299 |
||||||||
Liabilities held for sale |
158 |
49 |
||||||||
Other |
566 |
545 |
||||||||
Total current liabilities |
8,602 |
6,635 |
||||||||
Long-term debt |
21,278 |
16,445 |
||||||||
Deferred credits and other liabilities: |
||||||||||
Customer advances for construction |
148 |
150 |
||||||||
Due to unconsolidated affiliates |
36 |
35 |
||||||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,241 |
1,148 |
||||||||
Deferred income taxes |
2,078 |
2,767 |
||||||||
Deferred investment tax credits |
26 |
28 |
||||||||
Regulatory liabilities |
3,945 |
3,922 |
||||||||
Asset retirement obligations |
2,732 |
2,732 |
||||||||
Fixed-price contracts and other derivatives |
275 |
316 |
||||||||
Greenhouse gas obligations |
57 |
— |
||||||||
Deferred credits and other |
1,125 |
1,136 |
||||||||
Total deferred credits and other liabilities |
11,663 |
12,234 |
||||||||
Equity: |
||||||||||
Sempra Energy shareholders' equity |
15,826 |
12,670 |
||||||||
Preferred stock of subsidiary |
20 |
20 |
||||||||
Other noncontrolling interests |
2,518 |
2,450 |
||||||||
Total equity |
18,364 |
15,140 |
||||||||
Total liabilities and equity |
$ |
59,907 |
$ |
50,454 |
(1) Derived from audited financial statements. |
SEMPRA ENERGY | ||||||||||||
Table C | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
Six months ended June 30, | ||||||||||||
(Dollars in millions) |
2018 |
2017(1) | ||||||||||
(unaudited) | ||||||||||||
Cash Flows from Operating Activities |
||||||||||||
Net (loss) income |
$ |
(172) |
$ |
700 |
||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
||||||||||||
Depreciation and amortization |
778 |
728 |
||||||||||
Deferred income taxes and investment tax credits |
(401) |
411 |
||||||||||
Impairment losses |
1,300 |
71 |
||||||||||
Equity losses (earnings) |
24 |
(13) |
||||||||||
Fixed-price contracts and other derivatives |
(9) |
(142) |
||||||||||
Other |
143 |
(19) |
||||||||||
Net change in other working capital components |
208 |
138 |
||||||||||
Insurance receivable for Aliso Canyon costs |
(84) |
52 |
||||||||||
Changes in other noncurrent assets and liabilities, net |
(158) |
(37) |
||||||||||
Net cash provided by operating activities |
1,629 |
1,889 |
||||||||||
Cash Flows from Investing Activities |
||||||||||||
Expenditures for property, plant and equipment |
(1,941) |
(1,802) |
||||||||||
Expenditures for investments and acquisitions |
(9,823) |
(97) |
||||||||||
Distributions from investments |
9 |
18 |
||||||||||
Purchases of nuclear decommissioning trust assets |
(487) |
(823) |
||||||||||
Proceeds from sales of nuclear decommissioning trust assets |
487 |
823 |
||||||||||
Advances to unconsolidated affiliates |
(84) |
(183) |
||||||||||
Repayments of advances to unconsolidated affiliates |
69 |
2 |
||||||||||
Other |
30 |
4 |
||||||||||
Net cash used in investing activities |
(11,740) |
(2,058) |
||||||||||
Cash Flows from Financing Activities |
||||||||||||
Common dividends paid |
(416) |
(368) |
||||||||||
Preferred dividends paid |
(28) |
— |
||||||||||
Preferred dividends paid by subsidiary |
(1) |
(1) |
||||||||||
Issuances of mandatory convertible preferred stock, net of $32 in offering costs |
1,693 |
— |
||||||||||
Issuances of common stock, net of $38 in offering costs in 2018 |
2,090 |
28 |
||||||||||
Repurchases of common stock |
(20) |
(14) |
||||||||||
Issuances of debt (maturities greater than 90 days) |
7,407 |
1,932 |
||||||||||
Payments on debt (maturities greater than 90 days) |
(1,878) |
(1,006) |
||||||||||
Increase (decrease) in short-term debt, net |
1,266 |
(493) |
||||||||||
Proceeds from sale of noncontrolling interest, net of $1 in offering costs |
85 |
— |
||||||||||
Net distributions to noncontrolling interests |
(17) |
(25) |
||||||||||
Settlement of cross-currency swaps |
(33) |
— |
||||||||||
Other |
(71) |
(9) |
||||||||||
Net cash provided by financing activities |
10,077 |
44 |
||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(3) |
10 |
||||||||||
Decrease in cash, cash equivalents and restricted cash |
(37) |
(115) |
||||||||||
Cash, cash equivalents and restricted cash, January 1 |
364 |
425 |
||||||||||
Cash, cash equivalents and restricted cash, June 30 |
$ |
327 |
$ |
310 |
||||||||
(1) |
As adjusted for the retrospective adoption of ASU 2016-18. |
SEMPRA ENERGY | |||||||||||||||||
Table D | |||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | |||||||||||||||||
Three months ended June 30, |
Six months ended June 30, | ||||||||||||||||
(Dollars in millions) |
2018 |
2017 |
2018 |
2017 | |||||||||||||
(unaudited) | |||||||||||||||||
Earnings (Losses) |
|||||||||||||||||
Sempra Utilities: |
|||||||||||||||||
San Diego Gas & Electric |
$ |
146 |
$ |
149 |
$ |
316 |
$ |
304 |
|||||||||
Southern California Gas |
33 |
58 |
258 |
261 |
|||||||||||||
Sempra Texas Utility |
114 |
— |
129 |
— |
|||||||||||||
Sempra South American Utilities |
44 |
45 |
90 |
92 |
|||||||||||||
Sempra Infrastructure: |
|||||||||||||||||
Sempra Mexico |
97 |
(9) |
117 |
39 |
|||||||||||||
Sempra Renewables |
(109) |
23 |
(88) |
34 |
|||||||||||||
Sempra LNG & Midstream |
(764) |
27 |
(780) |
28 |
|||||||||||||
Parent and other |
(122) |
(34) |
(256) |
(58) |
|||||||||||||
Total |
$ |
(561) |
$ |
259 |
$ |
(214) |
$ |
700 |
|||||||||
Three months ended June 30, |
Six months ended June 30, | ||||||||||||||||
(Dollars in millions) |
2018 |
2017 |
2018 |
2017 | |||||||||||||
(unaudited) | |||||||||||||||||
Capital Expenditures, Investments and Acquisitions |
|||||||||||||||||
Sempra Utilities: |
|||||||||||||||||
San Diego Gas & Electric |
$ |
376 |
$ |
345 |
$ |
851 |
$ |
763 |
|||||||||
Southern California Gas |
380 |
325 |
783 |
682 |
|||||||||||||
Sempra Texas Utility |
117 |
— |
9,278 |
— |
|||||||||||||
Sempra South American Utilities |
51 |
34 |
107 |
77 |
|||||||||||||
Sempra Infrastructure: |
|||||||||||||||||
Sempra Mexico |
81 |
87 |
168 |
227 |
|||||||||||||
Sempra Renewables |
6 |
31 |
37 |
100 |
|||||||||||||
Sempra LNG & Midstream |
91 |
22 |
137 |
37 |
|||||||||||||
Parent and other |
10 |
4 |
403 |
13 |
|||||||||||||
Total |
$ |
1,112 |
$ |
848 |
$ |
11,764 |
$ |
1,899 |
SEMPRA ENERGY | ||||||||||||
Table E | ||||||||||||
OTHER OPERATING STATISTICS (Unaudited) |
||||||||||||
Three months ended June 30, |
Six months ended June 30, | |||||||||||
UTILITIES |
2018 |
2017 |
2018 |
2017 | ||||||||
SDG&E and SoCalGas |
||||||||||||
Gas sales (Bcf)(1) |
76 |
71 |
189 |
197 |
||||||||
Transportation (Bcf)(1) |
137 |
148 |
284 |
304 |
||||||||
Total deliveries (Bcf)(1) |
213 |
219 |
473 |
501 |
||||||||
Total gas customer meters (thousands) |
6,865 |
6,825 |
||||||||||
SDG&E |
||||||||||||
Electric sales (millions of kWhs)(1) |
3,394 |
3,565 |
7,000 |
7,329 |
||||||||
Direct access (millions of kWhs) |
926 |
786 |
1,671 |
1,573 |
||||||||
Total deliveries (millions of kWhs)(1) |
4,320 |
4,351 |
8,671 |
8,902 |
||||||||
Total electric customer meters (thousands) |
1,453 |
1,438 |
||||||||||
Oncor(2) |
||||||||||||
Total deliveries (millions of kWhs) |
32,658 |
— |
39,313 |
— |
||||||||
Total electric customer meters (thousands) |
3,590 |
— |
||||||||||
Ecogas |
||||||||||||
Natural gas sales (Bcf) |
— |
7 |
6 |
15 |
||||||||
Natural gas customer meters (thousands) |
121 |
120 |
||||||||||
Chilquinta Energía |
||||||||||||
Electric sales (millions of kWhs) |
710 |
691 |
1,508 |
1,502 |
||||||||
Tolling (millions of kWhs) |
81 |
24 |
143 |
44 |
||||||||
Total deliveries (millions of kWhs) |
791 |
715 |
1,651 |
1,546 |
||||||||
Electric customer meters (thousands) |
714 |
696 |
||||||||||
Luz Del Sur |
||||||||||||
Electric sales (millions of kWhs) |
1,716 |
1,780 |
3,458 |
3,674 |
||||||||
Tolling (millions of kWhs) |
583 |
461 |
1,141 |
906 |
||||||||
Total deliveries (millions of kWhs) |
2,299 |
2,241 |
4,599 |
4,580 |
||||||||
Electric customer meters (thousands) |
1,116 |
1,086 |
||||||||||
ENERGY-RELATED BUSINESSES |
||||||||||||
Power generated and sold (millions of kWhs) |
||||||||||||
Sempra Mexico(3) |
1,175 |
650 |
2,396 |
1,705 |
||||||||
Sempra Renewables(4) |
1,382 |
1,192 |
2,574 |
2,206 |
(1) |
Includes intercompany sales. |
(2) |
Includes 100 percent of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an 80.25-percent interest through our March 2018 acquisition of our equity method investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings). Total deliveries for the six months ended June 30, 2018 only include volumes from the March 9, 2018 acquisition date. |
(3) |
Includes power generated and sold at the Termoeléctrica de Mexicali natural gas-fired power plant and the Ventika wind power generation facilities. Also includes 50 percent of total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. |
(4) |
Includes 50 percent of total power generated and sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. On June 25, 2018, our board of directors approved a plan to sell all U.S. wind and solar assets and investments. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT |
||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2018 |
||||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||||||
Revenues |
$ |
1,051 |
$ |
772 |
$ |
— |
$ |
389 |
$ |
310 |
$ |
40 |
$ |
79 |
$ |
(77) |
$ |
2,564 |
||||||||||||||||||||
Cost of sales and other expenses |
(667) |
(565) |
— |
(301) |
(123) |
(23) |
(91) |
59 |
(1,711) |
|||||||||||||||||||||||||||||
Depreciation and amortization |
(169) |
(138) |
— |
(15) |
(43) |
(14) |
(11) |
(2) |
(392) |
|||||||||||||||||||||||||||||
Impairment losses |
— |
— |
— |
— |
— |
— |
(1,300) |
— |
(1,300) |
|||||||||||||||||||||||||||||
Other income (expense), net |
25 |
13 |
— |
2 |
(95) |
— |
— |
1 |
(54) |
|||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
240 |
82 |
— |
75 |
49 |
3 |
(1,323) |
(19) |
(893) |
|||||||||||||||||||||||||||||
Net interest (expense) income(2) |
(52) |
(26) |
— |
(3) |
(14) |
(3) |
6 |
(150) |
(242) |
|||||||||||||||||||||||||||||
Income tax (expense) benefit |
(42) |
(23) |
— |
(21) |
55 |
58 |
506 |
50 |
583 |
|||||||||||||||||||||||||||||
Equity earnings (losses), net |
— |
— |
114 |
— |
71 |
(187) |
1 |
(3) |
(4) |
|||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
— |
— |
— |
(7) |
(64) |
20 |
46 |
— |
(5) |
|||||||||||||||||||||||||||||
Earnings (losses) |
$ |
146 |
$ |
33 |
$ |
114 |
$ |
44 |
$ |
97 |
$ |
(109) |
$ |
(764) |
$ |
(122) |
$ |
(561) |
||||||||||||||||||||
Three months ended June 30, 2017 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||||||
Revenues |
$ |
1,058 |
$ |
770 |
$ |
— |
$ |
381 |
$ |
273 |
$ |
26 |
$ |
122 |
$ |
(97) |
$ |
2,533 |
||||||||||||||||||||
Cost of sales and other expenses(3) |
(655) |
(564) |
— |
(294) |
(130) |
(20) |
(71) |
80 |
(1,654) |
|||||||||||||||||||||||||||||
Depreciation and amortization |
(166) |
(126) |
— |
(13) |
(37) |
(10) |
(11) |
(5) |
(368) |
|||||||||||||||||||||||||||||
Impairment losses |
— |
— |
— |
— |
(71) |
— |
— |
— |
(71) |
|||||||||||||||||||||||||||||
Other income, net(3) |
19 |
24 |
— |
2 |
60 |
1 |
— |
2 |
108 |
|||||||||||||||||||||||||||||
Income (loss) before interest and tax(1)(4) |
256 |
104 |
— |
76 |
95 |
(3) |
40 |
(20) |
548 |
|||||||||||||||||||||||||||||
Net interest (expense) income(2) |
(49) |
(27) |
— |
(5) |
(17) |
(2) |
3 |
(55) |
(152) |
|||||||||||||||||||||||||||||
Income tax (expense) benefit |
(54) |
(19) |
— |
(20) |
(102) |
5 |
(18) |
41 |
(167) |
|||||||||||||||||||||||||||||
Equity earnings, net(4) |
— |
— |
— |
— |
— |
16 |
2 |
— |
18 |
|||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(4) |
— |
— |
(6) |
15 |
7 |
— |
— |
12 |
|||||||||||||||||||||||||||||
Earnings (losses) |
$ |
149 |
$ |
58 |
$ |
— |
$ |
45 |
$ |
(9) |
$ |
23 |
$ |
27 |
$ |
(34) |
$ |
259 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) |
Includes interest income, interest expense and preferred dividends. |
(3) |
As adjusted for the retrospective adoption of ASU 2017-07. |
(4) |
As adjusted for a reclassification to conform to current year presentation. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2018 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||||||
Revenues |
$ |
2,106 |
$ |
1,898 |
$ |
— |
$ |
815 |
$ |
618 |
$ |
65 |
$ |
183 |
$ |
(159) |
$ |
5,526 |
||||||||||||||||||||
Cost of sales and other expenses |
(1,308) |
(1,278) |
— |
(638) |
(252) |
(44) |
(193) |
123 |
(3,590) |
|||||||||||||||||||||||||||||
Depreciation and amortization |
(335) |
(273) |
— |
(29) |
(86) |
(27) |
(22) |
(6) |
(778) |
|||||||||||||||||||||||||||||
Impairment losses |
— |
— |
— |
— |
— |
— |
(1,300) |
— |
(1,300) |
|||||||||||||||||||||||||||||
Other income (expense), net |
53 |
46 |
— |
3 |
(2) |
— |
— |
(1) |
99 |
|||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
516 |
393 |
— |
151 |
278 |
(6) |
(1,332) |
(43) |
(43) |
|||||||||||||||||||||||||||||
Net interest (expense) income(2) |
(103) |
(53) |
— |
(7) |
(29) |
(6) |
11 |
(266) |
(453) |
|||||||||||||||||||||||||||||
Income tax (expense) benefit |
(98) |
(82) |
— |
(41) |
(100) |
65 |
494 |
56 |
294 |
|||||||||||||||||||||||||||||
Equity earnings (losses), net |
— |
— |
129 |
1 |
30 |
(182) |
1 |
(3) |
(24) |
|||||||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
1 |
— |
— |
(14) |
(62) |
41 |
46 |
— |
12 |
|||||||||||||||||||||||||||||
Earnings (losses) |
$ |
316 |
$ |
258 |
$ |
129 |
$ |
90 |
$ |
117 |
$ |
(88) |
$ |
(780) |
$ |
(256) |
$ |
(214) |
||||||||||||||||||||
Six months ended June 30, 2017 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||||||
Revenues |
$ |
2,115 |
$ |
2,011 |
$ |
— |
$ |
793 |
$ |
537 |
$ |
48 |
$ |
254 |
$ |
(194) |
$ |
5,564 |
||||||||||||||||||||
Cost of sales and other expenses(3) |
(1,275) |
(1,367) |
— |
(620) |
(251) |
(35) |
(199) |
163 |
(3,584) |
|||||||||||||||||||||||||||||
Depreciation and amortization |
(329) |
(252) |
— |
(26) |
(73) |
(19) |
(21) |
(8) |
(728) |
|||||||||||||||||||||||||||||
Impairment losses |
— |
— |
— |
— |
(71) |
— |
— |
— |
(71) |
|||||||||||||||||||||||||||||
Other income (expense), net(3) |
41 |
38 |
— |
5 |
187 |
1 |
1 |
9 |
282 |
|||||||||||||||||||||||||||||
Income (loss) before interest and tax(1)(4) |
552 |
430 |
— |
152 |
329 |
(5) |
35 |
(30) |
1,463 |
|||||||||||||||||||||||||||||
Net interest (expense) income(2) |
(98) |
(52) |
— |
(9) |
(47) |
(5) |
9 |
(113) |
(315) |
|||||||||||||||||||||||||||||
Income tax (expense) benefit |
(144) |
(117) |
— |
(39) |
(244) |
16 |
(19) |
85 |
(462) |
|||||||||||||||||||||||||||||
Equity earnings (losses), net(4) |
— |
— |
— |
1 |
(9) |
18 |
3 |
— |
13 |
|||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(6) |
— |
— |
(13) |
10 |
10 |
— |
— |
1 |
|||||||||||||||||||||||||||||
Earnings (losses) |
$ |
304 |
$ |
261 |
$ |
— |
$ |
92 |
$ |
39 |
$ |
34 |
$ |
28 |
$ |
(58) |
$ |
700 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) |
Includes interest income, interest expense and preferred dividends. |
(3) |
As adjusted for the retrospective adoption of ASU 2017-07. |
(4) |
As adjusted for a reclassification to conform to current year presentation. |
[SRE-F]
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energy-reports-second-quarter-2018-results-300692152.html
SOURCE Sempra Energy
LOS ANGELES, Aug. 1, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced grant funding has been awarded to Lawrence Livermore National Laboratory and Stanford School of Engineering's Spormann Laboratory to conduct new power-to-gas research. The two entities will receive $800,000 from the U.S. Department of Energy (DOE). SoCalGas will provide co-funding of $400,000 in addition to $125,000 of seed funding it provided in 2017.
The initiative will research the use of microbes to convert carbon dioxide directly to methane using renewable electricity, a process known as microbial electromethanogenesis (ME). If developed as envisioned, ME could become a highly efficient, large-scale storage technology for excess wind and solar energy. This would, in turn, make both renewable electricity and renewable natural gas less expensive and more plentiful.
The research will continue past research by Spormann Laboratory on microbes that create methane, as well as advances in 3D-printed carbon aerogel electrode materials made by LLNL, which will be assessed for their viability in reactors. Biogas will be supplied by Delta Diablo, a Livermore, Calif., wastewater treatment plant. Raw biogas is mostly methane, but also contains about 30 to 40 percent carbon dioxide, which is typically vented to the atmosphere in a biogas production facility.
"This technology has the potential to cut the cost of processing biogas, while nearly doubling the amount of this easily-stored renewable energy and reducing carbon dioxide emissions," said Yuri Freedman, SoCalGas senior director of business development. "It could make a big difference for smallscale biogas producers like dairy farms and feedlots, which collectively make up the majority of California's renewable natural gas potential."
SoCalGas provided funding to this research to further develop the technologies known as power-to-gas (P2G), which stores excess renewable electricity as renewable gas rather than in conventional batteries. Power-to-gas has two distinct advantages over batteries: nearly unlimited amounts of electricity can be easily stored for very long periods of time, and it can be stored and used with existing infrastructure.
"Through this project we intend to devise scalable, efficient prototype reactors that enable both economical upgrading of biogas and storage of renewable electricity as methane," said LLNL chemist Sarah Baker. "To do this, we will leverage recent advances in materials synthesis and manufacturing to fabricate reactors tailored to the requirements of the microbes and the overall process."
Between 3,300 and 7,800 gigawatt-hours of excess solar and wind energy will be curtailed in California by 2025 due to time-of-day supply/demand mismatches, according to a recent Lawrence Berkley National Lab study. If that excess solar and wind energy were converted to methane and stored as renewable natural gas, it would provide enough renewable energy to heat 158,000 to 370,000 homes or provide renewable electricity to 80,000 to 187,000 homes.
Capturing methane and carbon dioxide from farms, wastewater treatment plants and landfills and then delivering it through existing pipelines is a cost-effective option to reduce greenhouse gas emissions. A recent analysis found that California could achieve the same greenhouse gas reductions as electrifying buildings at a much lower cost by replacing just a fraction of the natural gas delivered through its pipelines with renewable natural gas.
The University of California at Davis estimates that the natural gas needs of around 2.4 million California homes could be fueled with renewable natural gas derived from the state's existing organic waste. Already, 60 percent of the fuel used in natural gas vehicles in California is renewable, and SoCalGas expects that to increase to 90 percent by 2019.
Technological advances like power-to-gas and renewable natural gas can reduce greenhouse gas emissions while providing energy resiliency and meeting consumers' fuel preferences. Across Southern California, people prefer natural gas four to one over electricity because it is more affordable and reliable, and more than 90 percent of residents use natural gas in their homes.
The research will be conducted at both LLNL and Stanford School of Engineering beginning in August, and is expected to be complete by mid-2020.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.7 million customers across 22,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About LLNL
Founded in 1952, Lawrence Livermore National Laboratory (www.llnl.gov) provides solutions to our nation's most important national security challenges through innovative science, engineering and technology. Lawrence Livermore National Laboratory is managed by Lawrence Livermore National Security, LLC for the U.S. Department of Energy's National Nuclear Security Administration.
View original content with multimedia:http://www.prnewswire.com/news-releases/doe-and-socalgas-fund-project-that-uses-microbes-to-convert-carbon-dioxide-to-renewable-natural-gas-300690383.html
SOURCE Southern California Gas Company
LOS ANGELES, July 31, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today presented sustainable greenhouse grower, SunSelect Produce, Inc., with a $500,000 check to offset the cost of two newly installed energy-efficient cogeneration engines at the grower's facility in Tehachapi, California. The new combined heat and power system is designed to capture otherwise wasted carbon dioxide, heat, and water to improve its greenhouse tomato and bell pepper production. In addition, large natural gas-powered engines will produce enough electricity to power the full operation—plus an additional 2,300 homes. In total, the new cogeneration system will save SunSelect over 7,000 gallons of water per day and divert approximately 12,000 metric tons of CO₂ emissions a year—the equivalent of taking 2,600 cars off the road—by converting the emissions into plant nutrients. Photos from today's check presentation event are available here.
"Natural gas-powered cogeneration systems are win-win operations that provide our customers a competitive solution for the business and sustainable results for California's clean energy goals," said Rasha Prince, director of commercial and industrial services at SoCalGas. "We're proud to support SunSelect with this energy-efficient upgrade that will help keep their energy bills low and reduce emissions linked to climate change."
"SunSelect is committed to creating a sustainable future for our planet, and with the help and support from SoCalGas' equipment incentive program, we're able to bring that vision to life and grow our business in California," said Len Krahn, CEO of SunSelect Produce, Inc. "Indoor farming is becoming increasingly more energy efficient and eco-friendly, and it's technology like this cogeneration system that is advancing the future of greenhouses."
SunSelect is a true industry leader in greenhouse sustainability and carbon reduction. In 2012, the grower's Delta facility in Delta, British Columbia was the first greenhouse in the world to utilize the GC6 Green Carbon Capture System, which allows carbon dioxide that would otherwise be released into the atmosphere to be utilized by greenhouse grown vegetable crops. In addition, SunSelect's facility in Aldergrove, British Columbia utilizes specialty energy systems to create heat from recycled wood waste from local saw mills, minimizing the amount of carbon dioxide emissions to the same amount that is released when plants decompose naturally.
SunSelect's cogeneration equipment was purchased in part through SoCalGas' Rule 38 Incentive Program, which formerly supported the development and use of new, cost-effective high-efficiency commercial and industrial equipment by reimbursing customers for up to half of the cost. SoCalGas' Rule 38 Incentive Program provided financial incentives to commercial, industrial, and agricultural customers for the purchase of energy-efficient, natural gas-fired equipment or for the cost of feasibility studies that evaluate the potential benefits of qualifying energy-efficient equipment. The program helped offset up to 50 percent of equipment costs, up to $500,000 per project. It also provided up to 50 percent of research study costs, up to a maximum of $50,000 per study. This spring the California Public Utilities Commission voted to discontinue the program, and in May the program was closed to new contracts.
Rebates and financial incentives are just one way SoCalGas helps business and residential customers keep their energy bills affordable. Since 1990, the utility's energy efficiency and rebate programs have reduced emissions equal to taking almost 700,000 cars off the road and have saved SoCalGas customers more than $670 million in utility bill costs. Moreover, because of energy efficiency measures and new innovative technology, business and homes account for only about 7.5 percent of greenhouse gas emissions statewide, according to the California Air Resources Board. SoCalGas offers more than 90 energy efficiency programs that deliver close to $161 million in annual cost savings directly to its customers.
SoCalGas is a leader in researching and developing new technologies that improve energy efficiency, reduce emissions, and keep bills affordable for customers. The utility is working to increase the production and use of renewable natural gas, or biogas, which turns methane emissions into a source of clean energy to fuel homes and businesses. Decarbonizing natural gas pipelines with renewable natural gas will help California obtain deep greenhouse gas reductions at the lowest overall cost while preserving energy choice for residents and businesses alike. Learn more about the environmental and cost-saving benefits of renewable natural gas by viewing the utility's latest video, Digesting the Facts About Renewable Natural Gas.
Natural gas is the most affordable, reliable, clean, and increasingly renewable energy choice for home and water heating and cooking in Southern California and is used by more than 90 percent of residents in the region. According to the American Gas Association (AGA), households that use natural gas for water and space heating, cooking and clothes drying save an average of $874 per year compared to homes using electricity for those applications.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.7 million customers across 22,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/socalgas-presents-500-000-equipment-incentive-check-to-sunselect-produce-for-new-energy-saving-ultra-efficient-cogeneration-engines-300689643.html
SOURCE Southern California Gas Company
DALLAS, July 30, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its second quarter 2018 results on August 6, 2018, prior to Sempra Energy's (NYSE: SRE) second quarter 2018 conference call. Oncor's second quarter 2018 earnings release will be available at oncor.com.
Sempra Energy's conference call will occur at 12 p.m. EDT on August 6, 2018, and may include discussion of Oncor's second quarter 2018 operational and financial results. Sempra Energy is the indirect owner of 80.25% of Oncor's outstanding equity interests. Investors, media, analysts and the public may listen to a live webcast of the conference on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link.
For those unable to participate in the live event, a replay of Sempra Energy's call will be available a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 7703894.
Oncor's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
View original content with multimedia:http://www.prnewswire.com/news-releases/oncor-to-release-second-quarter-2018-results-on-august-6-300688739.html
SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, July 23, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its second-quarter 2018 earnings at 7 a.m. EDT, Aug. 6.
Sempra Energy executives will conduct a conference call at 12 p.m. EDT, Aug. 6. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted at 7 a.m. EDT, Aug. 6, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion on the company's website, or by dialing (888) 203-1112 and entering passcode 7703894.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
[SRE-F]
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energy-to-report-second-quarter-2018-earnings-aug-6-300684595.html
SOURCE Sempra Energy
LOS ANGELES, July 13, 2018 /PRNewswire/ -- SoCalGas today announced it will award grants of $50,000 each to two municipalities to support local planning efforts to prepare for climate-change risks, such as extreme heat, wildfires, drought, sea level rise, flooding and other extreme weather events. The competitive grant program is designed to help cities and counties reduce the impact of such threats, which are expected to increase over the next decade. An advisory panel of planning and sustainability experts from the Los Angeles Regional Collaborative for Climate Action and Sustainability (LARC), Climate Resolve, and the American Planning Association-California Chapter (APA-California) will select the winning applications from across Southern and Central California.
"Natural disasters, from Hurricane Harvey to the Napa Valley fires, have highlighted the importance of natural gas as a resilient energy resource that provides heat and hot water for homes, and on-site electricity generation for hospitals and relief centers," said George Minter, SoCalGas regional vice president of external affairs and environmental strategy. "Resiliency means not putting all your eggs in one basket and maintaining diverse forms of energy that can help communities recover from climate change-related disasters."
"The American Planning Association supports efforts to improve community preparedness, resilience, and sustainability in the face of both natural and human-caused hazards," said Ashley Atkinson, director of the American Planning Association Los Angeles. "Planners and local governments are increasingly being called upon to address these issues, and this grant program is an important resource for our California communities."
"LARC leads collaboration to reduce emissions and develop a more climate-resilient Southern California," said Laurel Hunt, LARC's executive director. "We are excited that this grant program encourages partnerships aimed at preparing our cities and counties to determine the best course of action for the region and maximize limited resources."
"Climate Resolve advances local solutions to global climate change, and works to achieve outcomes that bestow multiple benefits—sustainability, resiliency, equity, livability and prosperity," said Bryn Lindblad, Climate Resolve's associate director. "We are pleased to advise this grant program as it supports local communities in their efforts to plan for the increasingly significant impacts from climate change."
Grant proposals will be assessed according to the following criteria:
Collaboration: The extent to which the proposal reflects coordination and partnerships with a diverse range of stakeholders such as energy and water utilities, transportation and housing agencies, etc.
Disadvantaged Communities: SoCalGas encourages applicants to address vulnerabilities in disadvantaged communities.
Co-Benefits: The extent to which the proposal identifies potential added benefits of the adaptation work, such as benefits to public health, air quality, reductions in greenhouse gas emissions, and the economy.
The annual grants will be funded by shareholders and will not impact natural gas bills. The deadline to submit proposals is August 15, 2018.
SoCalGas is a leader in developing and investing in technologies that reduce air pollution and greenhouse gas emissions linked to climate change while keeping bills affordable for customers. Since 1990, the company's energy efficiency and rebate programs have reduced emissions equal to taking almost 700,000 cars off the road and saved customers more than $670 million in energy costs.
SoCalGas has also been working to increase the amount of renewable natural gas produced in California and delivered to its customers. Renewable natural gas captures climate changing emissions from landfills, wastewater treatment plants, agriculture and dairies, and then uses it for transportation, home heating, hot water, cooking, industrial uses, and generating electricity. Using renewable natural gas to replace just a fraction of the natural gas delivered in California would achieve the same greenhouse gas reductions as electrifying 100 percent of buildings—but at a much lower cost to consumers.
In addition, SoCalGas is developing cutting-edge technologies that store surplus renewable solar and wind energy in the form of renewable natural gas or hydrogen for fuel cells. Renewable storage technologies use existing pipeline infrastructure to store excess renewable energy, and it can store that energy for months or longer—two important advantages over battery storage.
For more information about SoCalGas' environmental initiatives, go to socalgas.com/smart-energy.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.7 million customers across 22,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/socalgas-to-award-100-000-in-grants-to-fund-climate-adaptation-and-resiliency-planning-300680754.html
SOURCE Southern California Gas Company
SAN DIEGO, July 10, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has priced its concurrent offerings (the equity offerings) of 9,750,000 shares of its common stock in connection with the forward sale agreements described below at $113.75 per share and 5,000,000 shares of its 6.75-percent Mandatory Convertible Preferred Stock, Series B, at $100 per share, each in a separate registered public offering. The equity offerings are expected to close on or about July 13, 2018, subject to customary closing conditions. In addition, the underwriters in the respective equity offerings have been granted the option to purchase directly from Sempra Energy up to an additional 1,462,500 shares of its common stock and up to an additional 750,000 shares of the Mandatory Convertible Preferred Stock.
These offerings are being made by means of separate prospectus supplements and are not contingent on each other.
The net proceeds from the Mandatory Convertible Preferred Stock offering will be approximately $491.8 million, after deducting the underwriting discount, but before deducting estimated offering expenses payable by Sempra Energy. Sempra Energy expects to use the net proceeds from the Mandatory Convertible Preferred Stock offering and the related sale of shares of its common stock pursuant to the forward sale agreements referred to below to repay outstanding commercial paper, to fund working capital and for other general corporate purposes.
Citigroup and J.P. Morgan are acting as joint bookrunners of the equity offerings and representatives of the underwriters.
In connection with the common stock offering, Sempra Energy has entered into forward sale agreements with an affiliate of Citigroup and an affiliate of J.P. Morgan (in such capacity, the forward purchasers) with respect to 9,750,000 shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their respective affiliates (in such capacity, the forward sellers) are expected to borrow from third parties and sell to the underwriters of the common stock offering for resale by such underwriters in such offering an aggregate of 9,750,000 shares of the common stock. If, however, the forward purchasers determine in good faith, after using commercially reasonable efforts, that the forward sellers are unable to borrow and deliver to the underwriters any such shares of common stock, or that the forward sellers are unable to borrow, at a stock loan rate not greater than a specified rate, and deliver to the underwriters any such shares, or if the forward sellers elect not to borrow such shares of common stock because specified conditions are not satisfied, Sempra Energy will issue and sell to the underwriters a number of shares of common stock equal to the number of shares that the forward sellers did not borrow and deliver.
Sempra Energy will not initially receive any proceeds from the sale of common stock sold by the forward sellers to the underwriters. Instead, subject to its right to elect cash settlement or net share settlement subject to certain conditions, Sempra Energy intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by Sempra Energy occurring no later than Dec. 15, 2019, an aggregate of 9,750,000 shares of its common stock to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price per share, which will initially be equal to the public offering price per share in the common stock offering less underwriting discounts and commissions. The initial forward sale price is subject to subsequent adjustment from time to time as provided in the forward sale agreements.
Each share of Mandatory Convertible Preferred Stock will have a liquidation preference of $100 per share.
Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically convert into a variable number of shares of Sempra Energy's common stock on the mandatory conversion date, which is expected to be July 15, 2021. The number of shares of Sempra Energy's common stock issuable on mandatory conversion will be determined based on the average volume-weighted average price of Sempra Energy's common stock over the 20-trading day period commencing on and including the 21st scheduled trading day prior to July 15, 2021.
Dividends on the shares of Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by Sempra Energy's board of directors, at an annual rate of 6.75 percent on the liquidation preference of $100 per share. The dividends may be paid in cash or, subject to certain limitations, in shares of Sempra Energy common stock or, at Sempra Energy's election, any combination of cash and shares of common stock on Jan. 15, April 15, July 15 and Oct. 15 of each year, commencing on Oct. 15, 2018, and to, and including, July 15, 2021.
The offerings are being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). Each offering is being made only by means of a prospectus supplement relating to such offering and the accompanying base prospectus, copies of which may be obtained by contacting the representatives of the underwriters using the information provided below under "Underwriter Contact Information." An electronic copy of each prospectus supplement, together with the accompanying prospectus, will be available on the SEC's website, www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Such forward-looking statements include, among other things, statements related to Sempra Energy's expectations regarding the completion and timing of its public offerings, the expected physical settlement of the forward sale agreements, and use of proceeds. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the impact of current global economic, credit and market conditions and the satisfaction of customary closing conditions related to the offerings, as well as risks and uncertainties associated with our business in general, including, actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denials of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain assets on the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings of us or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); indebtedness we have incurred to fund the acquisition of our investment in Oncor Holdings, which may make it more difficult for us to repay or refinance our debt or may require us to take other actions that may decrease business flexibility and increase borrowing costs; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the prospectus supplement and accompanying prospectus for each offering and in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC) that are incorporated by reference therein. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
[SRE-F]
UNDERWRITER CONTACT INFORMATION
Citigroup c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Toll-free: (800) 831-9146
|
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Attn: Equity Syndicate Toll-free: (866) 803-9204 |
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energy-announces-pricing-of-public-offerings-of-common-stock-and-mandatory-convertible-preferred-stock-300679116.html
SOURCE Sempra Energy
SAN DIEGO, July 10, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it is commencing concurrent offerings (the equity offerings) of $1.1 billion of shares of its common stock in connection with the forward sale agreements described below and $500 million of shares of its Mandatory Convertible Preferred Stock, Series B, each in a separate registered public offering, subject to market and other conditions.
These offerings are being made by means of separate preliminary prospectus supplements and are not contingent on each other. Sempra Energy expects to use the net proceeds from these offerings and the related sale of shares of its common stock pursuant to the forward sale agreements referred to below to repay outstanding commercial paper, to fund working capital and for other general corporate purposes.
Sempra Energy intends to grant the underwriters in the respective equity offerings the option to purchase directly from Sempra Energy up to an additional $165 million of shares of its common stock and up to an additional $75 million of shares of the Mandatory Convertible Preferred Stock.
Citigroup and J.P. Morgan are acting as joint bookrunners of the equity offerings and representatives of the underwriters.
In connection with the common stock offering, Sempra Energy expects to enter into forward sale agreements with an affiliate of Citigroup and an affiliate of J.P. Morgan (in such capacity, the forward purchasers) with respect to $1.1 billion of shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their respective affiliates (in such capacity, the forward sellers) are expected to borrow from third parties and sell to the underwriters of the common stock offering for resale by such underwriters in such offering an aggregate of $1.1 billion of shares of the common stock. If, however, the forward purchasers determine in good faith, after using commercially reasonable efforts, that the forward sellers are unable to borrow and deliver to the underwriters any such shares of common stock, or that the forward sellers are unable to borrow, at a stock loan rate not greater than a specified rate, and deliver to the underwriters any such shares, or if the forward sellers elect not to borrow such shares of common stock because specified conditions are not satisfied, Sempra Energy will issue and sell to the underwriters a number of shares of common stock equal to the number of shares that the forward sellers did not borrow and deliver.
Sempra Energy will not initially receive any proceeds from the sale of common stock sold by the forward sellers to the underwriters. Instead, subject to its right to elect cash settlement or net share settlement subject to certain conditions, Sempra Energy intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by Sempra Energy occurring no later than December 15, 2019, an aggregate number of shares of its common stock to the forward purchasers equal to the number of shares sold by the forward sellers in the common stock offering, in exchange for cash proceeds per share equal to the applicable forward sale price per share, which will initially be equal to the public offering price per share in the common stock offering less underwriting discounts and commissions. The initial forward sale price is subject to subsequent adjustment from time to time as provided in the forward sale agreements.
Each share of Mandatory Convertible Preferred Stock is expected to have a liquidation preference of $100 per share.
Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically convert into a variable number of shares of Sempra Energy's common stock on the mandatory conversion date, which is expected to be July 15, 2021. The number of shares of Sempra Energy's common stock issuable on mandatory conversion will be determined based on the average volume-weighted average price of Sempra Energy's common stock over the 20-trading day period commencing on and including the 21st scheduled trading day prior to July 15, 2021. The dividend rate and the conversion terms of the Mandatory Convertible Preferred Stock will be determined by negotiations among Sempra Energy and the underwriters.
The offerings are being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). Each offering will be made only by means of a prospectus supplement relating to such offering and the accompanying base prospectus, copies of which may be obtained by contacting the representatives of the underwriters using the information provided below under "Underwriter Contact Information." An electronic copy of each preliminary prospectus supplement, together with the accompanying prospectus, also is available on the SEC's website, www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Such forward-looking statements include, among other things, statements related to Sempra Energy's expectations regarding the completion, timing and sizing of its proposed public offerings, its expectations with respect to granting the underwriters options to purchase additional shares, the expected physical settlement of the forward sale agreements, and use of proceeds. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the impact of current global economic, credit and market conditions and the satisfaction of customary closing conditions related to the proposed offerings, as well as risks and uncertainties associated with our business in general, including, actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Department of Conservation's Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the U.S. and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denials of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the inverse condemnation doctrine applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain assets on the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings of us or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); indebtedness we have incurred to fund the acquisition of our investment in Oncor Holdings, which may make it more difficult for us to repay or refinance our debt or may require us to take other actions that may decrease business flexibility and increase borrowing costs; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; actions of activist shareholders, which could impact the market price of our common stock, preferred stock and other securities and disrupt our operations as a result of, among other things, requiring significant time and attention by management and our board of directors; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the prospectus supplement and accompanying prospectus for each offering and in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC) that are incorporated by reference therein. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
UNDERWRITER CONTACT INFORMATION | |
Citigroup |
J.P. Morgan Securities LLC, |
c/o Broadridge Financial Solutions |
c/o Broadridge Financial Solutions |
1155 Long Island Avenue |
1155 Long Island Avenue |
Edgewood, NY 11717 |
Edgewood, NY 11717 |
Toll-free: (800) 831-9146 |
Attn: Equity Syndicate |
Toll-free: (866) 803-9204 |
[SRE-F]
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energy-announces-proposed-public-offerings-of-common-stock-and-mandatory-convertible-preferred-stock-300678917.html
SOURCE Sempra Energy
LOS ANGELES, July 9, 2018 /PRNewswire/ -- San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas) today received a prestigious international award for their innovative use of location intelligence and spatial analytics. Geographic information system (GIS) is the foundational system that provides information about gas and electric networks to enhance situational awareness and decision making for the assets and customers at both utilities. SDG&E and SoCalGas were recognized by Esri for being industry leaders before a crowd of 18,000 international technology experts and GIS users at the Esri International User Conference in San Diego. A photo is available here.
The Enterprise GIS Award is given annually to an organization that uses geographic information system software to provide meaningful business intelligence across the organization – from staff to field operations to management.
"Esri's ArcGIS platform helps both SoCalGas and SDG&E deliver energy safely and reliably to our 25 million customers by giving us real-time data to make informed decisions," said Jimmie Cho, senior vice president of customer services for SoCalGas and senior vice president of distribution operations for SoCalGas and SDG&E. "Whether it's helping our staff provide excellent customer service to homes and businesses, or using mapping data to monitor pipelines or power lines during an emergency response, Esri's platform helps us keep our systems in service, increase productivity, and ultimately serve our customers better."
"SDG&E and SoCalGas are true pioneers in their efforts providing real-time information throughout their organization to offer the best service to their customers," said Jack Dangermond, Esri founder and president. "Both utilities have created a platform that is agile, helps mitigate damage and provides support to the people who need it, when they need it."
About 2,000 SDG&E and SoCalGas employees across multiple business areas use Esri's ArcGIS mapping and analytics platform. Staff from customer service, integrity management, environmental services, emergency response, engineering, field operations, and planning use the GIS data in real-time.
SDG&E leverages the geographic data in the following ways:
SoCalGas uses the geographic data in the following ways:
About Esri
Esri, the global market leader in geographic information system (GIS) software, offers the most powerful mapping and spatial analytics technology available. Since 1969, Esri has helped customers unlock the full potential of data to improve operational and business results. Today, Esri software is deployed in more than 350,000 organizations including the world's largest cities, most national governments, 75 percent of Fortune 500 companies, and more than 7,000 colleges and universities. Esri engineers the most advanced solutions for digital transformation, the Internet of Things (IoT), and location analytics to inform the most authoritative maps in the world. Visit us at esri.com.
About SDG&E
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing around 45 percent of its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy, a Fortune 500 energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.7 million customers across 22,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/sdge-and-socalgas-honored-with-enterprise-gis-award-at-the-2018-esri-international-conference-300677981.html
SOURCE Southern California Gas Company
SAN DIEGO, July 9, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has been awarded a 20-year contract by the Topolobampo Port Administration in Mexico to build and operate a receipt, storage and send-out liquid fuels marine terminal in the state of Sinaloa.
With a projected investment of approximately $150 million, the first phase of the new liquid fuels terminal will have a storage capacity of 1 million barrels of fuel, including gasoline and diesel. Operations are expected to commence in the fourth quarter of 2020.
"The Topolobampo project will facilitate access to additional international fuel supplies and help meet growing demand in Mexico," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "IEnova's success in developing new energy infrastructure is contributing to Mexico's economic growth, creating jobs and diversifying energy supply while benefitting millions of Mexican energy consumers."
IEnova will be responsible for the development of the liquid fuels terminal project, including financing, obtaining customer contracts and permits, engineering, procurement and construction, as well as maintenance and operations.
IEnova has achieved significant commercial progress with potential customers and intends to contract for 100 percent of the terminal's capacity. Future phases of the liquid fuels terminal could include additional fuel storage capacity and storage of petrochemicals.
IEnova develops, builds and operates energy infrastructure in Mexico. With more than 900 employees and approximately $7.6 billion dollars invested, its footprint in Mexico includes several lines of business across the energy infrastructure value chain that is open to private investment in the country.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-strategic assets on the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); the ability to obtain additional permanent equity financing for the acquisition of our investment in Oncor Holdings on favorable terms; indebtedness we have incurred to fund the acquisition of our investment in Oncor Holdings, which may make it more difficult for us to repay or refinance our debt or may require us to take other actions that may decrease business flexibility and increase borrowing costs; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, July 2, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today released its 2017 corporate sustainability report, "Sustainable Future," outlining the company's environmental, social and governance performance.
"At Sempra Energy, we believe it is our responsibility to ensure that we are providing for our customers, shareholders and employees in a sustainable way," said Jeffrey W. Martin, CEO of Sempra Energy. "As we look to the future, we are inspired by a strong sense of purpose and a unique understanding of the role we play in improving the lives of our stakeholders."
The corporate sustainability report is released each year by Sempra Energy as a way to document progress from the prior year, outline management's approach to key issues and provide stakeholders with an accounting of the company's performance in a number of areas.
The 2017 report highlights governance performance, such as Sempra Energy's continued work to incorporate risks related to climate change into its risk-management process. This includes preparing for a wildfire season exacerbated by extreme drought, the potential impact of sea-level rise and the need to meet climate-related regulatory targets.
In 2017, Sempra Energy's companywide emissions rate for power generation remained at about half the U.S. national average, and more than 50 percent of the company's power generation capacity was emissions-free. Additionally, only 1 percent of water withdrawn by Sempra Energy businesses in 2017 came from fresh-water sources.
Social performance is also covered in the report, including the company's efforts to work with employees across its businesses to develop a policy on human rights, underscoring the company's commitment to minimize any adverse effects that infrastructure or operations might have on people and communities.
Sempra Energy's 2017 corporate sustainability report is available at www.sempra.com.
The Sempra Energy companies include Oncor Electric Delivery Company LLC, San Diego Gas & Electric, Sempra LNG & Midstream, Sempra Mexico, Sempra Renewables, Sempra South America Utilities and Southern California Gas Co.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); the ability to obtain additional permanent equity financing for the acquisition of our investment in Oncor Holdings on favorable terms; indebtedness we have incurred to fund the acquisition of our investment in Oncor Holdings, which may make it more difficult for us to repay or refinance our debt or may require us to take other actions that may decrease business flexibility and increase borrowing costs; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, June 27, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company's latest efforts to help California fleets obtain funding for the purchase of new near-zero emissions heavy-duty natural gas trucks. SoCalGas representatives supported 21 fleet owners operating within the South Coast Air Quality Management District (SCAQMD) with the Carl Moyer Program, funding applications for 209 new near-zero emissions natural gas trucks. Already this year, SoCalGas customers have submitted more than 150 applications to the SCAQMD as part of the $21 million Prop 1B incentive pool. Owners whose applications are accepted will receive $100,000 towards the purchase of a new near-zero natural gas truck. Replacing 350 diesel trucks with near-zero natural gas trucks is the equivalent of taking more than 20,000 passenger cars off the road.
The Carl Moyer Program was expanded this year to include infrastructure projects such as fueling and charging stations. SoCalGas also assisted customers with additional applications for the funding of five new compressed natural gas (CNG) fueling stations. The expansion of CNG stations across the state is a crucial step in the transition to near-zero natural gas trucks.
This year marks the 20th anniversary of the Carl Moyer Program, which provides owners of vehicles and equipment with diesel engines funding to retrofit or replace the engines with newer, cleaner models. Prior to 2018, the program has provided more than $460 million in funding. Approximately $25 million is available through the SCAQMD program in 2018. According to the SCAQMD, almost 7,600 tons of NOx (smog-forming emissions) and 222 tons of particulate matter have been reduced each year as the result of the Carl Moyer Program.
"Last month, SoCalGas customers began receiving deliveries of ultra-low emission 12-Liter natural gas trucks, the cleanest heavy-duty truck commercially available today," said Sharon Tomkins, vice president of customer solutions and strategy for SoCalGas. "Incentive funding like the Carl Moyer Program will enable more fleets to switch to ultra-low emission trucks at a cost on par with diesel trucks."
"SoCalGas account executives have been instrumental in streamlining our data collection process, scheduling meetings and processing the paperwork needed so that we could submit accurate and timely grant applications," said Kent Ramseyer, energy manager for the Newport-Mesa Unified School District. "NMUSD staff looks forward to working with SoCalGas on these and other projects in the near future."
The transportation sector is responsible for about 40 percent of California's GHG emissions and more than 80 percent of the state's NOx, or smog-forming, emissions. Making the switch from diesel to near-zero natural gas trucks is vital to achieving the state's GHG reduction goals and cleaning the air around California's transportation corridors.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States. SoCalGas delivers affordable, reliable, clean and increasingly renewable natural gas service to 21.7 million customers across 22,000 square miles of Central and Southern California, where more than 90 percent of residents use natural gas for heating, hot water, cooking, drying clothes or other uses. Natural gas delivered through the company's pipelines also plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas is committed to investing in its natural gas system infrastructure, while keeping bills affordable for our customers. From 2013 through 2017, the company spent nearly $6 billion to upgrade and modernize its natural gas system to enhance safety and reliability. The company is also committed to being a leader in the region's clean energy future, and is working to accelerate the use of renewable natural gas from dairy farms, landfills and wastewater treatment plants and the development of renewable energy storage technologies. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
DALLAS, June 26, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") will participate in the Sempra Energy (NYSE: SRE) analyst conference to be held on June 28, 2018 at 9:30 a.m. EDT. Sempra Energy is the indirect owner of 80.25% of Oncor's outstanding equity interests. A live webcast of the conference will be available on the investor section of Sempra Energy's website (www.sempra.com) and a replay also will be available on Sempra Energy's website within 24 hours after the conference. Oncor will file a copy of the presentation slides related to Oncor on a Current Report on Form 8-K prior to the webcast.
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
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SOURCE Oncor Electric Delivery Company LLC
WASHINGTON, June 26, 2018 /PRNewswire/ --The agreement defines basic terms and conditions of a 20-year contract to be finalized between the parties for the sales and purchase of two million tonnes per annum (Mtpa) of LNG, which equals about 2.7 billion cubic meters (bcm) per year of natural gas following regasification. Cargoes will be supplied starting in 2023 from the Port Arthur LNG facility being developed in Jefferson County, Texas. The documents were signed today during the current World Gas Conference in Washington, D.C.
"The Port Arthur liquefaction project is one of three major LNG export projects Sempra Energy is developing in North America to meet the demand of global markets, including Poland," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "This agreement along with PGNiG's financial strength and experience in delivering natural gas to customers are important to advancing the Port Arthur liquefaction project."
"We are pleased to have PGNiG as a foundation customer of the Port Arthur LNG project," said Octavio Simoes, president of Sempra LNG & Midstream, a subsidiary company of Sempra Energy. "We look forward to working with PGNiG to finalize the LNG supply agreement that will provide low-cost, flexible and reliable U.S. LNG to PGNiG and bring competitively priced natural gas to the Polish and other European gas markets."
"The signed agreement paves the way for finalizing a contract that will help PGNiG to develop our LNG portfolio in the near future," commented Piotr Woźniak, CEO and President of the Management Board at PGNiG. "Starting in 2023, LNG deliveries from the Port Arthur terminal can not only help us to further diversify our import structure, but will also help us in strengthening PGNiG's activities on the international LNG market. PGNiG is constantly looking for market offers to purchase natural gas at competitive prices. We are pleased to be able to cooperate with such an experienced partner as Sempra Energy."
Deliveries have the flexibility to allow for further trading by PGNiG on international markets and are contemplated to be supplied on a free-on-board (FOB) basis whereby PGNiG is responsible for transport of the cargoes from Port Arthur LNG.
Today's announcement represents another step in the ongoing development of the Port Arthur LNG liquefaction project. In 2017, Sempra LNG & Midstream signed a Memorandum of Understanding (MOU) with Korea Gas Corporation (KOGAS) providing a framework for cooperation, including engineering and construction, operations, equity ownership in the Port Arthur LNG liquefaction project, and offtake of LNG. The ultimate participation of KOGAS and PGNiG in the project remains subject to finalization of definitive agreements.
The Port Arthur LNG liquefaction facility is planned to export approximately 11 Mtpa of LNG starting from 2023. Last week Bechtel was selected by Port Arthur LNG to be the engineering, procurement, construction and commissioning (EPC) contractor. Development of the Port Arthur LNG liquefaction project is contingent upon obtaining customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, incentives and other factors, and reaching a final investment decision.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
PGNiG (the Polish Oil and Gas Company) is the leader of the Polish natural gas market. Listed on the Warsaw Stock Exchange, the company's core businesses include the exploration and production of natural gas and crude oil fields; the import, storage, and sale of natural gas; the distribution of gaseous and liquid fuels; and heat and electricity generation. PGNiG holds exploration and production licenses on the Norwegian Continental Shelf and in Pakistan. The exploration and production activity in Norway is carried out by PGNiG Upstream Norway. Munich-based PGNiG Supply & Trading is engaged in gas trading in Western Europe and operates an LNG trading office in London.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG & Midstream
SAN DIEGO, June 22, 2018 /PRNewswire/ -- Sempra LNG & Midstream, a unit of Sempra Energy (NYSE: SRE), today announced that its wholly owned affiliate, Port Arthur LNG, LLC, has selected Bechtel as the engineering, procurement, construction and commissioning (EPC) contractor for the Port Arthur liquefaction project under development in Jefferson County, Texas.
Bechtel, one of the world's most experienced liquefied natural gas (LNG) engineering and construction companies, will perform the engineering, execution planning and related activities necessary to prepare, negotiate and finalize a lump-sum EPC contract for the project in accordance with the planned development schedule.
"Port Arthur LNG is one of three major LNG export projects that are an important part of our growth platform," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "Bechtel brings to our project outstanding management experience and commitment to safety we expect on all of our projects."
"We are confident Bechtel's construction and management team will help us achieve a world-class LNG export project at Port Arthur and meet the global demand for LNG," said Octavio M. Simoes, president of Sempra LNG & Midstream.
"We look forward to partnering with Sempra LNG & Midstream to successfully develop the Port Arthur LNG facility, from planning through project startup," said Darren Mort, general manager of Bechtel LNG. "We are honored that Sempra LNG & Midstream has entrusted us with the opportunity to play a key role in helping them deliver energy to customers across the globe."
The proposed Port Arthur liquefaction project is expected to include two natural gas liquefaction trains to enable the long-term sale of approximately 11 million tonnes per annum (Mtpa) of LNG; feed gas pre-treatment facilities; natural gas liquids and refrigerant storage; up to three LNG storage tanks; two marine berths and associated facilities.
Development of the Port Arthur liquefaction project is contingent upon obtaining customer commitments, completing the required commercial agreements (including a definitive EPC contract), securing all necessary permits and approvals, obtaining financing and incentives, reaching a final investment decision and other factors associated with the investment.
In addition to Port Arthur, Sempra LNG & Midstream developed a three-train, 14 Mtpa liquefaction facility at Cameron LNG in Hackberry, La., currently in construction, and has permitted a liquefaction facility at Energía Costa Azul in Baja California, Mexico. Completion of these projects is subject to a number of risks and uncertainties.
Bechtel is one of the most respected global engineering, construction, and project management companies. Together with our customers, we deliver landmark projects that create long-term progress and economic growth. Since 1898, we've completed more than 25,000 extraordinary projects across 160 countries on all seven continents. Our Oil, Gas & Chemicals business is a global leader in the development and delivery of LNG projects, having completed 12 large scale LNG trains in less than 4 years. Our company and our culture are built on more than a century of leadership and a relentless adherence to our values, the core of which are safety, quality, ethics, and integrity. These values are what we believe, what we expect, what we deliver, and what we live.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate our businesses; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra Energy's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof and Sempra Energy or its subsidiaries undertake no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG & Midstream
SAN DIEGO, June 20, 2018 /PRNewswire/ -- Today, the board of directors of Sempra Energy (NYSE:SRE) declared a quarterly dividend of $0.8950 per share of common stock. The common stock dividend is payable July 15, 2018, to common stock shareholders of record at the close of business on July 2, 2018.
The company's board of directors also declared a quarterly dividend of $1.50 per share on the company's 6-percent Mandatory Convertible Preferred Stock, Series A (Preferred Stock, Series A). The Preferred Stock, Series A dividend will be payable July 15, 2018, to Preferred Stock, Series A shareholders of record as of July 1, 2018.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); the ability to obtain additional permanent equity financing for the acquisition of our investment in Oncor Holdings on favorable terms; indebtedness we have incurred to fund the acquisition of our investment in Oncor Holdings, which may make it more difficult for us to repay or refinance our debt or may require us to take other actions that may decrease business flexibility and increase borrowing costs; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
SAN DIEGO, June 6, 2018 /PRNewswire/ -- The Edison Electric Institute (EEI) today named San Diego Gas & Electric (SDG&E) the winner of the 2018 Edison Award, the electric power industry's most prestigious and coveted honor. Recognized for its work to enhance grid resiliency, SDG&E was presented with the 90th Edison Award among a group of distinguished finalists known for their industry leadership, innovation and excellence in the global energy industry.
Nearly a decade ago, SDG&E started aggressive efforts to combat climate change and enhance power grid resiliency. Rising temperatures, prolonged drought conditions, and severe weather patterns presented new challenges including devastating wildfires. SDG&E made significant strategic investments to help strengthen the power grid, increase situational awareness and create operating protocols that have helped enhance the region's ability to respond to wildfires.
"As part of our commitment to regional safety, we developed one of the most comprehensive and robust fire risk mitigation programs in the industry designed to help protect infrastructure and the communities we serve," said Scott Drury, president of SDG&E. "We made one bold decision after another, and collaborated with public and private sectors, academia and government agencies to address climate change in new, innovative ways."
Watch SDG&E's Award Submission Video here
It's been 77 years since SDG&E was honored with the respected Edison Award. In 1941, SDG&E was recognized for its impressive performance in meeting greatly increased industrial and defense electric demand while serving a large and rapidly growing population. A seventy-one percent increase in industrial energy demand was met without interruption of service.
"SDG&E is a committed and innovative partner in our widespread efforts to address the threat of wildfires," said San Diego County Supervisor Ron Roberts. "I want to congratulate the company and its dedicated workforce for being recognized with this incredible honor from the Edison Electric Institute."
EEI is the association that represents all U.S. investor-owned electric companies. Members provide electricity to about 220 million Americans, and operate in all 50 states and the District of Columbia. The electric power industry supports more than 7 million jobs in communities across America. Additionally, EEI has more than 60 international electric companies, with operations in more than 90 countries across the globe.
"The steps taken by SDGE to improve fire safety in San Diego county have undoubtedly had a positive impact on the region," said Fire Chief Mecham, San Diego County Fire Authority. "Their efforts over the last decade show a true commitment to the customers that they serve and solidifies their position as a leader in the electric industry."
SDG&E's wildfire risk mitigation program has helped protect lives, homes and property from the threat of wildfire throughout the region. With a long-standing commitment to safety, SDG&E will continue to collaborate with various agencies and partners to build upon the foundation that helped create a resilient power grid. In doing so, SDG&E is helping to create a sustainable future for its customers who rely on them every day to power their lives.
Learn more about SDG&E's commitment to safety on the Wildfire Preparedness page of SDG&E's NewsCenter.
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing around 45 percent of its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
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SOURCE SDG&E
LOS ANGELES, May 22, 2018 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: |
|
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on July 15, 2018, to shareholders of record on June 10, 2018.
About Southern California Gas Company
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Company
SAN DIEGO, May 7, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported first-quarter 2018 earnings of $347 million, or $1.33 per diluted share, compared with first-quarter 2017 earnings of $441 million, or $1.75 per diluted share.
Sempra Energy's first-quarter 2018 earnings included higher financing costs at the parent company. These financing costs were incurred starting in January, primarily related to the anticipated acquisition of a majority stake in Oncor Electric Delivery Company LLC (Oncor), which was completed in early March. First-quarter 2018 consolidated results also reflected $25 million income-tax expense to adjust 2017 provisional amounts related to the Tax Cuts and Jobs Act of 2017.
"During the quarter, we successfully implemented our leadership succession plan, completed the Oncor transaction and continued execution of our capital program in our utility and infrastructure businesses," said Jeffrey W. Martin, CEO of Sempra Energy. "Our underlying business performance was solid and consistent with our expectations."
OPERATING HIGHLIGHTS
On May 1, Martin became Sempra Energy's CEO, while Joseph A. Householder became Sempra Energy's president and chief operating officer and Trevor I. Mihalik became Sempra Energy's executive vice president and chief financial officer. Debra L. Reed announced in March that she would step down as president and CEO of Sempra Energy May 1 and continue as executive chairman of the company until her retirement on Dec. 1. Previously, Martin was Sempra Energy's executive vice president and chief financial officer, Householder was Sempra Energy's corporate group president of infrastructure businesses and Mihalik was Sempra Energy's senior vice president, controller and chief accounting officer.
On March 9, Sempra Energy completed its $9.45 billion acquisition of an approximate 80-percent indirect ownership interest in Oncor, after receiving final regulatory approvals for the transaction. Sempra Energy expects $320 million to $360 million for its portion of partial-year earnings from Oncor in 2018.
Last month, San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas) filed supplemental testimony in their 2019 General Rate Case applications regarding impacts of federal tax reform. As a result of tax reform, SoCalGas is projecting reduced customer bills, while SDG&E expects incremental wildfire mitigation investments to substantially offset any bill reductions.
Sempra Energy's Mexican subsidiary IEnova announced April 12 that the company has been awarded a $130 million project to build and operate a liquid fuels marine terminal near Ensenada, Mexico. In connection with the project, IEnova has signed long-term supply contracts with multinational counterparties, including an affiliate of Chevron, for all of the terminal's capacity. The terminal is expected to commence operations in the second half of 2020.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EDT with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 1980202.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, Public Utility Commission of Texas, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners and counterparties; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; denial of approvals of proposed settlements or modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); the ability to obtain additional permanent equity financing for the acquisition of our investment in Oncor Holdings on favorable terms; indebtedness we have incurred to fund the acquisition of our investment in Oncor Holdings, which may make it more difficult for us to repay or refinance our debt or may require us to take other actions that may decrease business flexibility and increase borrowing costs; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico, Sempra Texas Utility, Oncor and IEnova are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | |||||||
Table A | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
Three months ended | |||||||
(Dollars in millions, except per share amounts) |
2018 |
2017(1) | |||||
(unaudited) | |||||||
REVENUES |
|||||||
Utilities |
$ |
2,598 |
$ |
2,698 |
|||
Energy-related businesses |
364 |
333 |
|||||
Total revenues |
2,962 |
3,031 |
|||||
EXPENSES AND OTHER INCOME |
|||||||
Utilities: |
|||||||
Cost of electric fuel and purchased power |
(546) |
(527) |
|||||
Cost of natural gas |
(348) |
(485) |
|||||
Energy-related businesses: |
|||||||
Cost of natural gas, electric fuel and purchased power |
(69) |
(67) |
|||||
Other cost of sales |
(18) |
(22) |
|||||
Operation and maintenance |
(781) |
(719) |
|||||
Depreciation and amortization |
(386) |
(360) |
|||||
Franchise fees and other taxes |
(117) |
(110) |
|||||
Other income, net |
153 |
174 |
|||||
Interest income |
33 |
6 |
|||||
Interest expense |
(216) |
(169) |
|||||
Income before income taxes and equity losses of unconsolidated subsidiaries |
667 |
752 |
|||||
Income tax expense |
(289) |
(295) |
|||||
Equity losses |
(20) |
(5) |
|||||
Net income |
358 |
452 |
|||||
Losses (earnings) attributable to noncontrolling interests |
17 |
(11) |
|||||
Mandatory convertible preferred stock dividends |
(28) |
— |
|||||
Earnings attributable to common shares |
$ |
347 |
$ |
441 |
|||
Basic earnings per common share |
$ |
1.34 |
$ |
1.76 |
|||
Weighted-average number of shares outstanding, basic (thousands) |
257,932 |
251,131 |
|||||
Diluted earnings per common share |
$ |
1.33 |
$ |
1.75 |
|||
Weighted-average number of shares outstanding, diluted (thousands) |
259,490 |
252,246 |
|||||
Dividends declared per share of common stock |
$ |
0.90 |
$ |
0.82 |
(1) |
As adjusted for the retrospective adoption of ASU 2017-07 and a reclassification to conform to current year presentation. |
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited)
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2018 and 2017 as follows:
Three months ended March 31, 2018:
Three months ended March 31, 2017:
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2018 to 2017 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings and GAAP Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
Income tax |
Earnings |
Income tax |
Noncontrolling |
Earnings | ||||||||||||
(Dollars in millions, except per share amounts) |
Three months ended March 31, 2018 |
Three months ended March 31, 2017 | ||||||||||||||
Sempra Energy GAAP Earnings |
$ |
347 |
$ |
441 |
||||||||||||
Excluded items: |
||||||||||||||||
Impact from the TCJA |
$ |
25 |
25 |
$ |
— |
$ |
— |
— |
||||||||
Deferred income tax benefit associated with TdM |
— |
— |
(5) |
2 |
(3) |
|||||||||||
Sempra Energy Adjusted Earnings |
$ |
372 |
$ |
438 |
||||||||||||
Diluted earnings per common share: |
||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
1.33 |
$ |
1.75 |
||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1.43 |
$ |
1.74 |
||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
259,490 |
252,246 |
(1) |
Income taxes associated with TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. |
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) |
March 31, 2018 |
December 31, 2017(1) | ||||||||
(unaudited) |
||||||||||
Assets |
||||||||||
Current assets: |
||||||||||
Cash and cash equivalents |
$ |
239 |
$ |
288 |
||||||
Restricted cash |
54 |
62 |
||||||||
Accounts receivable, net |
1,681 |
1,584 |
||||||||
Due from unconsolidated affiliates |
63 |
37 |
||||||||
Income taxes receivable |
118 |
110 |
||||||||
Inventories |
285 |
307 |
||||||||
Regulatory assets |
241 |
325 |
||||||||
Fixed-price contracts and other derivatives |
111 |
66 |
||||||||
Greenhouse gas allowances |
301 |
299 |
||||||||
Assets held for sale |
135 |
127 |
||||||||
Other |
166 |
136 |
||||||||
Total current assets |
3,394 |
3,341 |
||||||||
Other assets: |
||||||||||
Restricted cash |
14 |
14 |
||||||||
Due from unconsolidated affiliates |
666 |
598 |
||||||||
Regulatory assets |
1,597 |
1,517 |
||||||||
Nuclear decommissioning trusts |
1,017 |
1,033 |
||||||||
Investment in Oncor Holdings |
9,176 |
— |
||||||||
Other investments |
2,590 |
2,527 |
||||||||
Goodwill |
2,406 |
2,397 |
||||||||
Other intangible assets |
596 |
596 |
||||||||
Dedicated assets in support of certain benefit plans |
421 |
455 |
||||||||
Insurance receivable for Aliso Canyon costs |
447 |
418 |
||||||||
Deferred income taxes |
117 |
170 |
||||||||
Greenhouse gas allowances |
154 |
93 |
||||||||
Sundry |
865 |
792 |
||||||||
Total other assets |
20,066 |
10,610 |
||||||||
Property, plant and equipment, net |
37,025 |
36,503 |
||||||||
Total assets |
$ |
60,485 |
$ |
50,454 |
||||||
Liabilities and Equity |
||||||||||
Current liabilities: |
||||||||||
Short-term debt |
$ |
3,665 |
$ |
1,540 |
||||||
Accounts payable |
1,205 |
1,523 |
||||||||
Due to unconsolidated affiliates |
6 |
7 |
||||||||
Dividends and interest payable |
494 |
342 |
||||||||
Accrued compensation and benefits |
253 |
439 |
||||||||
Regulatory liabilities |
210 |
109 |
||||||||
Current portion of long-term debt |
1,871 |
1,427 |
||||||||
Fixed-price contracts and other derivatives |
69 |
109 |
||||||||
Customer deposits |
164 |
162 |
||||||||
Reserve for Aliso Canyon costs |
122 |
84 |
||||||||
Greenhouse gas obligations |
301 |
299 |
||||||||
Liabilities held for sale |
52 |
49 |
||||||||
Other |
697 |
545 |
||||||||
Total current liabilities |
9,109 |
6,635 |
||||||||
Long-term debt |
20,863 |
16,445 |
||||||||
Deferred credits and other liabilities: |
||||||||||
Customer advances for construction |
149 |
150 |
||||||||
Due to unconsolidated affiliates |
35 |
35 |
||||||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,215 |
1,148 |
||||||||
Deferred income taxes |
2,654 |
2,767 |
||||||||
Deferred investment tax credits |
26 |
28 |
||||||||
Regulatory liabilities |
3,922 |
3,922 |
||||||||
Asset retirement obligations |
2,766 |
2,732 |
||||||||
Fixed-price contracts and other derivatives |
275 |
316 |
||||||||
Greenhouse gas obligations |
19 |
— |
||||||||
Deferred credits and other |
1,147 |
1,136 |
||||||||
Total deferred credits and other liabilities |
12,208 |
12,234 |
||||||||
Equity: |
||||||||||
Sempra Energy shareholders' equity |
15,844 |
12,670 |
||||||||
Preferred stock of subsidiary |
20 |
20 |
||||||||
Other noncontrolling interests |
2,441 |
2,450 |
||||||||
Total equity |
18,305 |
15,140 |
||||||||
Total liabilities and equity |
$ |
60,485 |
$ |
50,454 |
(1) |
Derived from audited financial statements. |
SEMPRA ENERGY | ||||||||||||
Table C | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
Three months ended March 31, | ||||||||||||
(Dollars in millions) |
2018 |
2017(1) | ||||||||||
(unaudited) | ||||||||||||
Cash Flows from Operating Activities |
||||||||||||
Net income |
$ |
358 |
$ |
452 |
||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
Depreciation and amortization |
386 |
360 |
||||||||||
Deferred income taxes and investment tax credits |
229 |
268 |
||||||||||
Equity losses |
20 |
5 |
||||||||||
Fixed-price contracts and other derivatives |
(35) |
(106) |
||||||||||
Other |
46 |
(22) |
||||||||||
Net change in other working capital components |
84 |
84 |
||||||||||
Insurance receivable for Aliso Canyon costs |
(29) |
(15) |
||||||||||
Changes in other assets |
(107) |
(41) |
||||||||||
Changes in other liabilities |
14 |
19 |
||||||||||
Net cash provided by operating activities |
966 |
1,004 |
||||||||||
Cash Flows from Investing Activities |
||||||||||||
Expenditures for property, plant and equipment |
(1,035) |
(992) |
||||||||||
Expenditures for investments and acquisitions, |
(9,617) |
(59) |
||||||||||
Distributions from investments |
8 |
17 |
||||||||||
Purchases of nuclear decommissioning trust assets |
(210) |
(350) |
||||||||||
Proceeds from sales by nuclear decommissioning trusts |
210 |
357 |
||||||||||
Advances to unconsolidated affiliates |
(83) |
(5) |
||||||||||
Repayments of advances to unconsolidated affiliates |
69 |
2 |
||||||||||
Other |
26 |
4 |
||||||||||
Net cash used in investing activities |
(10,632) |
(1,026) |
||||||||||
Cash Flows from Financing Activities |
||||||||||||
Common dividends paid |
(194) |
(176) |
||||||||||
Issuances of mandatory convertible preferred stock, net of $32 in offering costs |
1,693 |
— |
||||||||||
Issuances of common stock, net of $24 in offering costs |
1,278 |
17 |
||||||||||
Repurchases of common stock |
(19) |
(14) |
||||||||||
Issuances of debt (maturities greater than 90 days) |
5,988 |
542 |
||||||||||
Payments on debt (maturities greater than 90 days) |
(193) |
(313) |
||||||||||
Increase (decrease) in short-term debt, net |
1,140 |
(97) |
||||||||||
Settlement of cross-currency swaps |
(33) |
— |
||||||||||
Other |
(52) |
(5) |
||||||||||
Net cash provided by (used in) financing activities |
9,608 |
(46) |
||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
1 |
10 |
||||||||||
Decrease in cash, cash equivalents and restricted cash |
(57) |
(58) |
||||||||||
Cash, cash equivalents and restricted cash, January 1 |
364 |
425 |
||||||||||
Cash, cash equivalents and restricted cash, March 31 |
$ |
307 |
$ |
367 |
(1) |
As adjusted for the retrospective adoption of ASU 2016-18. |
SEMPRA ENERGY | |||||||
Table D | |||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | |||||||
Three months ended | |||||||
(Dollars in millions) |
2018 |
2017 | |||||
(unaudited) | |||||||
Earnings (Losses) |
|||||||
Sempra Utilities: |
|||||||
San Diego Gas & Electric |
$ |
170 |
$ |
155 |
|||
Southern California Gas |
225 |
203 |
|||||
Sempra Texas Utility |
15 |
— |
|||||
Sempra South American Utilities |
46 |
47 |
|||||
Sempra Infrastructure: |
|||||||
Sempra Mexico |
20 |
48 |
|||||
Sempra Renewables |
21 |
11 |
|||||
Sempra LNG & Midstream |
(16) |
1 |
|||||
Parent and other |
(134) |
(24) |
|||||
Total |
$ |
347 |
$ |
441 |
|||
Three months ended | |||||||
(Dollars in millions) |
2018 |
2017 | |||||
(unaudited) | |||||||
Capital Expenditures, Investments and Acquisitions |
|||||||
Sempra Utilities: |
|||||||
San Diego Gas & Electric |
$ |
475 |
$ |
418 |
|||
Southern California Gas |
403 |
357 |
|||||
Sempra South American Utilities |
56 |
43 |
|||||
Sempra Infrastructure: |
|||||||
Sempra Mexico |
87 |
140 |
|||||
Sempra Renewables |
31 |
69 |
|||||
Sempra LNG & Midstream |
46 |
15 |
|||||
Parent and other |
9,554 |
9 |
|||||
Total |
$ |
10,652 |
$ |
1,051 |
SEMPRA ENERGY | ||||||||||||
Table E | ||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||
Three months ended | ||||||||||||
UTILITIES |
2018 |
2017 | ||||||||||
SDG&E and SoCalGas |
||||||||||||
Gas sales (Bcf)(1) |
113 |
126 |
||||||||||
Transportation (Bcf)(1) |
147 |
156 |
||||||||||
Total deliveries (Bcf)(1) |
260 |
282 |
||||||||||
Total gas customer meters (thousands) |
6,854 |
6,816 |
||||||||||
SDG&E |
||||||||||||
Electric sales (millions of kWhs)(1) |
3,603 |
3,764 |
||||||||||
Direct access (millions of kWhs) |
745 |
787 |
||||||||||
Total deliveries (millions of kWhs)(1) |
4,348 |
4,551 |
||||||||||
Total electric customer meters (thousands) |
1,449 |
1,436 |
||||||||||
Oncor(2) |
||||||||||||
Total deliveries (millions of kWhs) |
6,655 |
— |
||||||||||
Total electric customer meters (thousands) |
3,572 |
— |
||||||||||
Ecogas |
||||||||||||
Natural gas sales (Bcf) |
6 |
8 |
||||||||||
Natural gas customer meters (thousands) |
121 |
119 |
||||||||||
Chilquinta Energía |
||||||||||||
Electric sales (millions of kWhs) |
798 |
811 |
||||||||||
Tolling (millions of kWhs) |
62 |
20 |
||||||||||
Total deliveries (millions of kWhs) |
860 |
831 |
||||||||||
Electric customer meters (thousands) |
709 |
689 |
||||||||||
Luz Del Sur |
||||||||||||
Electric sales (millions of kWhs) |
1,742 |
1,894 |
||||||||||
Tolling (millions of kWhs) |
558 |
445 |
||||||||||
Total deliveries (millions of kWhs) |
2,300 |
2,339 |
||||||||||
Electric customer meters (thousands) |
1,109 |
1,080 |
||||||||||
ENERGY-RELATED BUSINESSES |
||||||||||||
Power generated and sold (millions of kWhs) |
||||||||||||
Sempra Mexico(3) |
1,221 |
1,055 |
||||||||||
Sempra Renewables(4) |
1,192 |
1,014 |
(1) |
Includes intercompany sales. |
(2) |
Includes 100 percent of the electric deliveries and customer meters of Oncor Electric Delivery Company LLC (Oncor), in which we hold an 80.25-percent interest through our March 2018 acquisition of our equity method investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings). |
(3) |
Includes power generated and sold at the Termoeléctrica de Mexicali natural gas-fired power plant, which is currently held for sale, and the Ventika wind power generation facilities. Also includes 50 percent of total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. |
(4) |
Includes 50 percent of total power generated and sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | ||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2018 | ||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||||
Revenues |
$ |
1,055 |
$ |
1,126 |
$ |
— |
$ |
426 |
$ |
308 |
$ |
25 |
$ |
104 |
$ |
(82) |
$ |
2,962 |
||||||||||||||||||
Cost of sales and other expenses |
(641) |
(713) |
— |
(337) |
(129) |
(21) |
(102) |
64 |
(1,879) |
|||||||||||||||||||||||||||
Depreciation and amortization |
(166) |
(135) |
— |
(14) |
(43) |
(13) |
(11) |
(4) |
(386) |
|||||||||||||||||||||||||||
Other income (expense), net |
28 |
33 |
— |
1 |
93 |
— |
— |
(2) |
153 |
|||||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
276 |
311 |
— |
76 |
229 |
(9) |
(9) |
(24) |
850 |
|||||||||||||||||||||||||||
Net interest (expense) income (2) |
(51) |
(27) |
— |
(4) |
(15) |
(3) |
5 |
(116) |
(211) |
|||||||||||||||||||||||||||
Income tax (expense) benefit |
(56) |
(59) |
— |
(20) |
(155) |
7 |
(12) |
6 |
(289) |
|||||||||||||||||||||||||||
Equity earnings (losses), net |
— |
— |
15 |
1 |
(41) |
5 |
— |
— |
(20) |
|||||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
1 |
— |
— |
(7) |
2 |
21 |
— |
— |
17 |
|||||||||||||||||||||||||||
Earnings (losses) |
$ |
170 |
$ |
225 |
$ |
15 |
$ |
46 |
$ |
20 |
$ |
21 |
$ |
(16) |
$ |
(134) |
$ |
347 |
||||||||||||||||||
Three months ended March 31, 2017 | ||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||||
Revenues |
$ |
1,057 |
$ |
1,241 |
$ |
— |
$ |
412 |
$ |
264 |
$ |
22 |
$ |
132 |
$ |
(97) |
$ |
3,031 |
||||||||||||||||||
Cost of sales and other expenses(3) |
(620) |
(803) |
— |
(326) |
(121) |
(15) |
(128) |
83 |
(1,930) |
|||||||||||||||||||||||||||
Depreciation and amortization |
(163) |
(126) |
— |
(13) |
(36) |
(9) |
(10) |
(3) |
(360) |
|||||||||||||||||||||||||||
Other income, net(3) |
22 |
14 |
— |
3 |
127 |
— |
1 |
7 |
174 |
|||||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
296 |
326 |
— |
76 |
234 |
(2) |
(5) |
(10) |
915 |
|||||||||||||||||||||||||||
Net interest (expense) income (2) |
(49) |
(25) |
— |
(4) |
(30) |
(3) |
6 |
(58) |
(163) |
|||||||||||||||||||||||||||
Income tax (expense) benefit |
(90) |
(98) |
— |
(19) |
(142) |
11 |
(1) |
44 |
(295) |
|||||||||||||||||||||||||||
Equity earnings (losses), net |
— |
— |
— |
1 |
(9) |
2 |
1 |
— |
(5) |
|||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(2) |
— |
— |
(7) |
(5) |
3 |
— |
— |
(11) |
|||||||||||||||||||||||||||
Earnings (losses) |
$ |
155 |
$ |
203 |
$ |
— |
$ |
47 |
$ |
48 |
$ |
11 |
$ |
1 |
$ |
(24) |
$ |
441 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
(2) |
Includes interest income, interest expense and preferred dividends. |
(3) |
As adjusted for the retrospective adoption of ASU 2017-07. |
[SRE-F]
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energy-announces-first-quarter-2018-results-300643250.html
SOURCE Sempra Energy
DALLAS, May 7, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") today reported first quarter 2018 net income of $89 million compared with first quarter 2017 net income of $73 million.
Oncor's first quarter 2018 results included the effects of the rate case settlement (effective November 2017), the Sharyland Asset Exchange and favorable weather, partially offset by costs associated with the Sempra Energy (NYSE: SRE) acquisition. Financial and operational results are provided in Tables A, B, C and D.
"We are pleased with our solid performance in the first quarter," said Allen Nye, chief executive of Oncor. "During the quarter, we successfully closed the transaction with Sempra Energy and completed our leadership succession as planned. We look forward to continuing our strong financial and operational performance in 2018 as we continue to deliver our customers the lowest rates of any investor-owned utility in Texas."
Operating Highlights
On March 9, after receiving final regulatory approvals, Sempra Energy completed its acquisition of an approximate 80 percent ownership interest in Oncor. With the closing of the Sempra Energy transaction, Oncor now has a financially strong and dynamic majority owner who will partner with Oncor in our efforts to continue to provide the safest, most reliable and affordable electric service to our customers.
Effective with the closing of the Sempra Energy transaction on March 9, Oncor implemented its previously-announced leadership succession plan. Allen Nye, who had been serving as Oncor's senior vice president and general counsel, became Oncor's chief executive, succeeding Robert S. Shapard, who became Oncor's chairman.
In April 2018, Sempra Energy and our other member contributed a total of $144 million in cash proportionate to their equity ownership interests to Oncor. Completion of this additional equity investment satisfies one of the regulatory commitments made by Sempra Energy and Oncor in their change-in-control proceeding.
Sempra Energy Internet Broadcast Today
Sempra Energy (NYSE: SRE) will broadcast a live discussion of its reported results over the Internet today 12 p.m. EDT with senior management of Sempra Energy and Oncor. Access is available at sempra.com. For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 1980202.
Oncor's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
***
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
Oncor Electric Delivery Company LLC | ||
Table A - Condensed Statements of Consolidated Net Income ($ millions) | ||
Three Months March 31, 2018 |
Three Months Ended March 31, 2017 | |
Operating revenues |
$990 |
$935 |
Operating expenses: |
||
Wholesale transmission service |
245 |
231 |
Operation and maintenance |
219 |
188 |
Depreciation and amortization |
166 |
195 |
Provision in lieu of income taxes |
33 |
45 |
Taxes other than income |
125 |
112 |
Total operating expenses |
788 |
771 |
Operating income |
202 |
164 |
Other income and (deductions) ‒ net |
(32) |
(11) |
Nonoperating provision (benefit) in lieu of income taxes |
(7) |
(5) |
Interest expense and related charges |
88 |
85 |
Net income |
$ 89 |
$ 73 |
Oncor Electric Delivery Company LLC | ||
Table B - Condensed Consolidated Balance Sheets ($ millions) | ||
At March 31, 2018 |
At December 31, 2017 | |
ASSETS |
||
Current assets: |
||
Cash and cash equivalents |
$ 36 |
$ 21 |
Trade accounts receivable ‒ net |
587 |
635 |
Amounts receivable from members related to income taxes |
- |
26 |
Materials and supplies inventories ‒ at average cost |
107 |
91 |
Prepayments and other current assets |
92 |
88 |
Total current assets |
822 |
861 |
Investments and other property |
120 |
113 |
Property, plant and equipment – net |
15,171 |
14,879 |
Goodwill |
4,064 |
4,064 |
Regulatory assets |
2,130 |
2,180 |
Other noncurrent assets |
13 |
23 |
Total assets |
$22,320 |
$22,120 |
LIABILITIES AND MEMBERSHIP INTERESTS |
||
Current liabilities: |
||
Short-term borrowings |
$ 1,075 |
$ 950 |
Long-term debt due currently |
825 |
550 |
Trade accounts payable |
309 |
242 |
Amounts payable to members related to income taxes |
32 |
21 |
Accrued taxes other than amounts related to income |
78 |
190 |
Accrued interest |
70 |
83 |
Other current liabilities |
178 |
188 |
Total current liabilities |
2,567 |
2,224 |
Long-term debt, less amounts due currently |
5,293 |
5,567 |
Liability in lieu of deferred income taxes |
1,528 |
1,517 |
Regulatory liabilities |
2,853 |
2,807 |
Employee benefit obligations and other |
2,086 |
2,102 |
Total liabilities |
14,327 |
14,217 |
Membership interests : |
||
Capital account ― number of interests outstanding 2018 and 2017 – 635,000,000 |
8,093 |
8,004 |
Accumulated other comprehensive loss |
(100) |
(101) |
Total membership interests |
7,993 |
7,903 |
Total liabilities and membership interests |
$22,320 |
$22,120 |
Oncor Electric Delivery Company LLC | ||
Table C - Condensed Statement of Consolidated Cash Flows ($ millions) | ||
At March 31, 2018 |
At March 31, 2017 | |
Cash flows – operating activities: |
||
Net income |
$ 89 |
$ 73 |
Adjustments to reconcile net income to cash provided by operating activities: |
||
Depreciation and amortization |
196 |
207 |
Provision in lieu of deferred income taxes – net |
10 |
111 |
Other – net |
- |
(1) |
Changes in operating assets and liabilities: |
||
Regulatory accounts related to reconcilable tariffs |
30 |
(12) |
Other operating assets and liabilities |
10 |
23 |
Cash provided by operating activities |
335 |
401 |
Cash flows — financing activities: |
||
Net increase in short-term borrowings |
125 |
91 |
Distributions to members |
- |
(86) |
Cash provided by financing activities |
125 |
5 |
Cash flows — investing activities: |
||
Capital expenditures |
(450) |
(426) |
Other – net |
5 |
5 |
Cash used in investing activities |
(445) |
(421) |
Net change in cash and cash equivalents |
15 |
(15) |
Cash and cash equivalents — beginning balance |
21 |
16 |
Cash and cash equivalents — ending balance |
$ 36 |
$ 1 |
Oncor Electric Delivery Company LLC | ||
Table D – Operating Statistics | ||
At March 31, 2018 |
At March 31, 2017 | |
Electric energy volumes (gigawatt-hours): |
||
Residential |
10,444 |
8,489 |
Other (a) |
18,990 |
16,889 |
Total electric energy volumes |
29,434 |
25,378 |
Electricity distribution points of delivery (end of period and in thousands) (b) |
3,572 |
3,450 |
(a) Includes small business, large commercial and industrial and all other non-residential distribution points of delivery. |
(b) Based on number of active meters. |
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SOURCE Oncor Electric Delivery Company LLC
DALLAS, May 2, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its first quarter 2018 results on May 7, 2018, prior to Sempra Energy's (NYSE: SRE) first quarter 2018 conference call. Oncor's first quarter 2018 earnings release will be available at oncor.com.
Sempra Energy executives will conduct a conference call at 12 p.m. EDT on May 7, 2018, that may include discussion of Oncor's first quarter 2018 operational and financial results. Investors, media, analysts and the public may listen to a live webcast of the conference on Sempra Energy's website, sempra.com, by clicking on the appropriate audio link.
For those unable to participate in the live event, a replay of Sempra Energy's call will be available on replay a few hours after its conclusion on Sempra Energy's website or by dialing (888) 203-1112 and entering passcode 1980202.
Oncor's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 will be filed with the U.S. Securities and Exchange Commission after Sempra Energy's conference call.
***
Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Sempra Energy), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Sempra Energy is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
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SOURCE Oncor Electric Delivery Company LLC
SAN DIEGO, April 23, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its first-quarter 2018 earnings at 7 a.m. EDT, May 7.
Sempra Energy executives will conduct a conference call at 12 p.m. EDT, May 7. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted at 7 a.m. EDT, May 7, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion on the company's website, or by dialing (888) 203-1112 and entering passcode 1980202.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, April 20, 2018 /PRNewswire/ -- In recognition of National Safe Digging Month, Southern California Gas Co. (SoCalGas) and Anaheim Fire & Rescue officials today raised a 30-foot-tall shovel at Angels Stadium of Anaheim to promote safe digging practices that can help prevent serious injuries and service outages. Anaheim Mayor Pro Tem Dr. Jose Moreno and Angels Baseball Chairman Dennis Kuhl joined first responders at the event to help raise awareness about the importance of calling 811 prior to the start of any excavation project. When residents or contractors dial 811 before any project that involves digging, utility companies will mark the locations of underground lines to prevent them from being hit. Photos from today's event are available here.
An underground utility line is accidentally damaged once every nine minutes nationwide. Those accidents can lead to significant safety hazards or result in costly repair bills for homeowners. Across SoCalGas' service territory, about 60 percent of pipeline damage due to digging is caused by homeowners, contractors, and excavators who did not call 811 before digging.
"Last year, SoCalGas recorded close to 3,000 cases of damage to underground infrastructure caused by customers who did not call 811 prior to digging, but we know that number can be drastically reduced by practicing safe digging," said Rodger Schwecke, SoCalGas senior vice president of gas transmission, storage, and engineering. "Data shows that when customers call 811 before digging, the likelihood of hitting a utility line is decreased by 99 percent."
"Raising the community's awareness of public safety issues, like practicing safe digging, is an important part of our job as first responders," said Deputy Chief Patrick Russell, Anaheim Fire & Rescue. "We want to remind residents that every digging project – no matter how large or small – warrants a call to 811. Striking an underground utility line can result in serious injury and disrupt vital services, like natural gas, water, or electric service, to an entire neighborhood or community."
"National Safe Digging Month reminds all of us to call 811 before digging. Failure to do so can lead to hazardous consequences," said Anaheim's Mayor Pro Tem Dr. Jose Moreno. "Working together, we can help make the City of Anaheim an even safer place."
Throughout the month of April, SoCalGas is partnering with Angels Baseball to remind fans to contact 811 before digging in the yard or on the job. In addition to the giant shovel, the partnership includes radio spots on Angels Radio AM830 and in-stadium marketing, featuring digital ads and video.
SoCalGas encourages customers to take the following steps when planning any digging project this spring:
811 is the national phone number, designated by the Federal Communications Commission (FCC), that connects professionals and homeowners who plan to dig with a local call center. The call center collects information about the planned dig site and communicates with the appropriate utility companies, which then send professional utility locating technicians to identify and mark the approximate location of lines. Once lines have been marked, the caller may dig safely around the marks.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas), and Facebook.
About Anaheim
Anaheim is a full-service city supporting more than 358,000 residents, 20,000 businesses and 25 million annual visitors. The city provides public safety through the Anaheim Police Department and Anaheim Fire & Rescue, water and power service through Anaheim Public Utilities, parks, community centers, family services and libraries through Anaheim Community Services, neighborhood and transportation improvements through Anaheim Public Works and community revitalization through Community & Economic Development. Anaheim is a modern, diverse city with a proud history dating back to its 1857 founding. Anaheim is known worldwide as the home of the Disneyland Resort, including Walt Disney's original Disneyland Park, as well as Angel Stadium of Anaheim and Angels Baseball, Honda Center and the Anaheim Ducks, and the Anaheim Convention Center, the largest on the West Coast. Anaheim's thriving visitor industry and business community help support the city's neighborhoods and make Anaheim a great place to live, work and play. For more, please see www.anaheim.net.
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SOURCE Southern California Gas Company
LOS ANGELES, April 19, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and Opus 12 today announced the successful demonstration of a new process to convert the carbon dioxide in raw biogas to methane in a single electrochemical step, a critical improvement in the science of upgrading biogas to pipeline quality natural gas, and a simpler method of converting excess renewable electricity into storable natural gas.
Opus 12, a clean-energy startup incubated in the prestigious Cyclotron Road program at Lawrence Berkeley National Lab, used a new type of Polymer Electrolyte Membrane (PEM) electrolyzer to convert carbon dioxide to methane, showing that instead of wasting the carbon dioxide in raw biogas, it can be converted to methane using renewable electricity.
The research is part of SoCalGas' development of technologies known as power-to-gas (P2G), a cutting-edge method of storing excess renewable energy. Because gases can be easily stored for long periods of time using existing infrastructure, power-to-gas technology has two distinct advantages over storing renewable electricity in batteries.
The nine-month study was funded by SoCalGas along with two start-up-funding organizations, the Rocket Fund of Caltech's FLOW program and Elemental Excelerator.
"This groundbreaking innovation holds the potential to simplify storing renewable electricity in the form of zero-carbon renewable natural gas that can be used for home heating, water heaters, or clean trucks to transport goods," said Yuri Freedman, SoCalGas senior director of business development. "Across Southern California, people prefer natural gas four to one over electricity because it is more affordable and reliable. Technological advances like this are one more example of how we can protect the environment while protecting consumer choice."
"Southern California has ideal conditions for this type of solution, with significant biogas resources and high penetration of renewable electricity," said Nicholas Flanders, Opus 12's chief executive officer. "SoCalGas has identified this regional advantage, and with their scale and expertise in P2G and biogas, the company has been the ideal partner for this project."
Raw biogas is mostly methane, but also contains about 30 to 40 percent carbon dioxide, which is typically vented to atmosphere in a biogas production facility. While other power-to-gas systems convert water into hydrogen and oxygen using renewable electricity, Opus 12's method would likely be implemented adjacent to biogas production so it can make use of a greenhouse gas that would otherwise contribute to climate change.
This feasibility study was the first phase of research that will also explore new catalysts, modifying the catalyst layer formulation, and other ways to enhance the system's methane conversion performance.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, April 12, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to develop, build and operate a receipt, storage and send-out liquid fuels marine terminal at the La Jovita Energy Hub in Ensenada, Mexico.
With an expected investment of approximately $130 million, the new Baja Refinados liquid fuels terminal will have an initial storage capacity of 1 million barrels of gasoline and diesel that will increase the fuel supply capacity and reliability in Baja California. The Marine terminal is expected to commence operations in the second half of 2020.
IEnova also announced it has signed a long-term contract with Chevron Combustibles de México S. de R.L. de C.V for approximately 50 percent of the facility's storage and send-out capacity to supply Chevron service stations and other commercial and industrial consumers in Baja California. Chevron will have the option to acquire 20-percent equity ownership of the facility after commercial operations begin.
IEnova will be responsible for the development of the liquid fuels terminal project, including obtaining permits, engineering, procurement, construction and financing, as well as maintenance and operations.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the doctrine of inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the risk that rulings by the CPUC such as denying recovery for wildfire damages may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate any adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; risks associated with the acquisition of our interest in Oncor Electric Delivery Company LLC (Oncor), including, but not limited to, any adverse impact of the acquisition on the credit ratings of Sempra Energy or Oncor, plans regarding future capital investments by Sempra Energy or Oncor, future return on equity or capital structure of Sempra Energy or Oncor, the risk that the anticipated benefits from the acquisition may not be fully realized or may take longer to realize than expected, the risk that we may be unable to obtain additional permanent equity financing for the acquisition on favorable terms, the risk that indebtedness Sempra Energy has incurred in connection with the acquisition may make it more difficult for Sempra Energy to repay or refinance our debt or take other actions that may decrease business flexibility and increase borrowing costs, and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, April 10, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced several executive appointments as the company implements its leadership succession plan.
Last month, Debra L. Reed announced her plans to step down as Sempra Energy's CEO and president May 1, and fully retire as chairman Dec. 1. The company previously announced that Jeffrey W. Martin was appointed her successor as Sempra Energy's CEO and Joseph A. Householder, her successor as Sempra Energy's president, both effective May 1. Martin currently is Sempra Energy's executive vice president and chief financial officer. Householder currently is Sempra Energy's corporate group president of infrastructure businesses.
Today, the company announced that Householder also has been appointed Sempra Energy's chief operating officer, effective May 1. Also, effective immediately, Dennis V. Arriola has been appointed Sempra Energy's chief strategy officer and executive vice president of external affairs and South America. Previously, Arriola was Sempra Energy's executive vice president of corporate strategy and external affairs, and now has added responsibility for oversight of the company's South American operations.
Additionally, Trevor I. Mihalik has been appointed Sempra Energy's executive vice president and chief financial officer and Peter R. Wall, the company's vice president, controller and chief accounting officer, both effective May 1.
"Today's appointments reflect the thoughtful implementation of our leadership succession plan and alignment of our organization with our strategic priorities," said Martin.
Mihalik has more than 27 years of financial experience in the energy industry, with extensive knowledge of capital markets, financial reporting, accounting, treasury, market risk, credit risk and settlements, as well as contract administration and systems.
He joined Sempra Energy in 2012 as controller and chief accounting officer and was promoted to senior vice president in 2013.
Previously, Mihalik was senior vice president of finance at a U.S. subsidiary of Iberdrola S.A., a multinational utility and energy company based in Bilbao, Spain. Prior to that, he was vice president of finance for Chevron Natural Gas and also served as its vice president of finance and chief financial officer for a natural gas marketing, trading and storage joint venture. Mihalik spent the first nine years of his career working in Houston and London in the energy practice of PwC.
Mihalik, 51, has a bachelor's degree in accounting, with an emphasis in finance, from Creighton University, a master's degree in business administration from Rice University, and is a licensed CPA.
Wall, currently vice president and chief financial officer for Sempra Energy's domestic infrastructure businesses, will report to Mihalik, when they both assume their new roles May 1.
Previously, Wall was vice president and chief financial officer for Sempra U.S. Gas & Power, a predecessor to Sempra Energy's renewable energy and natural gas businesses. He joined Sempra Energy as assistant controller in 2012 after a 14-year career with Ernst & Young LLP, a global accounting and consulting firm. Wall, 46, holds bachelor's and master's degrees in accounting from the University of Utah.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. The Sempra Energy companies' approximately 20,000 employees serve more than 40 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the doctrine of inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the risk that rulings by the CPUC such as denying recovery for wildfire damages may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate any adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; risks associated with the acquisition of our interest in Oncor Electric Delivery Company LLC (Oncor), including, but not limited to, any adverse impact of the acquisition on the credit ratings of Sempra Energy or Oncor, plans regarding future capital investments by Sempra Energy or Oncor, future return on equity or capital structure of Sempra Energy or Oncor, the risk that the anticipated benefits from the acquisition may not be fully realized or may take longer to realize than expected, the risk that we may be unable to obtain additional permanent equity financing for the acquisition on favorable terms, the risk that indebtedness Sempra Energy has incurred in connection with the acquisition may make it more difficult for Sempra Energy to repay or refinance our debt or take other actions that may decrease business flexibility and increase borrowing costs, and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, March 28, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced efforts to help California fleets get more drivers behind the wheel of new near-zero emissions heavy-duty natural gas trucks. The effort was part of a $21 million Prop 1B incentive pool administered by the South Coast Air Quality Management District (SCAQMD). SoCalGas representatives provided assistance on 400 Prop 1B applications throughout its service territory. If all these applications are accepted and receive funding, SoCalGas customers will replace at least 400 diesel trucks with near-zero natural gas trucks. Replacing 400 diesel trucks with near-zero natural gas trucks is the equivalent of taking more than 22,000 passenger cars off the road.
The Prop 1B Program is intended to reduce diesel air pollution from goods movement operations and achieve the earliest possible health risk reduction in nearby communities. Fleet owners seeking to replace diesel trucks may be eligible for up to $100,000 towards the purchase of a new natural gas truck.
"SCAQMD is appreciative of SoCalGas' efforts to help reduce harmful diesel emissions to help clean the air in the Southland," said SCAQMD Executive Office Wayne Nastri. "Through technology advancement programs, industry, partnerships, and incentive programs, we will continue to make substantial progress to reduce air pollution."
"Our Clean Transportation team has spent years cultivating relationships with fleet owners and truck drivers," said Yuri Freedman, senior director of business development at SoCalGas. "We are pleased to do our part to help bring more near-zero, heavy-duty trucks to California's transportation sector. These natural gas trucks are available today and will immediately contribute to achieving the South Coast Air Basin's air quality goals, giving our communities a healthier environment to live in."
For the SCAQMD solicitation, SoCalGas customers submitted more than 150 applications, with many of these requests coming from fleets smaller than 10 trucks. These dependable, clean trucks cut smog-forming emissions by more than 90 percent compared to the cleanest heavy-duty diesel trucks on the road today. When these near-zero natural gas trucks are fueled by renewable natural gas, greenhouse gas (GHG) emissions are reduced by 80 percent. Already, 60 percent of natural gas fleets in California are fueled with renewable natural gas and this number is expected to climb to about 90 percent by the end of this year.
The SCAQMD solicitation is one of many incentive programs SoCalGas customers used in 2017. More than 225 applications were submitted to the San Joaquin Valley Air Pollution Control District and San Diego Air Pollution Control District from SoCalGas customers. This demand far exceeded the $14 million in available incentive funding.
The transportation sector is responsible for about 40 percent of California's GHG emissions and more than 80 percent of the state's NOx, or smog-forming, emissions. Making the switch from diesel to near-zero natural gas trucks is vital to achieving the state's GHG reduction goals and cleaning the air around California's transportation corridors.
While the current Prop 1B pool solicitation is now closed, there is another incentive pool available through the SCAQMD. The Carl Moyer incentive program is open to fleets that operate in Los Angeles, Orange and Riverside counties from now until June 5. Additionally, the San Joaquin Valley Air Pollution Control District recently established a new grant incentive option for its Truck Voucher Program that would replace existing heavy-duty trucks with the cleanest, ultra-low NOx 12-Liter truck available.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/socalgas-helps-fleet-owners-put-new-near-zero-emissions-natural-gas-trucks-on-the-road-300621240.html
SOURCE Southern California Gas Company
LOS ANGELES, March 14, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a gift of $100,000 to the College of Engineering, Computer Science, and Technology (ECST) at California State University, Los Angeles (Cal State LA) to support research and undergraduate education in combustion engineering. The funds will be used to purchase laboratory equipment for research designed to advance energy efficiency in new gas products and reduce greenhouse gas emissions. They will also support undergraduate education on natural gas combustion, senior design projects, and student research. Photos of the check presentation are available here.
"Whether it's the hot water you showered with this morning or the clean energy that powers manufacturers, hospitals, and universities like Cal State LA, Californians count on a dependable supply of natural gas to support almost every facet of modern life," said Lisa Alexander, vice president of customer solutions at SoCalGas. "At SoCalGas, we work with hundreds of manufacturers and retailers to provide a range of products to meet customers' needs, and the work taking place here at Cal State LA will help keep energy bills low and reduce emissions by enhancing energy efficiency."
"SoCalGas and Sempra Energy have been long-term partners of Cal State LA's College of Engineering, Computer Science, and Technology, helping prepare students for their futures and the future of Los Angeles," said Emily Allen, dean of the college. "We are thrilled with this gift from SoCalGas. It will help us produce engineering graduates with experience in combustion science and technology and strengthen Southern California's global leadership in sustainable, clean energy."
In Southern California, natural gas is the most affordable and reliable option for home and water heating and for cooking. More than 90 percent of residents use natural gas to heat their home and hot water. In addition, more than half of the electricity generated in California is produced using clean burning natural gas. Generating electricity locally using natural gas helps California avoid importing electricity generated with less desirable fuels like coal.
SoCalGas is a leader in researching and developing new technologies that improve energy efficiency and reduce emissions. Since 1990, the utility's energy efficiency and rebate programs have reduced emissions equal to taking almost 700,000 cars off the road. These advances have also helped save SoCalGas customers more than $670 million in utility bill costs.
The company is also committed to giving back to the communities that it serves. In 2017, it invested more than $10 million in nearly 1,000 educational, environmental, and community organizations across its service territory. Learn more about SoCalGas' giving here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO and DALLAS, March 9, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today completed its $9.45 billion acquisition of Energy Future Holdings Corp. (EFH), including EFH's approximate 80-percent indirect ownership interest in Oncor Electric Delivery Company LLC (Oncor). The close of the transaction creates a utility holding company with the largest U.S. customer base.
"The completion of this acquisition – the biggest in our 20-year history – represents an important milestone in the execution of our growth strategy moving forward," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "We expect the addition of Oncor to diversify our base of U.S. utility earnings and create a broader platform for our expansion in the future. Oncor is an exceptional utility and we plan to provide the support it needs to continue to safely and reliably meet the needs of its millions of customers and the expanding economy in Texas."
Oncor will remain headquartered in Dallas. Allen Nye, who has been serving as Oncor's senior vice president and general counsel, now becomes Oncor's CEO, succeeding Bob Shapard, who becomes Oncor's chairman.
"We are thrilled to have a financially strong and dynamic majority owner in Sempra Energy," said Nye. "Sempra Energy will be a great partner in our mission to provide the safest, most reliable and affordable electric service to our customers."
The Public Utility Commission of Texas approved Sempra Energy's and Oncor's joint Change-in-Control application yesterday. The U.S. Bankruptcy Court for the District of Delaware provided its final approval last month. Sempra Energy entered into the agreement to acquire EFH Aug. 21, 2017.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 134,000 miles of lines and nearly 3.5 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 11 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Including Oncor, the Sempra Energy companies' approximately 20,000 employees serve 43 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the doctrine of inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the risk that rulings by the CPUC such as denying recovery for wildfire damages may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate any adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; risks associated with the acquisition of our interest in Oncor Electric Delivery Company LLC (Oncor), including, but not limited to, any adverse impact of the acquisition on the credit ratings of Sempra Energy or Oncor, plans regarding future capital investments by Sempra Energy or Oncor, future return on equity or capital structure of Sempra Energy or Oncor, the risk that the anticipated benefits from the acquisition may not be fully realized or may take longer to realize than expected, the risk that we may be unable to obtain additional permanent equity financing for the acquisition on favorable terms, the risk that indebtedness Sempra Energy has incurred in connection with the acquisition may make it more difficult for Sempra Energy to repay or refinance our debt or take other actions that may decrease business flexibility and increase borrowing costs, and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO and DALLAS, March 8, 2018 /PRNewswire/ -- Oncor Electric Delivery Company LLC (Oncor) and Sempra Energy (NYSE: SRE) announced that the Public Utility Commission of Texas (PUCT) today approved an order authorizing the joint Change-in-Control application filed by Oncor and Sempra Energy, representing the last regulatory approval necessary for Sempra Energy to complete its pending acquisition of Energy Future Holdings Corp. (EFH), including EFH's indirect, approximate 80-percent ownership of Oncor.
"The Public Utility Commission's approval of our application is a significant milestone for both Oncor and Sempra Energy," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "We are pleased the Commission has found our transaction to be in the public interest. Sempra Energy is committed to being a good partner for the state and is supportive of Oncor's mission to provide Texans with safe, reliable and affordable electric service."
"We appreciate the Commission's support throughout this long, four-year process to find a new majority owner for Oncor," said Bob Shapard, CEO of Oncor. "We believe this is an excellent outcome for our company, our customers and our employees. Sempra Energy is a well-run company, and we believe they will be a strong, stable majority owner for Oncor and an excellent partner for Texas."
On Aug. 21, 2017, Sempra Energy entered into an agreement to acquire EFH. Obtaining PUCT approval is a condition necessary to close the transaction. The completion of the transaction remains subject to certain customary closing conditions, but Sempra Energy expects that this transaction will be completed shortly. For more information, go to www.Oncor-Sempra.com.
Headquartered in Dallas, Oncor is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. The Sempra Energy companies' 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the doctrine of inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the risk that rulings by the CPUC such as denying recovery for wildfire damages may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate any adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Forward-looking statements also include, statements about the anticipated benefits of the proposed merger involving Sempra Energy, Energy Future Holdings Corp. (EFH), and EFH's 80.03 percent indirect interest in Oncor Electric Delivery Company LLC (Oncor), including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, EFH's or Oncor's plans, objectives, expectations or intentions, the anticipated impact of the merger, if consummated, on the credit ratings of Sempra Energy or Oncor, the expected timing of completion of the merger, plans regarding future capital investments by Sempra Energy or Oncor, future return on equity or capital structure of Sempra Energy or Oncor, and other statements that are not historical facts. Additional factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to satisfy all closing conditions required for the merger; the risk that the merger may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the merger may not be fully realized or may take longer to realize than expected and that liabilities that survive the bankruptcy will be greater than we anticipate; the risk that Sempra Energy may be unable to obtain, additional permanent equity financing for the merger on favorable terms; the risk that indebtedness Sempra Energy incurs in connection with the merger may make it more difficult for Sempra Energy to repay or refinance its debt or take other actions, which may decrease business flexibility and increase borrowing costs; the diversion of management time and attention to merger-related issues; merger-related costs, whether or not the merger is completed, as well as disruptions to our business; and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its new regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Feb. 28, 2018 /PRNewswire/ -- Today, San Diego Gas & Electric (SDG&E) took another step toward preparing the region for the next major emergency. The company announced plans to add up to 166 megawatts (MW) of energy storage in a proposal submitted to the California Public Utilities Commission (CPUC). If approved, the projects would support public-sector facilities that provide safety, security and emergency services during power grid outages.
The initial projects – seven in total – would be in San Diego County's rural and urban areas and serve critical public-sector facilities such as fire and police stations, emergency operation centers, and emergency evacuation sites. Providing these public facilities with energy storage systems will help maintain vital operations that serve the public's well-being. Pending CPUC approval, the plan would be implemented in phases over the next few years with all projects in operation by 2024.
"The innovative projects were developed through close collaboration with local leaders and will significantly increase the resiliency of critical public-sector infrastructure," said Scott Drury, SDG&E's president.
SDG&E's plan also includes an Energy Storage Customer Program Pilot. It would provide incentives for nonprofit care facilities to purchase energy storage systems. Eligible nonprofit low-income care facilities would include, but are not limited to, short or long-term care (hospice, nursing homes, children's and senior' homes), group homes for physically or mentally disabled persons, or other nonprofit group living homes.
The proposals are in response to California's Assembly Bill 2868 which was signed into law in 2016 and allows the company to add distributed energy storage.
Pending CPUC approval, SDG&E would issue a solicitation to identify a third party to administer the Energy Storage Customer Program Pilot. The company expects to launch the program within one year of CPUC approval.
Energy storage is playing a key role in SDG&E's commitment to deliver clean, safe and reliable energy. By 2030, the company expects to develop or interconnect more than 330 MWs of energy storage. These projects will help deliver more renewables to customers and help strengthen SDG&E's record as the most reliable utility in the West.
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by delivering 43 percent of its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region's infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
Forward-Looking Statements
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the doctrine of inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the risk that rulings by the CPUC such as denying recovery for wildfire damages may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate any adverse impacts; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or impair our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; the impact on reliability of our electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through our electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE San Diego Gas & Electric (SDG&E)
SAN DIEGO, Feb. 27, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported earnings of $256 million, or $1.01 per diluted share, in 2017, compared with earnings of $1.37 billion, or $5.46 per diluted share, in 2016.
On an adjusted basis, Sempra Energy's 2017 earnings increased to $1.37 billion, or $5.42 per diluted share, from $1.27 billion, or $5.05 per diluted share, in 2016. Among the items excluded from 2017 adjusted earnings was a fourth-quarter $870 million income-tax expense related to the impact of the Tax Cuts and Jobs Act of 2017. A portion of this income-tax expense relates to Sempra Energy's plans to repatriate approximately $1.6 billion of undistributed foreign earnings over the next five years. Also excluded from Sempra Energy's 2017 adjusted earnings was the previously disclosed third-quarter $208 million after-tax write-off related to the California Public Utilities Commission (CPUC) denial of recovery by San Diego Gas & Electric (SDG&E) of costs related to the 2007 San Diego wildfires.
"In 2017, we produced outstanding financial and operating results, while making significant investments to fuel our future growth," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "Our proposal to acquire a majority stake in Oncor continues to gain positive momentum and we expect state regulators to complete their review within the next month. Our California utilities are executing on their robust capital programs to reinforce their systems and filed their General Rate Case applications for 2019. Additionally, both SDG&E and Sempra LNG & Midstream recently resolved key business issues, resulting in better visibility going forward."
For the fourth quarter, Sempra Energy recorded a loss of $501 million, or $1.99 per diluted share, in 2017, compared with earnings of $379 million, or $1.51 per diluted share, in 2016. Excluding items in the table below, Sempra Energy's adjusted earnings in the fourth quarter 2017 increased to $389 million, or $1.54 per diluted share, from $383 million, or $1.52 per diluted share, in the fourth quarter 2016.
These financial results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the fourth quarter and full year of 2017 and 2016.
Three months |
Years ended |
||||||||||
ended December 31, |
December 31, |
||||||||||
(Dollars, except EPS, and shares, in millions) |
2017 |
2016 |
2017 |
2016 |
|||||||
(Unaudited) |
|||||||||||
GAAP (Losses) Earnings |
$ (501) |
$ 379 |
$ 256 |
$ 1,370 |
|||||||
Impact from the Tax Cuts and Jobs Act of 2017 |
870 |
- |
870 |
- |
|||||||
Aliso Canyon Litigation Reserves |
20 |
- |
20 |
- |
|||||||
Write-Off of Wildfire Regulatory Asset |
- |
- |
208 |
- |
|||||||
Gain on Gasoductos de Chihuahua (GdC) Acquisition |
- |
- |
- |
(350) |
|||||||
Gain on Sale of EnergySouth |
- |
- |
- |
(78) |
|||||||
Adjustments Related to Termoeléctrica de Mexicali (TdM) Held For Sale |
- |
4 |
42 |
95 |
|||||||
(Recoveries) Losses Related to Permanent Releases of Pipeline Capacity |
- |
- |
(28) |
123 |
|||||||
Tax Repairs Adjustments Related to 2016 General Rate Case |
- |
- |
- |
80 |
|||||||
Impairment of Investment in Rockies Express Pipeline |
- |
- |
- |
27 |
|||||||
Adjusted Earnings(1) |
$ 389 |
$ 383 |
$1,368 |
$ 1,267 |
|||||||
Diluted Weighted-Average Common Shares Outstanding |
253(2) |
252 |
252 |
251 |
|||||||
GAAP (Losses) Earnings Per Diluted Share |
$(1.99)(2) |
$1.51 |
$ 1.01 |
$ 5.46 |
|||||||
Adjusted Earnings Per Diluted Share(1) |
$ 1.54 |
$1.52 |
$ 5.42 |
$ 5.05 |
|||||||
1) |
Sempra Energy adjusted earnings and adjusted earnings per share are non-GAAP financial measures. See Table A in the appendix for information regarding non-GAAP financial measures and descriptions of adjustments above. |
2) |
For the three months ended Dec. 31, 2017, the total weighted average number of potentially dilutive securities was 0.8 million. However, these securities were not included in the computation of GAAP losses per common share since to do so would have decreased the loss per share. |
Sempra Energy's board of directors last week approved an approximate 9-percent increase in the company's annualized dividend to $3.58 per common share from $3.29 per common share.
Yesterday, the U.S. Bankruptcy Court for the District of Delaware ruled that it will confirm the plan of reorganization and approve the merger for Sempra Energy to acquire Energy Future Holdings Corp. (EFH), including EFH's indirect, approximate 80-percent ownership interest in Oncor Electric Delivery Company LLC (Oncor). On Feb. 15, the Public Utility Commission of Texas (PUCT) waived scheduled hearings and directed PUCT staff to draft a proposed order approving the merger, for a potential final vote as early as March 8. Additionally, last month, Sempra Energy conducted successful equity and debt offerings to raise funds for the transaction.
SEMPRA UTILITIES
San Diego Gas & Electric
SDG&E's fourth-quarter earnings were $131 million in 2017, compared with $151 million in 2016. The decrease was primarily due to a $28 million income-tax expense related to the Tax Cuts and Jobs Act of 2017, partially offset by higher earnings from projects under construction.
SDG&E's full-year earnings were $407 million in 2017, down from $570 million in 2016, primarily due to the third-quarter 2017 after-tax write-off of $208 million in regulatory assets related to the denial of recovery of costs associated with the 2007 San Diego wildfires.
On Jan. 30, 2018, SDG&E entered into a settlement agreement with Southern California Edison and multiple parties to resolve the cost-allocation dispute related to the retirement of the San Onofre Nuclear Generating Station (SONGS). If approved by the CPUC, the settlement would conclude the CPUC's investigation into the original SONGS settlement. SDG&E has a 20-percent ownership stake in SONGS.
Southern California Gas Co.
In the fourth quarter 2017, SoCalGas' earnings were $128 million, down from $151 million in the fourth quarter 2016, due primarily to litigation reserves recorded in 2017 related to the Aliso Canyon natural gas leak.
For the full year, SoCalGas' earnings increased to $396 million in 2017 from $349 million in 2016, primarily due to higher earnings from the Pipeline Safety Enhancement Plan and Advanced Meter technology programs. Additionally, in 2016, SoCalGas had tax repairs adjustments related to the 2016 General Rate Case and an impairment charge related to CPUC denial of a proposed pipeline project.
Sempra South American Utilities
In the fourth quarter 2017, Sempra South American Utilities earnings increased to $52 million from $29 million in the fourth quarter 2016, primarily due to a $17 million charge in 2016 related to Peruvian tax reform, as well as higher operational earnings in 2017 in Peru.
In 2017, full-year earnings for Sempra South American Utilities were $186 million, up from $156 million in 2016.
SEMPRA INFRASTRUCTURE
Sempra Mexico
Sempra Mexico's fourth-quarter 2017 earnings rose to $64 million, from $56 million in the fourth quarter 2016, due primarily to favorable currency exchange rate and inflation effects.
Sempra Mexico's full-year earnings were $169 million in 2017, compared with $463 million in 2016, primarily due to the $350 million remeasurement gain in connection with IEnova's Gasoductos de Chihuahua acquisition in 2016.
Sempra Renewables
Fourth-quarter earnings for Sempra Renewables were $203 million in 2017, compared with $12 million in 2016, primarily due to a $192 million non-cash income-tax benefit related to the Tax Cuts and Jobs Act of 2017.
In 2017, full-year earnings for Sempra Renewables were $252 million, up from $55 million in 2016.
Sempra LNG & Midstream
Sempra LNG & Midstream had earnings of $126 million in the fourth quarter 2017, compared with a net loss of $3 million in the fourth quarter 2016, due primarily to a $133 million non-cash income-tax benefit related to the Tax Cuts and Jobs Act of 2017.
For the full year, Sempra LNG & Midstream had earnings of $150 million in 2017, compared with a net loss of $107 million in 2016.
In December 2017, Sempra LNG & Midstream announced that the Cameron LNG joint-venture partners had reached a settlement agreement with their contractor, CCJV, related to construction of the Cameron LNG liquefaction project in Hackberry, La. The settlement resolves all of CCJV's project-related claims as of the date of the agreement and better aligns the interests of all parties in achieving the joint goal of having all three of Cameron LNG's liquefaction trains producing liquefied natural gas in 2019.
2018 EARNINGS GUIDANCE
Sempra Energy today affirmed its 2018 earnings-per-share guidance range of $5.30 to $5.80, reflecting both accretion from the expected closing of the Oncor transaction and the impact of federal tax reform.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures for Sempra Energy include fourth-quarter and full-year 2017 and 2016 adjusted earnings and adjusted earnings per share. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the fourth-quarter 2017 financial tables.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EST with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7936770.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. The Sempra Energy companies' 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the doctrine of inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the risk that rulings by the CPUC such as denying recovery for wildfire damages may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate any adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Forward-looking statements also include, statements about the anticipated benefits of the proposed merger involving Sempra Energy, EFH, and EFH's 80.03 percent indirect interest in Oncor, including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, EFH's or Oncor's plans, objectives, expectations or intentions, the anticipated impact of the merger, if consummated, on the credit ratings of Sempra Energy or Oncor, the expected timing of completion of the merger, plans regarding future capital investments by Sempra Energy or Oncor, future return on equity or capital structure of Sempra Energy or Oncor, and other statements that are not historical facts. Additional factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to satisfy all closing conditions including obtaining governmental and regulatory approvals required for the merger, or that required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger or be onerous to Sempra Energy; the risk that the merger may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the merger may not be fully realized or may take longer to realize than expected and that liabilities that survive the bankruptcy will be greater than we anticipate; the risk that Sempra Energy may be unable to obtain, additional permanent equity financing for the merger on favorable terms; the risk that indebtedness Sempra Energy incurs in connection with the merger may make it more difficult for Sempra Energy to repay or refinance its debt or take other actions, which may decrease business flexibility and increase borrowing costs; the diversion of management time and attention to merger-related issues; merger-related costs, whether or not the merger is completed, as well as disruptions to our business; and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its new regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | |||||||||||||||||
Table A | |||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||
Three months ended |
Years ended | ||||||||||||||||
(Dollars in millions, except per share amounts) |
2017 |
2016 |
2017 |
2016 | |||||||||||||
(unaudited) |
|||||||||||||||||
REVENUES |
|||||||||||||||||
Utilities |
$ |
2,604 |
$ |
2,561 |
$ |
9,776 |
$ |
9,261 |
|||||||||
Energy-related businesses |
360 |
309 |
1,431 |
922 |
|||||||||||||
Total revenues |
2,964 |
2,870 |
11,207 |
10,183 |
|||||||||||||
EXPENSES AND OTHER INCOME |
|||||||||||||||||
Utilities: |
|||||||||||||||||
Cost of electric fuel and purchased power |
(551) |
(508) |
(2,281) |
(2,188) |
|||||||||||||
Cost of natural gas |
(287) |
(365) |
(1,190) |
(1,067) |
|||||||||||||
Energy-related businesses: |
|||||||||||||||||
Cost of natural gas, electric fuel and purchased power |
(113) |
(64) |
(339) |
(277) |
|||||||||||||
Other cost of sales |
(19) |
(29) |
(24) |
(322) |
|||||||||||||
Operation and maintenance |
(910) |
(861) |
(3,117) |
(2,970) |
|||||||||||||
Depreciation and amortization |
(384) |
(342) |
(1,490) |
(1,312) |
|||||||||||||
Franchise fees and other taxes |
(111) |
(111) |
(436) |
(426) |
|||||||||||||
Write-off of wildfire regulatory asset |
— |
— |
(351) |
— |
|||||||||||||
Impairment adjustment (losses) |
— |
1 |
(72) |
(153) |
|||||||||||||
Gain on sale of assets |
1 |
3 |
3 |
134 |
|||||||||||||
Equity earnings, before income tax |
3 |
2 |
34 |
6 |
|||||||||||||
Remeasurement of equity method investment |
— |
— |
— |
617 |
|||||||||||||
Other (expense) income, net |
(47) |
34 |
254 |
132 |
|||||||||||||
Interest income |
20 |
7 |
46 |
26 |
|||||||||||||
Interest expense |
(166) |
(132) |
(659) |
(553) |
|||||||||||||
Income before income taxes and equity earnings of certain |
400 |
505 |
1,585 |
1,830 |
|||||||||||||
Income tax expense |
(898) |
(105) |
(1,276) |
(389) |
|||||||||||||
Equity earnings, net of income tax |
47 |
9 |
42 |
78 |
|||||||||||||
Net (loss) income |
(451) |
409 |
351 |
1,519 |
|||||||||||||
Earnings attributable to noncontrolling interests |
(50) |
(30) |
(94) |
(148) |
|||||||||||||
Preferred dividends of subsidiary |
— |
— |
(1) |
(1) |
|||||||||||||
(Losses) earnings |
$ |
(501) |
$ |
379 |
$ |
256 |
$ |
1,370 |
|||||||||
Basic (losses) earnings per common share |
$ |
(1.99) |
$ |
1.51 |
$ |
1.02 |
$ |
5.48 |
|||||||||
Weighted-average number of shares outstanding, basic (thousands) |
251,902 |
250,645 |
251,545 |
250,217 |
|||||||||||||
Diluted (losses) earnings per common share(1) |
$ |
(1.99) |
$ |
1.51 |
$ |
1.01 |
$ |
5.46 |
|||||||||
Weighted-average number of shares outstanding, diluted (thousands)(1) |
251,902 |
251,611 |
252,300 |
251,155 |
|||||||||||||
Dividends declared per share of common stock |
$ |
0.82 |
$ |
0.75 |
$ |
3.29 |
$ |
3.02 |
(1) |
For the three months ended December 31, 2017, the total weighted-average number of potentially dilutive securities was 0.8 million. However, these securities were not included in the computation of GAAP losses per common share since to do so would have decreased the loss per share. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table A (Continued) | |||||||||||||||||||||||||||||||||
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP (LOSSES) EARNINGS (Unaudited) | |||||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2017 and 2016 as follows: | |||||||||||||||||||||||||||||||||
Three months ended December 31, 2017: | |||||||||||||||||||||||||||||||||
• |
$(870) million income tax expense from the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) | ||||||||||||||||||||||||||||||||
• |
$(20) million associated with Aliso Canyon litigation reserves at SoCalGas | ||||||||||||||||||||||||||||||||
Three months ended December 31, 2016: | |||||||||||||||||||||||||||||||||
• |
$(4) million deferred income tax expense on Termoeléctrica de Mexicali (TdM) assets held for sale at Sempra Mexico | ||||||||||||||||||||||||||||||||
Year ended December 31, 2017: | |||||||||||||||||||||||||||||||||
• |
$(870) million income tax expense from the impact of the TCJA | ||||||||||||||||||||||||||||||||
• |
$(208) million write-off of wildfire regulatory asset at SDG&E | ||||||||||||||||||||||||||||||||
• |
$(47) million impairment of TdM assets held for sale | ||||||||||||||||||||||||||||||||
• |
$(20) million associated with Aliso Canyon litigation reserves at SoCalGas | ||||||||||||||||||||||||||||||||
• |
$5 million deferred income tax benefit on the TdM assets held for sale | ||||||||||||||||||||||||||||||||
• |
$28 million of recoveries related to 2016 permanent releases of pipeline capacity at Sempra LNG & Midstream | ||||||||||||||||||||||||||||||||
Year ended December 31, 2016: | |||||||||||||||||||||||||||||||||
• |
$350 million noncash gain from the remeasurement of our equity method investment in IEnova Pipelines (formerly Gasoductos de Chihuahua or GdC), a 50-50 joint venture between our Mexican subsidiary, IEnova, and Petróleos Mexicanos (PEMEX), in connection with IEnova's September 2016 acquisition of PEMEX's 50-percent interest in GdC | ||||||||||||||||||||||||||||||||
• |
$78 million gain at Sempra LNG & Midstream on the September 2016 sale of EnergySouth Inc., the parent company of Mobile Gas and Willmut Gas | ||||||||||||||||||||||||||||||||
• |
$(123) million losses from the permanent releases of pipeline capacity at Sempra LNG & Midstream | ||||||||||||||||||||||||||||||||
• |
$(80) million adjustments related to tax repairs deductions reallocated to ratepayers as a result of the 2016 General Rate Case Final Decision (2016 GRC FD) at the California Utilities | ||||||||||||||||||||||||||||||||
• |
$(27) million impairment charge related to Sempra LNG & Midstream's investment in Rockies Express Pipeline LLC (Rockies Express) | ||||||||||||||||||||||||||||||||
• |
$(90) million impairment of TdM assets held for sale | ||||||||||||||||||||||||||||||||
• |
$(5) million deferred income tax expense related to our decision to hold TdM for sale | ||||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2017 to 2016 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP (Losses) Earnings and GAAP Diluted (Losses) Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. | |||||||||||||||||||||||||||||||||
Pretax amount |
Income tax expense (benefit)(1) |
Non-controlling interests |
(Losses) earnings |
Pretax amount |
Income tax expense (benefit)(1) |
Non-controlling interests |
Earnings |
||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) |
Three months ended December 31, 2017 |
Three months ended December 31, 2016 |
|||||||||||||||||||||||||||||||
Sempra Energy GAAP (Losses) Earnings |
$ |
(501) |
$ |
379 |
|||||||||||||||||||||||||||||
Excluded items: |
|||||||||||||||||||||||||||||||||
Impact from the TCJA |
$ |
— |
$ |
870 |
$ |
— |
870 |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||||||||
Aliso Canyon litigation reserves |
20 |
— |
— |
20 |
— |
— |
— |
— |
|||||||||||||||||||||||||
Deferred income tax expense associated with TdM |
— |
— |
— |
— |
— |
7 |
(3) |
4 |
|||||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
389 |
$ |
383 |
|||||||||||||||||||||||||||||
Diluted (losses) earnings per common share: |
|||||||||||||||||||||||||||||||||
Sempra Energy GAAP (Losses) Earnings |
$ |
(1.99) |
(2) |
$ |
1.51 |
||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1.54 |
$ |
1.52 |
|||||||||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,725 |
(2) |
251,611 |
||||||||||||||||||||||||||||||
Year ended December 31, 2017 |
Year ended December 31, 2016 |
||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
256 |
$ |
1,370 |
|||||||||||||||||||||||||||||
Excluded items: |
|||||||||||||||||||||||||||||||||
Impact from the TCJA |
$ |
— |
$ |
870 |
$ |
— |
870 |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||||||||
Write-off of wildfire regulatory asset |
351 |
(143) |
— |
208 |
— |
— |
— |
— |
|||||||||||||||||||||||||
Impairment of TdM assets held for sale |
71 |
— |
(24) |
47 |
131 |
(20) |
(21) |
90 |
|||||||||||||||||||||||||
Aliso Canyon litigation reserves |
20 |
— |
— |
20 |
— |
— |
— |
— |
|||||||||||||||||||||||||
Deferred income tax (benefit) expense associated with TdM |
— |
(8) |
3 |
(5) |
— |
8 |
(3) |
5 |
|||||||||||||||||||||||||
Recoveries related to 2016 permanent releases of pipeline capacity |
(47) |
19 |
— |
(28) |
— |
— |
— |
— |
|||||||||||||||||||||||||
Remeasurement gain in connection with GdC acquisition |
— |
— |
— |
— |
(617) |
185 |
82 |
(350) |
|||||||||||||||||||||||||
Gain on sale of EnergySouth |
— |
— |
— |
— |
(130) |
52 |
— |
(78) |
|||||||||||||||||||||||||
Permanent releases of pipeline capacity |
— |
— |
— |
— |
206 |
(83) |
— |
123 |
|||||||||||||||||||||||||
SDG&E tax repairs adjustments related to 2016 GRC FD |
— |
— |
— |
— |
52 |
(21) |
— |
31 |
|||||||||||||||||||||||||
SoCalGas tax repairs adjustments related to 2016 GRC FD |
— |
— |
— |
— |
83 |
(34) |
— |
49 |
|||||||||||||||||||||||||
Impairment of investment in Rockies Express |
— |
— |
— |
— |
44 |
(17) |
— |
27 |
|||||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1,368 |
$ |
1,267 |
|||||||||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
1.01 |
$ |
5.46 |
|||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
5.42 |
$ |
5.05 |
|||||||||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,300 |
251,155 |
(1) |
Income taxes were calculated based on applicable statutory tax rates, except for adjustments that are solely income tax. Income taxes on the impairment of TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. An income tax benefit of $12 million associated with the 2017 TdM impairment has been fully reserved. | |||||||||||||||||||||||||
(2) |
The total weighted-average number of potentially dilutive securities was 0.8 million. However, these securities were not included in the computation of GAAP losses per common share since to do so would have decreased the loss per share. |
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) |
December 31, 2017 |
December 31, 2016 | ||||||||
Assets |
||||||||||
Current assets: |
||||||||||
Cash and cash equivalents |
$ |
288 |
$ |
349 |
||||||
Restricted cash |
62 |
66 |
||||||||
Accounts receivable, net |
1,584 |
1,554 |
||||||||
Due from unconsolidated affiliates |
37 |
26 |
||||||||
Income taxes receivable |
110 |
43 |
||||||||
Inventories |
307 |
258 |
||||||||
Regulatory assets |
325 |
348 |
||||||||
Fixed-price contracts and other derivatives |
66 |
83 |
||||||||
Greenhouse gas allowances |
299 |
40 |
||||||||
Assets held for sale |
127 |
201 |
||||||||
Other |
136 |
142 |
||||||||
Total current assets |
3,341 |
3,110 |
||||||||
Other assets: |
||||||||||
Restricted cash |
14 |
10 |
||||||||
Due from unconsolidated affiliates |
598 |
201 |
||||||||
Regulatory assets |
1,517 |
3,414 |
||||||||
Nuclear decommissioning trusts |
1,033 |
1,026 |
||||||||
Investments |
2,527 |
2,097 |
||||||||
Goodwill |
2,397 |
2,364 |
||||||||
Other intangible assets |
596 |
548 |
||||||||
Dedicated assets in support of certain benefit plans |
455 |
430 |
||||||||
Insurance receivable for Aliso Canyon costs |
418 |
606 |
||||||||
Deferred income taxes |
170 |
234 |
||||||||
Greenhouse gas allowances |
93 |
295 |
||||||||
Sundry |
792 |
520 |
||||||||
Total other assets |
10,610 |
11,745 |
||||||||
Property, plant and equipment, net |
36,503 |
32,931 |
||||||||
Total assets |
$ |
50,454 |
$ |
47,786 |
||||||
Liabilities and Equity |
||||||||||
Current liabilities: |
||||||||||
Short-term debt |
$ |
1,540 |
$ |
1,779 |
||||||
Accounts payable |
1,523 |
1,476 |
||||||||
Due to unconsolidated affiliates |
7 |
11 |
||||||||
Dividends and interest payable |
342 |
319 |
||||||||
Accrued compensation and benefits |
439 |
409 |
||||||||
Regulatory liabilities |
109 |
122 |
||||||||
Current portion of long-term debt |
1,427 |
913 |
||||||||
Fixed-price contracts and other derivatives |
109 |
83 |
||||||||
Customer deposits |
162 |
158 |
||||||||
Reserve for Aliso Canyon costs |
84 |
53 |
||||||||
Greenhouse gas obligations |
299 |
40 |
||||||||
Liabilities held for sale |
49 |
47 |
||||||||
Other |
545 |
517 |
||||||||
Total current liabilities |
6,635 |
5,927 |
||||||||
Long-term debt |
16,445 |
14,429 |
||||||||
Deferred credits and other liabilities: |
||||||||||
Customer advances for construction |
150 |
152 |
||||||||
Due to unconsolidated affiliates |
35 |
— |
||||||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,148 |
1,208 |
||||||||
Deferred income taxes |
2,767 |
3,745 |
||||||||
Deferred investment tax credits |
28 |
28 |
||||||||
Regulatory liabilities |
3,922 |
2,876 |
||||||||
Asset retirement obligations |
2,732 |
2,431 |
||||||||
Fixed-price contracts and other derivatives |
316 |
405 |
||||||||
Greenhouse gas obligations |
— |
171 |
||||||||
Deferred credits and other |
1,136 |
1,173 |
||||||||
Total deferred credits and other liabilities |
12,234 |
12,189 |
||||||||
Equity: |
||||||||||
Sempra Energy shareholders' equity |
12,670 |
12,951 |
||||||||
Preferred stock of subsidiary |
20 |
20 |
||||||||
Other noncontrolling interests |
2,450 |
2,270 |
||||||||
Total equity |
15,140 |
15,241 |
||||||||
Total liabilities and equity |
$ |
50,454 |
$ |
47,786 |
SEMPRA ENERGY | |||||||||
Table C | |||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
Years ended December 31, | |||||||||
(Dollars in millions) |
2017 |
2016(1) | |||||||
Cash Flows from Operating Activities |
|||||||||
Net income |
$ |
351 |
$ |
1,519 |
|||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||
Depreciation and amortization |
1,490 |
1,312 |
|||||||
Deferred income taxes and investment tax credits |
1,160 |
217 |
|||||||
Write-off of wildfire regulatory asset |
351 |
— |
|||||||
Impairment losses |
72 |
153 |
|||||||
Gain on sale of assets |
(3) |
(134) |
|||||||
Equity earnings, net |
(76) |
(84) |
|||||||
Remeasurement of equity method investment |
— |
(617) |
|||||||
Fixed-price contracts and other derivatives |
7 |
21 |
|||||||
Other |
149 |
62 |
|||||||
Net change in other working capital components |
57 |
(59) |
|||||||
Insurance receivable for Aliso Canyon costs |
188 |
(281) |
|||||||
Changes in other assets |
(214) |
49 |
|||||||
Changes in other liabilities |
93 |
153 |
|||||||
Net cash provided by operating activities |
3,625 |
2,311 |
|||||||
Cash Flows from Investing Activities |
|||||||||
Expenditures for property, plant and equipment |
(3,949) |
(4,214) |
|||||||
Expenditures for investments and acquisitions, net of cash, |
(270) |
(1,504) |
|||||||
Proceeds from sale of assets, net of cash sold |
17 |
763 |
|||||||
Distributions from investments |
26 |
25 |
|||||||
Purchases of nuclear decommissioning and other trust assets |
(1,314) |
(1,034) |
|||||||
Proceeds from sales by nuclear decommissioning and other trusts |
1,314 |
1,134 |
|||||||
Advances to unconsolidated affiliates |
(531) |
(25) |
|||||||
Repayments of advances to unconsolidated affiliates |
9 |
11 |
|||||||
Other |
(2) |
9 |
|||||||
Net cash used in investing activities |
(4,700) |
(4,835) |
|||||||
Cash Flows from Financing Activities |
|||||||||
Common dividends paid |
(755) |
(686) |
|||||||
Preferred dividends paid by subsidiary |
(1) |
(1) |
|||||||
Issuances of common stock |
47 |
51 |
|||||||
Repurchases of common stock |
(15) |
(56) |
|||||||
Issuances of debt (maturities greater than 90 days) |
4,509 |
2,951 |
|||||||
Payments on debt (maturities greater than 90 days) |
(2,800) |
(2,057) |
|||||||
(Decrease) increase in short-term debt, net |
(36) |
692 |
|||||||
Advances from unconsolidated affiliates |
35 |
— |
|||||||
Proceeds from sale of noncontrolling interests, net of $3 and $40 in offering costs, respectively |
196 |
1,692 |
|||||||
Net distributions to noncontrolling interests |
(130) |
(63) |
|||||||
Other |
(43) |
(21) |
|||||||
Net cash provided by financing activities |
1,007 |
2,502 |
|||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
7 |
(3) |
|||||||
Decrease in cash, cash equivalents and restricted cash |
(61) |
(25) |
|||||||
Cash, cash equivalents and restricted cash, January 1 |
425 |
450 |
|||||||
Cash, cash equivalents and restricted cash, December 31 |
$ |
364 |
$ |
425 |
(1) |
As adjusted for the retrospective adoption of ASU 2016-15 and ASU 2016-18. |
SEMPRA ENERGY | ||||||||||||||||||
Table D | ||||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | ||||||||||||||||||
Three months ended |
Years ended | |||||||||||||||||
(Dollars in millions) |
2017 |
2016 |
2017 |
2016 | ||||||||||||||
(unaudited) |
||||||||||||||||||
Earnings (Losses) |
||||||||||||||||||
Sempra Utilities: |
||||||||||||||||||
San Diego Gas & Electric |
$ |
131 |
$ |
151 |
$ |
407 |
$ |
570 |
||||||||||
Southern California Gas |
128 |
151 |
396 |
349 |
||||||||||||||
Sempra South American Utilities |
52 |
29 |
186 |
156 |
||||||||||||||
Sempra Infrastructure: |
||||||||||||||||||
Sempra Mexico |
64 |
56 |
169 |
463 |
||||||||||||||
Sempra Renewables |
203 |
12 |
252 |
55 |
||||||||||||||
Sempra LNG & Midstream |
126 |
(3) |
150 |
(107) |
||||||||||||||
Parent and other |
(1,205) |
(17) |
(1,304) |
(116) |
||||||||||||||
(Losses) Earnings |
$ |
(501) |
$ |
379 |
$ |
256 |
$ |
1,370 |
||||||||||
Three months ended |
Years ended | |||||||||||||||||
(Dollars in millions) |
2017 |
2016(1) |
2017 |
2016(1) | ||||||||||||||
(unaudited) |
||||||||||||||||||
Capital Expenditures, Investments and Acquisitions |
||||||||||||||||||
Sempra Utilities: |
||||||||||||||||||
San Diego Gas & Electric |
$ |
433 |
$ |
440 |
$ |
1,555 |
$ |
1,399 |
||||||||||
Southern California Gas |
334 |
370 |
1,367 |
1,319 |
||||||||||||||
Sempra South American Utilities |
106 |
61 |
245 |
194 |
||||||||||||||
Sempra Infrastructure: |
||||||||||||||||||
Sempra Mexico |
202 |
384 |
467 |
1,750 |
||||||||||||||
Sempra Renewables |
136 |
132 |
497 |
871 |
||||||||||||||
Sempra LNG & Midstream |
15 |
28 |
68 |
164 |
||||||||||||||
Parent and other |
3 |
4 |
20 |
21 |
||||||||||||||
Capital Expenditures, Investments and Acquisitions |
$ |
1,229 |
$ |
1,419 |
$ |
4,219 |
$ |
5,718 |
(1) |
As adjusted for the retrospective adoption of ASU 2016-15 and ASU 2016-18. |
SEMPRA ENERGY | ||||||||||||||
Table E | ||||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||||
Three months ended |
Years ended or at | |||||||||||||
UTILITIES |
2017 |
2016 |
2017 |
2016 | ||||||||||
SDG&E and SoCalGas |
||||||||||||||
Gas Sales (Bcf)(1) |
88 |
92 |
341 |
334 |
||||||||||
Transportation (Bcf)(1) |
150 |
164 |
638 |
641 |
||||||||||
Total Deliveries (Bcf)(1) |
238 |
256 |
979 |
975 |
||||||||||
Total Gas Customers (Thousands) |
6,846 |
6,808 |
||||||||||||
Electric Sales (Millions of kWhs)(1) |
3,845 |
3,987 |
15,617 |
15,649 |
||||||||||
Direct Access (Millions of kWhs) |
864 |
942 |
3,394 |
3,515 |
||||||||||
Total Deliveries (Millions of kWhs)(1) |
4,709 |
4,929 |
19,011 |
19,164 |
||||||||||
Total Electric Customers (Thousands) |
1,446 |
1,434 |
||||||||||||
Other Utilities |
||||||||||||||
Natural Gas Sales (Bcf) |
||||||||||||||
Sempra Mexico – Ecogas |
7 |
7 |
29 |
29 |
||||||||||
Mobile Gas(2) |
— |
— |
— |
33 |
||||||||||
Willmut Gas(2) |
— |
— |
— |
2 |
||||||||||
Natural Gas Customers (Thousands) |
||||||||||||||
Sempra Mexico – Ecogas |
120 |
119 |
||||||||||||
Chile: |
||||||||||||||
Electric Sales (Millions of kWhs) |
735 |
739 |
2,936 |
2,900 |
||||||||||
Tolling (Millions of kWhs) |
27 |
23 |
98 |
90 |
||||||||||
Total Deliveries (Millions of kWhs) |
762 |
762 |
3,034 |
2,990 |
||||||||||
Peru: |
||||||||||||||
Electric Sales (Millions of kWhs) |
1,678 |
1,780 |
6,999 |
7,387 |
||||||||||
Tolling (Millions of kWhs) |
539 |
396 |
1,922 |
1,365 |
||||||||||
Total Deliveries (Millions of kWhs) |
2,217 |
2,176 |
8,921 |
8,752 |
||||||||||
Electric Customers (Thousands) |
||||||||||||||
Chile |
704 |
688 |
||||||||||||
Peru |
1,102 |
1,078 |
||||||||||||
ENERGY-RELATED BUSINESSES |
||||||||||||||
Sempra Infrastructure |
||||||||||||||
Power Generated and Sold (Millions of kWhs) |
||||||||||||||
Sempra Mexico(3) |
1,305 |
826 |
4,337 |
3,173 |
||||||||||
Sempra Renewables(4) |
1,075 |
815 |
4,175 |
2,956 |
(1) |
Includes intercompany sales. | |||||||||||||
(2) |
On September 12, 2016, Sempra LNG & Midstream completed the sale of the parent company of Mobile Gas and Willmut Gas. | |||||||||||||
(3) |
Includes power generated and sold at the Termoeléctrica de Mexicali natural gas-fired power plant, which is currently held for sale, and the Ventika wind power generation facilities acquired in December 2016. Also includes 50 percent of total power generated and sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. | |||||||||||||
(4) |
Includes 50 percent of total power generated and sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership interest. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Three months ended December 31, 2017 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra LNG & Midstream |
Consolidating Adjustments, Parent & Other |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,125 |
$ |
1,090 |
$ |
398 |
$ |
323 |
$ |
20 |
$ |
134 |
$ |
(126) |
$ |
2,964 |
|||||||||||||||||
Cost of sales and other expenses |
(706) |
(757) |
(312) |
(164) |
(19) |
(136) |
104 |
(1,990) |
|||||||||||||||||||||||||
Depreciation and amortization |
(171) |
(131) |
(14) |
(42) |
(10) |
(11) |
(5) |
(384) |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
4 |
(1) |
— |
3 |
|||||||||||||||||||||||||
Other income (expense), net |
17 |
8 |
6 |
(86) |
1 |
1 |
6 |
(47) |
|||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
265 |
210 |
78 |
31 |
(4) |
(13) |
(21) |
546 |
|||||||||||||||||||||||||
Net interest (expense) income(2) |
(52) |
(25) |
3 |
(13) |
(1) |
3 |
(61) |
(146) |
|||||||||||||||||||||||||
Income tax (expense) benefit(3) |
(83) |
(57) |
(23) |
51 |
201 |
136 |
(1,123) |
(898) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
2 |
45 |
— |
— |
— |
47 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
1 |
— |
(8) |
(50) |
7 |
— |
— |
(50) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
131 |
$ |
128 |
$ |
52 |
$ |
64 |
$ |
203 |
$ |
126 |
$ |
(1,205) |
$ |
(501) |
|||||||||||||||||
Three months ended December 31, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra LNG & Midstream |
Consolidating Adjustments, Parent & Other |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,061 |
$ |
1,135 |
$ |
386 |
$ |
244 |
$ |
9 |
$ |
124 |
$ |
(89) |
$ |
2,870 |
|||||||||||||||||
Cost of sales and other expenses |
(632) |
(779) |
(318) |
(124) |
(16) |
(127) |
58 |
(1,938) |
|||||||||||||||||||||||||
Depreciation and amortization |
(168) |
(121) |
(8) |
(30) |
(2) |
(10) |
(3) |
(342) |
|||||||||||||||||||||||||
Adjustment to impairment losses |
— |
1 |
— |
— |
— |
— |
— |
1 |
|||||||||||||||||||||||||
(Loss) gain on sale of assets |
— |
— |
(1) |
— |
4 |
— |
— |
3 |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
4 |
(2) |
— |
2 |
|||||||||||||||||||||||||
Other income (expense), net |
12 |
8 |
11 |
6 |
1 |
1 |
(5) |
34 |
|||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
273 |
244 |
70 |
96 |
— |
(14) |
(39) |
630 |
|||||||||||||||||||||||||
Net interest (expense) income(2) |
(50) |
(25) |
(3) |
1 |
(1) |
9 |
(56) |
(125) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(76) |
(68) |
(34) |
(18) |
9 |
3 |
79 |
(105) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
— |
9 |
— |
— |
— |
9 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
4 |
— |
(4) |
(32) |
4 |
(1) |
(1) |
(30) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
151 |
$ |
151 |
$ |
29 |
$ |
56 |
$ |
12 |
$ |
(3) |
$ |
(17) |
$ |
379 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. | ||||||||||||||||||||||||||||||||
(3) |
Includes $(870) from (unfavorable) favorable impacts from the Tax Cuts and Jobs Act of 2017, as follows, in millions: SDG&E $(28), SoCalGas $(2), Sempra Renewables $192, Sempra LNG & Midstream $133 and Parent and Other $(1,165). |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Year ended December 31, 2017 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra LNG & Midstream |
Consolidating Adjustments, Parent & Other |
Total | |||||||||||||||||||||||||
Revenues |
$ |
4,476 |
$ |
3,785 |
$ |
1,567 |
$ |
1,196 |
$ |
94 |
$ |
540 |
$ |
(451) |
$ |
11,207 |
|||||||||||||||||
Cost of sales and other expenses |
(2,742) |
(2,648) |
(1,228) |
(568) |
(76) |
(489) |
367 |
(7,384) |
|||||||||||||||||||||||||
Depreciation and amortization |
(670) |
(515) |
(54) |
(156) |
(38) |
(42) |
(15) |
(1,490) |
|||||||||||||||||||||||||
Write-off and impairment losses |
(351) |
— |
— |
(72) |
— |
— |
— |
(423) |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
29 |
5 |
— |
34 |
|||||||||||||||||||||||||
Other income, net |
66 |
36 |
14 |
105 |
2 |
3 |
28 |
254 |
|||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
779 |
658 |
299 |
505 |
11 |
17 |
(71) |
2,198 |
|||||||||||||||||||||||||
Net interest (expense) income(2) |
(203) |
(102) |
(10) |
(74) |
(8) |
17 |
(234) |
(614) |
|||||||||||||||||||||||||
Income tax (expense) benefit(3) |
(155) |
(160) |
(80) |
(227) |
226 |
119 |
(999) |
(1,276) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
4 |
38 |
— |
— |
— |
42 |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(14) |
— |
(27) |
(73) |
23 |
(3) |
— |
(94) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
407 |
$ |
396 |
$ |
186 |
$ |
169 |
$ |
252 |
$ |
150 |
$ |
(1,304) |
$ |
256 |
|||||||||||||||||
Year ended December 31, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra LNG & Midstream |
Consolidating Adjustments, Parent & Other |
Total | |||||||||||||||||||||||||
Revenues |
$ |
4,253 |
$ |
3,471 |
$ |
1,556 |
$ |
725 |
$ |
34 |
$ |
508 |
$ |
(364) |
$ |
10,183 |
|||||||||||||||||
Cost of sales and other expenses |
(2,617) |
(2,416) |
(1,255) |
(413) |
(56) |
(780) |
287 |
(7,250) |
|||||||||||||||||||||||||
Depreciation and amortization |
(646) |
(476) |
(49) |
(77) |
(6) |
(47) |
(11) |
(1,312) |
|||||||||||||||||||||||||
Impairments |
— |
(22) |
— |
(131) |
— |
— |
— |
(153) |
|||||||||||||||||||||||||
Gain on sale of assets |
— |
— |
— |
— |
4 |
130 |
— |
134 |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
34 |
(28) |
— |
6 |
|||||||||||||||||||||||||
Remeasurement of equity method investment |
— |
— |
— |
617 |
— |
— |
— |
617 |
|||||||||||||||||||||||||
Other income (expense), net |
50 |
32 |
21 |
(5) |
2 |
3 |
29 |
132 |
|||||||||||||||||||||||||
Income (loss) before interest and tax(1) |
1,040 |
589 |
273 |
716 |
12 |
(214) |
(59) |
2,357 |
|||||||||||||||||||||||||
Net interest (expense) income(2) |
(195) |
(97) |
(17) |
(7) |
1 |
28 |
(241) |
(528) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(280) |
(143) |
(80) |
(188) |
38 |
80 |
184 |
(389) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
3 |
75 |
— |
— |
— |
78 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
5 |
— |
(23) |
(133) |
4 |
(1) |
— |
(148) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
570 |
$ |
349 |
$ |
156 |
$ |
463 |
$ |
55 |
$ |
(107) |
$ |
(116) |
$ |
1,370 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. | ||||||||||||||||||||||||||||||||
(3) |
Includes $(870) from (unfavorable) favorable impacts from the Tax Cuts and Jobs Act of 2017, as follows, in millions: SDG&E $(28), SoCalGas $(2), Sempra Renewables $192, Sempra LNG & Midstream $133 and Parent and Other $(1,165). |
[SRE-F]
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energy-reports-strong-2017-operating-results-300604570.html
SOURCE Sempra Energy
SAN DIEGO, Feb. 26, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the U.S. Bankruptcy Court for the District of Delaware (Bankruptcy Court) has confirmed the plan of reorganization for Energy Future Holdings Corp. (EFH) and provided its final approval for Sempra Energy's agreement to acquire EFH, and its indirect, approximate 80-percent ownership interest in Oncor Electric Delivery Company LLC (Oncor).
Approval by the Public Utility Commission of Texas (PUCT) is the final major regulatory milestone before the transaction can be completed. The PUCT is expected to consider an order approving Sempra Energy's and Oncor's joint Change-in-Control application as early as March 8. If approved by the PUCT, Sempra Energy plans to close the transaction soon thereafter.
"Today's action by the Bankruptcy Court paves the way for EFH to end its long-running bankruptcy case and advances our proposal to acquire a majority stake in Oncor to the final stage," said Debra L. Reed, chairman, president and CEO of Sempra Energy.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 134,000 miles of lines and more than 3.4 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 10 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where the doctrine of inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the risk that rulings by the CPUC such as denying recovery for wildfire damages may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate any adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Forward-looking statements also include, statements about the anticipated benefits of the proposed merger involving Sempra Energy, EFH, and EFH's 80.03 percent indirect interest in Oncor, including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, EFH's or Oncor's plans, objectives, expectations or intentions, the anticipated impact of the merger, if consummated, on the credit ratings of Sempra Energy or Oncor, the expected timing of completion of the merger, plans regarding future capital investments by Sempra Energy or Oncor, future return on equity or capital structure of Sempra Energy or Oncor, and other statements that are not historical facts. Additional factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to satisfy all closing conditions including obtaining governmental and regulatory approvals required for the merger, or that required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger or be onerous to Sempra Energy; the risk that the merger may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the merger may not be fully realized or may take longer to realize than expected and that liabilities that survive the bankruptcy will be greater than we anticipate; the risk that Sempra Energy may be unable to obtain, additional permanent equity financing for the merger on favorable terms; the risk that indebtedness Sempra Energy incurs in connection with the merger may make it more difficult for Sempra Energy to repay or refinance its debt or take other actions, which may decrease business flexibility and increase borrowing costs; the diversion of management time and attention to merger-related issues; and related costs, whether or not the merger is completed, as well as disruptions to our business; and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its new regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
View original content with multimedia:http://www.prnewswire.com/news-releases/us-bankruptcy-court-approves-sempra-energys-acquisition-of-oncors-holding-company-300604484.html
SOURCE Sempra Energy
LOS ANGELES, Feb. 26, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today reminded customers only four days remain to register for this winter's Smart Thermostat Program, which closes this Thursday, March 1. The program gives customers up to $75 in incentives to register an ecobee or Nest smart thermostat to conserve natural gas for home heating this winter. Smart thermostats give users the ability to remotely control their home's temperature via a smartphone, tablet or desktop computer; some are even controllable with virtual assistants like Amazon's Alexa and Google Home.
"Smart thermostats are a great way to save money on natural gas bills, especially during the colder weather we're having now," said Dan Rendler, director of customer programs and assistance at SoCalGas. "The energy cost savings, combined with our Smart Thermostat Program incentives, plus $50 in rebates, make this a great time to buy one of these thermostats."
Customers participating in the Smart Thermostat Program agree to allow minor adjustments to be made to their thermostat temperature settings for a few hours on days when SoCalGas calls a Natural Gas Conservation event. These events help lower the risk of possible natural gas shortages when demand is at its highest. Participants are notified at least two hours before any adjustments are made via their smart thermostat, web portal, mobile app and/or email.
Owners of ecobee or Nest-registered devices with natural gas-heated homes in SoCalGas' service territory are eligible to participate in the Smart Thermostat Program, with the exception of those enrolled in Southern California Edison's (SCE) Save Power Days summertime electric demand response program. SoCalGas and SCE are working on a process that will allow dual-enrollment across both programs by next winter.
SoCalGas customers who enroll in the program will receive $50 for signing up by March 1 and another $25 for staying enrolled through the duration of the program, which concludes on April 1. These incentives can combine with a $50 purchase rebate on a smart thermostat for a total of $125 in savings for customers who take advantage of all three. Customers who participated in the SoCalGas Advisory Thermostat Program with ecobee devices last year will receive $25 for their full participation in the Smart Thermostat Program this year.
In Southern California, more than 90 percent of residents use natural gas to heat their home and hot water. According to the American Gas Association, households that use natural gas for water and home heating, cooking and clothes drying save an average of $874 per year compared to homes using electricity for those applications.
SoCalGas is a leader in energy conservation, helping to keep natural gas bills affordable for customers and protecting the environment. Since 1990, the company's energy efficiency and rebate programs have helped families and businesses save approximately $672 million on their natural gas bills and reduced emissions equal to taking almost 700,000 cars off the road.
More information about smart thermostat rebates is available here. For information about the Smart Thermostat Program, click here. To enroll in the program with an ecobee device, click here, and to enroll with a Nest device, click here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/four-days-remain-to-take-advantage-of-socalgas-smart-thermostat-program-offer-of-up-to-75-in-incentives-300604330.html
SOURCE Southern California Gas Company
SAN DIEGO, Feb. 22, 2018 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that its board of directors has approved an approximate 9-percent increase in the dividend on shares of the company's common stock to $3.58 per share, on an annualized basis, from $3.29 per share. This is the eighth consecutive year that Sempra Energy has increased its common stock dividend, which has grown more than 40 percent since 2013.
The first quarterly installment of the new common stock dividend, $0.8950 per share, is payable April 15, 2018, to common stock shareholders of record as of March 23, 2018.
The board of directors also declared a quarterly dividend of $1.60 per share on the company's recently issued 6-percent Mandatory Convertible Preferred Stock, Series A. The dividend will be payable April 15, 2018, to preferred stock shareholders of record as of April 1, 2018.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission (CPUC), U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; approvals of proposed settlements or modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; increasing prevalence of wildfires in California and risk that we may be found liable for damages regardless of fault, such as in cases where the doctrine of inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the risk that rulings by the CPUC such as denying recovery for wildfire damages may raise our cost of capital and materially impair our ability to finance our operations; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate any adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Forward-looking statements also include, statements about the anticipated benefits of the proposed merger involving Sempra Energy, EFH, and EFH's 80.03 percent indirect interest in Oncor, including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, EFH's or Oncor's plans, objectives, expectations or intentions, the anticipated impact of the merger, if consummated, on the credit ratings of Sempra Energy or Oncor, the expected timing of completion of the merger, plans regarding future capital investments by Sempra Energy or Oncor, future return on equity or capital structure of Sempra Energy or Oncor, and other statements that are not historical facts. Additional factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to satisfy all closing conditions including obtaining bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger or be onerous to Sempra Energy; the risk that the merger may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the merger may not be fully realized or may take longer to realize than expected and that liabilities that survive the bankruptcy will be greater than we anticipate; the risk that Sempra Energy may be unable to obtain, additional permanent equity financing for the merger on favorable terms; the risk that indebtedness Sempra Energy incurs in connection with the merger may make it more difficult for Sempra Energy to repay or refinance its debt or take other actions, which may decrease business flexibility and increase borrowing costs; the diversion of management time and attention to merger-related issues; and related costs, whether or not the merger is completed, as well as disruptions to our business; and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its new regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, SDG&E or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, Feb. 22, 2018 /PRNewswire/ --With below-average temperatures expected to continue into next week, Southern California Gas Co. (SoCalGas) today offered its customers tips and tools to save money on home heating and hot water costs during cold weather. According to the National Weather Service, temperatures in Southern California will remain 12 to 18 degrees below normal for at least another eight days. During cold weather events, natural gas use for home heating and hot water increases. SoCalGas customers can help manage their energy costs by:
More than 90 percent of households in Southern California rely on natural gas for space heating and hot water, and prefer it by a ratio of 4 to 1 over electricity for those uses. Today, SoCalGas has the second-lowest average bill among the 50 largest natural gas utilities in America, and natural gas continues to rank among the most affordable sources of energy.
According to the American Gas Association, households that use natural gas for water and space heating, and cooking and clothes drying, save an average of $874 per year compared to homes using electricity for those applications.
To learn more about SoCalGas energy savings programs, visit socalgas.com/save-money-and-energy.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas), and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Feb. 16, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its fourth-quarter 2017 earnings at 7 a.m. EST, Feb. 27.
Sempra Energy executives will conduct a conference call at 12 p.m. EST, Feb. 27. Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, sempra.com, by clicking on the appropriate audio link.
Prior to the conference call, a slide presentation detailing the earnings results also will be posted at 7 a.m. EST, Feb. 27, on Sempra Energy's website.
For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion on the company's website, or by dialing (888) 203-1112 and entering passcode 7936770.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
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SOURCE Sempra Energy
LOS ANGELES, Feb. 13, 2018 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | |
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on April 15, 2018, to shareholders of record on March 10, 2018. |
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas), and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Feb. 8, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced members of its Emerging Technology team received the Technology Transfer Award from the Electric Power Research Institute (EPRI) for their achievements in research and development. Team members Jeff Horn and Joe Shiau were recognized for an innovative energy-efficiency project at a low-income housing development in Lancaster, Calif. The project combined energy efficient natural gas and electric technologies to achieve a near zero-net energy status. Net-zero energy status means the total amount of energy used by the homes on an annual basis is roughly equal to the amount of renewable energy created on site. The results from this project show natural gas is an affordable, reliable and important component in achieving zero-net energy use.
Shiau conceived the idea in collaboration with the property owner, LINC Housing Corporation, while attending a green building conference in 2012. Together, and in further partnership with SoCal Edison and EPRI, the team embarked on a retrofit of 30 units at the property, integrating gas, electric and renewable technologies. The project received significant funding from the California Energy Commission and the Department of Housing and Urban Development (HUD).
"At SoCalGas we are always looking for ways to test new technologies and develop real-world applications that will satisfy our customers, save them money and increase energy efficiency," said Yuri Freedman, senior director of business development for SoCalGas. "We were so pleased with the results from this pilot program, including a 50 percent reduction in water heating energy use and a 22 percent in electricity use and we are looking at ways to apply what we've learned to other projects."
Natural gas plays an important, affordable and sustainable role in California's zero net energy use initiatives. The SoCalGas team looked at several emerging technologies, and ultimately decided to use only those that were able to recoup the cost in a short amount of time and had easy maintenance.
Some of the gas technology installed for this project included: smart thermostats, solar water heaters, smart showerheads and energy-efficient ducts and sealings. The energy savings led to reduced bills for both the property owner and the tenants.
Presented annually, EPRI's Technology Transfer Awards recognize industry leaders and innovators who help companies deliver safe, affordable, reliable, and environmentally responsible electricity through initiative, collaboration, and leadership that transform research into results in the utility industry.
"The 2017 Technology Transfer Award winners have taken EPRI R&D to new levels to shape and improve an integrated energy network," said Arshad Mansoor, senior vice president of R&D at EPRI. "The commitment and collaboration demonstrated by these individuals and teams not only benefits their companies, but the entire industry as we all have a stake in transforming and integrating the power system."
Photos from the event can be found here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Co.
SAN DIEGO and DALLAS, Feb. 1, 2018 /PRNewswire/ -- Oncor Electric Delivery Company, LLC (Oncor) and Sempra Energy (NYSE: SRE) today announced that all of the intervenors in the Public Utility Commission of Texas (PUCT) regulatory proceeding now support the settlement related to Sempra Energy's pending acquisition of Energy Future Holdings Corp. (EFH), including EFH's indirect, approximate 80-percent ownership of Oncor.
Texas Legal Services Center today joined the nine other Texas stakeholders who previously had signed on to the settlement agreement favoring the acquisition. The others include Staff of the PUCT; the Office of the Public Utility Counsel; Steering Committee of Cities Served by Oncor; Texas Industrial Energy Consumers; Energy Freedom Coalition of America; Golden Spread Electric Cooperative Inc.; Nucor Steel; The Alliance for Retail Markets; and the Texas Energy Association for Marketers.
"Gaining unanimous stakeholder support in the regulatory process represents an important milestone for our proposed acquisition of a majority stake in Oncor," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "We remain focused on working with the PUCT to support its review of our proposal's benefits for the state of Texas."
"We and many others in our state believe that Sempra Energy will be a great partner for Texas, if approved by regulators," said Bob Shapard, CEO of Oncor.
On Jan. 5, 2018, Oncor, Sempra Energy and Staff of the PUCT made a joint filing with the PUCT, requesting that the agency approve the acquisition, consistent with the governance, regulatory and operating commitments in the settlement agreement. The settling parties have agreed that the acquisition is in the public interest, meets Texas statutory standards, and provides tangible and quantifiable benefits.
On Aug. 21, 2017, Sempra Energy entered into an agreement to acquire EFH. In September 2017, the U.S. Bankruptcy Court for the District of Delaware approved EFH's entry into the merger agreement with Sempra Energy and, in October 2017, Sempra Energy and Oncor filed a joint Change-in-Control application with the PUCT. On Oct. 16, 2017, the PUCT set a procedural schedule to complete a review of the joint application by early April 2018, with a proposed February 2018 hearing date. On Dec. 12, 2017, the Federal Energy Regulatory Commission issued an order authorizing Sempra Energy's acquisition of EFH, subject to customary conditions.
The EFH transaction closing remains subject to further approvals by the U.S. Bankruptcy Court and the PUCT, among other approvals and closing conditions.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 134,000 miles of lines and more than 3.4 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 10 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers or may impact our ability to obtain satisfactory levels of insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of changes in the tax code as a result of recent federal tax reform and uncertainty as to how certain of those changes may be applied, and our ability to mitigate such impacts; actions by credit rating agencies to downgrade credit ratings of us or our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Additional forward-looking statements include, but are not limited to, statements about the completion of the merger and the expected financing plans for the merger, and other statements that are not historical facts. Additional factors that could cause actual results and future actions to differ materially from those described in any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the merger may not be satisfied; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; the risk that the significant additional indebtedness Sempra Energy incurred in connection with the transaction may make it more difficult to pay or refinance its debt or take or other actions, including by decreasing business flexibility and increasing borrowing costs; the risk that, if the transaction is completed, Oncor's results of operations after the transaction will not be consistent with our expectations or that its capital investment spending will be less than anticipated; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention to merger-related issues; and related legal, accounting and other costs, whether or not the merger is completed; and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its new required regulatory capital structure, or because any of the three major credit rating agencies rates its senior secured debt securities below BBB (or its equivalent) or its independent directors determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Jan. 30, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) is offering customers up to $75 in incentives to participate in its Smart Thermostat Program. The program is designed to help households that have purchased, installed and registered an ecobee or Nest smart thermostat conserve natural gas for home heating this winter.
"Smart thermostats can help customers save money and energy, and the incentives that SoCalGas is offering as part of the Smart Thermostat Program makes purchasing a device an even more worthwhile investment," said Dan Rendler, director of customer programs and assistance at SoCalGas. "Participating in the program is an easy way for customers to conserve natural gas during critical periods while still being comfortable in their homes."
Residential owners of ecobee or Nest-registered devices with gas heating in SoCalGas' service territory, except those who are currently enrolled in Southern California Edison's (SCE) Save Power Days electric demand response program, are eligible to participate in the Smart Thermostat Program. SoCalGas and SCE are working on a process that will allow dual-enrollment across both programs by next winter.
By participating in the Smart Thermostat Program, customers agree to allow minor adjustments to be made to their smart thermostat temperature settings for a few hours on days when SoCalGas calls a Natural Gas Conservation event. These events will help lower the risk of possible natural gas shortages when demand is at its highest. Participants are notified two hours before any adjustments are made via their smart thermostat, web portal, mobile app and/or email.
SoCalGas customers who enroll in the program will receive a $50 check for signing up by Mar. 1st and another $25 for staying enrolled through the duration of the program, which concludes on Apr. 1st. Customers who participated in the SoCalGas Advisory Thermostat Program with ecobee devices last year will receive $25 for their full participation in the Smart Thermostat Program this year.
SoCalGas is a leader in energy conservation, helping to keep natural gas bills affordable for customers and protecting the environment. Since 1990, the company's energy efficiency and rebate programs have helped families and businesses save approximately $672 million on their natural gas bills and reduced emissions equal to taking almost 700,000 cars off the road.
For more information about the Smart Thermostat Program, click here. To enroll in the program with an ecobee device, click here, and to enroll with a Nest device, click here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. SoCalGas is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO and DALLAS, Jan. 25, 2018 /PRNewswire/ -- Oncor Electric Delivery Company, LLC (Oncor) and Sempra Energy (NYSE: SRE) today announced that the Energy Freedom Coalition of America, Nucor Steel and Golden Spread Electric Cooperative Inc. have joined the group of settling parties related to Sempra Energy's pending acquisition of Energy Future Holdings Corp. (EFH), including EFH's indirect, approximate 80-percent ownership of Oncor.
With today's announcement, nine of 10 intervenors in the proceeding have agreed to the settlement. This development marks a significant step forward for Sempra Energy's proposed acquisition of EFH and its stake in Oncor.
Previous stakeholders signing on to the settlement agreement include: Staff of the Public Utility Commission of Texas (PUCT); the Office of the Public Utility Counsel; Steering Committee of Cities Served by Oncor; Texas Industrial Energy Consumers; The Alliance for Retail Markets; and the Texas Energy Association for Marketers.
On Jan. 5, 2018, Oncor, Sempra Energy and Staff of the PUCT jointly filed with the PUCT, requesting that the agency approve the acquisition, consistent with the governance, regulatory and operating commitments in the settlement agreement. The nine settling parties have agreed that the acquisition is in the public interest, meets Texas statutory standards, and provides tangible and quantifiable benefits.
On Aug. 21, 2017, Sempra Energy entered into an agreement to acquire EFH. In September, the U.S. Bankruptcy Court for the District of Delaware approved EFH's entry into the merger agreement with Sempra Energy and, in October, Sempra Energy and Oncor filed a joint Change-in-Control application with the PUCT. On Oct. 16, 2017, the PUCT set a procedural schedule to complete a review of the joint application by early April 2018, with a proposed February 2018 hearing date. On Dec. 12, 2017, the Federal Energy Regulatory Commission issued an order authorizing Sempra Energy's acquisition of EFH, subject to customary conditions.
The EFH transaction closing remains subject to further approvals by the U.S. Bankruptcy Court and the PUCT, among other approvals and closing conditions.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 134,000 miles of lines and more than 3.4 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 10 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers or may impact our ability to obtain satisfactory levels of insurance; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of changes in the tax code as a result of recent federal tax reform and uncertainty as to how certain of those changes may be applied, and our ability to mitigate such impacts; actions by credit rating agencies to downgrade credit ratings of us or our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Additional forward-looking statements include, but are not limited to, statements about the completion of the merger and the expected financing plans for the merger, and other statements that are not historical facts. Additional factors that could cause actual results and future actions to differ materially from those described in any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the merger may not be satisfied; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; the risk that the significant additional indebtedness Sempra Energy incurred in connection with the transaction may make it more difficult to pay or refinance its debt or take or other actions, including by decreasing business flexibility and increasing borrowing costs; the risk that, if the transaction is completed, Oncor's results of operations after the transaction will not be consistent with our expectations or that its capital investment spending will be less than anticipated; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention to merger-related issues; and related legal, accounting and other costs, whether or not the merger is completed; and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its new required regulatory capital structure, or because any of the three major credit rating agencies rates its senior secured debt securities below BBB (or its equivalent) or its independent directors determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Jan. 23, 2018 /PRNewswire/ -- With school and transit buses, trucks and other medium/heavy-duty equipment generating the bulk of the most harmful air pollutants in the region, San Diego Gas & Electric (SDG&E) is proposing a new solution.
Under a proposal submitted to the California Public Utilities Commission (CPUC) this week, SDG&E is seeking approval to build charging infrastructure to enable about 3,000 medium/heavy-duty vehicles to go electric. To clean up the air in areas suffering from the highest levels of tailpipe emissions, 40 percent of the installations will be targeted for vehicles and equipment that are based in or travel through disadvantaged communities. Overall, this program will help local, regional and statewide government meet climate action goals by reducing greenhouse gas emissions.
This new proposal comes on the heels of SDG&E receiving unanimous support and approval from the CPUC on Jan. 11 to proceed with several pilot projects to install charging stations at the Port of San Diego, San Diego International Airport, Park & Ride lots, shuttle hubs and delivery fleet hubs.
"We are building momentum to achieve a cleaner, more sustainable future, as businesses, local government agencies and every day citizens embrace ambitious climate goals to clean up transportation," Caroline Winn, SDG&E's chief operating officer, said. "We live in an exciting time because technological barriers are disappearing, and it's now feasible for vehicles and equipment that transport people and goods to be powered by new electricity and natural gas engine technology, which is much cleaner than conventional gasoline and diesel engine technology."
If approved by the CPUC, the new proposal would enable a much wider deployment of charging stations in the region, which is home to more than 103,000 Class 2 through Class 8 commercial vehicles, including trucks that operate around the congested ports of entry along the U.S.-Mexico border. These vehicles range in weight from 6,000 pounds to more than 33,000 pounds. In California, Class 2–8 vehicles produce more particulate matter than all of the state's power plants combined and can cause or worsen asthma and other health conditions.
The application would also support the electrification of forklifts and refrigerated semi-truck trailers, which are vital for moving and delivering perishable goods. If approved by the CPUC, the program would be implemented over five years and is expected to reduce greenhouse gas emissions by 42,000 metric tons per year, equivalent to avoiding the use of more than 4.7 million gallons of gasoline.
SDG&E's proposal was developed under Senate Bill 350 (SB 350), which recognizes that widespread transportation electrification is required to meet the state's goals to reduce greenhouse gas emissions to 40 percent below 1990 levels by 2030 and to 80 percent below 1990 levels by 2050.
Organizations offering support for this proposal include the Otay Mesa Chamber of Commerce, UC San Diego, Amazon, North County Transit District, Sierra Club, Ace Parking, Sysco and the San Diego Air Pollution Control District.
A cutting-edge element of the proposal is an electric school bus pilot. Under the pilot, bus batteries would charge when energy is plentiful—such as during the day when there is abundant solar power—and discharge the energy when there is high demand on the power grid.
Meanwhile, as part its Power Your Drive Program, SDG&E continues to make progress installing up to 3,500 charging stations at multi-family homes and businesses. SDG&E's charging projects do not just deliver clean air, they also create jobs and stimulate the economy.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. The company was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports a number of non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, Jan. 19, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas), San Diego Gas & Electric (SDG&E), Pacific Gas and Electric Company (PG&E) and Southwest Gas jointly issued a draft solicitation yesterday for dairy biomethane pilot projects under California Senate Bill (SB) 1383. Proposed projects must demonstrate an ability to capture and process biogas from dairy cows to produce renewable natural gas, which can replace traditionally sourced natural gas for generating electricity, heating homes and fueling vehicles. At least five projects will be selected.
The draft solicitation is the first step in a new program created under SB 1383 by the California Public Utilities Commission (CPUC), which has been directed to reduce methane emissions from agriculture in the state by 2030.
"This is an exciting first step to building the market for renewable natural gas," said Lisa Alexander, vice president of customer solutions and communications for SoCalGas. "Renewable natural gas, with its ability to turn methane emissions into a source of energy, is a critical element of a comprehensive approach to climate change, and we look forward to supporting these efforts."
"The capture of biogas from agriculture is an innovative way to produce renewable natural gas to fuel our homes and businesses while helping achieve the state's climate goals," said Michael Schneider, chief environmental officer and vice president of operations support and sustainability for SDG&E. "These pilot projects will help us identify a largely untapped energy resource and put organic waste to work for California."
"Identifying new ways to reduce methane emissions and their effect on the environment is one of PG&E's highest priorities. We remain committed to playing a key role in California's emissions reductions effort and clean energy future. And, we are proud to partner with the state's leading energy companies and agriculture producers to convert organic waste into a reliable source of energy. The capturing, transformation and utilization of methane emissions as a clean fuel source will have significant environmental benefits," said PG&E Gas Operations Senior Director, Christine Cowsert.
"Southwest Gas is pleased to partner with SoCalGas, San Diego Gas & Electric and Pacific Gas and Electric to further develop the renewable natural gas market in California to help achieve the state's climate change goals," said Randall Gabe, vice president/Gas Resources for Southwest Gas.
Proposed projects will be selected by the CPUC, California Air Resources Board and the California Department of Food and Agriculture. The agencies will jointly choose projects based on an evaluation of the proposed business model, likely greenhouse gas reductions realized, and cost effectiveness of achieving these reductions, environmental benefits, disadvantaged community benefits and project readiness.
Dairy biogas development is rapidly increasing in California, with help in part from $35 million in grant funding last year from the California Department of Food and Agriculture (CDFA). CDFA is expected to provide an additional $61-$75 million in grant funding for new dairy biogas projects this year. There are currently about 40 projects in the works, and experts expect there could be as many as 120 projects being developed by 2022.
The utilities will explain the draft solicitation process, gather feedback to clarify the process and answer questions at a workshop and webinar on Wednesday, Jan. 31, from 1:00 to 3:00 p.m. at the California Department of Food and Agriculture, 2800 Gateway Oaks Dr., Room 101, Sacramento, CA 95833. Additional information on the draft solicitation as well as the workshop and webinar can be found here.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About SDG&E
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,000 employees work to provide the cleanest, safest and most reliable energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports a number of non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation's cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and www.pge.com/en/about/newsroom/index.page.
About Southwest Gas
Southwest Gas Corporation was founded in 1931 and is a subsidiary of Southwest Gas Holdings Inc. Southwest Gas Corporation provides natural gas service to 2 million customers in Arizona, California and Nevada. For more information about Southwest Gas, please visit www.swgas.com.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 19, 2018 /PRNewswire/ -- Sempra Energy (NYSE:SRE) has been recognized by Fortune magazine as one of the "World's Most Admired Companies" for 2018.
Sempra Energy ranked third in the Electric and Gas Utilities category.
"We're honored to be recognized as one of Fortune's 'Most Admired Companies,' particularly this year as we celebrate Sempra Energy's 20th anniversary," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "The attributes measured in this survey – such as attracting and retaining talent, financial soundness and social responsibility – are critical ingredients in our formula for long-term success."
Fortune works with Korn Ferry Hay Group, a global management consulting firm, to select companies with the strongest reputations for the annual "World's Most Admired Companies" list. Korn Ferry Hay Group surveys financial analysts, and senior executives and directors from 680 companies, across 29 countries and 52 industries.
Companies are ranked on the following attributes: ability to attract and retain talent, quality of management, social responsibility, innovativeness, quality of products or services, wise use of corporate assets, financial soundness, long-term investment value and effectiveness in doing business globally.
To be considered, companies must have minimum annual revenues of approximately $10 billion and rank among the revenue leaders in their specific industry.
Late last year, the Wall Street Journal recognized Sempra Energy as the top company in the utilities sector in the Journal's first "Management Top 250" ranking, a new report that examines the overall effectiveness of U.S. businesses, and Thomson Reuters, the multinational mass media firm, named Sempra Energy a "2017 Top 100 Global Energy Leader."
Sempra Energy includes San Diego Gas & Electric, Southern California Gas Co., Sempra South American Utilities, Sempra Mexico, Sempra Renewables and Sempra LNG & Midstream.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Jan. 4, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has priced its concurrent offerings (the equity offerings) of 23,364,486 shares of its common stock in connection with the forward sale agreements described below at $107 per share and 15,000,000 shares of its 6-percent Mandatory Convertible Preferred Stock, Series A, at $100 per share, each in a separate registered public offering. The equity offerings are expected to close on or about Jan. 9, 2018, subject to customary closing conditions. In addition, the underwriters in the respective equity offerings have been granted the option to purchase directly from Sempra Energy up to an additional 3,504,672 shares of its common stock and up to an additional 2,250,000 shares of its Mandatory Convertible Preferred Stock.
These offerings are being made by means of separate prospectus supplements and are not contingent on each other or upon the consummation of Sempra Energy's pending acquisition (the merger) of Energy Future Holdings Corp. (EFH), including EFH's indirect, approximately 80-percent ownership of Oncor Electric Delivery Company LLC (Oncor).
The net proceeds from the Mandatory Convertible Preferred Stock offering will be approximately $1.47 billion, after deducting the underwriting discount, but before deducting estimated offering expenses payable by Sempra Energy. Sempra Energy expects to use the net proceeds from the Mandatory Convertible Preferred Stock offering and the related sale of shares of its common stock pursuant to the forward sale agreements referred to below, together with the net proceeds from planned future debt financings, which may include the issuance of its debt securities, commercial paper supported by its revolving credit facilities and borrowings under its revolving credit facilities, to finance the merger and related costs and expenses or, in the case of any proceeds received from settlements under the forward sale agreements that occur after the closing of the proposed merger, to repay indebtedness incurred to finance a portion of the cost of the merger and related costs and expenses. If for any reason the merger is not completed on or prior to Dec. 1, 2018, or the related merger agreement is terminated on or prior to that date, then Sempra Energy expects to use the net proceeds from the equity offerings for general corporate purposes, which may include, in Sempra Energy's sole discretion, the voluntary redemption of the Mandatory Convertible Preferred Stock, debt repayment, including repayment of commercial paper, capital expenditures, investments and possibly repurchases of its common stock at the discretion of its board of directors.
Morgan Stanley, RBC Capital Markets and Barclays are acting as joint bookrunners of the equity offerings and representatives of the underwriters.
In connection with the common stock offering, Sempra Energy has entered into forward sale agreements with each of Morgan Stanley & Co. LLC, an affiliate of RBC Capital Markets, LLC and an affiliate of Barclays Capital Inc. (in such capacity, the forward purchasers) with respect to 23,364,486 shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their affiliates (in such capacity, the forward sellers) are expected to borrow from third parties and sell to the underwriters of the common stock offering for resale by such underwriters in such offering, an aggregate of 23,364,486 shares of the common stock. If, however, the forward purchasers determine in good faith, after using commercially reasonable efforts, that the forward sellers are unable to borrow and deliver to the underwriters any such shares of common stock, or the forward sellers are unable to borrow and deliver to the underwriters any such shares at a stock loan rate not greater than a specified rate, Sempra Energy will issue and sell to the underwriters a number of shares of common stock equal to the number of shares that the forward sellers did not deliver.
Sempra Energy will not initially receive any proceeds from the sale of common stock sold by the forward sellers to the underwriters. Instead, subject to its right to elect cash settlement or net share settlement subject to certain conditions, Sempra Energy intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by Sempra Energy occurring no later than Dec. 15, 2019, an aggregate of 23,364,486 shares of its common stock to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price per share, which will initially be equal to the public offering price per share in the common stock offering, less underwriting discounts and commissions, as subsequently adjusted as provided in the forward sale agreements.
Each share of Mandatory Convertible Preferred Stock will be issued with a liquidation preference of $100 per share.
Unless earlier converted or redeemed, each share of Mandatory Convertible Preferred Stock will automatically convert into a variable number of shares of Sempra Energy's common stock on the mandatory conversion date, which is expected to be Jan. 15, 2021. The number of shares of Sempra Energy's common stock issuable on mandatory conversion will be determined based on the average volume-weighted average price of Sempra Energy's common stock over the 20-trading day period commencing on and including the 21st scheduled trading day prior to Jan. 15, 2021.
Dividends on the shares of Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by Sempra Energy's board of directors, at an annual rate of 6 percent on the liquidation preference of $100 per share. The dividends may be paid in cash or, subject to certain limitations, in shares of Sempra Energy common stock or, at Sempra Energy's election, any combination of cash and shares of common stock on Jan. 15, April 15, July 15 and Oct. 15 of each year, commencing on April 15, 2018, and to, and including, Jan. 15, 2021.
The offerings are being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). Each offering is being made only by means of a prospectus supplement relating to such offering and the accompanying base prospectus, copies of which may be obtained by contacting the representatives of the underwriters using the information provided below under "Underwriter Contact Information." An electronic copy of each final prospectus supplement, together with the accompanying prospectus, will be available on the SEC's website, www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Such forward-looking statements include, among other things, statements related to Sempra Energy's expectations regarding the completion and timing of its public offerings, the expected physical settlement of the forward sale agreements, and use of proceeds. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the impact of current global economic, credit and market conditions and the satisfaction of customary closing conditions related to the offerings, as well as risks and uncertainties associated with our business in general, including, actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of changes in the tax code as a result of recent federal tax reform and uncertainty as to how certain of those changes may be applied; actions by credit rating agencies to downgrade credit ratings of us or our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Additional forward-looking statements include, but are not limited to, statements about the completion of the merger and the expected financing plans for the merger, and other statements that are not historical facts. Additional factors that could cause actual results and future actions to differ materially from those described in any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the merger may not be satisfied; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; the risk that Sempra Energy may be unable to obtain the external financing necessary to pay the consideration and expenses related to the merger on terms favorable to Sempra Energy, if at all; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention to merger-related issues; and related legal, accounting and other costs, whether or not the merger is completed; and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its new required regulatory capital structure, or because any of the three major credit rating agencies rates its senior secured debt securities below BBB (or its equivalent) or its independent directors determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures.
These risks and uncertainties are further discussed in the prospectus supplement and accompanying prospectus for each offering and in the reports that Sempra Energy has filed with the SEC that are incorporated by reference therein. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
UNDERWRITER CONTACT INFORMATION
Morgan Stanley & Co. LLC New York, New York 10014 |
RBC Capital Markets, LLC |
Barclays Capital Inc. |
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SOURCE Sempra Energy
LOS ANGELES, Jan. 4, 2018 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it is partnering with a development team to advance a new process that converts natural gas to hydrogen, carbon fiber, and carbon nanotubes. The low-emission process, selected for funding by the U.S. Department of Energy's (DOE) Fuel Cell Technologies Office (FCTO) within the Office of Energy Efficiency and Renewable Energy (EERE), will create both hydrogen that can be used in fuel cell vehicles and industrial processes, as well as carbon fiber used in applications from medical devices and aerospace structures to building products.
The goal of the partnership, led by C4-MCP, LLC (C4), a Santa Monica-based technology start-up, is to offset the hydrogen production expense with the sales of the carbon fiber and carbon nanotubes, reducing the hydrogen's net cost to under $2 per kilogram, thus helping make hydrogen fueled cars and trucks cost-competitive with conventional gasoline and diesel vehicles. In addition, this technology will virtually eliminate CO2 emissions from the methane-to-hydrogen process. These efforts support FCTO's focus on early stage research and development to enable innovations to be demonstrated and to help guide further early stage research strategy.
The technology commercialization team includes SoCalGas, C4, Pacific Northwest National Laboratory (PNNL), a U.S. Department of Energy national laboratory located in Richland, Washington, and West Virginia University (WVU). As a result of the DOE selection, the team will negotiate a cooperative research and development agreement (CRADA) consisting of $375,000 in prior year DOE funding and a $375,000 co-funding contribution from C4 and SoCalGas. The CRADA will fund PNNL and WVU to develop the technology.
"This technology takes methane, turns it into a zero-emission automotive fuel—hydrogen—then uses the carbon captured in the process to make the strongest possible materials to be used in high-tech manufacturing," said Yuri Freedman, SoCalGas senior director of market development. "Further advances in development of this technology will bring about a unique and potentially revolutionary combination of environmental, manufacturing, and economic benefits."
"The research will lead to transformative advancement in science and engineering, in addressing not only climate change issues but also energy inefficiency issues in natural gas conversion to value-added products," said WVU Statler Chair Engineering Professor John Hu. "WVU will work closely with the team to carry out laboratory research in developing the catalyst and process for the conversion of natural gas to crystalline carbon and hydrogen."
"We are excited to study in more detail and further develop the catalytic process, understand the characteristics of the carbon that is produced, and to help figure out how to economically scale up the process for commercial implementation," said PNNL project manager Robert Dagle. "PNNL will also perform a techno-economic analysis for the process to be developed. Since the precursor for making carbon fiber today is expensive, it is intriguing to think about starting with natural gas and consider the carbon product possibilities."
"We are very pleased to be working with SoCalGas, PNNL, WVU, and DOE to commercialize these exciting and leading-edge carbon-to-value technologies," said Jim McDermott executive chairman of C4-MCP. "As the world strives to find new and innovative ways to simultaneously grow and lower CO2 emissions, working with SoCalGas and the national labs is both an honor and privilege."
While carbon fiber and its uses are well-known, carbon nanotubes (CNTs) are viewed as a big leap forward in materials science and engineering because they have tensile strength and stiffness many times that of carbon fiber. The global CNT market was estimated at approximately $3.5 billion in 2016 and is expected to increase to $8.7 billion by 2022 with robust growth rates over 17 percent annually, according to experts at SoCalGas.
The partnership will develop an advanced methane reforming process based on a new catalyst used to make CNTs, recently discovered by Hu. The new catalyst system promotes "base growth" carbon nanotube formation rather than "tip growth," the current technology. Base growth formation enables the catalyst to regenerate while also creating a highly pure and crystalline carbon product. In addition, the reaction conditions can be optimized to tune the diameter and length of the CNTs produced.
The new catalyst and technique will be further developed and evaluated at both West Virginia University and Pacific Northwest National Laboratory.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About C4
Headquartered in Santa Monica, California, C4-MCP, LLC is a wholly owned subsidiary of C4 Composites (C4). C4 is creating the carbon-to-value economy, transforming atmospheric CO2 into "carbon negative" and price competitive materials, chemicals and fuels. In addition to early-stage commercialization, C4 is a developer of scaled industrial facilities that integrate individual carbon-to-value technologies into cohesive solutions. For more information contact Jim McDermott at (310) 383-2518 or jim.mcdermott@c4composites.com.
About PNNL
Interdisciplinary teams at Pacific Northwest National Laboratory address many of America's most pressing issues in energy, the environment and national security through advances in basic and applied science. Founded in 1965, PNNL employs 4,400 staff and has an annual budget of nearly $1 billion. It is managed and operated by Battelle for the U.S. Department of Energy's Office of Science. As the single largest supporter of basic research in the physical sciences in the United States, the Office of Science is working to address some of the most pressing challenges of our time. For more information on PNNL, visit the PNNL News Center, or follow PNNL on Facebook, Google+, Instagram, LinkedIn and Twitter.
About WVU
West Virginia University, founded in 1867, has a long and rich history as a land-grant university. In 1862, President Abraham Lincoln signed the Morrill Act, offering land grants of 30,000 acres of federally owned land to each state that agreed to establish a college to teach agriculture and the "mechanic arts" (engineering).
WVU ranks nationally for prestigious scholarships: 25 Rhodes Scholars, 22 Truman Scholars, 44 Goldwater Scholars, 2 George C. Marshall (British) Scholars, 5 Morris K. Udall Scholars, 5 USA Today All-USA College Academic First Team Members (and 11 academic team honorees), 22 Boren Scholars, 36 Gilman Scholars, 49 Fulbright Scholars, 3 Department of Homeland Security Scholars, 28 Critical Language Scholars, one Jack Kent Cooke Foundation Graduate Scholar, 5 National Institute of Standards and Technology Fellowships and 4 National Science Foundation Graduate Research Fellowships.
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SOURCE Southern California Gas Company
DALLAS, Jan. 3, 2018 /PRNewswire/ -- Alerian announced today the real-time launch of the Alerian Energy Infrastructure Capital Strength Select Index, a composite of North American midstream, refining, and utility companies chosen for their ownership of pipeline transportation assets, leverage profile, and above-market dividend payments. The index is disseminated real-time on a price-return basis (AMCS) and on a total-return basis (AMCST).
"The AMCS was designed with the understanding that the portion of the North American energy value chain from midstream to distribution has become increasingly integrated," said Alerian President and CEO Kenny Feng. "The composition of this index also seeks to address growing investor focus on strengthening balance sheets and improving corporate governance."
Constituents as of January 2, 2018
Name |
Ticker |
AltaGas Ltd |
ALA |
Antero Midstream Partners LP |
AM |
Andeavor |
ANDV |
Buckeye Partners LP |
BPL |
Boardwalk Pipeline Partners LP |
BWP |
CenterPoint Energy Inc |
CNP |
Cheniere Energy Partners LP Holdings LLC |
CQH |
Dominion Energy Inc |
D |
Enbridge Inc |
ENB |
EnLink Midstream LLC |
ENLC |
Enterprise Products Partners LP |
EPD |
EQT GP Holdings LP |
EQGP |
Gibson Energy Inc |
GEI |
HollyFrontier Corp |
HFC |
Inter Pipeline Ltd |
IPL |
Keyera Corp |
KEY |
Kinder Morgan Inc |
KMI |
Macquarie Infrastructure Corp |
MIC |
Magellan Midstream Partners LP |
MMP |
Marathon Petroleum Corp |
MPC |
OGE Energy Corp |
OGE |
ONEOK Inc |
OKE |
Plains GP Holdings LP |
PAGP |
Pembina Pipeline Corp |
PPL |
Phillips 66 |
PSX |
Sempra Energy |
SRE |
Tallgrass Energy GP LP |
TEGP |
TransCanada Corp |
TRP |
Valero Energy Corp |
VLO |
Western Gas Equity Partners LP |
WGP |
The Williams Companies Inc |
WMB |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
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SOURCE Alerian
SAN DIEGO, Jan. 2, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it is commencing concurrent offerings (the equity offerings) of $2.5 billion of shares of its common stock in connection with the forward sale agreements described below and $1.5 billion of shares of its Mandatory Convertible Preferred Stock, Series A, each in a separate registered public offering, subject to market and other conditions.
These offerings are being made by means of separate prospectus supplements and are not contingent on each other or upon the consummation of Sempra Energy's pending acquisition (the merger) of Energy Future Holdings Corp. (EFH), including EFH's indirect, approximately 80-percent ownership of Oncor Electric Delivery Company LLC (Oncor).
Sempra Energy expects to use the net proceeds from these offerings and the related sale of shares of its common stock pursuant to the forward sale agreements referred to below, together with the net proceeds from planned future debt financings, which may include the issuance of its debt securities, commercial paper supported by its revolving credit facilities and borrowings under its revolving credit facilities, to finance the merger and related costs and expenses or, in the case of any proceeds received from settlements under the forward sale agreements that occur after the closing of the proposed merger, to repay indebtedness incurred to finance a portion of the cost of the merger and related costs and expenses. If for any reason the merger is not completed on or prior to Dec. 1, 2018, or the related merger agreement is terminated on or prior to that date, then Sempra Energy expects to use the net proceeds from the equity offerings for general corporate purposes, which may include, in Sempra Energy's sole discretion, the voluntary redemption of the Mandatory Convertible Preferred Stock, debt repayment, including repayment of commercial paper, capital expenditures, investments and possibly repurchases of its common stock at the discretion of its board of directors.
Sempra Energy intends to grant the underwriters in the respective equity offerings the option to purchase directly from Sempra Energy up to an additional $375 million of shares of its common stock and up to an additional $225 million of shares of its Mandatory Convertible Preferred Stock.
Morgan Stanley, RBC Capital Markets and Barclays are acting as joint bookrunners of the equity offerings and representatives of the underwriters.
In connection with the common stock offering, Sempra Energy expects to enter into forward sale agreements with each of Morgan Stanley & Co. LLC, an affiliate of RBC Capital Markets, LLC and an affiliate of Barclays Capital Inc. (in such capacity, the forward purchasers) with respect to $2.5 billion of shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their affiliates (in such capacity, the forward sellers) are expected to borrow from third parties and sell to the underwriters of the common stock offering for resale by such underwriters in such offering, an aggregate of $2.5 billion of shares of the common stock. If, however, the forward purchasers determine in good faith, after using commercially reasonable efforts, that the forward sellers are unable to borrow and deliver to the underwriters any such shares of common stock, or the forward sellers are unable to borrow and deliver to the underwriters any such shares at a stock loan rate not greater than a specified rate, Sempra Energy will issue and sell to the underwriters a number of shares of common stock equal to the number of shares that the forward sellers did not deliver.
Sempra Energy will not initially receive any proceeds from the sale of common stock sold by the forward sellers to the underwriters. Instead, subject to its right to elect cash settlement or net share settlement subject to certain conditions, Sempra Energy intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by Sempra Energy occurring no later than Dec. 15, 2019, an aggregate of $2.5 billion of shares of its common stock to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price per share, which will initially be equal to the public offering price per share in the common stock offering, less underwriting discounts and commissions, as subsequently adjusted as provided in the forward sale agreements.
Each share of Mandatory Convertible Preferred Stock is expected to have a liquidation preference of $100 per share.
Unless earlier converted or redeemed, each share of Mandatory Convertible Preferred Stock will automatically convert into a variable number of shares of Sempra Energy's common stock on the mandatory conversion date, which is expected to be Jan. 15, 2021. The number of shares of Sempra Energy's common stock issuable on mandatory conversion will be determined based on the average volume-weighted average price of Sempra Energy's common stock over the 20-trading day period commencing on and including the 21st scheduled trading day prior to Jan. 15, 2021. The dividend rate and the conversion terms of the Mandatory Convertible Preferred Stock will be determined by negotiations among Sempra Energy and the underwriters.
The offerings are being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). Each offering will be made only by means of a prospectus supplement relating to such offering and the accompanying base prospectus, copies of which may be obtained by contacting the representatives of the underwriters using the information provided below under "Underwriter Contact Information." An electronic copy of each preliminary prospectus supplement, together with the accompanying prospectus, also is available on the SEC's website, www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Such forward-looking statements include, among other things, statements related to Sempra Energy's expectations regarding the completion, timing and sizing of its proposed public offerings, its expectations with respect to granting the underwriters options to purchase additional shares, the expected physical settlement of the forward sale agreements, and use of proceeds. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: the impact of current global economic, credit and market conditions and the satisfaction of customary closing conditions related to the proposed offerings, as well as risks and uncertainties associated with our business in general, including, actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of changes in the tax code as a result of recent federal tax reform and uncertainty as to how certain of those changes may be applied; actions by rating agencies to downgrade credit ratings of us or our subsidiaries or to place these ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Additional forward-looking statements include, but are not limited to, statements about the completion of the merger and the expected financing plans for the merger, and other statements that are not historical facts. Additional factors that could cause actual results and future actions to differ materially from those described in any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the merger may not be satisfied; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; the risk that Sempra Energy may be unable to obtain the external financing necessary to pay the consideration and expenses related to the merger on terms favorable to Sempra Energy, if at all; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention to merger-related issues; and related legal, accounting and other costs, whether or not the merger is completed; and the risk that Oncor will eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its new required regulatory capital structure, or because any of the three major credit rating agencies rates its senior secured debt securities below BBB (or its equivalent) or its independent directors determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures.
These risks and uncertainties are further discussed in the prospectus supplement and accompanying prospectus for each offering and in the reports that Sempra Energy has filed with the SEC that are incorporated by reference therein. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
UNDERWRITER CONTACT INFORMATION |
||
Morgan Stanley & Co. LLC |
RBC Capital Markets, LLC |
|
180 Varick St, 2nd Floor, |
200 Vesey Street, 8th Floor |
|
New York, New York 10014 |
New York, NY 10281-8098 |
|
Attn: Prospectus Department |
Attn: Equity Syndicate |
|
Toll-free: (877) 822-4098 |
||
Barclays Capital Inc. |
||
c/o Broadridge Financial Solutions |
||
1155 Long Island Avenue, Edgewood, NY 11717 |
||
Attn: Prospectus Department |
||
Toll-free: 1-888-603-5847 |
||
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SOURCE Sempra Energy
SAN DIEGO and DALLAS, Dec. 27, 2017 /PRNewswire/ -- Oncor Electric Delivery Company, LLC (Oncor) and Sempra Energy (NYSE: SRE) today announced that The Alliance for Retail Markets and the Texas Energy Association for Marketers joined a settlement agreement for Sempra Energy's pending acquisition of Energy Future Holdings Corp. (EFH), including EFH's indirect, approximate 80-percent ownership of Oncor.
The Alliance for Retail Markets and the Texas Energy Association for Marketers joined the settlement announced Dec. 14 with Staff of the Public Utility Commission of Texas (PUCT), the Office of the Public Utility Counsel, Steering Committee of Cities Served by Oncor, and Texas Industrial Energy Consumers.
The six settling parties have agreed that the acquisition is in the public interest, meets Texas statutory standards, and will bring substantial benefits. The parties to the agreement will ask the PUCT to approve the acquisition, consistent with the governance, regulatory and operating commitments in the settlement agreement.
This settlement agreement marks a significant step forward for Sempra Energy's proposed acquisition. Sempra Energy and Oncor are continuing settlement discussions with additional stakeholders.
On Aug. 21, Sempra Energy entered into an agreement to acquire EFH. In September, the U.S. Bankruptcy Court for the District of Delaware approved EFH's entry into the merger agreement with Sempra Energy and, in October, Sempra Energy and Oncor filed a joint Change-in-Control application with the PUCT. On Oct. 16, the PUCT set a procedural schedule to complete a review of the joint application by early April 2018, with a proposed February 2018 hearing date. On Dec. 12, the Federal Energy Regulatory Commission issued an order authorizing Sempra Energy's acquisition of EFH, subject to customary conditions.
The EFH transaction closing remains subject to further approvals by the U.S. Bankruptcy Court and the PUCT, among other approvals and closing conditions.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 134,000 miles of lines and more than 3.4 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 10 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed Merger, including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, EFH's or Oncor's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the anticipated improvement in credit ratings of Oncor, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the merger may not be satisfied; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; the risk that Sempra Energy may be unable to obtain the external financing necessary to pay the consideration and expenses related to the merger on terms favorable to Sempra Energy, if at all; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention to merger-related issues; and related legal, accounting and other costs, whether or not the merger is completed.
Additional factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of recent federal tax reform, uncertainty as to when associated regulations will be enacted and how they would be applied; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 20, 2017 /PRNewswire/ -- With forecasts calling for average temperatures across Southern California to be in the 40s from Wednesday through at least Sunday, Southern California Gas Co. (SoCalGas) today shared tips to help customers save on their energy costs. During cold weather, customers typically use three to seven times more natural gas for space and water heating, which can result in higher bills. Increased demand for natural gas can also strain local energy supplies.
There are many simple steps customers can take to reduce their natural gas use during cold weather to help keep energy costs affordable. They include:
More energy saving tips are located here.
Customers are also encouraged to sign up for free bill tracking alerts and other online tools to help keep heating affordable this winter. "Bill Tracker Alerts" are an easy way to track natural gas use each week—instead of waiting until the monthly bill arrives—and can help customers use less natural gas and lower their bills. Customers can enroll for Bill Tracker Alerts in My Account at socalgas.com/pay-bill/my-account. Once enrolled, they can easily access their gas usage information, pay bills, schedule service orders and sign up for Bill Tracker Alerts by visiting "Manage My Account: Manage Alerts."
In addition, SoCalGas offers rebates on hundreds of home products that help save energy. Among the most popular are smart thermostats that can learn your schedule and temperature preferences and adjust the temperature in your home accordingly. They also allow users to adjust home temperatures with a mobile app or computer and can even use local weather conditions to help control energy costs. Last winter, customers who participated in a smart thermostat energy efficiency pilot program saved enough natural gas to dry 2 million loads of laundry.
Rebates on energy efficient appliances are also available. Customers can save $50 on select smart thermostats and Energy Star natural gas dryers, at least $100 on select water heaters and up to $200 on select central gas furnaces. Customers can also save money on clothes washers and low-flow showerheads, including those with thermostatic shut-off valves that temporarily cut water flow once the water has become hot.
Since 1990, SoCalGas' energy efficiency and rebate programs have helped families and businesses save approximately $672 million on their natural gas bills. SoCalGas customers can find rebates on qualifying energy efficient appliances or home upgrades by going to socalgas.com/save-money-and-energy.
SoCalGas does not profit from gas consumption: the company works to buy natural gas when it's cheapest, store it for later use, and deliver those savings directly to customers. That's in part why today, SoCalGas has the second-lowest average bill among the 50 largest gas utilities in America, and natural gas continues to rank among the most affordable sources of energy.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 19, 2017 /PRNewswire/ -- Sempra LNG & Midstream today announced that Cameron LNG has reached a settlement agreement with its contractor, CCJV, related to the construction of the Cameron LNG liquefaction project in Hackberry, La. CCJV is a joint venture between an affiliate of Chicago Bridge & Iron Company N.V. (CB&I) and Chiyoda International Corporation.
The settlement resolves all of CCJV's known and unknown claims to date, including Hurricane Harvey, and better aligns the interests of all parties in achieving the joint goal of having all three trains at Cameron producing liquefied natural gas (LNG) in 2019.
The settlement falls within the existing construction budget and financing commitments for Cameron LNG while including incentives for additional milestones. The settlement agreement is subject to the satisfaction of certain conditions that will reflect improvement to CB&I's credit support to the project. Additional information concerning this settlement agreement is available in the Current Report on Form 8-K filed by Sempra Energy today with the Securities and Exchange Commission.
The $10-billion liquefaction facility comprises three liquefaction trains with an expected export capability of 12 million tonnes per annum of LNG or approximately 1.7 billion cubic feet per day. Earnings for Sempra Energy (NYSE: SRE) from Cameron LNG are expected to be between $300 million to $350 million in 2020 and increasing over time, primarily as a result of Cameron LNG's debt being repaid.
Cameron LNG is jointly owned by affiliates of Sempra LNG & Midstream, ENGIE (formerly GDF SUEZ), Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). Sempra Energy indirectly owns 50.2 percent of Cameron LNG.
Sempra LNG & Midstream leads Sempra Energy's efforts to develop and build natural gas liquefaction facilities, integrated midstream natural gas infrastructure and natural gas storage and is a subsidiary of Sempra Energy, a Fortune 500 energy services holding company based in San Diego with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, uncertainty as to what proposals will be enacted, if any, and, if enacted, how they would be applied; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG & Midstream
LOS ANGELES, Dec. 18, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) encourages customers to sign up for free bill tracking alerts and other online tools to help keep heating affordable this winter. Customers typically use three to seven times more natural gas for space and water heating during the winter months, which can result in higher bills. "Bill Tracker Alerts" are an easy way to track natural gas use each week—instead of waiting until the monthly bill arrives—and can help customers use less natural gas and lower their bills. Images of a sample alert and bill comparison are available here.
With Bill Tracker Alerts, customers receive a text or email each week that includes their bill-to-date and the projected amount of their next bill. The Alert also shows their projected bill amount compared to their previous month's bill and the same month in the prior year. Within the "Ways to Save" section of My Account, they can also visit "Analyze Usage" to see their daily, and even hourly, gas usage and costs. There is no charge to use the service, and it is available to every customer with an advanced meter.
"Natural gas is the most affordable way for people to heat their homes and water, and for more than two decades SoCalGas has been a leader in promoting energy efficiency programs and innovative ways to help our customers save on energy costs," said Gillian Wright, SoCalGas vice president of customer services. "With the installation of advanced meters, our customers have more tools than they've ever had before to help manage their natural gas use and keep their bills affordable."
Customers can enroll in My Account at socalgas.com/pay-bill/my-account. Once enrolled, they can easily access their gas usage information, pay bills, schedule service orders and sign up for Bill Tracker Alerts by visiting "Manage My Account: Manage Alerts."
Tips to reduce natural gas use and keep bills lower include:
More energy saving tips are located here.
SoCalGas does not make a profit on gas consumption: the company works to buy natural gas when it's cheapest, store it for later use, and deliver those savings directly to customers. That's in part why today, SoCalGas has the second-lowest average bill among the 50 largest gas utilities in America, and natural gas continues to rank among the most affordable sources of energy.
Since 1990, SoCalGas' energy efficiency and rebate programs have helped families and businesses save approximately $672 million on their natural gas bills. The company offers eligible customers no-cost home weatherization services through the Energy Savings Assistance Program by applying online at https://www.socalgas.com/save-money-and-energy/assistance-programs/energy-savings-assistance-program or calling 1 (800) 331-7593. In addition, all SoCalGas customers can find rebates on qualifying energy efficient appliances or home upgrades by going to socalgas.com/save-money-and-energy.
SoCalGas also recognizes that customers face various hardships and encourages those who may be having difficulty paying their natural gas bills to contact SoCalGas to ask about payment arrangements or to find out if they qualify for other bill-assistance programs. Customers can request payment arrangements online or call SoCalGas at (800) 427-2200.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 15, 2017 /PRNewswire/ -- Today, the board of directors of Sempra Energy (NYSE:SRE) declared a quarterly dividend of $0.8225 per share of common stock. The current dividend is payable Jan. 15, 2018, to shareholders of record at the close of business on Dec. 29, 2017.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, uncertainty as to what proposals will be enacted, if any, and, if enacted, how they would be applied; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, Dec. 14, 2017 /PRNewswire/ -- The California Public Utilities Commission (CPUC) today issued details of its plan to implement Senate Bill 1383, the Short-Lived Climate Pollutants bill, which aims to reduce emissions of potent greenhouse gasses. The bill requires state agencies to adopt policies and incentives to significantly increase the sustainable production and use of renewable gas. CPUC worked with the California Air Resources Board (CARB) and the Department of Food and Agriculture (CDFA) to outline a solicitation process and a timeline for selecting at least five dairy biomethane projects which will be connected to the gas pipeline system. SoCalGas was selected to lead the solicitation process in coordination with the other utilities. The project selection committee will be made up of the CPUC, CARB and CDFA.
SB 1383 is considered the most aggressive law to tackle short-lived climate pollutants in the nation. SoCalGas issued the following statement in response:
"SoCalGas is excited to be selected by the CPUC to play a leading role in implementing this visionary legislation that will help meet the state's climate goals, drive innovation, and develop supplies of renewable natural gas for Californians. The CPUC has established a program that will play an important part in reducing these methane emissions.
"Renewable natural gas, with its ability to turn methane emissions into a source of energy, is a critical element of a comprehensive approach to climate change. About 80 percent of methane emissions in California come from waste streams. These emissions can be harnessed so that instead of contributing to climate change they can instead be converted to renewable natural gas and distributed through our existing pipeline infrastructure to fuel heavy-duty trucks, heat homes, cook meals, or generate electricity as renewable energy. And because renewable gas can be stored and delivered through existing infrastructure, the technology can be implemented quickly to help California reduce greenhouse gas emissions and meet the state's renewable energy goals.
"As the largest gas distributor in the nation, SoCalGas is positioned to make the infrastructure investments necessary to maximize the production and use of renewable natural gas. We look forward to partnering with California dairies to develop the biomethane pilot programs this law requires and help build the market for renewable natural gas, contributing to accomplishment of our state's environmental objectives and priorities."
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO and DALLAS, Dec. 14, 2017 /PRNewswire/ -- Oncor Electric Delivery Company LLC (Oncor) and Sempra Energy (NYSE: SRE) today announced a settlement agreement with several key stakeholders for Sempra Energy's pending acquisition of Energy Future Holdings Corp. (EFH), including EFH's indirect, approximate 80-percent ownership of Oncor. The parties to the settlement agreement include Staff of the Public Utility Commission of Texas (PUCT), the Office of Public Utility Counsel, Steering Committee of Cities Served by Oncor, and Texas Industrial Energy Consumers.
This settlement agreement is a significant step forward, demonstrating positive momentum for Sempra Energy's proposed acquisition of a majority stake in Oncor, both companies said. With this settlement, the parties have agreed that the acquisition is in the public interest, meets Texas statutory standards, and will bring substantial benefits. The parties to the agreement will ask the PUCT to approve the acquisition, consistent with the governance, regulatory and operating commitments in the settlement agreement.
"We are pleased that our proposed transaction to acquire a majority stake in Oncor has garnered support from several key stakeholder groups in Texas," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "We strongly believe that this transaction will benefit Oncor customers and the state of Texas, and we are working with the PUCT to facilitate its comprehensive review of our proposal."
"Sempra Energy has demonstrated its ability to be a great partner for Texas through its willingness to work with stakeholders across the state," said Bob Shapard, CEO of Oncor. "Final authority on our application rests with the PUCT, but, if approved, our partnership with Sempra Energy will result in a strong, well-capitalized Oncor that will help Texas continue to grow and invest in a safer, smarter, more reliable electric grid in the years to come. This settlement agreement moves us one step closer to ending the EFH bankruptcy process."
Consistent with Sempra Energy's and EFH's merger agreement, the settlement includes regulatory commitments that preserve the existing Oncor ring-fence and the independence of Oncor's board of directors. To protect Oncor, its customers and employees, the commitments also include extinguishing of all debt currently at EFH and Energy Future Intermediate Holding Company LLC.
Sempra Energy and Oncor will continue settlement discussions with additional stakeholders in the coming weeks.
On Aug. 21, Sempra Energy entered into an agreement to acquire EFH. In September, the U.S. Bankruptcy Court for the District of Delaware approved EFH's entry into the merger agreement with Sempra Energy and, in October, Sempra Energy and Oncor filed a joint Change-in-Control application with the PUCT. On Oct. 16, the PUCT set a procedural schedule to complete a review of the joint application by early April 2018, with a proposed February 2018 hearing date. Earlier this week, the Federal Energy Regulatory Commission issued an order authorizing Sempra Energy's acquisition of EFH, subject to customary conditions.
The EFH transaction closing remains subject to further approvals by the U.S. Bankruptcy Court and the PUCT, among other approvals and closing conditions.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 134,000 miles of lines and more than 3.4 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 10 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed Merger, including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, EFH's or Oncor's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the anticipated improvement in credit ratings of Oncor, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the merger may not be satisfied; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; the risk that Sempra Energy may be unable to obtain the external financing necessary to pay the consideration and expenses related to the merger on terms favorable to Sempra Energy, if at all; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention to merger-related issues; and related legal, accounting and other costs, whether or not the merger is completed.
Additional factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, uncertainty as to what proposals will be enacted, if any, and, if enacted, how they would be applied; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 13, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it has broken ground on a first-of-its kind, fiber optic cable installation that will allow the company to monitor the condition of its high-pressure transmission pipelines in real-time. The fiber optic technology is being installed along a new, seven-mile section of natural gas pipeline in Bakersfield, California and will serve as an early warning system to detect unauthorized construction work that could damage the pipeline and changes in pressure in the line that could indicate a leak. Photos of the technology from today's installation are available here.
"SoCalGas is committed to modernizing our infrastructure to enhance safety for our customers and reduce our carbon footprint," said Deanna Haines, director of gas engineering for SoCalGas. "This technology provides our engineers with a critical early warning system that can prevent damage to our lines and help us mitigate leaks more quickly."
"Having real-time information on the status of high-pressure pipelines is critical in the early detection of a potential problem," said Brian Marshall, Kern County Fire Chief. "Firefighters will be able to respond quickly to an emergency and work with SoCal Gas to stop the problem from escalating."
The technology uses fiber optic cables that run along a pipeline and that transmit data across long distances. The system operates on the principle that light signals vary when a fiber optic cable is exposed to vibration, stress, or abnormal changes in temperature – all indicators of a possible natural gas leak or an impact to a natural gas line. The fiber optic system can pinpoint within 20 feet where a potential problem may be developing.
When a threat is detected, information is sent along the fiber cable to a remote monitoring station within seconds, where operators interpret signal changes to determine the source of potential intrusions including, heavy equipment operation, unexpected earth movement, or other physical impacts like structural stress from broken water mains.
Access to continuous, real-time measurements and area-specific data can give SoCalGas crews and first responders more time to plan, allocate resources, and take effective actions to mitigate potential leaks and damage to pipelines.
SoCalGas is one of the first natural gas utilities in the country to use the technology in natural gas transmission and high-pressure pipeline system operations. The company plans to install fiber optic cable along all new and replacement pipeline segments 12 inches and greater in diameter and one-mile long.
Incorporating fiber optics into its transmission pipeline and distribution systems is part of SoCalGas' commitment to upgrading and modernizing its more than 101,000 miles of natural gas pipelines in order to provide customers with the safe, reliable, and affordable energy they deserve.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
LOS ANGELES, Dec. 12, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that it will partner with the University of California-Irvine's Advanced Power & Energy Program to design an "Advanced Energy Community" in an underserved neighborhood in Huntington Beach. The community will be planned as a replicable model that optimizes a full spectrum of diverse energy options, including solar, wind, and renewable natural gas. It will also consider the capability of storing wind- and solar-generated energy with power-to-gas technology.
"We're excited to co-fund this worthy project in collaboration with the California Energy Commission," said Lisa Alexander, vice president of customer solutions and communications at SoCalGas. "Creating an Advanced Energy Community will serve as a guide for future policy and planning in California to keep our energy system sustainable and make a difference in our clean-energy future."
"The integrated set of energy efficiency measures, smart grid technologies, renewable power generation and energy storage technologies that we will include in the Advanced Energy Community design will improve quality of life while reducing costs and emissions," said Jack Brouwer, associate director of the Advanced Power and Energy Program of UCI. "We are pleased to work with SoCalGas in this exciting project that could make a big difference in the lives of those living in this community."
Power-to-gas technology converts surplus energy from solar panels or wind farms into hydrogen, which can be blended with natural gas and utilized in everything from home appliances to power plants. The renewable hydrogen can also be used in hydrogen fuel cell vehicles or converted to methane for use in a natural gas pipeline and storage system. The conversion of renewable electricity to gas enables long-term, monthly, or seasonal storage of large amounts of carbon-free power. Researchers note that this long-duration storage is difficult to achieve with traditional storage technology such as lithium-ion batteries, which are typically designed to store energy for shorter time periods.
The University of California-Irvine began a pilot project in 2016 funded by SoCalGas which successfully demonstrated the use of power-to-gas technology to use excess solar-generated electricity on the university's campus.
Last month, SoCalGas announced the successful installation of a novel bioreactor system that will be used to test power-to-gas technology at the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) in Golden, Colorado. The first of its kind pilot project will be used to help assess the commercial viability of this power-to-gas approach to energy storage and provide insights into potential megawatt-scale system designs.
According to a 2017 Lawrence Berkley National Lab study, by 2025, between 3,300 and 7,800 gigawatt-hours of excess solar and wind energy will be curtailed in California. If all that excess solar and wind energy were converted to methane through the biomethanation process and stored as renewable natural gas, it would provide enough renewable energy to heat 158,000 to 370,000 homes or provide renewable electricity to 80,000 to 187,000 homes.
SoCalGas is providing $150,000 in co-funding for the Huntington Beach project, which was proposed in response to a California Energy Commission Electric Program Investment Charge (EPIC) solicitation. The EPIC program funds clean energy research, demonstration and deployment projects that support California's energy policy goals and promote greater electricity reliability, lower costs, and increased safety.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO and DALLAS, Dec. 12, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) and Oncor Electric Delivery Company LLC (Oncor) today announced that the Federal Energy Regulatory Commission (FERC) issued an order authorizing, subject to customary conditions, Sempra Energy's acquisition of Energy Future Holdings Corp. (EFH), the indirect owner of approximately 80 percent of Oncor.
On Aug. 21, Sempra Energy entered into an agreement to acquire EFH. In September, the U.S. Bankruptcy Court for the District of Delaware approved EFH's entry into the merger agreement with Sempra Energy and, on Oct. 5, Sempra Energy and Oncor filed a joint Change-in-Control application with the Public Utility Commission of Texas (PUCT). On Oct. 16, the PUCT set a procedural schedule to complete a review of Sempra Energy's and Oncor's case within 180 days, by early April 2018.
The EFH transaction closing remains subject to further approvals by the U.S. Bankruptcy Court and the PUCT, among other approvals and closing conditions. For more information about the transaction, visit oncor-sempra.com.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 122,500 miles of lines and more than 3.4 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 10 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed Merger, including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, EFH's or Oncor's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the anticipated improvement in credit ratings of Oncor, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the merger may not be satisfied; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; the risk that Sempra Energy may be unable to obtain the external financing necessary to pay the consideration and expenses related to the merger on terms favorable to Sempra Energy, if at all; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; and the diversion of management time and attention to merger-related issues and related legal, accounting and other costs, whether or not the merger is completed.
Additional factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, uncertainty as to what proposals will be enacted, if any, and, if enacted, how they would be applied; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SOURCE Sempra Energy
LOS ANGELES, Dec. 9, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas), today announced it will donate more than $100,000 to assist victims of the four wildfires that continue to destroy homes and property across the region. Sempra Energy, a Fortune 500 energy services holding company that includes San Diego Gas & Electric and SoCalGas, will contribute another $50,000, for a total of more than $150,000 in donations.
SoCalGas and Sempra Energy have pledged $100,000 to the United Way Thomas Fire Fund, a partnership effort with the American Red Cross of Ventura County and the Ventura County Sheriff's Office of Emergency Services. SoCalGas has also pledged donations in support of the following relief funds and organizations:
"SoCalGas wants to do our part to help our neighbors who have lost so much and are enduring the hardships these fires have dealt," said Lisa Alexander, SoCalGas vice president of customer solutions and communications. "We have thousands of employees who all live in, and are an active part of, the communities that SoCalGas serves—so we are happy to be part of the relief efforts."
"During this overwhelming time, we want our friends and neighbors to know that we stand united with them now more than ever before in our 72-year history serving the people of Ventura County," said Eric Harrison, President and CEO of United Way of Ventura County. "In the days and weeks ahead, we will deploy more than $1 million that has been donated already to the United Way Thomas Fire Fund to those who have experienced devastation and heartache beyond measure."
SoCalGas has more than 350 field representatives working alongside fire fighters in support of public safety and first responders, and in some very localized areas we have isolated our system at individual homes or in neighborhoods impacted by the fires. The company stands ready to quickly restore service to homes directly affected by the fires.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About The United Way of Ventura County
In the aftermath of a disaster, United Way's Ventura County Volunteer Center will serve as an online, call, and walk-in center for spontaneous volunteers. The Volunteer Center will register volunteers and coordinate with the Sheriff's Office of Emergency Services to place them where they can do the most good for the community. 2-1-1 Ventura County will also be available 24/7 to register volunteers, answer questions, and connect those in need with the resources to help them.
www.vcunitedway.org
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 8, 2017 /PRNewswire/ -- With the National Weather Service extending the Red Flag Warning through 8 p.m., Sunday, due to high fire danger, San Diego Gas & Electric (SDG&E) has mobilized numerous resources to support local firefighting agencies, including the Erickson Aircrane which can release 2,650 gallons of water or fire suppressant per drop. The company has contracted to bring this firefighting resource into the region for the last eight years during high fire season, which unofficially ended in November.
SDG&E secured the return of the Aircrane Wednesday and deployed the helitanker in coordination with CAL FIRE on Thursday to fight the Lilac fire in Bonsall, Calif. near Interstate 15, north of San Diego. The Aircrane, which is equivalent to the capacity of five fire engines, will remain stationed in the San Diego region for the next few weeks. On Thursday, it made 20 water drops totaling 30,000 gallons in support of firefighting efforts.
CAL FIRE is the lead agency and will determine the cause of this fire. Based on preliminary reports regarding the origin of the fire and performance of the company's system, the company has no indication that its facilities were a source of ignition.
Below is a list of other proactive measures that SDG&E is implementing in coordination with regional emergency response providers to protect lives and property from wildfires:
SDG&E takes its responsibility to safely operate the electrical system very seriously. If conditions threaten the integrity of the system, creating an emergency, SDG&E will turn off the power to protect the public. Some of the factors that are taken into consideration, include but are not limited to, the circumstances of the emergency, wind speed measurements, temperature, humidity, field observations by SDG&E crews, and information from CAL FIRE and other fire agencies.
SDG&E understands the inconvenience of shutting off power and will make every effort to restore service promptly once it is safe to do so.
As of 3 a.m. Friday, SDG&E has turned off power to approximately 17,000 customers for safety reasons. SDG&E proactively called customers whose service was turned off for safety, advising them to be sure they have adequate emergency supplies on hand for an extended period. Current conditions indicate that power may remain out for several days before it can be safely restored.
Residents in high-wind areas are encouraged to monitor SDG&E's weather page for real-time updates on conditions at sdgeweather.com, as well as the outage page for updated restoration times at sdge.com/outage. They are advised to be aware of the potential for downed power lines due to gusty Santa Ana winds. Never touch a downed power line and assume that all electrical lines are energized at all times. Call 911 or SDG&E to report a downed power line.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,000 employees work to provide the cleanest, safest and most reliable energy in the West. The company was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports a number of non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, uncertainty as to what proposals will be enacted, if any, and, if enacted, how they would be applied; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE San Diego Gas & Electric (SDG&E)
SAN DIEGO, Dec. 7, 2017 /PRNewswire/ -- The Wall Street Journal has recognized Sempra Energy (NYSE:SRE) as the top company in the utilities sector in the Journal's first "Management Top 250" ranking, a new report that examines the overall effectiveness of U.S. businesses. Sempra Energy was ranked No. 68 overall, out of the 250 best-managed companies.
The Wall Street Journal said it compiled the report, which was released yesterday, using a holistic methodology from the Drucker Institute focused on five areas integral to effective management: customer satisfaction, employee engagement and development, innovation, social responsibility and financial strength. Data from third-party sources was used to score companies on each of the five dimensions.
The Drucker Institute is a think tank based at Claremont Graduate University's Drucker School of Management in California that promotes the ideas and philosophy of late business and management expert, Peter Drucker.
Last month, Sempra Energy also was recognized as a 2017 Top 100 Global Energy Leader by Thomson Reuters, the multinational mass media firm. The first-time study reviewed more than 1,600 energy businesses to recognize those that excel in a complex business environment by balancing financial demands with regulatory, legal, social and environmental needs.
Sempra Energy includes San Diego Gas & Electric, Southern California Gas Co., Sempra South American Utilities, Sempra Mexico, Sempra Renewables and Sempra LNG & Midstream.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Dec. 4, 2017 /PRNewswire/ -- As temperatures cool across its service area, Southern California Gas Co. (SoCalGas) is once again inviting customers and employees to contribute to the company's Gas Assistance Fund, a program that helps income-qualified customers pay their natural gas bill with a one-time grant of up to $100 per household. Donations will be matched by SoCalGas.
The Gas Assistance Fund is administered by the United Way of Greater Los Angeles (United Way) and helps veterans, the elderly, people with disabilities and families in need pay their natural gas bills so they can cook, have hot water and heat their homes. United Way partners with nearly 80 nonprofit organizations throughout SoCalGas' service territory to distribute the grants.
Since 1983, SoCalGas, the company's customers and its employees have contributed nearly $18 million to the Gas Assistance Fund, which has helped more than 224,000 individuals, families, seniors and veterans. In 2016, the fund received $432,000 in donations and benefitted nearly 4,800 households.
"Through the Gas Assistance Fund, we're able to help some of our customers who may otherwise not have a warm home during the winter months," said Lisa Alexander, vice president of customer solutions and communications at SoCalGas and United Way board member. "SoCalGas thanks our generous customers and employees who donate to aid others in need, and we are grateful for their continuous support of the program for nearly 35 years."
"In Los Angeles County, 1.9 million people live below the poverty line, and sometimes that means making hard decisions come pay day," said Elise Buik, president and CEO of United Way. "The Gas Assistance Fund helps ensure that more people don't have to make the incredibly difficult decision between heating their homes and feeding their families. Donating is a simple but profound gesture, and we're so thankful for everyone who can support."
Those who wish to contribute to the fund may do so online or by mailing a check to: Gas Assistance Fund, File 56826, United Way Inc., P.O. Box 746826, Los Angeles, CA 90074-6826. Donations are tax-deductible and accepted year-round.
Those who wish to apply for a grant may do so by filling out an application at a participating United Way partner agency between Feb. 2nd and May 31st (or until the fund is depleted). For additional program information, including a list of partner agencies and income guidelines, click here.
In addition to the Gas Assistance Fund, SoCalGas offers other programs and services that can help customers manage home energy costs. Click here to learn more.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About United Way Greater Los Angeles
United Way of Greater Los Angeles is a nonprofit organization fighting to end homelessness and poverty by providing students with support needed to graduate high school prepared for college and the workforce, providing housing for our homeless neighbors, and helping hard-working families become financially stable. United Way identifies the root causes of poverty and works strategically to solve them by building alliances across all sectors, funding targeted programs and advocating for change. For more information, visit www.unitedwayla.org.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 15, 2017 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: |
|
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on January 15, 2018, to shareholders of record on December 10, 2017.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/socalgas-declares-preferred-dividends-300556919.html
SOURCE Southern California Gas Company
LOS ANGELES, Nov. 8, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today issued a reminder about available smart thermostat and appliance rebates that give customers cash back while helping keep natural gas bills low. Temperatures in Southern California typically turn cooler in November and can remain cold through March. Lower temperatures are usually accompanied by an increase in home heating bills, but there are ways to save money.
SoCalGas offers rebates on hundreds of home products that help save energy. Among the most popular are smart thermostats. These devices can learn your schedule and temperature preferences and adjust the temperature in your home accordingly. They also allow users to adjust home temperatures with a mobile app or computer, and can even use local weather conditions to help control energy costs. Last winter, customers who participated in a smart thermostat energy efficiency pilot program saved enough natural gas to dry 2 million loads of laundry.
Rebates on energy efficient appliances are also available. Customers can save $50 on Energy Star natural gas dryers, at least $100 on select water heaters and up to $200 on select washing machines. Customers can also save money on low-flow showerheads, including those with thermostatic shut-off valves that temporarily cut water flow once the water has become hot.
For more information on available rebates, visit: https://www.socalgas.com/save-money-and-energy/rebates-and-incentives/natural-gas-appliance-rebates
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/socalgas-encourages-customers-to-take-advantage-of-energy-efficiency-rebates-to-save-money-this-winter-300552119.html
SOURCE Southern California Gas Company
LOS ANGELES, Nov. 6, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today issued tips to homeowners on ways to safely winterize their homes and to help save on energy costs. During cold weather, it's possible to use three to seven times more natural gas than in summer months as your home heater responds to your thermostat settings and your water heater works harder to keep water hot. It is also important to do a safety check of your heating units before winter weather begins.
Home heating safety tips:
For more safety tips, visit: https://www.socalgas.com/stay-safe/safety-and-prevention/appliance-maintenance-and-safety
Save on energy costs with these simple steps:
SoCalGas also offers a Home Upgrade Program which takes a comprehensive, "whole-house" approach to energy efficiency. For more information, visit https://www.socalgas.com/save-money-and-energy/rebates-and-incentives/energy-upgrade-california.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/socalgas-offers-customers-tips-to-safely-prepare-homes-for-colder-weather-and-save-on-energy-costs-300550177.html
SOURCE Southern California Gas Company
LOS ANGELES, Nov. 3, 2017 /PRNewswire/ -- To interest students from underserved neighborhoods in STEM subjects, Southern California Gas Co. (SoCalGas) and Great Minds in STEM leaders spent today with about 100 fourth graders at Sunny Brae Avenue Elementary School in Winnetka, where Great Minds in STEM team members, SoCalGas engineers, and college students engaged students in hands-on STEM challenges related to natural gas pipeline safety and renewable natural gas. Photos of the event are available here.
SoCalGas sponsored the program, "Viva Technology Student Day," created by Great Minds in STEM, a Los Angeles County-based national non-profit that focuses on student populations underrepresented in STEM (Science, Technology, Engineering and Math) fields.
"These experiences show students that we need cutting-edge science to meet California's energy needs in the future," said Jimmie Cho, SoCalGas senior vice president of gas operations and system integrity. "We want to get students excited about the science of capturing renewable methane from sources like farm operations, landfills and wastewater treatment plants. Using that biogas both reduces greenhouse gas emissions, and creates additional renewable energy."
"Creating innovative hands-on activities engaged the students while highlighting that STEM is all around us and has important real-life applications," said Rene Amel Peralta, education programs coordinator for Great Minds in STEM. "Students gained new experiences that show how civil engineering and physics concepts keep the natural gas distribution system safe, and how we can use the methane created in normal biodegradation for our everyday energy needs."
SoCalGas engineers and students from California State University, Los Angeles (CSULA), California State University, Northridge (CSUN) and College of the Canyons (COC), who serve as role models, motivated the fourth-grade students through the STEM challenges.
The elementary students learned how renewable natural gas can be produced from waste like lawn clippings and unused food. They extracted and purified compounds from strawberries to help them visualize how various components are created when organic material biodegrades. To demonstrate some of the civil and mechanical engineering principles needed for natural gas pipeline integrity, the students learned how to build a dome with everyday materials.
The program included the selection of activity winners, and raffles awarding educational incentives to the students.
About Great Minds in STEM
Great Minds in STEM™ is a national 501(c)3 nonprofit organization based in Los Angeles County with a 29-year history of keeping America technologically strong through the delivery of national STEM awareness programs for students, parents and teachers in underserved communities. Through the GMiS network, academic, career development and mentoring opportunities are offered to students who are underrepresented in STEM fields. The organization is focused on working to build a diverse 21st Century STEM workforce in which all citizens contribute to innovation and experience prosperity
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
SoCalGas is Committed to Renewable Gas
Just like electricity, natural gas can be made from renewable sources. California produces a great deal of renewable forms of methane (natural gas) from farm operations, landfills and wastewater treatment plants that could be harnessed to reduce GHG emissions and create additional renewable energy. California could produce enough renewable gas each year to replace 75 percent of the smog-producing diesel fuel used by vehicles in our state or power 2 to 3 million homes. And because renewable gas can be stored and delivered through existing infrastructure, it can help California reduce greenhouse gas emissions and meet the state's renewable energy goals without waiting for new infrastructure or new technology.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 30, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported third-quarter 2017 earnings of $57 million, or $0.22 per diluted share, compared with third-quarter 2016 earnings of $622 million, or $2.46 per diluted share.
On an adjusted basis, Sempra Energy's third-quarter 2017 earnings increased to $265 million, or $1.04 per diluted share, from $259 million, or $1.02 per diluted share, in the third quarter 2016. Adjusted earnings excluded a $208 million after-tax impairment in the most recent quarter related to a proposed decision by administrative law judges with the California Public Utilities Commission (CPUC) denying the request by San Diego Gas & Electric (SDG&E) to recover costs related to the 2007 San Diego wildfires. Adjusted earnings in last year's third quarter excluded a $350 million after-tax remeasurement gain related to the acquisition of PEMEX's share of the Gasoductos de Chihuahua (GdC) joint venture by Sempra Energy's Mexican subsidiary IEnova, a $78 million after-tax gain on the sale of EnergySouth and net after-tax losses of $65 million related to the planned sale of IEnova's Termoeléctrica de Mexicali (TdM) power plant.
For the first nine months of 2017, Sempra Energy's earnings were $757 million, or $2.99 per diluted share, compared with $991 million, or $3.93 per diluted share, in the first nine months of 2016. Adjusted earnings for the first nine months of 2017 increased to $979 million, or $3.87 per diluted share, from $884 million, or $3.51 per diluted share, for the first nine months of 2016.
These results reflect certain significant items as described in the following table of GAAP earnings, reconciled to adjusted earnings on an after-tax basis, for the third quarter and first nine months of 2017 and 2016:
Three months ended September 30, |
Nine months ended September 30, | |||||||||||||||
(Unaudited; Dollars, except EPS, and shares, in millions) |
2017 |
2016 |
2017 |
2016 | ||||||||||||
GAAP Earnings |
$ |
57 |
$ |
622 |
$ |
757 |
$ |
991 |
||||||||
SDG&E |
||||||||||||||||
Impairment of Wildfire Regulatory Asset |
208 |
— |
208 |
— |
||||||||||||
Tax Repairs Adjustments Related to General Rate Case (GRC) |
— |
— |
— |
31 |
||||||||||||
SoCalGas |
||||||||||||||||
Tax Repairs Adjustments Related to GRC |
— |
— |
— |
49 |
||||||||||||
Sempra Mexico |
||||||||||||||||
Gain in Connection with Gasoductos de Chihuahua (GdC) Acquisition |
— |
(350) |
— |
(350) |
||||||||||||
Impairments and Losses Related to Termoeléctrica de Mexicali (TdM) Held For Sale |
— |
65 |
42 |
91 |
||||||||||||
Sempra LNG & Midstream |
||||||||||||||||
Gain on Sale of EnergySouth |
— |
(78) |
— |
(78) |
||||||||||||
(Recoveries) Losses Related to Permanent Releases of Pipeline Capacity |
— |
— |
(28) |
123 |
||||||||||||
Loss Related to Sale of Investment in Rockies Express Pipeline |
— |
— |
— |
27 |
||||||||||||
Adjusted Earnings(1) |
$ |
265 |
$ |
259 |
$ |
979 |
$ |
884 |
||||||||
Diluted weighted-average shares outstanding |
253 |
252 |
253 |
252 |
||||||||||||
GAAP EPS |
$ |
0.22 |
$ |
2.46 |
$ |
2.99 |
$ |
3.93 |
||||||||
Adjusted Earnings(1) |
$ |
1.04 |
$ |
1.02 |
$ |
3.87 |
$ |
3.51 |
||||||||
(1) |
Sempra Energy adjusted earnings and adjusted earnings per share are non-GAAP financial measures. See Table A in the appendix for information regarding non-GAAP financial measures and descriptions of adjustments above. |
"Based on our strong operating and financial performance through the first nine months, we are on track for one of the best years in our history," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "During the third quarter, we saw continued growth in our utility and infrastructure businesses, while laying the groundwork for a significant new growth platform with our agreement to acquire a majority stake in Oncor."
On Aug. 21, Sempra Energy entered into an agreement to acquire Energy Future Holdings Corp. (EFH), the indirect owner of approximately 80 percent of Oncor Electric Delivery Company LLC (Oncor), the largest electric utility in Texas. In September, the U.S. Bankruptcy Court for the District of Delaware approved EFH's entry into the merger agreement with Sempra Energy and, earlier this month, Sempra Energy and Oncor filed a joint Change-in-Control application with the Public Utility Commission of Texas (PUCT). On Oct. 16, the PUCT set a procedural schedule to complete a review of Sempra Energy's and Oncor's case within 180 days, by early April 2018. The EFH transaction closing remains subject to further approvals by the Bankruptcy Court, the PUCT and the Federal Energy Regulatory Commission, among other approvals and closing conditions. Sempra Energy expects the transaction to close in the first half of 2018.
SEMPRA UTILITIES
San Diego Gas & Electric
SDG&E recorded a net loss of $28 million in the third quarter 2017, compared with earnings of $183 million in last year's third quarter, due primarily to the $208 million after-tax impairment related to cost recovery for the 2007 San Diego wildfires, as SDG&E has determined that its regulatory asset no longer meets the probability threshold for recovery under applicable accounting guidance. The CPUC has yet to issue a final ruling in the cost-recovery proceeding.
For the first nine months of 2017, SDG&E's earnings were $276 million, compared with $419 million in the same period last year. SDG&E's earnings for the first nine months of 2017 included the third-quarter 2017 wildfires-related impairment. In last year's second quarter, SDG&E recorded an after-tax charge of $31 million, refunding to ratepayers the benefits from tax repairs deductions, related to the final 2016 General Rate Case Decision.
Southern California Gas Co.
Earnings for Southern California Gas Co. (SoCalGas) were $7 million in the third quarter 2017, compared with no earnings in last year's third quarter.
SoCalGas' nine-month earnings were $268 million in 2017, compared with $198 million in 2016. In last year's second quarter, SoCalGas recorded an after-tax charge of $49 million, refunding to ratepayers the benefits from tax repairs deductions, related to the final 2016 General Rate Case Decision.
Sempra South American Utilities
In the third quarter 2017, Sempra South American Utilities had earnings of $42 million, compared with $46 million in last year's third quarter.
For the first nine months of 2017, earnings for Sempra South American Utilities were $134 million, compared with $127 million in the first nine months of 2016.
SEMPRA INFRASTRUCTURE
Sempra Mexico
Third-quarter earnings for Sempra Mexico were $66 million in 2017, compared with $332 million in 2016. In last year's third quarter, Sempra Mexico's results included the $350 million after-tax remeasurement gain related to the GdC acquisition, offset by the $65 million after-tax charge related to the planned sale of TdM.
For the nine-month period, Sempra Mexico had earnings of $105 million in 2017, compared with $407 million in 2016.
On Oct. 6, IEnova announced it agreed to acquire an additional stake in the Los Ramones II Norte pipeline from Pemex Transformación Industrial, increasing IEnova's indirect ownership stake to 50 percent from 25 percent. The 452-km pipeline, which commenced operations in February 2016, transports natural gas from Nuevo Leon to San Luis Potosí in central Mexico.
Sempra Renewables
Earnings for Sempra Renewables in the third quarter 2017 were $15 million, compared with $17 million in the third quarter 2016.
During the first nine months of 2017, earnings for Sempra Renewables were $49 million, up from $43 million during the same period last year.
Sempra LNG & Midstream
In the third quarter 2017, Sempra LNG & Midstream recorded a net loss of $4 million, compared with earnings of $77 million in the third quarter 2016, due to the $78 million after-tax gain from the sale of EnergySouth in last year's third quarter.
For the first nine months of 2017, Sempra LNG & Midstream had earnings of $24 million, compared with a net loss of $104 million in the first nine months of 2016. Sempra LNG & Midstream recorded a $28 million after-tax recovery in the second quarter 2017 related to last year's permanent releases of certain pipeline capacity, compared with a related $123 million after-tax loss in 2016.
EARNINGS GUIDANCE
Today, Sempra Energy updated its GAAP 2017 earnings-per-share guidance range to $4.13 to $4.43 from the prior range of $4.95 to $5.25, resulting from the impairment in the third quarter 2017 related to SDG&E's cost recovery for the 2007 San Diego wildfires. The company said it expects its adjusted 2017 earnings per share to be at the upper end of its guidance range of $5 to $5.30.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include Sempra Energy's adjusted earnings and adjusted earnings per share for the third-quarter and nine-month periods in 2017 and 2016, as well as the adjusted 2017 earnings-per-share guidance range. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the third-quarter financial tables.
INTERNET BROADCAST
Sempra Energy will webcast a live discussion of its earnings results today at 12 p.m. EDT with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 9618086.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, uncertainty as to what proposals will be enacted, if any, and, if enacted, how they would be applied; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to international trade agreements, such as the North American Free Trade Agreement, and changes that make our exports less competitive or otherwise restrict our ability to export or resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
Additional forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving Sempra Energy, Energy Future Holdings Corp. (EFH) and EFH's indirect interest in Oncor Electric Delivery Company LLC (Oncor), including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, EFH's or Oncor's plans, objectives, expectations or intentions, the expected financing plans for the transaction, the expected timing of completion of the transaction, and other statements that are not historical facts. Important factors that could cause actual results and future actions to differ materially from those described in any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the merger may not be satisfied, including receipt of a satisfactory supplemental private letter ruling from the Internal Revenue Service; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms or timing currently contemplated; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; the risk that Sempra Energy may be unable to obtain the external financing necessary to pay the consideration and expenses related to the merger on terms favorable to Sempra Energy, if at all; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; and the diversion of management time and attention to merger-related issues and related legal, accounting and other costs, whether or not the merger is completed.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | ||||||||||||||||
Table A | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
Three months ended |
Nine months ended | |||||||||||||||
(Dollars in millions, except per share amounts) |
2017 |
2016 |
2017 |
2016 | ||||||||||||
(unaudited) | ||||||||||||||||
REVENUES |
||||||||||||||||
Utilities |
$ |
2,277 |
$ |
2,264 |
$ |
7,172 |
$ |
6,700 |
||||||||
Energy-related businesses |
402 |
271 |
1,071 |
613 |
||||||||||||
Total revenues |
2,679 |
2,535 |
8,243 |
7,313 |
||||||||||||
EXPENSES AND OTHER INCOME |
||||||||||||||||
Utilities: |
||||||||||||||||
Cost of electric fuel and purchased power |
(650) |
(604) |
(1,730) |
(1,680) |
||||||||||||
Cost of natural gas |
(190) |
(208) |
(903) |
(702) |
||||||||||||
Energy-related businesses: |
||||||||||||||||
Cost of natural gas, electric fuel and purchased power |
(97) |
(95) |
(226) |
(213) |
||||||||||||
Other cost of sales |
(21) |
(32) |
(5) |
(293) |
||||||||||||
Operation and maintenance |
(762) |
(703) |
(2,207) |
(2,109) |
||||||||||||
Depreciation and amortization |
(378) |
(328) |
(1,106) |
(970) |
||||||||||||
Franchise fees and other taxes |
(114) |
(108) |
(325) |
(315) |
||||||||||||
Impairment of wildfire regulatory asset |
(351) |
— |
(351) |
— |
||||||||||||
Other impairment losses |
(1) |
(132) |
(72) |
(154) |
||||||||||||
Gain on sale of assets |
2 |
131 |
2 |
131 |
||||||||||||
Equity earnings, before income tax |
10 |
12 |
31 |
4 |
||||||||||||
Remeasurement of equity method investment |
— |
617 |
— |
617 |
||||||||||||
Other income, net |
41 |
26 |
301 |
98 |
||||||||||||
Interest income |
12 |
7 |
26 |
19 |
||||||||||||
Interest expense |
(165) |
(136) |
(493) |
(421) |
||||||||||||
Income before income taxes and equity earnings (losses) of certain unconsolidated subsidiaries |
15 |
982 |
1,185 |
1,325 |
||||||||||||
Income tax benefit (expense) |
84 |
(282) |
(378) |
(284) |
||||||||||||
Equity earnings (losses), net of income tax |
3 |
19 |
(5) |
69 |
||||||||||||
Net income |
102 |
719 |
802 |
1,110 |
||||||||||||
Earnings attributable to noncontrolling interests |
(45) |
(97) |
(44) |
(118) |
||||||||||||
Preferred dividends of subsidiary |
— |
— |
(1) |
(1) |
||||||||||||
Earnings |
$ |
57 |
$ |
622 |
$ |
757 |
$ |
991 |
||||||||
Basic earnings per common share |
$ |
0.23 |
$ |
2.48 |
$ |
3.01 |
$ |
3.96 |
||||||||
Weighted-average number of shares outstanding, basic (thousands) |
251,692 |
250,386 |
251,425 |
250,073 |
||||||||||||
Diluted earnings per common share |
$ |
0.22 |
$ |
2.46 |
$ |
2.99 |
$ |
3.93 |
||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
253,364 |
252,405 |
252,987 |
251,976 |
||||||||||||
Dividends declared per share of common stock |
$ |
0.82 |
$ |
0.76 |
$ |
2.47 |
$ |
2.27 |
||||||||
SEMPRA ENERGY | |
Table A (Continued) | |
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited) | |
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude items (after the effects of income taxes and, if applicable, noncontrolling interests) in 2017 and 2016 as follows: | |
Three months ended September 30, 2017: | |
• |
$(208) million impairment of wildfire regulatory asset at SDG&E |
Three months ended September 30, 2016: | |
• |
$350 million noncash gain from the remeasurement of our equity method investment in IEnova Pipelines (formerly Gasoductos de Chihuahua or GdC), a 50-50 joint venture between our Mexican subsidiary, IEnova, and Petróleos Mexicanos (PEMEX), in connection with IEnova's September 2016 acquisition of PEMEX's 50-percent interest in GdC |
• |
$78 million gain at Sempra LNG & Midstream on the September 2016 sale of EnergySouth Inc., the parent company of Mobile Gas and Willmut Gas |
• |
$(90) million impairment of Sempra Mexico's Termoeléctrica de Mexicali (TdM) assets held for sale |
• |
$25 million reduction of deferred income tax liability related to the impairment in carrying value of TdM's assets |
Nine months ended September 30, 2017: | |
• |
$(208) million impairment of wildfire regulatory asset at SDG&E |
• |
$(47) million impairment of TdM assets held for sale |
• |
$5 million deferred income tax benefit on the TdM assets held for sale |
• |
$28 million of recoveries related to 2016 permanent releases of pipeline capacity |
Nine months ended September 30, 2016: | |
• |
$350 million noncash gain from the remeasurement of our equity method investment in IEnova Pipelines |
• |
$78 million gain on the sale of EnergySouth |
• |
$(123) million losses from the permanent releases of pipeline capacity at Sempra LNG & Midstream |
• |
$(80) million adjustments related to tax repairs deductions reallocated to ratepayers as a result of the 2016 General Rate Case Final Decision (2016 GRC FD) at the California Utilities |
• |
$(27) million impairment charge related to Sempra LNG & Midstream's investment in Rockies Express Pipeline LLC (Rockies Express) |
• |
$(90) million impairment of TdM assets held for sale |
• |
$(1) million deferred income tax expense on the TdM assets held for sale |
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2017 to 2016 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy GAAP Earnings and GAAP Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. |
Pretax |
Income tax |
Non- |
Earnings |
Pretax |
Income tax |
Non- |
Earnings |
||||||||||||||||||||
(Dollars in millions, except per share amounts) |
Three months ended September 30, 2017 |
Three months ended September 30, 2016 |
|||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
57 |
$ |
622 |
|||||||||||||||||||||||
Excluded items: |
|||||||||||||||||||||||||||
Impairment of wildfire regulatory asset |
$ |
351 |
$ |
(143) |
$ |
— |
208 |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||
Remeasurement gain in connection with GdC acquisition |
— |
— |
— |
— |
(617) |
185 |
82 |
(350) |
|||||||||||||||||||
Gain on sale of EnergySouth |
— |
— |
— |
— |
(130) |
52 |
— |
(78) |
|||||||||||||||||||
Impairment of TdM assets held for sale |
— |
— |
— |
— |
131 |
(20) |
(21) |
90 |
|||||||||||||||||||
Reduction of deferred income tax liability associated with TdM |
— |
— |
— |
— |
— |
(31) |
6 |
(25) |
|||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
265 |
$ |
259 |
|||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
0.22 |
$ |
2.46 |
|||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1.04 |
$ |
1.02 |
|||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
253,364 |
252,405 |
|||||||||||||||||||||||||
Nine months ended September 30, 2017 |
Nine months ended September 30, 2016 |
||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
757 |
$ |
991 |
|||||||||||||||||||||||
Excluded items: |
|||||||||||||||||||||||||||
Impairment of wildfire regulatory asset |
$ |
351 |
$ |
(143) |
$ |
— |
208 |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||
Impairment of TdM assets held for sale |
71 |
— |
(24) |
47 |
131 |
(20) |
(21) |
90 |
|||||||||||||||||||
Deferred income tax (benefit) expense associated with TdM |
— |
(8) |
3 |
(5) |
— |
1 |
— |
1 |
|||||||||||||||||||
Recoveries related to 2016 permanent releases of pipeline capacity |
(47) |
19 |
— |
(28) |
— |
— |
— |
— |
|||||||||||||||||||
Remeasurement gain in connection with GdC acquisition |
— |
— |
— |
— |
(617) |
185 |
82 |
(350) |
|||||||||||||||||||
Gain on sale of EnergySouth |
— |
— |
— |
— |
(130) |
52 |
— |
(78) |
|||||||||||||||||||
Permanent releases of pipeline capacity |
— |
— |
— |
— |
206 |
(83) |
— |
123 |
|||||||||||||||||||
SDG&E tax repairs adjustments related to 2016 GRC FD |
— |
— |
— |
— |
52 |
(21) |
— |
31 |
|||||||||||||||||||
SoCalGas tax repairs adjustments related to 2016 GRC FD |
— |
— |
— |
— |
83 |
(34) |
— |
49 |
|||||||||||||||||||
Impairment of investment in Rockies Express |
— |
— |
— |
— |
44 |
(17) |
— |
27 |
|||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
979 |
$ |
884 |
|||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
2.99 |
$ |
3.93 |
|||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
3.87 |
$ |
3.51 |
|||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,987 |
251,976 |
(1) |
Income taxes were calculated based on applicable statutory tax rates, except for adjustments that are solely income tax. Income taxes associated with TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. An income tax benefit of $12 million associated with the 2017 TdM impairment has been fully reserved. |
SEMPRA ENERGY | |
Table A (Continued) | |
RECONCILIATION OF SEMPRA ENERGY 2017 ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGE TO SEMPRA ENERGY 2017 GAAP EARNINGS-PER-SHARE GUIDANCE RANGE (Unaudited) | |
Sempra Energy 2017 Adjusted Earnings-Per-Share Guidance Range of $5.00 to $5.30 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows: |
▪ |
$(208) million impairment of wildfire regulatory asset at SDG&E |
▪ |
$(47) million impairment of Sempra Mexico's TdM assets held for sale |
▪ |
$5 million deferred income tax benefit on the TdM assets held for sale |
▪ |
$28 million of recoveries related to 2016 permanent release of pipeline capacity |
Sempra Energy 2017 Adjusted Earnings-Per-Share Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes this non-GAAP financial measure provides additional clarity into the ongoing results of the business and the comparability of such results to prior and future periods and also as a base for projected earnings-per-share compound annual growth rate. Sempra Energy 2017 Adjusted Earnings-Per-Share Guidance should not be considered an alternative to Earnings-Per-Share Guidance determined in accordance with GAAP. The table below reconciles Sempra Energy 2017 Adjusted Earnings-Per-Share Guidance Range to Sempra Energy 2017 GAAP Earnings-Per-Share Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP. |
Full-Year 2017 | |||||||||
Sempra Energy GAAP Earnings-Per-Share Guidance Range |
$ |
4.13 |
to |
$ |
4.43 |
||||
Excluded items(1): |
|||||||||
Impairment of wildfire regulatory asset |
0.82 |
0.82 |
|||||||
Impairment of TdM assets held for sale |
0.18 |
0.18 |
|||||||
Deferred income tax benefit associated with TdM |
(0.02) |
(0.02) |
|||||||
Recoveries related to 2016 permanent release of pipeline capacity |
(0.11) |
(0.11) |
|||||||
Sempra Energy Adjusted Earnings-Per-Share Guidance Range |
$ |
5.00 |
to |
$ |
5.30 |
||||
Weighted-average number of shares outstanding, diluted (thousands) |
254,000 |
(1) |
The effects of income taxes and noncontrolling interests for excluded items are provided in the reconciliation |
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) |
September 30, |
December 31, | ||||||||
(unaudited) |
||||||||||
Assets |
||||||||||
Current assets: |
||||||||||
Cash and cash equivalents |
$ |
189 |
$ |
349 |
||||||
Restricted cash |
59 |
66 |
||||||||
Accounts receivable, net |
1,387 |
1,554 |
||||||||
Due from unconsolidated affiliates |
31 |
26 |
||||||||
Income taxes receivable |
118 |
43 |
||||||||
Inventories |
296 |
258 |
||||||||
Regulatory balancing accounts – undercollected |
170 |
259 |
||||||||
Fixed-price contracts and other derivatives |
174 |
83 |
||||||||
Assets held for sale |
117 |
201 |
||||||||
Other |
337 |
271 |
||||||||
Total current assets |
2,878 |
3,110 |
||||||||
Other assets: |
||||||||||
Restricted cash |
13 |
10 |
||||||||
Due from unconsolidated affiliates |
506 |
201 |
||||||||
Regulatory assets |
3,186 |
3,414 |
||||||||
Nuclear decommissioning trusts |
1,041 |
1,026 |
||||||||
Investments |
2,128 |
2,097 |
||||||||
Goodwill |
2,393 |
2,364 |
||||||||
Other intangible assets |
537 |
548 |
||||||||
Dedicated assets in support of certain benefit plans |
435 |
430 |
||||||||
Insurance receivable for Aliso Canyon costs |
542 |
606 |
||||||||
Deferred income taxes |
132 |
234 |
||||||||
Sundry |
954 |
815 |
||||||||
Total other assets |
11,867 |
11,745 |
||||||||
Property, plant and equipment, net |
35,384 |
32,931 |
||||||||
Total assets |
$ |
50,129 |
$ |
47,786 |
||||||
Liabilities and Equity |
||||||||||
Current liabilities: |
||||||||||
Short-term debt |
$ |
2,498 |
$ |
1,779 |
||||||
Accounts payable |
1,333 |
1,476 |
||||||||
Due to unconsolidated affiliates |
10 |
11 |
||||||||
Dividends and interest payable |
386 |
319 |
||||||||
Accrued compensation and benefits |
334 |
409 |
||||||||
Regulatory balancing accounts – overcollected |
278 |
122 |
||||||||
Current portion of long-term debt |
1,423 |
913 |
||||||||
Fixed-price contracts and other derivatives |
105 |
83 |
||||||||
Customer deposits |
149 |
158 |
||||||||
Reserve for Aliso Canyon costs |
42 |
53 |
||||||||
Liabilities held for sale |
47 |
47 |
||||||||
Other |
589 |
557 |
||||||||
Total current liabilities |
7,194 |
5,927 |
||||||||
Long-term debt |
14,803 |
14,429 |
||||||||
Deferred credits and other liabilities: |
||||||||||
Customer advances for construction |
148 |
152 |
||||||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,238 |
1,208 |
||||||||
Deferred income taxes |
4,090 |
3,745 |
||||||||
Deferred investment tax credits |
28 |
28 |
||||||||
Regulatory liabilities arising from removal obligations |
2,774 |
2,697 |
||||||||
Asset retirement obligations |
2,482 |
2,431 |
||||||||
Fixed-price contracts and other derivatives |
301 |
405 |
||||||||
Deferred credits and other |
1,569 |
1,523 |
||||||||
Total deferred credits and other liabilities |
12,630 |
12,189 |
||||||||
Equity: |
||||||||||
Total Sempra Energy shareholders' equity |
13,265 |
12,951 |
||||||||
Preferred stock of subsidiary |
20 |
20 |
||||||||
Other noncontrolling interests |
2,217 |
2,270 |
||||||||
Total equity |
15,502 |
15,241 |
||||||||
Total liabilities and equity |
$ |
50,129 |
$ |
47,786 |
||||||
(1) |
Derived from audited financial statements. |
SEMPRA ENERGY | ||||||||||
Table C | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
Nine months ended September 30, | ||||||||||
(Dollars in millions) |
2017 |
2016 | ||||||||
(unaudited) | ||||||||||
Cash Flows from Operating Activities |
||||||||||
Net income |
$ |
802 |
$ |
1,110 |
||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||
Depreciation and amortization |
1,106 |
970 |
||||||||
Deferred income taxes and investment tax credits |
302 |
170 |
||||||||
Impairment of wildfire regulatory asset |
351 |
— |
||||||||
Other impairment losses |
72 |
154 |
||||||||
Gain on sale of assets |
(2) |
(131) |
||||||||
Equity earnings, net |
(26) |
(73) |
||||||||
Remeasurement of equity method investment |
— |
(617) |
||||||||
Fixed-price contracts and other derivatives |
(142) |
39 |
||||||||
Other |
20 |
50 |
||||||||
Net change in other working capital components |
229 |
224 |
||||||||
Insurance receivable for Aliso Canyon costs |
64 |
(339) |
||||||||
Changes in other assets |
(137) |
(4) |
||||||||
Changes in other liabilities |
71 |
138 |
||||||||
Net cash provided by operating activities |
2,710 |
1,691 |
||||||||
Cash Flows from Investing Activities |
||||||||||
Expenditures for property, plant and equipment |
(2,880) |
(3,087) |
||||||||
Expenditures for investments and acquisition of businesses, |
(110) |
(1,212) |
||||||||
Proceeds from sale of assets, net of cash sold |
12 |
761 |
||||||||
Distributions from investments |
25 |
23 |
||||||||
Purchases of nuclear decommissioning and other trust assets |
(1,082) |
(418) |
||||||||
Proceeds from sales by nuclear decommissioning and other trusts |
1,082 |
486 |
||||||||
Increases in restricted cash |
(293) |
(53) |
||||||||
Decreases in restricted cash |
298 |
71 |
||||||||
Advances to unconsolidated affiliates |
(321) |
(12) |
||||||||
Repayments of advances to unconsolidated affiliates |
8 |
11 |
||||||||
Other |
1 |
(2) |
||||||||
Net cash used in investing activities |
(3,260) |
(3,432) |
||||||||
Cash Flows from Financing Activities |
||||||||||
Common dividends paid |
(561) |
(510) |
||||||||
Preferred dividends paid by subsidiary |
(1) |
(1) |
||||||||
Issuances of common stock |
37 |
40 |
||||||||
Repurchases of common stock |
(15) |
(55) |
||||||||
Issuances of debt (maturities greater than 90 days) |
2,395 |
2,013 |
||||||||
Payments on debt (maturities greater than 90 days) |
(1,829) |
(1,298) |
||||||||
Increase in short-term debt, net |
475 |
1,636 |
||||||||
Deposit for sale of noncontrolling interest |
— |
78 |
||||||||
Net distributions to noncontrolling interests |
(109) |
(43) |
||||||||
Other |
(11) |
(12) |
||||||||
Net cash provided by financing activities |
381 |
1,848 |
||||||||
Effect of exchange rate changes on cash and cash equivalents |
9 |
8 |
||||||||
(Decrease) increase in cash and cash equivalents |
(160) |
115 |
||||||||
Cash and cash equivalents, January 1 |
349 |
403 |
||||||||
Cash and cash equivalents, September 30 |
$ |
189 |
$ |
518 |
SEMPRA ENERGY |
||||||||||||||||||
Table D |
||||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITION OF BUSINESSES |
||||||||||||||||||
Three months ended |
Nine months ended | |||||||||||||||||
(Dollars in millions) |
2017 |
2016 |
2017 |
2016 | ||||||||||||||
(unaudited) | ||||||||||||||||||
(Losses) Earnings |
||||||||||||||||||
Sempra Utilities: |
||||||||||||||||||
San Diego Gas & Electric |
$ |
(28) |
$ |
183 |
$ |
276 |
$ |
419 |
||||||||||
Southern California Gas |
7 |
— |
268 |
198 |
||||||||||||||
Sempra South American Utilities |
42 |
46 |
134 |
127 |
||||||||||||||
Sempra Infrastructure: |
||||||||||||||||||
Sempra Mexico |
66 |
332 |
105 |
407 |
||||||||||||||
Sempra Renewables |
15 |
17 |
49 |
43 |
||||||||||||||
Sempra LNG & Midstream |
(4) |
77 |
24 |
(104) |
||||||||||||||
Parent and other |
(41) |
(33) |
(99) |
(99) |
||||||||||||||
Earnings |
$ |
57 |
$ |
622 |
$ |
757 |
$ |
991 |
||||||||||
Three months ended |
Nine months ended | |||||||||||||||||
(Dollars in millions) |
2017 |
2016 |
2017 |
2016 | ||||||||||||||
(unaudited) | ||||||||||||||||||
Capital Expenditures, Investments and Acquisition of Businesses |
||||||||||||||||||
Sempra Utilities: |
||||||||||||||||||
San Diego Gas & Electric |
$ |
359 |
$ |
357 |
$ |
1,122 |
$ |
959 |
||||||||||
Southern California Gas |
351 |
299 |
1,033 |
949 |
||||||||||||||
Sempra South American Utilities |
62 |
51 |
139 |
133 |
||||||||||||||
Sempra Infrastructure: |
||||||||||||||||||
Sempra Mexico |
38 |
1,226 |
265 |
1,366 |
||||||||||||||
Sempra Renewables |
261 |
261 |
361 |
739 |
||||||||||||||
Sempra LNG & Midstream |
16 |
44 |
53 |
136 |
||||||||||||||
Parent and other |
4 |
9 |
17 |
17 |
||||||||||||||
Consolidated Capital Expenditures, Investments and Acquisition of Businesses |
$ |
1,091 |
$ |
2,247 |
$ |
2,990 |
$ |
4,299 |
||||||||||
SEMPRA ENERGY | ||||||||||||||
Table E | ||||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||||
Three months ended |
Nine months ended | |||||||||||||
UTILITIES |
2017 |
2016 |
2017 |
2016 | ||||||||||
SDG&E and SoCalGas |
||||||||||||||
Gas Sales (Bcf)(1) |
56 |
56 |
253 |
242 |
||||||||||
Transportation (Bcf)(1) |
184 |
185 |
488 |
477 |
||||||||||
Total Deliveries (Bcf)(1) |
240 |
241 |
741 |
719 |
||||||||||
Total Gas Customers (Thousands) |
6,835 |
6,799 |
||||||||||||
Electric Sales (Millions of kWhs)(1) |
4,443 |
4,377 |
11,772 |
11,662 |
||||||||||
Direct Access (Millions of kWhs) |
957 |
967 |
2,530 |
2,573 |
||||||||||
Total Deliveries (Millions of kWhs)(1) |
5,400 |
5,344 |
14,302 |
14,235 |
||||||||||
Total Electric Customers (Thousands) |
1,440 |
1,432 |
||||||||||||
Other Utilities |
||||||||||||||
Natural Gas Sales (Bcf) |
||||||||||||||
Sempra Mexico |
7 |
7 |
22 |
22 |
||||||||||
Mobile Gas(2) |
— |
9 |
— |
33 |
||||||||||
Willmut Gas(2) |
— |
— |
— |
2 |
||||||||||
Natural Gas Customers (Thousands) |
||||||||||||||
Sempra Mexico |
120 |
117 |
||||||||||||
Mobile Gas(2) |
— |
84 |
||||||||||||
Willmut Gas(2) |
— |
19 |
||||||||||||
Electric Sales (Millions of kWhs) |
||||||||||||||
Peru |
1,647 |
1,771 |
5,321 |
5,607 |
||||||||||
Chile |
699 |
680 |
2,201 |
2,161 |
||||||||||
Electric Customers (Thousands) |
||||||||||||||
Peru |
1,093 |
1,071 |
||||||||||||
Chile |
700 |
684 |
||||||||||||
ENERGY-RELATED BUSINESSES |
||||||||||||||
Sempra Infrastructure |
||||||||||||||
Power Sold (Millions of kWhs) |
||||||||||||||
Sempra Mexico(3) |
1,327 |
1,102 |
3,032 |
2,347 |
||||||||||
Sempra Renewables(4) |
894 |
649 |
3,100 |
2,141 |
||||||||||
Sempra LNG & Midstream |
373 |
383 |
867 |
847 |
||||||||||
(1) |
Includes intercompany sales. | |||||||||||||
(2) |
On September 12, 2016, Sempra LNG & Midstream completed the sale of the parent company of Mobile Gas and Willmut Gas. | |||||||||||||
(3) |
Includes power sold at the Termoeléctrica de Mexicali natural gas-fired power plant and in 2017, at the Ventika wind power generation facilities acquired in December 2016. Also includes 50 percent of total power sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. | |||||||||||||
(4) |
Includes 50 percent of total power sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra LNG & Midstream |
Consolidating Adjustments, Parent & Other |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,236 |
$ |
684 |
$ |
376 |
$ |
336 |
$ |
26 |
$ |
152 |
$ |
(131) |
$ |
2,679 |
|||||||||||||||||
Cost of sales and other expenses |
(769) |
(542) |
(296) |
(153) |
(22) |
(154) |
104 |
(1,832) |
|||||||||||||||||||||||||
Depreciation and amortization |
(170) |
(132) |
(14) |
(41) |
(9) |
(10) |
(2) |
(378) |
|||||||||||||||||||||||||
Impairments |
(351) |
— |
— |
(1) |
— |
— |
— |
(352) |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
7 |
3 |
— |
10 |
|||||||||||||||||||||||||
Other income, net |
16 |
8 |
3 |
4 |
— |
1 |
9 |
41 |
|||||||||||||||||||||||||
(Loss) income before interest and tax (1) |
(38) |
18 |
69 |
145 |
2 |
(8) |
(20) |
168 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(53) |
(25) |
(4) |
(14) |
(2) |
5 |
(60) |
(153) |
|||||||||||||||||||||||||
Income tax benefit (expense) |
72 |
14 |
(18) |
(34) |
9 |
2 |
39 |
84 |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
1 |
2 |
— |
— |
— |
3 |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(9) |
— |
(6) |
(33) |
6 |
(3) |
— |
(45) |
|||||||||||||||||||||||||
(Losses) earnings |
$ |
(28) |
$ |
7 |
$ |
42 |
$ |
66 |
$ |
15 |
$ |
(4) |
$ |
(41) |
$ |
57 |
|||||||||||||||||
Three months ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra LNG & Midstream |
Consolidating Adjustments, Parent & Other |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,209 |
$ |
686 |
$ |
385 |
$ |
196 |
$ |
12 |
$ |
164 |
$ |
(117) |
$ |
2,535 |
|||||||||||||||||
Cost of sales and other expenses |
(725) |
(526) |
(302) |
(121) |
(14) |
(163) |
101 |
(1,750) |
|||||||||||||||||||||||||
Depreciation and amortization |
(161) |
(121) |
(14) |
(15) |
(1) |
(12) |
(4) |
(328) |
|||||||||||||||||||||||||
Impairments |
— |
(1) |
— |
(131) |
— |
— |
— |
(132) |
|||||||||||||||||||||||||
Gain on sale of assets |
— |
— |
1 |
— |
— |
130 |
— |
131 |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
12 |
— |
— |
12 |
|||||||||||||||||||||||||
Remeasurement of equity method investment |
— |
— |
— |
617 |
— |
— |
— |
617 |
|||||||||||||||||||||||||
Other income (expense), net |
11 |
8 |
3 |
(7) |
— |
1 |
10 |
26 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
334 |
46 |
73 |
539 |
9 |
120 |
(10) |
1,111 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(49) |
(25) |
(4) |
(3) |
1 |
8 |
(57) |
(129) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(91) |
(21) |
(17) |
(142) |
7 |
(51) |
33 |
(282) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
1 |
18 |
— |
— |
— |
19 |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(11) |
— |
(7) |
(80) |
— |
— |
1 |
(97) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
183 |
$ |
— |
$ |
46 |
$ |
332 |
$ |
17 |
$ |
77 |
$ |
(33) |
$ |
622 |
|||||||||||||||||
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Nine months ended September 30, 2017 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra LNG & Midstream |
Consolidating Adjustments, Parent & Other |
Total | |||||||||||||||||||||||||
Revenues |
$ |
3,351 |
$ |
2,695 |
$ |
1,169 |
$ |
873 |
$ |
74 |
$ |
406 |
$ |
(325) |
$ |
8,243 |
|||||||||||||||||
Cost of sales and other expenses |
(2,036) |
(1,891) |
(916) |
(404) |
(57) |
(353) |
263 |
(5,394) |
|||||||||||||||||||||||||
Depreciation and amortization |
(499) |
(384) |
(40) |
(114) |
(28) |
(31) |
(10) |
(1,106) |
|||||||||||||||||||||||||
Impairments |
(351) |
— |
— |
(72) |
— |
— |
— |
(423) |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
25 |
6 |
— |
31 |
|||||||||||||||||||||||||
Other income, net |
49 |
28 |
8 |
191 |
1 |
2 |
22 |
301 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
514 |
448 |
221 |
474 |
15 |
30 |
(50) |
1,652 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(151) |
(77) |
(13) |
(61) |
(7) |
14 |
(173) |
(468) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(72) |
(103) |
(57) |
(278) |
25 |
(17) |
124 |
(378) |
|||||||||||||||||||||||||
Equity earnings (losses), net of income tax |
— |
— |
2 |
(7) |
— |
— |
— |
(5) |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(15) |
— |
(19) |
(23) |
16 |
(3) |
— |
(44) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
276 |
$ |
268 |
$ |
134 |
$ |
105 |
$ |
49 |
$ |
24 |
$ |
(99) |
$ |
757 |
|||||||||||||||||
Nine months ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South American Utilities |
Sempra Mexico |
Sempra Renewables |
Sempra LNG & Midstream |
Consolidating Adjustments, Parent & Other |
Total | |||||||||||||||||||||||||
Revenues |
$ |
3,192 |
$ |
2,336 |
$ |
1,170 |
$ |
481 |
$ |
25 |
$ |
384 |
$ |
(275) |
$ |
7,313 |
|||||||||||||||||
Cost of sales and other expenses |
(1,985) |
(1,637) |
(937) |
(289) |
(40) |
(653) |
229 |
(5,312) |
|||||||||||||||||||||||||
Depreciation and amortization |
(478) |
(355) |
(41) |
(47) |
(4) |
(37) |
(8) |
(970) |
|||||||||||||||||||||||||
Impairments |
— |
(23) |
— |
(131) |
— |
— |
— |
(154) |
|||||||||||||||||||||||||
Gain on sale of assets |
— |
— |
1 |
— |
— |
130 |
— |
131 |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
30 |
(26) |
— |
4 |
|||||||||||||||||||||||||
Remeasurement of equity method investment |
— |
— |
— |
617 |
— |
— |
— |
617 |
|||||||||||||||||||||||||
Other income (expense), net |
38 |
24 |
10 |
(11) |
1 |
2 |
34 |
98 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
767 |
345 |
203 |
620 |
12 |
(200) |
(20) |
1,727 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(145) |
(72) |
(14) |
(8) |
2 |
19 |
(185) |
(403) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(204) |
(75) |
(46) |
(170) |
29 |
77 |
105 |
(284) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
3 |
66 |
— |
— |
— |
69 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
1 |
— |
(19) |
(101) |
— |
— |
1 |
(118) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
419 |
$ |
198 |
$ |
127 |
$ |
407 |
$ |
43 |
$ |
(104) |
$ |
(99) |
$ |
991 |
|||||||||||||||||
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, Oct. 11, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the successful installation of a novel bioreactor system that will be used to test power-to-gas technology at the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) in Golden, Colorado. Power-to-gas technology is a cutting-edge method of storing excess renewable energy. The project is the first of its kind in the United States converting hydrogen generated from excess renewable power into pipeline quality methane for use in homes, businesses and in transportation. A photo of the reactor is available here.
Last month, researchers at NREL's Energy Systems Integration Facility (ESIF) in Golden, Colorado, installed a 25-foot tall bioreactor system, which will be used to produce renewable natural gas from excess renewable electricity using archaea microorganisms that consume hydrogen and carbon dioxide and emit methane.
"Power-to-gas technology can significantly increase the overall amount of renewable energy we use, by providing an economical method of storing excess solar-and wind-generated electricity," said Jeff Reed, director of business strategy and advanced technology at SoCalGas. "And this technology takes advantage of existing infrastructure, and can hold excess renewables for days, weeks or months to shift solar from day to night, address weather patterns and even seasonal patterns."
"Archaea are uniquely capable of handling fluctuating levels of hydrogen produced by electrolyzers as wind and solar generation systems cycle up and down," said Kevin Harrison, senior engineer for NREL. "That's in part why we believe this technology could provide a superior large-scale, cost-effective solution for storing excess renewable energy using our nation's natural gas distribution system."
According to a 2017 Lawrence Berkley National Lab study, by 2025, between 3,300 and 7,800 gigawatt-hours of excess solar and wind energy will be curtailed in California. If all that excess solar and wind energy were converted to methane through the biomethanation process and stored as renewable natural gas, it would provide enough renewable energy to heat 158,000 to 370,000 homes or provide renewable electricity to 80,000 to 187,000 homes.
The pilot project will be used to help assess the commercial viability of this power-to-gas approach to energy storage and provide insights into potential megawatt-scale system designs. The team will combine these insights with renewable energy resource data to identify optimal locations in California and the western half of the U.S. where this grid-scale energy storage would be the most beneficial and cost-effective.
Power-to-gas technology uses renewable electricity when prices are low—including times when renewable supply exceeds demand and would otherwise be wasted—to power an electrolyzer, which splits water to produce hydrogen. The hydrogen is then combined with carbon dioxide and fed to a biomethanation reactor where it is converted into renewable natural gas, or RNG, by special micro-organisms. RNG can be used in any application currently served by natural gas, from home appliances to industrial processes, heavy duty vehicle engines and power plants.
The research will also test how effectively the microbes convert hydrogen to methane and how efficiently the storable methane can be converted back to electricity. Tests will also examine the potential of power-to-gas technology to store large quantities of renewable energy for up to an entire year and how it compares in performance and cost to battery storage. Initial reports are expected beginning in 2018. The study will continue for several years.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 6, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has acquired Pemex Transformación Industrial's participation in Ductos y Energeticos del Norte, and, as a result, IEnova will increase its indirect participation in the Los Ramones II Norte pipeline to 50 percent from 25 percent.
IEnova will acquire Pemex's stake in the pipeline for $231 million, plus the assumption of $289 million in debt, representing Pemex's portion of the outstanding debt in the pipeline.
The approximately 452-km, 42-inch diameter pipeline commenced operations in February 2016 and transports natural gas from Nuevo Leon to San Luis Potosí. It has a designed transportation capacity of 1,420 billion cubic feet per day and two compressor stations. Los Ramones II Norte interconnects with the Los Ramones I pipeline and the Los Ramones II Sur pipeline in central Mexico.
The transaction is expected to close in the fourth quarter 2017, once the required authorizations have been obtained, including approval from Mexico's Federal Antitrust Commission. The transaction will be subject to customary post-closing adjustments included in the purchase and sale agreement.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: the risk that Sempra Energy's proposed merger involving Energy Future Holdings Corp. (EFH) and EFH's indirect interest in Oncor Electric Delivery Company LLC (Oncor) (the Merger) may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the Merger, or that required bankruptcy court and governmental and regulatory approvals may delay the Merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the Merger may not be satisfied, including receipt of a satisfactory supplemental private letter ruling from the Internal Revenue Service; the risk that Sempra Energy may be unable to obtain the external financing necessary to pay the consideration and expenses related to the Merger on terms favorable to Sempra Energy, if at all; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms currently contemplated; the expected timing to consummate the Merger; the risk that the businesses will not be integrated successfully or may be subject to unexpected or previously unknown risks or liabilities; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; disruption from the Merger may make it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; the diversion of management time and attention to Merger-related issues and related legal, accounting and other costs, whether or not the Merger is completed; actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 5, 2017 /PRNewswire/ -- Leaders in the biogas and renewable gas industry will gather in Sacramento today to share their knowledge of this growing business. Utilities Southern California Gas Co. (SoCalGas) and Pacific Gas and Electric Company (PG&E), along with national nonprofit organization Energy Vision, will host the free one-day conference, called "The Power of Waste: Renewable Natural Gas (RNG) for California."
"'The Power of Waste' workshop brings together experts in the field of sustainable energy and provides a valuable day of learning and conversation for anyone interested in becoming more knowledgeable about renewable gas opportunities, including the economic and policy landscape," said Lisa Alexander, vice president of customer solutions and communications at SoCalGas. "Renewable natural gas derived from organic sources like animal and plant waste is the next chapter as we look to maximize renewable sources of energy and, clean our air and reduce greenhouse gas emissions."
"RNG is one of the lowest carbon fuel sources available, and drastically cuts health-damaging pollutants like particulates and NOx," said Joanna Underwood, chair of Energy Vision. "Over its lifecycle, it cuts GHG emissions 80 percent or more compared to diesel, and is actually net-carbon-negative, according to the California Air Resources Board, when made from food waste. So the more RNG gets made and used, the more it can reduce overall carbon emissions. California has the greatest biogas potential of any state. A recent study by UC Davis estimates that the natural gas needs of around 2.4 million California homes could be fueled with RNG derived from the state's existing organic waste alone. We estimate California could produce enough RNG to replace 75 percent of its diesel road fuel consumption. In the workshop, we'll discuss practical ways to get there."
"Arguably one of the greatest steps the state could take to reduce methane emissions from the dairy sector, as well as from landfills and wastewater treatment facilities, is to incentivize or otherwise enable the development of renewable natural gas (RNG) production facilities at each site" said Johannes Escudero, chief executive officer at the Coalition for Renewable Natural Gas. "RNG projects capture and convert methane that would otherwise escape fugitively into the atmosphere as a super-pollutant that is many times more potent than carbon, and convert it for a positive end-use, including as a feedstock for renewable electricity or ultra-low carbon transportation fuel."
The conference will include panelists from state agencies discussing their efforts to reduce short-lived climate pollutants and increase renewable energy production. Renewable gas developers —including those producing gas from dairies as well as landfill-diverted organic waste facilities — will share insight into building successful projects. Additional speakers will review the latest technologies that upgrade biogas to biomethane or RNG which meets utility pipeline specifications.
Just like electricity, natural gas can be made from renewable sources. Already, 60 percent of the fuel used in natural gas vehicles in California is renewable, and SoCalGas expects that to increase to 90 percent by 2018. This can help reduce the need for other fossil-based fuels, and increase our supplies with a local renewable fuel.
Renewable gas project developers, government leadership, local and state agencies, facility operators, equipment vendors, utilities, academia and the media are invited to attend this no-cost workshop, which will take place at Capital Plaza Halls, Grand Ballroom, 1215 J Street, Sacramento, CA 95814 on Thursday, Oct. 5th from 8:00 a.m. to 4:15 p.m.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Pacific Gas and Electric Company
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation, is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation's cleanest energy to nearly 16 million people in Northern and Central California.
PG&E has proudly served northern California communities, families and businesses since 1905 and is committed to become the safest, most reliable, affordable and clean energy company in the country. PG&E is making strategic investments in new technologies and processes, including biomethane and low-carbon gas alternatives, that help reduce greenhouse gas emissions. Since 1998, the company has reduced its SF6 emissions rate by more than 85 percent and total emissions by more than 70 percent.
About Energy Vision
Energy Vision is a non-profit organization which researches, analyzes and promotes currently viable technologies and strategies for accomplishing the transition to a sustainable, low-carbon energy and transportation future. Learn more at www.energy-vision.org.
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SOURCE Southern California Gas Company
SAN DIEGO and DALLAS, Oct. 4, 2017 /PRNewswire/ -- Oncor Electric Delivery Company LLC (Oncor) and Sempra Energy (NYSE: SRE) announced that they expect to jointly file a Change-in-Control application tomorrow with the Public Utility Commission of Texas (PUCT). This filing represents a key step in the regulatory review process for Sempra Energy's agreement to acquire Energy Future Holdings Corp. (EFH), the indirect owner of approximately 80 percent of Oncor.
The application will include 47 regulatory commitments and a new financing structure, under which Sempra Energy proposes to now acquire 100 percent of EFH at the close of the transaction with no third-party equity investors or EFH debt.
"Since we announced our transaction in August, we have met with many stakeholders to gain their perspectives on how we can best meet the needs of Oncor customers and the state of Texas," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "Our application responds to their feedback and details our financing plan and regulatory commitments, as well as our approach to resolving the long-running EFH bankruptcy proceeding. Our goal is to keep Oncor strong, independent and well-capitalized for the benefit of Texas customers. Our revised financing structure also will provide long-term value to our shareholders."
"This filing highlights Sempra Energy's support for Oncor customers and supports the Oncor mission: providing safe, reliable and affordable electric service to over 10 million Texans," said Bob Shapard, CEO of Oncor. "Sempra Energy's strong ring-fence protections demonstrate how they will be a good long-term partner for Texas. We also are pleased that, with this new financing structure, several of the key stakeholders have expressed interest in entering into constructive regulatory settlement discussions."
Revised Financing Structure
Sempra Energy expects to ultimately fund approximately 65 percent of the $9.45 billion purchase price with Sempra Energy equity and 35 percent with Sempra Energy debt. This simpler and more conservative financing approach will eliminate the EFH debt, as well as third-party equity, enabling Sempra Energy to purchase 100 percent of EFH at the close of the transaction, according to Jeffrey W. Martin, executive vice president and chief financial officer of Sempra Energy. Sempra Energy's original proposal was to initially acquire 60 percent of EFH, with the goal of acquiring 100 percent over a period of time.
"Our revised financing structure for the transaction is both clear and simple, eliminating third-party equity investors, as well as proposed debt at EFH," Martin said. "Sempra Energy will own 100 percent of EFH, which translates to approximately 80 percent of Oncor at the close of the transaction. This eliminates the need to take future additional steps to achieve full control of EFH. The revised structure also should provide Sempra Energy with a stronger balance sheet in the future to fund additional growth initiatives."
While accretion will vary based on the actual closing date of the transaction, and the timing and mix of equity and debt issued, Sempra Energy expects the acquisition of EFH under the new financing structure to result in an average annualized accretion in earnings per share of approximately 10 cents to 20 cents over the next four years.
Regulatory Commitments to Texas
Tomorrow's filing is expected to include strong ring-fence protections for Oncor and its customers that will put in place financial and operational safeguards, financially separating Oncor from Sempra Energy and its competitive affiliates. The joint Change-in-Control application identifies 47 regulatory commitments that are intended to preserve the independence of Oncor and help ensure that Oncor is protected for the customers it serves in Texas. These commitments also are intended to help ensure that Oncor is able to continue to perform in accordance with its financial plans for its customers and shareholders.
Some of the more notable regulatory commitments include:
Settlement Discussions
Several of the key stakeholders that likely would participate in the regulatory approval process for the transaction have indicated that, subject to review of Oncor and Sempra Energy's PUCT filing, the companies have substantially addressed many of their key issues. These stakeholders have indicated they are open to constructive regulatory settlement discussions with Oncor and Sempra Energy.
On Aug. 21, Sempra Energy entered into an agreement to acquire EFH. On Sept. 6, the U.S. Bankruptcy Court for the District of Delaware approved EFH's entry into the merger agreement with Sempra Energy. The agreement remains subject to customary closing conditions, including further approvals by the Bankruptcy Court, the PUCT and the Federal Energy Regulatory Commission. For more information, go to www.Oncor-Sempra.com.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 122,000 miles of lines and more than 3.4 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 10 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving Sempra Energy, EFH and EFH's indirect interest in Oncor Electric Delivery Company LLC (Oncor) (the Merger), including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, EFH's or Oncor's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the anticipated improvement in credit ratings of Oncor, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the Merger, the risk that Sempra Energy may be unable to obtain the external financing necessary to pay the consideration and expenses related to the Merger on terms favorable to Sempra Energy, if at all, or that required bankruptcy court and governmental and regulatory approvals may delay the Merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra Energy; the risk that a condition to closing of the Merger may not be satisfied, including receipt of a satisfactory supplemental private letter ruling from the Internal Revenue Service; the risk that the transaction may not be completed for other reasons, or may not be completed on the terms currently contemplated; the expected timing to consummate the Merger; the risk that the businesses will not be integrated successfully or may be subject to unexpected or previously unknown risks or liabilities; the risk that the anticipated benefits from the transaction may not be fully realized or may take longer to realize than expected; disruption from the Merger may make it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; the diversion of management time and attention to Merger-related issues and related legal, accounting and other costs, whether or not the Merger is completed.
Additional factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
View original content with multimedia:http://www.prnewswire.com/news-releases/oncor-and-sempra-energy-to-file-for-texas-regulatory-approval-300531310.html
SOURCE Sempra Energy
LOS ANGELES, Sept. 29, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that it has received approval from the California Public Utilities Commission (CPUC) to extend the Mobilehome Park (MHP) Utility Upgrade Pilot Program through December 31, 2019. In addition to the 10 percent of mobile home park spaces approved for conversion under the initial pilot program that began in 2014, SoCalGas will be authorized to convert another 5 percent of MHP spaces in its service territory to direct utility service through 2019.
Eighty-one percent of all mobile home parks throughout SoCalGas' territory applied to participate in the initial MHP Utility Upgrade Pilot Program. The extension of the program will provide enhanced safety and reliability through direct utility service to an additional 6,400 mobile homes in 65 parks throughout SoCalGas' territory. Mobile home park residents will also benefit from advanced meter technology and enhanced access to customer assistance and energy savings programs.
"The CPUC's decision to extend the MHP Utility Upgrade Program will allow thousands more mobile home park residents, many of whom are seniors, working families, and others with limited resources, to have direct utility service and peace of mind knowing that their natural gas system will be maintained by SoCalGas," said Gina Orozco-Mejia, SoCalGas' Vice President of Gas Operations. "We commend the CPUC for its leadership and commitment to safety."
"Throughout the thousands of mobile home park communities within the state, there are aging gas and electric utility systems in need of replacement. I cannot sufficiently emphasize how important this process has been for all parties involved – park owners, park residents, and the general public. All parties can now rest assured knowing that we are all safer and better off for this upgrade program and the good it has done," said Barron McLemore, owner and operator of multiple mobile home parks throughout Southern California. McLemore's Mt. Slover mobile home park in Colton was the first project in the state to be completed under the initial pilot program.
"We are grateful for the opportunity to have participated in the MHP Utility Upgrade Program. Our staff and residents had a wonderful experience with the entire SoCalGas team," said Michele Cruz of J&H Asset Property Management, property manager of both Parque Mobile Estates and Cypress Gardens Mobile Home Park in Rialto. "From the account executive to the construction crew, the team was always available to answer questions and explain the process. We appreciate the enhanced safety and direct billing aspects of the program and are happy to know that mobile home parks will have the opportunity to reap similar benefits."
In March of 2014, the CPUC approved a voluntary, statewide, 3-year pilot program offering mobile home park owners the opportunity to replace their parks' energy distribution system with a new, professionally installed natural gas distribution system, which includes the installation and use of advanced meter technology. With advanced meters, mobile home park residents will have access to their hourly natural gas usage on a next-day basis that can enable them to better manage their gas usage and save money. New SoCalGas customers will now also be able to set up their own "My Account" to view and pay their bill online, schedule service, and/or sign up for paperless billing.
For more information about the Mobilehome Park Utility Upgrade Program, please visit https://www.socalgas.com/stay-safe/safety-and-prevention/mobilehome-park-utility-upgrade-program.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Sept. 21, 2017 /PRNewswire/ -- For the seventh consecutive year, Fortune magazine has named Debra L. Reed, chairman, president and CEO of Sempra Energy (NYSE: SRE), to the magazine's "Most Powerful Women in Business" list.
Reed is ranked No. 20 in 2017, up from No. 22 in 2016.
Fortune's "Most Powerful Women in Business" was launched in 1998 to recognize the most successful women in the nation.
In compiling the list, Fortune editors consider four criteria: the size and importance of the woman's business in the global economy; the health and direction of the business; the arc of the woman's career; and social and cultural influence.
Fortune's "Most Powerful Women in Business" list is now available online.
Reed, 61, has served as Sempra Energy's CEO since 2011, as the company's chairman since 2012, and president since March 2017. She has spent her entire 38-year career with the Sempra Energy companies. Previously, Reed was executive vice president of Sempra Energy. From 2006 to 2010, she served as president and CEO of San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas), Sempra Energy's two California utilities. Reed first joined SoCalGas in 1978 and became the company's first female officer 10 years later. She holds a bachelor's degree in civil engineering from the University of Southern California.
Sempra Energy includes SDG&E, SoCalGas, Sempra South American Utilities, Sempra Mexico, Sempra Renewables and Sempra LNG & Midstream.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
LOS ANGELES, Sept. 18, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company achieved a milestone in its methane capture initiative, passing the one million cubic foot mark. This innovative process allows for gas that would otherwise be vented to the atmosphere during pipeline replacement work to be saved and reinjected into its pipeline system for later use.
Since SoCalGas began capturing methane during pipeline replacement projects in August, 2016, the company has captured approximately 1.2 million cubic feet of natural gas - the equivalent to about what 6,200 homes use each day on average in the U.S.
"Emissions from natural gas distribution systems represent less than 1 percent of greenhouse gas emissions nationwide, but we're always looking for ways to improve," said Rick Phillips, senior director of SoCalGas' Pipeline Safety Enhancement Plan. "SoCalGas is making every effort to help reduce emissions as much as possible. We are committed to making investments to meet California's ambitious environmental goals and using this methane capture technology when possible is just one way we are achieving these goals."
"Atascadero and San Luis Obispo County are beneficiaries of multiple ongoing SoCalGas projects. We appreciate that this company is investing millions of dollars in the natural gas pipeline infrastructure in our area," said Tom O'Malley, mayor of Atascadero, Calif. "They have always focused on safety first and excellent customer service but have also been diligent stewards of our environment. The current effort to reduce impacts as they work in our communities, such as 'methane capture' that reduces noise and emissions, is welcomed and should be commended."
When crews perform work on a pipeline, natural gas inside the pipe must be purged for safety. By capturing this natural gas, SoCalGas is reducing emissions. SoCalGas compressed most of this captured gas and then pumped it into large tanks to be put back into SoCalGas' system and used by customers.
On Aug. 16, SoCalGas crews completed 11 hours of methane capture work near the Sepulveda Dam in Los Angeles. This project captured about 260,500 cubic feet of natural gas from a transmission pipeline that was removed from service as part of a pipeline replacement initiative and pushed SoCalGas over the 1 million cubic foot benchmark. Once the captured gas was cooled, it was injected back into the SoCalGas pipeline system.
The methane capture technique is being used as part of SoCalGas' Pipeline Safety Enhancement Plan (PSEP), a multi-billion-dollar program that identifies various high pressure pipeline sections throughout SoCalGas' system and schedules them to be pressure-tested or replaced. PSEP also includes provisions to upgrade, replace or retrofit hundreds of mainline valves in the system with technology that allows them to be opened or closed remotely by system operators from a central control location, or that automatically shuts off the flow of natural gas in the event of a large drop in pressure.
SoCalGas dedicates significant resources to improving the safety and integrity of its more than 101,000 miles of natural gas pipelines. In 2017, the company plans to spend approximately $1.2 billion for improvements to distribution, transmission and storage systems and for pipeline safety.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE Southern California Gas Company
SAN DIEGO, Sept. 13, 2017 /PRNewswire/ -- For the seventh consecutive year, Sempra Energy (NYSE: SRE) has been named to the Dow Jones Sustainability North America Index.
The index recognizes top companies in North America in terms of economic, environmental and social criteria. Sempra Energy is one of eight companies from the utilities industry to be recognized.
"Sustainability is a priority for our company and embedded in our culture," said Dennis V. Arriola, executive vice president of corporate strategy and external affairs for Sempra Energy. "This recognition reflects the importance we place on being a responsible partner."
Sempra Energy recently released its ninth Corporate Responsibility Report, which documents the company's continuing progress in areas ranging from emissions and water use reductions to safety and diversity. Among the accomplishments, Sempra Energy's companywide emissions rate for power generation was roughly half the U.S. national average last year.
Established in 1999, the Dow Jones Sustainability Indices are compiled annually by S&P Dow Jones and RobecoSAM, a sustainable investment specialty firm. They were the first organizations in the world to track the financial performance of companies that lead their respective industries in managing economic, environmental and social issues with a strong focus on long-term shareholder value. The indices serve as benchmarks for investors who integrate sustainability considerations into their portfolios.
For more information on the Dow Jones Sustainability Indices, visit: www.sustainability-indexes.com. To learn more about sustainability at Sempra Energy, visit: http://www.sempra.com/sustainability/.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: the risk that our proposed merger involving Energy Future Holdings Corp. (EFH) and EFH's indirect interest in Oncor Electric Delivery Company LLC (Oncor) (the Merger) may not receive bankruptcy court and governmental and regulatory approvals required to consummate the Merger or that required bankruptcy court and governmental and regulatory approvals may delay the Merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to us; the risk that a condition to closing of the Merger may not be satisfied, including receipt of a satisfactory supplemental private letter ruling from the Internal Revenue Service; the ability to fully realize cost savings and any other expected synergies from the transactions related to the Merger within the expected time-frames or at all; disruption from the Merger may make it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; risks associated with diverting, and continuing to divert, significant management resources towards the completion of the Merger; actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 8, 2017 /PRNewswire/ -- Today, the board of directors of Sempra Energy (NYSE:SRE) declared a quarterly dividend of $0.8225 per share of common stock. The current dividend is payable Oct. 15, 2017, to shareholders of record at the close of business on Sept. 22, 2017.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: the risk that our proposed merger involving Energy Future Holdings Corp. (EFH) and EFH's indirect interest in Oncor Electric Delivery Company LLC (Oncor) (the Merger) may not receive bankruptcy court and governmental and regulatory approvals required to consummate the Merger or that required bankruptcy court and governmental and regulatory approvals may delay the Merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to us; the risk that a condition to closing of the Merger may not be satisfied, including receipt of a satisfactory supplemental private letter ruling from the Internal Revenue Service; the ability to fully realize cost savings and any other expected synergies from the transactions related to the Merger within the expected time-frames or at all; disruption from the Merger may make it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; risks associated with diverting, and continuing to divert, significant management resources towards the completion of the Merger; actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
SAN DIEGO, Sept. 6, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the U.S. Bankruptcy Court for the District of Delaware (Bankruptcy Court) has approved the merger agreement that Energy Future Holdings Corp. (Energy Future) entered into with Sempra Energy on Aug. 21, 2017. This approval is an important step in Sempra Energy's proposal to acquire Energy Future's 80-percent ownership interest in Oncor Electric Delivery Company, LLC (Oncor).
"We are pleased that our plan to resolve Energy Future's long-running bankruptcy proceeding has received approval from the Bankruptcy Court to move forward," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "The next step in the approval process is making our regulatory filing with the Public Utility Commission of Texas. Oncor is a well-managed, top-tier utility, operating in one of the strongest U.S. growth markets. We believe it will be an excellent strategic fit with our portfolio of utility and energy infrastructure businesses, while opening up a new avenue for our long-term growth."
Sempra Energy has committed to ensuring that Oncor remains independent, financially strong and based in Dallas with local management, while keeping in place the ring-fence measures that help insulate Oncor from Energy Future's bankruptcy proceedings.
"Sempra Energy is a well-respected and experienced utility operator with a quality workforce and management team," said Bob Shapard, CEO of Oncor. "We look forward to working with Sempra Energy, regulators and other stakeholders as the process unfolds. Oncor takes great pride in powering the Texas economy, and we wake up every single day with one mission in mind, keeping the lights on for more than 10 million Texans."
Oncor and Sempra Energy are expected to file a joint application with the Public Utility Commission of Texas in October for approval of the transaction.
Sempra Energy will pay approximately $9.45 billion in cash to acquire Energy Future and its 80-percent ownership interest in Oncor. Sempra Energy expects its equity ownership after the transaction will be approximately 60 percent of Energy Future.
In addition to approving Energy Future's entry into the Sempra Energy merger agreement, today's Bankruptcy Court's order approved the debtors' plan support agreement with Sempra Energy and certain affiliates of Elliott Capital Management (Elliott), which hold a majority of the claims against the debtors. Under the plan support agreement, the debtors and Elliott have agreed to take all action that is reasonably necessary to implement the merger agreement, and Elliott has agreed to support the transaction and to vote its claims to accept the plan. In a separate order, the Bankruptcy Court also authorized the debtors to solicit votes on the plan.
The merger agreement remains subject to customary closing conditions, including further approvals by the Bankruptcy Court, the Public Utility Commission of Texas, the Federal Energy Regulatory Commission, and the U.S. Department of Justice under the Hart-Scott-Rodino Act.
For more information, visit Sempra.com/newsroom/oncornews.shtml.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider that serves approximately 10 million Texans. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service with the largest distribution and transmission system in Texas; made up of approximately 122,000 miles of lines and more than 3.4 million meters across the state.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving Sempra Energy and Energy Future, including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, Energy Future's or Oncor's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the anticipated improvement in credit ratings of Oncor, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, Energy Future or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra; the risk that a condition to closing of the merger may not be satisfied, including receipt of a satisfactory supplemental private letter ruling from the Internal Revenue Service; the expected timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; and the diversion of management time and attention to merger-related issues.
Additional factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
SAN DIEGO, Sept. 1, 2017 /PRNewswire/ -- Sempra LNG & Midstream issued the following statement in response to Hurricane Harvey:
Our thoughts and prayers are with the people of Texas and Louisiana that have been impacted by Hurricane Harvey. We continue to monitor the situation and support our Texas and Louisiana employees, their families and their safety during this difficult time.
The Cameron Parish Office of Emergency Preparedness lifted its Mandatory Order of Evacuation on Wednesday. Cameron LNG's contractor, a joint venture between Chicago Bridge and Iron and Chiyoda Corporation (CCJV), arrived Thursday morning to assess the site and indicated no significant damage during its preliminary inspection.
CCJV will continue their assessment over the next few days. We anticipate construction activities to resume next week when the site re-opens on September 5.
Sempra LNG & Midstream leads Sempra Energy's (NYSE: SRE) efforts to develop, own and operate midstream natural gas infrastructure, LNG receipt terminals and liquefaction facilities. Additional information about Sempra LNG & Midstream can be found at SempraLNGM.com.
This communication contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable legislation. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which Sempra operates; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of Sempra's investments, and risks that Sempra's partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt Sempra's operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject Sempra to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate Sempra's businesses; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make Sempra's exports less competitive or otherwise restrict Sempra's ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG & Midstream, LLC and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
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SOURCE Sempra LNG & Midstream
SAN DIEGO, Aug. 23, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to hold a conference call with company executives on Aug. 25 at 10 a.m. EDT to discuss the recently announced agreement to acquire Energy Future Holdings Corp., the indirect owner of 80 percent of Oncor Electric Delivery Company, LLC.
Investors, media, analysts and the public may listen to a live webcast of the conference call on the company's website, www.sempra.com, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on the company's website or by dialing (888) 203-1112 and entering passcode 4553103.
Briefing materials will be posted on the company's website at 9 a.m. EDT, Aug. 25.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, Aug. 22, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced new initiatives that will make it easier for renewable gas production facilities to connect to the company's natural gas pipeline system. First is the creation of a downloadable toolkit to assist renewable gas producers and developers who are interested in interconnecting their projects with the SoCalGas pipeline network. In addition, new provisions will enable SoCalGas and renewable gas producers to accelerate the interconnection process by procuring the necessary material much earlier than previously allowed.
Like electricity, natural gas can be made from renewable sources. About 80 percent of all methane emissions in California come from the state's dairy and farm operations, landfills and wastewater treatment plants. That methane can be harnessed and cleaned to produce renewable natural gas for use in transportation as well as in homes and businesses.
A study conducted by the University of California at Davis estimates that the natural gas needs of around 2.4 million California homes could be fueled with RNG derived from the state's existing organic waste alone. Already, 60 percent of the fuel used in natural gas vehicles in California is renewable, and SoCalGas expects that to increase to 90 percent by 2018. This can help reduce the need for other fossil-based fuels, and increase our supplies with a local renewable fuel.
"Renewable natural gas is key to achieving the state's ambitious air quality goals and providing families in California with a clean and reliable source of energy to heat and power their homes for generations to come," said Lisa Alexander, vice president of customer solutions for SoCalGas. "Renewable natural gas will also help transform transportation in the state, which accounts for 80 percent of smog-forming pollution and that disproportionally burdens our most vulnerable communities. With today's technology, we can harness this otherwise wasted energy to de-carbonize our pipeline system, reduce greenhouse gas emissions, and slow climate change."
"Since 1988 all but two renewable natural gas projects have been developed outside of California—which explains why the state imports most of the renewable natural gas (RNG) it consumes," said Johannes Escudero, chief executive officer and executive director of the Coalition for Renewable Natural Gas. "That is changing—and we appreciate SoCalGas' leadership and ongoing commitment to the RNG Coalition and industry as it relates to addressing the minimum heating value requirement that would prevent California from fully realizing the total economic and environmental benefits associated with increased RNG development, pipeline interconnection, deployment and utilization in-State."
"SoCalGas is leading the way to a decarbonized gas supply in California, which will help the state reduce the most damaging climate and air pollutants," said Julia Levin, executive director of the Bioenergy Association of California. "In addition to protecting communities from pollution and wildfires, increasing in-state biogas production will create good jobs throughout California. These efforts are a win-win for the environment and the economy."
SoCalGas is also working to accelerate the use of renewable natural gas, by capturing methane emissions to decarbonize its pipelines. SoCalGas aims to build and operate more renewable natural gas interconnection facilities throughout California to bring more clean, renewable natural gas to its customers. This summer the company will complete its first renewable natural gas interconnection project in Perris, California. When the project is completed, renewable natural gas produced by a waste management company will power a fleet of more than 320 waste hauling trucks.
SoCalGas recently launched a new Renewable Gas website to provide general information on biogas derived renewable natural gas. A key feature of this site is a downloadable toolkit to assist biogas producers and developers who are interested in putting renewable natural gas into the SoCalGas pipeline network. In addition, the new website also explains the monetary incentive program for utility interconnection projects. In the future, SoCalGas plans to include information on other types of renewable gases and technologies to the website, such as renewable hydrogen and power-to-gas.
SoCalGas reviewed its current system and identified several areas that would smooth the path to interconnection for renewable natural gas developers.
One enhancement, approved by the California Public Utilities Commission (CPUC) on April 8, enables SoCalGas and potential interconnectors to speed the process by procuring the necessary materials much earlier than previously allowed. Previously, procurement of these materials could only be done when the interconnection studies were concluded and a construction agreement was executed.
About Southern California Gas Co.
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/socalgas-streamlines-processes-to-support-renewable-gas-projects-300507964.html
SOURCE SoCalGas
SAN DIEGO, Aug. 20, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced an agreement to acquire Energy Future Holdings Corp. (Energy Future), the indirect owner of 80 percent of Oncor Electric Delivery Company, LLC (Oncor), operator of the largest electric transmission and distribution system in Texas.
Under the agreement, Sempra Energy will pay approximately $9.45 billion in cash to acquire Energy Future and its ownership in Oncor, while taking a major step forward in resolving Energy Future's long-running bankruptcy case. The enterprise value of the transaction is approximately $18.8 billion, including the assumption of Oncor's debt.
The transaction is expected to be accretive to Sempra Energy's earnings beginning in 2018.
"Both Sempra Energy and Oncor share more than 100 years of experience operating utilities that deliver safe, reliable energy to millions of customers," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "With its strong management team and long, distinguished history as Texas' leading electric provider, Oncor is an excellent strategic fit for our portfolio of utility and energy infrastructure businesses. We believe our agreement with Energy Future will help ensure that Texas utility customers continue to receive the outstanding electric service they have come to expect from Oncor and provide stability to Oncor's nearly 4,000 employees."
"For investors, this transaction is expected to enhance our earnings beginning in 2018 and further expand our regulated earnings base, while serving as a platform for future growth in the Texas energy market and U.S. Gulf Coast region," said Reed.
Sempra Energy expects to fund the $9.45 billion transaction using a combination of its own debt and equity, third-party equity, and $3 billion of expected investment-grade debt at the reorganized holding company. Sempra Energy has received financing commitments from RBC Capital Markets and Morgan Stanley. Sempra Energy expects its equity ownership after the transaction to be approximately 60 percent of the reorganized holding company.
As a result of the transaction, it is anticipated that Oncor's underlying financial strength and credit ratings will improve. Sempra Energy also will maintain the existing independence of Oncor's board of directors, which has protected Oncor and its customers during the ongoing Energy Future bankruptcy.
"It is important for Oncor to remain financially strong," Reed said. "Our proposal will help bring a satisfactory resolution to Energy Future's bankruptcy case, keep Oncor financially strong, and protect Oncor customers, while addressing the needs of Texas regulators, creditors and the U.S. Bankruptcy Court."
As part of the transaction, Sempra Energy has committed to support Oncor's plan to invest $7.5 billion of capital over a five-year period to expand and reinforce its transmission and distribution network.
At the completion of the transaction, Bob Shapard, Oncor's CEO, will become executive chairman of the Oncor board of directors and Allen Nye, currently Oncor's general counsel, will succeed Shapard as Oncor's CEO. Both are slated to serve on the Oncor board, which will consist of 13 directors, including seven independent directors from Texas, two from existing equity holders and two from the new Sempra Energy-led holding company.
The transaction is subject to customary closing conditions, including the approval of the Public Utility Commission of Texas, U.S. Bankruptcy Court of Delaware, Federal Energy Regulatory Commission and the U.S. Department of Justice under the Hart-Scott-Rodino Act.
Sempra Energy expects the transaction to be completed in the first half of 2018. Lazard and Morgan Stanley are acting as financial advisors to Sempra Energy and, White & Case LLP, as legal advisor.
Sempra Energy plans to webcast a conference call for investors, financial analysts, news media and the general public later this week, with details to follow.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider that serves 10 million customers across Texas. Using cutting-edge technology, more than 3,700 employees work to safely maintain reliable electric delivery service with the largest distribution and transmission system in Texas; made up of approximately 122,000 miles of lines and more than 3.4 million meters across the state.
Sempra Energy includes San Diego Gas & Electric, Southern California Gas Co., Sempra South American Utilities, Sempra Mexico, Sempra Renewables and Sempra LNG & Midstream. Sempra LNG & Midstream currently is developing the Port Arthur LNG liquefaction-export project on the Gulf Coast of Texas. Sempra Energy formerly owned and operated 10 power plants in the Texas electric market and currently maintains a 200-person office in Houston to support marketing and development activities.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving Sempra Energy and Energy Future, including future financial or operating results of Sempra Energy or Oncor, Sempra Energy's, Energy Future's or Oncor's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the anticipated improvement in credit ratings of Oncor, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that Sempra Energy, Energy Future or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or that required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction or be onerous to Sempra; the risk that a condition to closing of the merger may not be satisfied, including receipt of a satisfactory supplemental private ruling letter from the Internal Revenue Service; the expected timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; and the diversion of management time and attention to merger-related issues.
Additional factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, Aug. 15, 2017 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: |
|
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on October 15, 2017, to shareholders of record on September 10, 2017.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
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SOURCE SoCalGas
LOS ANGELES, Aug. 11, 2017 /PRNewswire/ -- In recognition of National 8-1-1 Day, Southern California Gas Co. (SoCalGas) and Los Angeles Fire Department officials today unveiled a giant 30-foot tall shovel to remind the public about the dangers of hitting utility lines when digging, and to increase awareness of the need to call 811 to have utility lines marked before any home or commercial digging project. Photos of the event are available here.
"About 60 percent of pipeline damage due to digging is caused by homeowners or contractors who do not call 811 before they dig," said Jimmie Cho, SoCalGas senior vice president of gas operations and system integrity. "They have no idea where buried pipelines may be, and that's not safe. By contrast, when people do call 811, there is a 99.9 percent chance no damage will occur to a buried pipeline or other utility—which means most of these accidental dig-ins are preventable."
"We want to bring attention to this to increase public safety," said Trevor M. Richmond, Deputy Chief, Bureau Commander, LAFD Operations Valley Bureau. "Pipelines can be located anywhere—under streets, sidewalks and private property. And hitting one while digging, planting or doing demolition work can not only cause property damage and loss of utility service, it can cause serious injury."
"Calling 811 is a quick and easy way to ensure that any digging project is safe, protecting home owners, construction workers and property," said Los Angeles City Councilmember Bob Blumenfield. "The recent explosion in Woodland Hills is a prime example of the importance of calling 811 because with gas, you never can be too safe."
811 is the national phone number designated by the Federal Communications Commission (FCC) that connects professionals and homeowners who plan to dig with a local call center. The call center collects information about the planned dig site then communicates with the appropriate utility companies, which send professional utility locating technicians to identify and mark the approximate location of lines.
Raising public awareness of the importance of calling 811 before digging is especially timely in the wake of a recent incident involving a Woodland Hills couple who lost their home due to an explosion and fire, after a contractor hired to do plumbing repairs on their property damaged a gas line. By following policy and procedures, two SoCalGas employees helped to ensure no one was injured in the incident.
There were more than 3,000 cases of accidental damage from digging to natural gas lines in SoCalGas' service territory last year.
SoCalGas' giant shovel will continue to be displayed for several months in various locations around the company's service territory to bring ongoing attention to the importance of pipeline safety.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About the Los Angeles Fire Department
The Los Angeles Fire Department (LAFD) preserves life and property, promotes public safety and fosters economic growth through a commitment to prevention, preparedness, response and recovery as an all risk life safety response provider. LAFD is a full-spectrum life safety agency protecting more than four million people who live, work and play in America's second largest city. The LAFD's 3,246 uniformed fire personnel protect life, property and the environment through their direct involvement in fire prevention, firefighting, emergency medical care, technical rescue, hazardous materials mitigation, disaster response, public education and community service. An equally committed non-sworn cadre of 353 professional support personnel provide technical and administrative expertise in their corresponding pursuit of the department's mission.
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SOURCE SoCalGas
SAN DIEGO, Aug. 4, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported second-quarter 2017 earnings of $259 million, or $1.03 per diluted share, up from $16 million, or $0.06 per diluted share, in the second-quarter 2016. On an adjusted basis, Sempra Energy's second-quarter 2017 earnings increased to $276 million, or $1.10 per diluted share, from $200 million, or $0.79 per diluted share, in last year's second quarter.
"Increased operating earnings in our utility and infrastructure businesses through the first half of the year allow us to raise our 2017 earnings guidance," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "Strong operating results were coupled with positive regulatory outcomes, including the final regulatory decision in the Cost-of-Capital proceeding, which provides greater visibility to earnings at our California utilities over the next two years. Earlier this week, Southern California Gas Co. was able to resume limited injections at the Aliso Canyon natural gas storage facility after receiving regulatory approval in mid-July. Additionally, our Mexican business continues to expand, taking an important step forward in developing infrastructure for the promising new liquids market in Mexico."
Sempra Energy's earnings for the first six months of 2017 were $700 million, or $2.77 per diluted share, compared with $369 million, or $1.47 per diluted share, in the first six months of 2016. Adjusted earnings for the first six months of 2017 were $714 million, or $2.83 per diluted share, compared with $625 million, or $2.48 per diluted share, in the first six months of 2016.
These results reflect certain significant items as described in the following table of GAAP earnings, reconciled to adjusted earnings, for the second quarter and first six months of 2017 and 2016:
Three months |
|||||||||||||||
ended June 30, |
Six months ended June 30, |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
(Unaudited; Dollars, except EPS, and shares, in millions) |
As Recast |
Adjustment |
As |
||||||||||||
GAAP Earnings |
$ 259 |
$ 16 |
$ 700 |
$ 369 |
$ (34) |
$ 335 |
|||||||||
Losses Related to Termoeléctrica de Mexicali (TdM) Held For Sale |
45 |
2 |
42 |
26 |
- |
26 |
|||||||||
(Recoveries) Losses Related to Permanent Releases of Pipeline Capacity |
(28) |
123 |
(28) |
123 |
- |
123 |
|||||||||
Tax Repairs Adjustments Related to General Rate Case (GRC) |
- |
80 |
- |
80 |
- |
80 |
|||||||||
Retroactive Q1-16 GRC Benefit |
- |
(21) |
- |
- |
- |
- |
|||||||||
Loss Related to Rockies Express Pipeline |
- |
- |
- |
27 |
- |
27 |
|||||||||
Adjusted Earnings(2) |
$ 276 |
$ 200 |
$ 714 |
$ 625 |
$ (34) |
$ 591 |
|||||||||
Diluted weighted-average shares outstanding |
253 |
252 |
253 |
252 |
252 |
252 |
|||||||||
GAAP EPS |
$1.03 |
$0.06 |
$ 2.77 |
$ 1.47 |
$ (0.14) |
$ 1.33 |
|||||||||
Adjusted EPS(2) |
$1.10 |
$0.79 |
$ 2.83 |
$ 2.48 |
$ (0.14) |
$ 2.35 |
|||||||||
(1) Reflects adoption of Accounting Standards Update 2016-09 as of Jan. 1, 2016. For more information, refer to Sempra Energy's Form 10-Q. |
(2) Sempra Energy adjusted earnings and adjusted EPS are non-GAAP financial measures. See Table A in the appendix for information regarding non-GAAP financial measures and descriptions of adjustments above. |
SEMPRA UTILITIES
On July 13, the California Public Utilities Commission (CPUC) issued a final ruling approving a two-year extension through 2019 for San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas) to file their next applications in the Cost-of-Capital proceeding at the CPUC. The CPUC decision, which is consistent with the Cost-of-Capital assumptions provided for SDG&E and SoCalGas in the five-year financial plan at Sempra Energy's 2017 Analyst Conference, adopts an authorized return on equity of 10.2 percent and 10.05 percent for SDG&E and SoCalGas, respectively, through 2019.
San Diego Gas & Electric
Second-quarter 2017 earnings for SDG&E were $149 million, compared with $100 million in the second quarter 2016, due primarily to higher CPUC base margin and lower operating costs. In last year's second quarter, due to the final 2016-18 General Rate Case decision, SDG&E recorded a $31 million after-tax refund to ratepayers of benefits from tax repairs deductions, offset by a $9 million after-tax retroactive benefit for first-quarter 2016 earnings.
For the first six months of 2017, SDG&E's earnings were $304 million, compared with $236 million in the same period last year.
Southern California Gas Co.
In the second quarter 2017, SoCalGas had earnings of $58 million, compared with a net loss of $1 million in last year's second quarter, due primarily to an after-tax impairment of $13 million in the second quarter 2016 based on the CPUC's decision related to the proposed North-South pipeline project. Additionally, in last year's second quarter, due to the final 2016-18 General Rate Case decision, SoCalGas recorded a $49 million after-tax refund to ratepayers of benefits from tax repairs deductions, offset by a $12 million after-tax retroactive benefit for first-quarter 2016 earnings.
In the first half of 2017, SoCalGas' earnings were $261 million, up from $198 million in the first half of 2016.
On July 31, SoCalGas resumed limited injections at the Aliso Canyon natural gas storage facility after receiving regulatory approval earlier in the month from the CPUC and California's Division of Oil, Gas, and Geothermal Resources (DOGGR). The regulatory agencies certified that SoCalGas had met the conditions of the state's rigorous safety review.
Sempra South American Utilities
In the second quarter 2017, Sempra South American Utilities had earnings of $45 million, compared with $43 million in the second quarter 2016.
For the first six months of 2017, earnings for Sempra South American Utilities were $92 million, compared with $81 million in the first six months last year.
SEMPRA INFRASTRUCTURE
Sempra Mexico
Sempra Mexico recorded a net loss of $9 million in the second quarter 2017, compared with earnings of $57 million in the second quarter 2016, due primarily to a $47 million impairment the company recorded on the Termoélectrica de Mexicali power plant, which is being held for sale, as well as unfavorable foreign-currency and inflation effects.
For the first six months of 2017, Sempra Mexico had earnings of $39 million, compared with $75 million in the same period last year.
Yesterday, Mexican subsidiary IEnova announced several U.S.-dollar-denominated, long-term capacity agreements with Valero to develop three new liquids terminals – in Mexico City, Puebla and the Port of Veracruz. These projects represent IEnova's first ventures in Mexico's emerging $10 billion liquids market.
Sempra Renewables
Second-quarter 2017 earnings for Sempra Renewables were $23 million, up from $12 million in 2016, due primarily to higher earnings for solar assets placed into service during 2016.
In the first half of 2017, earnings for Sempra Renewables were $34 million, compared with $26 million in the first half of 2016.
Sempra LNG & Midstream
In the second quarter 2017, Sempra LNG & Midstream recorded earnings of $27 million, compared with a net loss of $149 million in the second quarter 2016. Sempra LNG & Midstream recorded a $28 million after-tax recovery in 2017 related to last year's permanent releases of pipeline capacity, compared with a related $123 million after-tax loss in 2016.
For the first six months of 2017, Sempra LNG & Midstream recorded earnings of $28 million, compared with a net loss of $181 million in the first six months of 2016.
The company announced today that, based on several factors, it believes it is reasonable to expect that the Cameron LNG liquefaction-export project's first liquefaction train could be delayed into 2019, with the other two trains following throughout 2019 and with no earnings expected in 2018. Despite the revisions in the schedule, the company does not expect any material impact on the long-term economics of the project and anticipates earnings from the project of $300 million to $350 million in 2020.
2017 EARNINGS GUIDANCE
Today, Sempra Energy raised its GAAP 2017 earnings-per-share guidance range to $4.95 to $5.25 and its adjusted 2017 earnings-per-share guidance range to $5 to $5.30, both from the previous earnings-per-share range of $4.85 to $5.25. The company also affirmed its previous 2018 earnings-per-share guidance range of $5.30 to $5.80.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EDT with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 4175144.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include Sempra Energy's 2017 adjusted earnings guidance, and adjusted earnings and adjusted earnings per share for both the second quarter and first six months of 2017 and 2016. Information regarding these non-GAAP financial measures is in the appendix on Table A of the second-quarter financial tables.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
SEMPRA ENERGY | ||||||||||||||||
Table A | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
Three months ended |
Six months ended | |||||||||||||||
(Dollars in millions, except per share amounts) |
2017 |
2016(1) |
2017 |
2016(1) | ||||||||||||
(unaudited) | ||||||||||||||||
REVENUES |
||||||||||||||||
Utilities |
$ |
2,197 |
$ |
1,994 |
$ |
4,895 |
$ |
4,436 |
||||||||
Energy-related businesses |
336 |
162 |
669 |
342 |
||||||||||||
Total revenues |
2,533 |
2,156 |
5,564 |
4,778 |
||||||||||||
EXPENSES AND OTHER INCOME |
||||||||||||||||
Utilities: |
||||||||||||||||
Cost of electric fuel and purchased power |
(553) |
(561) |
(1,080) |
(1,076) |
||||||||||||
Cost of natural gas |
(228) |
(183) |
(713) |
(494) |
||||||||||||
Energy-related businesses: |
||||||||||||||||
Cost of natural gas, electric fuel and purchased power |
(62) |
(62) |
(129) |
(118) |
||||||||||||
Other cost of sales |
38 |
(226) |
16 |
(261) |
||||||||||||
Operation and maintenance |
(731) |
(706) |
(1,445) |
(1,406) |
||||||||||||
Depreciation and amortization |
(368) |
(314) |
(728) |
(642) |
||||||||||||
Franchise fees and other taxes |
(101) |
(96) |
(211) |
(207) |
||||||||||||
Impairment losses |
(71) |
(21) |
(71) |
(22) |
||||||||||||
Equity earnings (losses), before income tax |
18 |
14 |
21 |
(8) |
||||||||||||
Other income, net |
91 |
23 |
260 |
72 |
||||||||||||
Interest income |
8 |
6 |
14 |
12 |
||||||||||||
Interest expense |
(159) |
(142) |
(328) |
(285) |
||||||||||||
Income (loss) before income taxes and equity earnings (losses) of certain unconsolidated subsidiaries |
415 |
(112) |
1,170 |
343 |
||||||||||||
Income tax (expense) benefit |
(167) |
106 |
(462) |
(2) |
||||||||||||
Equity earnings (losses), net of income tax |
— |
33 |
(8) |
50 |
||||||||||||
Net income |
248 |
27 |
700 |
391 |
||||||||||||
Losses (earnings) attributable to noncontrolling interests |
12 |
(10) |
1 |
(21) |
||||||||||||
Preferred dividends of subsidiary |
(1) |
(1) |
(1) |
(1) |
||||||||||||
Earnings |
$ |
259 |
$ |
16 |
$ |
700 |
$ |
369 |
||||||||
Basic earnings per common share |
$ |
1.03 |
$ |
0.06 |
$ |
2.79 |
$ |
1.48 |
||||||||
Weighted-average number of shares outstanding, basic (thousands) |
251,447 |
250,096 |
251,290 |
249,915 |
||||||||||||
Diluted earnings per common share |
$ |
1.03 |
$ |
0.06 |
$ |
2.77 |
$ |
1.47 |
||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,822 |
252,036 |
252,609 |
251,775 |
||||||||||||
Dividends declared per share of common stock |
$ |
0.83 |
$ |
0.75 |
$ |
1.65 |
$ |
1.51 |
(1) |
As adjusted for the adoption of ASU 2016-09 as of January 1, 2016. |
SEMPRA ENERGY | |
Table A (Continued) | |
RECONCILIATION OF SEMPRA ENERGY ADJUSTED EARNINGS TO SEMPRA ENERGY GAAP EARNINGS (Unaudited) | |
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude items (after the effects of taxes and, if applicable, noncontrolling interests) in 2017 and 2016 as follows: | |
Three months ended June 30, 2017: | |
▪ |
$(47) million impairment of Sempra Mexico's Termoeléctrica de Mexicali (TdM) assets held for sale |
▪ |
$2 million deferred income tax benefit on the TdM assets held for sale |
▪ |
$28 million of recoveries related to 2016 permanent release of pipeline capacity |
Three months ended June 30, 2016: | |
▪ |
$(123) million losses from the permanent release of pipeline capacity at Sempra LNG & Midstream |
▪ |
$(80) million adjustments related to tax repairs deductions reallocated to ratepayers as a result of the 2016 General Rate Case Final Decision (2016 GRC FD) at the California Utilities |
▪ |
$21 million incremental revenue increases for the first quarter of 2016 from the retroactive application of the 2016 GRC FD at the California Utilities |
▪ |
$(2) million deferred income tax expense on the TdM assets held for sale |
Six months ended June 30, 2017: | |
▪ |
$(47) million impairment of TdM assets held for sale |
▪ |
$5 million deferred income tax benefit on the TdM assets held for sale |
▪ |
$28 million of recoveries related to 2016 permanent release of pipeline capacity |
Six months ended June 30, 2016: | |
▪ |
$(123) million losses from the permanent release of pipeline capacity at Sempra LNG & Midstream |
▪ |
$(80) million adjustments related to tax repairs deductions reallocated to ratepayers as a result of the 2016 GRC FD at the California Utilities |
▪ |
$(27) million impairment charge related to Sempra LNG & Midstream's investment in Rockies Express Pipeline LLC (Rockies Express) |
▪ |
$(26) million deferred income tax expense on the TdM assets held for sale |
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and/or nature of the excluded items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2017 to 2016 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy Earnings and Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. |
Pretax |
Income tax |
Non- |
Earnings |
Pretax |
Income tax |
Non- |
Earnings |
||||||||||||||||||||
(Dollars in millions, except per share amounts) |
Three months ended June 30, 2017 |
Three months ended June 30, 2016(2) |
|||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
259 |
$ |
16 |
|||||||||||||||||||||||
Excluded items: |
|||||||||||||||||||||||||||
Impairment of TdM assets held for sale |
$ |
71 |
$ |
— |
$ |
(24) |
47 |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||
Deferred income tax (benefit) expense associated with TdM |
— |
(3) |
1 |
(2) |
— |
3 |
(1) |
2 |
|||||||||||||||||||
Recoveries related to 2016 permanent release of pipeline capacity |
(47) |
19 |
— |
(28) |
— |
— |
— |
— |
|||||||||||||||||||
Permanent release of pipeline capacity |
— |
— |
— |
— |
206 |
(83) |
— |
123 |
|||||||||||||||||||
SDG&E tax repairs adjustments related to 2016 GRC FD |
— |
— |
— |
— |
52 |
(21) |
— |
31 |
|||||||||||||||||||
SoCalGas tax repairs adjustments related to 2016 GRC FD |
— |
— |
— |
— |
83 |
(34) |
— |
49 |
|||||||||||||||||||
SDG&E retroactive impact of 2016 GRC FD for Q1 2016 |
— |
— |
— |
— |
(15) |
6 |
— |
(9) |
|||||||||||||||||||
SoCalGas retroactive impact of 2016 GRC FD for Q1 2016 |
— |
— |
— |
— |
(20) |
8 |
— |
(12) |
|||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
276 |
$ |
200 |
|||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
1.03 |
$ |
0.06 |
|||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1.10 |
$ |
0.79 |
|||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,822 |
252,036 |
|||||||||||||||||||||||||
Six months ended June 30, 2017 |
Six months ended June 30, 2016(2) |
||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
700 |
$ |
369 |
|||||||||||||||||||||||
Excluded items: |
|||||||||||||||||||||||||||
Impairment of TdM assets held for sale |
$ |
71 |
$ |
— |
$ |
(24) |
47 |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||
Deferred income tax (benefit) expense associated with TdM |
— |
(8) |
3 |
(5) |
— |
32 |
(6) |
26 |
|||||||||||||||||||
Recoveries related to 2016 permanent release of pipeline capacity |
(47) |
19 |
— |
(28) |
— |
— |
— |
— |
|||||||||||||||||||
Permanent release of pipeline capacity |
— |
— |
— |
— |
206 |
(83) |
— |
123 |
|||||||||||||||||||
SDG&E tax repairs adjustments related to 2016 GRC FD |
— |
— |
— |
— |
52 |
(21) |
— |
31 |
|||||||||||||||||||
SoCalGas tax repairs adjustments related to 2016 GRC FD |
— |
— |
— |
— |
83 |
(34) |
— |
49 |
|||||||||||||||||||
Impairment of investment in Rockies Express |
— |
— |
— |
— |
44 |
(17) |
— |
27 |
|||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
714 |
$ |
625 |
|||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
2.77 |
$ |
1.47 |
|||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
2.83 |
$ |
2.48 |
|||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,609 |
251,775 |
(1) |
Income taxes were calculated based on applicable statutory tax rates, except for adjustments that are solely income tax. Income taxes associated with TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. An income tax benefit of $12 million associated with the 2017 TdM impairment has been fully reserved. | |||||||||||||||||||||||||
(2) |
Reflects the adoption of ASU 2016-09 as of January 1, 2016. |
SEMPRA ENERGY | |
Table A (Continued) | |
RECONCILIATION OF SEMPRA ENERGY 2017 ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGE TO SEMPRA ENERGY 2017 GAAP EARNINGS-PER-SHARE GUIDANCE RANGE (Unaudited) | |
Sempra Energy 2017 Adjusted Earnings-Per-Share Guidance Range of $5.00 to $5.30 excludes items (after the effects of taxes and, if applicable, noncontrolling interests) as follows: | |
▪ $(47) million impairment of Sempra Mexico's TdM assets held for sale | |
▪ $5 million deferred income tax benefit on the TdM assets held for sale | |
▪ $28 million of recoveries related to 2016 permanent release of pipeline capacity | |
Sempra Energy 2017 Adjusted Earnings-Per-Share Guidance is a non-GAAP financial measure. Because of the significance and/or nature of the excluded items, management believes this non-GAAP financial measure provides additional clarity into the ongoing results of the business and the comparability of such results to prior and future periods and also as a base for projected earnings-per-share compound annual growth rate. Sempra Energy 2017 Adjusted Earnings-Per-Share Guidance should not be considered an alternative to Earnings-Per-Share Guidance determined in accordance with GAAP. The table below reconciles Sempra Energy 2017 Adjusted Earnings-Per-Share Guidance Range to Sempra Energy 2017 GAAP Earnings-Per-Share Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP. |
Full-Year 2017 | |||||||||
Sempra Energy GAAP Earnings-Per-Share Guidance Range |
$ |
4.95 |
to |
$ |
5.25 | ||||
Excluded items(1): |
|||||||||
Impairment of TdM assets held for sale |
0.18 |
0.18 | |||||||
Deferred income tax benefit associated with TdM |
(0.02) |
(0.02) | |||||||
Recoveries related to 2016 permanent release of pipeline capacity |
(0.11) |
(0.11) | |||||||
Sempra Energy Adjusted Earnings-Per-Share Guidance Range |
$ |
5.00 |
to |
$ |
5.30 | ||||
Weighted-average number of shares outstanding, diluted (thousands) |
254,000 | ||||||||
(1) |
The effects of taxes and noncontrolling interests for excluded items are provided above in the reconciliation of Sempra Energy GAAP Earnings to Sempra Energy Adjusted Earnings. |
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) |
June 30, |
December 31, | ||||||||
(unaudited) |
||||||||||
Assets |
||||||||||
Current assets: |
||||||||||
Cash and cash equivalents |
$ |
223 |
$ |
349 |
||||||
Restricted cash |
70 |
66 |
||||||||
Accounts receivable, net |
1,304 |
1,554 |
||||||||
Due from unconsolidated affiliates |
26 |
26 |
||||||||
Income taxes receivable |
110 |
43 |
||||||||
Inventories |
239 |
258 |
||||||||
Regulatory balancing accounts – undercollected |
261 |
259 |
||||||||
Fixed-price contracts and other derivatives |
186 |
83 |
||||||||
Assets held for sale |
109 |
201 |
||||||||
Other |
239 |
271 |
||||||||
Total current assets |
2,767 |
3,110 |
||||||||
Other assets: |
||||||||||
Restricted cash |
17 |
10 |
||||||||
Due from unconsolidated affiliates |
373 |
201 |
||||||||
Regulatory assets |
3,569 |
3,414 |
||||||||
Nuclear decommissioning trusts |
1,029 |
1,026 |
||||||||
Investments |
2,134 |
2,097 |
||||||||
Goodwill |
2,379 |
2,364 |
||||||||
Other intangible assets |
541 |
548 |
||||||||
Dedicated assets in support of certain benefit plans |
427 |
430 |
||||||||
Insurance receivable for Aliso Canyon costs |
554 |
606 |
||||||||
Deferred income taxes |
166 |
234 |
||||||||
Sundry |
859 |
815 |
||||||||
Total other assets |
12,048 |
11,745 |
||||||||
Property, plant and equipment, net |
34,561 |
32,931 |
||||||||
Total assets |
$ |
49,376 |
$ |
47,786 |
||||||
Liabilities and Equity |
||||||||||
Current liabilities: |
||||||||||
Short-term debt |
$ |
1,826 |
$ |
1,779 |
||||||
Accounts payable |
1,167 |
1,476 |
||||||||
Due to unconsolidated affiliates |
11 |
11 |
||||||||
Dividends and interest payable |
339 |
319 |
||||||||
Accrued compensation and benefits |
314 |
409 |
||||||||
Regulatory balancing accounts – overcollected |
204 |
122 |
||||||||
Current portion of long-term debt |
1,287 |
913 |
||||||||
Fixed-price contracts and other derivatives |
109 |
83 |
||||||||
Customer deposits |
158 |
158 |
||||||||
Reserve for Aliso Canyon costs |
63 |
53 |
||||||||
Liabilities held for sale |
47 |
47 |
||||||||
Other |
538 |
557 |
||||||||
Total current liabilities |
6,063 |
5,927 |
||||||||
Long-term debt |
15,000 |
14,429 |
||||||||
Deferred credits and other liabilities: |
||||||||||
Customer advances for construction |
146 |
152 |
||||||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,240 |
1,208 |
||||||||
Deferred income taxes |
4,191 |
3,745 |
||||||||
Deferred investment tax credits |
27 |
28 |
||||||||
Regulatory liabilities arising from removal obligations |
2,746 |
2,697 |
||||||||
Asset retirement obligations |
2,469 |
2,431 |
||||||||
Fixed-price contracts and other derivatives |
330 |
405 |
||||||||
Deferred credits and other |
1,559 |
1,523 |
||||||||
Total deferred credits and other liabilities |
12,708 |
12,189 |
||||||||
Equity: |
||||||||||
Total Sempra Energy shareholders' equity |
13,332 |
12,951 |
||||||||
Preferred stock of subsidiary |
20 |
20 |
||||||||
Other noncontrolling interests |
2,253 |
2,270 |
||||||||
Total equity |
15,605 |
15,241 |
||||||||
Total liabilities and equity |
$ |
49,376 |
$ |
47,786 |
(1) |
Derived from audited financial statements. |
SEMPRA ENERGY | ||||||||||
Table C | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
Six months ended June 30, | ||||||||||
(Dollars in millions) |
2017 |
2016(1) | ||||||||
(unaudited) | ||||||||||
Cash Flows from Operating Activities |
||||||||||
Net income |
$ |
700 |
$ |
391 |
||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||
Depreciation and amortization |
728 |
642 |
||||||||
Deferred income taxes and investment tax credits |
411 |
(76) |
||||||||
Impairment losses |
71 |
22 |
||||||||
Equity earnings, net |
(13) |
(42) |
||||||||
Fixed-price contracts and other derivatives |
(142) |
41 |
||||||||
Other |
(19) |
45 |
||||||||
Net change in other working capital components |
138 |
167 |
||||||||
Insurance receivable for Aliso Canyon costs |
52 |
(354) |
||||||||
Changes in other assets |
(88) |
(67) |
||||||||
Changes in other liabilities |
51 |
147 |
||||||||
Net cash provided by operating activities |
1,889 |
916 |
||||||||
Cash Flows from Investing Activities |
||||||||||
Expenditures for property, plant and equipment |
(1,802) |
(2,006) |
||||||||
Expenditures for investments |
(97) |
(46) |
||||||||
Proceeds from sale of assets |
4 |
443 |
||||||||
Distributions from investments |
18 |
12 |
||||||||
Purchases of nuclear decommissioning and other trust assets |
(823) |
(206) |
||||||||
Proceeds from sales by nuclear decommissioning and other trusts |
823 |
204 |
||||||||
Increases in restricted cash |
(194) |
(32) |
||||||||
Decreases in restricted cash |
185 |
44 |
||||||||
Advances to unconsolidated affiliates |
(183) |
(9) |
||||||||
Repayments of advances to unconsolidated affiliates |
2 |
9 |
||||||||
Other |
— |
(6) |
||||||||
Net cash used in investing activities |
(2,067) |
(1,593) |
||||||||
Cash Flows from Financing Activities |
||||||||||
Common dividends paid |
(368) |
(335) |
||||||||
Preferred dividends paid by subsidiary |
(1) |
(1) |
||||||||
Issuances of common stock |
28 |
29 |
||||||||
Repurchases of common stock |
(14) |
(54) |
||||||||
Issuances of debt (maturities greater than 90 days) |
1,932 |
1,384 |
||||||||
Payments on debt (maturities greater than 90 days) |
(1,006) |
(986) |
||||||||
(Decrease) increase in short-term debt, net |
(493) |
865 |
||||||||
Net distributions to noncontrolling interests |
(25) |
(10) |
||||||||
Other |
(9) |
(10) |
||||||||
Net cash provided by financing activities |
44 |
882 |
||||||||
Effect of exchange rate changes on cash and cash equivalents |
8 |
8 |
||||||||
(Decrease) increase in cash and cash equivalents |
(126) |
213 |
||||||||
Cash and cash equivalents, January 1 |
349 |
403 |
||||||||
Cash and cash equivalents, June 30 |
$ |
223 |
$ |
616 |
(1) |
As adjusted for the adoption of ASU 2016-09 as of January 1, 2016. |
SEMPRA ENERGY | |||||||||||||||||
Table D | |||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES AND INVESTMENTS | |||||||||||||||||
Three months ended |
Six months ended | ||||||||||||||||
(Dollars in millions) |
2017 |
2016 |
2017 |
2016(1) | |||||||||||||
(unaudited) | |||||||||||||||||
Earnings (Losses) |
|||||||||||||||||
Sempra Utilities: |
|||||||||||||||||
San Diego Gas & Electric |
$ |
149 |
$ |
100 |
$ |
304 |
$ |
236 |
|||||||||
Southern California Gas |
58 |
(1) |
261 |
198 |
|||||||||||||
Sempra South American Utilities |
45 |
43 |
92 |
81 |
|||||||||||||
Sempra Infrastructure: |
|||||||||||||||||
Sempra Mexico |
(9) |
57 |
39 |
75 |
|||||||||||||
Sempra Renewables |
23 |
12 |
34 |
26 |
|||||||||||||
Sempra LNG & Midstream |
27 |
(149) |
28 |
(181) |
|||||||||||||
Parent and other |
(34) |
(46) |
(58) |
(66) |
|||||||||||||
Earnings |
$ |
259 |
$ |
16 |
$ |
700 |
$ |
369 |
|||||||||
Three months ended |
Six months ended | ||||||||||||||||
(Dollars in millions) |
2017 |
2016 |
2017 |
2016 | |||||||||||||
(unaudited) | |||||||||||||||||
Capital Expenditures and Investments |
|||||||||||||||||
Sempra Utilities: |
|||||||||||||||||
San Diego Gas & Electric |
$ |
345 |
$ |
273 |
$ |
763 |
$ |
602 |
|||||||||
Southern California Gas |
325 |
310 |
682 |
650 |
|||||||||||||
Sempra South American Utilities |
34 |
39 |
77 |
82 |
|||||||||||||
Sempra Infrastructure: |
|||||||||||||||||
Sempra Mexico |
87 |
100 |
227 |
140 |
|||||||||||||
Sempra Renewables |
31 |
279 |
100 |
478 |
|||||||||||||
Sempra LNG & Midstream |
22 |
45 |
37 |
92 |
|||||||||||||
Parent and other |
4 |
5 |
13 |
8 |
|||||||||||||
Consolidated Capital Expenditures and Investments |
$ |
848 |
$ |
1,051 |
$ |
1,899 |
$ |
2,052 |
(1) |
As adjusted for the adoption of ASU 2016-09 as of January 1, 2016. |
SEMPRA ENERGY | ||||||||||||||
Table E | ||||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||||
Three months ended |
Six months ended | |||||||||||||
UTILITIES |
2017 |
2016 |
2017 |
2016 | ||||||||||
SDG&E and SoCalGas |
||||||||||||||
Gas Sales (Bcf)(1) |
71 |
73 |
197 |
186 |
||||||||||
Transportation (Bcf)(1) |
148 |
144 |
304 |
292 |
||||||||||
Total Deliveries (Bcf)(1) |
219 |
217 |
501 |
478 |
||||||||||
Total Gas Customers (Thousands) |
6,825 |
6,789 |
||||||||||||
Electric Sales (Millions of kWhs)(1) |
3,565 |
3,512 |
7,329 |
7,285 |
||||||||||
Direct Access (Millions of kWhs) |
786 |
772 |
1,573 |
1,606 |
||||||||||
Total Deliveries (Millions of kWhs)(1) |
4,351 |
4,284 |
8,902 |
8,891 |
||||||||||
Total Electric Customers (Thousands) |
1,438 |
1,429 |
||||||||||||
Other Utilities |
||||||||||||||
Natural Gas Sales (Bcf) |
||||||||||||||
Sempra Mexico |
7 |
7 |
15 |
15 |
||||||||||
Mobile Gas(2) (3) |
— |
11 |
— |
24 |
||||||||||
Willmut Gas(3) |
— |
1 |
— |
2 |
||||||||||
Natural Gas Customers (Thousands) |
||||||||||||||
Sempra Mexico |
120 |
116 |
||||||||||||
Mobile Gas(2) (3) |
— |
85 |
||||||||||||
Willmut Gas(3) |
— |
19 |
||||||||||||
Electric Sales (Millions of kWhs) |
||||||||||||||
Peru |
1,780 |
1,887 |
3,674 |
3,836 |
||||||||||
Chile |
691 |
682 |
1,502 |
1,481 |
||||||||||
Electric Customers (Thousands) |
||||||||||||||
Peru |
1,086 |
1,065 |
||||||||||||
Chile |
696 |
679 |
||||||||||||
ENERGY-RELATED BUSINESSES |
||||||||||||||
Sempra Infrastructure |
||||||||||||||
Power Sold (Millions of kWhs) |
||||||||||||||
Sempra Mexico(4) |
650 |
665 |
1,705 |
1,245 |
||||||||||
Sempra Renewables(5) |
1,192 |
725 |
2,206 |
1,492 |
||||||||||
Sempra LNG & Midstream |
229 |
243 |
494 |
464 |
(1) |
Includes intercompany sales. | |||||||||||||
(2) |
Includes transportation. | |||||||||||||
(3) |
On September 12, 2016, Sempra LNG & Midstream completed the sale of the parent company of Mobile Gas and Willmut Gas. | |||||||||||||
(4) |
Includes power sold at the Termoeléctrica de Mexicali natural gas-fired power plant and in 2017, at the Ventika wind power generation facilities acquired in December 2016. Also includes 50 percent of total power sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. | |||||||||||||
(5) |
Includes 50 percent of total power sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Three months ended June 30, 2017 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,058 |
$ |
770 |
$ |
381 |
$ |
273 |
$ |
26 |
$ |
122 |
$ |
(97) |
$ |
2,533 |
|||||||||||||||||
Cost of sales and other expenses |
(651) |
(549) |
(294) |
(130) |
(20) |
(71) |
78 |
(1,637) |
|||||||||||||||||||||||||
Depreciation and amortization |
(166) |
(126) |
(13) |
(37) |
(10) |
(11) |
(5) |
(368) |
|||||||||||||||||||||||||
Impairment loss |
— |
— |
— |
(71) |
— |
— |
— |
(71) |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
16 |
2 |
— |
18 |
|||||||||||||||||||||||||
Other income, net |
15 |
9 |
2 |
60 |
1 |
— |
4 |
91 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
256 |
104 |
76 |
95 |
13 |
42 |
(20) |
566 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(49) |
(27) |
(5) |
(17) |
(2) |
3 |
(55) |
(152) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(54) |
(19) |
(20) |
(102) |
5 |
(18) |
41 |
(167) |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(4) |
— |
(6) |
15 |
7 |
— |
— |
12 |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
149 |
$ |
58 |
$ |
45 |
$ |
(9) |
$ |
23 |
$ |
27 |
$ |
(34) |
$ |
259 |
|||||||||||||||||
Three months ended June 30, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
992 |
$ |
617 |
$ |
385 |
$ |
147 |
$ |
6 |
$ |
90 |
$ |
(81) |
$ |
2,156 |
|||||||||||||||||
Cost of sales and other expenses |
(664) |
(495) |
(306) |
(86) |
(13) |
(336) |
66 |
(1,834) |
|||||||||||||||||||||||||
Depreciation and amortization |
(158) |
(112) |
(14) |
(15) |
(2) |
(12) |
(1) |
(314) |
|||||||||||||||||||||||||
Impairment loss |
— |
(21) |
— |
— |
— |
— |
— |
(21) |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
11 |
3 |
— |
14 |
|||||||||||||||||||||||||
Other income (expense), net |
13 |
6 |
5 |
(15) |
1 |
1 |
12 |
23 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
183 |
(5) |
70 |
31 |
3 |
(254) |
(4) |
24 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(48) |
(25) |
(6) |
(3) |
— |
7 |
(62) |
(137) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(48) |
29 |
(15) |
12 |
9 |
99 |
20 |
106 |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
— |
33 |
— |
— |
— |
33 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
13 |
— |
(6) |
(16) |
— |
(1) |
— |
(10) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
100 |
$ |
(1) |
$ |
43 |
$ |
57 |
$ |
12 |
$ |
(149) |
$ |
(46) |
$ |
16 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Six months ended June 30, 2017 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
2,115 |
$ |
2,011 |
$ |
793 |
$ |
537 |
$ |
48 |
$ |
254 |
$ |
(194) |
$ |
5,564 |
|||||||||||||||||
Cost of sales and other expenses |
(1,267) |
(1,349) |
(620) |
(251) |
(35) |
(199) |
159 |
(3,562) |
|||||||||||||||||||||||||
Depreciation and amortization |
(329) |
(252) |
(26) |
(73) |
(19) |
(21) |
(8) |
(728) |
|||||||||||||||||||||||||
Impairment loss |
— |
— |
— |
(71) |
— |
— |
— |
(71) |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
18 |
3 |
— |
21 |
|||||||||||||||||||||||||
Other income, net |
33 |
20 |
5 |
187 |
1 |
1 |
13 |
260 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
552 |
430 |
152 |
329 |
13 |
38 |
(30) |
1,484 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(98) |
(52) |
(9) |
(47) |
(5) |
9 |
(113) |
(315) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(144) |
(117) |
(39) |
(244) |
16 |
(19) |
85 |
(462) |
|||||||||||||||||||||||||
Equity earnings (losses), net of income tax |
— |
— |
1 |
(9) |
— |
— |
— |
(8) |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(6) |
— |
(13) |
10 |
10 |
— |
— |
1 |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
304 |
$ |
261 |
$ |
92 |
$ |
39 |
$ |
34 |
$ |
28 |
$ |
(58) |
$ |
700 |
|||||||||||||||||
Six months ended June 30, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,983 |
$ |
1,650 |
$ |
785 |
$ |
285 |
$ |
13 |
$ |
220 |
$ |
(158) |
$ |
4,778 |
|||||||||||||||||
Cost of sales and other expenses |
(1,260) |
(1,111) |
(635) |
(168) |
(26) |
(490) |
128 |
(3,562) |
|||||||||||||||||||||||||
Depreciation and amortization |
(317) |
(234) |
(27) |
(32) |
(3) |
(25) |
(4) |
(642) |
|||||||||||||||||||||||||
Impairment losses |
— |
(22) |
— |
— |
— |
— |
— |
(22) |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
18 |
(26) |
— |
(8) |
|||||||||||||||||||||||||
Other income (expense), net |
27 |
16 |
7 |
(4) |
1 |
1 |
24 |
72 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
433 |
299 |
130 |
81 |
3 |
(320) |
(10) |
616 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(96) |
(47) |
(10) |
(5) |
1 |
11 |
(128) |
(274) |
|||||||||||||||||||||||||
Income tax (expense) benefit (3) |
(113) |
(54) |
(29) |
(28) |
22 |
128 |
72 |
(2) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
2 |
48 |
— |
— |
— |
50 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
12 |
— |
(12) |
(21) |
— |
— |
— |
(21) |
|||||||||||||||||||||||||
Earnings (losses) (3) |
$ |
236 |
$ |
198 |
$ |
81 |
$ |
75 |
$ |
26 |
$ |
(181) |
$ |
(66) |
$ |
369 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. | ||||||||||||||||||||||||||||||||
(3) |
As adjusted for the adoption of ASU 2016-09 as of January 1, 2016. |
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energys-second-quarter-2017-earnings-rise-300499690.html
SOURCE Sempra Energy
SAN DIEGO, Aug. 3, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), signed long-term contracts with a subsidiary of Valero Energy Corp. for the storage capacity of the liquid fuels marine terminal to be constructed in Veracruz and two inland storage facilities to be constructed in Puebla and Mexico City.
The three liquid fuels projects represent an estimated capital investment of U.S. $275 million. These facilities are IEnova's first ventures in Mexico's emerging $10 billion liquids market.
"These projects will lay a solid foundation for us to expand this new business line into additional terminal opportunities and liquids transportation investments," said Joseph A. Householder, corporate group president of infrastructure businesses for Sempra Energy. "We plan to continue to build our strategic relationships as projects such as these fit IEnova's and Sempra Energy's core competencies."
The 20-year concession agreement with the Port Authority of Veracruz awarded last month to develop, construct and operate a receipt, storage and send-out liquid fuels marine terminal also was signed today.
The Veracruz terminal will have a capacity of 1.4 million barrels of gasoline, diesel and jet fuel to supply the central region of Mexico. The two storage terminals to be built and operated by IEnova in Puebla and Mexico City will have initial storage capacities of approximately 500,000 barrels and 800,000 barrels, respectively.
IEnova will be responsible for the implementation of the projects, including permitting, engineering, procurement, construction, maintenance, financing and operations. IEnova expects the two inland storage terminals to be put in service in 2019, and the marine terminal, at the end of 2018.
After commercial operations, and subject to all relevant regulatory and corporate authorizations, as well as the approval of the Port Authority of Veracruz, Valero will have the option to acquire 50 percent of the equity in all three assets.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energys-ienova-unit-valero-sign-contracts-for-liquid-fuels-projects-in-mexico-300499613.html
SOURCE Sempra Energy
SAN DIEGO, July 24, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to release its second-quarter 2017 earnings at 8:30 a.m. EDT, Aug. 4.
Sempra Energy executives will conduct a conference call at 12 p.m. EDT, Aug. 4.
Briefing materials will be posted on the company's website, www.sempra.com, by 8:30 a.m. EDT, Aug. 4.
Investors, media, analysts and the public may listen to a live webcast of the conference call on Sempra Energy's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on the company's website, or by dialing (888) 203-1112 and entering passcode 4175144.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
[SRE-F]
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energy-to-report-second-quarter-2017-earnings-aug-4-300492634.html
SOURCE Sempra Energy
SAN DIEGO, July 12, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has been awarded a 20-year contract by the Veracruz Port Administration in Mexico to build and operate a receipt, storage and send-out liquid fuels marine terminal on the Mexican Gulf Coast.
With an expected investment of approximately $155 million, the new liquid fuels terminal will have a capacity of 1.4 million barrels of gasoline, diesel and jet fuel to supply the central region of Mexico. Operations are expected to commence in the second half of 2018.
"This project represents an exciting new market entry for IEnova in Mexico," said Joseph A. Householder, corporate group president of infrastructure businesses for Sempra Energy. "IEnova continues to position itself strategically to help develop Mexico's energy infrastructure."
IEnova will be responsible for the development of the liquid fuels terminal project, including obtaining permits, engineering, procurement, construction and financing, as well as maintenance and operations. IEnova estimates that the project will create approximately 500 direct jobs and up to 2,000 indirect jobs during construction.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energys-ienova-unit-awarded-155-million-liquid-fuels-project-in-veracruz-300487457.html
SOURCE Sempra Energy
SAN DIEGO, July 11, 2017 /PRNewswire/ -- Sempra Energy's Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), plans to release its second-quarter 2017 earnings at 7 p.m. EDT, July 26, in advance of a conference call with IEnova executives at 11 a.m. EDT, July 27.
Briefing materials will also be posted on IEnova's website, www.ienova.com.mx, by 7 p.m. EDT, July 26.
Investors, media, analysts and the public may listen to a live webcast of the conference call on IEnova's website, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion on the company's website, or by dialing 001-855-859-2056 and entering passcode 3594 1686#.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2016, the company has invested more than US$7 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova is the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
View original content with multimedia:http://www.prnewswire.com/news-releases/sempra-energys-ienova-unit-to-report-second-quarter-2017-earnings-july-26-300485671.html
SOURCE Sempra Energy
SAN DIEGO and PERTH, Australia, June 29, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) and Woodside Petroleum Ltd. (ASX: WPL, OTC: WOPEY) today announced that their respective subsidiaries, Sempra LNG & Midstream, LLC and Woodside Energy (USA), Inc., have signed a memorandum of understanding (MOU) with Korea Gas Corporation (KOGAS) regarding the development of the proposed Port Arthur LNG liquefaction project in Port Arthur, Texas.
The MOU provides a framework for cooperation and joint discussion by the parties regarding key aspects of the Port Arthur LNG project, including engineering and construction works, operations and maintenance activities, feed gas sourcing, offtake of liquefied natural gas (LNG) and KOGAS as a potential purchaser of LNG from, and equity participant in, the Port Arthur LNG project.
"We're pleased to be collaborating with one of the world's largest LNG buyers and importers," said Octávio M.C. Simões, president of Sempra LNG & Midstream. "KOGAS' expertise and knowledge of the LNG market will complement Sempra's and Woodside's extensive natural gas infrastructure development and combined marketing and operational experience to continue advancing the Port Arthur LNG project."
"Woodside is delighted to further our long-term relationship with KOGAS, one of the LNG industry's leading buyers and investors," said Reinhardt Matisons, executive vice president of marketing, trading and shipping for Woodside. "We look forward to working with KOGAS and other potential buyers to advance the Port Arthur LNG project."
In February 2016, Sempra LNG & Midstream, LLC and Woodside Energy (USA), Inc. signed a project development agreement that provides a framework for the sharing of costs of the Port Arthur LNG project related to the development, technical design, permitting and marketing of the proposed liquefaction project. The proposed Port Arthur LNG project is designed to include two natural gas liquefaction trains, LNG storage tanks, marine berths and ancillary facilities.
Ongoing development of the project is subject to risks and uncertainties and remains contingent upon: completing required commercial agreements; acquiring all necessary permits and approvals; securing financing commitments; securing potential incentives; and satisfying other conditions before making a final investment decision to proceed. The MOU does not commit any party to buy or sell LNG or otherwise participate in the Port Arthur LNG project.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
Woodside is Australia's largest independent oil and gas company with a global portfolio, recognized for its world-class capabilities – as an explorer, a developer, a producer and supplier of energy. Woodside's assets are renowned for their safety, reliability and efficiency, and Woodside is Australia's most experienced LNG operator. Woodside operates 8 percent of global LNG supply.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable legislation. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the U.S. Department of Energy, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency and Pipeline and Hazardous Materials Safety Administration, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which Sempra operates; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the availability of natural gas and liquefied natural gas, and natural gas pipeline and storage capacity; equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; risks posed by actions of third parties who control the operations of Sempra's investments, and risks that Sempra's partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt Sempra's operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject Sempra to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to storage and pipeline infrastructure, the information and systems used to operate Sempra's businesses; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make Sempra's exports less competitive or otherwise restrict Sempra's ability to export; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG & Midstream, LLC and Port Arthur LNG, LLC are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SOURCE Sempra Energy
LOS ANGELES, June 29, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today joined smart thermostat provider Nest to announce the preliminary results of last winter's Seasonal Savings program. Initial results from the energy efficiency pilot program indicate that Nest smart thermostat owners who participated in the program saved an average of 8 percent more on their home heating use this past winter than the average Nest customer without that program. The 8 percent savings, which collectively adds up to about as much natural gas as it would take to dry 2 million loads of laundry, comes on top of the 10-12 percent average savings on home heating and cooling already attributable to Nest thermostats in the United States.
From January to March 2017, more than 50,000 Nest thermostats participated in the program, which slowly fine-tuned temperatures in a customer's home heating schedule to help them save energy. Automated adjustments made through Seasonal Savings were less than one degree Fahrenheit, on average. These minor changes created more energy-efficient winter heating schedules and helped lower participants' natural gas bills without sacrificing personal preferences or comfort.
"For Southern Californians, conservation is part of our daily lives. From water to electricity, we have made great strides in being responsible stewards of our natural resources," said Lisa Alexander, SoCalGas vice president for customer solutions and communications. "With the introduction of thermostats that can learn our patterns and automatically adjust to our heating and cooling needs, we can collectively save a lot of energy and keep our homes comfortable."
"SoCalGas deployed Nest's Seasonal Savings program to provide our customers with an innovative, technology-driven approach to saving energy and money," said Aaron Berndt, head of west coast energy partnerships for Nest. "Our growing partnership will continue to deliver additional savings to customers while helping to conserve supplies of natural gas in a region where more than 90 percent of residents use gas to heat their homes."
Summer Electricity Demand Response Program Provides Up to $125 in Credits
While the Seasonal Savings season has ended, SoCalGas sponsors other initiatives that assist customers conserve energy year-round. The Save Power Days Program, for example, is a Southern California Edison (SCE) demand response program that offers registered smart thermostat users in SCE's service territory a $75 credit on their bill. They receive an extra $50 credit if they are also SoCalGas customers.
To be eligible for the bill credits, participants agree to allow their device to make minor temperature settings adjustments when SCE calls a Save Power Day event, which typically occurs on warmer days when electric usage peaks due to increased air conditioning use.
Owners of Nest thermostats, as well as several other select smart thermostat manufacturers, may apply. Click here for a complete list of eligible devices, as well as additional program and enrollment information.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About Nest
Nest's mission is to create a home that's thoughtful - one that takes care of itself and the people inside it. The company focuses on simple, beautiful and delightful hardware, software and services. The Nest Learning Thermostat and Nest Energy Services keep you comfortable and address home energy consumption. The Nest Protect smoke and carbon monoxide alarm helps keep you safe and Nest Safety Rewards lets you save money through participating home insurance providers, while Nest Cam keeps an eye on what matters most in your home.
Nest products are sold in the U.S., U.K., Canada, France, Belgium, Ireland and the Netherlands and are installed in more than 190 countries. The Nest Learning Thermostat has helped save approximately four billion kWh of energy to date. Through the Works with Nest program, third-party products can securely connect with Nest devices to make homes safer, more energy efficient, and more aware. For more information, visit www.nest.com.
SOURCE Southern California Gas Co.
SAN DIEGO, June 29, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today released its 2016 corporate responsibility report, outlining the company's responsible approach to providing safe and reliable energy service, and developing energy infrastructure.
"At Sempra Energy, we take great pride in improving lives with energy and innovation every day," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "Our latest corporate responsibility report chronicles our efforts to continue growing our businesses, developing new infrastructure and delivering energy in a responsible way."
The 2016 report, titled "Sustainable Growth," documents how Sempra Energy is actively addressing climate change and associated risks. Among the highlights:
Sempra Energy's corporate responsibility report detailing the company's efforts in the community, environment, reducing water use, safety and more is available online at www.sempra.com.
The Sempra Energy companies include Southern California Gas Co., San Diego Gas & Electric, Sempra Mexico, Sempra South America Utilities, Sempra LNG & Midstream and Sempra Renewables.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SOURCE Sempra Energy
SAN DIEGO, June 21, 2017 /PRNewswire/ -- The board of directors of Sempra Energy (NYSE:SRE) today declared a quarterly dividend of $0.8225 per share of common stock. The current dividend is payable July 15, 2017, to shareholders of record at the close of business on July 7, 2017.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same as the California Utilities, San Diego Gas & Electric Company (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
SOURCE Sempra Energy
SAN DIEGO, June 12, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) announced today that it has joined a consortium of more than 150 of the world's leading companies to sign on to the CEO Action for Diversity & Inclusion,™ the largest CEO-driven business commitment to advance diversity and inclusion in the workplace.
By signing on to this commitment, Debra L. Reed, Sempra Energy's chairman, president and CEO, is pledging to take action to cultivate a workplace where diverse perspectives and experiences are welcomed and respected, where employees feel encouraged to discuss diversity and inclusion, and where best practices can be shared across organizations to advance diversity and inclusion in the workplace.
"By working together toward diversity and inclusion within our workplaces, industries, and broader business community, we can cultivate real results that make our society better," said Reed. "It is for this reason that diversity and inclusion have long been part of the very fabric of our company."
Sempra Energy established a dedicated office of Diversity & Inclusion when the company was formed in 1998. This Diversity & Inclusion team develops programs at all levels of the company that support employees, suppliers and the communities where it operates. Sempra Energy was an early adopter of, and continues today to support, programs and policies for LGBT employees.
"When it comes to increasing diversity and inclusion, I don't think there is a single path to success. A common thread, however, is a commitment that never ends – one that becomes embedded in an organization's unique culture," added Reed.
"CEOs across the country understand this isn't a competitive issue, but a societal issue, and together we can raise the bar for the entire business community," said Tim Ryan, U.S. chairman and senior partner of PwC and chair of the steering committee for the CEO Action for Diversity & Inclusion.™ "By sharing best known actions and programs, we are helping to create a more inclusive environment that will encourage all of us to bring our greatest talents, perspectives, and experiences to the workplace."
The CEO Action for Diversity & Inclusion™ coalition represents more than 50 industries, every U.S. state and millions of employees globally.
Each CEO Action for Diversity & Inclusion™ signatory has committed to taking the following steps to increase diversity and foster inclusion within their respective organizations and the larger business community:
The CEO Action for Diversity & Inclusion™ is a step forward in advancing diversity and inclusion. To learn more about this initiative, visit CEOAction.com – a hub for information sharing, idea generation and program development. Read more about Sempra Energy's efforts to support diversity and inclusion at Sempra.com/diversity.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
SOURCE Sempra Energy
SAN DIEGO, June 6, 2017 /PRNewswire/ -- Top executives from Sempra Energy's Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), will provide an update on the company's strategy and financial goals at 9:30 a.m. EDT, June 13, in a live webcast of the IEnova financial analyst conference in New York City. Jeffrey W. Martin, executive vice president and chief financial officer of Sempra Energy, will also speak at the conference.
The live webcast and presentation slides will be available on the investor relations section of IEnova's website at www.ienova.com.mx/english/main.html. A replay of the conference will be available on the website within several hours after the conclusion of the event.
IEnova develops, builds and operates energy infrastructure in Mexico. As of the end of 2016, the company has invested more than US$7 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova is the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and IEnova are not the same as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
SOURCE Sempra Energy
LOS ANGELES, May 30, 2017 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: |
|
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on July 15, 2017, to shareholders of record on June 10, 2017.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
SOURCE Southern California Gas Company
RIVERSIDE, Calif., May 17, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today marked the establishment of a new Center for Renewable Natural Gas at the University of California, Riverside. The Center is the first academic establishment in the United States dedicated to the study and applied research of renewable gas technologies. It was funded in part by SoCalGas with a matching donation from the South Coast Air Quality Management District (SCAQMD) and the National Center for Sustainable Transportation (NCST) and is part of UC Riverside's Center for Environmental Research & Technology (CE-CERT).
Photos of the facility and ribbon-cutting can be found here.
Just like electricity, natural gas can be made from renewable sources. The Center will focus on improving technologies and removing barriers to increase renewable gas use in California and beyond. To do so it will conduct research on:
"Renewable gas can play a key role in reducing greenhouse gases and meeting California's renewable energy goals," said Lisa Alexander, vice president of customer solutions and communications for SoCalGas. "In California, the agriculture and waste industries produce a great deal of methane that could—and should—be used as renewable gas to heat homes, and fuel power plants and near-zero-emissions trucks. We applaud the leadership of the university in establishing an academic center to prove out and advance the technologies needed to develop renewable gas on a large scale in the state."
Arun Raju, director of the Center for Renewable Natural Gas, said this partnership will help California meet several Greenhouse Gas (GHG) and renewable energy targets.
"Renewable natural gas is an important alternative fuel that can help utilize local renewable resources and eliminate waste disposal problems. Through the Center for Renewable Natural Gas we will work with our partners in government and industry to advance research, development and demonstration towards increasing commercial RNG production and use," Raju said.
"We support the Center at UC Riverside because renewable natural gas deployment in near-zero emission trucks provides a triple win for the region: green jobs, sustainable transportation and lower tailpipe emissions," said Wayne Nastri, executive officer for the South Coast Air Quality Management District.
Renewable gas is produced from decomposing organic waste from dairies, agriculture, landfills, wastewater treatment plants and other sources. This methane can be harnessed to significantly reduce greenhouse gas emissions and create additional renewable energy. California could produce enough renewable gas each year to replace 75 percent of the smog-producing diesel fuel used by vehicles in our state. Just like fossil natural gas, renewable gas can be stored and delivered through existing infrastructure.
About Southern California Gas Co.
Headquartered in Los Angeles, SoCalGas® is the largest natural gas distribution utility in the United States, providing clean, safe, affordable and reliable natural gas service to 21.7 million customers in Central and Southern California. Its service territory spans 22,000 square miles from Fresno to the Mexican border, reaching more than 550 communities through 5.9 million meters and 101,000 miles of pipeline. More than 90 percent of Southern California single-family home residents use natural gas for home heat and hot water. In addition, natural gas plays a key role in providing electricity to Californians—about 60 percent of electric power generated in the state comes from gas-fired power plants.
SoCalGas has served communities in California for 150 years and is committed to being a leader in the region's clean energy future. The company has committed to spending $6 billion over the next five years to modernize and upgrade its gas infrastructure, while also reducing methane emissions. SoCalGas is working to accelerate the use of renewable natural gas, a carbon-neutral or carbon-negative fuel created by capturing and conditioning greenhouse gas emissions from farms, landfills and wastewater treatment plants. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About the University of California, Riverside
The University of California, Riverside (www.ucr.edu) is a doctoral research university, a living laboratory for groundbreaking exploration of issues critical to Inland Southern California, the state and communities around the world. Reflecting California's diverse culture, UCR's enrollment is now nearly 23,000 students. The campus opened a medical school in 2013 and has reached the heart of the Coachella Valley by way of the UCR Palm Desert Center. The campus has an annual statewide economic impact of more than $1 billion.
SOURCE Southern California Gas Co.
SAN DIEGO, May 17, 2017 /PRNewswire/ -- Achieving a healthier future takes the commitment of an entire community, which is why today, San Diego Gas & Electric (SDG&E) honored eight local area businesses who are leading the way in implementing innovative solutions to reduce their energy use. The annual Energy Champion Awards recognizes forward-thinking businesses that have made significant achievements in energy efficiency, sustainability and conservation, as they partner with SDG&E to support the region's efforts to build healthier communities.
"Today is about recognizing the businesses that work hard each and every day to reduce their energy use and create a better and more sustainable future for our region," said Caroline Winn, chief operating officer for SDG&E. "The businesses being recognized have shown real results – they are proof that embracing innovative solutions leads to more efficient use of energy, and we're proud to have played a role in helping them achieve success."
The signature Energy Showcase award, the 2017 Grand Energy Champion, was presented to Sharp HealthCare for its continuous commitment to implementing energy efficiency measures that not only result in monetary savings for the business but also help protect the planet. Sharp HealthCare was the first non-profit healthcare leader in San Diego to install electric vehicle charging infrastructure at three of its locations, saving its employees and patients approximately 3,700 gallons of fuel in 2016 – the equivalent of about 20,000 pounds of carbon emissions.
"SDG&E has been a critical partner in reducing our energy usage," said Donna Serpico-Thompson, vice president of business development at Sharp HealthCare. "Every dollar saved is used to benefit the communities that we serve."
In addition, the following local organizations were recognized for their outstanding energy efficiency efforts during today's awards ceremony:
The commendable efforts of these eight businesses not only saved more than 6 million kilowatt hours (kWh) of electricity and 10,866 therms of natural gas — enough to power nearly 455 homes — but the effects are tangible throughout the community. One example is the San Diego Food Bank, whose energy savings will allow them to provide 875,000 additional meals to those in need and puts them on the path to becoming the greenest food bank in America. Watch videos highlighting the success stories of the Energy Champions at sdge.com/energyshowcase.
SDG&E's annual free Energy Showcase at the San Diego Convention Center is attended by hundreds of people and businesses in the community. This year, more than 70 exhibitors showcased cutting-edge technologies and smart solutions to help business and residential customers save energy and money. Visitors also had the opportunity to learn how to join the more than 24,000 electric vehicle drivers or be one of the over 110,000 customers with private solar in the County.
If you're a business owner and would like to learn more on how to save, visit sdge.com/good4biz for more information on ways to save money every day or call the Energy Savings Center at 800-644-6133 from 8 a.m. to 5 p.m., Monday through Friday, to talk to an energy service specialist.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,000 employees work to provide the cleanest and most reliable energy in the West. The company was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports a number of non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric (SDG&E)
SAN DIEGO, May 9, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported first-quarter 2017 earnings of $441 million, or $1.75 per diluted share, up from $353 million, or $1.40 per diluted share, in the first quarter 2016.
"Our strong first-quarter results keep us on track to meet our 2017 earnings guidance," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "As we outlined at our analyst conference last month, we are executing on our strategic plan to grow our earnings at about twice the average rate of our utility peers from 2017 through 2021."
All earnings, adjusted earnings, earnings per share and adjusted earnings per share for 2016 have been recast to reflect the adoption of a share-based compensation accounting standard in 2016. Additionally, first-quarter 2016 results for Southern California Gas Co. (SoCalGas) and San Diego Gas & Electric (SDG&E) did not include revenue from their 2016-18 General Rate Case, as the California Public Utilities Commission (CPUC) did not issue its final decision until last year's second quarter.
Sempra Energy's first-quarter adjusted earnings were $438 million, or $1.74 per diluted share, in 2017, up from $404 million, or $1.60 per diluted share, in 2016. Last year's adjusted first-quarter results excluded a $27 million after-tax loss related to the previously announced agreement to sell Sempra LNG & Midstream's stake in the Rockies Express Pipeline (REX) and $24 million of deferred tax expense related to the planned Termoeléctrica de Mexicali (TdM) power plant sale. Sempra Energy's adjusted first-quarter 2017 results excluded a $3 million deferred tax benefit related to the planned sale of TdM.
SEMPRA UTILITIES
Southern California Gas Co.
Earnings for SoCalGas were $203 million in the first quarter 2017, compared with $199 million in the first quarter 2016.
San Diego Gas & Electric
First-quarter earnings for SDG&E were $155 million in 2017, compared with $136 million in 2016, due primarily to higher CPUC base margin and lower operating expenses.
Sempra South American Utilities
Earnings for Sempra South American Utilities were $47 million in the first quarter 2017, compared with $38 million in the first quarter 2016, primarily due to higher operating earnings in Peru.
SEMPRA INFRASTRUCTURE
Sempra Mexico
Sempra Mexico had first-quarter earnings of $48 million in 2017, compared with $18 million in 2016, due primarily to the $24 million in deferred tax expense in 2016 related to the planned TdM sale, offset by unfavorable foreign-currency and inflation impacts in 2017. Additionally, Sempra Mexico benefited in the first quarter 2017 from incremental operating earnings from subsidiary IEnova's acquisitions late last year of the Ventika wind farm complex and PEMEX's stake in the Gasoductos de Chihuahua joint venture, and higher regulatory earnings from projects in construction.
Sempra Renewables
First-quarter 2017 earnings for Sempra Renewables were $11 million, compared with $14 million in last year's first quarter.
Sempra LNG & Midstream
Sempra LNG & Midstream had earnings of $1 million in the first quarter 2017, compared with a loss of $32 million in the first quarter 2016, primarily due to the $27 million after-tax loss in 2016 related to the agreement to sell its stake in REX.
EARNINGS GUIDANCE
Sempra Energy today reaffirmed its 2017 earnings-per-share guidance range of $4.85 to $5.25.
NON-GAAP FINANCIAL MEASURES
First-quarter adjusted earnings and adjusted earnings per share for both 2017 and 2016 are non-GAAP financial measures. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the first-quarter financial tables.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EDT with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 2862957.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and IEnova are not the same as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
SEMPRA ENERGY | ||||||||
Table A | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
Three months ended | ||||||||
(Dollars in millions, except per share amounts) |
2017 |
2016(1) | ||||||
(unaudited) | ||||||||
REVENUES |
||||||||
Utilities |
$ |
2,698 |
$ |
2,442 |
||||
Energy-related businesses |
333 |
180 |
||||||
Total revenues |
3,031 |
2,622 |
||||||
EXPENSES AND OTHER INCOME |
||||||||
Utilities: |
||||||||
Cost of electric fuel and purchased power |
(527) |
(515) |
||||||
Cost of natural gas |
(485) |
(311) |
||||||
Energy-related businesses: |
||||||||
Cost of natural gas, electric fuel and purchased power |
(67) |
(56) |
||||||
Other cost of sales |
(22) |
(35) |
||||||
Operation and maintenance |
(714) |
(701) |
||||||
Depreciation and amortization |
(360) |
(328) |
||||||
Franchise fees and other taxes |
(110) |
(111) |
||||||
Equity earnings (losses), before income tax |
3 |
(22) |
||||||
Other income, net |
169 |
49 |
||||||
Interest income |
6 |
6 |
||||||
Interest expense |
(169) |
(143) |
||||||
Income before income taxes and equity (losses) earnings of certain unconsolidated subsidiaries |
755 |
455 |
||||||
Income tax expense |
(295) |
(108) |
||||||
Equity (losses) earnings, net of income tax |
(8) |
17 |
||||||
Net income |
452 |
364 |
||||||
Earnings attributable to noncontrolling interests |
(11) |
(11) |
||||||
Earnings |
$ |
441 |
$ |
353 |
||||
Basic earnings per common share |
$ |
1.76 |
$ |
1.41 |
||||
Weighted-average number of shares outstanding, basic (thousands) |
251,131 |
249,734 |
||||||
Diluted earnings per common share |
$ |
1.75 |
$ |
1.40 |
||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,246 |
251,487 |
||||||
Dividends declared per share of common stock |
$ |
0.82 |
$ |
0.76 |
(1) |
As adjusted for the adoption of ASU 2016-09 as of January 1, 2016. |
SEMPRA ENERGY | ||||||||||||||||||||||||||||
Table A (Continued) | ||||||||||||||||||||||||||||
RECONCILIATION OF SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS (Unaudited) | ||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude items (after the effects of taxes and, if applicable, noncontrolling interests) in 2017 and 2016 as follows: | ||||||||||||||||||||||||||||
Three months ended March 31, 2017: | ||||||||||||||||||||||||||||
▪ |
$3 million deferred income tax benefit on Sempra Mexico's Termoeléctrica de Mexicali (TdM) natural gas-fired power plant that is held for sale | |||||||||||||||||||||||||||
Three months ended March 31, 2016: | ||||||||||||||||||||||||||||
▪ |
$(27) million impairment charge related to Sempra LNG & Midstream's investment in Rockies Express Pipeline LLC (Rockies Express) | |||||||||||||||||||||||||||
▪ |
$(24) million deferred income tax expense on the TdM natural gas-fired power plant that is held for sale | |||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and nature of these items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2017 to 2016 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy Earnings and Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. |
Pretax |
Income tax |
Non- |
Earnings |
Pretax |
Income tax |
Non- |
Earnings |
||||||||||||||||||||
(Dollars in millions, except per share amounts) |
Three months ended March 31, 2017 |
Three months ended March 31, 2016(2) |
|||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
441 |
$ |
353 |
|||||||||||||||||||||||
Exclude: |
|||||||||||||||||||||||||||
Impairment of investment in Rockies Express |
$ |
— |
$ |
— |
$ |
— |
— |
$ |
44 |
$ |
(17) |
$ |
— |
27 |
|||||||||||||
Deferred income tax (benefit) expense associated with TdM |
— |
(5) |
2 |
(3) |
— |
29 |
(5) |
24 |
|||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
438 |
$ |
404 |
|||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
1.75 |
$ |
1.40 |
|||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1.74 |
$ |
1.60 |
|||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,246 |
251,487 |
(1) |
Income taxes were calculated based on applicable statutory tax rates, except for adjustments that are solely income tax. Income taxes associated with TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. | ||||||||||||||||||||||||||
(2) |
Reflects the adoption of ASU 2016-09 as of January 1, 2016. |
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) |
March 31, |
December 31, | ||||||||
(unaudited) |
||||||||||
Assets |
||||||||||
Current assets: |
||||||||||
Cash and cash equivalents |
$ |
290 |
$ |
349 |
||||||
Restricted cash |
72 |
66 |
||||||||
Accounts receivable, net |
1,468 |
1,554 |
||||||||
Due from unconsolidated affiliates |
24 |
26 |
||||||||
Income taxes receivable |
65 |
43 |
||||||||
Inventories |
210 |
258 |
||||||||
Regulatory balancing accounts – undercollected |
202 |
259 |
||||||||
Fixed-price contracts and other derivatives |
161 |
83 |
||||||||
Assets held for sale |
196 |
201 |
||||||||
Other |
265 |
271 |
||||||||
Total current assets |
2,953 |
3,110 |
||||||||
Other assets: |
||||||||||
Restricted cash |
5 |
10 |
||||||||
Due from unconsolidated affiliates |
187 |
201 |
||||||||
Regulatory assets |
3,503 |
3,414 |
||||||||
Nuclear decommissioning trusts |
1,062 |
1,026 |
||||||||
Investments |
2,120 |
2,097 |
||||||||
Goodwill |
2,380 |
2,364 |
||||||||
Other intangible assets |
544 |
548 |
||||||||
Dedicated assets in support of certain benefit plans |
412 |
430 |
||||||||
Insurance receivable for Aliso Canyon costs |
621 |
606 |
||||||||
Deferred income taxes |
188 |
234 |
||||||||
Sundry |
817 |
815 |
||||||||
Total other assets |
11,839 |
11,745 |
||||||||
Property, plant and equipment, net |
33,492 |
32,931 |
||||||||
Total assets |
$ |
48,284 |
$ |
47,786 |
||||||
Liabilities and Equity |
||||||||||
Current liabilities: |
||||||||||
Short-term debt |
$ |
2,054 |
$ |
1,779 |
||||||
Accounts payable |
1,092 |
1,476 |
||||||||
Due to unconsolidated affiliates |
13 |
11 |
||||||||
Dividends and interest payable |
382 |
319 |
||||||||
Accrued compensation and benefits |
239 |
409 |
||||||||
Regulatory balancing accounts – overcollected |
189 |
122 |
||||||||
Current portion of long-term debt |
839 |
913 |
||||||||
Fixed-price contracts and other derivatives |
115 |
83 |
||||||||
Customer deposits |
160 |
158 |
||||||||
Reserve for Aliso Canyon costs |
49 |
53 |
||||||||
Liabilities held for sale |
40 |
47 |
||||||||
Other |
640 |
557 |
||||||||
Total current liabilities |
5,812 |
5,927 |
||||||||
Long-term debt |
14,409 |
14,429 |
||||||||
Deferred credits and other liabilities: |
||||||||||
Customer advances for construction |
145 |
152 |
||||||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,212 |
1,208 |
||||||||
Deferred income taxes |
4,025 |
3,745 |
||||||||
Deferred investment tax credits |
26 |
28 |
||||||||
Regulatory liabilities arising from removal obligations |
2,761 |
2,697 |
||||||||
Asset retirement obligations |
2,455 |
2,431 |
||||||||
Fixed-price contracts and other derivatives |
343 |
405 |
||||||||
Deferred credits and other |
1,527 |
1,523 |
||||||||
Total deferred credits and other liabilities |
12,494 |
12,189 |
||||||||
Equity: |
||||||||||
Total Sempra Energy shareholders' equity |
13,264 |
12,951 |
||||||||
Preferred stock of subsidiary |
20 |
20 |
||||||||
Other noncontrolling interests |
2,285 |
2,270 |
||||||||
Total equity |
15,569 |
15,241 |
||||||||
Total liabilities and equity |
$ |
48,284 |
$ |
47,786 |
(1) |
Derived from audited financial statements. |
SEMPRA ENERGY | ||||||||||
Table C | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
Three months ended March 31, | ||||||||||
(Dollars in millions) |
2017 |
2016(1) | ||||||||
(unaudited) | ||||||||||
Cash Flows from Operating Activities |
||||||||||
Net income |
$ |
452 |
$ |
364 |
||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||
Depreciation and amortization |
360 |
328 |
||||||||
Deferred income taxes and investment tax credits |
268 |
78 |
||||||||
Equity losses |
5 |
5 |
||||||||
Fixed-price contracts and other derivatives |
(106) |
4 |
||||||||
Other |
(22) |
36 |
||||||||
Net change in other working capital components |
84 |
165 |
||||||||
Insurance receivable for Aliso Canyon costs |
(15) |
(335) |
||||||||
Changes in other assets |
(41) |
(29) |
||||||||
Changes in other liabilities |
19 |
10 |
||||||||
Net cash provided by operating activities |
1,004 |
626 |
||||||||
Cash Flows from Investing Activities |
||||||||||
Expenditures for property, plant and equipment |
(992) |
(971) |
||||||||
Expenditures for investments |
(59) |
(30) |
||||||||
Distributions from investments |
17 |
9 |
||||||||
Purchases of nuclear decommissioning and other trust assets |
(350) |
(94) |
||||||||
Proceeds from sales by nuclear decommissioning and other trusts |
357 |
93 |
||||||||
Increases in restricted cash |
(93) |
(16) |
||||||||
Decreases in restricted cash |
93 |
20 |
||||||||
Advances to unconsolidated affiliates |
(5) |
(6) |
||||||||
Repayments of advances to unconsolidated affiliates |
2 |
9 |
||||||||
Other |
4 |
(3) |
||||||||
Net cash used in investing activities |
(1,026) |
(989) |
||||||||
Cash Flows from Financing Activities |
||||||||||
Common dividends paid |
(176) |
(161) |
||||||||
Issuances of common stock |
17 |
15 |
||||||||
Repurchases of common stock |
(14) |
(54) |
||||||||
Issuances of debt (maturities greater than 90 days) |
542 |
55 |
||||||||
Payments on debt (maturities greater than 90 days) |
(313) |
(54) |
||||||||
(Decrease) increase in short-term debt, net |
(97) |
531 |
||||||||
Other |
(5) |
(2) |
||||||||
Net cash (used in) provided by financing activities |
(46) |
330 |
||||||||
Effect of exchange rate changes on cash and cash equivalents |
9 |
6 |
||||||||
Decrease in cash and cash equivalents |
(59) |
(27) |
||||||||
Cash and cash equivalents, January 1 |
349 |
403 |
||||||||
Cash and cash equivalents, March 31 |
$ |
290 |
$ |
376 |
(1) |
As adjusted for the adoption of ASU 2016-09 as of January 1, 2016. |
SEMPRA ENERGY | ||||||||||
Table D | ||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES AND INVESTMENTS | ||||||||||
Three months ended | ||||||||||
(Dollars in millions) |
2017 |
2016(1) | ||||||||
(unaudited) | ||||||||||
Earnings (Losses) |
||||||||||
Sempra Utilities: |
||||||||||
San Diego Gas & Electric |
$ |
155 |
$ |
136 |
||||||
Southern California Gas |
203 |
199 |
||||||||
Sempra South American Utilities |
47 |
38 |
||||||||
Sempra Infrastructure: |
||||||||||
Sempra Mexico |
48 |
18 |
||||||||
Sempra Renewables |
11 |
14 |
||||||||
Sempra LNG & Midstream |
1 |
(32) |
||||||||
Parent and other |
(24) |
(20) |
||||||||
Earnings |
$ |
441 |
$ |
353 |
||||||
Three months ended | ||||||||||
(Dollars in millions) |
2017 |
2016 | ||||||||
(unaudited) | ||||||||||
Capital Expenditures and Investments |
||||||||||
Sempra Utilities: |
||||||||||
San Diego Gas & Electric |
$ |
418 |
$ |
329 |
||||||
Southern California Gas |
357 |
340 |
||||||||
Sempra South American Utilities |
43 |
43 |
||||||||
Sempra Infrastructure: |
||||||||||
Sempra Mexico |
140 |
40 |
||||||||
Sempra Renewables |
69 |
199 |
||||||||
Sempra LNG & Midstream |
15 |
47 |
||||||||
Parent and other |
9 |
3 |
||||||||
Consolidated Capital Expenditures and Investments |
$ |
1,051 |
$ |
1,001 |
(1) |
As adjusted for the adoption of ASU 2016-09 as of January 1, 2016. |
SEMPRA ENERGY | ||||||||
Table E | ||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||
Three months ended | ||||||||
UTILITIES |
2017 |
2016 | ||||||
SDG&E and SoCalGas |
||||||||
Gas Sales (Bcf)(1) |
126 |
113 |
||||||
Transportation (Bcf)(1) |
156 |
148 |
||||||
Total Deliveries (Bcf)(1) |
282 |
261 |
||||||
Total Gas Customers (Thousands) |
6,816 |
6,782 |
||||||
Electric Sales (Millions of kWhs)(1) |
3,764 |
3,773 |
||||||
Direct Access (Millions of kWhs) |
787 |
834 |
||||||
Total Deliveries (Millions of kWhs)(1) |
4,551 |
4,607 |
||||||
Total Electric Customers (Thousands) |
1,436 |
1,428 |
||||||
Other Utilities |
||||||||
Natural Gas Sales (Bcf) |
||||||||
Sempra Mexico |
8 |
8 |
||||||
Mobile Gas(2) (3) |
— |
13 |
||||||
Willmut Gas(3) |
— |
1 |
||||||
Natural Gas Customers (Thousands) |
||||||||
Sempra Mexico |
119 |
114 |
||||||
Mobile Gas(2) (3) |
— |
84 |
||||||
Willmut Gas(3) |
— |
19 |
||||||
Electric Sales (Millions of kWhs) |
||||||||
Peru |
1,894 |
1,949 |
||||||
Chile |
811 |
799 |
||||||
Electric Customers (Thousands) |
||||||||
Peru |
1,080 |
1,058 |
||||||
Chile |
689 |
675 |
||||||
ENERGY-RELATED BUSINESSES |
||||||||
Sempra Infrastructure |
||||||||
Power Sold (Millions of kWhs) |
||||||||
Sempra Mexico(4) |
1,055 |
580 |
||||||
Sempra Renewables(5) |
1,014 |
767 |
||||||
Sempra LNG & Midstream |
265 |
221 |
(1) |
Includes intercompany sales. | |||||||
(2) |
Includes transportation. | |||||||
(3) |
On September 12, 2016, Sempra LNG & Midstream completed the sale of the parent company of Mobile Gas and Willmut Gas. | |||||||
(4) |
Includes power sold at the Termoeléctrica de Mexicali natural gas-fired power plant and in 2017, at the Ventika wind power generation facilities acquired in December 2016. Also includes 50 percent of total power sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. | |||||||
(5) |
Includes 50 percent of total power sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2017 | |||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,057 |
$ |
1,241 |
$ |
412 |
$ |
264 |
$ |
22 |
$ |
132 |
$ |
(97) |
$ |
3,031 |
|||||||||||||||||
Cost of sales and other expenses |
(616) |
(800) |
(326) |
(121) |
(15) |
(128) |
81 |
(1,925) |
|||||||||||||||||||||||||
Depreciation and amortization |
(163) |
(126) |
(13) |
(36) |
(9) |
(10) |
(3) |
(360) |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
2 |
1 |
— |
3 |
|||||||||||||||||||||||||
Other income, net |
18 |
11 |
3 |
127 |
— |
1 |
9 |
169 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
296 |
326 |
76 |
234 |
— |
(4) |
(10) |
918 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(49) |
(25) |
(4) |
(30) |
(3) |
6 |
(58) |
(163) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(90) |
(98) |
(19) |
(142) |
11 |
(1) |
44 |
(295) |
|||||||||||||||||||||||||
Equity earnings (losses), net of income tax |
— |
— |
1 |
(9) |
— |
— |
— |
(8) |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(2) |
— |
(7) |
(5) |
3 |
— |
— |
(11) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
155 |
$ |
203 |
$ |
47 |
$ |
48 |
$ |
11 |
$ |
1 |
$ |
(24) |
$ |
441 |
|||||||||||||||||
Three months ended March 31, 2016 | |||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
991 |
$ |
1,033 |
$ |
400 |
$ |
138 |
$ |
7 |
$ |
130 |
$ |
(77) |
$ |
2,622 |
|||||||||||||||||
Cost of sales and other expenses |
(596) |
(617) |
(329) |
(82) |
(13) |
(154) |
62 |
(1,729) |
|||||||||||||||||||||||||
Depreciation and amortization |
(159) |
(122) |
(13) |
(17) |
(1) |
(13) |
(3) |
(328) |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
7 |
(29) |
— |
(22) |
|||||||||||||||||||||||||
Other income, net |
14 |
10 |
2 |
11 |
— |
— |
12 |
49 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
250 |
304 |
60 |
50 |
— |
(66) |
(6) |
592 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(48) |
(22) |
(4) |
(2) |
1 |
4 |
(66) |
(137) |
|||||||||||||||||||||||||
Income tax (expense) benefit (3) |
(65) |
(83) |
(14) |
(40) |
13 |
29 |
52 |
(108) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
2 |
15 |
— |
— |
— |
17 |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(1) |
— |
(6) |
(5) |
— |
1 |
— |
(11) |
|||||||||||||||||||||||||
Earnings(losses) (3) |
$ |
136 |
$ |
199 |
$ |
38 |
$ |
18 |
$ |
14 |
$ |
(32) |
$ |
(20) |
$ |
353 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. | ||||||||||||||||||||||||||||||||
(3) |
As adjusted for the adoption of ASU 2016-09 as of January 1, 2016. |
SOURCE Sempra Energy
SAN DIEGO, April 28, 2017 /PRNewswire/ -- Today, many Americans will take action to improve their communities by planting a tree in support of the Arbor Day Foundation's National Arbor Day. As the tree celebrations begin, SDG&E is reminding customers and landscapers to plant the "Right Tree in the Right Place" and to practice safe digging by calling 8-1-1, a free service to identify area utility lines, before planting.
"Healthy trees help clean the air we breathe, prevent erosion and conserve watersheds," said John Jenkins, Vice President of Electric Engineering and Construction. "We want to make sure our customers stay safe as they get to work planting a tree. First, choose a spot where there are no power lines or utility boxes nearby. Second, call 8-1-1 to make sure you're not going to accidentally damage any utility lines in the ground below – water, electric, gas, or cable."
Trees play an integral part in creating a cleaner, greener and healthier future. SDG&E has built an award-winning vegetation management team, earning the Arbor Day Foundation's distinction as a Tree Line USA® Utility for the last 15 years. This team takes great care to trim the trees within SDG&E's service community to help reduce the risk of tree-related power outages, fire and other impacts to the energy grid.
Customers can help by being mindful of energy infrastructure before planting a tree. SDG&E asks that all customers consider the future growth of the tree in mind when identifying a safe planting spot.
Call 8-1-1
Underground Service Alert can be reached for free by dialing 8-1-1, two days before the start of digging. By calling 8-1-1 contractors and customers will receive visual markings for all electric lines, natural gas pipes and cables in the area to help avoid damaging any infrastructure while digging. If at any time there is concern of a gas emergency, immediately evacuate the area where the leak is suspected and from a safe location call SDG&E at (800) 411-7343. For more safety information, visit sdge.com/safety.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,000 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports a number of non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric (SDG&E)
SAN DIEGO, April 25, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to announce its first-quarter 2017 earnings at 8:30 a.m. EDT, May 9.
Sempra Energy executives will conduct a conference call at 12 p.m. EDT, May 9.
Investors, media, analysts and the general public may listen to a live webcast of the conference call at the company's website, www.sempra.com, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 2862957.
Briefing materials will be posted on the company's website by 8:30 a.m. EDT, May 9.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
[SRE-F]
SOURCE Sempra Energy
SAN DIEGO, April 12, 2017 /PRNewswire/ -- Sempra Energy's Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), will announce its first-quarter 2017 earnings at 7 p.m. EDT, April 25.
IEnova executives will conduct a conference call at 11 a.m. EDT, April 26.
Investors, media, analysts and the general public may listen to a live webcast of the conference call at IEnova's website, www.ienova.com.mx, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing 001-855-859-2056 and entering passcode 8854 2014#.
Briefing materials will be posted on IEnova's website by 7 p.m. EDT, April 25.
IEnova develops, builds and operates energy infrastructure in Mexico. As of 2016, the company has invested more than US$7 billion in operating assets and projects under construction in Mexico, making it one of the largest private energy companies in the country. IEnova is the first energy infrastructure company to be listed in the Mexican Stock Exchange.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and IEnova are not the same as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SOURCE Sempra Energy
SAN DIEGO, April 5, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today updated its financial outlook in advance of its 2017 financial analyst conference in San Diego.
During a live webcast at 12 p.m. EDT today, Sempra Energy's management team will outline the company's strategic initiatives and disclose a projected long-term compound annual earnings-per-share (EPS) growth rate of 10 percent to 11 percent from 2017 through 2021.
Also today, Sempra Energy reaffirmed its 2017 earnings-per-share guidance range of $4.85 to $5.25 and set its 2018 earnings-per-share guidance range at $5.30 to $5.80.
Over the next five years, the company expects to invest approximately $14.2 billion in its utility and energy infrastructure businesses. At today's conference, Sempra Energy's management team will detail capital-expenditure plans and forecasted earnings by individual business segments.
The live webcast and presentation slides will be available on the investor's section of Sempra Energy's website at www.sempra.com. A replay of the conference will be available on the website within 24 hours after the conference.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and IEnova are not the same as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
[SRE-F]
SOURCE Sempra Energy
SAN DIEGO, April 3, 2017 /PRNewswire/ -- In March, San Diego Gas & Electric (SDG&E) reported that the company achieved the highest level of spending with diverse businesses in the company's history. In 2016, SDG&E purchased 43 percent, or nearly $619 million, of goods and services from diverse suppliers. This also marks the fourth consecutive year that SDG&E's supplier diversity spending surpassed 40 percent, far exceeding the California Public Utilities Commission's goal of 21.5 percent.
The company's supplier diversity efforts are a cornerstone of SDG&E's efforts to create a culture that promotes different perspectives, backgrounds and experiences in an inclusive and respectful manner. Diverse Business Enterprises (DBE) includes women, minority, service-disabled veteran, and lesbian, gay, bisexual, transgender owned businesses.
"We believe this culture not only produces better business decisions, it represents our customers, suppliers, and the communities we serve," said Denita Willoughby, SDG&E's vice president, supply management & logistics. "Every supplier must align with our mission, to improve our communities, by creating value through helping us reduce costs, drive innovation, reduce risk, and improve safety."
SDG&E believes that partnering with diverse businesses – creating more opportunities for them to grow and thrive – is driving the community's economy and generating new jobs.
DBE-certified businesses have played a key role in advancing SDG&E efforts to build the cleanest, safest, most reliable energy company in America. 2016 Highlights include:
Read more about SDG&E's 2016 Annual report to learn more about the SDG&E's supplier diversity program and 2016 results.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,000 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports a number of non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric (SDG&E)
IRVINE, Calif., March 30, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that new research on power-to-gas technology shows the technique holds the ability to dramatically increase the use of intermittent renewable energy. The finding came out of ongoing research conducted at the University of California, Irvine (UCI) and funded by SoCalGas. Preliminary research findings, announced this week at UCI's International Colloquium on Environmentally Preferred Advanced Generation (ICEPAG), demonstrated that the campus microgrid could increase the portion of renewable energy it uses from 3.5 percent to 35 percent by implementing a power-to-gas strategy. Photos of the power-to-gas equipment and the colloquium are available here.
"This research clearly shows that power-to-gas technology can increase the use of renewable energy and should be an important component in meeting California's clean energy and greenhouse gas reduction goals," said Jeff Reed, director of business strategy and advanced technology at SoCalGas.
"The ability to increase the mix of renewables on campus by tenfold is truly significant," said Jack Brouwer, associate professor of mechanical & aerospace engineering and civil & environmental engineering at UCI and associate director of the Advanced Power & Energy Program (APEP). "With power-to-gas technology, you don't need to stop renewable power generation when demand is low. Instead, the excess electricity can be used to make hydrogen that can be integrated into existing natural gas pipeline infrastructure and stored for later use. The Southern California Gas Company system alone is made up of over 100,000 miles of pipeline. This study suggests that we could leverage that installed infrastructure for storage and significantly increase the amount of renewable power generation deployed in California."
Power-to-gas technology takes excess renewable electricity which would otherwise go to waste and converts it to hydrogen, which can then be blended with natural gas and utilized in everything from home appliances to power plants. A five percent blend of hydrogen in SoCalGas' natural gas system would provide storage capacity equivalent to $130 billion worth of battery systems if purchased at the U.S. Department of Energy future cost of $200 per kilowatt hour. Renewable hydrogen can also be used in hydrogen fuel cell vehicles or converted to methane for use in a natural gas pipeline and storage system.
The conversion of renewable electricity to hydrogen enables long-term storage of large amounts of carbon-free power. Scientists note this is a significant advantage over lithium ion batteries, which store energy for shorter time periods and will require extensive construction of battery systems and infrastructure.
The new finding comes from a pilot project begun with funding from SoCalGas and the participation of Proton OnSite, which manufactured the electrolyzer that produces hydrogen from electricity and water. UCI engineers and graduate students have been working to determine how beneficial the technology might be and its feasibility for statewide or regional power grids. Power-to-gas systems are currently in place in Germany and Canada.
The study used data from the UCI campus microgrid, which includes solar panels that produce about 4 megawatts of peak power. Simulations showed that by storing excess solar power on sunny days and using an electrolyzer to produce renewable hydrogen, the microgrid could support an additional 30 megawatts of solar panels. The increased solar deployment raised the fraction of renewable power used on campus from 3.5 percent to 35 percent.
About Southern California Gas Co.
SoCalGas has been delivering clean, safe and reliable natural gas to its customers for 150 years. It is the nation's largest natural gas distribution utility, providing service to 21.7 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses about 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Co.
LOS ANGELES, March 29, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and waste management company CR&R Environmental today announced that renewable natural gas from CR&R's anaerobic digestion facility in Perris, California is now being used to fuel CR&R's waste-hauling trucks. The trucks are being fueled from special storage trailers while SoCalGas completes a 1.4-mile pipeline that will bring the carbon-neutral renewable natural gas into the SoCalGas distribution system. This will be the first time that renewable natural gas supply will be directly interconnected with and piped into the SoCalGas system. SoCalGas' connecting pipeline and the cleanup system to produce the renewable natural gas have been paid for by CR&R Environmental with grant support from the California Energy Commission, CalRecycle, and the South Coast Air Quality Management District (SCAQMD). Photos of the pipeline under construction may be found here.
The pipeline is scheduled to be completed in early April and will extend from an existing SoCalGas pipeline to CR&R's newly completed digestion facility. Once SoCalGas completes construction of its measurement, monitoring, and control equipment—slated for early June—renewable natural gas from the digestion facility will be piped into SoCalGas' pipeline system for distribution to CR&R natural gas fueling sites and other natural gas fueling facilities. Up to 320 of CR&R's recycling and waste collection vehicles operating in Southern California will use this zero-carbon fuel.
CR&R's Perris anaerobic digester, supplied exclusively in California to CR&R by Eisenmann USA and Greenlane Biogas, uses source-separated organic waste collected in cities' green collection carts to produce carbon-neutral renewable methane. This gas will then be further refined using pollution-free technology and distributed through SoCalGas' pipeline infrastructure. Such renewable natural gas is interchangeable with conventional natural gas and can be used to fuel heavy-duty trucks, generate electricity, or fuel heating systems. CR&R's Perris digestion facility is believed to be the largest in the world.
"Using renewable natural gas to fuel CR&R's trucks is another important milestone toward our goal of increasing the use of this carbon-neutral fuel in our pipeline system," said Lisa Alexander, SoCalGas' vice president, customer solutions and communications. "We look forward to increasing our use of renewable gas to help California reduce greenhouse gas emissions and meet the state's renewable energy goals."
"The Energy Commission is pleased to invest in projects like CR&R's biomethane operation that are helping the state transition to cleaner, low-carbon fuels," said Energy Commissioner Janea A. Scott. "This transition is a vital part of California's effort to achieve our greenhouse gas emissions reduction goals, improve our air quality and reduce our reliance on fossil fuels."
"This project, when fully completed will be a triple play--it reduces green waste, connects renewable natural gas to a pipeline, and uses the renewable natural gas to fuel heavy-duty trucks," said CARB Executive Officer Richard Corey. "It's the kind of visionary project that will be commonplace in the future, and delivers on California's promise that fighting climate change will provide a range of sustainable, low-carbon solutions with multiple environmental benefits."
"It's exciting to see California's climate change investments come to fruition," CalRecycle Director Scott Smithline said. "The ability of anaerobic digesters to connect to the pipeline distribution system is a key component of making many of these projects happen. CR&R's new digester is an example of the kind of infrastructure California needs as we move to reduce landfill emissions of methane, a potent short-lived climate pollutant, and to achieve the statewide goal of recycling or composting 75 percent of our discards."
"This project will provide a greater local supply of renewable natural gas, said Wayne Nastri, SCAQMD's executive officer. "Coupled with near-zero emission engines, this will help accelerate the transition to cleaner truck fleets in the South Coast region," he said. "The resulting emission reductions from cleaner fleets is a key strategy in SCAQMD's recently adopted air quality plan to help achieve clean air."
Studies show California can produce enough renewable natural gas from organic waste to replace 75 percent of diesel fuel used by vehicles in the state.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for 150 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SoCalGas is Committed to Renewable Gas
Just like electricity, natural gas can be made from renewable sources. California produces a great deal of renewable forms of methane (natural gas) from farm operations, landfills and wastewater treatment plants that could be harnessed to reduce GHG emissions and create additional renewable energy. California could produce enough renewable gas each year to replace 75 percent of the smog-producing diesel fuel used by vehicles in our state or power 2 to 3 million homes. And because renewable gas can be stored and delivered through existing infrastructure, it can help California reduce greenhouse gas emissions and meet the state's renewable energy goals without waiting for new infrastructure or new technology.
About CR&R Environmental Services
CR&R Incorporated is one of Southern California's most innovative and successful waste and recycling collection companies, serving more than 3 million people and over 25,000 businesses throughout Orange, Los Angeles, San Bernardino, Imperial and Riverside counties. In addition, the company has operations in Southern Arizona and Colorado. Thanks to groundbreaking technologies and pioneering reclamation programs, CR&R recycles over 500,000 tons of materials each year, creating cleaner communities, reducing air and water pollution, conserving landfill space and extending natural resources.
SOURCE Southern California Gas Co.
LOS ANGELES, March 24, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today launched a new, interactive online tool that allows members of the public to view data from a network of methane monitors that have been installed at the company's Aliso Canyon natural gas storage facility. Eight pairs of monitors have been installed along the facility's border with the Porter Ranch community to record methane levels around-the-clock.
The interactive web page displays a map indicating the location of the fence-line methane monitoring devices. By clicking on any of the fence-line monitor icons, users can view a chart with data showing methane levels in parts per million, recorded in five-minute increments over the previous 24 hours.
"We are excited to launch this tool and make data from our fence-line monitors available to members of the community," said Lisa Alexander, SoCalGas vice president for customer solutions and communications. "This new tool will offer the community near real-time information about methane levels at the facility and will supplement a single methane monitoring station operated by the community. This initial launch included input from members of the community and we will continue to seek the public's feedback as we make enhancements to the web page."
In addition to methane levels, the online tool displays data from three weather stations in the area. Clicking on a weather station icon, or moving the computer mouse over the methane data charts, allows users to see weather data, including wind speed and direction.
A help guide on the right side of the screen assists new users with understanding the system. If a monitor is offline due to maintenance or inclement weather, the screen shows an "O" for offline.
"This is a step in the right direction," said Nancy Lulejian Starczyk, a Porter Ranch resident and member of the Aliso Canyon Community Advisory Council. "This system provides the community with transparent data and a tool for monitoring the air in Porter Ranch."
The fence-line web page is the latest in a series of technology and safety enhancements that have improved monitoring at the field. Others include:
Images of the fence-line infrared methane monitoring system can be found here.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe, and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Co.
SAN DIEGO, March 22, 2017 /PRNewswire/ -- Top executives from Sempra Energy (NYSE: SRE) will provide an update on the company's strategy and financial goals at 12 p.m. EDT, April 5, on a live webcast from the Sempra Energy financial analyst conference in San Diego.
The live webcast and presentation slides will be available on the investor section of Sempra Energy's website at www.sempra.com. A replay of the conference will be available on the website within 24 hours after the conference.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
[SRE-F]
SOURCE Sempra Energy
SAN DIEGO, March 16, 2017 /PRNewswire/ -- Today, SDG&E is unveiling a new vanadium redox flow (VRF) battery storage pilot project in coordination with Sumitomo Electric (SEI), which stemmed from a partnership between Japan's New Energy and Industrial Development Organization (NEDO) and the California Governor's Office of Business and Economic Development (GO-Biz). During the four-year demonstration project, SDG&E will be researching if flow battery technology can economically enhance the delivery of reliable energy to customers, integrate growing amounts of renewable energy and increase the flexibility in the way the company manages the power grid.
"SDG&E is continuously at the forefront of delivering clean energy solutions and championing innovative technologies to assess the long-term benefits for our customers," said Caroline Winn, SDG&E's chief operating officer. "This pilot will advance our understanding of how this flow battery technology can help us increase the reliable delivery of clean energy to our customers and align with state and local carbon emission reduction goals."
The vanadium redox flow battery storage facility will provide 2 megawatts (MW) of energy, enough to power the energy equivalent of about 1,000 homes for up to four hours. Like other battery storage systems, the battery will act like a sponge to soak up renewable energy harnessed from the sun and release it when resources are in high demand.
Flow battery systems have an expected life-span of more than 20 years, and could have less degradation over time from repeated charging cycles than other technologies. SDG&E will be testing voltage frequency, power outage support and shifting energy demand.
"We are delighted to see our first flow battery system operating in the U.S. through the multiple-use operation of the battery system in SDG&E's distribution network, we would like to prove its economic value and potential use on the electric grids," said Junji Itoh, managing director of Sumitomo Electric.
"California continues to lead the nation when it comes to growing the economy and decreasing emissions," said Sid Voorakkara, Deputy Director for External Affairs at the Governor's Office of Business and Economic Development. "GO-Biz is proud to partner with NEDO to bring this demonstration project to life and increase opportunities for economic growth powered by renewable energy."
SDG&E has been a leader in bringing energy storage options into the region with the recent unveiling of the world's largest lithium ion battery storage facility in Escondido and a smaller facility in El Cajon. To date, SDG&E has approximately 100 MW of energy storage projects completed or contracted.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,100 employees work to provide the cleanest and most reliable energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, March 14, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced its membership in the Gold Shovel Standard (GSS), a first-of-its-kind safety program created to raise the bar for excavation safety performance and reduce the more than 2,000 dig-ins that occur each year throughout the company's 20,000-square-mile service area. Photos of dig-in repair work are available here.
"The safety of our employees, customers, and communities we serve is our top priority," said Gina Orozco-Mejia, vice president of gas operations for SoCalGas. "As the largest natural gas distribution utility in the nation, we hope our participation will make a significant positive impact by encouraging contractors to adopt industry best practices for excavation safety."
For several years SoCalGas has encouraged contractors and homeowners to call 811 before digging, and participated in education and outreach events to promote safe digging. The Gold Shovel Standard will take safety to a higher level.
Contractors performing excavation work for SoCalGas will be required to register in the nonprofit Gold Shovel Standard (GSS) program by March 31 and be GSS-certified by July 31, 2017 to be eligible for future SoCalGas contracts.
The Gold Shovel Standard (GSS) is a nonprofit organization that fills an industry gap by providing third-party confirmation of baseline safety management systems to protect underground utilities, and provide fair and transparent metrics for damage prevention. Gold Shovel Standard certified excavators have a demonstrated commitment to high safety standards and continued training in industry best practices. To date, 750 organizations have created a complete safety management program for damage prevention.
GSS is the first North American-wide standard measurement system to allow owners of buried infrastructure to incorporate how carefully a company excavates around buried infrastructure into their vendor selection process, allowing them to reward those companies that demonstrate exemplary caution with their business.
"The program gives customers peace of mind. They can go online to check a contractor's GSS certification when making hiring decisions," said David Mauerman, an administrator for Gold Shovel Standard.
For more information about Gold Shovel Standard contact the Gold Shovel Standard Customer Service Team at (855) ORO-PALA (855-676-7252) or visit their website at: www.goldshovelstandard.com.
About SoCalGas
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for 150 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Company
SAN DIEGO, March 14, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Maria Contreras-Sweet has been appointed to the company's board of directors.
Contreras-Sweet, 61, most recently served as the Administrator for the U.S. Small Business Administration and member of former President Obama's cabinet from 2014 until the end of Obama's term in January.
"We are pleased that Maria Contreras-Sweet has joined our board," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "She has extensive experience working at a senior level in both the public and private sectors, while bringing a strong understanding of financial markets, infrastructure and global innovation."
Prior to serving as Administrator for the U.S. Small Business Administration, Contereras-Sweet was a founder of ProAmerica Bank and its executive chairman from 2006 to 2014. Previously, she was a co-founder and managing partner of Fortius Holdings, a private venture-capital firm. From 1999 to 2003, Contreras-Sweet was Secretary of the California Business, Transportation and Housing Agency under Gov. Gray Davis and, for part of that time, chaired the finance committee of the California Independent System Operator. She began her private-sector career working for the 7-Up/RC Bottling Co.
Sempra Energy now has 14 board members.
Based in San Diego, Sempra Energy is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and IEnova are not the same as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SOURCE Sempra Energy
SAN DIEGO, March 7, 2017 /PRNewswire/ -- P. Kevin Chase has joined Sempra Energy (NYSE: SRE) as its chief information officer, the company announced today.
In his new role, Chase, 48, will provide corporate-wide governance, policy and strategic direction for information and related technologies.
"We are pleased to add Kevin Chase to our executive team," said G. Joyce Rowland, senior vice president and chief human resources and administrative officer for Sempra Energy. "Kevin's significant experience in information technology and the energy industry will help keep our company at the forefront of the best technology practices."
Previously, Chase served as the chief information officer and senior vice president of technology and supply chain at Dallas-based Energy Future Holdings from 2011 to 2016. He was chief information officer and vice president of TXU Energy, a subsidiary of Energy Future Holdings from 2008 to 2011.
Prior to that, from 2005 to 2008, Chase was a vice president of Black & Veatch, a global engineering, consulting and construction firm, overseeing the company's technology and strategic consulting practice. In 2005, Black & Veatch acquired Fortegra, a management consulting and technology services firm co-founded by Chase six years earlier. Previously, he was a senior manager at Accenture, leading enterprise and customer system implementations for some of the largest energy companies in North America from 1993 to 1999.
Chase serves on the advisory committee for the CIO Institute at The University of Texas at Austin.
Chase has a bachelor's degree in business administration from the University of Texas at Austin, where he graduated with honors. He also completed the Wharton School's Advanced Management Program.
Sempra Energy is comprised of two operating groups. The Sempra Utilities group includes Southern California Gas Co., San Diego Gas & Electric and Sempra South American Utilities. The Sempra Infrastructure group includes Sempra Mexico, Sempra LNG & Midstream and Sempra Renewables.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and IEnova are not the same as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SOURCE Sempra Energy
SAN DIEGO, Feb. 28, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) has appointed Bethany Jean Mayer and Andrés Conesa to its board of directors.
Mayer, 55, is president, CEO and a member of the board of directors of Ixia, a Calabasas, Calif.-based computer network solutions and security provider. Conesa, 47, is CEO of Grupo Aeromexico, a holding company with subsidiaries engaged in commercial aviation in Mexico.
"Bethany Mayer and Andrés Conesa will broaden the experience and breadth of Sempra Energy's board as we continue to expand our market footprint and innovate in the energy industry," said Debra L. Reed, chairman and CEO of Sempra Energy.
Mayer has served in her current role with Ixia since 2014. Previously, from 2010 to 2014, she held a variety of leadership positions at Hewlett-Packard, including senior vice president and general manager of its network functions virtualization business. From 2007 to 2010, Mayer was senior vice president, worldwide marketing and corporate development, of Blue Coat Systems, a cybersecurity and network management firm. Previously, she held management roles at Cisco Systems, Apple and Lockheed Martin.
Mayer holds a bachelor's degree in political science from Santa Clara University and a master's degree in business administration from California State University, Monterey Bay.
Conesa has been Grupo Aeromexico's CEO since 2005. Previously, from 2003 to 2005, he was the chairman of the board of directors of CINTRA (the holding company of Aeromexico and Mexicana). Previously, he spent seven years serving in Mexico's Ministry of Finance, including as deputy undersecretary for public credit from 2003 to 2004.
Conesa holds a bachelor's degree in economics from the Instituto Tecnológico Autónomo de México and a doctorate in economics from the Massachusetts Institute of Technology.
Sempra Energy now has 13 board members.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables, Sempra Mexico and IEnova are not the same as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SOURCE Sempra Energy
SAN DIEGO, Feb. 28, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported 2016 earnings of $1.37 billion, or $5.46 per diluted share, compared with 2015 earnings of $1.35 billion, or $5.37 per diluted share.
These results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the fourth quarter and full year of 2016 and 2015.
Three months ended |
Years ended | ||||||||
December 31, |
December 31, | ||||||||
(Dollars, except EPS, and shares, in millions) |
2016 |
2015 |
2016 |
2015 | |||||
(Unaudited) |
|||||||||
GAAP Earnings |
$ 379 |
$ 369 |
$ 1,370 |
$ 1,349 | |||||
Gain in Connection with Gasoductos de Chihuahua Acquisition |
- |
- |
(350) |
- | |||||
Gain on Sale of EnergySouth |
- |
- |
(78) |
- | |||||
Permanent Releases of Pipeline Capacity |
- |
- |
123 |
- | |||||
Losses Related to Termoeléctrica de Mexicali Held For Sale |
4 |
- |
95 |
- | |||||
Tax Repairs Adjustments Related to General Rate Case |
- |
- |
80 |
- | |||||
Loss Related to Sale of Investment in Rockies Express Pipeline |
- |
- |
27 |
- | |||||
Adjustment to Loss on SONGS Plant Closure |
- |
(2) |
- |
(15) | |||||
Gain on Sale of Mesquite Power Block 2 |
- |
- |
- |
(36) | |||||
Adjusted Earnings(1) |
$ 383 |
$ 367 |
$ 1,267 |
$ 1,298 | |||||
Diluted Weighted-Average Shares Outstanding |
252 |
251 |
251 |
251 | |||||
GAAP Earnings Per Share (EPS) |
$ 1.51 |
$ 1.47 |
$ 5.46 |
$ 5.37 | |||||
Adjusted EPS(1) |
$ 1.52 |
$ 1.46 |
$ 5.05 |
$ 5.17 | |||||
(1) |
Sempra Energy adjusted earnings and adjusted EPS are non-GAAP financial measures and are shown after-tax, and if applicable, after noncontrolling interests. See Table A in the appendix for information regarding non-GAAP financial measures and descriptions of adjustments above. Adjusted earnings and adjusted EPS for the three months and year ended Dec. 31, 2015, have been revised to include after-tax LNG development expenses of $3 million and $10 million, respectively, for consistency with the comparable periods in 2016. LNG development expenses are included in adjusted earnings and adjusted EPS in 2016. |
Sempra Energy's fourth-quarter earnings increased to $379 million, or $1.51 per diluted share, in 2016 from $369 million, or $1.47 per diluted share, in 2015. Sempra Energy's adjusted earnings in the fourth quarter 2016 were $383 million, or $1.52 per diluted share, compared with $367 million, or $1.46 per diluted share, in the fourth quarter 2015.
Last week, Sempra Energy's board of directors approved a 9-percent increase in the company's annualized dividend to $3.29 per share from $3.02 per share.
"In 2016, we met our key financial targets and executed well on our strategic plan, positioning ourselves for strong performance in 2017 and enabling us to raise our 2017 earnings guidance," said Debra L. Reed, chairman and CEO of Sempra Energy. "In the past year, we received regulatory approval of our California utilities' General Rate Case, so they have more revenue certainty through 2018. Our utilities also received regulatory approval to proceed with several major reliability projects. Additionally, in 2016, our Mexican subsidiary, IEnova, completed a successful $1.6 billion equity offering to raise capital and we completed the divestiture of several non-strategic assets."
Sempra Energy has reorganized its subsidiaries under two new operating groups. The Sempra Utilities group includes the company's utility operations: Southern California Gas Co. (SoCalGas), San Diego Gas & Electric (SDG&E) and Sempra South American Utilities. The Sempra Infrastructure group includes the company's energy infrastructure development activities, investments and operations: Sempra Mexico, Sempra LNG & Midstream and Sempra Renewables.
SEMPRA UTILITIES
San Diego Gas & Electric
SDG&E's fourth-quarter earnings increased to $151 million in 2016 from $144 million in 2015, due primarily to higher California Public Utilities Commission (CPUC) base margin and lower operating expenses, partially offset by lower regulatory rewards and lower earnings associated with an income-tax tracking mechanism in the utility's final General Rate Case (GRC) decision in 2016. The 2016 GRC final decision requires tracking of tax differences from rate-case-authorized levels.
SDG&E's full-year earnings were $570 million in 2016, compared with $587 million in 2015.
Southern California Gas Co.
In the fourth quarter 2016, SoCalGas' earnings rose to $151 million from $143 million in the fourth quarter 2015, due primarily to higher CPUC base margin and lower operating expenses, as well as higher earnings from the pipeline safety and advanced meter programs. These items were partially offset by lower earnings associated with an income-tax tracking mechanism in SoCalGas' final GRC decision in 2016 and lower regulatory rewards. The 2016 GRC final decision requires tracking of tax differences from rate-case-authorized levels.
SoCalGas' full-year earnings were $349 million in 2016, compared with $419 million in 2015.
Earlier this month, SoCalGas and SDG&E announced that they have entered into a Memorandum of Understanding (MOU) with other parties for a two-year extension through 2018 and 2019 for the utilities to file their next applications in the Cost-of-Capital proceeding at the CPUC. The MOU terms are materially consistent with the Cost-of-Capital assumptions provided for SDG&E and SoCalGas in the five-year financial plan at Sempra Energy's 2016 Analyst Conference. The MOU is subject to approval by the CPUC.
Sempra South American Utilities
In the fourth quarter 2016, Sempra South American Utilities earnings were $29 million, compared with $46 million in the year-ago quarter, due primarily to a $14 million increase in deferred income-tax expense related to Peruvian tax reform.
In 2016, full-year earnings for Sempra South American Utilities were $156 million, compared with $175 million in 2015.
SEMPRA INFRASTRUCTURE
Sempra Mexico
Sempra Mexico's fourth-quarter 2016 earnings increased to $56 million from $53 million in the fourth quarter 2015.
Sempra Mexico's full-year earnings increased to $463 million in 2016 from $213 million in 2015, due primarily to the $350 million after-tax remeasurement gain in the third quarter 2016 on the Gasoductos de Chihuahua acquisition, offset by $95 million in after-tax losses related to the planned sale of the Termoeléctrica de Mexicali plant, and a lower favorable impact from foreign currency and inflation effects.
In December, Sempra Energy's Mexican operating subsidiary, IEnova, completed its acquisition of the Ventika wind complex in Mexico. The Ventika complex is Mexico's largest wind farm, with generating capacity of 252 megawatts (MW).
Sempra Renewables
Fourth-quarter earnings for Sempra Renewables were $12 million in 2016, compared with $16 million in 2015, primarily due to a $5 million gain on the sale of the Rosamond Solar project in the fourth quarter 2015.
In 2016, full-year earnings for Sempra Renewables were $55 million, compared with $63 million in 2015.
Sempra Renewables placed three solar facilities and one wind farm into operation in December, representing 422 MW of clean energy from expansions of the company's Mesquite Solar complex in Arizona and Copper Mountain Solar complex in Nevada, as well as commissioning of the Black Oak Getty wind farm in Minnesota.
Sempra LNG & Midstream
Sempra LNG & Midstream recorded a loss of $3 million in the fourth quarter 2016, compared with earnings of $1 million in the fourth quarter 2015.
For the full year, Sempra LNG & Midstream recorded a loss of $107 million in 2016, compared with earnings of $44 million in 2015, due primarily to losses on the permanent release of pipeline capacity contracts.
2017 EARNINGS GUIDANCE
Sempra Energy today increased its 2017 earnings-per-share guidance range to $4.85 to $5.25 from the prior range of $4.80 to $5.20.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures for Sempra Energy include fourth-quarter and full-year 2016 and 2015 adjusted earnings and adjusted earnings per share. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the fourth-quarter 2016 financial tables.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EST with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 5358106.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the tax code as a result of potential federal tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra South American Utilities, Sempra Infrastructure, Sempra LNG & Midstream, Sempra Renewables and Sempra Mexico are not the same as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | |||||||||||||||||
Table A | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
Three months ended |
Years ended | ||||||||||||||||
(Dollars in millions, except per share amounts) |
2016 |
2015 |
2016 |
2015 | |||||||||||||
(unaudited) |
|||||||||||||||||
REVENUES |
|||||||||||||||||
Utilities |
$ |
2,561 |
$ |
2,486 |
$ |
9,261 |
$ |
9,254 |
|||||||||
Energy-related businesses |
309 |
215 |
922 |
977 |
|||||||||||||
Total revenues |
2,870 |
2,701 |
10,183 |
10,231 |
|||||||||||||
EXPENSES AND OTHER INCOME |
|||||||||||||||||
Utilities: |
|||||||||||||||||
Cost of electric fuel and purchased power |
(508) |
(491) |
(2,188) |
(2,136) |
|||||||||||||
Cost of natural gas |
(365) |
(348) |
(1,067) |
(1,134) |
|||||||||||||
Energy-related businesses: |
|||||||||||||||||
Cost of natural gas, electric fuel and purchased power |
(64) |
(73) |
(277) |
(335) |
|||||||||||||
Other cost of sales |
(29) |
(37) |
(322) |
(148) |
|||||||||||||
Operation and maintenance |
(861) |
(814) |
(2,970) |
(2,886) |
|||||||||||||
Depreciation and amortization |
(342) |
(325) |
(1,312) |
(1,250) |
|||||||||||||
Franchise fees and other taxes |
(111) |
(109) |
(426) |
(423) |
|||||||||||||
Impairment losses |
1 |
(9) |
(153) |
(9) |
|||||||||||||
Plant closure adjustment |
— |
5 |
— |
26 |
|||||||||||||
Gain on sale of assets |
3 |
8 |
134 |
70 |
|||||||||||||
Equity earnings, before income tax |
2 |
25 |
6 |
104 |
|||||||||||||
Remeasurement of equity method investment |
— |
— |
617 |
— |
|||||||||||||
Other income, net |
34 |
38 |
132 |
126 |
|||||||||||||
Interest income |
7 |
6 |
26 |
29 |
|||||||||||||
Interest expense |
(132) |
(145) |
(553) |
(561) |
|||||||||||||
Income before income taxes and equity earnings of certain unconsolidated subsidiaries |
505 |
432 |
1,830 |
1,704 |
|||||||||||||
Income tax expense |
(105) |
(65) |
(389) |
(341) |
|||||||||||||
Equity earnings, net of income tax |
9 |
21 |
78 |
85 |
|||||||||||||
Net income |
409 |
388 |
1,519 |
1,448 |
|||||||||||||
Earnings attributable to noncontrolling interests |
(30) |
(19) |
(148) |
(98) |
|||||||||||||
Preferred dividends of subsidiary |
— |
— |
(1) |
(1) |
|||||||||||||
Earnings |
$ |
379 |
$ |
369 |
$ |
1,370 |
$ |
1,349 |
|||||||||
Basic earnings per common share |
$ |
1.51 |
$ |
1.48 |
$ |
5.48 |
$ |
5.43 |
|||||||||
Weighted-average number of shares outstanding, basic (thousands) |
250,645 |
248,722 |
250,217 |
248,249 |
|||||||||||||
Diluted earnings per common share |
$ |
1.51 |
$ |
1.47 |
$ |
5.46 |
$ |
5.37 |
|||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
251,611 |
251,450 |
251,155 |
250,923 |
|||||||||||||
Dividends declared per share of common stock |
$ |
0.75 |
$ |
0.70 |
$ |
3.02 |
$ |
2.80 |
|||||||||
SEMPRA ENERGY | |
Table A (Continued) | |
RECONCILIATION OF SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS (Unaudited) | |
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude items (after the effects of taxes and, if applicable, noncontrolling interests) in 2016 and 2015 as follows: | |
Three months ended December 31, 2016: | |
▪ |
$(4) million deferred income tax expense related to our decision to hold Termoeléctrica de Mexicali (TdM) for sale |
Three months ended December 31, 2015: | |
▪ |
$2 million reduction in the plant closure loss at San Diego Gas & Electric (SDG&E) related to the San Onofre Nuclear Generating Station (SONGS) for the shareholder portion of a settlement agreement with Nuclear Electric Insurance Limited to resolve all of SONGS' insurance claims arising out of the failures of replacement steam generators |
Year ended December 31, 2016: | |
▪ |
$350 million noncash gain from the remeasurement of our equity method investment in GdC |
▪ |
$78 million gain on the sale of EnergySouth |
▪ |
$(123) million losses from the permanent release of pipeline capacity at Sempra LNG & Midstream |
▪ |
$(80) million adjustments related to tax repairs deductions reallocated to ratepayers as a result of the 2016 General Rate Case Final Decision (2016 GRC FD) at the California Utilities |
▪ |
$(27) million impairment charge related to Sempra LNG & Midstream's investment in Rockies Express Pipeline LLC (Rockies Express) |
▪ |
$(90) million impairment of TdM assets held for sale |
▪ |
$(5) million deferred income tax expense related to our decision to hold TdM for sale |
Year ended December 31, 2015: | |
▪ |
$36 million gain on the sale of the remaining block of Sempra LNG & Midstream's Mesquite Power plant |
▪ |
$15 million reduction in the plant closure loss related to SONGS, $13 million of which is due to California Public Utilities Commission approval of a compliance filing related to SDG&E's authorized recovery of its investment in SONGS |
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and nature of these items, management believes that these non-GAAP financial measures provide a meaningful comparison of the performance of Sempra Energy's business operations from 2016 to 2015 and to future periods, and also as a base for projection of future earnings-per-share compound annual growth rate (EPS CAGR) from 2016 to 2020. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy Earnings and Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. |
Pretax |
Income tax |
Non- |
Earnings |
Pretax |
Income tax |
Non- |
Earnings |
||||||||||||||||||||
(Dollars in millions, except per share amounts) |
Three months ended December 31, 2016 |
Three months ended December 31, 2015 |
|||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
379 |
$ |
369 |
|||||||||||||||||||||||
Exclude: |
|||||||||||||||||||||||||||
Deferred income tax expense associated with TdM |
$ |
— |
$ |
7 |
$ |
(3) |
4 |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||
SONGS plant closure adjustment |
— |
— |
— |
— |
(5) |
3 |
— |
(2) |
|||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
383 |
$ |
367 |
(2) | ||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
1.51 |
$ |
1.47 |
|||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1.52 |
$ |
1.46 |
(2) | ||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
251,611 |
251,450 |
|||||||||||||||||||||||||
Year ended December 31, 2016 |
Year ended December 31, 2015 |
||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
1,370 |
$ |
1,349 |
|||||||||||||||||||||||
Exclude: |
|||||||||||||||||||||||||||
Remeasurement gain in connection with GdC |
$ |
(617) |
$ |
185 |
$ |
82 |
(350) |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||
Gain on sale of EnergySouth |
(130) |
52 |
— |
(78) |
— |
— |
— |
— |
|||||||||||||||||||
Permanent release of pipeline capacity |
206 |
(83) |
— |
123 |
— |
— |
— |
— |
|||||||||||||||||||
SDG&E tax repairs adjustments related to 2016 GRC FD |
52 |
(21) |
— |
31 |
— |
— |
— |
— |
|||||||||||||||||||
SoCalGas tax repairs adjustments related to 2016 GRC FD |
83 |
(34) |
— |
49 |
— |
— |
— |
— |
|||||||||||||||||||
Impairment of investment in Rockies Express |
44 |
(17) |
— |
27 |
— |
— |
— |
— |
|||||||||||||||||||
Impairment of TdM assets held for sale |
131 |
(20) |
(21) |
90 |
— |
— |
— |
— |
|||||||||||||||||||
Deferred income tax expense associated with TdM |
— |
8 |
(3) |
5 |
— |
— |
— |
— |
|||||||||||||||||||
Gain on sale of Mesquite Power block 2 |
— |
— |
— |
— |
(61) |
25 |
— |
(36) |
|||||||||||||||||||
SONGS plant closure adjustment |
— |
— |
— |
— |
(26) |
11 |
— |
(15) |
|||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1,267 |
$ |
1,298 |
(2) | ||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
5.46 |
$ |
5.37 |
|||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
5.05 |
$ |
5.17 |
(2) | ||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
251,155 |
250,923 |
(1) |
Income taxes were calculated based on applicable statutory tax rates, except for adjustments that are solely income tax. Income taxes on the impairment of TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. | ||||||||||||||||||||||||||
(2) |
Adjusted earnings and adjusted earnings per share for the three months and year ended December 31, 2015 have been revised to include after-tax LNG development expenses of $3 million and $10 million, respectively, for consistency with the comparable periods in 2016. LNG development expenses are included in adjusted earnings and diluted earnings per common share in 2016. |
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) |
December 31, |
December 31, | ||||||||
Assets |
||||||||||
Current assets: |
||||||||||
Cash and cash equivalents |
$ |
349 |
$ |
403 |
||||||
Restricted cash |
66 |
27 |
||||||||
Accounts receivable, net |
1,554 |
1,473 |
||||||||
Due from unconsolidated affiliates |
26 |
6 |
||||||||
Income taxes receivable |
43 |
30 |
||||||||
Inventories |
258 |
298 |
||||||||
Regulatory balancing accounts - undercollected |
259 |
307 |
||||||||
Fixed-price contracts and other derivatives |
83 |
80 |
||||||||
Assets held for sale |
201 |
— |
||||||||
Other |
271 |
267 |
||||||||
Total current assets |
3,110 |
2,891 |
||||||||
Other assets: |
||||||||||
Restricted cash |
10 |
20 |
||||||||
Due from unconsolidated affiliates |
201 |
186 |
||||||||
Regulatory assets |
3,414 |
3,273 |
||||||||
Nuclear decommissioning trusts |
1,026 |
1,063 |
||||||||
Investments |
2,097 |
2,905 |
||||||||
Goodwill |
2,364 |
819 |
||||||||
Other intangible assets |
548 |
404 |
||||||||
Dedicated assets in support of certain benefit plans |
430 |
464 |
||||||||
Insurance receivable for Aliso Canyon costs |
606 |
325 |
||||||||
Deferred income taxes |
234 |
120 |
||||||||
Sundry |
815 |
641 |
||||||||
Total other assets |
11,745 |
10,220 |
||||||||
Property, plant and equipment, net |
32,931 |
28,039 |
||||||||
Total assets |
$ |
47,786 |
$ |
41,150 |
||||||
Liabilities and Equity |
||||||||||
Current liabilities: |
||||||||||
Short-term debt |
$ |
1,779 |
$ |
622 |
||||||
Accounts payable |
1,476 |
1,275 |
||||||||
Due to unconsolidated affiliates |
11 |
14 |
||||||||
Dividends and interest payable |
319 |
303 |
||||||||
Accrued compensation and benefits |
409 |
423 |
||||||||
Regulatory balancing accounts - overcollected |
122 |
34 |
||||||||
Current portion of long-term debt |
913 |
907 |
||||||||
Fixed-price contracts and other derivatives |
83 |
56 |
||||||||
Customer deposits |
158 |
153 |
||||||||
Reserve for Aliso Canyon costs |
53 |
274 |
||||||||
Liabilities held for sale |
47 |
— |
||||||||
Other |
557 |
551 |
||||||||
Total current liabilities |
5,927 |
4,612 |
||||||||
Long-term debt |
14,429 |
13,134 |
||||||||
Deferred credits and other liabilities: |
||||||||||
Customer advances for construction |
152 |
149 |
||||||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,208 |
1,152 |
||||||||
Deferred income taxes |
3,745 |
3,157 |
||||||||
Deferred investment tax credits |
28 |
32 |
||||||||
Regulatory liabilities arising from removal obligations |
2,697 |
2,793 |
||||||||
Asset retirement obligations |
2,431 |
2,126 |
||||||||
Fixed-price contracts and other derivatives |
405 |
240 |
||||||||
Deferred credits and other |
1,523 |
1,176 |
||||||||
Total deferred credits and other liabilities |
12,189 |
10,825 |
||||||||
Equity: |
||||||||||
Total Sempra Energy shareholders' equity |
12,951 |
11,809 |
||||||||
Preferred stock of subsidiary |
20 |
20 |
||||||||
Other noncontrolling interests |
2,270 |
750 |
||||||||
Total equity |
15,241 |
12,579 |
||||||||
Total liabilities and equity |
$ |
47,786 |
$ |
41,150 |
SEMPRA ENERGY | |||||||||
Table C | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
Years ended December 31, | |||||||||
(Dollars in millions) |
2016 |
2015 | |||||||
Cash Flows from Operating Activities |
|||||||||
Net income |
$ |
1,519 |
$ |
1,448 |
|||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||
Depreciation and amortization |
1,312 |
1,250 |
|||||||
Deferred income taxes and investment tax credits |
217 |
239 |
|||||||
Impairment losses |
153 |
9 |
|||||||
Plant closure adjustment |
— |
(26) |
|||||||
Gain on sale of assets |
(134) |
(70) |
|||||||
Equity earnings |
(84) |
(189) |
|||||||
Remeasurement of equity method investment |
(617) |
— |
|||||||
Fixed-price contracts and other derivatives |
21 |
(10) |
|||||||
Other |
63 |
66 |
|||||||
Net change in other working capital components |
(59) |
699 |
|||||||
Insurance receivable for Aliso Canyon costs |
(281) |
(325) |
|||||||
Changes in other assets |
56 |
(162) |
|||||||
Changes in other liabilities |
153 |
(24) |
|||||||
Net cash provided by operating activities |
2,319 |
2,905 |
|||||||
Cash Flows from Investing Activities |
|||||||||
Expenditures for property, plant and equipment |
(4,214) |
(3,156) |
|||||||
Expenditures for investments and acquisition of businesses, net of cash and cash equivalents acquired |
(1,582) |
(200) |
|||||||
Proceeds from sale of assets, net of cash sold |
763 |
373 |
|||||||
Distributions from investments |
25 |
15 |
|||||||
Purchases of nuclear decommissioning and other trust assets |
(1,034) |
(531) |
|||||||
Proceeds from sales by nuclear decommissioning and other trusts |
1,134 |
577 |
|||||||
Increases in restricted cash |
(139) |
(100) |
|||||||
Decreases in restricted cash |
175 |
93 |
|||||||
Advances to unconsolidated affiliates |
(25) |
(31) |
|||||||
Repayments of advances to unconsolidated affiliates |
11 |
74 |
|||||||
Other |
— |
1 |
|||||||
Net cash used in investing activities |
(4,886) |
(2,885) |
|||||||
Cash Flows from Financing Activities |
|||||||||
Common dividends paid |
(686) |
(628) |
|||||||
Preferred dividends paid by subsidiary |
(1) |
(1) |
|||||||
Issuances of common stock |
51 |
52 |
|||||||
Repurchases of common stock |
(56) |
(74) |
|||||||
Issuances of debt (maturities greater than 90 days) |
2,951 |
2,992 |
|||||||
Payments on debt (maturities greater than 90 days) |
(2,057) |
(1,854) |
|||||||
Increase (decrease) in short-term debt, net |
692 |
(622) |
|||||||
Proceeds from sale of noncontrolling interests, net of $40 in offering costs |
1,692 |
— |
|||||||
Net distributions to noncontrolling interests |
(63) |
(73) |
|||||||
Tax benefit related to share-based compensation |
— |
52 |
|||||||
Other |
(10) |
(17) |
|||||||
Net cash provided by (used in) financing activities |
2,513 |
(173) |
|||||||
Effect of exchange rate changes on cash and cash equivalents |
— |
(14) |
|||||||
Decrease in cash and cash equivalents |
(54) |
(167) |
|||||||
Cash and cash equivalents, January 1 |
403 |
570 |
|||||||
Cash and cash equivalents, December 31 |
$ |
349 |
$ |
403 |
SEMPRA ENERGY | |||||||||||||||||
Table D | |||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITION OF BUSINESSES | |||||||||||||||||
Three months ended |
Years ended | ||||||||||||||||
(Dollars in millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||||
(unaudited) |
|||||||||||||||||
Earnings (Losses) |
|||||||||||||||||
Sempra Utilities: |
|||||||||||||||||
San Diego Gas & Electric |
$ |
151 |
$ |
144 |
$ |
570 |
$ |
587 |
|||||||||
Southern California Gas |
151 |
143 |
349 |
419 |
|||||||||||||
Sempra South American Utilities |
29 |
46 |
156 |
175 |
|||||||||||||
Sempra Infrastructure: |
|||||||||||||||||
Sempra Mexico |
56 |
53 |
463 |
213 |
|||||||||||||
Sempra Renewables |
12 |
16 |
55 |
63 |
|||||||||||||
Sempra LNG & Midstream |
(3) |
1 |
(107) |
44 |
|||||||||||||
Parent and other |
(17) |
(34) |
(116) |
(152) |
|||||||||||||
Earnings |
$ |
379 |
$ |
369 |
$ |
1,370 |
$ |
1,349 |
|||||||||
Three months ended |
Years ended | ||||||||||||||||
(Dollars in millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||||
(unaudited) |
|||||||||||||||||
Capital Expenditures, Investments and Acquisition of Businesses |
|||||||||||||||||
Sempra Utilities: |
|||||||||||||||||
San Diego Gas & Electric |
$ |
440 |
$ |
298 |
$ |
1,399 |
$ |
1,133 |
|||||||||
Southern California Gas |
370 |
406 |
1,319 |
1,352 |
|||||||||||||
Sempra South American Utilities |
61 |
49 |
194 |
154 |
|||||||||||||
Sempra Infrastructure: |
|||||||||||||||||
Sempra Mexico |
452 |
117 |
1,818 |
302 |
|||||||||||||
Sempra Renewables |
140 |
38 |
879 |
105 |
|||||||||||||
Sempra LNG & Midstream |
28 |
38 |
164 |
261 |
|||||||||||||
Parent and other |
6 |
— |
23 |
49 |
|||||||||||||
Consolidated Capital Expenditures, Investments and Acquisition of Businesses |
$ |
1,497 |
$ |
946 |
$ |
5,796 |
$ |
3,356 |
|||||||||
SEMPRA ENERGY | ||||||||||||||
Table E | ||||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||||
Three months ended |
Years ended or at | |||||||||||||
UTILITIES |
2016 |
2015 |
2016 |
2015 | ||||||||||
SDG&E and SoCalGas |
||||||||||||||
Gas Sales (Bcf)(1) |
92 |
102 |
334 |
329 |
||||||||||
Transportation (Bcf)(1) |
164 |
169 |
641 |
669 |
||||||||||
Total Deliveries (Bcf)(1) |
256 |
271 |
975 |
998 |
||||||||||
Total Gas Customers (Thousands) |
6,808 |
6,774 |
||||||||||||
Electric Sales (Millions of kWhs)(1) |
3,987 |
4,314 |
15,649 |
16,264 |
||||||||||
Direct Access (Millions of kWhs) |
942 |
969 |
3,515 |
3,652 |
||||||||||
Total Deliveries (Millions of kWhs)(1) |
4,929 |
5,283 |
19,164 |
19,916 |
||||||||||
Total Electric Customers (Thousands) |
1,434 |
1,426 |
||||||||||||
Other Utilities |
||||||||||||||
Natural Gas Sales (Bcf) |
||||||||||||||
Sempra Mexico |
7 |
6 |
29 |
25 |
||||||||||
Mobile Gas(2) (3) |
— |
12 |
33 |
47 |
||||||||||
Willmut Gas(3) |
— |
1 |
2 |
3 |
||||||||||
Natural Gas Customers (Thousands) |
||||||||||||||
Sempra Mexico |
119 |
113 |
||||||||||||
Mobile Gas(2) (3) |
— |
85 |
||||||||||||
Willmut Gas(3) |
— |
19 |
||||||||||||
Electric Sales (Millions of kWhs) |
||||||||||||||
Peru |
1,780 |
1,854 |
7,387 |
7,549 |
||||||||||
Chile |
739 |
715 |
2,900 |
2,887 |
||||||||||
Electric Customers (Thousands) |
||||||||||||||
Peru |
1,078 |
1,053 |
||||||||||||
Chile |
688 |
672 |
||||||||||||
ENERGY-RELATED BUSINESSES |
||||||||||||||
Sempra Infrastructure |
||||||||||||||
Power Sold (Millions of kWhs) |
||||||||||||||
Sempra Mexico(4) |
826 |
1,088 |
3,173 |
3,956 |
||||||||||
Sempra Renewables(5) |
815 |
740 |
2,956 |
2,851 |
||||||||||
Sempra LNG & Midstream(6) |
383 |
806 |
1,230 |
3,129 |
||||||||||
(1) |
Includes intercompany sales. | |||||||||||||
(2) |
Includes transportation. | |||||||||||||
(3) |
On September 12, 2016, Sempra LNG & Midstream completed the sale of the parent company of Mobile Gas and Willmut Gas. | |||||||||||||
(4) |
Includes power sold at the Termoeléctrica de Mexicali natural gas-fired power plant and the Ventika wind power generation facilities. Also includes 50 percent of total power sold at the Energía Sierra Juárez wind power generation facility, in which Sempra Energy has a 50-percent ownership interest. Energía Sierra Juárez is not consolidated within Sempra Energy, and the related investment is accounted for under the equity method. | |||||||||||||
(5) |
Includes 50 percent of total power sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership interest. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. | |||||||||||||
(6) |
Includes power sold from marketing activities and from the remaining 625-megawatt block of the Mesquite Power natural gas-fired power plant before its sale in April 2015. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Three months ended December 31, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra Mexico |
Sempra Renewables |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,061 |
$ |
1,135 |
$ |
386 |
$ |
244 |
$ |
9 |
$ |
124 |
$ |
(89) |
$ |
2,870 |
|||||||||||||||||
Cost of sales and other expenses |
(632) |
(779) |
(318) |
(124) |
(16) |
(127) |
58 |
(1,938) |
|||||||||||||||||||||||||
Depreciation and amortization |
(168) |
(121) |
(8) |
(30) |
(2) |
(10) |
(3) |
(342) |
|||||||||||||||||||||||||
Adjustment to impairment losses |
— |
1 |
— |
— |
— |
— |
— |
1 |
|||||||||||||||||||||||||
(Loss) gain on sale of assets |
— |
— |
(1) |
— |
4 |
— |
— |
3 |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
4 |
(2) |
— |
2 |
|||||||||||||||||||||||||
Other income (expense), net |
12 |
8 |
11 |
6 |
1 |
1 |
(5) |
34 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
273 |
244 |
70 |
96 |
— |
(14) |
(39) |
630 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(50) |
(25) |
(3) |
1 |
(1) |
9 |
(56) |
(125) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(76) |
(68) |
(34) |
(18) |
9 |
3 |
79 |
(105) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
— |
9 |
— |
— |
— |
9 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
4 |
— |
(4) |
(32) |
4 |
(1) |
(1) |
(30) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
151 |
$ |
151 |
$ |
29 |
$ |
56 |
$ |
12 |
$ |
(3) |
$ |
(17) |
$ |
379 |
|||||||||||||||||
Three months ended December 31, 2015 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra Mexico |
Sempra Renewables |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,051 |
$ |
1,041 |
$ |
393 |
$ |
161 |
$ |
6 |
$ |
141 |
$ |
(92) |
$ |
2,701 |
|||||||||||||||||
Cost of sales and other expenses |
(649) |
(706) |
(309) |
(101) |
(15) |
(153) |
61 |
(1,872) |
|||||||||||||||||||||||||
Depreciation and amortization |
(158) |
(119) |
(13) |
(18) |
(1) |
(13) |
(3) |
(325) |
|||||||||||||||||||||||||
Impairment losses |
— |
(9) |
— |
— |
— |
— |
— |
(9) |
|||||||||||||||||||||||||
Plant closure adjustment |
5 |
— |
— |
— |
— |
— |
— |
5 |
|||||||||||||||||||||||||
Gain on sale of asset |
— |
— |
— |
— |
8 |
— |
— |
8 |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
4 |
25 |
(4) |
25 |
|||||||||||||||||||||||||
Other income, net |
10 |
5 |
4 |
9 |
1 |
— |
9 |
38 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
259 |
212 |
75 |
51 |
3 |
— |
(29) |
571 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(49) |
(22) |
(5) |
(3) |
1 |
— |
(61) |
(139) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(67) |
(47) |
(17) |
(4) |
12 |
1 |
57 |
(65) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
— |
21 |
— |
— |
— |
21 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
1 |
— |
(7) |
(12) |
— |
— |
(1) |
(19) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
144 |
$ |
143 |
$ |
46 |
$ |
53 |
$ |
16 |
$ |
1 |
$ |
(34) |
$ |
369 |
|||||||||||||||||
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Year ended December 31, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra Mexico |
Sempra Renewables |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
4,253 |
$ |
3,471 |
$ |
1,556 |
$ |
725 |
$ |
34 |
$ |
508 |
$ |
(364) |
$ |
10,183 |
|||||||||||||||||
Cost of sales and other expenses |
(2,617) |
(2,416) |
(1,255) |
(413) |
(56) |
(780) |
287 |
(7,250) |
|||||||||||||||||||||||||
Depreciation and amortization |
(646) |
(476) |
(49) |
(77) |
(6) |
(47) |
(11) |
(1,312) |
|||||||||||||||||||||||||
Impairment losses |
— |
(22) |
— |
(131) |
— |
— |
— |
(153) |
|||||||||||||||||||||||||
Gain on sale of assets |
— |
— |
— |
— |
4 |
130 |
— |
134 |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
34 |
(28) |
— |
6 |
|||||||||||||||||||||||||
Remeasurement of equity method investment |
— |
— |
— |
617 |
— |
— |
— |
617 |
|||||||||||||||||||||||||
Other income (expense), net |
50 |
32 |
21 |
(5) |
2 |
3 |
29 |
132 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
1,040 |
589 |
273 |
716 |
12 |
(214) |
(59) |
2,357 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(195) |
(97) |
(17) |
(7) |
1 |
28 |
(241) |
(528) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(280) |
(143) |
(80) |
(188) |
38 |
80 |
184 |
(389) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
3 |
75 |
— |
— |
— |
78 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
5 |
— |
(23) |
(133) |
4 |
(1) |
— |
(148) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
570 |
$ |
349 |
$ |
156 |
$ |
463 |
$ |
55 |
$ |
(107) |
$ |
(116) |
$ |
1,370 |
|||||||||||||||||
Year ended December 31, 2015 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra Mexico |
Sempra Renewables |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
4,219 |
$ |
3,489 |
$ |
1,544 |
$ |
669 |
$ |
36 |
$ |
653 |
$ |
(379) |
$ |
10,231 |
|||||||||||||||||
Cost of sales and other expenses |
(2,583) |
(2,411) |
(1,232) |
(415) |
(51) |
(681) |
311 |
(7,062) |
|||||||||||||||||||||||||
Depreciation and amortization |
(604) |
(461) |
(50) |
(70) |
(6) |
(49) |
(10) |
(1,250) |
|||||||||||||||||||||||||
Impairment losses |
— |
(9) |
— |
— |
— |
— |
— |
(9) |
|||||||||||||||||||||||||
Plant closure adjustment |
26 |
— |
— |
— |
— |
— |
— |
26 |
|||||||||||||||||||||||||
Gain on sale of assets |
— |
— |
1 |
— |
8 |
61 |
— |
70 |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
24 |
84 |
(4) |
104 |
|||||||||||||||||||||||||
Other income, net |
36 |
30 |
22 |
20 |
2 |
— |
16 |
126 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
1,094 |
638 |
285 |
204 |
13 |
68 |
(66) |
2,236 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(204) |
(81) |
(13) |
(16) |
1 |
3 |
(223) |
(533) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(284) |
(138) |
(67) |
(11) |
49 |
(28) |
138 |
(341) |
|||||||||||||||||||||||||
Equity (losses) earnings, net of income tax |
— |
— |
(4) |
89 |
— |
— |
— |
85 |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(19) |
— |
(26) |
(53) |
— |
1 |
(1) |
(98) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
587 |
$ |
419 |
$ |
175 |
$ |
213 |
$ |
63 |
$ |
44 |
$ |
(152) |
$ |
1,349 |
|||||||||||||||||
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
[SRE-F]
SOURCE Sempra Energy
SAN DIEGO, Feb. 24, 2017 /PRNewswire/ -- Today, SDG&E is showcasing the world's largest lithium-ion battery energy storage facility in partnership with AES Energy Storage, which will enhance regional energy reliability while maximizing renewable energy use. The 30 megawatt (MW) energy storage facility is capable of storing up to 120 megawatt hours of energy, the energy equivalent of serving 20,000 customers for four hours.
Last year, the California Public Utility Commission (CPUC) directed Southern California investor-owned electric utilities to fast-track additional energy storage options to enhance regional energy reliability. In response, SDG&E expedited ongoing negotiations and contracted with AES Energy Storage to build two projects for a total of 37.5 MW of lithium ion battery energy storage. In addition to the 30 MW facility built in Escondido, Calif., a smaller 7.5 MW installation was built in El Cajon.
"San Diego County is a community of leadership and innovation, so it is only fitting that this community should receive the benefit of this unique project," said Scott Drury, SDG&E's president. "For more than a decade, SDG&E has been at the forefront to deliver results consistent with state and local clean energy and carbon emission goals. These projects affirm our commitment to deliver clean energy to customers and to provide a more reliable power supply to our electric grid when it is most needed."
The 400,000 batteries, similar to those in electric vehicles, were installed in nearly 20,000 modules and placed in 24 containers. The batteries will act like a sponge, soaking up and storing energy when it is abundant – when the sun is shining, the wind is blowing and energy use is low – and releasing it when energy resources are in high demand. This will provide reliable energy when customers need it most, and maximize the use of renewable resources such as solar and wind.
"SDG&E is a leader in providing clean, reliable power to their customers, and we're honored that they chose Advancion energy storage to serve their needs," said John Zahurancik, AES Energy Storage president. "These two projects, including the world's largest advanced energy storage site, are the latest proof of energy storage's capacity to scale up and solve our most pressing grid issues in a short period."
Energy storage is playing a key role in SDG&E's commitment to delivering clean, safe and reliable energy. By 2030, the company expects to develop or interconnect more than 330 MWs of energy storage on the system. These projects can help support the delivery of more renewables to customers and help strengthen SDG&E's record as the most reliable utility in the West.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,100 employees work to provide the cleanest and most reliable energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric (SDG&E)
SAN DIEGO, Feb. 23, 2017 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that its board of directors has approved a 9-percent increase in the dividend on shares of the company's common stock to $3.29 per share, on an annualized basis, from $3.02 per share.
The first quarterly installment of the new dividend, $0.8225 per share, is payable April 15, 2017, to shareholders of record on March 23, 2017.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Factors, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include: actions and the timing of actions, including decisions, new regulations, and issuances of permits and other authorizations by the California Public Utilities Commission, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, Los Angeles County Department of Public Health, states, cities and counties, and other regulatory and governmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction projects, including risks in obtaining or maintaining permits and other authorizations on a timely basis, risks in completing construction projects on schedule and on budget, and risks in obtaining the consent and participation of partners; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; and delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investment in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; changes in the federal tax code as a result of potential tax reform, such as the elimination of the deduction for interest and non-deductibility of all, or a portion of, the cost of imported materials, equipment and commodities; changes in foreign and domestic trade policies and laws, including border tariffs, revisions to favorable international trade agreements, and changes that make our exports less competitive or otherwise restrict our ability to export; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; and other uncertainties, some of which may be difficult to predict and are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Sempra Energy
LOS ANGELES, Feb. 16, 2017 /PRNewswire/ -- Southern California Gas Company (SoCalGas) today announced that it will upgrade or replace 50 to 60 pipeline valves in 2017 to further enhance the safety of its system. The upgraded valves will feature the latest technology that allow operators to control the valves from a remote location, or that automatically shut off the valve if a drop in pressure is detected. The new valves will allow gas control operators to respond more quickly if gas flow needs to be shut off in an emergency. The effort is part of SoCalGas' Pipeline Safety Enhancement Plan (PSEP), a multi-billion-dollar program that tests and updates the natural gas pipeline infrastructure in Southern California.
Since the company began using this new valve technology five years ago, the PSEP program has replaced or retrofitted more than 100 valve locations. PSEP has five separate project teams dedicated to valve upgrades and retrofits, and will continue to replace and retrofit valves through 2022. SoCalGas completed 56 valve upgrade projects in 2016.
Valves control the flow of natural gas through pipelines. An open valve allows natural gas to flow freely, and a closed valve shuts off the gas flow to a pipeline segment. The company's transmission system is equipped with valves that separate the pipelines into sections. In the past, qualified field personnel had to drive to the valve site to open or close a valve as needed.
Current technology, called Remote Control Valves (RCVs), allows valves to be opened or closed remotely by system operators from a central control location. Other new valves are equipped with a control device that automatically triggers a mechanism that shuts off gas flow in the event of a large pressure drop. These are called Automatic Shut-off Valves (ASVs).
SoCalGas uses both of these technologies throughout its pipeline system at strategic locations. As the company continues to upgrade and retrofit valves with RCV and ASV technology, operators will have more flexibility and can respond more quickly if a valve suddenly needs to be closed.
Safety first
"Safety always comes first when operating a valve with RCV or ASV technology," said Rick Phillips, senior director of SoCalGas' Pipeline Safety Enhancement Plan. "Valves can be closed automatically or remotely, however, they cannot be reopened remotely without physical verification by SoCalGas crews to ensure the safety of the public."
SoCalGas dedicates significant resources to improving the safety and integrity of its more than 101,000 miles of natural gas pipelines. In 2017, the company plans to spend approximately $1.2 billion for improvements to distribution, transmission and storage systems and for pipeline safety.
You can find photos and a video with more information on valves here.
About Southern California Gas Company
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for 150 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Company
SAN DIEGO, Feb. 14, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to announce its fourth-quarter 2016 earnings at 8:30 a.m. EST, Feb. 28.
Sempra Energy executives will conduct a conference call at 12 p.m. EST, Feb. 28.
Investors, media, analysts and the general public may listen to a live webcast of the conference call at the company's website, www.sempra.com, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 5358106.
Briefing materials will be posted on the company's website by 8:30 a.m. EST, Feb. 28.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
[SRE-F]
SOURCE Sempra Energy
LOS ANGELES, Feb. 13, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) will once again highlight innovative natural gas technologies at the 50th Annual World Agricultural (Ag) Expo, Feb. 14 -16, at the International Agri-Center in Tulare, California. Also known as "The Farm Show," the three-day event is the largest event of its kind—and SoCalGas is one of its original participants.
SoCalGas' booth will be located at H and Meridian streets at the event and will feature:
"Clean, affordable natural gas can help farmers save money and will help California meet its clean air and renewable energy goals," said Lisa Alexander, SoCalGas' vice president of customer solutions and communications. "We're proud to offer affordable, low-cost natural gas to farmers in our service territory, and it's exciting to see how we can help this very important industry save money, energy, and water by using natural gas."
An increasing number of area growers have been repowering their irrigation wells from diesel to natural gas. The savings are significant and some growers have already realized one-year paybacks on their engine purchases. And, at roughly half the cost, natural gas is still a cost-effective alternative to using electricity for irrigation.
As the need for groundwater pumping increased during California's historic drought, SoCalGas partnered with area farmers by installing dozens of new services and meters to serve irrigation wells. Natural gas is the lowest-cost energy alternative for water pumping over the past decade and more cost effective than electricity and diesel. For instance, to power a150-horsepower irrigation well, at current market prices, the hourly costs are: $20.40 for an electric motor; $18.45 for a diesel engine; and $8.63 for a natural gas engine.
SoCalGas continues to help its customers identify and implement other energy saving projects as well. Last year alone, SoCalGas returned more than $500,000 in energy efficiency funds to food processing customers in the San Joaquin Valley. These projects included: heat recovery at a dairy processing plant; equipment modernization in a nut processing plant; pump efficiency improvements and other efforts.
About World Ag Expo
The World Ag Expo is largest annual agricultural exposition of its kind and boasts more than 1,500 exhibitors displaying cutting-edge agricultural technology and equipment on 2.6 million square feet of exhibit space. A record-setting 106,349 people came from 47 states and 79 countries to attend 2016 World Ag Expo.The World Ag Expo Arena will once again offer daily Equipment Showcases, where exhibitors will perform live demonstrations of their latest products. Seminars will be offered in a variety of categories, including dairy, irrigation, international trade, business and farm management, marketing and media, and general agriculture. These seminars are presented by professionals in the industry and provide attendees with valuable information to improve their operations.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe, and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Co.
LOS ANGELES, Feb. 10, 2017 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | |
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on April 15, 2017, to shareholders of record on March 10, 2017.
About Southern California Gas Company
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Company
LOS ANGELES, Feb. 9, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a pilot hydrothermal wastewater processing project has been selected by the U.S. Energy Department (DOE) to receive up to $1.2 million in federal funding. SoCalGas is part of a consortium conducting the pilot, which will be required to share the cost at a minimum of 50 percent in order to receive federal funds. The consortium is being led by the Water Environment & Reuse Foundation.
The project will use hydrothermal processing technology to convert wastewater solids into renewable natural gas as well as liquid fuels. DOE funding is expected to pay for about half of the design and planning of a pilot plant to produce these renewable fuels at a municipal wastewater treatment facility near Oakland, California. SoCalGas will help oversee the project's design and assist in obtaining state and federal regulatory approvals and incentives.
The new technology converts waste solids from a wastewater treatment plant into biocrude and methane gas using water, heat and pressure. The biocrude oil replaces fossil oil, providing green fuels with nearly zero net new carbon emissions. The methane gas can be used in the same ways as fossil natural gas.
"SoCalGas and its partners have demonstrated that this process can very effectively convert wastewater solids into renewable natural gas, using existing infrastructure, to help replace fossil fuels and reduce greenhouse gas emissions," said Jeff Reed, SoCalGas' director of business strategy and advanced technology. "This new technology could have an enormous impact on energy and waste. Converting the wastewater solids produced by treatment plants in the U.S. with hydrothermal processing could produce about 128 billion cubic feet of natural gas per year and save treatment utilities $2.2 billion in solids disposal costs. A city of one million people could produce more than 600 million cubic feet of natural gas per year, save more than $7 million per year in disposal costs, and power nearly 7,000 vehicles per day."
The Central Contra Costa Sanitary District, near Oakland, California, will host the pilot system. The consortium includes the Water Environment & Reuse Foundation, which represents many of the 16,000 wastewater systems in the U.S. The consortium also includes Genifuel Corp. with technology from DOE's Pacific Northwest National Laboratory, Merrick & Co., Tesoro Corp., Metro Vancouver, MicroBio Engineering, Brown and Caldwell, and over a dozen utility partners.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Company
SAN DIEGO, Feb. 7, 2017 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its California utilities – San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas) – have entered into a Memorandum of Understanding (MOU) with other parties for a two-year extension for the utilities to file their next applications in the Cost-of-Capital proceeding at the California Public Utilities Commission (CPUC).
The MOU was entered into today by SDG&E, SoCalGas, Pacific Gas & Electric and Southern California Edison with the CPUC's Office of Ratepayer Advocates and The Utility Reform Network for the Cost-of-Capital application extension through 2018 and 2019.
The MOU calls for SDG&E to reduce its return on equity to 10.2 percent from 10.3 percent and SoCalGas to reduce its return on equity to 10.05 percent from 10.1 percent for 2018 and 2019. While the return on equity for both SDG&E and SoCalGas is fixed for 2018, the return on equity for 2019 is subject to a Cost-of-Capital adjustment mechanism. If approved, the terms of the MOU will not take effect until Jan. 1, 2018. These MOU terms are materially consistent with the Cost-of-Capital assumptions provided for SDG&E and SoCalGas in the five-year financial plan at Sempra Energy's 2016 Analyst Conference.
SDG&E, SoCalGas and the other parties to the MOU have filed a Joint Petition for Modification with the CPUC. The petition is subject to final approval by the CPUC.
The Cost-of-Capital proceeding determines utility rates of return on their investments.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; moves to reduce or eliminate reliance on natural gas as an energy source; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the impact on customer rates and other adverse consequences due to possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Sempra Energy
LOS ANGELES, Jan. 31, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and waste management company CR&R Environmental today announced they broke ground on construction of an eight-inch pipeline that will bring carbon-neutral renewable natural gas into the SoCalGas distribution system for the first time.
The connecting pipeline, funded by CR&R Environmental, will reach approximately 1.4 miles from an existing SoCalGas pipeline to a new CR&R anaerobic digestion facility in Perris, California slated to be complete this spring. Renewable natural gas from the digestion facility will be designated specifically to power CR&R's fleet of approximately 900 waste hauling trucks.
"Bringing renewable gas into our pipeline system is a big step forward for SoCalGas and for California," said Lisa Alexander, SoCalGas' vice president, customer solutions and communications. "Using our pipeline infrastructure to distribute this carbon-neutral fuel will help to slow climate change and meet state goals for increasing use of renewable fuels. We see this de-carbonization of our pipeline system as the way of the future."
SoCalGas expects it will be able to bring renewable gas from the facility into its pipelines by June of this year.
CR&R's Perris anaerobic digester, supplied by Eisenmann USA and Greenlane Biogas and constructed by W.M. Lyles, will use source-separated organic waste collected in cities' green collection carts to produced carbon-neutral renewable methane. This gas will then be further refined using pollution-free technology and distributed through SoCalGas's pipeline infrastructure. Such natural gas can be used to fuel heavy-duty trucks, generate electricity, or fuel heating systems. CR&R's Perris digestion facility is believed to be the largest in the world.
Studies indicate California could produce almost 300 billion cubic feet of renewable natural gas per year just from organic waste. Instead of landfilling or burning that waste, California could use it to generate enough renewable electricity to power 2 to 3 million homes, or enough to replace 75 percent of all the diesel fuel used by motor vehicles in California.
Visit SoCalGas_Flickr to download images: https://flic.kr/s/aHskTvofqh
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Company
LOS ANGELES, Jan. 30, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today advised that cold weather over the past month is resulting in increased natural gas use and higher bills. The company issued tips to help Southern Californians save money on their natural gas bills this winter.
SoCalGas calculates that a typical residential bill will go from about $67 in December to about $117 in January, or about $50 higher. Colder weather, which began in late December and was frequent through most of January, is the main reason. About $45 of the typical $50 increase is due to customers using more gas during the cold weather. About $5 comes from a slightly longer billing cycle in January: 31 days compared to 29 days in December.
The price of natural gas is about 13 percent higher this month, or about 4 cents per therm. That higher natural gas price would have made the typical bill higher by about $4, except that SoCalGas' charges for transporting the gas are actually lower this month than last month, offsetting most of the impact of the higher natural gas price. The net effect of the price on a typical bill is $1.
Compared to the same time last year, a typical residential bill this January is about $25 lower—mostly because the weather during the same period last year was even colder.
SoCalGas' rates do not include costs for the Aliso Canyon incident.
During winter, most customers use three to seven times more natural gas. Heating is often the number-one energy expense for most customers during the winter and can account for more than 50 percent of the total natural gas bill. Colder weather also impacts water heaters because they must work longer and harder to heat the colder water coming in. Water heaters can account for 25 percent of natural gas use.
Savings Tips
Here are some tips to keep natural gas bills as low as possible:
Customers can find more ways to save on natural gas bills by going to: socalgas.com/winterbills or socalgas.com/facturadeinvierno (Spanish).
Online Bill Comparison Tools and Weekly Alerts
SoCalGas encourages customers to take advantage of its easy-to-use online tools to explain their bills and help them save money. To understand their energy usage and charges, customers can log in or register for My Account at socalgas.com and select "Ways to Save" then go to "Compare Bills" and view "Bill Highlights" to see why their bills may have changed. There, customers can find energy and bill analysis tools that allow them to analyze differences between bills, understand the effects of weather on energy use, see the number of billing days on the bill, and even create customized energy savings plans.
The more than four and a half million customers who have Advanced Meters are able to access even more detailed information about their hourly and daily gas usage and costs through the "Analyze Usage" online tool within the My Account, "Ways to Save" section. These customers are also eligible to sign up for weekly Bill Tracker Alerts—texted to their phones or sent via email—to track their projected gas bill during the billing cycle. Customers can enroll in Bill Tracker Alerts and other billing and payment-related notifications through "Manage My Account," "Manage Alerts," within My Account.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Co.
LOS ANGELES, Jan. 26, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today lifted the "SoCalGas Advisory" asking all customers to reduce their natural gas use. The advisory was called on Monday at 7 a.m. in response to increased demand for natural gas resulting from cold weather. The system-wide curtailment watch for noncore customers (large commercial and industrial customers, including electric generation plants) has also been lifted. Both the SoCalGas Advisory and Curtailment Watch ended today at 1 p.m.
On Jan. 24 and Jan. 25 cold weather conditions led to hourly customer demand on SoCalGas' system that significantly exceeded gas supplies being delivered through interstate pipelines and the company's other storage facilities. Natural gas withdrawals from Aliso Canyon played a critical role in helping SoCalGas meet those peak hourly demands and avoid service interruption to large customers, including electric generators, refineries, and other critical service providers such as hospitals, airports and manufacturers.
Withdrawals from Aliso Canyon were made in accordance with the Aliso Canyon Winter Withdrawal Protocol established by the California Public Utilities Commission (CPUC).
Withdrawal Event Summary
Rapid changes in customer demand over the last two days are examples of the sudden peaks SoCalGas regularly experiences with changes in the weather. The company coordinates with the California Independent System Operator and customers to manage these hourly changes in demand to help prevent service interruptions.
Temperature lows in most parts of the region on Jan. 24 and Jan. 25 were in the 30s at night. On Monday and Tuesday, SoCalGas delivered almost 4.1 billion cubic feet of gas, the highest demand so far this winter, according to company data.
Natural gas travels slowly through pipelines. It takes 3-4 hours for gas traveling from the California border (where it enters the SoCalGas system) to customers in the LA Basin. In the morning hours on Jan. 24 and Jan. 25 hourly customer demand on SoCalGas' system significantly exceeded gas supplies being delivered through interstate pipelines and from our other storage facilities.
In an effort to meet the peak hourly demand, SoCalGas placed all other storage fields on maximum withdrawal. Even at maximum withdrawal, that was not sufficient to meet the peak hourly customer demand.
To help maintain the reliability of natural gas and electricity service across the region, SoCalGas withdrew natural gas from Aliso Canyon. The withdrawal was consistent with the Aliso Canyon Winter Withdrawal Protocol established by the CPUC.
Without withdrawals from Aliso Canyon, the demand on the system over the last two days could have resulted in curtailments to non-core customers, including power plants, refineries, and hospitals.
Measurements of Gas Withdrawn from Aliso Canyon
Additional Monitoring During Withdrawals
Verified readings from SoCalGas' network of eight pairs of fence-line monitors and other detection systems show normal background levels over the withdrawal periods. Furthermore, additional methane detection patrols showed no increased levels of methane at wells or equipment being used for withdrawal.
Data collected by a community air monitor shows background levels of methane were at their lowest levels yesterday during the time that Aliso Canyon was withdrawing gas to meet increased customer demand. All of the levels detected by the methane monitor were within normal background ranges.
Additional data collected by The South Coast Air Quality Management District is consistent with readings from SoCalGas and community monitors and is available here: http://www.aqmd.gov/home/regulations/compliance/aliso-canyon-update/air-sampling/air-montoring-activities/continuous-methane-monitoring-data.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Company
LOS ANGELES, Jan. 23, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) announced that beginning at 7 a.m. today a "SoCalGas Advisory" has been issued and will remain in effect until further notice. A SoCalGas Advisory asks all customers to immediately reduce their natural gas use to help lower the risk of possible natural gas and electricity shortages.
SoCalGas and SDG&E have also issued a system-wide curtailment watch for noncore customers (large commercial and industrial customers, including electric generation plants). SoCalGas and SDG&E are currently meeting system demands utilizing storage withdrawal and flowing supplies. However, due to forecasted cold weather conditions throughout the SoCalGas and SDG&E service territories, there is a potential for supply shortfall. Customers are advised that they may be receiving a notice to curtail service.
SoCalGas urges all customers to immediately reduce their natural gas use by:
More than 95 percent of Southern Californians use natural gas for home heating, and about 60 percent of the electricity used in California comes from power plants that run on natural gas. By conserving natural gas during this critical period, SoCalGas customers can help lower the risk of possible natural gas and electricity shortages.
The California Public Utilities Commission ordered the creation of the "SoCalGas Advisory" program to help address state agencies' concerns about regional energy reliability this winter due to the moratorium on injection operations at Aliso Canyon.
More ways to conserve natural gas and information on the program are available at socalgas.com/advisory.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Co.
LOS ANGELES, Jan. 22, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that a "SoCalGas Advisory," will be issued for tomorrow, January 23, 2017. A SoCalGas Advisory asks customers to immediately reduce their natural gas use to help lower the risk of possible natural gas and electricity shortages. The Advisory will be in effect beginning at 7am tomorrow and remain in effect until further notice.
Beginning at 7am tomorrow SoCalGas and SDG&E are also issuing a system-wide curtailment watch for noncore customers (large commercial and industrial customers, including electric generation plants). SoCalGas and SDG&E are currently meeting system demands utilizing storage withdrawal and flowing supplies. However, due to forecasted cold weather conditions throughout the SoCalGas and SDG&E service territories, there is a potential for supply shortfall. Customers are advised that they may be receiving a notice to curtail service.
SoCalGas urges all customers to reduce their natural gas use by:
More than 95 percent of Southern Californians use natural gas for home heating, and about 60 percent of the electricity used in California comes from power plants that run on natural gas. By conserving natural gas during this critical period, SoCalGas customers can help lower the risk of possible natural gas and electricity shortages.
The California Public Utilities Commission ordered the creation of the "SoCalGas Advisory" program to help address state agencies' concerns about regional energy reliability this winter due to the moratorium on injection operations at Aliso Canyon.
More ways to conserve natural gas and information on the program are available at socalgas.com/advisory.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Company
SAN DIEGO, Jan. 20, 2017 /PRNewswire/ -- America's transportation sector is the top source for producing harmful carbon emissions and in San Diego it accounts for more than half of all carbon emissions. Aiming to help solve the problem, today San Diego Gas & Electric (SDG&E) filed a series of proposals with the California Public Utilities Commission to install tens of thousands of electric charging stations in new, key areas to encourage the transition to zero-emission electric vehicles (EVs), trucks, shuttles, and delivery fleets, among other areas.
"SDG&E has spent more than a decade reducing our carbon footprint through the rapid expansion of clean energy. We all want to breathe cleaner air, which means slowing down the impacts of climate change will require an increased focus on the areas that produce the most harmful emissions," said Caroline Winn, chief operating officer of SDG&E. "We are committed as a business and a community partner to improving lives by developing meaningful solutions."
For SDG&E customers, who over the last twelve months received more than 40 percent of their energy from renewable sources, now is the time to increase the use of electricity as a transportation fuel source.
Transportation electrification is the natural progression of renewables, given that electric cars and trucks plugging into the power grid will be charging on ever increasing amounts of clean energy.
If SDG&E's proposals are approved, additional electric charging stations would be installed at San Diego International Airport, Port of San Diego, for delivery fleets, taxi/rideshare, Park-and-Rides and residential homes throughout the region. These proposed programs would build upon the company's efforts to install electric charging infrastructure at 350 apartments, condos and businesses as part of the Power Your Drive program.
The filing is in response to Senate Bill (SB) 350 which recognized the vital role energy companies like SDG&E will play in widespread transportation electrification by installing and expanding the charging network and other necessary infrastructure.
"In order to support clean air and a healthy climate, the transportation sector as a whole, including passenger vehicles, heavy-duty trucks, and fleet vehicles must all transition to clean, low-carbon technologies," said Debra Kelley, advocacy director for the American Lung Association. "The American Lung Association in California supports SDG&E's efforts to expand access to electric transportation in our region, reducing harmful greenhouse gas emissions."
Taken together, SDG&E's transportation electrification proposals aim to jumpstart the EV sector and test cutting-edge technology. The larger residential project would focus on customer homes and smart charging with special EV rates to encourage off-peak charging.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,300 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, Jan. 17, 2017 /PRNewswire/ -- Earlier today, the California Department of Conservation's Division of Oil, Gas and Geothermal Resources announced that a public meeting on Aliso Canyon required under SB 380 will be held on February 1 and 2, 2017. SoCalGas issued the following statement in response:
"Southern California Gas Co. supports the public participation outlined in Senate Bill 380. The upcoming meetings on February 1 and 2 mark an important next step in the State's comprehensive safety review process and are one of the conditions necessary for us to resume injections at Aliso Canyon.
"As the Division of Oil, Gas and Geothermal Resources said in its announcement today, the entire facility has undergone extensive inspections and each well has been thoroughly tested with stringent standards.
"Just last week the Division of Oil, Gas and Geothermal Resources and the California Public Utilities Commission hosted tours of Aliso Canyon for community and elected leaders to see firsthand the extensive physical upgrades and advanced technologies that have been deployed to enhance safety at the facility.
"The State's energy experts and independent third parties have concluded, in three consecutive technical assessments, that Aliso Canyon is needed to meet the region's natural gas and electricity needs.
"Over the last year, the field has remained available for withdrawal to meet the region's energy needs. The ability to resume injections at Aliso Canyon will further enhance the reliability of the region's natural gas and electricity systems.
"We understand and support that the Division of Oil, Gas and Geothermal Resources and the California Public Utilities Commission have taken these important next steps in the process and we are currently reviewing the additional guidelines that were announced today."
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Southern California Gas Company
LOS ANGELES, Jan. 11, 2017 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it has signed a contract with Onboard Dynamics, Inc. (ObDI) to fund the demonstration and testing of a new mobile natural gas compressor that can be used to re-fuel compressed natural gas (CNG) vehicles no matter where they are. The mobile natural gas compressor is made in the U.S. and reduces the need for CNG cars and trucks to travel to public CNG stations and instead brings clean-burning natural gas refueling to the vehicles.
"This mobile technology provides a cost-effective and convenient refueling solution for smaller CNG operators," said Lisa Alexander, vice president of customer solutions and communications for SoCalGas. "This, in turn, may lead to an accelerated adoption of CNG, which would contribute to improved air quality and a reduction of greenhouse gas emissions, compared to petroleum-based fuels."
CNG is projected to emit less nitrogen oxide (NOx) and other greenhouse gas emissions and can be more affordable than gasoline or diesel. Since there are fewer than 2,000 CNG refueling stations in the U.S., innovative technology, such as this mobile CNG compressor, could help to fuel smaller CNG fleets like school buses in a more cost-effective manner. The compressor will allow customers to refuel without driving to a retail refueling station or incurring the significant upfront investment of building a conventional CNG refueling station. Larger heavy-duty fleet operators who are considering converting to CNG vehicles may also find the compressor beneficial in the early phases of transitioning their fleets to alternative fuels.
Designed to be compact, affordable, simple to install and easily transportable, the mobile compressor will be powered by natural gas, unlike other technologies that require an external electric power source for operation. Thus, it can also act as a capacity boost for existing CNG compressor stations or as a reliable backup source during emergency events in which electrical generators are offline.
"We are excited to introduce a mobile compressor that effectively provides CNG refueling options without the need for electric power," said Rita Hansen, chief executive officer, ObDI. "Our technology can potentially reduce CNG production costs, increase efficiency, improve reliability and lower criteria emissions compared to previous engine-driven products."
SoCalGas and ObDI will begin a demonstration project of the technology in the summer of 2017 with Mountain View School District in El Monte, Calif. and Antelope Valley Schools Transportation Agency in Lancaster, Calif. SoCalGas has committed funds from its Research, Development and Demonstration program for the demonstration of this project, and ObDI will be responsible for project management, system design, performance monitoring and onsite maintenance of the compressors.
Additional funding and support for the development of the compressor was provided by the U.S. Department of Energy's Advanced Research Projects Agency – Energy, ONAMI, Oregon BEST, Portland Seed Fund, NW Natural and other utilities and private investors.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
About Onboard Dynamics, Inc.
Onboard Dynamics, Inc. seeks to lower fuel costs and carbon emissions by removing barriers to driving natural gas-powered vehicles. Its product line integrates natural gas compression into automotive engines, allowing drivers to refuel from any low pressure natural gas supply line. Founded in 2013, Onboard Dynamics is based in Bend, Oregon. Several patents covering the company's innovative technologies are being pursued.
SOURCE Southern California Gas Company
LOS ANGELES, Jan. 10, 2017 /PRNewswire/ -- Southern California Gas Company (SoCalGas) today announced the company will be one of the first natural gas utilities in the United States to incorporate innovative fiber optic cable technology to detect impacts and leaks along its transmission and high-pressure pipeline system.
The technology uses fiber optic strands to transmit data across long distances, and can send early warning of pressure changes or vibrations that could indicate a leak or an impact to the gas line. The technology quickly detects when abnormal stress, movement or temperature conditions are present. Continuous monitoring and measurement will help the company quickly identify threats to a pipeline from heavy equipment operation, unexpected earth movement, or physical impact. When a threat is identified, information will be sent within seconds along the fiber cable to a remote monitoring station. The system can pinpoint where a potential problem may be developing within 20 feet.
The system can prevent pipeline damage from unauthorized construction work, geologic conditions or other physical changes like structural stress from broken water mains. It can also detect pipeline leaks through both sound and temperature signal analysis. Access to immediate and area-specific data will give SoCalGas crews and first responders more time to plan, allocate resources, and take effective actions to mitigate leaks or potential leaks.
The system works on the principle that light signals vary when a fiber optic cable is exposed to vibration, stress or an abnormal change in temperature. The advanced technology helps operators interpret these signal changes and determine the type of threat posed and the precise location along the continuous length of cable. In some cases, operators will be able to distinguish hand digging and routine traffic from heavy equipment use near the pipeline.
"This is game-changing technology," said Jimmie Cho, senior vice president of gas operations & system integrity, SoCalGas. "It will help keep our communities safe and allow us to more quickly address accidental dig-ins by third-party contractors and service outages that happen every year."
To test and gain a better understanding of how the new system performs, engineers at the company's Pico Rivera test facility created a working scaled-down pipeline section and installed fiber optic cabling in a pipeline trench.
Personnel pounded and dug into soil, pavement and other surfaces, drove heavy equipment over and around the test area, and simulated gas leaks of various magnitudes. From a remote location, special monitoring equipment successfully identified each of those activities by its unique data signature.
SoCalGas plans to install fiber optic cable along all new and replacement pipeline segments 12 inches and greater in diameter and one-mile long. The fiber optic cables will be installed approximately 36 inches below the ground surface and 12 inches above the pipelines. SoCalGas plans to install its first fiber optic cables on a 7-mile stretch of pipeline in Bakersfield this year.
Incorporating fiber optics into its operations is part of SoCalGas' long-standing commitment to enhancing the safety and reliability of its more than 101,000 miles of natural gas pipelines.
Visit SoCalGas_Flickr to download images: https://www.flickr.com/photos/150866049@N03/
About SoCalGas
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Company
SAN DIEGO, Jan. 3, 2017 /PRNewswire/ -- The New Year brings new leadership to San Diego Gas & Electric (SDG&E) as Scott D. Drury becomes president of the energy company. Drury succeeds Jeff Martin, who has become executive vice president and chief financial officer at Sempra Energy (NYSE: SRE), the parent company of SDG&E. Drury's and Martin's new assignments were announced last September as part of Sempra Energy's ongoing leadership development and succession planning process.
As he steps into the role of President, Drury is focused on advancing SDG&E's efforts in clean, safe and reliable energy.
"It's an exciting time to be in the energy business," said Drury. "At SDG&E, we're inspired by the opportunity to improve the lives of our customers, and the communities where we live and work, by building the cleanest, safest, most reliable energy company in America."
Drury enters the role at a time when SDG&E is emerging as a leader in the race to create the utility of the future. In the last year, the energy company:
Also during this time, SDG&E was named the most reliable electric utility in the western United States for the 11th straight year by PA Consulting Group and the company has received the approval on a number of projects that modernize the electric and natural gas infrastructure serving SDG&E's customers.
Drury has held various leadership roles within the company, most recently, he served as the company's chief energy supply officer, overseeing all aspects of acquiring energy and capacity, electric transmission and substation operations, enterprise engineering, strategic planning, and generation and resource planning. He has held positions in human resources, diversity and inclusion, construction operations, safety, supply management and other areas.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and Southern Orange Counties. More than 4,300 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, Dec. 20, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that, effective immediately, it has lifted the "SoCalGas Advisory" to all customers and the system-wide curtailment watch issued to its noncore customers, including electric generation plants. The Advisory and curtailment watch were issued December 18 in response to cold weather conditions in the Southwestern United States and SoCalGas' service territory.
"On behalf of SoCalGas, I'd like to thank all of our customers who took action to conserve natural gas during this Advisory. Working with our customers and suppliers, we were able to manage our system to deliver reliable heating and electricity to our region during this recent cold snap," said Lisa Alexander, vice president for customer solutions and communications. "As we lift the Advisory, I want to remind our customers that it is very early in the winter season, and with the limited availability of Aliso Canyon, we may face more of these types of challenges this winter. Conservation should be part of everyone's daily routine, and I encourage customers to visit socalgas.com to learn more about our conservation tips, rebate programs, and other ways to manage bills this winter."
The California Public Utilities Commission ordered the creation of the "SoCalGas Advisory" program to help address state agencies' concerns about regional energy reliability this winter due to the moratorium on injection operations at Aliso Canyon.
More information about the program is available at socalgas.com/advisory.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Co.
SAN DIEGO, Dec. 19, 2016 /PRNewswire/ -- Today, San Diego Gas & Electric (SDG&E) issued a warning about a national scam that continues to target the company's customers. Known as the "Pay-by-Phone" scam, criminals typically threaten immediate power shut-offs to scare customers to make an immediate payment. The scammers then instruct customers to purchase prepaid debit cards, or wire transfers, and direct them to call another phone number to provide the card information, which allows the thieves to remove the cash value.
"To hear that people are losing thousands of dollars because they fear SDG&E is going to turn off their power is upsetting at any time, but particularly so during the holiday season," said Scott Crider, vice president of customer services for SDG&E. "We want our customers to know about this scam and protect themselves and their families from becoming a victim. While anyone can be a target, we've seen higher instances of scammers targeting small businesses, the elderly and non-native English speakers."
Customers should protect themselves with these tips:
SDG&E encourages anyone who has been victim to this scam to report any loss of money to law enforcement agency. Additionally, SDG&E investigates any reported issues in an effort to help protect customers.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and Southern Orange Counties. More than 4,300 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, Dec. 18, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today issued a "SoCalGas Advisory," which asks customers to immediately reduce their natural gas use to help lower the risk of possible natural gas and electricity shortages. The Advisory will continue until further notice.
SoCalGas has also issued a system-wide curtailment watch to noncore customers (large commercial and industrial customers, including electric generation plants). SoCalGas is currently meeting system demands utilizing significant storage withdrawal. However, due to severe cold weather conditions throughout the southwestern United States and the SoCalGas service territory, there is a potential for interstate pipeline supply disruptions. Noncore customers are advised that they may be receiving a notice to curtail service.
SoCalGas urges residential customers to immediately reduce their natural gas use by:
More than 95 percent of Southern Californians use natural gas for home heating, and about 60 percent of the electricity used in California comes from power plants that run on natural gas. By conserving natural gas during this critical period, SoCalGas customers can help lower the risk of possible natural gas and electricity shortages.
The California Public Utilities Commission ordered the creation of the "SoCalGas Advisory" program to help address state agencies' concerns about regional energy reliability this winter due to the moratorium on injection operations at Aliso Canyon.
More ways to conserve natural gas and information on the program are available at socalgas.com/advisory.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Co.
SAN DIEGO, Dec. 16, 2016 /PRNewswire/ -- The board of directors of Sempra Energy (NYSE:SRE) today declared a quarterly dividend of $0.755 per share of common stock. The current dividend is payable Jan. 15, 2017, to shareholders of record on Dec. 29, 2016.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; moves to reduce or eliminate reliance on natural gas as an energy source; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the impact on customer rates and other adverse consequences due to possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
[SRE-F]
SOURCE Sempra Energy
SAN DIEGO, Dec. 15, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has completed the acquisition of the Ventika I and Ventika II wind generation facilities in Mexico for approximately $900 million, including the assumption of outstanding debt.
Mexico's antitrust commission, the Comisión Federal de Competencia Económica, approved the acquisition yesterday.
Located in the state of Nuevo León, Mexico, Ventika I and Ventika II consist of 84 operating wind turbines with an installed power generation capacity of 252 megawatts, making it the largest operating wind farm in Mexico.
Ventika, jointly developed by CEMEX, Blackstone Energy Partners and Fisterra Energy, which is majority-owned by funds managed by Blackstone, started commercial operations in April 2016. Ventika's power generation and capacity are contracted through long-term, U.S. dollar-denominated agreements with high-credit-rating commercial and industrial customers. CEMEX will remain the manager of the project.
IEnova develops, builds and operates energy infrastructure in Mexico. As of Dec. 31, 2015, the company had invested more than US$4 billion in operating assets and projects under construction in Mexico and is one of the largest private energy companies in the country. IEnova is the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; moves to reduce or eliminate reliance on natural gas as an energy source; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the impact on customer rates and other adverse consequences due to possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
SOURCE Sempra Energy
SAN DIEGO, Dec. 15, 2016 /PRNewswire/ -- Today, in a 5-0 vote, California Public Utilities Commission (CPUC) approved San Diego Gas & Electric's (SDG&E) proposal to construct the 'South Orange County Reliability Enhancement' project that will substantially improve electric reliability to its customers in the southern portion of Orange County, while also enhancing public safety by providing greater protection against catastrophic events and other threats.
Over the last three decades the energy demand in the southern portion of Orange County has more than tripled, putting a strain on the power grid during peak times for customers. Designed with current and future energy needs in mind, this exciting new project will support the needs of residents and businesses, as well as technological advances that have taken place over the last half-century.
"Once completed, this project will modernize the electric grid by rebuilding a 1950s-era substation with advanced technologies designed to strengthen the reliability of the power grid and limit electric interruptions," said Caroline Winn, chief energy delivery officer for SDG&E. "Delivering reliable energy is vital to increasing the region's economic growth. Equally important is the fact that we are upgrading our infrastructure to minimize risk and enhance public safety."
Today's decision will allow SDG&E to improve its infrastructure to reliably serve the growing energy needs of homes and businesses for the next 50 years. The approval also allows for replacing select wood, steel and traditional lattice towers with new fire resistant, steel poles, improving overall public safety in the region.
The company's efforts to deliver the highest levels of safety and reliability for its customers and the community are being demonstrated across the region. Recently, the company began work in the Cleveland National Forest to replace approximately 2,100 existing wood poles with fire-resistant, weatherized steel poles. Once completed, this nearly $700 million, fire-safety enhancement project will ensure that the majority of the power lines in San Diego County's fire-threat zone will have been fire-hardened.
SDG&E also received the 'green light' in October to construct a new transmission project that will improve overall system reliability, and is vital to meeting the energy needs of customers in communities in north-central San Diego, including Mira Mesa, Scripps Ranch and the city of Poway. The project will also help integrate growing renewable energy being brought into the system.
SDG&E is an innovative San Diego-based energy company whose 4,300 employees go to work every day to provide clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric
LOS ANGELES, Dec. 15, 2016 /PRNewswire/ -- Southern California Gas Company (SoCalGas) today announced that in 2016, the company conducted more than 700,000 comprehensive safety inspections of meter set assemblies, which connect a natural gas pipeline from the street to the customer's gas line. The inspections were completed during the first year of SoCalGas' Meter Set Assembly (MSA) Inspection Program, which was designed to replace prior safety inspection programs for customers that were in place before Advanced Meter technology was installed.
Building on the results in the first year of the MSA Inspection Program, SoCalGas expects to complete more than 2 million inspections in 2017 throughout its service territory.
The meter set assembly connects a natural gas pipeline from the street to the customer's house piping. Typically, meter set assemblies include the meter, a regulator (that lowers gas pressure from the street for home / business use), valves and fittings, a service line from the street to the meter, and a customer house piping that connects the meter to the customer's home or business.
SoCalGas is upgrading approximately 6 million natural gas meters throughout its service territory with Advanced Meters that allow customers to better manage their energy use through money-saving conservation tools and enhanced safety and service delivery. Advanced Meter installations began in 2012 and will continue through 2017.
Keeping a focus on safety
The California Public Utilities Commission requires visual inspections on all meter set assemblies every 36 to 39 months. The SoCalGas MSA Inspection Program replaces the work meter readers performed with a more comprehensive inspection of each MSA, thus enhancing safety.
The MSA Inspection Program is staffed by SoCalGas employees. Inspection representatives are required to complete a physical and comprehensive inspection of the company's above ground facilities. They are required to report damages, atmospheric corrosion and immediate hazards, as well as any abnormal operating conditions they encounter (for example, an illegal bypass that intentionally diverts gas around a meter).
Those with questions about the program may call the MSA Inspection Program Call Center at 877-268-4298.
About SoCalGas
SoCalGas has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. SoCalGas is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
SOURCE Southern California Gas Company
SAN DIEGO, Dec. 14, 2016 /PRNewswire/ -- As part of its commitment to improve air quality and reduce harmful emissions created from the transportation sector, San Diego Gas & Electric (SDG&E) today announced that it has signed a memorandum of understanding with XL Hybrids -- a leading developer of hybrid truck solutions -- to purchase up to 110 of their first-of-its-kind, plug-in electric hybrid truck systems between 2017 and 2020 to upgrade SDG&E's fleet vehicles.
Driven by a relentless focus on innovation to reduce its carbon footprint, SDG&E has been seeking a transformative solution for its fleet. The XL Hybrids' system will convert commercially available gasoline-powered trucks into electric hybrids, powered in part by energy generated by the sun and wind. The conversion of these powerful gas trucks will deliver a 50 percent improvement in miles driven per gallon, reduce operating costs, extend the life of the vehicles, and increase the overall range of SDG&E's fleet.
The company's commitment to transform its fleet builds on SDG&E's efforts to partner with its customers who are seeking to expand their use of alternative-fueled passenger and freight vehicles, trucks, buses, forklifts and cranes, among other solutions to reduce emissions along highly trafficked city streets and highways and seaports. And, as part of the company's Power Your Drive program, the company will install 3,500 electric vehicle charging stations at apartments, condos, businesses and disadvantaged communities where currently few if any charging stations exist.
"Delivering innovation for the benefit of our customers is at the heart of what motivates us at SDG&E," said Jeff Martin, SDG&E's chairman, president and CEO. "We expect to deliver more than 40 percent of our electricity in 2017 from renewable sources, and, as we decarbonize electricity, today's announcement delivers a new solution for reducing the transportation emissions of employees who annually drive a significant number of miles throughout southern California. Not only will our fleet vehicle transformation create cleaner air for our community, it also will provide a path for reducing vehicle operating expenses for the benefit of our customers."
SDG&E intends to convert more than 20 percent of its fleet to alternative-fueled vehicles by 2020. In addition to this partnership and to aid in this goal, the company recently purchased more than 30 new plug-in electric hybrid "bucket" trucks. These clean air vehicles are expected to eliminate more than 907,000 pounds of greenhouse gas emissions, which is equivalent to removing nearly 100 cars from the road for a full year. The new trucks have an on-board battery system that eliminates the need for engine idling when crews are called out for repairs, and they are reducing emissions and noise in neighborhoods.
To learn more about SDG&E's commitment to improving air quality, fighting climate change and for continuing California's leadership position as the clean transportation capital in America, visit the SDG&E website here.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,300 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, Dec. 8, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today issued home heating safety tips and advice on how to keep natural gas bills low this winter. In Southern California, the heating season typically begins in November and can last through March. During these colder months, heating can account for more than half of natural gas bills.
Here are some tips to stay safe and lower bills.
General furnace safety
Customers who turn on their heat for the first time after several months of not using their furnace should remember these safety tips:
CO poisoning prevention
Heating units and other appliances should be properly maintained to avoid the threat of carbon monoxide (CO) poisoning. Have natural gas furnaces checked at least once a year by a licensed heating contractor. In addition:
To learn more, go to www.socalgas.com/stay-safe/safety-and-prevention/appliance-maintenance-and-safety
How to save on bills
Winter temperatures can make natural gas bills increase significantly. Here's how to reduce your natural gas use and save money:
Sign up for SoCalGas Advisory Notifications
SoCalGas recently created a conservation notification program designed to reduce consumers' natural gas use and lower the risk of possible natural gas and electricity shortages this winter. The program was launched to help address state agencies' concerns about regional energy reliability this winter due to the moratorium on injection operations at the Aliso Canyon storage facility. Beginning Dec. 1, 2016, a "SoCalGas Advisory" may be issued by SoCalGas under specific conditions, such as when demand for natural gas is projected to potentially exceed supply.
To receive SoCalGas Advisories:
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Company
SAN DIEGO, Dec. 6, 2016 /PRNewswire/ -- As of November 30, San Diego Gas & Electric (SDG&E) has connected more than 100,000 private rooftop solar systems to its reliable power grid. This milestone comes as the company reports in November it connected 1,942 residential customer rooftops.
"Connecting 100,000 private solar rooftops is a clean energy milestone worth celebrating and signifies this community's commitment to increasing energy from sources that help reduce our environmental impact for the benefit of future generations," said Caroline Winn, SDG&E's chief energy delivery officer. "It is our job and commitment to expand access to clean energy innovation that delivers cleaner air for our customers. As part of this commitment, we are the top investor-owned utility in America for renewable energy sales. Our effort also extends to our ongoing work to aggressively expand electric vehicle charging to allow more of our consumers to drive on sunshine."
In addition, more than 75 percent of new private solar customers are taking advantage of SDG&E's Fast Track application process. By selecting Fast Track customers are able to interconnect their private solar panels the same day the city or county approves their facility. The streamlined process has helped make the solar installation process easier for customers by eliminating the need of an additional inspection by SDG&E.
The energy company has also made efforts to make the solar installation process safer, faster and more affordable through advancements in technology. A highlight of this effort is the SDG&E-invented Renewable Meter Adapter, which helps customers avoid thousands of dollars on electrical panel upgrades that are typically required when installing solar on homes built before 1995. Nearly 5,000 customers have taken advantage of this innovative device, avoiding a cumulative $5 million in the cost to install private solar.
To learn more about SDG&E's private solar program visit SDGE.com/NEM.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and Southern Orange Counties. More than 4,300 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information, visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
IRVINE, Calif., Dec. 6, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the power-to-gas ("P2G") hydrogen pipeline injection program it funds at the University of California Irvine has successfully demonstrated the use of excess renewable electricity that would otherwise go to waste.
P2G is a technique for converting surplus clean energy from solar panels or wind farms into hydrogen, which can be blended with natural gas and utilized in everything from home appliances to power plants. The renewable fuel can also be converted to methane for use in a natural gas pipeline and storage system or used in hydrogen fuel cell vehicles. The features of hydrogen can especially enable long-term storage of large amounts of carbon-free power–which is a significant advantage over lithium ion batteries.
"This research lays the groundwork for leveraging the natural gas infrastructure already in place for the storage and transmission of renewable energy," said Jeff Reed, director of business strategy and advanced technology at the SoCalGas. "As more wind and solar production is deployed, energy storage will be a critical component for grid reliability."
"One of the big challenges we've faced in adding wind and solar to the grid is what to do with the excess electricity," said Jack Brouwer, associate professor of mechanical & aerospace engineering and civil & environmental engineering at UCI and associate director of its Advanced Power & Energy Program (APEP). "We've shown you need not halt renewable power generation when demand is low. Instead, the excess electricity can be used to make hydrogen that can be easily integrated into existing natural gas pipeline infrastructure."
The pilot project began last summer with funding from SoCalGas and the participation of Proton OnSite, provider of an electrolyzer that produces hydrogen from electricity and water. APEP engineers worked with UCI facilities management technicians to install the new equipment adjacent to the campus's power plant. Since then, the process has been closely monitored by researchers trying to determine whether P2G is feasible on statewide or regional power grids. Such systems are currently in place in Germany and Canada.
The central component of the process is the electrolyzer, which takes in water and uses excess renewable electricity to power an electrochemical reaction that splits it into hydrogen and oxygen. The oxygen is released into the atmosphere, and the hydrogen is compressed and sent about 60 feet through a pencil-thin, stainless steel tube to an injection point in UCI's natural gas pipeline. There the hydrogen is mixed with natural gas and, shortly thereafter, burned in the gas turbine power plant to generate electricity and heat for the campus.
Hydrogen produced from electricity and water can also be converted into methane and injected into a natural gas pipeline system. The natural gas system includes transmission and distribution pipeline networks and existing underground storage facilities that can store enormous amounts of renewable methane or hydrogen energy for use at a later time. In the SoCalGas service territory alone, more than 12 terawatt-hours of electric equivalent storage can be accommodated.
"Our initial testing indicates smooth operation for this first successful U.S. proof of concept," Brouwer said. "Storage of the hydrogen in existing natural gas infrastructure could become the most important technology for enabling a 100 percent renewable future."
About Southern California Gas Co.
SoCalGas has been delivering clean, safe and reliable natural gas to its customers for over 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses about 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
About the University of California, Irvine
Founded in 1965, UCI is the youngest member of the prestigious Association of American Universities. The campus has produced three Nobel laureates and is known for its academic achievement, premier research, innovation and anteater mascot. Led by Chancellor Howard Gillman, UCI has more than 30,000 students and offers 192 degree programs. It's located in one of the world's safest and most economically vibrant communities and is Orange County's second-largest employer, contributing $5 billion annually to the local economy. For more on UCI, visit www.uci.edu.
About the UCI Advanced Power & Energy Program
APEP addresses the broad utilization of energy resources and the emerging connection of electric power generation, infrastructure, transportation, water resources and the environment. It seeks to develop, promote and deploy increasingly efficient and environmentally sustainable power production and energy conversion worldwide, with a focus on the creation and sharing of new knowledge through fundamental and applied research, education and outreach. Key to this vital effort is industry involvement and partnership, as with SoCalGas in the current effort.
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SOURCE Southern California Gas Co.
LOS ANGELES, Nov. 30, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a new conservation notification program designed to reduce consumers' natural gas use to lower the risk of possible natural gas and electricity shortages this winter. Beginning December 1, 2016, a "SoCalGas Advisory" will be issued by SoCalGas under specific conditions, such as when demand for natural gas is projected to potentially exceed supply. Similar to the "Flex Alert" program used by the California Independent System Operator (CAISO), which issues calls for consumers to reduce electricity usage during high-demand periods, SoCalGas Advisories will ask customers to reduce their natural gas use. The program was launched to help address state agencies' concerns about regional energy reliability this winter due to the moratorium on injection operations at Aliso Canyon.
"With the limited availability of natural gas from the Aliso Canyon storage facility at this time, there is less natural gas locally to heat homes and produce electricity, particularly during high-usage periods," said Lisa Alexander, SoCalGas' vice president of customer solutions and communications. "This new conservation program can not only help families save money, it could also help address the risk of regional electricity and heating outages this winter."
SoCalGas customers will be asked to sign up to receive SoCalGas Advisory notifications by email or text. If a SoCalGas Advisory is called, customers will be asked to conserve by lowering their thermostats to 68 degrees or below, waiting a day to use natural gas appliances and washing clothes in cold water when possible.
In Southern California more than 95 percent of homeowners use natural gas for heat and hot water. In addition, approximately 60 percent of electricity used in Southern California is generated with natural gas. In past years, Aliso Canyon storage facility has played a key role in supplying reliable, low-cost natural gas to both small and large customers in the LA Basin. Gas withdrawn from Aliso also fuels 17 Southern California power plants, making this facility vital to electric grid reliability. Aliso Canyon helps reduce the risk of interruptions that could impact a wide range of customers during the winter season. Thus, the California Public Utilities Commission called for the SoCalGas Advisory program as part of the state's ongoing efforts to promote natural gas reliability this winter.
In addition to alerts, the program will also include a pilot test to evaluate the effectiveness of offering rebates as incentives to motivate customers to use less natural gas during a SoCalGas Advisory; the pilot program will be offered on a limited basis to select groups of customers.
SoCalGas is also encouraging customers to save energy and money by using its online analysis tools. To understand their energy usage and charges, customers can log in or register for My Account at socalgas.com and visit the "Ways to Save" section where they can compare bills, analyze their gas usage, and create customized energy savings plans.
The more than 5.7 million SoCalGas customers who have Advanced Meters are able to access even more detailed information about their hourly and daily gas usage and costs through the company's "Analyze Usage" online tool available within the "Ways to Save" section of My Account. These customers are also eligible to sign up for weekly Bill Tracker Alerts—texted to their phones or sent via email—to track their projected gas bill during their billing cycle. More information on enrolling in Bill Tracker Alerts and other billing tools is located at socalgas.com/pay-bill/my-account.
More information on the SoCalGas Advisory program may be found at socalgas.com/advisory.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, Nov. 30, 2016 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: |
|
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on January 15, 2017, to shareholders of record on December 10, 2016.
About Southern California Gas Company
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Company
SAN DIEGO, Nov. 29, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced its liquefied natural gas (LNG) subsidiaries have filed applications with the Federal Energy Regulatory Commission (FERC) seeking authorization to site, construct and operate the proposed Port Arthur LNG natural gas liquefaction facility along the Sabine-Neches Waterway in Southeast Texas.
The FERC application for the proposed project includes: two natural gas liquefaction trains capable of producing, under optimal conditions, approximately 13.5 million metric tons per annum in the aggregate or approximately 698 billion cubic feet of natural gas per year; three LNG storage tanks; natural gas liquids and refrigerant storage; feed gas pre-treatment facilities; two berths and associated marine and loading facilities. A separate application was filed with FERC seeking authorization to construct natural gas pipelines to deliver natural gas to the project.
"We are pleased to continue advancing the Port Arthur LNG project," said Octavio Simoes, president of Sempra LNG & Midstream. "Our experience in developing, building and operating energy infrastructure will help us deliver a cost-competitive project to the global LNG market."
Sempra LNG & Midstream and Woodside Energy (USA), Inc. signed a project development agreement in February 2016 that provides a framework for the sharing of costs related to the development, technical design, permitting and marketing of the proposed liquefaction project.
Ongoing development of the project is subject to a number of risks and uncertainties and remains contingent upon completing required commercial agreements, acquiring all necessary permits and approvals, securing financing commitments, potential incentives and satisfying other conditions before making a final investment decision to proceed.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; moves to reduce or eliminate reliance on natural gas as an energy source; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the impact on customer rates and other adverse consequences due to possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
SAN DIEGO, Nov. 23, 2016 /PRNewswire/ -- Sempra International, a subsidiary of Sempra Energy (SRE), today issued the following statement about its possible participation in the approximately $6.5 billion Gasoducto Sur Peruano (GSP) natural gas pipeline project currently under development in Southern Peru:
"Negotiations have terminated without an agreement. Despite significant efforts, the Peruvian government expressed its inability to provide necessary assurances that the concession would not be cancelled due to alleged legal violations by the seller or its affiliates. As a consequence, a fundamental condition that was required for us to consider entering into final and binding agreement was not satisfied."
Sempra International distributes energy and operates in competitive markets in North and South America. Its subsidiaries develop, build and operate energy infrastructure assets and distribute energy resources in Mexico, Chile and Peru.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This media statement contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; moves to reduce or eliminate reliance on natural gas as an energy source; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the impact on customer rates and other adverse consequences due to possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
SOURCE Sempra International
LOS ANGELES, Nov. 18, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) will have the largest team for the fourth year in a row at United Way's HomeWalk, an event that raises money and awareness to end homelessness in Los Angeles County. Organizers expect a sea of SoCalGas blue T-shirts when more than 1,300 "Team SoCalGas" participants take part in the 5K Fun Run/Walk starting on Sat. Nov.19 at 8:45 a.m. at Grand Park, 200 N. Grand Ave. in downtown Los Angeles. Team SoCalGas has also raised more than $151,000 in contributions to help United Way and its network of agencies find permanent, supportive housing for homeless individuals and families.
Los Angeles County has one of the highest numbers of homeless individuals in the nation where nearly 47,000 are homeless including more than 3,000 veterans.
"I'm so proud of our employees, their families and friends and our partners for their commitment to become part of the solution to help eliminate homelessness in our region," said Dennis Arriola, Chairman and CEO of SoCalGas who also serves on the board of directors for United Way of Greater Los Angeles, and is the Executive Champion for Team SoCalGas. "Through HomeWalk, we make a significant difference in ending homelessness. Our employees see it in their daily activities and many have first-hand knowledge of homelessness in their communities. Every year our participation has grown and that's due to the hard work of SoCalGas employees who put their heart into everything they do."
This is the tenth year that SoCalGas employees, along with their family and friends, have supported HomeWalk and the fourth consecutive year that Team SoCalGas has had more walkers and runners than any other team at HomeWalk. The team has also raised the most money of any of the other teams at this year's event.
"We want to thank Team SoCalGas for their tremendous enthusiasm and support and being a shining example to other corporations," said Elise Buik, president and chief executive officer of United Way of Greater Los Angeles. "By partnering with companies such as SoCalGas, who are deeply committed to the community, we'll reach United Way's core mission to create pathways out of poverty for all Angelenos by eradicating homelessness."
Additionally, Beastin Beauties, a fitness studio in El Monte, is also part of Team SoCalGas and will also lead the opening HomeWalk program with the warm-up.
Laura Lopez is a SoCalGas employee who works as a technical advisor in SoCalGas' project management and construction. She is part of Team SoCalGas and also a "HomeWalk Hero," having raised more than $500 on her own.
"I walk because I want to help the men and women who bravely served our country but are now homeless," said Lopez. "My dad is a veteran who served in Vietnam and built barracks for the troops. I think it's interesting that it has come full circle and now I'm helping to house the people who served our country, just like my dad did when he was in the service."
About HomeWalk
HomeWalk is the United Way of Greater Los Angeles' signature 5K walk/ fun run that mobilizes thousands of people to raise awareness and funds to end homelessness in Los Angeles County. Over the past ten years, 75,000 walkers have come together to raise more than $6.5 million. 100% of the proceeds from HomeWalk go back into the community, housing 17,000 people since its inception.
About Southern California Gas Company
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural
gas to its customers for more than 145 years. It is the nation's largest natural gas distribution
utility, providing service to 21.6 million consumers connected through 5.9 million meters in more
than 500 communities. The company's service territory encompasses approximately 20,000
square miles throughout central and Southern California, from Visalia to the Mexican border.
SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy
services holding company based in San Diego.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 14, 2016 /PRNewswire/ -- Southern California Gas Company (SoCalGas) announced today that it has completed demonstration testing of new gas detection sensors employing its Advanced Meter communication system as part of its overall pipeline safety efforts. The sensors can detect natural gas leaks quickly near natural gas pipelines and serves as an extra measure to improve the safety of SoCalGas' system.
SoCalGas has a long-standing commitment to enhancing its system infrastructure to increase safety and reliability and reduce methane emissions. As a result, SoCalGas' natural gas system has one of the lowest methane emission rates in the country, despite it being the largest in the country – a system that includes more than 100,000 miles of pipeline, spans 20,000 square miles and serves 21 million consumers.
SoCalGas installed 12 sensors at monitoring stations that are reading methane-in-air concentration levels at various locations in the Los Angeles basin. These sensors read concentration levels every 5 minutes and allow SoCalGas to measure and monitor natural gas levels near high-pressure pipelines. The sensors detect methane in the air and send an alarm within 15 minutes to a monitoring system. The sensors will detect natural gas at well below the limit that most people can by sense of smell, providing earlier detection of any unplanned gas escape incidents and more rapid dispatch of responders to investigate.
The sensors are solar-powered and supplemented by battery. Each unit is contained in a small cabinet that can be attached either to an existing SoCalGas pole, wall or other structure.
The sensors have operated and performed as expected for nearly one year, and no excessive methane levels have been detected at the sensor locations. However, SoCalGas continues to periodically test and calibrate the sensors to confirm they are operating correctly.
"We're very pleased with the progress of this program over the last year," said Deanna Haines, director of gas engineering for SoCalGas. "As far as we know, no other natural gas utility has implemented a similar methane detection pilot program. Wider use of methane detectors will enhance public safety."
The commercially-available methane sensors employed for this test are safe – they use non-dispersive infrared (NDIR) sensor technology that has been in use for many years. But SoCalGas is not limited to existing sensor technology.
This testing had a larger purpose – to give SoCalGas another credible technology option for enhancing pipeline safety. The company can use its Advanced Meter radio system to help record and transmit data from sensors stationed along its pipelines to improve methane detection capability.
If SoCalGas receives timely approval to proceed from the California Public Utilities Commission, the company will begin wide deployment of methane sensors in 2018. The current plan calls for installation of approximately 2,000 sensors.
The methane sensors were tested as part of SoCalGas' Pipeline Safety Enhancement Plan (PSEP), the program that identifies various pipeline sections throughout SoCalGas' system and slates them to be pressure-tested or replaced. Begun in 2014, PSEP also includes provisions to upgrade, replace or retrofit hundreds of mainline valves in the system with technology that allows them to be opened or closed remotely by system operators from a central control location, or that automatically shuts off the flow of natural gas in the event of a large pressure drop.
SoCalGas dedicates significant resources to improving the safety and integrity of its more than 101,000 miles of natural gas pipelines. In 2016, the company plans to spend approximately $1.2 billion for improvements to distribution, transmission and storage systems and for pipeline safety.
About Southern California Gas Company
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Company
LOS ANGELES, Nov. 11, 2016 /PRNewswire/ -- Southern California Gas Co. and other natural gas and electric utilities across the United States and Canada are joining forces to protect their customers from telephone scams. The coalition of utilities have designated Nov. 16 as "Utilities United Against Scams Day," which will also be supported by a week-long campaign focused on exposing the tricks criminals use to steal money from customers.
The current scam this campaign focuses around involves unsolicited phone calls to utility customers from individuals who falsely claim to be SoCalGas or other utility representatives. The scammer warns the customer that SoCalGas will disconnect the customer's natural gas service if the customer fails to make a payment, usually within a short timeframe.
"We take the privacy and security of our SoCalGas customers very seriously and are proud to take part in this campaign to help raise awareness," said Gillian Wright, vice president of customer services at SoCalGas. "We encourage customers to look for the warning signs associated with this latest scam and to call the police as well as our customer call center number to report it to us. We also want to reiterate that we do not call our customers who are late on their payments, but will instead send an email or mail notice."
Warning signs of latest scam:
How to protect yourself:
SoCalGas continues its efforts to protect its customers in a variety of ways including: bill messages and alerts, working with the media, and partnering with local law enforcement and officials.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
SAN DIEGO, Nov. 2, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported third-quarter 2016 earnings of $622 million, or $2.46 per diluted share, up from $248 million, or $0.99 per diluted share, in the third quarter 2015.
These results reflect certain significant items, as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the third quarter and first nine months of 2016 and 2015.
Three months ended |
Nine months ended |
||||||||||
September 30, |
September 30, |
||||||||||
(Unaudited; Dollars, except EPS, and shares, in millions) |
2016 |
2015 |
2016 |
2015 |
|||||||
GAAP Earnings |
$ 622 |
$ 248 |
$ 991 |
$ 980 |
|||||||
Gain Related to Gasoductos de Chihuahua Acquisition |
(350) |
- |
(350) |
- |
|||||||
Gain on Sale of EnergySouth |
(78) |
- |
(78) |
- |
|||||||
Loss Related to Termoeléctrica de Mexicali Held For Sale |
65 |
- |
91 |
- |
|||||||
Loss Related to Sale of Investment in Rockies Express Pipeline |
- |
- |
27 |
- |
|||||||
Permanent Releases of Pipeline Capacity |
- |
- |
123 |
- |
|||||||
Tax Repairs Adjustments Related to General Rate Case (GRC) |
- |
- |
80 |
- |
|||||||
Adjustment to Loss on SONGS Plant Closure |
- |
- |
- |
(13) |
|||||||
Gain on Sale of Mesquite Power Block 2 |
- |
- |
- |
(36) |
|||||||
Adjusted Earnings(1) |
$ 259 |
$ 248 |
$ 884 |
$ 931 |
|||||||
Diluted weighted-average shares outstanding |
252 |
251 |
252 |
251 |
|||||||
GAAP EPS |
$2.46 |
$0.99 |
$3.93 |
$3.91 |
|||||||
Adjusted EPS(1) |
$1.02 |
$0.99 |
$3.51 |
$3.72 |
|||||||
(1) Sempra Energy adjusted earnings and adjusted earnings per share (EPS) are non-GAAP financial measures. See appendix for information regarding non-GAAP financial measures and descriptions of adjustments above. Adjusted earnings and adjusted EPS for the three months and nine months ended Sept. 30, 2015, have been revised to include after-tax LNG development expenses of $2 million and $7 million, respectively, for consistency with the comparable periods in 2016. LNG development expenses are included in adjusted earnings in 2016. Amounts excluded from GAAP earnings are after-tax and, if applicable, after noncontrolling interests. |
Adjusted earnings in the third quarter 2016 were $259 million, or $1.02 per diluted share, excluding a $350 million after-tax remeasurement gain related to the acquisition of PEMEX's share of the Gasoductos de Chihuahua (GdC) joint venture by Sempra Energy's Mexican subsidiary IEnova and a $78 million after-tax gain on the sale of EnergySouth by Sempra U.S. Gas & Power, partially offset by a $65 million impairment charge related to the planned sale of IEnova's Termoeléctrica de Mexicali power plant, net of a reduction in deferred taxes.
For the first nine months of 2016, Sempra Energy's earnings were $991 million, or $3.93 per diluted share, compared with $980 million, or $3.91 per diluted share, in the first nine months last year. Adjusted earnings for the first nine months of 2016 were $884 million, or $3.51 per diluted share, compared with $931 million, or $3.72 per diluted share, in the first nine months of 2015.
"Our strong third-quarter financial results keep us on track to meet our 2016 adjusted earnings-per-share guidance, while we continue to focus on executing our growth plan," said Debra L. Reed, chairman and CEO of Sempra Energy. "IEnova finalized its acquisition of the GdC joint venture, announced nearly 400 megawatts of new renewable energy projects and successfully completed a $1.6 billion follow-on equity offering to help finance its growth."
CALIFORNIA UTILITIES
San Diego Gas & Electric
Earnings for SDG&E in the third quarter 2016 increased to $183 million from $170 million in last year's third quarter.
For the first nine months of 2016, SDG&E's earnings were $419 million, down from $443 million in the first nine months of 2015, due primarily to a $31 million after-tax refund to ratepayers of benefits from tax repairs deductions in the second quarter 2016.
Last month, the California Public Utilities Commission approved SDG&E's proposal to construct a new 15-mile, 230-kilovolt transmission line that will run between the utility's Sycamore Canyon and Peñasquitos substations in north-central San Diego to improve reliability.
In August, the CPUC also approved a proposal by SDG&E to build two new energy storage projects in San Diego County to enhance electric reliability.
Southern California Gas Co.
SoCalGas recorded no earnings in the third quarter 2016, compared with a loss of $8 million in the third quarter 2015. Beginning last year, SoCalGas adopted an order by the CPUC to recognize revenues from the utility's core activities on a seasonally adjusted basis (seasonality). The application of seasonality in revenues results in substantially all of SoCalGas' annual earnings being reported in the first and fourth quarters of the year, but does not affect full-year operating earnings or cash flow.
For the first nine months of 2016, SoCalGas' earnings were $198 million, down from earnings of $276 million in the first nine months of 2015. SoCalGas' second-quarter 2016 results reflected a $49 million after-tax refund to ratepayers of benefits from tax repairs deductions and a $13 million after-tax impairment related to the denial of the proposed North-South Pipeline.
SEMPRA INTERNATIONAL
Sempra South American Utilities
In the third quarter 2016, earnings for Sempra South American Utilities were $46 million, up from $43 million in the third quarter 2015.
For the first nine months of 2016, earnings for Sempra South American Utilities were $127 million, compared with $129 million in the first nine months of 2015.
Sempra Mexico
Third-quarter earnings for Sempra Mexico were $332 million in 2016, compared with $63 million in 2015, due primarily to the $350 million after-tax remeasurement gain on the Gasoductos de Chihuahua acquisition, offset by the $65 million after-tax charge related to the planned sale of the Termoeléctrica de Mexicali plant and beneficial effects of foreign currency and inflation in last year's third quarter.
For the nine-month period, Sempra Mexico had earnings of $407 million in 2016, compared with $160 million in 2015.
Last month, IEnova raised $1.6 billion in a follow-on equity offering, primarily to finance recent and pending acquisitions. Sempra Energy participated in the offering by purchasing $351 million of IEnova stock and now owns approximately 66 percent of IEnova.
In September, IEnova announced it had completed the acquisition of PEMEX Transformación Industrial's 50-percent equity interest in the GdC joint venture for approximately $1.14 billion, plus the assumption of $364 million in long-term debt. The assets included in the transaction comprise three natural gas pipelines, an ethane pipeline, and a liquid petroleum gas pipeline and associated storage terminal.
In September, IEnova announced the expected addition of nearly 400 megawatts of renewable energy in Mexico. Included were two solar energy projects totaling 141 megawatts, awarded by Mexico's Centro Nacional de Control de Energía. The two projects will be fully contracted and are expected to be completed in the first half of 2019. Also included was the agreement to purchase Mexico's largest wind farm, the 252-megawatt Ventika wind facility, which went into service in April. The Ventika purchase is expected to be completed in the fourth quarter 2016.
SEMPRA U.S. GAS & POWER
Sempra Renewables
Earnings for Sempra Renewables in the third quarter 2016 were $17 million, up from $15 million in last year's third quarter.
During the first nine months of 2016, earnings for Sempra Renewables were $43 million, compared with $47 million in the first nine months of 2015.
Sempra Natural Gas
In the third quarter 2016, Sempra Natural Gas' earnings were $77 million, compared with $1 million in last year's third quarter, due to the $78 million after-tax gain from the sale of EnergySouth.
For the first nine months of 2016, Sempra Natural Gas recorded a loss of $104 million, compared with earnings of $43 million in the first nine months of last year, primarily due to losses related to the sale of the company's stake in the Rockies Express Pipeline and the permanent releases of pipeline capacity, partially offset by the gain from the EnergySouth sale.
EARNINGS GUIDANCE
Sempra Energy today announced its 2016 GAAP earnings-per-share guidance range of $5 to $5.40 and also reaffirmed its 2016 adjusted earnings-per-share guidance range of $4.60 to $5.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include adjusted earnings and adjusted earnings per share for the third quarter in 2016 and nine-month periods in both 2016 and 2015 for Sempra Energy, as well as Sempra Energy's 2016 adjusted earnings-per-share guidance. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the third-quarter financial tables.
INTERNET BROADCAST
Sempra Energy will webcast a live discussion of its earnings results today at 11 a.m. EDT with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7018826.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers or regulatory agency approval for projects required to enhance safety and reliability; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; moves to reduce or eliminate reliance on natural gas as an energy source; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the impact on customer rates and other adverse consequences due to possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
SEMPRA ENERGY | |||||||||||||||||
Table A | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||
Three months ended |
Nine months ended | ||||||||||||||||
(Dollars in millions, except per share amounts) |
2016 |
2015 |
2016 |
2015 | |||||||||||||
(unaudited) | |||||||||||||||||
REVENUES |
|||||||||||||||||
Utilities |
$ |
2,264 |
$ |
2,213 |
$ |
6,700 |
$ |
6,768 |
|||||||||
Energy-related businesses |
271 |
268 |
613 |
762 |
|||||||||||||
Total revenues |
2,535 |
2,481 |
7,313 |
7,530 |
|||||||||||||
EXPENSES AND OTHER INCOME |
|||||||||||||||||
Utilities: |
|||||||||||||||||
Cost of natural gas |
(208) |
(201) |
(702) |
(786) |
|||||||||||||
Cost of electric fuel and purchased power |
(604) |
(666) |
(1,680) |
(1,645) |
|||||||||||||
Energy-related businesses: |
|||||||||||||||||
Cost of natural gas, electric fuel and purchased power |
(95) |
(91) |
(213) |
(262) |
|||||||||||||
Other cost of sales |
(32) |
(34) |
(293) |
(111) |
|||||||||||||
Operation and maintenance |
(703) |
(701) |
(2,109) |
(2,072) |
|||||||||||||
Depreciation and amortization |
(328) |
(315) |
(970) |
(925) |
|||||||||||||
Franchise fees and other taxes |
(108) |
(111) |
(315) |
(314) |
|||||||||||||
Impairment losses |
(132) |
— |
(154) |
— |
|||||||||||||
Plant closure adjustment |
— |
— |
— |
21 |
|||||||||||||
Gain on sale of assets |
131 |
— |
131 |
62 |
|||||||||||||
Equity earnings, before income tax |
12 |
33 |
4 |
79 |
|||||||||||||
Remeasurement of equity method investment |
617 |
— |
617 |
— |
|||||||||||||
Other income, net |
26 |
12 |
98 |
88 |
|||||||||||||
Interest income |
7 |
6 |
19 |
23 |
|||||||||||||
Interest expense |
(136) |
(143) |
(421) |
(416) |
|||||||||||||
Income before income taxes and equity earnings of certain unconsolidated subsidiaries |
982 |
270 |
1,325 |
1,272 |
|||||||||||||
Income tax expense(1) |
(282) |
(15) |
(284) |
(276) |
|||||||||||||
Equity earnings, net of income tax |
19 |
27 |
69 |
64 |
|||||||||||||
Net income |
719 |
282 |
1,110 |
1,060 |
|||||||||||||
Earnings attributable to noncontrolling interests |
(97) |
(34) |
(118) |
(79) |
|||||||||||||
Preferred dividends of subsidiary |
— |
— |
(1) |
(1) |
|||||||||||||
Earnings(1) |
$ |
622 |
$ |
248 |
$ |
991 |
$ |
980 |
|||||||||
Basic earnings per common share |
$ |
2.48 |
$ |
1.00 |
$ |
3.96 |
$ |
3.95 |
|||||||||
Weighted-average number of shares outstanding, basic (thousands) |
250,386 |
248,432 |
250,073 |
248,090 |
|||||||||||||
Diluted earnings per common share |
$ |
2.46 |
$ |
0.99 |
$ |
3.93 |
$ |
3.91 |
|||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,405 |
251,024 |
251,976 |
250,665 |
|||||||||||||
Dividends declared per share of common stock |
$ |
0.76 |
$ |
0.70 |
$ |
2.27 |
$ |
2.10 |
(1) |
The nine months ended September 30, 2016 reflects increased earnings of $34 million from the prospective adoption of Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, as of January 1, 2016. |
SEMPRA ENERGY | |
Table A (Continued) | |
RECONCILIATION OF SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS (Unaudited) | |
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude items (after the effects of taxes and, if applicable, noncontrolling interests) in 2016 and 2015 as follows: | |
Three months ended September 30, 2016: | |
• |
$350 million noncash gain from the remeasurement of our equity method investment in Gasoductos de Chihuahua (GdC), a 50-50 joint venture between our Mexican subsidiary, IEnova, and Petróleos Mexicanos (PEMEX), in connection with IEnova's September 2016 acquisition of PEMEX's 50-percent interest in GdC |
• |
$78 million gain at Sempra Natural Gas on the September 2016 sale of EnergySouth Inc., the parent company of Mobile Gas and Willmut Gas |
• |
$(90) million impairment of assets held for sale at Sempra Mexico's Termoeléctrica de Mexicali (TdM) natural gas-fired power plant |
• |
$25 million reduction of deferred income tax liability related to the impairment in carrying value of TdM's assets |
Nine months ended September 30, 2016: | |
• |
$350 million noncash gain from the remeasurement of our equity method investment in GdC |
• |
$78 million gain on the sale of EnergySouth |
• |
$(123) million losses from the permanent release of pipeline capacity at Sempra Natural Gas |
• |
$(80) million adjustments related to tax repairs deductions reallocated to ratepayers as a result of the 2016 General Rate Case Final Decision (2016 GRC FD) at the California Utilities |
• |
$(27) million impairment charge related to Sempra Natural Gas' investment in Rockies Express Pipeline LLC (Rockies Express) |
• |
$(90) million impairment of TdM assets held for sale |
• |
$(1) million deferred income tax expense related to our decision to hold TdM for sale |
Nine months ended September 30, 2015: | |
• |
$36 million gain on the sale of the remaining block of Sempra Natural Gas' Mesquite Power plant |
• |
$13 million reduction in the plant closure loss related to the San Onofre Nuclear Generating Station (SONGS) due to California Public Utilities Commission (CPUC) approval of a compliance filing related to San Diego Gas & Electric Company's (SDG&E) authorized recovery of its investment in SONGS |
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and nature of these items, management believes that these non-GAAP financial measures provide a more meaningful comparison of the performance of Sempra Energy's business operations from 2016 to 2015 and to future periods, and also as a base for projection of future earnings-per-share compound annual growth rate (EPS CAGR) from 2016 to 2020. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy Earnings and Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. |
Pretax |
Income tax (benefit)(1) |
Non- |
Earnings |
Pretax |
Income tax |
Non- |
Earnings |
||||||||||||||||||||
(Dollars in millions, except per share amounts) |
Three months ended September 30, 2016 |
Three months ended September 30, 2015 |
|||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
622 |
$ |
248 |
|||||||||||||||||||||||
Exclude: |
|||||||||||||||||||||||||||
Remeasurement gain in connection with GdC |
$ |
(617) |
$ |
185 |
$ |
82 |
(350) |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||
Gain on sale of EnergySouth |
(130) |
52 |
— |
(78) |
— |
— |
— |
— |
|||||||||||||||||||
Impairment of TdM assets held for sale |
131 |
(20) |
(21) |
90 |
— |
— |
— |
— |
|||||||||||||||||||
Reduction of deferred income tax liability associated with TdM |
— |
(31) |
6 |
(25) |
— |
— |
— |
— |
|||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
259 |
$ |
248 |
(2) | ||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
2.46 |
$ |
0.99 |
|||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
1.02 |
$ |
0.99 |
(2) | ||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,405 |
251,024 |
|||||||||||||||||||||||||
Nine months ended September 30, 2016 |
Nine months ended September 30, 2015 |
||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
991 |
$ |
980 |
|||||||||||||||||||||||
Exclude: |
|||||||||||||||||||||||||||
Remeasurement gain in connection with GdC |
$ |
(617) |
$ |
185 |
$ |
82 |
(350) |
$ |
— |
$ |
— |
$ |
— |
— |
|||||||||||||
Gain on sale of EnergySouth |
(130) |
52 |
— |
(78) |
— |
— |
— |
— |
|||||||||||||||||||
Permanent release of pipeline capacity |
206 |
(83) |
— |
123 |
— |
— |
— |
— |
|||||||||||||||||||
SDG&E tax repairs adjustments related to 2016 GRC FD |
52 |
(21) |
— |
31 |
— |
— |
— |
— |
|||||||||||||||||||
SoCalGas tax repairs adjustments related to 2016 GRC FD |
83 |
(34) |
— |
49 |
— |
— |
— |
— |
|||||||||||||||||||
Impairment of investment in Rockies Express |
44 |
(17) |
— |
27 |
— |
— |
— |
— |
|||||||||||||||||||
Impairment of TdM assets held for sale |
131 |
(20) |
(21) |
90 |
— |
— |
— |
— |
|||||||||||||||||||
Deferred income tax expense associated with TdM |
— |
1 |
— |
1 |
— |
— |
— |
— |
|||||||||||||||||||
Gain on sale of Mesquite Power block 2 |
— |
— |
— |
— |
(61) |
25 |
— |
(36) |
|||||||||||||||||||
SONGS plant closure adjustment |
— |
— |
— |
— |
(21) |
8 |
— |
(13) |
|||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
884 |
$ |
931 |
(2) | ||||||||||||||||||||||
Diluted earnings per common share: |
|||||||||||||||||||||||||||
Sempra Energy GAAP Earnings |
$ |
3.93 |
$ |
3.91 |
|||||||||||||||||||||||
Sempra Energy Adjusted Earnings |
$ |
3.51 |
$ |
3.72 |
(2) | ||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
251,976 |
250,665 |
(1) |
Income taxes were calculated based on applicable statutory tax rates, except for adjustments that are solely income tax. Income taxes on the impairment of TdM were calculated based on the applicable statutory tax rate, including translation from historic to current exchange rates. | ||||||||||||||||||||||||||
(2) |
Adjusted earnings and adjusted earnings per share for the three months and nine months ended September 30, 2015 have been revised to include after-tax LNG development expenses of $2 million and $7 million, respectively, for consistency with the comparable periods in 2016. LNG development expenses are included in adjusted earnings and diluted earnings per common share in 2016. |
SEMPRA ENERGY | |
Table A (Continued) | |
RECONCILIATION OF SEMPRA ENERGY 2016 ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGE TO SEMPRA ENERGY 2016 EARNINGS-PER-SHARE GUIDANCE RANGE (Unaudited) | |
Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance Range of $4.60 to $5.00 excludes items (after the effects of taxes and, if applicable, noncontrolling interests) as follows: | |
• |
$350 million noncash gain from the remeasurement of our equity method investment in GdC recorded in September 2016; |
• |
$78 million gain from the September 2016 sale of EnergySouth; |
• |
$123 million charge recorded in the second quarter of 2016 from Sempra Natural Gas' permanent release of pipeline capacity; |
• |
any earnings impact from any transaction to sell TdM in Mexico, including the $90 million impairment charge and the $1 million deferred income tax expense recorded in the nine months ended September 30, 2016; |
• |
$80 million from adjustments related to tax repairs at the California Utilities as a result of the 2016 GRC FD; and |
• |
$27 million Rockies Express impairment charge recorded in the first quarter of 2016. |
Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance is a non-GAAP financial measure. Because of the significance and nature of the excluded items, management believes this non-GAAP measure provides better clarity into the ongoing results of the business and the comparability of such results to prior and future periods and also as a base for projected earnings-per-share compound annual growth rate. Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance should not be considered an alternative to Earnings-Per-Share Guidance determined in accordance with GAAP. The table below reconciles Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance Range to Sempra Energy 2016 Earnings-Per-Share Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP. |
Full-year 2016 | ||||||||||
Sempra Energy GAAP Earnings-Per-Share Guidance Range |
$ |
5.00 |
to |
$ |
5.40 |
|||||
Exclude(1): |
||||||||||
Remeasurement gain in connection with GdC |
(1.38) |
(1.38) |
||||||||
Gain on sale of EnergySouth |
(0.31) |
(0.31) |
||||||||
Permanent release of pipeline capacity |
0.49 |
0.49 |
||||||||
Losses related to TdM held for sale |
0.36 |
0.36 |
||||||||
Tax repairs adjustments related to 2016 GRC FD |
0.33 |
0.33 |
||||||||
Impairment of investment in Rockies Express |
0.11 |
0.11 |
||||||||
Sempra Energy Adjusted Earnings-Per-Share Guidance Range |
$ |
4.60 |
to |
$ |
5.00 |
|||||
Weighted-average number of shares outstanding, diluted (thousands) |
252,700 |
(1) |
The effects of taxes and noncontrolling interests for excluded items are provided above in the reconciliation | ||||||||
SEMPRA ENERGY | ||||||||||
Table B | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(Dollars in millions) |
September 30, |
December 31, | ||||||||
(unaudited) |
||||||||||
Assets |
||||||||||
Current assets: |
||||||||||
Cash and cash equivalents |
$ |
518 |
$ |
403 |
||||||
Restricted cash |
14 |
27 |
||||||||
Accounts receivable, net |
1,233 |
1,473 |
||||||||
Due from unconsolidated affiliates |
8 |
6 |
||||||||
Income taxes receivable |
28 |
30 |
||||||||
Inventories |
302 |
298 |
||||||||
Regulatory balancing accounts – undercollected |
248 |
307 |
||||||||
Fixed-price contracts and other derivatives |
53 |
80 |
||||||||
Assets held for sale |
181 |
— |
||||||||
Other |
339 |
267 |
||||||||
Total current assets |
2,924 |
2,891 |
||||||||
Other assets: |
||||||||||
Restricted cash |
12 |
20 |
||||||||
Due from unconsolidated affiliates |
195 |
186 |
||||||||
Regulatory assets |
3,424 |
3,273 |
||||||||
Nuclear decommissioning trusts |
1,068 |
1,063 |
||||||||
Investments |
1,840 |
2,905 |
||||||||
Goodwill |
2,150 |
819 |
||||||||
Other intangible assets |
397 |
404 |
||||||||
Dedicated assets in support of certain benefit plans |
439 |
464 |
||||||||
Insurance receivable for Aliso Canyon costs |
664 |
325 |
||||||||
Deferred income taxes |
211 |
120 |
||||||||
Sundry |
715 |
641 |
||||||||
Total other assets |
11,115 |
10,220 |
||||||||
Property, plant and equipment, net |
31,487 |
28,039 |
||||||||
Total assets |
$ |
45,526 |
$ |
41,150 |
||||||
Liabilities and Equity |
||||||||||
Current liabilities: |
||||||||||
Short-term debt |
$ |
2,869 |
$ |
622 |
||||||
Accounts payable |
1,298 |
1,275 |
||||||||
Due to unconsolidated affiliates |
9 |
14 |
||||||||
Dividends and interest payable |
357 |
303 |
||||||||
Accrued compensation and benefits |
298 |
423 |
||||||||
Regulatory balancing accounts – overcollected |
146 |
34 |
||||||||
Current portion of long-term debt |
904 |
907 |
||||||||
Fixed-price contracts and other derivatives |
94 |
56 |
||||||||
Customer deposits |
153 |
153 |
||||||||
Reserve for Aliso Canyon costs |
73 |
274 |
||||||||
Liabilities held for sale |
35 |
— |
||||||||
Other |
558 |
551 |
||||||||
Total current liabilities |
6,794 |
4,612 |
||||||||
Long-term debt |
13,522 |
13,134 |
||||||||
Deferred credits and other liabilities: |
||||||||||
Customer advances for construction |
153 |
149 |
||||||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,199 |
1,152 |
||||||||
Deferred income taxes |
3,326 |
3,157 |
||||||||
Deferred investment tax credits |
34 |
32 |
||||||||
Regulatory liabilities arising from removal obligations |
2,878 |
2,793 |
||||||||
Asset retirement obligations |
2,508 |
2,126 |
||||||||
Fixed-price contracts and other derivatives |
413 |
240 |
||||||||
Deferred credits and other |
1,508 |
1,176 |
||||||||
Total deferred credits and other liabilities |
12,019 |
10,825 |
||||||||
Equity: |
||||||||||
Total Sempra Energy shareholders' equity |
12,346 |
11,809 |
||||||||
Preferred stock of subsidiary |
20 |
20 |
||||||||
Other noncontrolling interests |
825 |
750 |
||||||||
Total equity |
13,191 |
12,579 |
||||||||
Total liabilities and equity |
$ |
45,526 |
$ |
41,150 |
||||||
(1) |
Derived from audited financial statements. |
SEMPRA ENERGY | |||||||||
Table C | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
Nine months ended September 30, | |||||||||
(Dollars in millions) |
2016 |
2015 | |||||||
(unaudited) | |||||||||
Cash Flows from Operating Activities |
|||||||||
Net income |
$ |
1,110 |
$ |
1,060 |
|||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||
Depreciation and amortization |
970 |
925 |
|||||||
Deferred income taxes and investment tax credits |
170 |
179 |
|||||||
Impairment losses |
154 |
— |
|||||||
Plant closure adjustment |
— |
(21) |
|||||||
Gain on sale of assets |
(131) |
(62) |
|||||||
Equity earnings |
(73) |
(143) |
|||||||
Remeasurement of equity method investment |
(617) |
— |
|||||||
Fixed-price contracts and other derivatives |
39 |
(20) |
|||||||
Other |
50 |
28 |
|||||||
Net change in other working capital components |
224 |
260 |
|||||||
Insurance receivable for Aliso Canyon costs |
(339) |
— |
|||||||
Changes in other assets |
(4) |
(112) |
|||||||
Changes in other liabilities |
138 |
(5) |
|||||||
Net cash provided by operating activities |
1,691 |
2,089 |
|||||||
Cash Flows from Investing Activities |
|||||||||
Expenditures for property, plant and equipment |
(3,087) |
(2,227) |
|||||||
Expenditures for investments and acquisition of businesses, net of cash and cash equivalents acquired |
(1,212) |
(183) |
|||||||
Proceeds from sale of assets, net of cash sold |
761 |
347 |
|||||||
Distributions from investments |
23 |
14 |
|||||||
Purchases of nuclear decommissioning and other trust assets |
(418) |
(407) |
|||||||
Proceeds from sales by nuclear decommissioning and other trusts |
486 |
431 |
|||||||
Increases in restricted cash |
(53) |
(81) |
|||||||
Decreases in restricted cash |
71 |
68 |
|||||||
Advances to unconsolidated affiliates |
(12) |
(24) |
|||||||
Repayments of advances to unconsolidated affiliates |
11 |
74 |
|||||||
Other |
(2) |
9 |
|||||||
Net cash used in investing activities |
(3,432) |
(1,979) |
|||||||
Cash Flows from Financing Activities |
|||||||||
Common dividends paid |
(510) |
(468) |
|||||||
Preferred dividends paid by subsidiary |
(1) |
(1) |
|||||||
Issuances of common stock |
40 |
41 |
|||||||
Repurchases of common stock |
(55) |
(74) |
|||||||
Issuances of debt (maturities greater than 90 days) |
2,013 |
2,058 |
|||||||
Payments on debt (maturities greater than 90 days) |
(1,298) |
(1,316) |
|||||||
Increase (decrease) in short-term debt, net |
1,636 |
(201) |
|||||||
Deposit for sale of noncontrolling interest |
78 |
— |
|||||||
Net distributions to noncontrolling interests |
(43) |
(57) |
|||||||
Tax benefit related to share-based compensation |
— |
56 |
|||||||
Other |
(12) |
(9) |
|||||||
Net cash provided by financing activities |
1,848 |
29 |
|||||||
Effect of exchange rate changes on cash and cash equivalents |
8 |
(12) |
|||||||
Increase in cash and cash equivalents |
115 |
127 |
|||||||
Cash and cash equivalents, January 1 |
403 |
570 |
|||||||
Cash and cash equivalents, September 30 |
$ |
518 |
$ |
697 |
SEMPRA ENERGY | |||||||||||||||||
Table D | |||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITION OF BUSINESSES | |||||||||||||||||
Three months ended |
Nine months ended | ||||||||||||||||
(Dollars in millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||||
(unaudited) | |||||||||||||||||
Earnings (Losses)(1) |
|||||||||||||||||
California Utilities: |
|||||||||||||||||
San Diego Gas & Electric |
$ |
183 |
$ |
170 |
$ |
419 |
$ |
443 |
|||||||||
Southern California Gas |
— |
(8) |
198 |
276 |
|||||||||||||
Sempra International: |
|||||||||||||||||
Sempra South American Utilities |
46 |
43 |
127 |
129 |
|||||||||||||
Sempra Mexico |
332 |
63 |
407 |
160 |
|||||||||||||
Sempra U.S. Gas & Power: |
|||||||||||||||||
Sempra Renewables |
17 |
15 |
43 |
47 |
|||||||||||||
Sempra Natural Gas |
77 |
1 |
(104) |
43 |
|||||||||||||
Parent and other |
(33) |
(36) |
(99) |
(118) |
|||||||||||||
Earnings |
$ |
622 |
$ |
248 |
$ |
991 |
$ |
980 |
|||||||||
Three months ended |
Nine months ended | ||||||||||||||||
(Dollars in millions) |
2016 |
2015 |
2016 |
2015 | |||||||||||||
(unaudited) | |||||||||||||||||
Capital Expenditures, Investments and Acquisition of Businesses |
|||||||||||||||||
California Utilities: |
|||||||||||||||||
San Diego Gas & Electric |
$ |
357 |
$ |
235 |
$ |
959 |
$ |
835 |
|||||||||
Southern California Gas |
299 |
343 |
949 |
946 |
|||||||||||||
Sempra International: |
|||||||||||||||||
Sempra South American Utilities |
51 |
39 |
133 |
105 |
|||||||||||||
Sempra Mexico |
1,226 |
65 |
1,366 |
185 |
|||||||||||||
Sempra U.S. Gas & Power: |
|||||||||||||||||
Sempra Renewables |
261 |
26 |
739 |
67 |
|||||||||||||
Sempra Natural Gas |
44 |
53 |
136 |
222 |
|||||||||||||
Parent and other |
9 |
22 |
17 |
50 |
|||||||||||||
Consolidated Capital Expenditures, Investments and Acquisition of Businesses |
$ |
2,247 |
$ |
783 |
$ |
4,299 |
$ |
2,410 |
|||||||||
(1) |
The nine months ended September 30, 2016 reflects the prospective adoption of ASU 2016-09 as of January 1, 2016. |
SEMPRA ENERGY | ||||||||||||||
Table E | ||||||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||||||
Three months ended |
Nine months ended | |||||||||||||
UTILITIES |
2016 |
2015 |
2016 |
2015 | ||||||||||
California Utilities - SDG&E and SoCalGas |
||||||||||||||
Gas Sales (Bcf)(1) |
56 |
55 |
242 |
227 |
||||||||||
Transportation (Bcf)(1) |
185 |
200 |
477 |
500 |
||||||||||
Total Deliveries (Bcf)(1) |
241 |
255 |
719 |
727 |
||||||||||
Total Gas Customers (Thousands) |
6,799 |
6,762 |
||||||||||||
Electric Sales (Millions of kWhs)(1) |
4,377 |
4,474 |
11,662 |
11,950 |
||||||||||
Direct Access (Millions of kWhs) |
967 |
987 |
2,573 |
2,683 |
||||||||||
Total Deliveries (Millions of kWhs)(1) |
5,344 |
5,461 |
14,235 |
14,633 |
||||||||||
Total Electric Customers (Thousands) |
1,432 |
1,424 |
||||||||||||
Other Utilities |
||||||||||||||
Natural Gas Sales (Bcf) |
||||||||||||||
Sempra Mexico |
7 |
6 |
22 |
19 |
||||||||||
Mobile Gas(2) (3) |
9 |
11 |
33 |
35 |
||||||||||
Willmut Gas(3) |
— |
— |
2 |
2 |
||||||||||
Natural Gas Customers (Thousands) |
||||||||||||||
Sempra Mexico |
117 |
110 |
||||||||||||
Mobile Gas(2) (3) |
84 |
85 |
||||||||||||
Willmut Gas(3) |
19 |
19 |
||||||||||||
Electric Sales (Millions of kWhs) |
||||||||||||||
Peru |
1,771 |
1,854 |
5,607 |
5,695 |
||||||||||
Chile |
680 |
676 |
2,161 |
2,172 |
||||||||||
Electric Customers (Thousands) |
||||||||||||||
Peru |
1,071 |
1,048 |
||||||||||||
Chile |
684 |
668 |
||||||||||||
ENERGY-RELATED BUSINESSES |
||||||||||||||
Sempra International |
||||||||||||||
Power Sold (Millions of kWhs) |
||||||||||||||
Sempra Mexico |
1,059 |
1,139 |
2,191 |
2,782 |
||||||||||
Sempra U.S. Gas & Power |
||||||||||||||
Power Sold (Millions of kWhs) |
||||||||||||||
Sempra Renewables(4) |
649 |
622 |
2,141 |
2,111 |
||||||||||
Sempra Natural Gas(5) |
383 |
510 |
847 |
2,323 |
||||||||||
(1) |
Includes intercompany sales. | |||||||||||||
(2) |
Includes transportation. | |||||||||||||
(3) |
On September 12, 2016, Sempra Natural Gas completed the sale of the parent company of Mobile Gas and Willmut Gas. | |||||||||||||
(4) |
Includes 50 percent of total power sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. | |||||||||||||
(5) |
Sempra Natural Gas sold the remaining 625-megawatt block of its Mesquite Power natural gas-fired power plant in April 2015. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Three months ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,209 |
$ |
686 |
$ |
385 |
$ |
196 |
$ |
12 |
$ |
164 |
$ |
(117) |
$ |
2,535 |
|||||||||||||||||
Cost of sales and other expenses |
(725) |
(526) |
(302) |
(121) |
(14) |
(163) |
101 |
(1,750) |
|||||||||||||||||||||||||
Depreciation and amortization |
(161) |
(121) |
(14) |
(15) |
(1) |
(12) |
(4) |
(328) |
|||||||||||||||||||||||||
Impairment losses |
— |
(1) |
— |
(131) |
— |
— |
— |
(132) |
|||||||||||||||||||||||||
Gain on sale of assets |
— |
— |
1 |
— |
— |
130 |
— |
131 |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
12 |
— |
— |
12 |
|||||||||||||||||||||||||
Remeasurement of equity method investment |
— |
— |
— |
617 |
— |
— |
— |
617 |
|||||||||||||||||||||||||
Other income (expense), net |
11 |
8 |
3 |
(7) |
— |
1 |
10 |
26 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
334 |
46 |
73 |
539 |
9 |
120 |
(10) |
1,111 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(49) |
(25) |
(4) |
(3) |
1 |
8 |
(57) |
(129) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(91) |
(21) |
(17) |
(142) |
7 |
(51) |
33 |
(282) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
1 |
18 |
— |
— |
— |
19 |
|||||||||||||||||||||||||
Earnings attributable to noncontrolling interests |
(11) |
— |
(7) |
(80) |
— |
— |
1 |
(97) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
183 |
$ |
— |
$ |
46 |
$ |
332 |
$ |
17 |
$ |
77 |
$ |
(33) |
$ |
622 |
|||||||||||||||||
Three months ended September 30, 2015 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
1,230 |
$ |
620 |
$ |
373 |
$ |
193 |
$ |
12 |
$ |
160 |
$ |
(107) |
$ |
2,481 |
|||||||||||||||||
Cost of sales and other expenses |
(778) |
(517) |
(298) |
(122) |
(13) |
(176) |
100 |
(1,804) |
|||||||||||||||||||||||||
Depreciation and amortization |
(152) |
(116) |
(12) |
(18) |
(2) |
(12) |
(3) |
(315) |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
8 |
25 |
— |
33 |
|||||||||||||||||||||||||
Other income (expense), net |
8 |
8 |
9 |
(4) |
— |
— |
(9) |
12 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
308 |
(5) |
72 |
49 |
5 |
(3) |
(19) |
407 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(51) |
(23) |
(4) |
(6) |
1 |
3 |
(57) |
(137) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(75) |
20 |
(16) |
6 |
9 |
— |
41 |
(15) |
|||||||||||||||||||||||||
Equity (losses) earnings, net of income tax |
— |
— |
(3) |
30 |
— |
— |
— |
27 |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(12) |
— |
(6) |
(16) |
— |
1 |
(1) |
(34) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
170 |
$ |
(8) |
$ |
43 |
$ |
63 |
$ |
15 |
$ |
1 |
$ |
(36) |
$ |
248 |
|||||||||||||||||
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||
STATEMENT OF OPERATIONS DATA BY SEGMENT |
|||||||||||||||||||||||||||||||||
Nine months ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
3,192 |
$ |
2,336 |
$ |
1,170 |
$ |
481 |
$ |
25 |
$ |
384 |
$ |
(275) |
$ |
7,313 |
|||||||||||||||||
Cost of sales and other expenses |
(1,985) |
(1,637) |
(937) |
(289) |
(40) |
(653) |
229 |
(5,312) |
|||||||||||||||||||||||||
Depreciation and amortization |
(478) |
(355) |
(41) |
(47) |
(4) |
(37) |
(8) |
(970) |
|||||||||||||||||||||||||
Impairment losses |
— |
(23) |
— |
(131) |
— |
— |
— |
(154) |
|||||||||||||||||||||||||
Gain on sale of assets |
— |
— |
1 |
— |
— |
130 |
— |
131 |
|||||||||||||||||||||||||
Equity earnings (losses), before income tax |
— |
— |
— |
— |
30 |
(26) |
— |
4 |
|||||||||||||||||||||||||
Remeasurement of equity method investment |
— |
— |
— |
617 |
— |
— |
— |
617 |
|||||||||||||||||||||||||
Other income (expense), net |
38 |
24 |
10 |
(11) |
1 |
2 |
34 |
98 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
767 |
345 |
203 |
620 |
12 |
(200) |
(20) |
1,727 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(145) |
(72) |
(14) |
(8) |
2 |
19 |
(185) |
(403) |
|||||||||||||||||||||||||
Income tax (expense) benefit (3) |
(204) |
(75) |
(46) |
(170) |
29 |
77 |
105 |
(284) |
|||||||||||||||||||||||||
Equity earnings, net of income tax |
— |
— |
3 |
66 |
— |
— |
— |
69 |
|||||||||||||||||||||||||
Losses (earnings) attributable to noncontrolling interests |
1 |
— |
(19) |
(101) |
— |
— |
1 |
(118) |
|||||||||||||||||||||||||
Earnings (losses) (3) |
$ |
419 |
$ |
198 |
$ |
127 |
$ |
407 |
$ |
43 |
$ |
(104) |
$ |
(99) |
$ |
991 |
|||||||||||||||||
Nine months ended September 30, 2015 |
|||||||||||||||||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | |||||||||||||||||||||||||
Revenues |
$ |
3,168 |
$ |
2,448 |
$ |
1,151 |
$ |
508 |
$ |
30 |
$ |
512 |
$ |
(287) |
$ |
7,530 |
|||||||||||||||||
Cost of sales and other expenses |
(1,934) |
(1,705) |
(923) |
(314) |
(36) |
(528) |
250 |
(5,190) |
|||||||||||||||||||||||||
Depreciation and amortization |
(446) |
(342) |
(37) |
(52) |
(5) |
(36) |
(7) |
(925) |
|||||||||||||||||||||||||
Plant closure adjustment |
21 |
— |
— |
— |
— |
— |
— |
21 |
|||||||||||||||||||||||||
Gain on sale of assets |
— |
— |
1 |
— |
— |
61 |
— |
62 |
|||||||||||||||||||||||||
Equity earnings, before income tax |
— |
— |
— |
— |
20 |
59 |
— |
79 |
|||||||||||||||||||||||||
Other income, net |
26 |
25 |
18 |
11 |
1 |
— |
7 |
88 |
|||||||||||||||||||||||||
Income (loss) before interest and tax (1) |
835 |
426 |
210 |
153 |
10 |
68 |
(37) |
1,665 |
|||||||||||||||||||||||||
Net interest (expense) income (2) |
(155) |
(59) |
(8) |
(13) |
— |
3 |
(162) |
(394) |
|||||||||||||||||||||||||
Income tax (expense) benefit |
(217) |
(91) |
(50) |
(7) |
37 |
(29) |
81 |
(276) |
|||||||||||||||||||||||||
Equity (losses) earnings, net of income tax |
— |
— |
(4) |
68 |
— |
— |
— |
64 |
|||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests |
(20) |
— |
(19) |
(41) |
— |
1 |
— |
(79) |
|||||||||||||||||||||||||
Earnings (losses) |
$ |
443 |
$ |
276 |
$ |
129 |
$ |
160 |
$ |
47 |
$ |
43 |
$ |
(118) |
$ |
980 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||||||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. | ||||||||||||||||||||||||||||||||
(3) |
The nine months ended September 30, 2016 reflects the prospective adoption of ASU 2016-09 as of January 1, 2016. |
[SRE-F]
Logo: http://photos.prnewswire.com/prnh/20110108/SEMPRAENERGYLOGO
SOURCE Sempra Energy
LOS ANGELES, Nov. 1, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today requested regulatory approval to resume injection operations through approved wells at its Aliso Canyon storage facility. In support of this request, SoCalGas submitted a detailed status report on all 114 wells at the facility addressing the requirements of the California state-mandated Comprehensive Safety Review and provided additional information requested by state agencies, including a risk management plan for the facility.
"Over the last year we have made extensive physical upgrades and deployed advanced technologies to enhance safety at Aliso Canyon," said SoCalGas President and Chief Operating Officer, Bret Lane. "These enhancements will further strengthen the facility's infrastructure, introduce real-time pressure monitoring, and enable improved communications with stakeholders. As we move forward, we remain committed to a continuous improvement process."
Examples of infrastructure and technology enhancements include the installation of:
The Division of Oil, Gas and Geothermal Resources and the California Public Utilities Commission are responsible for confirming that the conditions to resume injection operations at Aliso Canyon have been met.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, Oct. 24, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) is proud to be a part of this year's National Disability Employment Awareness Month. National Disability Employment Awareness Month is an annual campaign that takes place each October with the purpose of educating the public about disability employment issues and celebrating the many and varied contributions of America's workers with disabilities. This year's theme is "My disability is one part of who I am." In light of this month's celebration, SoCalGas is highlighting its Medical Baseline Allowance program.
SoCalGas understands that not all customers are alike and that some households have family members with health concerns that require more heating during cool weather. The Medical Baseline Allowance program helps customers with serious health conditions by providing an additional allowance of natural gas at the lowest rate.
Customers may qualify for the program if a full-time member of the household:
Covered conditions include: paraplegia, quadriplegia, hemiplegia, multiple sclerosis, scleroderma, compromised immune system, life-threatening illness or any medical condition for which additional space heating is medically necessary. A doctor's certification is required.
"I suffer from multiple sclerosis and need additional heat during the colder months to stay comfortable. It is reassuring to know that I can keep my heat on without having to worry about a very expensive natural gas bill. It helps me a lot," says Adriana Smith, a 15-year SoCalGas customer.
Eligibility is based on medical condition only, not income, so many more customers battling an illness can remain comfortable in their homes. Additionally, the gas service does not have to be in the Medical Baseline patient's name.
Customers can learn more by clicking here, or by calling (800) 427-2200 for English, (800) 342-4545 for Spanish and (800) 252-0259 for hearing impaired customers who are unable to use a conventional telephone.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE SoCalGas
SAN DIEGO, Oct. 19, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to announce its third-quarter 2016 earnings at 8:30 a.m. EDT, Nov. 2.
Sempra Energy executives will conduct a conference call at 11 a.m. EDT, Nov. 2.
Investors, media, analysts and the general public may listen to a live webcast of the conference call at the company's website, www.sempra.com, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 7018826.
Briefing materials will be posted on the company's website by 8:30 a.m. EDT, Nov. 2.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 19, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today provided an update on comprehensive infrastructure, technology and safety enhancements made at its Aliso Canyon natural gas storage facility. The company continues to make significant progress towards completing the Comprehensive Safety Review required by California's Division of Oil, Gas, and Geothermal Resources (DOGGR). In addition, the inner tubing of every approved well has been replaced. In total, more than 40 miles of new steel piping has been installed. Once SoCalGas has met all of the requirements of the Comprehensive Safety Review, the company will request regulatory approval to begin replenishing the supply of natural gas at the facility to support regional energy reliability.
Well Inspections
To date, 27 storage wells at the facility have passed all of the tests required under DOGGR's Comprehensive Safety Review. The remaining wells either have been temporarily and mechanically sealed off from the storage reservoir until further testing is completed or have been permanently plugged and taken out of service, in compliance with regulations and state law.
In addition to being mechanically sealed from the pressure in the field, the wells also are filled with fluid that provides additional protection. Daily observation of these temporarily sealed wells will continue and they are also being monitored in real time for pressure changes.
Infrastructure Upgrades
In accordance with new regulations and state laws, withdrawal and injection of natural gas now will occur only through newly installed inner tubing of wells approved for use by DOGGR. Physical barriers, or casings, around the new inner tubing will provide a secondary layer of protection against potential leaks.
As noted above, SoCalGas has replaced the inner tubing of every DOGGR-approved storage well with new pipe. In total, more than 40 miles of new steel piping has been installed.
Technology and Safety Enhancements
In addition to the Comprehensive Safety Review of storage wells, SoCalGas is introducing a number of new enhancements to further promote safety at the facility, including:
A video explaining these safety enhancements is available here.
Strengthening Communications with the Community
To strengthen communications with the Porter Ranch community, SoCalGas has formed a new Aliso Canyon Community Advisory Committee that consists of residents, business owners, and community leaders from various constituencies throughout the Porter Ranch area, as well as representatives from faith-based organizations, the Los Angeles Police Department, the Los Angeles Fire Department, and other stakeholders.
Well Inspection Process
The protocol for storage well inspections was established by DOGGR in consultation with the Lawrence Livermore and Berkeley National Laboratories and in compliance with state laws.
The Comprehensive Safety Review includes temperature and noise tests, ultrasonic imaging, cement bond tests, magnetic flux leakage tests, multi-arm caliper tests, and hydro-pressure tests of both the wells' casings and of the steel tubing within the wells. A video of the comprehensive inspection process is available here.
Root Cause Analysis
SoCalGas continues to work in support of the CPUC Safety and Enforcement Division's and DOGGR's ongoing investigation of the root cause of the leak at Aliso Canyon. The investigation is now expected to be completed during the first half of 2017, but the timing is under the control of the CPUC Safety Enforcement Division and DOGGR.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
Contact:
socalgas.com/newsroom | @SoCalGasNews
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free of charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Company
SAN DIEGO, Oct. 17, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that the Mexican underwriters and the initial purchasers of the previously announced global offering of shares of common stock of its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), have exercised their over-allotment options to acquire 35,067,736 additional shares at a price of 80 pesos per share, equivalent to approximately US$4.22 per share based on an exchange rate of 18.96 pesos to US$1 as of Oct. 13, 2016, as published by Banco de México, less the underwriting discount.
The aggregate number of shares to be sold in the global follow-on offerings, including the additional option shares, will represent approximately 24.8 percent of IEnova's outstanding shares. Settlement of the offerings, including the additional option shares, is expected to occur on Oct. 19, 2016, subject to the completion of customary closing conditions.
The net proceeds of the offerings including the additional option shares are estimated to be approximately 29.86 billion pesos (US$1.575 billion, based on the above exchange rate), after deducting underwriting discounts, commissions and estimated offering expenses payable by IEnova.
IEnova expects to use the net proceeds of the offerings for repayment of Sempra Energy's bridge financing of the recent purchase of PEMEX's 50-percent stake in Gasoductos de Chihuahua; funding a portion of the potential acquisition of the Ventika windfarms; capital expenditures; and general corporate purposes.
As previously reported, through a wholly owned subsidiary, Sempra Energy agreed to purchase approximately US$350.70 million of common stock in the offerings. Immediately following the closing of the offerings, Sempra Energy will own approximately 66.4 percent of IEnova's outstanding shares.
The international private offering is exempt from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The shares in the private offering will be offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the U.S., in accordance with Regulation S under the Securities Act. The shares have not been registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the shares of IEnova.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; failure to obtain regulatory approval for projects required to enhance safety and reliability; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
SAN DIEGO, Oct. 14, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has priced its international private offering and its concurrent public offering in Mexico of 344,932,264 shares of Class II, Single Series, common stock, at an offering price of 80.00 pesos per share, which is equivalent to approximately US$4.22 per share based on an exchange rate of 18.9622 pesos to US$1.00 as of Oct. 13, 2016 as published by Banco de México.
The net proceeds from the offerings are estimated to be approximately 27.12 billion pesos (US$1.43 billion, based on the above exchange rate), and after deducting underwriting discounts, commissions and estimated offering expenses payable by IEnova, and prior to any exercise of the 30-day overallotment option. Settlement of the offerings is expected to occur on Oct. 19, 2016, subject to the completion of customary closing conditions.
IEnova expects to use the net proceeds from the offerings for repayment of Sempra Energy's bridge financing of the recent purchase of PEMEX's 50-percent stake in Gasoductos de Chihuahua; funding a portion of the potential acquisition of the Ventika windfarms; capital expenditures; and general corporate purposes.
The initial purchasers in the private offering and the underwriters in the Mexican public offering have been granted a 30-day option to purchase up to an additional 35,067,736 shares of common stock at the offering price, less the underwriting discount, to cover overallotments, if any. The aggregate shares of common stock to be sold in the follow-on offerings represent approximately 23.0 percent of IEnova's outstanding shares (and approximately 24.8 percent of IEnova's shares if the 30-day overallotment option is exercised in full).
Through a wholly owned subsidiary, Sempra Energy agreed to purchase approximately US$350.70 million of common stock in the offerings. Immediately following the closing of the offerings, Sempra Energy will own approximately 68.0 percent of IEnova's outstanding shares (and approximately 66.4 percent of IEnova's outstanding shares if the 30-day overallotment option is exercised in full).
The private offering is exempt from registration under the U.S. Securities Act of 1933, as amended (the Securities Act). The shares in the private offering will be offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the U.S., in accordance with Regulation S under the Securities Act. The shares have not been registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the shares of IEnova and is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; failure to obtain regulatory approval for projects required to enhance safety and reliability; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
LOS ANGELES, Oct. 5, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) Chairman and CEO Dennis Arriola was honored yesterday evening with the Leadership Excellence Award from Southern California Minority Supplier Development Council (SCMSDC), the largest minority business advocacy organization in the region. Arriola was honored at the organization's annual Leadership Excellence Awards event at the Dorothy Chandler Pavilion in Los Angeles.
"The SCMSDC Leadership Excellence Award is presented to special leaders who inspire and establish a vision for what oftentimes seems unattainable," said SCMSDC President Virginia Gomez. "The unparalleled 40 percent-plus diverse and 30 percent minority spend attained by SoCalGas can only be attributed to an outstanding leader and champion for these initiatives. At SoCalGas, that has been Dennis Arriola."
Headquartered in Los Angeles and one of 23 affiliate councils in the national Minority Supplier Development Council network, SCMSDC was founded 1973. The organization represents the interests of more than 600,000 minority businesses in its 13-county service area in Southern California.
"Because of Dennis' efforts and his steadfast devotion to including diverse suppliers, hiring diverse employees and giving back to diverse communities, he has helped SoCalGas and Southern California thrive," said Rick Hobbs, chairman of the board of SCMSDC and retired director of SoCalGas' supply management and supplier diversity programs. "Each year SoCalGas surpasses its previous record for contracting with women, minority, service-disabled veteran-owned and LGBT businesses and is seen as a national industry leader."
Diverse suppliers provide SoCalGas with everything from meters and information technology to advertising solutions and financial investment advice.
"Thank you from the bottom of my heart for this award," Arriola said. "As the son of Mexican immigrants, I know what it means for communities and diverse businesses to struggle and not have the same opportunities as others. That's why I'm especially proud to receive this award because it comes from Southern California Minority Supplier Development Council – a group that believes in the same values that are important to me and SoCalGas."
About SCMSDC
Southern California Minority Supplier Development Council is the premier organization strengthening economic ties between large, public-, private- and foreign-owned corporations and minority men- and women-owned business enterprises. As the region's leading minority business advocacy organization, SCMSDC represents the interests of more than 600,000 minority businesses in its 13-county service area in Southern California. The council offers nationally recognized certification to minority-owned businesses, strategic networking between corporate members and certified firms, and education, information, and skills development to help minority businesses enhance their capacity. Headquartered in Los Angeles and one of 23 affiliate councils in the National Minority Supplier Development Council network, SCMSDC has made a positive impact in the minority business community since its founding in 1973. For more information, visit www.scmsdc.org.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, Oct. 4, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) has joined KB Home and BUILDER magazine to create a demonstration home that integrates the latest natural gas and electric energy-efficiency technologies through the Greenbuild KB Home ProjeKt™ demonstration home. The model will be featured at the Greenbuild International Conference and Expo in the Los Angeles Convention Center on Oct. 5 and Oct. 6. The home is an example of how innovative natural gas and electric technologies can help residential units meet rigorous green building standards that help them become "Zero Net Energy" (ZNE). A home is considered ZNE when it produces equal to or more than the energy it uses over the course of a year.
The KB Home ProjeKt showcases natural gas as a key element of green building, instrumental in achieving high-efficiency standards and green certifications while meeting home buyers' preferences.
The KB Home ProjeKt will include a state-of-the-art two pounds-per-square-inch natural gas internal piping and delivery system featuring corrugated stainless steel tubing (CSST), an integrated gas appliance load center and a natural gas fireplace. The model home also features an outdoor natural gas barbecue, a hybrid gas and electric heating and cooling (HVAC) system and a high-efficiency tankless water heater.
"Home buyers have told builders again and again they want clean, energy-efficient and affordable natural gas for cooking, home and water heating and for clothes dryers," said Lisa Alexander, vice president of customer solutions for SoCalGas. "The KB Home ProjeKt shows that natural gas is also instrumental to home buyers' preferences for green living."
The ProjeKt home also includes an innovative residential-scale 1.5 kilowatt solid oxide fuel cell powered by natural gas that generates baseload electricity and heat for space and water heating requirements in the home. The demonstration home is designed to be sustainable, resilient and to meet certification requirements for both Leadership in Energy and Environmental Design, which is better known as LEED, and National Green Building Standards. In addition, the model home meets ZNE standards, as defined by the state of California's 2020 goals. Residential new construction ZNE will soon be the standard in California and SoCalGas is committed to helping builders get there efficiently and cost-effectively, while satisfying home buyers' expectations, builders say.
Recent residential surveys reveal that 83 percent of SoCalGas' customers prefer a dual-fuel ZNE home, if given the choice between electric-only or a combination of natural gas and electric technologies. In contrast, only six percent of survey respondents preferred an electric-only ZNE home, while the rest were undecided. Of those surveyed, 71 percent were homeowners and 29 percent identified themselves as renters.
The display at the 2016 Greenbuild Conference and Expo will boast vignettes that feature assemblies and systems, home tours, interactive educational features and a digital wall display. Beginning Oct. 5, more information on the KB Home ProjeKt will also be available nationwide via the online virtual tour at here.
Greenbuild KB Home ProjeKt is presented by Hanley Wood in partnership with KB Home (NYSE:KBH), BUILDER Magazine, KTGY Architecture + Planning and Virginia Tech. The technologically advanced home offers a forward-looking glimpse on what ZNE homes may look like in the years 2020 and 2050, bringing new perspective and strategic scenario-planning opportunities to builders and consumers alike.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
About Hanley Wood
Hanley Wood is the premier company serving the information, media, and marketing needs of the residential, commercial design and construction industry. Utilizing the largest analytics and editorially driven Construction Industry Database, the company provides business intelligence and data-driven services. The company produces award-winning media, high-profile executive events, and strategic marketing solutions. To learn more, visit http://hanleywood.com.
About KB Home
KB Home (NYSE: KBH) is one of the largest and most recognized homebuilders in the United States and an industry leader in sustainability, building innovative and highly energy- and water-efficient new homes. Founded in 1957 and the first homebuilder listed on the New York Stock Exchange, the Company has built nearly 600,000 homes for families from coast to coast. Distinguished by its personalized homebuilding approach, KB Home lets each buyer choose their lot location, floor plan, décor choices, design features and other special touches that matter most to them. To learn more about KB Home, call 888-KB-HOMES, visit www.kbhome.com or connect on Facebook.com/KBHome or Twitter.com/KBHome.
About KTGY Architecture + Planning
Celebrating 25 years in 2016, KTGY Architecture + Planning is an international award-winning full-service architecture and planning firm delivering innovation, artistry and attention to detail across multiple offices and studios, ensuring that clients and communities get the best the firm has to offer no matter the building type or location. KTGY's architects and planners combine big-picture opportunities, leading-edge sustainable practices and impeccable design standards to help create developments of enduring value. KTGY serves clients worldwide from offices located in Chicago, Denver, Irvine, Los Angeles, Oakland, Pune and Tysons. Call 888-456-KTGY or visit http://www.ktgy.com.
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SOURCE SoCalGas
LOS ANGELES, Oct. 3, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) crews today will begin a $3.4 million valve replacement and upgrade project at a natural gas valve station in Littlerock, near Palmdale. The enhancements will include the installation of a new mainline valve with automatic shut-off and remote control capability, and upgrades to an existing mainline valve. Valves are mechanical devices that are opened and closed to control the flow of natural gas through pipelines.
The work at the Littlerock valve station is part of SoCalGas' Pipeline Safety Enhancement Plan (PSEP), a multi-billion-dollar program that is testing and updating the region's natural gas pipeline infrastructure, as well as upgrading, replacing or retrofitting hundreds of mainline valves in the system with automatic shut-off technology. Automatic shut-off valves are equipped with a control device that automatically shuts off the flow of natural gas in the event of a large pressure drop. These valves also provide routine pressure control to safeguard against exceeding the pipeline's maximum pressure. More information on these safety components is located here, and a video that explains mainline valves may be found here.
"Upgrading valves on our pipeline system with remote-control and auto-shut-off valves provides natural gas control operators with greater flexibility and shorter response times if it's necessary to close a valve to quickly control the flow of gas," said Rick Phillips, senior director of SoCalGas' Pipeline Safety Enhancement Plan. "These safety features are an important part of delivering the safe and reliable natural gas service our customers count on."
The work is expected to continue through February. It is not expected to cause natural gas service disruptions to the local communities of Littlerock, Sun Village or Palmdale.
PSEP was designed to meet directives established by the California Public Utilities Commission to enhance public and pipeline safety. In addition to enhancing safety, the program has significant economic benefits and is expected to generate more than $1.9 billion in economic activity based on direct, indirect and supporting services in Southern California.
SoCalGas dedicates significant resources to improving the safety and integrity of its more than 101,000 miles of natural gas pipelines. In 2016, the company plans to spend approximately $1.2 billion on various improvements to distribution, transmission and storage systems and for pipeline safety projects.
Though no roads closures will occur during this construction project, people driving by the work site may see excavation, equipment and vehicles. Nearby communities may also hear some work-related noise and notice an occasional natural gas odor.
Those with questions or concerns about the valve upgrade project may call our Customer Contact Center at 800-427-2200. For more information about the SoCalGas Pipeline Safety Enhancement Plan, visit socalgas.com and search "PSEP."
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
SAN DIEGO, Sept. 29, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) has received the highest score for transparency on the Center for Political Accountability's CPA-Zicklin Index, a ranking that benchmarks the political disclosure and accountability policies and practices of leading U.S. companies.
Sempra Energy received 97.1 out of a possible 100 points on the index. Only six other U.S. companies measured on the index shared this top score. This is the third consecutive year that Sempra Energy has been ranked on the index.
"We are pleased that Sempra Energy's commitment to transparency is being recognized by the prestigious CPA-Zicklin Index," said Steven D. Davis, executive vice president of external affairs and corporate strategy, and chief sustainability officer for Sempra Energy. "This recognition reflects Sempra Energy's resolve to practice and maintain high political disclosure and accountability standards."
The 2016 CPA-Zicklin Index was released today by the Center for Political Accountability in conjunction with the Carol and Lawrence Zicklin Center for Business Ethics Research at The Wharton School of the University of Pennsylvania.
Sempra Energy's four principal subsidiaries are Southern California Gas Co., San Diego Gas & Electric, Sempra International and Sempra U.S. Gas & Power.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 29, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has been awarded two solar energy projects in a recent auction conducted by Mexico's Centro Nacional de Control de Energía. The two projects will total 141 megawatts (MWac) of capacity with an expected investment of approximately $150 million.
"We are pleased to play an important role supporting Mexico's clean energy initiatives," said Mark Snell, president of Sempra Energy. "Development of renewable energy is an important part of IEnova's growth strategy moving forward."
The Rumorosa Solar complex is a 41-MWac (53-MWdc) single-axis photovoltaic (PV) project that will be located in Baja California, Mexico.
The Tepezalá II Solar complex is a 100-MWac (133-MWdc), single-axis PV project located in Aguascalientes, Mexico. This project will be developed in a partnership with Trina Solar, one of the world's leading PV companies.
The two projects will be contracted by the Comisión Federal de Electricidad under a 15-year renewable energy and capacity agreement and a 20-year clean energy certificate agreement.
Construction on both projects are expected to begin in 2018 and operations are scheduled for the first half of 2019.
Earlier this month, IEnova announced an agreement to acquire the largest wind farm in Mexico, Ventika I and Ventika II, in the state of Nuevo León. IEnova also developed and owns a 50-percent stake in the 155-MW Energía Sierra Juarez wind-generation facility in Baja California.
IEnova develops, builds and operates energy infrastructure in Mexico. As of Dec. 31, 2015, the company had invested more than US$4 billion in operating assets and projects under construction in Mexico and is one of the largest private energy companies in the country. IEnova is the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; failure to obtain regulatory approval for projects required to enhance safety and reliability; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 27, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has completed its acquisition of PEMEX Transformación Industrial's 50-percent equity interest in the Gasoductos de Chihuahua joint venture for approximately $1.14 billion.
Mexico's antitrust commission, the Comisión Federal de Competencia Económica, authorized the transaction Sept. 15. IEnova's shares in the joint venture now increase to 100 percent from 50 percent. PEMEX will retain 50-percent shareholder interest in the Ramones II Norte pipeline project through Ductos y Energéticos del Norte, S.de R.L. de C.V.
The assets included in the transaction comprise three natural gas pipelines, an ethane pipeline, and a liquid petroleum gas pipeline and associated storage terminal.
IEnova develops, builds and operates energy infrastructure in Mexico. As of Dec. 31, 2015, the company had invested more than US $4 billion in operating assets and projects under construction in Mexico. It is one of the largest private energy companies in the country and is the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; failure to obtain regulatory approval for projects required to enhance safety and reliability; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
LOS ANGELES, Sept. 22, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) Vice President of Gas Operations Gina Orozco-Mejia on Thursday was honored as a "Latina Corporate Pillar" by the California Hispanic Chambers of Commerce (CHCC) for her years championing supplier diversity and for being one of the highest-ranking Latinas at a Fortune 500 company. She was honored at the organization's 37th annual statewide convention at the Riverside Convention Center.
Orozco-Mejia was recently named a vice president at SoCalGas and has the distinction of being the first Latina at an executive level at the company.
"I commend the California Hispanic Chambers of Commerce on its dedication to pursuing economic growth and to supporting Hispanic entrepreneurs. SoCalGas is committed to helping diverse businesses grow, which is why we are pleased to be a corporate member and supporter of the California Hispanic Chambers of Commerce and we will continue to support its outstanding work in the community," Orozco-Mejia said.
While CHCC noted that nearly 45 percent of SoCalGas' contract spending supported female, minority, and service-disabled veteran-owned business enterprises, the Latina Corporate Pillar award was meant to honor Orozco-Mejia herself.
Established in 1978, the California Hispanic Chambers of Commerce represents the interests of more than 800,000 Hispanic-owned businesses throughout the state of California. Orozco-Mejia was recognized at the Latina Empresaria Awards luncheon, which celebrated several Latina businesswomen who have helped other businesses succeed.
"We honor distinguished women like Gina Orozco-Mejia – a woman who came to this country from Mexico as a teenager and who triumphed over challenges to become SoCalGas' first Latina vice president," said Juan P. Garcia, CHCC's deputy director. "When she came to this country as a youth, she worked hard to grow fluent in English and she applied herself to math and the sciences and went on to graduate with an engineering degree from Cal State Los Angeles. We applaud Gina's determination and work ethic, for her leadership and commitment to help other business owners grow and thrive through SoCalGas' supplier diversity program."
As vice president of gas operations for SoCalGas and San Diego Gas & Electric (SDG&E), Orozco-Mejia oversees all aspects of gas distribution operations. She has a master's degree in business administration from Claremont Graduate University and a bachelor's degree in electrical engineering from California State University, Los Angeles.
In 1990, Orozco-Mejia joined SoCalGas as an engineering intern. Over the years, she has held a variety of increasingly responsible roles in engineering, field services, gas system operations, environmental, international development and operations staff. She previously served as director of labor relations, responsible for working with the unions that represent approximately 5,000 SoCalGas employees; director of region operations, responsible for gas distribution, resource management, and engineering and planning and customer services; and director of system operations, responsible for gas control, gas scheduling and transmission system planning.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
SAN DIEGO, Sept. 21, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has received approval from Mexico's antitrust commission (Comisión Federal de Competencia Económica) for the purchase of PEMEX's 50-percent equity interest in the Gasoductos de Chihuahua joint venture for approximately $1.1 billion.
Gasoductos de Chihuahua develops and operates energy infrastructure in Mexico; its assets included in the transaction comprise three natural gas pipelines, an ethane pipeline, and a liquid petroleum gas pipeline and associated storage terminal.
The purchase, which is subject to customary closing conditions, is expected to be completed later this month.
IEnova develops, builds and operates energy infrastructure in Mexico. As of Dec. 31, 2015, the company invested more than US$4 billion in operating assets and projects under construction in Mexico and is one of the largest private energy companies in the country. IEnova is the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; failure to obtain regulatory approval for projects required to enhance safety and reliability; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
LOS ANGELES, Sept. 19, 2016 /PRNewswire/ -- California Governor Jerry Brown today signed into law Senate Bill 1383, the Short-Lived Climate Pollutants bill, which aims to reduce emissions of potent greenhouse gasses. SB 1383 requires the California Air Resources Board (CARB) to develop a plan and implement strategies to cut super pollutant emissions, with specific targets to reduce methane and fluorinated gases (fgases) by 40 percent, and black carbon by 50 percent by 2030. It also requires state agencies to adopt policies and incentives to significantly increase the sustainable production and use of renewable gas. The bill requires the Public Utilities Commission to work with the CARB and the Department of Food and Agriculture to direct gas corporations to implement at least five dairy bio-methane pilot projects that connect to the gas pipeline system in the next two years. SB 1383 is considered the most aggressive law to tackle short-lived climate pollutants in the nation. SoCalGas issued the following statement commending the Governor for signing the bill:
"SoCalGas commends SB 1383's sponsor Senator Ricardo Lara (D-33) and Governor Brown for bringing California this bold legislation that will help drive innovation and develop the market for renewable natural gas.
"Investments in natural gas have already helped clean our air and slow climate change in many ways, through natural gas vehicles, buses and new energy-efficient technologies. Because commercial transportation is by far California's largest source of air pollution, SoCalGas' natural gas vehicle (NGV) program is reducing greenhouse gas (GHG) emissions by 750,000 tons a year and NOx emissions by 1,600 tons each year.
"Using renewable natural gas is the next step in addressing climate issues. SB 1383 will increase the amount of natural gas we use from renewable sources. Ninety-four percent of methane emissions in California come from waste streams, like landfills and dairy farms. This wasted methane can be harnessed so that instead of contributing to climate change it can instead be distributed through our existing natural gas pipeline infrastructure to fuel heavy-duty trucks, heat homes, cook meals, or generate electricity as renewable energy.
"California could produce almost 300 billion cubic feet of renewable gas per year just from organic waste. Instead of sending that waste to landfills or burning it, it could be used to generate enough renewable electricity to power two-to-three million homes. In fact, studies show that existing organic waste alone could supply more than 15 percent of our current natural gas demand if converted to methane.
"As the largest gas distributor in the nation, SoCalGas is positioned to make the infrastructure investments necessary to maximize the production and use of renewable natural gas. We are eager to partner with critical California industries like dairies, landfills, and others to develop the biomethane pilot programs this law requires, help build the market for renewable natural gas, and continue helping to reduce black carbon emissions through our natural gas vehicle program."
About SoCalGas
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Company
SAN DIEGO, Sept. 15, 2016 /PRNewswire/ -- For the sixth consecutive year, Sempra Energy (NYSE: SRE) has been named to the Dow Jones Sustainability North America Index.
Established in 1999, the Dow Jones Sustainability Indices are compiled annually by S&P Dow Jones and RobecoSAM, a sustainable investment specialty firm. They were the first organizations in the world to track the financial performance of companies that lead their respective industries in managing economic, environmental and social issues with a strong focus on long-term shareholder value. The indices serve as benchmarks for investors who integrate sustainability considerations into their portfolios.
The Dow Jones Sustainability North America Index recognizes the top 20 percent of companies on the continent in terms of economic, environmental and social criteria. Only eight companies from the Utilities Industry Group, including Sempra Energy, are in the index.
"We are honored to be recognized among North America's leading companies for our commitment to responsible business practices," said Steven D. Davis, executive vice president of external affairs and corporate strategy, and chief sustainability officer for Sempra Energy. "Sempra Energy's focus on sustainability complements our business strategy and is a key component of our long-term success."
For more information on the Dow Jones Sustainability Indices, visit: www.sustainability-indexes.com. To learn more about sustainability at Sempra Energy, visit: responsibility.sempra.com.
Sempra Energy's four principal subsidiaries are Southern California Gas Co., San Diego Gas & Electric, Sempra International and Sempra U.S. Gas & Power.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
SAN DIEGO, Sept. 13, 2016 /PRNewswire/ -- Sempra Energy today announced several executive appointments as part of the company's ongoing leadership development and succession planning process.
Except where noted otherwise, all of the following appointments are effective Jan. 1, 2017.
"One of the cornerstones of our success has been our ability to organically develop a strong leadership team," said Debra L. Reed, chairman and CEO of Sempra Energy. "We and our board of directors spend considerable time and effort identifying talented leaders within the organization and exposing them to different aspects of our business. Today's appointments represent another step forward in our succession planning process."
Mark A. Snell, 60, president of Sempra Energy since 2011, announced that he plans to retire from the company March 1, 2017.
From 2006 to 2011, Snell was executive vice president and chief financial officer of Sempra Energy. From 2004 to 2005, he was group president overseeing Sempra Energy's businesses outside the California utilities. In that position, he oversaw all aspects of Sempra Energy's activities in competitive energy markets, including energy trading, electric generation, liquefied natural gas (LNG), pipelines and storage facilities, international utilities and retail energy marketing. Prior to that, he served as chief financial officer of this group.
Snell first joined Sempra Energy in 2001 as vice president of corporate planning and development. Previously, he held chief financial officer positions with Earth Tech, Inc., Dames & Moore, Inc., and Latham & Watkins LLP. Snell holds a bachelor's degree in accounting from San Diego State University.
Joseph A. Householder, 61, currently executive vice president and chief financial officer of Sempra Energy, will be named to the newly created position, corporate group president of infrastructure businesses for Sempra Energy, reporting to Reed.
As corporate group president of infrastructure businesses, Householder will oversee Sempra Energy operations in midstream, LNG, renewable energy and Mexico.
Householder has been Sempra Energy's executive vice president and chief financial officer since 2011. Previously, he was senior vice president, controller and chief accounting officer, overseeing the financial reporting and controls, financial planning and tax functions for Sempra Energy. He also served as vice president of corporate tax and chief tax counsel for Sempra Energy.
Prior to joining Sempra Energy in 2001, he was a partner in the national tax office of PriceWaterhouseCoopers LLP and also served in several key management positions at Unocal Corp.
Earlier in his career, Householder served as an attorney and a certified public accountant at firms in the Los Angeles area.
Householder holds a bachelor's degree in business administration from the University of Southern California and a law degree from Loyola Law School. He also has completed the executive program at UCLA Anderson School.
Householder is a member of the board of directors of Advanced Micro Devices, Inc., and also is a member of the Tax Executives Institute, American Institute of Certified Public Accountants, California Bar and American Bar Association.
Steven D. Davis, 60, currently executive vice president of external affairs and corporate strategy for Sempra Energy, will be named to the newly created position, corporate group president of utilities for Sempra Energy, reporting to Reed. Davis also will chair the Southern California Gas Co. (SoCalGas) and San Diego Gas & Electric (SDG&E) boards of directors.
As corporate group president of utilities, Davis will oversee operations at Sempra Energy's utilities in California and South America.
Davis has served as Sempra Energy's executive vice president of external affairs and corporate strategy since last year. Previously, he was president and chief operating officer of SDG&E from 2014 to 2015. Prior to that, from 2012 to 2013, Davis was senior vice president of external affairs for Sempra Energy. Previously, he served as Sempra Energy's vice president of investor relations and corporate communications, and vice president of communications and community partnerships.
Davis was senior vice president of external relations and chief financial officer for SDG&E and SoCalGas from 2004 to 2006. Prior to that, he was senior vice president of customer service and external relations for SDG&E and SoCalGas and vice president of distribution operations for SDG&E. Davis first joined SDG&E in 1980 as an accountant.
Davis holds a bachelor's degree in business administration (with honors) from San Diego State University. He is a board member of the U.S. Chamber of Commerce and also serves on the board of directors of the San Diego Regional Economic Development Corporation.
Jeffrey W. Martin, 54, currently chairman, president and CEO of SDG&E, will become executive vice president and chief financial officer of Sempra Energy, reporting to Reed.
In his new role, Martin will oversee all financial matters for the company, including business development and major acquisitions.
Martin has served as SDG&E's CEO since 2014 and as its chairman and president since last year. Previously, he was president and CEO of Sempra U.S. Gas & Power, LLC and its predecessor organization, Sempra Generation, from 2010 to 2013. Martin served as vice president of investor relations for Sempra Energy from 2006 to 2010. He joined Sempra Energy in 2004.
Previously in his career, Martin was senior vice president and chief financial officer of NewEnergy, Inc., served as corporate counsel at Tucson Electric Power Co. and was an attorney with the law firm of Snell & Wilmer, LLP, in Phoenix.
Martin has a bachelor's degree from the U.S. Military Academy at West Point, a master's degree in public administration from the University of Texas, El Paso, and a law degree from the University of Miami, Coral Gables, Fla. He currently serves on the boards of directors of the California Chamber of Commerce and Edison Electric Institute, as well as the board of trustees of the University of San Diego. Martin is a member of the Western Electric Industry Leaders and the National Association of Corporate Directors. He also recently served on the boards of directors of the National Association of Manufacturers and the San Diego Regional Chamber of Commerce.
Dennis V. Arriola, 55, currently chairman, president and CEO of SoCalGas, will become executive vice president of corporate strategy and external affairs for Sempra Energy, reporting to Reed.
In his new role, Arriola will be responsible for corporate strategy and will oversee all communications, government relations, regulatory and international affairs activities, as well as corporate social responsibility, for Sempra Energy.
From 2012 to 2013, Arriola was president and chief operating officer of SoCalGas. Previously, from 2008 to 2012, he left the company to work at SunPower Corp., a global solar panel manufacturer based in San Jose, Calif., where he served as executive vice president and chief financial officer.
From 2006 to 2008, Arriola was senior vice president and chief financial officer of both SDG&E and SoCalGas. Prior to that, Arriola also served as vice president of communications and investor relations for Sempra Energy and regional vice president and general manager of Sempra Energy's South American operations. Arriola first joined the company in 1994 as treasurer for Pacific Enterprises/SoCalGas.
Arriola has a master's degree in business administration from Harvard University and a bachelor's degree in economics from Stanford University. He serves on the boards of directors of the United Way of Greater Los Angeles, Southern California Leadership Council, American Gas Association, California Business Roundtable and Latino Donor Collaborative.
Patricia K. Wagner, 54, currently president and CEO of Sempra U.S. Gas & Power, will become CEO of SoCalGas, reporting to Davis. Until she assumes her new position in January 2017, Wagner has been appointed an executive vice president for Sempra Energy, effective immediately.
Wagner has served as president and CEO of Sempra U.S. Gas & Power since 2014.
After joining SoCalGas in 1995, she held several leadership positions in the company, including: vice president of audit services for Sempra Energy; vice president of accounting and finance for SoCalGas; vice president of information technology for SDG&E and SoCalGas; and vice president of the Operational Excellence transformational program for SDG&E and SoCalGas. Wagner also has served in key management roles at SDG&E and SoCalGas in gas distribution operations and customer services.
Prior to joining SoCalGas, Wagner held management positions at Fluor Daniel, McGaw Laboratories and Allergan Pharmaceuticals.
Wagner has a master's degree in business administration from Pepperdine University and a bachelor's degree in chemical engineering from California State Polytechnic University, Pomona. She currently serves on the board of directors for Apogee Enterprises, Inc. Previously, she was a board member for the Classroom of the Future Foundation in San Diego and a member of the Los Angeles Economic Development Corporation. She also has volunteered with the Girl Scouts of America.
Effective immediately, J. Bret Lane, 57, has been appointed president of SoCalGas and will continue in his role as SoCalGas' chief operating officer, reporting to the CEO of SoCalGas.
Lane has been the chief operating officer of SoCalGas since 2014. Previously, he was the senior vice president of gas operations & system integrity for SoCalGas and SDG&E, responsible for all aspects of gas delivery services, including region operations, engineering, transmission, storage and pipeline safety.
From 2010 to 2012, he served as vice president of field services for SoCalGas and SDG&E. Prior to that, Lane was vice president of gas transmission & distribution for SoCalGas.
Lane was vice president of environmental, safety & facilities and chief environmental officer for SoCalGas and SDG&E from 2005 to 2008. Previously, he was vice president of labor relations, responsible for all collective bargaining with the labor unions at SoCalGas. Lane first joined SoCalGas in 1982 in the transmission & storage operations group.
Lane holds a bachelor's degree in petroleum engineering from Oklahoma State University. Lane serves on the boards of directors of the Gas Technology Institute and Western Energy Institute, and on the board of advisors of the UC Davis Energy Efficiency Center.
Scott D. Drury, 51, currently chief energy supply officer for SDG&E, will become president of SDG&E, reporting to Davis.
Drury has served as SDG&E's chief energy supply officer since last year, overseeing electric transmission operations, utility-owned power generation and energy procurement. Previously, he was SDG&E's vice president of human resources, diversity and inclusion from 2011 to 2015. Prior to 2011, Drury was director of safety and emergency services and director of supply management for both SDG&E and SoCalGas. From 1998 to 2007, he held various positions of increasing responsibility at SDG&E.
Drury holds a bachelor's degree in public administration and a master's degree in business administration from San Diego State University. He holds a certificate in human resources and labor relations from Cornell University. Drury serves on the board of directors of the San Diego Regional Economic Development Corporation and the advisory board of Alzheimer's San Diego.
Caroline A. Winn, 53, chief energy delivery officer for SDG&E, will become chief operating officer of SDG&E, reporting to Drury.
Winn has served as SDG&E's chief energy delivery officer since last year, overseeing electric distribution operations and gas services, customer services, and external and state legislative affairs for SDG&E.
From 2010 to 2015, Winn was vice president of customer services for SDG&E. Previously, she served as director of distribution operations, director of electric distributions operations, director of electric distribution services and director of supply management for SDG&E from 2000 to 2010.
Winn first joined SDG&E in 1986 as an associate engineer and has held positions of increasing responsibility with the utility.
She holds a bachelor's degree in electrical engineering from California State University, Sacramento, and is a registered professional engineer in the state of California. Winn serves on the board of directors of the San Diego Regional Chamber of Commerce, Western Energy Institute and the Classroom of the Future Foundation. She also serves on the board of advisors of the UC Davis Energy Efficiency Center.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; failure to obtain regulatory approval for projects required to enhance safety and reliability; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
LOS ANGELES, Sept. 12, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company successfully tested a system to capture natural gas emptied from a recently abandoned natural gas pipeline during work in the city of Atascadero, saving the gas for later use and eliminating noise and emissions that occur in the traditional venting process. In total, approximately 108,000 cubic feet of natural gas was captured – about what 523 homes use each day on average in the U.S.
Last month, crews decommissioned a two-and-half-mile section of pipeline that was recently replaced by a new pipeline in a new location. The work required the pipe to be completely emptied of about 150,000 cubic feet of natural gas. Instead of following the standard process of venting the gas, SoCalGas compressed most of it, and then pumped it into three large tanks so it could be put back into SoCalGas' system and used by customers.
"We're extremely excited that our engineers are experimenting with this groundbreaking innovation," said Rick Phillips, senior director of SoCalGas' Pipeline Safety Enhancement Plan. "Capturing the methane we would traditionally vent to atmosphere not only reduces noise or smells neighbors might notice, but also minimizes impacts to the environment. We will continue testing this new innovation in hopes of expanding its use for whenever its application may be suitable."
Nationwide, emissions from natural gas distribution systems like SoCalGas' represent less than 1 percent of greenhouse gas emissions.
The methane capture technique was tested as part of SoCalGas' Pipeline Safety Enhancement Plan (PSEP), a multi-billion-dollar program that identifies various high pressure pipeline sections throughout SoCalGas' system and schedules them to be pressure-tested or replaced. PSEP also includes provisions to upgrade, replace or retrofit hundreds of mainline valves in the system with technology that allows them to be opened or closed remotely by system operators from a central control location, or that automatically shuts off the flow of natural gas in the event of a large drop in pressure.
SoCalGas dedicates significant resources to improving the safety and integrity of its more than 101,000 miles of natural gas pipelines. In 2016, the company plans to spend approximately $1.2 billion for improvements to distribution, transmission and storage systems and for pipeline safety.
About SoCalGas
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
SAN DIEGO, Sept. 12, 2016 /PRNewswire/ -- Sempra U.S. Gas & Power, a unit of Sempra Energy (NYSE: SRE), today announced that it has completed the previously announced transaction to sell EnergySouth, Inc. (EnergySouth), the parent company of Mobile Gas Service Corp. (Mobile Gas) and Willmut Gas & Oil Company (Willmut Gas), to Spire Inc. (Spire) (NYSE:SR) for cash proceeds of $320 million, with Spire assuming existing debt of $67 million.
The transaction included only Mobile Gas and Willmut Gas. Sempra U.S. Gas & Power continues to own Bay Gas Storage Co., Mississippi Hub, LLC, Liberty Gas Storage and Southern Gas Transmission, all of which previously were part of EnergySouth.
J.P. Morgan Securities LLC acted as financial advisor and Latham & Watkins LLP acted as legal counsel for Sempra U.S. Gas & Power.
Sempra U.S. Gas & Power acquired EnergySouth in 2008 and Willmut Gas in 2012.
Mobile Gas provides service to about 85,000 residential, commercial and industrial customers in Mobile and Baldwin counties in southwest Alabama.
Willmut Gas provides service to about 19,000 residential, commercial and industrial customers in greater Hattiesburg, Miss. (which includes portions of Forrest and Lamar Counties) as well as portions of Covington, Jones, Simpson and Rankin Counties.
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas projects. For more information, visit www.SempraUSGP.com. Sempra U.S. Gas & Power is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2015 revenues of $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; failure to obtain regulatory approval for projects required to enhance safety and reliability; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
Media Contacts: |
Jill Howard |
Sempra U.S. Gas & Power | |
(877) 855-7887 | |
Financial Contact: |
Patrick Billings |
Sempra Energy | |
(877) 696-2461 | |
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SOURCE Sempra U.S. Gas & Power
SAN DIEGO, Sept. 9, 2016 /PRNewswire/ -- The board of directors of Sempra Energy (NYSE:SRE) today declared a quarterly dividend of $0.755 per share of common stock. The current dividend is payable Oct. 15, 2016, to shareholders of record on Sept. 29, 2016.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; failure to obtain regulatory approval for projects required to enhance safety and reliability; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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[SRE-F]
SOURCE Sempra Energy
SAN DIEGO, Sept. 8, 2016 /PRNewswire/ -- For the sixth consecutive year, Fortune magazine has named Debra L. Reed, chairman and CEO of Sempra Energy (NYSE: SRE), to the magazine's "Most Powerful Women in Business" list.
Reed is ranked No. 22 in 2016, up from No. 23 last year.
Fortune's "Most Powerful Women in Business" was launched in 1998 to recognize the most successful women in the nation.
In compiling the list, Fortune's editors consider four criteria: the size and importance of the woman's business in the global economy; the health and direction of the business; the arc of the woman's career; and social and cultural influence.
Fortune's "Most Powerful Women in Business" list is now available online.
Reed, 60, has served as Sempra Energy's CEO since 2011 and as the company's chairman since 2012. She has spent her entire 38-year career with the Sempra Energy companies. Previously, Reed was executive vice president of Sempra Energy. From 2006 to 2010, she served as president and CEO of San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas), Sempra Energy's two California utilities. Reed first joined SoCalGas in 1978 and became the company's first female officer 10 years later. She holds a bachelor's degree in civil engineering from the University of Southern California.
Sempra Energy's four principal subsidiaries are SDG&E, SoCalGas, Sempra U.S. Gas & Power and Sempra International.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
LOS ANGELES, Aug. 24, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today released a new video demonstrating several operational enhancements and tools to monitor field operations at the Aliso Canyon natural gas storage facility, including daily and weekly safety and equipment checks, daily infrared video scanning, and continuous pressure monitoring. The safety enhancements, required by the Division of Oil, Gas and Geothermal Resources (DOGGR), are in addition to the ongoing and rigorous well inspection procedures underway at the facility.
"We are diligently following all regulations and state laws, and we aim to receive authorization to partially restore operations at the field by late summer," said SoCalGas chief operating officer Bret Lane. "As the joint agency Action Plan to Preserve Southern California Energy Reliability This Winter concludes, Aliso Canyon is critical to meeting Southern California's energy needs during the coming winter's heating season when natural gas use is highest."
New operational enhancements include:
Before gas injection can resume at Aliso Canyon, every well must either pass a battery of eight tests established by DOGGR, be temporarily taken out of operation and isolated from the underground gas reservoir, or be permanently abandoned. SoCalGas has been working to test all wells at the field since just after the leak was sealed six months ago.
As of August 19, all of the 114 active wells have completed the first phase of testing required by new regulations and state law. In the process, many wells have been temporarily isolated from the gas reservoir in a safe condition until phase two testing can be completed. This step is required by DOGGR and does not mean these wells are unsafe or will not pass future inspections. Twenty-one wells have completed all diagnostics, and 18 wells have received final DOGGR approval. SoCalGas provides updates to DOGGR on the status of testing on the first and third Friday of every month, which are then posted on the Division's website. The next report will be submitted on Friday, September 2.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
Video - https://www.youtube.com/watch?v=QoWMoPd4viw
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SOURCE Southern California Gas Company
SAN DIEGO, Aug. 18, 2016 /PRNewswire/ -- The California Public Utilities Commission (CPUC) today approved a proposal by San Diego Gas & Electric (SDG&E) to build two new energy storage projects in San Diego County. In May, the CPUC directed Southern California electric utilities to fast-track additional energy storage options to enhance regional energy reliability.
Adding storage resources improves the overall reliability of the grid as it allows the system to accommodate greater amounts of renewable power and helps to ease congestion. SDG&E proposes to charge the batteries during times when there is an abundance of solar or wind power and discharge them during the peak usage time in the early evening.
"We were in the process of a competitive solicitation for energy storage and already had completed a pre-evaluation of respondents," said James P. Avery, SDG&E's chief development officer. "As a result, we could move quickly to respond to the CPUC's request for expedited proposals."
In mid-July, SDG&E signed an agreement with AES for a total of 37.5 megawatts (MW) of lithium-ion battery storage. AES is a major supplier of advanced storage technology and other energy resources around the world.
SDG&E will own the storage projects that AES will build on utility-owned property in Escondido and El Cajon. The larger of the two will be a 30-MW unit and the smaller will be a 7.5-MW unit.
Construction will begin immediately and should be completed in early 2017.
The CPUC requires SDG&E to procure a total of 165 MW of energy storage by 2020, to be operational by 2024.
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.5 million consumers through 1.4 million electric meters and 873,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, on Twitter (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric
LOS ANGELES, Aug. 17, 2016 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: | |
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on October 15, 2016, to shareholders of record on September 10, 2016.
About Southern California Gas Company
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, Aug. 10, 2016 /PRNewswire/ -- Every six minutes an underground utility line in the country is damaged because someone did not call 811, the national "Call Before You Dig" phone number. On Aug. 11 - National 811 Day - Southern California Gas Co. (SoCalGas) reminds the public to dial 811 two working days prior to digging to identify the location of underground utility lines and to avoid striking them.
"Whether installing a mailbox, putting in a fence or sprinkler system, planting trees, building a new patio or deck or launching an outdoor business remodeling project, we urge the public to dial 811 several days before digging to ensure the site is properly marked," said Jimmie Cho, senior vice president of gas operations and systems integrity for SoCalGas. "Knowing where underground utility lines are buried prevents injuries, unintentional damage, inconvenient outages and costly repairs."
When contacting 811, homeowners and contractors are connected to the local one-call center that notifies the appropriate utility companies of their intent to dig. Utility representatives are then sent to the requested digging site at no charge to mark the approximate location of underground lines with flags, color-coded paint or stakes. If they do not find any underground utility lines in the area, they will mark "clear." Once all lines are identified, customers should carefully use only hand-digging tools within two feet on each side of marked natural gas lines.
More than 100 billion feet of utility lines lay buried underground in communities throughout the United States - which equates to more than one football field's length of buried utilities for every man, woman and child in the country, according to Common Ground Alliance, an organization dedicated to protecting underground utility lines.
These utility lines provide amenities such as cable TV, high-speed Internet, landline telephone, electricity, natural gas and water. The depth of utility lines can vary due to years of erosion, previous digging projects and uneven surfaces.
By California state law, anyone working on a project that requires digging into the ground must dial 811 two days in advance. Here are steps to protect you and your community:
Even a slight gouge, scrape or dent to a pipeline or coating may cause a dangerous break or leak in the future. If a customer inadvertently causes minor damage to a natural gas line or an attached component, that customer should call SoCalGas immediately at 1-800-427-2200.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE SoCalGas
SAN DIEGO, Aug. 8, 2016 /PRNewswire/ -- San Diego Gas & Electric (SDG&E) today unveiled the latest additions to its fire-preparedness toolkit for this year, which includes the return of the Erickson Skycrane "Sun Bird" for the seventh straight year. The helitanker, which holds a maximum of 2,650 gallons of water or fire suppressant and can get airborne in just 15 minutes, already helped knock down two fast-moving brushfires just days after its arrival in San Diego on July 1.
"The Skycrane has been a critical asset over the past several years and we're pleased to continue our collaboration with the County of San Diego to make this amazing aircraft available for our region once again," said Caroline Winn, SDG&E's chief energy delivery officer. "SDG&E is on a journey of continuous improvement to help enhance our company's overall fire preparedness and the safety of our communities. Recently, we developed a wildfire risk reduction model that will help us make smart, cost-effective decisions about infrastructure investments that can have the greatest impact on safety."
"When it comes to facing down inevitable wildfires, San Diego County has never been in better shape," said Ron Roberts, County Board of Supervisors chairman.
"We have excellent working partnerships with public safety agencies and the private sector – especially with SDG&E which we have partnered with on new fire preparedness technologies and with bringing a helitanker to town during the region's peak fire season."
Recently, SDG&E and the County renewed their joint contract that will ensure the Skycrane will be available through 2022 for regional fire suppression.
"The helitanker is a significant and welcome addition to our regional fire-fighting arsenal every year," said CAL FIRE Chief Tony Mecham. "As we've seen already this summer, the air crane's quick response and decisive attack make a critical difference by stopping a wildfire before it has a chance to spread. Having the helitanker close by and available, if needed, provides an extra measure of insurance for our community."
The Skycrane is stationed at SDG&E's Aviation Services facility at Gillespie Field in El Cajon and will stay through October this year – or longer, if fire conditions warrant.
"This year, we're anticipating another year of higher fire activity fueled by a more abundant grass crop than we've seen in quite a while," said San Diego Fire Chief Brian Fennessy. "Specific areas of concern are the City of San Diego's many open space islands, such as Mission Valley, Tecolote, Penasquito, San Clemente and Rose Canyons, but we expect to see very volatile wildland fire conditions across the county this fall."
At the request of local fire agencies, SDG&E has added two additional weather stations to its current network of more than 170 – one in Mission Valley and another in southern Orange County – to improve the situational awareness during extreme fire-weather events in those communities.
To develop the wildfire risk reduction model, SDG&E looked at every component of its overhead electric system – not just power lines and poles, but switches, fuses and cross-arms – taking into account size and age as well as the potential associated loss and replacement costs if a fire were to start. The model is based on tens of millions of computer simulations of fire ignitions and how they could spread based on various conditions. SDG&E is working on translating the model for operational use by factoring in weather conditions and fuel-moisture data to fine-tune the risk forecast daily.
"Every year, for nearly a decade, we have been expanding our toolkit, adding new technologies and bringing in new partners," said Winn. "Bottom line, though, the most significant, most valuable and most consistent community resource we have is collaboration."
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,300 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric
SAN DIEGO, Aug. 4, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported second-quarter 2016 earnings of $16 million, or $0.06 per diluted share, compared with $295 million, or $1.17 per diluted share, in the second quarter 2015.
These results reflect certain significant items as described in the following table of GAAP earnings, reconciled to adjusted earnings, for the second quarter and first six months of 2016 and 2015:
Three months ended |
Six months ended |
||||||||||
June 30, |
June 30, |
||||||||||
(Unaudited; Dollars, except EPS, and shares, in millions) |
2016 |
2015 |
2016 |
2015 |
|||||||
GAAP Earnings |
$ 16 |
$ 295 |
$ 335 |
$ 732 |
|||||||
Loss Related to Rockies Express Pipeline Sale |
- |
- |
27 |
- |
|||||||
Permanent Releases of Pipeline Capacity |
123 |
- |
123 |
- |
|||||||
Tax Repairs Adjustments Related to General Rate Case |
80 |
- |
80 |
- |
|||||||
Retroactive Q1-16 Benefit from General Rate Case |
(21) |
- |
- |
- |
|||||||
Deferred Tax Associated with TdM Power Plant Held for Sale |
2 |
- |
26 |
- |
|||||||
Adjustment to Loss on SONGS Plant Closure |
- |
- |
- |
(13) |
|||||||
Gain on Sale of Mesquite Power Block 2 |
- |
(36) |
- |
(36) |
|||||||
Adjusted Earnings(1) |
$ 200 |
$ 259 |
$ 591 |
$ 683 |
|||||||
Diluted weighted-average shares outstanding |
252 |
251 |
252 |
251 |
|||||||
GAAP EPS |
$0.06 |
$1.17 |
$1.33 |
$2.91 |
|||||||
Adjusted EPS(1) |
$0.79 |
$1.03 |
$2.35 |
$2.72 |
|||||||
(1) |
Sempra Energy adjusted earnings and adjusted EPS are non-GAAP financial measures. See Table A in the second-quarter financial tables for information regarding non-GAAP financial measures and descriptions of adjustments above. Adjusted earnings and adjusted EPS for the three months and six months ended June 30, 2015, have been revised to include after-tax LNG development expenses of $1 million and $5 million, respectively, for consistency with the comparable periods in 2016. LNG development expenses are included in adjusted earnings in 2016. |
Adjusted earnings in the second quarter 2016 were $200 million, or $0.79 per diluted share, compared with $259 million, or $1.03 per diluted share, in the second quarter 2015. The lower adjusted earnings in this year's second quarter were due primarily to $19 million of after-tax losses in the second quarter 2016, compared with gains of $5 million after-tax in second quarter 2015, both resulting from natural gas price movements on inventories sold forward at Sempra U.S. Gas & Power. The majority of these losses related to natural gas prices are expected to reverse by year-end. Additional items impacting second-quarter 2016 results were lower equity earnings of $8 million after tax related to the sale of the company's stake in the Rockies Express Pipeline (REX) and recording by Southern California Gas Co. (SoCalGas) of an after-tax impairment of $13 million associated with the final decision by the California Public Utilities Commission (CPUC) on the proposed North-South Pipeline. In last year's second quarter, SoCalGas had $13 million higher after-tax earnings from a retroactive rate base increase approved by the CPUC in April 2015.
Sempra Energy's earnings for the first six months of 2016 were $335 million, or $1.33 per diluted share, compared with $732 million, or $2.91 per diluted share, in the first six months of 2015. Adjusted earnings for the first six months of 2016 were $591 million, or $2.35 per diluted share, compared with $683 million, or $2.72 per diluted share, in the same period last year.
On June 23, the CPUC issued a final General Rate Case decision for San Diego Gas & Electric (SDG&E) and SoCalGas for 2016-18 that, largely, was consistent with the settlement agreements entered into last year by the two utilities. The impact of the 2016 authorized margin now has been recorded retroactive to Jan. 1, 2016.
"We are pleased to have received the final rate case decision for our California utilities from the CPUC and to have completed the sale of our stake in the Rockies Express Pipeline during the quarter," said Debra L. Reed, chairman and CEO of Sempra Energy. "With the addition of the Mexican marine pipeline and the acquisition of a new wind farm in Michigan, we continue to add new projects both domestically and internationally that support our long-term growth strategy. We expect to meet our adjusted earnings-per-share guidance for 2016 of $4.60 to $5 and to achieve approximately 12-percent compound annual adjusted earnings-per-share growth from 2016 through 2020."
CALIFORNIA UTILITIES
San Diego Gas & Electric
Second-quarter 2016 earnings for SDG&E were $100 million, compared with $126 million in the second quarter 2015. In the most recent quarter, due to the final General Rate Case decision, SDG&E recorded a $31 million after-tax refund to ratepayers of benefits from tax repairs deductions, offset by a $9 million after-tax retroactive benefit for first-quarter 2016 earnings.
For the first six months of 2016, SDG&E's earnings were $229 million, compared with $273 million in the same period last year.
Southern California Gas Co.
In the second quarter 2016, SoCalGas recorded a net loss of $1 million, compared with earnings of $70 million in last year's second quarter. In the most recent quarter, due to the final General Rate Case decision, SoCalGas recorded a $49 million after-tax refund to ratepayers of benefits from tax repairs deductions, offset by a $12 million after-tax retroactive benefit for first-quarter 2016 earnings. SoCalGas also recorded an after-tax impairment of $13 million in the second quarter 2016 related to the CPUC's recent decision denying the proposed North-South Pipeline.
In the first half of 2016, SoCalGas' earnings were $194 million, compared with $284 million in the first half of 2015.
SoCalGas today said its updated estimate of certain costs related to the Aliso Canyon natural gas leak is $717 million, $679 million of which has been recorded as an insurance receivable at June 30, 2016. SoCalGas has begun collecting insurance recoveries, with $34 million collected to date.
SEMPRA INTERNATIONAL
Sempra South American Utilities
In the second quarter 2016, Sempra South American Utilities had earnings of $43 million, compared with $45 million in the second quarter 2015.
For the first six months of 2016, earnings for Sempra South American Utilities were $81 million, compared with $86 million in the first six months last year.
Sempra Mexico
Sempra Mexico's second-quarter earnings increased to $57 million in 2016 from $50 million in 2015, due primarily to favorable foreign currency effects.
For the first six months of 2016, Sempra Mexico had earnings of $74 million, compared with $97 million in the same period last year, primarily due to a $26 million deferred tax charge in 2016 associated with holding the Termoeléctrica de Mexicali power plant for sale.
Last month, Sempra Energy's Mexican subsidiary, IEnova, announced a restructured agreement to purchase PEMEX's 50-percent interest in its joint venture. Originally announced last year, the estimated $1.1 billion transaction involves IEnova's acquisition from the joint venture of three natural gas pipelines, an ethane pipeline, a liquid petroleum gas (LPG) pipeline and a LPG storage terminal. The transaction is expected to close in the third quarter 2016, subject to regulatory approvals and customary closing conditions.
In June, IEnova announced that its Infraestructura Marina del Golfo joint venture with TransCanada Corp. – owned 60 percent by TransCanada and 40 percent by IEnova – was awarded a contract by Mexico's Comisión Federal de Electricidad (CFE) to build, own and operate a 497-mile, $2.1 billion marine pipeline to transport natural gas between Tuxpan, Veracruz, and Brownsville, Texas. The project, which has an anticipated in-service date of late 2018, will provide natural gas to new and existing CFE power plants under a 25-year capacity contract.
SEMPRA U.S. GAS & POWER
Sempra Renewables
Second-quarter 2016 earnings for Sempra Renewables were $12 million, compared with $19 million in 2015, due primarily to lower investment tax credits from solar projects placed into service last year.
In the first half of 2016, earnings for Sempra Renewables were $25 million, compared with $32 million in the first half of last year, due primarily to the lower investment tax credits.
Last month, Sempra U.S. Gas & Power announced its acquisition of the 100-megawatt Apple Blossom wind project in Michigan from Geronimo Energy, LLC. The project, fully contracted under a 15-year agreement, is expected to be completed by year-end 2017.
Sempra Natural Gas
In the second quarter 2016, Sempra Natural Gas recorded a net loss of $149 million, compared with earnings of $40 million in the second quarter 2015, due primarily to three factors: a $123 million after-tax loss on permanent releases of pipeline capacity; $8 million in lower equity earnings after tax, due to the sale of Sempra U.S. Gas & Power's 25-percent stake in the REX Pipeline; and $19 million in after-tax losses in the second quarter 2016, compared with after-tax gains of $5 million in second quarter 2015, both resulting from natural gas price movements on inventories sold forward. The company expects the majority of these losses related to natural gas prices will be reversed by year-end. The REX sale was completed in May with cash proceeds of $443 million. In last year's second quarter, Sempra Natural Gas recorded a $36 million after-tax gain related to the sale of the second block of the Mesquite Power facility.
For the first six months of 2016, Sempra Natural Gas recorded a net loss of $185 million, compared with earnings of $42 million in the first six months of 2015.
2016 ADJUSTED EARNINGS GUIDANCE
Sempra Energy today reaffirmed its 2016 adjusted earnings-per-share guidance range of $4.60 to $5.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EDT with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 1077410.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures include Sempra Energy's adjusted earnings and adjusted earnings per share for both the second quarter and first six months of 2016 and 2015. Sempra Energy's adjusted earnings guidance for 2016, along with the projected adjusted earnings-per-share compound annual growth rate from 2016 to 2020, also are non-GAAP financial measures. Information regarding these non-GAAP measures is in the appendix on Table A of the second-quarter financial tables.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Los Angeles County Department of Public Health, Mexican Competition Commission, states, cities and counties, and other regulatory and governmental bodies in the countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis, risks in obtaining the consent of our partners, and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in, or disallowance or denial of, regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, catastrophic accidents, equipment failures, terrorist attacks and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits) or may be disputed by insurers; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; failure to obtain regulatory approval for projects required to enhance safety and reliability; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; capital markets conditions, including the availability of credit and liquidity of our investments, and inflation, interest and currency exchange rates; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
SEMPRA ENERGY | |||||||
Table A | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
Three months ended |
Six months ended | ||||||
June 30, |
June 30, | ||||||
(Dollars in millions, except per share amounts) |
2016 |
2015 |
2016 |
2015 | |||
(unaudited) | |||||||
REVENUES |
|||||||
Utilities |
$ 1,994 |
$ 2,133 |
$ 4,436 |
$ 4,555 | |||
Energy-related businesses |
162 |
234 |
342 |
494 | |||
Total revenues |
2,156 |
2,367 |
4,778 |
5,049 | |||
EXPENSES AND OTHER INCOME |
|||||||
Utilities: |
|||||||
Cost of natural gas |
(183) |
(239) |
(494) |
(585) | |||
Cost of electric fuel and purchased power |
(561) |
(498) |
(1,076) |
(979) | |||
Energy-related businesses: |
|||||||
Cost of natural gas, electric fuel and purchased power |
(62) |
(73) |
(118) |
(171) | |||
Other cost of sales |
(226) |
(42) |
(261) |
(77) | |||
Operation and maintenance |
(727) |
(713) |
(1,428) |
(1,371) | |||
Depreciation and amortization |
(314) |
(307) |
(642) |
(610) | |||
Franchise fees and other taxes |
(96) |
(96) |
(207) |
(203) | |||
Plant closure adjustment |
― |
― |
― |
21 | |||
Gain on sale of assets |
― |
62 |
― |
62 | |||
Equity earnings (losses), before income tax |
14 |
27 |
(8) |
46 | |||
Other income, net |
23 |
37 |
72 |
76 | |||
Interest income |
6 |
10 |
12 |
17 | |||
Interest expense |
(142) |
(139) |
(285) |
(273) | |||
(Loss) income before income taxes and equity earnings of certain unconsolidated subsidiaries |
(112) |
396 |
343 |
1,002 | |||
Income tax benefit (expense) |
106 |
(98) |
(36) |
(261) | |||
Equity earnings, net of income tax |
33 |
22 |
50 |
37 | |||
Net income |
27 |
320 |
357 |
778 | |||
Earnings attributable to noncontrolling interests |
(10) |
(24) |
(21) |
(45) | |||
Preferred dividends of subsidiary |
(1) |
(1) |
(1) |
(1) | |||
Earnings |
$ 16 |
$ 295 |
$ 335 |
$ 732 | |||
Basic earnings per common share |
$ 0.06 |
$ 1.19 |
$ 1.34 |
$ 2.95 | |||
Weighted-average number of shares outstanding, basic (thousands) |
250,096 |
248,108 |
249,915 |
247,916 | |||
Diluted earnings per common share |
$ 0.06 |
$ 1.17 |
$ 1.33 |
$ 2.91 | |||
Weighted-average number of shares outstanding, diluted (thousands) |
251,938 |
251,491 |
251,686 |
251,264 | |||
Dividends declared per share of common stock |
$ 0.75 |
$ 0.70 |
$ 1.51 |
$ 1.40 |
SEMPRA ENERGY | ||||||||||||||
Table A (Continued) | ||||||||||||||
Sempra Energy Consolidated | ||||||||||||||
RECONCILIATION OF SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS (Unaudited) | ||||||||||||||
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share exclude after-tax items in 2016 and 2015 as follows: | ||||||||||||||
Three months ended June 30, 2016: |
||||||||||||||
• |
$(123) million losses from the permanent release of pipeline capacity at Sempra Natural Gas | |||||||||||||
• |
$(80) million adjustments related to tax repairs deductions reallocated to ratepayers as a result of the 2016 General Rate Case Final Decision (2016 GRC FD) at the California Utilities | |||||||||||||
• |
$21 million incremental revenue increases for the first quarter of 2016 from the retroactive application of the 2016 GRC FD at the California Utilities | |||||||||||||
• |
$(2) million deferred income tax expense related to our decision to hold Sempra Mexico's Termoeléctrica de Mexicali (TdM) natural gas-fired power plant for sale | |||||||||||||
Three months ended June 30, 2015: |
||||||||||||||
• |
$36 million gain on the sale of the remaining block of the Mesquite Power plant | |||||||||||||
Six months ended June 30, 2016: | ||||||||||||||
• |
$(123) million losses from the permanent release of pipeline capacity at Sempra Natural Gas | |||||||||||||
• |
$(80) million adjustments related to tax repairs deductions reallocated to ratepayers as a result of the 2016 GRC FD at the California Utilities | |||||||||||||
• |
$(27) million impairment charge related to Sempra Natural Gas' investment in Rockies Express | |||||||||||||
• |
$(26) million deferred income tax expense related to our decision to hold the TdM power plant for sale | |||||||||||||
Six months ended June 30, 2015: |
||||||||||||||
• |
$36 million gain on the sale of the remaining block of the Mesquite Power plant | |||||||||||||
• |
$13 million reduction in the plant closure loss related to the San Onofre Nuclear Generating Station (SONGS) due to California Public Utilities Commission (CPUC) approval of a compliance filing related to San Diego Gas & Electric Company's (SDG&E) authorized recovery of its investment in SONGS | |||||||||||||
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and nature of these items, management believes that these non-GAAP financial measures provide a more meaningful comparison of the performance of Sempra Energy's business operations from 2016 to 2015 and to future periods, and also as a base for projection of future earnings-per-share compound annual growth rate (EPS CAGR) from 2016 to 2020. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy Earnings and Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. |
Pretax amount |
Income tax |
After-tax amount |
Pretax amount |
Income tax |
After-tax amount |
||||||||||
(benefit) |
(benefit) |
||||||||||||||
(Dollars in millions, except per share amounts) |
Three months ended June 30, 2016 |
Three months ended June 30, 2015 |
|||||||||||||
Sempra Energy GAAP Earnings |
$ |
16 |
$ |
295 |
|||||||||||
Exclude: |
|||||||||||||||
Permanent release of pipeline capacity |
$ |
206 |
$ |
(83) |
123 |
$ |
― |
$ |
― |
― |
|||||
SDG&E tax repairs adjustments related to 2016 GRC FD |
52 |
(21) |
31 |
― |
― |
― |
|||||||||
SoCalGas tax repairs adjustments related to 2016 GRC FD |
83 |
(34) |
49 |
― |
― |
― |
|||||||||
SDG&E retroactive impact of 2016 GRC FD for first-quarter 2016 |
(15) |
6 |
(9) |
― |
― |
― |
|||||||||
SoCalGas retroactive impact of 2016 GRC FD for first-quarter 2016 |
(20) |
8 |
(12) |
― |
― |
― |
|||||||||
Deferred income tax expense associated with TdM |
― |
2 |
2 |
― |
― |
― |
|||||||||
Gain on sale of Mesquite Power block 2 |
― |
― |
― |
(61) |
25 |
(36) |
|||||||||
Sempra Energy Adjusted Earnings |
$ |
200 |
$ |
259 |
(2) | ||||||||||
Diluted earnings per common share: |
|||||||||||||||
Sempra Energy GAAP Earnings |
$ |
0.06 |
$ |
1.17 |
|||||||||||
Sempra Energy Adjusted Earnings |
$ |
0.79 |
$ |
1.03 |
(2) | ||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
251,938 |
251,491 |
|||||||||||||
Six months ended June 30, 2016 |
Six months ended June 30, 2015 |
||||||||||||||
Sempra Energy GAAP Earnings |
$ |
335 |
$ |
732 |
|||||||||||
Exclude: |
|||||||||||||||
Permanent release of pipeline capacity |
$ |
206 |
$ |
(83) |
123 |
$ |
― |
$ |
― |
― |
|||||
SDG&E tax repairs adjustments related to 2016 GRC FD |
52 |
(21) |
31 |
― |
― |
― |
|||||||||
SoCalGas tax repairs adjustments related to 2016 GRC FD |
83 |
(34) |
49 |
― |
― |
― |
|||||||||
Impairment of investment in Rockies Express |
44 |
(17) |
27 |
― |
― |
― |
|||||||||
Deferred income tax expense associated with TdM |
― |
26 |
26 |
― |
― |
― |
|||||||||
Gain on sale of Mesquite Power block 2 |
― |
― |
― |
(61) |
25 |
(36) |
|||||||||
SONGS plant closure adjustment |
― |
― |
― |
(21) |
8 |
(13) |
|||||||||
Sempra Energy Adjusted Earnings |
$ |
591 |
$ |
683 |
(2) | ||||||||||
Diluted earnings per common share: |
|||||||||||||||
Sempra Energy GAAP Earnings |
$ |
1.33 |
$ |
2.91 |
|||||||||||
Sempra Energy Adjusted Earnings |
$ |
2.35 |
$ |
2.72 |
(2) | ||||||||||
Weighted-average number of shares outstanding, diluted (thousands) |
251,686 |
251,264 |
(1) |
Income taxes were calculated based on applicable statutory tax rates, except for adjustments that are solely income tax. | ||||||||||||||
(2) |
Adjusted earnings and adjusted earnings per share for the three months and six months ended June 30, 2015 have been revised to include after-tax LNG development expenses of $1 million and $5 million, respectively, for consistency with the comparable periods in 2016. LNG development expenses are included in adjusted earnings in 2016. |
SEMPRA ENERGY | ||||||||
Table A (Continued) | ||||||||
Sempra Energy Consolidated | ||||||||
SEMPRA ENERGY 2016 ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGE AND PROJECTED ADJUSTED EARNINGS-PER-SHARE | ||||||||
COMPOUND ANNUAL GROWTH RATE (CAGR) FOR THE PERIOD 2016 THROUGH 2020 (Unaudited) | ||||||||
Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance Range of $4.60 to $5.00 excludes: | ||||||||
• |
any potential gain, which is expected to be significant, from the remeasurement of our equity method investment in Gasoductos de Chihuahua (GdC), a 50-50 joint venture between our Mexican subsidiary, IEnova, and Petróleos Mexicanos (PEMEX), in connection with the pending acquisition by IEnova of PEMEX's 50-percent interest in GdC; | |||||||
• |
any earnings impact from any transaction to sell the TdM natural gas-fired power plant in Mexico, including the $26 million deferred income tax expense recorded in the six months ended June 30, 2016; | |||||||
• |
the $123 million after-tax charge ($206 million pretax) recorded in the second quarter of 2016 from Sempra Natural Gas' permanent release of pipeline capacity; | |||||||
• |
$80 million after-tax charges ($135 million pretax) from adjustments recorded in the second quarter of 2016 related to tax repairs at the California Utilities as a result of the 2016 General Rate Case Final Decision (2016 GRC FD); | |||||||
• |
approximately $70 million expected after-tax gain (approximately $117 million pretax) from the pending sale of EnergySouth Inc., the parent company of Mobile Gas and Willmut Gas; | |||||||
• |
the $27 million after-tax Rockies Express impairment charge ($44 million pretax) recorded in the first quarter of 2016; and | |||||||
• |
any impact from the adoption of new accounting standards in 2016. | |||||||
Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance is a non-GAAP financial measure. Because of the significance and nature of the excluded items, management believes this non-GAAP measure provides better clarity into the ongoing results of the business and the comparability of such results to prior and future periods and also as a base for projected earnings-per-share CAGR. Projected Adjusted Earnings-Per-Share CAGR for 2016-2020 is a non-GAAP financial measure because it is based on the 2016 Adjusted Earnings Guidance Range. Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance should not be considered an alternative to diluted earnings per share determined in accordance with GAAP. As the operating assets that will be included in the GdC transaction are yet to be confirmed by the applicable Mexican regulatory authority, and the valuation of such assets is not finalized, a gain cannot be reasonably estimated at this time. In addition, an agreement for the sale of the TdM plant has yet to be obtained. As a result, any potential earnings impact, other than the TdM deferred income tax expense recorded in the first six months of 2016, from these transactions cannot be reasonably estimated at this time. We are also not able to estimate the impact from the adoption of new accounting standards in 2016 through 2020, including Accounting Standards Update (ASU) 2016-09, "Improvements to Employee Share-Based Payment Accounting," ASU 2014-09, "Revenue from Contracts with Customers" and related clarifying ASUs and ASU 2016-02, "Leases." Accordingly, we are not able to provide a corresponding GAAP equivalent to our 2016 Adjusted Earnings-Per-Share Guidance or our Projected Adjusted Earnings-Per-Share CAGR from 2016 to 2020. |
SEMPRA ENERGY | |||||||
Table B | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
June 30, |
December 31, | ||||||
(Dollars in millions) |
2016 |
2015(1) | |||||
(unaudited) |
|||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ 616 |
$ 403 | |||||
Restricted cash |
17 |
27 | |||||
Accounts receivable, net |
1,134 |
1,473 | |||||
Due from unconsolidated affiliates |
6 |
6 | |||||
Income taxes receivable |
36 |
30 | |||||
Inventories |
270 |
298 | |||||
Regulatory balancing accounts – undercollected |
336 |
307 | |||||
Fixed-price contracts and other derivatives |
65 |
80 | |||||
Assets held for sale |
654 |
― | |||||
Other |
207 |
267 | |||||
Total current assets |
3,341 |
2,891 | |||||
Other assets: |
|||||||
Restricted cash |
18 |
20 | |||||
Due from unconsolidated affiliates |
192 |
186 | |||||
Regulatory assets |
3,353 |
3,273 | |||||
Nuclear decommissioning trusts |
1,103 |
1,063 | |||||
Investments |
2,267 |
2,905 | |||||
Goodwill |
786 |
819 | |||||
Other intangible assets |
399 |
404 | |||||
Dedicated assets in support of certain benefit plans |
436 |
464 | |||||
Insurance receivable for Aliso Canyon costs |
679 |
325 | |||||
Sundry |
806 |
761 | |||||
Total other assets |
10,039 |
10,220 | |||||
Property, plant and equipment, net |
29,495 |
28,039 | |||||
Total assets |
$ 42,875 |
$ 41,150 | |||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Short-term debt |
$ 1,777 |
$ 622 | |||||
Accounts payable |
1,241 |
1,275 | |||||
Due to unconsolidated affiliates |
8 |
14 | |||||
Dividends and interest payable |
314 |
303 | |||||
Accrued compensation and benefits |
289 |
423 | |||||
Regulatory balancing accounts – overcollected |
120 |
34 | |||||
Current portion of long-term debt |
907 |
907 | |||||
Fixed-price contracts and other derivatives |
54 |
56 | |||||
Customer deposits |
150 |
153 | |||||
Reserve for Aliso Canyon costs |
117 |
274 | |||||
Liabilities held for sale |
222 |
― | |||||
Other |
481 |
551 | |||||
Total current liabilities |
5,680 |
4,612 | |||||
Long-term debt |
13,178 |
13,134 | |||||
Deferred credits and other liabilities: |
|||||||
Customer advances for construction |
152 |
149 | |||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,171 |
1,152 | |||||
Deferred income taxes |
3,071 |
3,157 | |||||
Deferred investment tax credits |
32 |
32 | |||||
Regulatory liabilities arising from removal obligations |
2,891 |
2,793 | |||||
Asset retirement obligations |
2,491 |
2,126 | |||||
Fixed-price contracts and other derivatives |
262 |
240 | |||||
Deferred credits and other |
1,384 |
1,176 | |||||
Total deferred credits and other liabilities |
11,454 |
10,825 | |||||
Equity: |
|||||||
Total Sempra Energy shareholders' equity |
11,781 |
11,809 | |||||
Preferred stock of subsidiary |
20 |
20 | |||||
Other noncontrolling interests |
762 |
750 | |||||
Total equity |
12,563 |
12,579 | |||||
Total liabilities and equity |
$ 42,875 |
$ 41,150 | |||||
(1) |
Derived from audited financial statements. |
SEMPRA ENERGY | |||||
Table C | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
Six months ended June 30, | |||||
(Dollars in millions) |
2016 |
2015 | |||
(unaudited) | |||||
Cash Flows from Operating Activities |
|||||
Net income |
$ 357 |
$ 778 | |||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
Depreciation and amortization |
642 |
610 | |||
Deferred income taxes and investment tax credits |
(42) |
203 | |||
Gain on sale of assets |
― |
(62) | |||
Plant closure adjustment |
― |
(21) | |||
Equity earnings |
(42) |
(83) | |||
Fixed-price contracts and other derivatives |
41 |
― | |||
Other |
33 |
(8) | |||
Net change in other working capital components |
167 |
(116) | |||
Insurance receivable for Aliso Canyon costs |
(354) |
― | |||
Changes in other assets |
(67) |
(89) | |||
Changes in other liabilities |
147 |
7 | |||
Net cash provided by operating activities |
882 |
1,219 | |||
Cash Flows from Investing Activities |
|||||
Expenditures for property, plant and equipment |
(2,006) |
(1,466) | |||
Expenditures for investments and acquisition of business |
(46) |
(161) | |||
Proceeds from sale of assets |
443 |
347 | |||
Distributions from investments |
12 |
9 | |||
Purchases of nuclear decommissioning and other trust assets |
(206) |
(229) | |||
Proceeds from sales by nuclear decommissioning and other trusts |
204 |
221 | |||
Increases in restricted cash |
(32) |
(34) | |||
Decreases in restricted cash |
44 |
49 | |||
Advances to unconsolidated affiliates |
(9) |
(20) | |||
Repayments of advances to unconsolidated affiliates |
9 |
74 | |||
Other |
(6) |
9 | |||
Net cash used in investing activities |
(1,593) |
(1,201) | |||
Cash Flows from Financing Activities |
|||||
Common dividends paid |
(335) |
(308) | |||
Preferred dividends paid by subsidiary |
(1) |
(1) | |||
Issuances of common stock |
29 |
31 | |||
Repurchases of common stock |
(54) |
(66) | |||
Issuances of debt (maturities greater than 90 days) |
1,384 |
1,547 | |||
Payments on debt (maturities greater than 90 days) |
(986) |
(846) | |||
Increase (decrease) in short-term debt, net |
865 |
(339) | |||
Net distributions to noncontrolling interests |
(10) |
(14) | |||
Tax benefit related to share-based compensation |
34 |
52 | |||
Other |
(10) |
(6) | |||
Net cash provided by financing activities |
916 |
50 | |||
Effect of exchange rate changes on cash and cash equivalents |
8 |
(2) | |||
Increase in cash and cash equivalents |
213 |
66 | |||
Cash and cash equivalents, January 1 |
403 |
570 | |||
Cash and cash equivalents, June 30 |
$ 616 |
$ 636 |
SEMPRA ENERGY | |||||||||
Table D | |||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES & INVESTMENTS | |||||||||
Three months ended |
Six months ended | ||||||||
June 30, |
June 30, | ||||||||
(Dollars in millions) |
2016 |
2015 |
2016 |
2015 | |||||
(unaudited) | |||||||||
Earnings (Losses) |
|||||||||
California Utilities: |
|||||||||
San Diego Gas & Electric |
$ 100 |
$ 126 |
$ 229 |
$ 273 | |||||
Southern California Gas |
(1) |
70 |
194 |
284 | |||||
Sempra International: |
|||||||||
Sempra South American Utilities |
43 |
45 |
81 |
86 | |||||
Sempra Mexico |
57 |
50 |
74 |
97 | |||||
Sempra U.S. Gas & Power: |
|||||||||
Sempra Renewables |
12 |
19 |
25 |
32 | |||||
Sempra Natural Gas |
(149) |
40 |
(185) |
42 | |||||
Parent and other |
(46) |
(55) |
(83) |
(82) | |||||
Earnings |
$ 16 |
$ 295 |
$ 335 |
$ 732 | |||||
Three months ended |
Six months ended | ||||||||
June 30, |
June 30, | ||||||||
(Dollars in millions) |
2016 |
2015 |
2016 |
2015 | |||||
(unaudited) | |||||||||
Capital Expenditures and Investments |
|||||||||
California Utilities: |
|||||||||
San Diego Gas & Electric |
$ 273 |
$ 245 |
$ 602 |
$ 600 | |||||
Southern California Gas |
310 |
288 |
650 |
603 | |||||
Sempra International: |
|||||||||
Sempra South American Utilities |
39 |
35 |
82 |
66 | |||||
Sempra Mexico |
100 |
65 |
140 |
120 | |||||
Sempra U.S. Gas & Power: |
|||||||||
Sempra Renewables |
279 |
19 |
478 |
41 | |||||
Sempra Natural Gas |
45 |
144 |
92 |
169 | |||||
Parent and other |
5 |
17 |
8 |
28 | |||||
Consolidated Capital Expenditures and Investments |
$1,051 |
$ 813 |
$ 2,052 |
$1,627 |
SEMPRA ENERGY | |||||||||||
Table E | |||||||||||
OTHER OPERATING STATISTICS (Unaudited) | |||||||||||
Three months ended |
Six months ended | ||||||||||
UTILITIES |
2016 |
2015 |
2016 |
2015 | |||||||
California Utilities - SDG&E and SoCalGas |
|||||||||||
Gas Sales (Bcf)(1) |
73 |
73 |
186 |
172 | |||||||
Transportation (Bcf)(1) |
144 |
145 |
292 |
300 | |||||||
Total Deliveries (Bcf)(1) |
217 |
218 |
478 |
472 | |||||||
Total Gas Customers (Thousands) |
6,789 |
6,753 | |||||||||
Electric Sales (Millions of kWhs)(1) |
3,512 |
3,644 |
7,285 |
7,476 | |||||||
Direct Access (Millions of kWhs) |
772 |
829 |
1,606 |
1,696 | |||||||
Total Deliveries (Millions of kWhs)(1) |
4,284 |
4,473 |
8,891 |
9,172 | |||||||
Total Electric Customers (Thousands) |
1,429 |
1,421 | |||||||||
Other Utilities |
|||||||||||
Natural Gas Sales (Bcf) |
|||||||||||
Sempra Mexico |
7 |
6 |
15 |
13 | |||||||
Mobile Gas(2) |
11 |
11 |
24 |
24 | |||||||
Willmut Gas |
1 |
1 |
2 |
2 | |||||||
Natural Gas Customers (Thousands) |
|||||||||||
Sempra Mexico |
116 |
110 | |||||||||
Mobile Gas(2) |
85 |
85 | |||||||||
Willmut Gas |
19 |
19 | |||||||||
Electric Sales (Millions of kWhs) |
|||||||||||
Peru |
1,887 |
1,918 |
3,836 |
3,841 | |||||||
Chile |
682 |
704 |
1,481 |
1,496 | |||||||
Electric Customers (Thousands) |
|||||||||||
Peru |
1,065 |
1,042 | |||||||||
Chile |
679 |
665 | |||||||||
ENERGY-RELATED BUSINESSES |
|||||||||||
Sempra International |
|||||||||||
Power Sold (Millions of kWhs) |
|||||||||||
Sempra Mexico |
604 |
733 |
1,132 |
1,643 | |||||||
Sempra U.S. Gas & Power |
|||||||||||
Power Sold (Millions of kWhs) |
|||||||||||
Sempra Renewables(3) |
725 |
762 |
1,492 |
1,489 | |||||||
Sempra Natural Gas(4) |
243 |
440 |
464 |
1,813 | |||||||
(1) |
Includes intercompany sales. | ||||||||||
(2) |
Includes transportation. | ||||||||||
(3) |
Includes 50 percent of total power sold related to solar and wind projects in which Sempra Energy has a 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. | ||||||||||
(4) |
Sempra Natural Gas sold the remaining 625-megawatt block of its Mesquite Power natural gas-fired power plant in April 2015. |
SEMPRA ENERGY | ||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||
Statement of Operations Data by Segment |
||||||||||||||||||
Three Months Ended June 30, 2016 |
||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 992 |
$ 617 |
$ 385 |
$ 147 |
$ 6 |
$ 90 |
$ (81) |
$ 2,156 | ||||||||||
Cost of sales and other expenses |
(664) |
(516) |
(306) |
(86) |
(13) |
(336) |
66 |
(1,855) | ||||||||||
Depreciation and amortization |
(158) |
(112) |
(14) |
(15) |
(2) |
(12) |
(1) |
(314) | ||||||||||
Equity earnings, before income tax |
- |
- |
- |
- |
11 |
3 |
- |
14 | ||||||||||
Other income (expense), net |
13 |
6 |
5 |
(15) |
1 |
1 |
12 |
23 | ||||||||||
Income (loss) before interest and tax (1) |
183 |
(5) |
70 |
31 |
3 |
(254) |
(4) |
24 | ||||||||||
Net interest (expense) income (2) |
(48) |
(25) |
(6) |
(3) |
- |
7 |
(62) |
(137) | ||||||||||
Income tax (expense) benefit |
(48) |
29 |
(15) |
12 |
9 |
99 |
20 |
106 | ||||||||||
Equity earnings, net of income tax |
- |
- |
- |
33 |
- |
- |
- |
33 | ||||||||||
Losses (earnings) attributable to noncontrolling interests |
13 |
- |
(6) |
(16) |
- |
(1) |
- |
(10) | ||||||||||
Earnings (losses) |
$ 100 |
$ (1) |
$ 43 |
$ 57 |
$ 12 |
$ (149) |
$ (46) |
$ 16 | ||||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 972 |
$ 780 |
$ 389 |
$ 152 |
$ 10 |
$ 155 |
$ (91) |
$ 2,367 | ||||||||||
Cost of sales and other expenses |
(596) |
(573) |
(311) |
(90) |
(12) |
(156) |
77 |
(1,661) | ||||||||||
Depreciation and amortization |
(149) |
(113) |
(12) |
(17) |
(1) |
(12) |
(3) |
(307) | ||||||||||
Gain on sale of assets |
- |
- |
1 |
- |
- |
61 |
- |
62 | ||||||||||
Equity earnings, before income tax |
- |
- |
- |
- |
10 |
17 |
- |
27 | ||||||||||
Other income, net |
9 |
9 |
6 |
6 |
1 |
- |
6 |
37 | ||||||||||
Income (loss) before interest and tax (1) |
236 |
103 |
73 |
51 |
8 |
65 |
(11) |
525 | ||||||||||
Net interest (expense) income (2) |
(52) |
(17) |
(3) |
(4) |
- |
2 |
(56) |
(130) | ||||||||||
Income tax (expense) benefit |
(54) |
(16) |
(18) |
(5) |
11 |
(27) |
11 |
(98) | ||||||||||
Equity earnings, net of income tax |
- |
- |
- |
22 |
- |
- |
- |
22 | ||||||||||
(Earnings) losses attributable to noncontrolling interests |
(4) |
- |
(7) |
(14) |
- |
- |
1 |
(24) | ||||||||||
Earnings (losses) |
$ 126 |
$ 70 |
$ 45 |
$ 50 |
$ 19 |
$ 40 |
$ (55) |
$ 295 | ||||||||||
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | |||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
SEMPRA ENERGY | ||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||
Statement of Operations Data by Segment | ||||||||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 1,983 |
$ 1,650 |
$ 785 |
$ 285 |
$ 13 |
$ 220 |
$ (158) |
$ 4,778 | ||||||||||
Cost of sales and other expenses |
(1,260) |
(1,133) |
(635) |
(168) |
(26) |
(490) |
128 |
(3,584) | ||||||||||
Depreciation and amortization |
(317) |
(234) |
(27) |
(32) |
(3) |
(25) |
(4) |
(642) | ||||||||||
Equity earnings (losses), before income tax |
- |
- |
- |
- |
18 |
(26) |
- |
(8) | ||||||||||
Other income (expense), net |
27 |
16 |
7 |
(4) |
1 |
1 |
24 |
72 | ||||||||||
Income (loss) before interest and tax (1) |
433 |
299 |
130 |
81 |
3 |
(320) |
(10) |
616 | ||||||||||
Net interest (expense) income (2) |
(96) |
(47) |
(10) |
(5) |
1 |
11 |
(128) |
(274) | ||||||||||
Income tax (expense) benefit |
(120) |
(58) |
(29) |
(29) |
21 |
124 |
55 |
(36) | ||||||||||
Equity earnings, net of income tax |
- |
- |
2 |
48 |
- |
- |
- |
50 | ||||||||||
Losses (earnings) attributable to noncontrolling interests |
12 |
- |
(12) |
(21) |
- |
- |
- |
(21) | ||||||||||
Earnings (losses) |
$ 229 |
$ 194 |
$ 81 |
$ 74 |
$ 25 |
$ (185) |
$ (83) |
$ 335 | ||||||||||
Six Months Ended June 30, 2015 |
||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 1,938 |
$ 1,828 |
$ 778 |
$ 315 |
$ 18 |
$ 352 |
$ (180) |
$ 5,049 | ||||||||||
Cost of sales and other expenses |
(1,156) |
(1,188) |
(625) |
(192) |
(23) |
(352) |
150 |
(3,386) | ||||||||||
Depreciation and amortization |
(294) |
(226) |
(25) |
(34) |
(3) |
(24) |
(4) |
(610) | ||||||||||
Plant closure adjustment |
21 |
- |
- |
- |
- |
- |
- |
21 | ||||||||||
Gain on sale of assets |
- |
- |
1 |
- |
- |
61 |
- |
62 | ||||||||||
Equity earnings, before income tax |
- |
- |
- |
- |
12 |
34 |
- |
46 | ||||||||||
Other income, net |
18 |
17 |
9 |
15 |
1 |
- |
16 |
76 | ||||||||||
Income (loss) before interest and tax (1) |
527 |
431 |
138 |
104 |
5 |
71 |
(18) |
1,258 | ||||||||||
Net interest expense (2) |
(104) |
(36) |
(4) |
(7) |
(1) |
- |
(105) |
(257) | ||||||||||
Income tax (expense) benefit |
(142) |
(111) |
(34) |
(13) |
28 |
(29) |
40 |
(261) | ||||||||||
Equity (losses) earnings, net of income tax |
- |
- |
(1) |
38 |
- |
- |
- |
37 | ||||||||||
(Earnings) losses attributable to noncontrolling interests |
(8) |
- |
(13) |
(25) |
- |
- |
1 |
(45) | ||||||||||
Earnings (losses) |
$ 273 |
$ 284 |
$ 86 |
$ 97 |
$ 32 |
$ 42 |
$ (82) |
$ 732 | ||||||||||
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. |
||||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
[SRE-F]
Logo - http://photos.prnewswire.com/prnh/20110108/SEMPRAENERGYLOGO
SOURCE Sempra Energy
EDINA, Minn., July 25, 2016 /PRNewswire/ -- Geronimo Energy, LLC ("Geronimo") is pleased to announce the sale of the Apple Blossom Wind Farm ("Apple Blossom") to Sempra U.S. Gas & Power, a leading developer of renewable energy and natural gas infrastructure, and a subsidiary of Sempra Energy (NYSE: SRE).
Apple Blossom is a 100-megawatt wind farm located in Huron County, Michigan. Apple Blossom is expected to power an estimated 38,000 Michigan homes and will offset approximately 200,000 metric tons of carbon dioxide emissions annually. In addition to the considerable environmental benefits, Apple Blossom will also provide economic benefits in the form of increased tax revenue, landowner payments, job creation and charitable contributions. Apple Blossom's power has been sold to Consumers Energy under a 15-year contract.
Apple Blossom marks Geronimo Energy's second wind farm sale to Sempra U.S. Gas & Power. The previously sold Black Oak Getty Wind Farm, located in Stearns County, Minnesota, is currently under construction.
"Geronimo Energy is pleased to work with Sempra U.S. Gas & Power on a second wind farm project in the Midwestern United States," Blake Nixon, Geronimo Energy President said. "Sempra U.S. Gas & Power brings impressive wind energy construction and operating expertise and has an aligned mission with Geronimo Energy's farmer-friendly and community-focused approach."
"We are pleased to have the opportunity to acquire, build and operate the Apple Blossom wind project in the state of Michigan as it continues to position itself as a wind energy leader," said Kevin C. Sagara, president of renewables for Sempra U.S. Gas & Power. "The acquisition of the Apple Blossom wind project enables our company to continue to invest in the development, construction and operation of renewable energy infrastructure. We look forward to providing Michigan with a stable supply of clean, renewable energy and becoming a long-term partner with the local community through the development and operation of this project."
Apple Blossom is expected to begin construction the fall of 2016 and enter into operation in 2017.
About Geronimo Energy
Geronimo Energy is a utility-scale renewable energy development company headquartered in Minneapolis, Minnesota. Geronimo has developed multiple operating wind farms and solar projects throughout the United States. Collectively, over 1,600 megawatts of Geronimo-developed renewable energy projects are either operational or currently under construction. Geronimo has a multi-gigawatt development pipeline of wind and solar projects in various stages of development throughout the United States and provides custom renewable energy development solutions for utilities and corporations looking to harness renewable energy for business growth. For more information about Geronimo Energy, visit www.geronimoenergy.com.
About Sempra U.S. Gas & Power
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas projects. For more information, visit www.SempraUSGP.com. Sempra U.S. Gas & Power is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2015 revenues of $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
Contact: Lindsay T. Smith
Geronimo Energy
7650 Edinborough Way, Suite 725
Edina, MN 55435
Corporate: (952) 988-9000
SOURCE Geronimo Energy
SAN DIEGO, July 22, 2016 /PRNewswire/ -- Sempra U.S. Gas & Power today announced it has acquired the Apple Blossom wind project in Michigan from Geronimo Energy, LLC, a utility-scale wind and solar energy developer. Terms of the transaction were not disclosed.
When the 100-megawatt (MW) Apple Blossom is completed, Sempra U.S. Gas & Power, along with its affiliates and joint-venture partners, will have wind facilities in eight states totaling more than 1,300 MW of generating capacity.
Located in Huron County, Mich., the Apple Blossom wind farm will generate enough clean, renewable power for approximately 38,000 Michigan homes. Construction is expected to begin at the wind farm site in fall 2016.
"We are pleased to have the opportunity to acquire, build and operate the Apple Blossom wind project in the state of Michigan as it continues to position itself as a wind energy leader," said Kevin C. Sagara, president of renewables for Sempra U.S. Gas & Power. "The acquisition of the Apple Blossom wind project enables our company to continue to invest in the development, construction and operation of renewable energy infrastructure. We look forward to providing Michigan with a stable supply of clean, renewable energy and becoming a long-term partner with the local community through the development and operation of this project."
The project is expected to employ about 250 construction workers at peak and be in commercial operation by year-end 2017. The entire output from the wind farm has been sold to Consumers Energy under a 15-year contract.
"Geronimo Energy is pleased to work with Sempra U.S. Gas & Power on a second wind farm project in the Midwestern United States," said Blake Nixon, president of Geronimo Energy. "Sempra U.S. Gas & Power brings impressive wind energy construction and operating expertise and has an aligned mission with Geronimo Energy's farmer-friendly and community-focused approach."
"We appreciate the contribution made by Geronimo Energy to develop the Apple Blossom project and look forward to collaboration with Sempra U.S Gas & Power as the project is constructed and operated," said Tim Sparks, vice president energy supply operations for Consumers Energy. "Our customers are expressing interest in more renewable energy development in Michigan. We're pleased to be a leader in providing an increasingly clean energy portfolio at a very economical price to the Michigan families and businesses we serve."
About Sempra U.S. Gas & Power
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas projects. For more information, visit www.SempraUSGP.com. Sempra U.S. Gas & Power is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2015 revenues of $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
About Geronimo Energy
Geronimo Energy is a utility-scale renewable energy development company headquartered in Minneapolis, Minnesota. Geronimo has developed multiple operating wind farms and solar projects throughout the United States. Over 1,600 megawatts of Geronimo-developed renewable energy projects are either operational or currently under construction.
Geronimo has a multi-gigawatt development pipeline of wind and solar projects in various stages of development throughout the United States and provides custom renewable energy development solutions for utilities and corporations looking to harness renewable energy for business growth. For more information about Geronimo Energy, visit www.geronimoenergy.com.
About Consumers Energy
Consumers Energy, Michigan's largest utility, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
Media Contacts: |
Steve Schooff |
Sempra U.S. Gas & Power | |
(877) 855-7887 | |
Financial Contact: |
Patrick Billings |
Sempra Energy | |
(877) 696-2461 | |
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SOURCE Sempra U.S. Gas & Power
SAN DIEGO, July 21, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to announce its second-quarter 2016 earnings at 9 a.m. EDT, Aug. 4.
Sempra Energy executives will conduct a conference call at 12 p.m. EDT, Aug. 4.
Investors, media, analysts and the general public may listen to a live webcast of the conference call at the company's website, www.sempra.com, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 1077410.
Briefing materials will be posted on the company's website by 9 a.m. EDT, Aug. 4.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
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[SRE-F]
SOURCE Sempra Energy
LOS ANGELES, July 18, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) released a new video today that shows the eight-step Safety Review Testing Regime established by the state's Division of Oil, Gas and Geothermal Resources (DOGGR). The protocol was established in consultation with the Lawrence Livermore and Berkeley National Laboratories. The video demonstrates the types of testing for each of the storage wells intended for operations at the Aliso Canyon storage facility. Every well at Aliso Canyon will either pass a battery of tests (demonstrated in the video) or be taken out of operation and isolated from the underground gas reservoir before gas injection can resume at the facility.
SoCalGas has been working in compliance with the protocol to test all wells at the field since just after the leak was sealed five months ago. As of July 15, all of the 114 active wells have completed Phase 1 inspections, which include temperature and noise tests, and 93 wells (or 82 percent) have moved on to Phase 2 of the inspection protocol. Eighteen wells have completed all diagnostics, and 15 wells have received final DOGGR approval.
"This thorough testing is an important part of regaining people's trust and confidence that our Aliso Canyon facility is safe to operate," said SoCalGas Chief Operating Officer Bret Lane. "We are diligently following all new state guidelines, and we aim to receive authorization to partially restore operations at the field by late summer. We realize this is important to meeting Southern California's energy needs this summer and during next winter's heating season."
The eight tests include:
In addition to the testing protocol, all Aliso Canyon facility wells are monitored for pressure changes and scanned daily with an infrared camera. This multi-stage well testing and ongoing monitoring provide a sound approach to assuring the integrity of wells at the Aliso Canyon facility. Animation of a well's components and demonstrations of the eight tests are shown in the video.
SoCalGas provides updates on the status of testing every two weeks to DOGGR, which posts them on its website. The next report will be submitted on Friday, July 29.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
SAN DIEGO, July 18, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that Cameron LNG has received authorization from the U.S. Department of Energy (DOE) to export an additional 1.41 billion cubic feet of natural gas per day (Bcfd) from its proposed Louisiana liquefaction expansion project to countries that do not have a free-trade agreement with the U.S. With this order, Cameron LNG's export capacity will be 24.92 million tons per annum or 3.53 Bcfd.
Earlier this year, Cameron LNG received approval from the Federal Energy Regulatory Commission to site, construct and operate the proposed expansion project, which will include up to two additional liquefaction trains (trains No. 4 and No. 5) and one additional full containment LNG storage tank (tank No. 5). The expansion project will be located next to the Cameron LNG terminal and liquefaction facilities that were approved for construction in 2014 in Hackberry, La.
"Receiving DOE's authorization is an important step forward for the Cameron LNG expansion project," said Octavio M.C. Simoes, president of Sempra LNG & Midstream. "We appreciate the support and leadership of the community and our federal, state and local officials for their commitment to this project that will provide incremental benefits to the economy, while meeting market demand for new LNG supplies."
Construction on the first phase of the $10 billion Cameron LNG liquefaction project (trains No. 1-3) currently is underway. The facility is expected to commence operations during 2018, with the first full year of operations in 2019.
The proposed expansion project is subject to completing the required commercial agreements, securing all necessary consents and approvals, obtaining financing and reaching a final investment decision, among other things.
Cameron LNG Holdings, LLC is a joint venture owned by affiliates of Sempra Energy, ENGIE, Mitsui & Co., Ltd. and Japan LNG Investment, LLC, a joint venture formed by affiliates of Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha, and comprises the Cameron LNG liquefied natural gas (LNG) receipt terminal in Hackberry, La., and the construction and operation of the liquefaction export facilities.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
LOS ANGELES, July 15, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) has kicked off its second annual Environmental Champions Initiative, a $500,000 charitable giving campaign that funds nonprofit organizations with programs dedicated to cleaner air, energy and/or water conservation. The initiative is part of the company's commitment to a cleaner and healthier future for California. SoCalGas will award one-year grants in the amounts of $10,000, $15,000, $20,000 and $25,000 to nonprofit groups in the following 12 counties: Los Angeles; Orange; San Bernardino; Riverside; Imperial; Kern; Kings; Ventura; Tulare; Santa Barbara; Fresno and San Luis Obispo.
"SoCalGas is committed to making a real impact in the communities we serve because we live and work here too and all want cleaner air, water and energy," said George Minter, regional vice president of SoCalGas' External Affairs and Environmental Strategy. "We have consistently supported the work of environmental nonprofit groups in our service territory and we have long-standing relationships with those organizations. We welcome applications from a variety of groups making a difference in our communities."
In order to be considered to receive a grant, programs need to:
Last year, SoCalGas awarded 37 grants to nonprofit organizations across its service territory. Those groups focused on everything from harvesting rainwater at a community garden, to providing green space to neighborhoods to making areas more accessible by bicycles and foot traffic. Across all of its charitable giving programs last year, SoCalGas awarded $1.07 million to various environmental groups.
Nonprofit organizations need to submit their applications by 5 p.m. on Aug. 8, 2016. Guidelines and the link to the online application are available at: https://www.socalgas.com/our-community/protecting-preserving-the-environment. Applicants will receive a confirmation email once the application is submitted. Organizations receiving grants will be notified by Nov. 14, 2016.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, July 13, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas), along with local officials, business representatives and employees today marked the opening of a new public compressed natural gas (CNG) station in the heart of Pico Rivera's warehouse and distribution district. The new CNG station extends the network of CNG stations across a key regional goods movement corridor and will provide owners and operators of natural gas-fueled trucks and other vehicles with a new, convenient place to fuel.
The new public CNG station will help improve air quality by providing a more convenient location for CNG fueling and by helping to meet growing demand from commercial fleets for a clean burning and affordable fuel. New commercially available CNG Heavy Duty trucks can reduce smog forming Nitrogen Oxides emissions by 90 percent from CARB 2010 emissions standards, and reduces greenhouse gas emissions by 15 percent. This can play an important role in improving the quality of life for families in communities near transportation corridors.
Those most likely impacted in transportation corridors are disadvantaged communities. Studies also indicate that air pollution contributes to asthma, cancer and premature death, especially in children and the elderly.
"Southern California is leading the nation's clean energy revolution," said Linda Sánchez, who represents the 38th District of California that includes Pico Rivera, where the new SoCalGas CNG fueling station is located. "This new fueling station will improve public transportation for the region, grow our economy, and help our community fight air pollution. As a strong proponent of clean energy alternatives, I am excited to see more clean vehicles on our roads and freeways."
"The MSRC was proud to provide $150,000 in Clean Transportation Funding to SoCalGas for the equipment, installation and other costs to help build this CNG station," said Greg Pettis, chair of the Mobile Source Air Pollution Reduction Review Committee (MSRC) and mayor pro-tem of Cathedral City, Calif. "This is the second SoCalGas station this year for which the MSRC has provided funding, so we are excited to help contribute to the continually expanding network of CNG fueling stations across the Southland."
"We are pleased to support both the region's air quality goals and the goods movement sector with this new public CNG fueling station," said Lisa Alexander, vice president of customer solutions and communications at SoCalGas. "Clean burning natural gas is a critical transportation fuel that helps our communities thrive, and we are delighted to partner with the MSRC, customers and our local officials to help make CNG more accessible."
The new heavy-duty-capable public station was designed for the needs of heavy duty trucks, with wide driveways for easy turning, 16-foot high canopies with LED lighting and robust compressors for quick, reliable fueling. In addition to SoCalGas' capital investment, the station is made possible by financial support from the MSRC. In addition to the station, SoCalGas supports heavy duty commercial fleets with its Truck Rental Program, a "try before you buy" initiative that provides a free two-week CNG heavy duty tractor or truck rental for customers to experience firsthand the performance and efficiency of a CNG vehicle. The company provides information, education and expert tools and consultation to fleets to support them in evaluating how CNG trucks can work and provides technical expertise to help customers and partners develop new refueling facilities.
More information about SoCalGas' NGV programs and services is available at: socalgas.com/for-your-business/natural-gas-vehicles.
To learn more about these funding sources, visit the CEC at energy.ca.gov; and the MSRC, at cleantransportationfunding.org.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Company
LOS ANGELES, July 12, 2016 /PRNewswire/ -- Earlier today SoCalGas petitioned the L.A. County Superior Court for a Writ of Mandate to annul the Department of Public Health's (Public Health) Cleaning Directive because it is not necessary to address any public health hazard. According to Public Health there is no health hazard. The company issued the following statement:
"When the leaking well at the Aliso Canyon storage facility was permanently sealed five months ago, one of the key commitments SoCalGas made to the community was to help those who chose to relocate to return to their homes, and we have delivered on that promise.
"Since the well has been sealed, thousands of samples have been taken by regulatory agencies, including the Department of Public Health, of the indoor and outdoor air, and of soil and dust in selected homes in the Porter Ranch community. Public Health's own testing results have detected no substance above state or federal levels of concern.
"Nevertheless, in conjunction with the completion of the relocation program, SoCalGas has cleaned more than 1,700 homes of formerly relocated residents following Public Health's interior cleaning protocol. Relocated residents have returned home, the final relocation reimbursements are being processed, and the community is returning to normal.
"The facts are clear. Public health officials, including Department of Public Health, have repeatedly stated that their data do not suggest that the conditions in the greater Porter Ranch area present a risk to public health, and that the community is safe.
"Despite this overwhelming evidence, and without any supporting facts, Public Health issued a Directive to SoCalGas that could require the company to clean nearly 35,000 homes--virtually every home in the Porter Ranch community and beyond, even though people having been living in these homes throughout. There has been no data provided to support this unnecessary demand from a health and safety perspective. It will only cause additional disruption to a community that wants to get back to normal as soon as possible.
"It is important to remember that relocation was voluntary for residents. No evacuation was ever ordered and at no time did Public Health identify a condition resulting from the leak that presented a long term health risk to residents. Moreover, since the well was sealed, Public Health has not identified a health hazard or condition that would require people to leave their homes, or that would preclude their returning. According to Public Health, the homes of those who returned and those who never left were and are safe.
"SoCalGas remains committed to working with all of the regulators and with the community. However, it is not acceptable to require unnecessary work that is neither justified nor supported. Once again, the facts are clear: The Department of Public Health's own data indicate that the homes are safe.
"We look forward to resolving this issue quickly and to working with the community to move forward."
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
SAN DIEGO, July 5, 2016 /PRNewswire/ -- Top executives from Sempra Energy (NYSE: SRE) will provide an update on the company's strategy and financial goals at 1:30 p.m. EDT, July 19, on a live webcast from the Sempra Energy financial analyst conference in New York.
The live webcast and presentation slides will be available on the investor section of Sempra Energy's website at www.sempra.com. A replay of the conference will be available on the website within 24 hours after the conference.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, July 1, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) this week launched a multi-media campaign designed to raise awareness of various energy-efficiency rebates, and no-cost, or low-cost services available to help small and medium-sized business customers conserve energy. This campaign will run through Aug. 28 and will target independently owned businesses such as beauty salons, restaurants and laundromats that strive to reduce their energy use.
"Many small businesses look for ways to save money to stay competitive in the marketplace," said Ann Ayres, SoCalGas' director of customer strategy and engagement. "We support our business customers by helping them invest in equipment that conserves natural gas, helps them save money and contributes to healthier communities."
SoCalGas defines small and medium-sized businesses as commercial ventures that use less than 50,000 therms of natural gas a year. Through this multi-platform campaign, independently owned, small and medium-sized businesses throughout SoCalGas' service territory will be offered rebates when they buy new energy-saving equipment.
"We appreciate SoCalGas' efforts in supporting small and medium-sized businesses by offering them rebates that will help them save money on their energy costs," said Gary Toebben, president & chief executive officer of the Los Angeles Area Chamber of Commerce. "This is a win-win for businesses and the environment."
Over the past five years, SoCalGas has invested in programs to help commercial and residential customers increase the efficiency of their home appliances and commercial equipment. With help from these programs, customers have saved more than $109 million annually on energy costs and have reduced emissions by 915,000 tons of carbon dioxide - the equivalent of removing 175,000 cars from the road.
Through a separate, limited-time promotion, small businesses can receive up to 50 percent more in rebates on select boilers, pool covers, pool heaters, commercial steam traps and pipe and tank insulations. Visit socalgas.com and search "business rebates" for details.
At no additional charge, SoCalGas offers maintenance advice and low-cost parts for various types of natural gas commercial appliances and food service equipment. Business owners may speak with a SoCalGas representative by calling 800-427-2000. For more details, visit socalgas.com/SmallBusiness.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
SAN DIEGO, June 29, 2016 /PRNewswire/ -- Today, San Diego Gas & Electric (SDG&E) reached a significant milestone in renewable energy, the program limit for the original rooftop solar subsidy, Net Energy Metering. With this new milestone, state law requires SDG&E to transition future rooftop solar customers into a new program, which offers many of the same benefits as the current subsidy.
"Transitioning new private solar customers to the next phase of the Net Energy Metering program is another sign that our region is a leader in the clean energy movement," said Caroline Winn, chief energy delivery officer, SDG&E. "Advancing clean energy solutions like solar and electric vehicle adoption is one way we're working hard to provide our customers with more sustainable energy choices."
Future customers who install solar will see only minor changes:
Customers who are in the process of installing solar were notified of the coming transition earlier this month. Applications for the new program will be accepted online within 24 hours. Customers who installed private solar prior to the limit being reached are grandfathered under the rules of "Net Energy Metering 1.0" for 20 years from the date they installed solar.
In addition to serving more than 90,000 private solar rooftops, SDG&E recently ranked as the top utility in America for renewable energy sales. The nation's top designation, released in a new report by Ceres, shows that only a handful of utility companies are responsible for much of the national surge in solar and wind power and energy efficiency programs. SDG&E provides more than 33 percent of its energy from renewable sources and is on track to delivering more than 40 percent of its energy from clean, renewable sources by 2018.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,300 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric
LOS ANGELES, June 29, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a significant expansion of its Energy Savings Assistance Program. As many as 500,000 additional low-income families may now be eligible to receive no-cost energy efficient home upgrades. In addition, SoCalGas is intensifying outreach efforts to increase enrollments in the program to ensure the health, safety, and comfort of its most vulnerable customers.
"We are pleased to offer income-qualified renters and homeowners a program that helps them save money and energy by providing no-cost, energy-efficient home improvements," said Dan Rendler, director, Customer Programs & Assistance, SoCalGas. "Even If you made home improvements before, you may qualify for more."
The no-cost energy efficiency upgrades include door weather-stripping and caulking, attic insulation, low-flow showerheads, and assessments for leaking water heaters.
A key goal of the expanded program is to save at least 10 percent above the current energy savings average in selected areas. To achieve the greatest energy savings, SoCalGas will target properties that use the most energy first.
"This is the best way to make sure resources go where they will make the biggest impact on our energy-saving goals and help those who need it most," said Rendler.
Customers may automatically be eligible if their household income is below newly released guidelines or if a member of the household currently receives benefits from any of the following public assistance programs: Medi-Cal/Medicaid, Medi-Cal for Families A&B, Women, Infants and Children (WIC), CalWORKs (TANF) or Tribal TANF, Head Start Income Eligible (Tribal Only), Bureau of Indian Affairs General Assistance, CalFresh (Food Stamps), National School Lunch Program, Low Income Home Energy Assistance Program (LIHEAP), or Supplemental Security Income (SSI).
More SoCalGas Low-Income Customers Eligible for Assistance…
Customers can learn more by visiting socalgas.com/assistance. They can apply for the Energy Savings Assistance Program online at socalgas.com/improvements or by calling (866) 716-3452 English and Spanish.
The expansion of the Energy Savings Assistance Program is consistent with a California Public Utilities Commission decision released in April that expands eligibility in the Los Angeles Basin, Orange County, and Ventura County areas.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, June 23, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) will unveil its mobile, solar-powered "Solarista Cafe" to promote the benefits of solar water heating at the annual Dwell on Design event at the Los Angeles Convention Center, June 24-26. Attendees at the annual design event will learn about solar water heating and recently expanded rebate incentives while drinking tea, coffee and espresso brewed in the cafe.
Solar water heating systems capture the sun's heat and work with conventional or tankless natural gas water heaters to improve efficiency and reduce energy costs. The roving cafe will have information on expanded rebates for residential, commercial and multi-family units that install solar water heating systems.
"SoCalGas is a proud sponsor of Dwell on Design because of its commitment to promote solar thermal technologies," said Ann Ayres, SoCalGas' director of customer engagement and insights. "Solar thermal systems offer our customers potential savings on their energy bills. By using solar thermal water heating systems, consumers contribute to a cleaner, healthier future that will reduce their carbon footprint in the long run. We look forward to showcasing our Solarista Cafe at Dwell on Design."
From April 15, 2016 to Dec. 15, 2016, SoCalGas customers who install solar water heating systems in single-family homes can receive a rebate of up to $10,000. Rebates of up to $800,000 at a rate of $25 per-therm are also available for multi-family and commercial system installations. For more details, visit socalgas.com/solar.
For the last 10 years, SoCalGas energy-efficiency programs have ranked #1 in California for natural gas savings. In addition:
Natural gas will continue to play an important role in expanding California's use of solar energy and other renewables. Natural gas supports renewables by fueling power plants that maintain grid flexibility and reliability when the sun isn't shining and the wind isn't blowing. Natural gas will only become more important as the state moves toward its goal of generating 50 percent of its energy from renewables.
Dwell on Design is the first Southern California tour stop for Solarista Cafe that will continue through October 2016. Other stops include:
About Dwell on Design
Curated by the editors of Dwell magazine, Dwell on Design Los Angeles is America's largest design event offering three full days of exhibitions that highlight cutting-edge technologies. More than 100 speakers will give presentations and more than 2,000 innovative modern furnishings and products will be on display. SoCalGas is a sponsor of this year's Dwell on Design Los Angeles.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
SAN DIEGO, June 21, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today released its 2015 corporate responsibility report, "People, Priorities and Performance." The report describes Sempra Energy's progress in developing and delivering renewable energy, achieving safety goals, minimizing the use of fresh water and improving employee diversity.
"To be successful we must be committed to our core strengths and values," said Debra L. Reed, Sempra Energy's chairman and CEO. "We must continue to make safety our top priority; maintain excellent customer service; execute on our growth strategy; and abide by high ethical standards."
Milestones published in the 2015 corporate responsibility report include:
Sempra Energy's corporate responsibility report is available online at responsibility.sempra.com.
Sempra Energy's four principal subsidiaries are Southern California Gas Co., San Diego Gas & Electric, Sempra International and Sempra U.S. Gas & Power.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
SAN DIEGO, June 14, 2016 /PRNewswire/ -- The board of directors of Sempra Energy (NYSE:SRE) today declared a quarterly dividend of $0.755 per share of common stock. The current dividend is payable July 15, 2016, to shareholders of record on June 30, 2016.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
[SRE-F]
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SOURCE Sempra Energy
SAN DIEGO, June 13, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) announced that Infraestructura Marina del Golfo (IMG), a joint venture between its Mexican unit Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA) and TransCanada Corporation, has been awarded a transportation contract by the Comision Federal de Electricidad (CFE) to build, own and operate an approximately 497-mile (800 kilometer), $2.1 billion natural gas pipeline in Mexico.
The 42-inch diameter South Texas-Tuxpan pipeline will have a capacity of 2.6 billion cubic feet per day and an anticipated in-service date of late 2018. The pipeline will transport natural gas from a point near Brownsville, Texas, to Tuxpan, Veracruz, and it will provide natural gas to new and existing CFE power plants that currently use fuel oil. The project is contracted by CFE under a 25-year capacity contract denominated in U.S. dollars.
IMG will be responsible for implementing the project, including permitting, acquiring land and rights of way, engineering, procurement, construction, financing, operation and maintenance. IEnova holds a 40 percent ownership of IMG's joint venture.
"We are pleased with the results of the tender and look forward to continue to grow our presence in Mexico while helping the country meet its energy demand with new safe and reliable services," said Mark Snell, president of Sempra Energy.
IEnova develops, builds and operates energy infrastructure in Mexico. As of 2015, the company invested more than US$4 billion in operating assets and projects under construction in Mexico and is one of the largest private energy companies in the country. IEnova is the first energy infrastructure company to be listed in the Mexican Stock Exchange.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
LOS ANGELES, June 11, 2016 /PRNewswire/ -- In observation of National Get Outdoors Day (GO Day), Southern California Gas Co. (SoCalGas) volunteers on Saturday joined employees from Southern California Edison (SCE) and the Los Angeles Department of Water and Power (LADWP) to help restore hiking trails in the Angeles National Forest that were damaged by fire in 2009.
"SoCalGas is committed to supporting the communities we serve," said Lisa Alexander, vice president of SoCalGas' customer solutions and communications. "Last year alone, our dedicated employees spent more than 15,000 hours volunteering their time in communities across Southern California. We're excited to partner with Southern California Edison and the Los Angeles Department of Water and Power to restore safe access to hiking trails in one of the country's most beautiful national forests and monuments."
Since the 2009 Station Fire burned more than 160,500 acres of land in the Angeles National Forest, brush has overgrown the hiking trails making many of the pathways unsafe for hikers. Volunteers from the three utilities worked to clear hiking trails of poodle-dog brush, which grows quickly after fires and can cause severe skin irritations when touched. The Angeles National Forest, of the U.S. Forest Service, is located in the San Gabriel Mountains National Monument.
"I want to thank all the volunteers and partners who provide tremendous support throughout the year. These partners inspired their workforce to actively participate in National Get Outdoors Day by encouraging their employees to volunteer to help cleanup trails," said Jeff Vail, forest supervisor for the U.S. Forest Service. "This truly embodied the intent of the day, which is to get people outdoors to use their public lands, while making a meaningful contribution to their community."
Employees from SoCalGas, SCE and LADWP organized the outing to promote a culture of environmental responsibility at the utilities. The volunteers worked to restore hiking trails near the upper Big Tujunga watershed, off Angeles Crest Highway 2 in the San Gabriel Mountains National Monument.
"We consider the hiking trails and the surrounding habitat in the Angeles National Forest to be precious local treasures," said Nancy Sutley, chief sustainability & economic development officer for LADWP. "We are proud to support efforts to preserve them."
In its ninth year, GO Day is an outgrowth of the Get Outdoors USA! campaign, which encourages Americans - especially youth - to lead healthy, active outdoor lives and to embrace parks, forests, refuges and other public lands.
"Helping protect and improve the environment is one of Southern California Edison's priorities, and we continue to support Angeles National Forest to ensure that future generations have access to open spaces at our nation's public parks," said Janet Clayton, senior vice president, corporate communications, Southern California Edison and Edison International.
More than 15 million people live within 90 minutes of the San Gabriel Mountains and the range provides open space and recreational opportunities for many Southern California residents. The National Forest Foundation, the nonprofit partner of the U.S. Forest Service, helped organize the event. Chartered by the U.S. Congress, the foundation brings people together to enhance the country's 193-million-acre national forest system.
"It's critical to receive support from corporations and their employees to accomplish our important work," said Edward Belden, the foundation's Southern California program associate. "Thanks to our partners, families from throughout Southern California can visit the San Gabriel Mountains National Monument and enjoy these trails."
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
About Los Angeles Department of Water and Power
The Los Angeles Department of Water and Power, the largest municipal water and power utility in the nation, was established more than 100 years ago to deliver reliable, safe water and electricity to 3.8 million residents and businesses in Los Angeles. LADWP provides its 666,000 water customers and 1.4 million electric customers with quality service at competitive prices.
About Southern California Edison
An Edison International company, Southern California Edison is one of the nation's largest electric utilities, serving a population of nearly 14 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
About the National Forest Foundation
Founded by Congress in 1991, the National Forest Foundation works to conserve, restore and enhance America's 193-million-acre National Forest System. Through community-based strategies and public-private partnerships, the NFF works with the Forest Service to enhance wildlife habitat, revitalize wildfire-damaged landscapes, restore watersheds, enrich outdoor experiences, and engage communities in forest stewardship for the benefit of all Americans.
About the U.S. Forest Service
The mission of the U.S. Forest Service, part of U.S. Department of Agriculture, is to sustain the health, diversity and productivity of the nation's forests and grasslands to meet the needs of present and future generations. The agency manages 193 million acres of public land, provides assistance to state and private landowners, and maintains the largest forestry research organization in the world. Public lands the Forest Service manages contribute more than $13 billion to the economy each year through visitor spending alone. Those same lands provide 20 percent of the nation's clean water supply, a value estimated at $7.2 billion per year. The agency has either a direct or indirect role in stewardship of about 80 percent of the 850 million forested acres within the U.S., of which 100 million acres are urban forests where most Americans live.
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SOURCE Southern California Gas Co.
LOS ANGELES, June 8, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) and the Los Angeles Department of Water and Power (LADWP) announced on Wednesday that they are jointly offering a new electric foodservice energy-efficient rebate to qualifying businesses in the city of Los Angeles.
Through this collaborative program, foodservice establishments, such as school cafeterias, restaurants and hospitals, can take advantage of generous rebates on more than 100 types of energy-efficient equipment. However, only new or replacement energy-efficient equipment will be eligible for SoCalGas' incentives. A list of qualifying foodservice equipment is available at www.fishnick.com.
"We are pleased to expand our partnership with LADWP, offering this program to our foodservice business customers in support of their investment in long-term energy savings," said Dan Rendler, SoCalGas director of customer programs & assistance. "This collaboration is yet another example of how our two utilities work together to help our customers increase their savings."
SoCalGas will be the lead administrator of the program. This agreement between SoCalGas and LADWP could serve as a model for other agency providers that aim to offer similar programs to their customers.
"This is an excellent collaboration that will allow qualifying LADWP business customers to access energy-efficient rebates that will help them significantly reduce their energy use, and ultimately, lower their utility bills," said LADWP Chief Sustainability and Economic Development Officer Nancy Sutley.
Through the rebate program's new streamlined one-stop process, SoCalGas and LADWP will be able to help businesses more easily access and benefit from the Metropolitan Water District of Southern California's (the Metropolitan) existing SoCal Water$mart rebates. The Metropolitan's 26-member service agencies – which include the LADWP – offer SoCal Water$mart rebates.
"Metropolitan and SoCalGas have collaborated on efficiency projects since 2014. We are pleased that the foodservice rebate program will be another in an expanding portfolio of joint programs that Metropolitan and SoCalGas are implementing to increase water and energy efficiency throughout Southern California," said the Metropolitan's Water Efficiency Team Manager Bill McDonnell.
The new program launched on June 1, offering a range of cost-cutting incentives to eligible restaurants, hotel kitchens, hospitals and school cafeterias, among others. For more information about the rebate program, please email ElectricFoodService@semprautilities.com.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
About Los Angeles Department of Water and Power
The Los Angeles Department of Water and Power, the largest municipal water and power utility in the nation, was established more than 100 years ago to deliver reliable, safe water and electricity to 3.8 million residents and businesses in Los Angeles. LADWP provides its 666,000 water customers and 1.4 million electric customers with quality service at competitive prices.
About the Metropolitan Water District of Southern California
For more information about the Metropolitan's rebate programs, including
SoCal Water$mart, please visit BeWaterWise.com.
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SOURCE Southern California Gas Co.
LOS ANGELES, June 3, 2016 /PRNewswire/ -- Southern California Gas Co. More low-income customers may now be eligible to receive a rate discount and no-cost energy-saving home improvements from SoCalGas due to new income guidelines that went into effect June 1 for qualified customers who enroll in the state-sponsored California Alternate Rate for Energy (CARE) and Energy Savings Assistance Program.
The higher income limit means a family can earn more and still be eligible for assistance programs like CARE, which gives income-qualified customers 20 percent off their monthly natural gas bill. The previous limit of $31,820 for a family of two expired Tuesday. The current limit is $32,040 a year. Each additional person adds $8,320. For example, a household of four can earn up to $48,600 to be eligible.
"We are pleased to inform our community about the new guidelines and to encourage those who qualify and can benefit from our assistance programs to enroll," said Lisa Alexander, vice president of Customer Solutions & Communications for SoCalGas. "The monthly rate discount and savings from no-cost energy-efficient home improvements can make a real difference, especially for struggling families."
Customer Anselma Hernandez says she appreciates the money she saves on her natural gas bill each month through her participation in CARE.
"The program is very good and it is easy to apply," said Hernandez, who lives in Santa Ana, Calif. "I like how I was treated and it has helped my family very much."
Luis Barajas, also from Santa Ana, said he has been enrolled in CARE for a long time and always recommends it to his friends, family and neighbors. "I use the savings I receive to pay other bills," he said.
Here is additional information about the programs:
CARE: The CARE program provides a 20 percent rate discount on the monthly natural gas bill for eligible households and has already enrolled over 1.5 million customers throughout the SoCalGas service area. Those who qualify and are approved within 90 days of starting new gas service will also receive a $15 discount on the Service Establishment Charge.
Energy Savings Assistance Program: This program provides no-cost, energy-efficient home improvements to income-qualified renters and homeowners. Services may include:
CARE and Energy Savings Assistance Program Eligibility: There are two ways customers can qualify for the CARE and Energy Savings Assistance Program. Customers may automatically be eligible if their household income is below the new guidelines or a household member currently receives benefits from any of the following public assistance programs: Medi-Cal/Medicaid, Medi-Cal for Families A&B, Women, Infants and Children (WIC), CalWORKs (TANF) or Tribal TANF, Head Start Income Eligible (Tribal Only), Bureau of Indian Affairs General Assistance, CalFresh (Food Stamps), National School Lunch Program, Low Income Home Energy Assistance Program (LIHEAP), or Supplemental Security Income (SSI).
As of June 1, 2016, the new CARE and Energy Savings Assistance Program income guidelines are as follows:
Income Guidelines based on pre-tax annual income | |
Household Size |
Income Eligibility Upper Limit |
1-2 |
$32,040 |
3 |
$40,320 |
4 |
$48,600 |
5 |
$56,880 |
6 |
$65,160 |
7 |
$73,460 |
8 |
$81,780 |
Each Additional Person |
$8,320 |
* Effective June 1, 2016 to May 31, 2017 |
Customers can learn more and apply for these and other programs by visiting socalgas.com/assistance or by any of the following:
Apply for CARE online at socalgas.com/care or by phone (800) 427-2200 or (800) 342-4545 in Spanish.
Apply for Energy Savings Assistance Program online at socalgas.com/improvements or they can call (800) 331-7593 English and Spanish.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, May 25, 2016 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: |
|
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on July 15, 2016, to shareholders of record on June 10, 2016.
About Southern California Gas Company
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Company
LOS ANGELES, May 20, 2016 /PRNewswire/ -- Today, the Los Angeles County Superior Court provided a clear pathway and timeline for those who remain relocated to return home and rejoin their communities. Under the ruling, SoCalGas will provide and pay for professional home cleaning for relocated residents who request it. The cleaning will be done according to the Department of Public Health's proposed protocol.
"Serving the community has always been a priority for SoCalGas and based on the data released by the Los Angeles County Department of Public Health (DPH), and confirmed by our experts, the homes are safe today," said SoCalGas Vice President of Customer Services Gillian Wright. "We will comply with the Court's order and continue to support the remaining relocated residents as they transition back to their homes."
The County of Los Angeles and SoCalGas had agreed the relocation program injunction should end. Judge John Shepard Wiley, Jr. decreed the injunction will end as safely and as soon as possible, under the terms of his court order.
Relocated residents currently in hotels or staying with Friends and Family have until Wednesday, May 25 at 5:00 p.m. to accept cleaning. All other relocated residents have until Friday, May 27 at 5:00 p.m. to accept cleaning. Relocated residents will have 48 hours to exit the relocation program after their house has been cleaned. Families with long term leases may stay in their rentals until the end of their lease. Relocated residents who affirmatively decline cleaning, or who do not respond with their selection by the required deadline, will have 48 hours to exit the program. The goal is to complete all cleaning by June 7, 2016. Relocated residents who choose cleaning may decline cleaning steps that can damage walls, carpet or upholstery.
In addition to normal operating hours, SoCalGas will open the Community Resource Center this coming Sunday and Monday, days it has recently been closed, to address the needs of residents who may have questions about the termination of the relocation program. Hours on Sunday will be 10:00 am to 2:00 pm. Monday hours will be 10:00 am to 3:00 pm.
Over the past several months, our dedicated employees, many of whom live in Porter Ranch, have served more than 30,000 resident visits at our Community Resource Center, provided temporary housing for 8,000 families, processed more than 41,000 reimbursements totaling $78 million, installed 38,000 air filtration systems, and cleaned public parks, playgrounds, and schools.
We continue to work quickly to process reimbursements, and we will deliver on our promise to mitigate the actual natural gas released from the leak.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, May 16, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced the company and the County of Los Angeles have submitted a joint statement with the Superior Court agreeing that the preliminary injunction requiring the continuation of the temporary relocation program should be dissolved by the Court effective 5 p.m. on Friday, May 20, 2016. The Court is scheduled to address this and related issues on Friday, May 20, 2016. The County and SoCalGas differ regarding proposals for the timing for relocated residents to return home; SoCalGas proposes that relocated residents should return home by the end of this weekend, and the County proposes an interior cleaning program for currently relocated residents to be paid for by SoCalGas and a longer transition period to return home (five days following such cleaning and eight days after May 20 for relocated residents not electing the cleaning). The proposed termination of the relocation program comes after all of the available data, including the recent publication of results from the Los Angeles County Department of Public Health's (DPH) indoor sampling program, show it is safe for relocated Porter Ranch area residents to return home.
The Department of Public Health's data clearly indicate that none of the approximately 250 substances the agency tested for in the homes, including metals such as barium, were detected at any level of health concern. The data confirms what thousands of outdoor air samples have already demonstrated: There is no risk to public health related to the leak and it is, and has been, safe for residents who chose to relocate to return home.
SoCalGas continues to work to support the transition back to normalcy. Over the past several months, our dedicated employees, many of whom live in Porter Ranch, have served more than 30,000 resident visits at our Community Resource Center, provided temporary housing for 8,000 families, processed more than 41,000 reimbursements totaling $76 million, installed 38,000 air filtration systems, and cleaned public parks, playgrounds, and schools.
SoCalGas will continue to work quickly to process reimbursements, and deliver on its promise to mitigate the actual natural gas released from the leak.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
SAN DIEGO, May 16, 2016 /PRNewswire/ -- Today, San Diego Gas & Electric (SDG&E) announced it will invest $7.5 million over the next five years to develop a bold new education campaign to create awareness, expand electric vehicle (EV) ownership and lead the charge among large cities to electrify the transportation sector. The desired result: to reduce harmful air emissions, promote the use of EV charging with power from the wind and sun, and to establish San Diego and south Orange Counties as America's EV and clean energy capital.
The education campaign will complement the $45-million pilot program recently approved by the California Public Utilities Commission (CPUC) to install 3,500 charging stations at 350 local businesses, multi-family communities and disadvantaged neighborhoods. This combined $52.5 million comprehensive effort is expected to increase the use of clean energy as a fuel for transportation and help consumers overcome any obstacles to EV ownership.
"California is known for new ideas and innovation, and development of life-changing technologies. Now, we are leading the U.S. in creating the leading standard for de-carbonizing electricity and advancing clean transportation," said Jeff Martin, SDG&E's chairman, president and CEO. "Some problems are solved by looking to the future, not the past, and this is one of them," said Martin. "That is why we are reducing carbon in the transportation sector by installing charging infrastructure throughout the communities we serve, and maximizing the use of renewable energy to charge vehicles."
Martin announced the comprehensive campaign at a news conference alongside San Diego Mayor Kevin L. Faulconer, Chula Vista Mayor Mary Casillas Salas, San Diego Councilman Mark Kersey, and other local leaders.
"San Diego is a national leader in developing innovative solutions to reduce emissions and protect our environment," said San Diego Mayor Kevin L. Faulconer. "I am happy to see SDG&E working to strengthen our reputation in this field by installing thousands of new electric vehicle charging stations at apartments, condos, businesses and underserved neighborhoods throughout our great city.
"San Diegans will not only save money on their gasoline bills, it will also help San Diego achieve its Climate Action Plan goals by cleaning up our air and reducing emission in the crucial transportation sector," Mayor Faulconer added. "Power Your Drive demonstrates once again why the nation looks to San Diego for leadership in urban sustainability."
SDG&E also introduced 20 multifamily communities and businesses that are committed to the growth of electric vehicles and charging stations under the company's innovative Power Your Drive pilot program. Taken together, these developments signal a watershed moment for promoting growth in EVs.
"California is a leader in setting policy supporting the widespread deployment of electric vehicles," said CPUC Commissioner Carla Peterman. "The SDG&E pilot program will not only make EV charging more available, which is important for driving the sale of cars, but it will test how charging can benefit the power grid and bring down electricity costs for all ratepayers."
Among the participants to step forward and pledge to promote EV growth and charging included: American Lung Association, Bayview Baptist Church, Circulate San Diego, City of Chula Vista, City of National City, City of San Diego, County of San Diego, Cuyamaca College, Escondido Union High School District, Gildred Co., H.G. Fenton Company, I Love A Clean San Diego, Jewish Family Services, Menlo Equities, Palomar College, San Diego Housing Federation, Sea World, Sony, UCSD, and UTC Aerospace.
SDG&E is working to sign up 200 participants by the end of the year, in locations throughout all 26 cities in the region. At least 10 percent of the chargers will be in disadvantaged communities.
"Chula Vista is proud to partner with SDG&E to provide clean air to our communities," said City of Chula Vista Mayor Mary Casillas Salas. "Continuing our record of environmental leadership we are looking at electrifying our City fleet and are pleased to partner with SDG&E to install 60 charging stations at City facilities and more throughout our city."
SDG&E's new education campaign will include EV ride-and-drives in every geographical area of the region. These events allow customers to test drive EVs from all the major car manufacturers at one location, familiarize themselves with the many benefits of driving an EV such as tax credits and rebates of up to $10,000, low "fueling" costs and environmental protection. The campaign will also provide funding to community groups that will promote electric vehicles and other benefits. These education initiatives are intended to inspire the next wave of new drivers to switch to an electric vehicle and expand the use of EVs to all geographic and socio-economic areas.
All of these initiatives demonstrate that residents live in a special place at a special moment for the growth of clean transportation in San Diego. In 2012, Gov. Jerry Brown set a bold vision of having 1.5 million zero-emission vehicles on the road in California by 2025. With the education campaign and thousands of new chargers dotting the community, SDG&E believes it's possible to quadruple the current 20,000 EVs on San Diego's roads by 2020, bringing the region ever closer to meeting its share of the state's eventual goal. This will accelerate the EV race in San Diego and forge a path to a future where electric vehicles become the majority on local roads, not just the exception.
For those interested in learning more about the education campaign and EV charging station program, visit sdge.com/poweryourdrive or email EV@sdge.com.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,300 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, May 15, 2016 /PRNewswire/ -- On Friday, May 13, the Los Angeles County Department of Public Health (DPH) released the results of its Indoor Environmental Testing Protocol in the Porter Ranch area. DPH also issued a directive to Southern California Gas Company (SoCalGas) to offer and implement, at its own cost, a comprehensive cleaning protocol. In response, SoCalGas issued the following statement:
"The Los Angeles County Department of Public Health (DPH) has acknowledged that no barrier exists for residents to return home, and it is safe for residents to be home in Porter Ranch and the surrounding community. The Department of Public Health's data clearly indicate that there are no levels of concern of any of the approximately 250 substances the agency tested for in the homes, including metals such as barium, none of which was detected at any level of health concern.
"DPH previewed its findings the night before at the May 12th Porter Ranch Neighborhood Council's Community Advisory Committee meeting, where DPH stated its desire to 'assure everyone that the levels detected, even of metals, are in fact, very low' and that the answer to the question of whether it is safe to return home is yes, 'people can safely move back into their homes.'
"This data finally provides residents with the additional support they have been looking for: There is no risk to public health related to the leak that was permanently sealed months ago. It is long past the time for the residents who chose to remain relocated to exit the relocation program, and for the community as a whole to return to normal.
"DPH recommends that residents clean their homes with soap and water, and vacuum out of an abundance of caution to address dust that may have accumulated while residents were away. DPH also stated that cleaning 'is not a barrier to move back in.' SoCalGas is reviewing a DPH directive regarding the funding of a comprehensive cleaning protocol for all homes in the Porter Ranch area. At this time, in light of the data confirming that it is safe to return home, SoCalGas is not offering cleaning to additional residents.
"We continue to work to support the transition back to normalcy. Over the past several months, our dedicated employees, many of whom live in Porter Ranch, have served more than 30,000 resident visits at our Community Resource Center, provided temporary housing for 8,000 families, processed more than 41,000 reimbursements totaling $76 million, installed 38,000 air filtration systems, and cleaned public parks, playgrounds, and schools.
"We continue to work quickly to process reimbursements, and we will deliver on our promise to mitigate the greenhouse gas emissions from the leak."
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov.Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Company
LOS ANGELES, May 15, 2016 /PRNewswire/ -- More than 200 Southern California Gas Co. (SoCalGas) employees, their families and friends will don their blue T-shirts and take part in CicLAvia Southeast Cities on Sunday, May 15, from 9 a.m. to 4 p.m. CicLAvia connects the six communities of Huntington Park, Walnut Park, South Gate, Florence-Firestone, Lynwood and Watts. Streets will be closed to cars and open for cyclists, pedestrians, runners and skaters to use as a recreational space. CicLAvia is free and open to anyone and organizers call it "an experience, not a race."
The event will also feature music, food and informational booths along the route. The event has no start or stop location and the public is free to take part in any of the hosting communities.
"SoCalGas is proud to be one of the sponsors of CicLAvia, a grassroots event that highlights the need for more family-friendly bike and walking paths," said Andy Carrasco, director of regional public affairs for SoCalGas. "We live and work in these communities and all want healthy families and open spaces."
SoCalGas will have a booth in the Huntington Park area of CicLAvia that will feature information about energy efficiency programs, customer assistance and clean energy solutions such as natural gas vehicles for the heavy duty trucking sector.
Last year, SoCalGas donated more than $5 million to nonprofits as its employees performed thousands of volunteer hours for various nonprofit groups throughout its service territory.
About CicLAvia
CicLAvia started as a grassroots initiative in 2008 as the outgrowth of discussions held by a number of individuals who recognized that open street events could address active transportation, urban land use and public health needs in Los Angeles. Inspired by the ciclovía events that started 40 years ago in Bogotá, Colombia, the first CicLAvia in Los Angeles was held on October 10, 2010. Six years and 14 CicLAvias later, more than a million people have explored more than 100 miles of open streets in Los Angeles County.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego
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SOURCE Southern California Gas Co.
SAN DIEGO, May 9, 2016 /PRNewswire/ -- Sempra U.S. Gas & Power, a unit of Sempra Energy (NYSE: SRE), today announced that it has completed the previously announced transaction with Tallgrass Energy Partners, LP (NYSE: TEP) to sell Sempra U.S. Gas & Power's 25-percent interest in Rockies Express Pipeline LLC (REX) for approximately $440 million in cash.
Rockies Express Pipeline LLC is a Delaware limited liability company engaged in the ownership and operation of the Rockies Express Pipeline, a 1,712-mile natural gas transmission pipeline that extends from Opal, Wyoming, and Meeker, Colorado, to Clarington, Ohio, and is one of the largest natural gas pipelines ever constructed in North America. A wholly owned subsidiary of Tallgrass Development, LP operates the pipeline. Tallgrass Development, LP and Tallgrass Energy Partners are members of the Tallgrass Energy family of companies, which also includes Tallgrass Energy GP, LP (NYSE: TEGP).
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas projects. For more information, visit www.SempraUSGP.com. Sempra U.S. Gas & Power is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2015 revenues of $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
Media Contacts: |
Steve Schooff |
Sempra U.S. Gas & Power | |
(877) 855-7887 | |
Financial Contact: |
Kendall Helm |
Sempra Energy | |
(877) 696-2461 | |
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SOURCE Sempra U.S. Gas & Power
LOS ANGELES, May 5, 2016 /PRNewswire/ -- SoCalGas President and CEO Dennis Arriola will speak at ACT Expo in Long Beach today on the findings of a newly released technical paper that concludes only one solution exists to immediately transform the heavy-duty transportation sector to affordably cut smog-forming pollutants and reduce greenhouse gas emissions. The solution is to deploy near-zero emission heavy-duty natural gas trucks fueled by increasing volumes of renewable natural gas, a game-changing combination.
Addressing North America's largest advanced clean vehicle event, Arriola will discuss how air pollution and climate change issues are crucial to California's public health, environment, and its economy; as well as to achieving state and federal environmental and policy goals. According to the 2016 American Lung Association State of the Air report, more than half the people in the United States live in counties that have unhealthful levels of ozone or particle pollution. The same report shows that 12 major California cities, including Los Angeles, Long Beach, San Francisco, Bakersfield and Fresno, were among the top 10 with the nation's worst air quality. San Diego was also among a total of 21 California cities named in the report.
"Air pollution affects all of us and remains one of the biggest public health threats, particularly for those living in disadvantaged communities near major transportation corridors. While our car-dependent culture is largely to blame, the reality is that heavy-duty diesel trucks are the biggest polluters in the transportation sector," said Arriola. "California needs every option available and near-zero emission, heavy-duty engines using renewable natural gas represent the best opportunity we have to get our cities off the 'most polluted right now.'"
The Game Changer technical paper released publicly this week explores the need and approaches to start deploying zero-emission and near-zero-emission heavy-duty vehicle technologies on a wide-scale basis in the United States. "GAME CHANGER: Next Generation Heavy‑Duty Natural Gas Engines Fueled by Renewable Natural Gas" was authored as a collaborative effort for multiple private and public sector organizations including SoCalGas.
The report compared four fuel-technology combinations to address these goals and concludes that there is only one pathway for heavy-duty trucking applications that meets the commercial feasibility and logistics tests to immediately begin this transformation. The full Game Changer technical paper and an executive summary are available for download at ngvgamechanger.com.
This Game Changer paper was prepared with co-funding from the South Coast Air Quality Management District and co-sponsors that include Clean Energy Fuels, Pacific Gas and Electric Company, the California Natural Gas Vehicle Partnership, the American Gas Association, and Agility Fuel Systems.
Held annually, ACT Expo brings the entire transportation industry together for an expansive showcase of the technologies, fuels, policies, vehicles, and organizations driving innovation and sustainability on the nation's roadways.
As a pioneer in supporting natural gas vehicle (NGV) technology, SoCalGas actively supports the development of the alternative fuel and NGV infrastructure, including compressed natural gas (CNG) refueling stations. SoCalGas also has an extensive NGV program to provide information, education and support to customers that use, or would benefit from using, clean-burning natural gas as a transportation fuel.
About SoCalGas
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE).
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SOURCE Southern California Gas Company
SAN DIEGO, May 4, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported first-quarter 2016 earnings of $319 million, or $1.27 per diluted share, compared with $437 million, or $1.74 per diluted share, in the first quarter 2015.
Sempra Energy's first-quarter 2016 results included a $27 million after-tax loss related to the previously announced agreement to sell Sempra U.S. Gas & Power's stake in the Rockies Express Pipeline (REX) and $24 million of deferred tax expense related to the planned sale of the Termoeléctrica de Mexicali power plant. Sempra Energy's first-quarter 2015 results reflected a $13 million after-tax benefit due to the reduction in the loss related to the San Onofre Nuclear Generating Station (SONGS) closure, offset by $4 million after-tax in liquefied natural gas (LNG) development expenses. Excluding these items, Sempra Energy's adjusted earnings were $370 million, or $1.47 per diluted share, in the first quarter 2016, compared with $428 million, or $1.71 per diluted share, in the first quarter 2015.
Both GAAP and adjusted earnings in the first quarter 2016 were impacted by the delay of a final 2016-18 General Rate Case decision from the California Public Utilities Commission (CPUC) for Southern California Gas Co. (SoCalGas) and San Diego Gas & Electric (SDG&E). Revenues for SoCalGas and SDG&E currently are being recorded based on 2015 authorized amounts and, when the CPUC issues a final decision, the impact of the 2016 authorized margin will be recorded retroactive to Jan. 1, 2016.
"While we have not yet received a proposed decision from the CPUC in the General Rate Case for our California utilities, we expect that, when issued, the decision will be consistent with the settlement agreements SDG&E and SoCalGas filed last fall," said Debra L. Reed, chairman and CEO of Sempra Energy. "Based on this expectation, we believe we are on track to meet our new, revised adjusted earnings guidance for 2016, which reflects the loss of future earnings from the pending sales of our interest in the Rockies Express Pipeline and our Southeastern utilities. Going forward, we expect our five-year performance plan to generate 12-percent compound annual adjusted earnings growth from 2016 through 2020 – about twice the growth rate of the utility average."
CALIFORNIA UTILITIES
Southern California Gas Co.
Earnings for SoCalGas were $195 million in the first quarter 2016, compared with $214 million in the first quarter 2015, due primarily to higher non-refundable operating costs, including depreciation and litigation. Additionally, in last year's first quarter, the CPUC awarded SoCalGas $8 million in gas cost incentives related to the 2014 program year.
While there was no material impact on first-quarter 2016 earnings, SoCalGas today said its updated estimate of the costs related to the Aliso Canyon leak is $665 million. Concurrently, the company has recorded an insurance receivable of $660 million.
San Diego Gas & Electric
First-quarter earnings for SDG&E were $129 million in 2016, compared with $147 million in the first quarter 2015. Last year's first-quarter results included the $13 million after-tax reduction in the loss related to the SONGS closure.
SEMPRA INTERNATIONAL
Sempra Mexico
Sempra Mexico had first-quarter earnings of $17 million in 2016, compared with $47 million in 2015, primarily due to foreign currency effects and the $24 million in deferred tax expense in 2016 related to the planned sale of the Termoeléctrica de Mexicali power plant in Baja California, Mexico. Sempra Energy's Mexican subsidiary, IEnova, announced the planned sale of the plant in February.
Sempra South American Utilities
Earnings for Sempra South American Utilities were $38 million in the first quarter 2016, compared with $41 million in the first quarter 2015, primarily due to foreign-currency translation effects.
SEMPRA U.S. GAS & POWER
Sempra Renewables
Sempra Renewables had first-quarter earnings of $13 million in 2016, unchanged from last year's first quarter.
Sempra Natural Gas
Sempra Natural Gas recorded a loss of $36 million in the first quarter 2016, compared with earnings of $2 million in the first quarter 2015.
Last week, Sempra U.S. Gas & Power announced that it signed a definitive agreement to sell its natural gas utility operations in the Southeastern U.S. Cash proceeds to Sempra U.S. Gas & Power are expected to be $323 million, subject to normal closing adjustments, and the buyer will assume existing debt of $67 million. Sempra U.S. Gas & Power expects to record an after-tax gain of approximately $70 million on the sale upon closing.
On March 29, Sempra U.S. Gas & Power announced an agreement to sell its 25-percent stake in REX for $440 million in cash. The company recorded an after-tax loss of $27 million in the first quarter 2016 related to the pending sale. Sempra U.S. Gas & Power expects the transaction to close in the second quarter 2016 and intends to permanently release uncontracted pipeline capacity that it holds. The permanent capacity release is expected to result in a charge to earnings of between $100 million and $120 million in the second quarter 2016, representing an acceleration of expected losses that otherwise would be realized over the contract term.
EARNINGS GUIDANCE
Sempra Energy today revised its 2016 adjusted earnings-per-share guidance range to $4.60 to $5. The new guidance for 2016 reflects the anticipated reduction in 2016 earnings of approximately $60 million, or $0.24 per diluted share, related to the pending sale of the company's interest in REX.
Sempra Energy also today set its 2020 earnings-per-share guidance range at $7.20 to $7.80, reflecting an expected compound annual growth rate in adjusted earnings of 12 percent from 2016 through 2020.
NON-GAAP FINANCIAL MEASURES
First-quarter adjusted earnings and adjusted earnings per share for both 2016 and 2015, as well as adjusted earnings guidance for 2016 and the compound annual growth rate for 2016 through 2020, are non-GAAP financial measures. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the first-quarter financial tables.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. EDT with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 5467296.
Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; the resolution of civil and criminal litigation and regulatory investigations; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; and the impact on the value of our natural gas storage and related assets and our investments from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable (due to liquidity issues, bankruptcy or otherwise) or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; and wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance or may be disputed by insurers; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
SEMPRA ENERGY | ||||||
Table A | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
Three months ended March 31, | ||||||
(Dollars in millions, except per share amounts) |
2016 |
2015 | ||||
(unaudited) | ||||||
REVENUES |
||||||
Utilities |
$ |
2,442 |
$ |
2,422 | ||
Energy-related businesses |
180 |
260 | ||||
Total revenues |
2,622 |
2,682 | ||||
EXPENSES AND OTHER INCOME |
||||||
Utilities: |
||||||
Cost of natural gas |
(311) |
(346) | ||||
Cost of electric fuel and purchased power |
(515) |
(481) | ||||
Energy-related businesses: |
||||||
Cost of natural gas, electric fuel and purchased power |
(56) |
(98) | ||||
Other cost of sales |
(35) |
(35) | ||||
Operation and maintenance |
(701) |
(658) | ||||
Depreciation and amortization |
(328) |
(303) | ||||
Franchise fees and other taxes |
(111) |
(107) | ||||
Plant closure adjustment |
― |
21 | ||||
Equity (losses) earnings, before income tax |
(22) |
19 | ||||
Other income, net |
49 |
39 | ||||
Interest income |
6 |
7 | ||||
Interest expense |
(143) |
(134) | ||||
Income before income taxes and equity earnings of certain unconsolidated subsidiaries |
455 |
606 | ||||
Income tax expense |
(142) |
(163) | ||||
Equity earnings, net of income tax |
17 |
15 | ||||
Net income |
330 |
458 | ||||
Earnings attributable to noncontrolling interests |
(11) |
(21) | ||||
Earnings |
$ |
319 |
$ |
437 | ||
Basic earnings per common share |
$ |
1.28 |
$ |
1.76 | ||
Weighted-average number of shares outstanding, basic (thousands) |
249,734 |
247,722 | ||||
Diluted earnings per common share |
$ |
1.27 |
$ |
1.74 | ||
Weighted-average number of shares outstanding, diluted (thousands) |
251,412 |
251,206 | ||||
Dividends declared per share of common stock |
$ |
0.76 |
$ |
0.70 |
SEMPRA ENERGY | ||||||
Table A (Continued) | ||||||
Sempra Energy Consolidated | ||||||
RECONCILIATION OF SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS (Unaudited) | ||||||
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Common Share exclude items in 2016 and 2015 as follows: | ||||||
2016: | ||||||
• |
$27 million after-tax impairment charge related to Sempra Natural Gas' investment in Rockies Express Pipeline LLC (Rockies Express) | |||||
• |
$24 million deferred income tax expense related to our decision to hold Sempra Mexico's Termoeléctrica de Mexicali (TdM) natural gas-fired power plant for sale | |||||
2015: | ||||||
• |
$13 million reduction in the plant closure loss related to the San Onofre Nuclear Generating Station (SONGS) due to California Public Utilities Commission (CPUC) approval of a compliance filing related to San Diego Gas & Electric Company's (SDG&E) authorized recovery of its investment in SONGS | |||||
• |
$4 million of liquefied natural gas (LNG) liquefaction development expenses | |||||
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and nature of these items, management believes that these non-GAAP financial measures provide a more meaningful comparison of the performance of Sempra Energy's business operations from 2016 to 2015 and to future periods, and also as a base for projection of future earnings-per-share compounded annual growth rate (EPS CAGR) from 2016 to 2020. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy Earnings and Diluted Earnings Per Common Share, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. |
Three months ended March 31, | |||||
(Dollars in millions, except per share amounts) |
2016 |
2015 | |||
Sempra Energy GAAP Earnings |
$ 319 |
$ 437 | |||
Exclude: |
|||||
Loss related to Rockies Express |
27 |
― | |||
Deferred income tax expense associated with TdM |
24 |
― | |||
SONGS plant closure adjustment |
― |
(13) | |||
LNG liquefaction development expenses (1) |
― |
4 | |||
Sempra Energy Adjusted Earnings |
$ 370 |
$ 428 | |||
Diluted earnings per common share: |
|||||
Sempra Energy GAAP Earnings |
$ 1.27 |
$ 1.74 | |||
Sempra Energy Adjusted Earnings |
$ 1.47 |
$ 1.71 | |||
Weighted-average number of shares outstanding, diluted (thousands) |
251,412 |
251,206 |
(1) |
LNG liquefaction development expenses for 2016 are included in 2016 Adjusted Earnings-Per-Share Guidance and therefore are not an adjusted earnings item in 2016. |
SEMPRA ENERGY 2016 ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGE (Unaudited) |
||||||
Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance Range of $4.60 to $5.00 excludes: |
• |
any potential gain from the remeasurement of our equity method investment in Gasoductos de Chihuahua (GdC), a 50-50 joint venture between our Mexican subsidiary, IEnova, and Petróleos Mexicanos (PEMEX), in connection with the potential acquisition by IEnova of PEMEX's 50-percent interest in GdC; | |||||
• |
any earnings impact from any transaction to sell the TdM natural gas-fired power plant in Mexico, including the $24 million deferred income tax expense recorded in the first quarter of 2016; | |||||
• |
the $27 million after-tax Rockies Express impairment charge; | |||||
• |
approximately $100 million to $120 million charge expected in the second quarter of 2016 from Sempra Natural Gas' planned permanent release of uncontracted capacity; | |||||
• |
approximately $70 million gain from the pending sale of the parent company of Mobile Gas and Willmut Gas in 2016; and | |||||
• |
any impact from the adoption of new accounting standards in 2016. | |||||
Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance is a non-GAAP financial measure. Because of the significance and nature of the excluded items, management believes this non-GAAP measure provides better clarity into the ongoing results of the business and the comparability of such results to prior and future periods and also as a base for comparison of the projected EPS CAGR from 2016 to 2020. Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance should not be considered an alternative to diluted earnings per share determined in accordance with GAAP. As the parties are in the process of restructuring the GdC transaction and an agreement for the sale of the TdM plant has yet to be obtained, any potential earnings impact, other than the TdM deferred income tax expense recorded in the first quarter of 2016, from these transactions cannot be reasonably estimated at this time. We are also not able to estimate the impact from the adoption of new accounting standards in 2016. Accordingly, we are not able to provide a corresponding GAAP equivalent to our 2016 Adjusted Earnings-Per-Share Guidance or our projected EPS CAGR from 2016 to 2020. | ||||||
San Diego Gas & Electric Company (SDG&E) | ||||||
RECONCILIATION OF SDG&E GAAP EARNINGS TO SDG&E ADJUSTED EARNINGS (Unaudited) | ||||||
SDG&E Adjusted Earnings exclude, in 2015, a $13 million reduction in the plant closure loss related to SONGS due to CPUC approval of a compliance filing related to SDG&E's authorized recovery of its investment in SONGS. |
Three months ended March 31, | |||||
(Dollars in millions) |
2016 |
2015 | |||
SDG&E GAAP Earnings |
$ 129 |
$ 147 | |||
Exclude: |
|||||
SONGS plant closure adjustment |
― |
(13) | |||
SDG&E Adjusted Earnings |
$ 129 |
$ 134 |
SEMPRA ENERGY | |||||||
Table B | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
March 31, |
December 31, | ||||||
(Dollars in millions) |
2016 |
2015(1) | |||||
(unaudited) |
|||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ 376 |
$ 403 | |||||
Restricted cash |
23 |
27 | |||||
Accounts receivable, net |
1,277 |
1,473 | |||||
Due from unconsolidated affiliates |
7 |
6 | |||||
Income taxes receivable |
49 |
30 | |||||
Inventories |
231 |
298 | |||||
Regulatory balancing accounts – undercollected |
256 |
307 | |||||
Fixed-price contracts and other derivatives |
88 |
80 | |||||
Assets held for sale, power plant |
303 |
― | |||||
Other |
273 |
267 | |||||
Total current assets |
2,883 |
2,891 | |||||
Other assets: |
|||||||
Restricted cash |
20 |
20 | |||||
Due from unconsolidated affiliates |
186 |
186 | |||||
Regulatory assets |
3,336 |
3,273 | |||||
Nuclear decommissioning trusts |
1,082 |
1,063 | |||||
Investments |
2,727 |
2,905 | |||||
Goodwill |
849 |
819 | |||||
Other intangible assets |
402 |
404 | |||||
Dedicated assets in support of certain benefit plans |
432 |
464 | |||||
Insurance receivable for Aliso Canyon costs |
660 |
325 | |||||
Sundry |
825 |
761 | |||||
Total other assets |
10,519 |
10,220 | |||||
Property, plant and equipment, net |
28,433 |
28,039 | |||||
Total assets |
$ 41,835 |
$ 41,150 | |||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Short-term debt |
$ 1,177 |
$ 622 | |||||
Accounts payable |
1,157 |
1,275 | |||||
Due to unconsolidated affiliates |
13 |
14 | |||||
Dividends and interest payable |
360 |
303 | |||||
Accrued compensation and benefits |
259 |
423 | |||||
Regulatory balancing accounts – overcollected |
45 |
34 | |||||
Current portion of long-term debt |
1,066 |
907 | |||||
Fixed-price contracts and other derivatives |
57 |
56 | |||||
Customer deposits |
147 |
153 | |||||
Reserve for Aliso Canyon costs |
302 |
274 | |||||
Other |
549 |
551 | |||||
Total current liabilities |
5,132 |
4,612 | |||||
Long-term debt |
12,975 |
13,134 | |||||
Deferred credits and other liabilities: |
|||||||
Customer advances for construction |
148 |
149 | |||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,165 |
1,152 | |||||
Deferred income taxes |
3,222 |
3,157 | |||||
Deferred investment tax credits |
32 |
32 | |||||
Regulatory liabilities arising from removal obligations |
2,850 |
2,793 | |||||
Asset retirement obligations |
2,151 |
2,126 | |||||
Fixed-price contracts and other derivatives |
248 |
240 | |||||
Deferred credits and other |
1,188 |
1,176 | |||||
Total deferred credits and other liabilities |
11,004 |
10,825 | |||||
Equity: |
|||||||
Total Sempra Energy shareholders' equity |
11,946 |
11,809 | |||||
Preferred stock of subsidiary |
20 |
20 | |||||
Other noncontrolling interests |
758 |
750 | |||||
Total equity |
12,724 |
12,579 | |||||
Total liabilities and equity |
$ 41,835 |
$ 41,150 |
(1) |
Derived from audited financial statements. |
SEMPRA ENERGY | |||||
Table C | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
Three months ended March 31, | |||||
(Dollars in millions) |
2016 |
2015 | |||
(unaudited) | |||||
Cash Flows from Operating Activities |
|||||
Net income |
$ 330 |
$ 458 | |||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
Depreciation and amortization |
328 |
303 | |||
Deferred income taxes and investment tax credits |
112 |
131 | |||
Plant closure adjustment |
― |
(21) | |||
Equity losses (earnings) |
5 |
(34) | |||
Fixed-price contracts and other derivatives |
4 |
11 | |||
Other |
2 |
(27) | |||
Net change in other working capital components |
165 |
19 | |||
Insurance receivable for Aliso Canyon costs |
(335) |
― | |||
Changes in other assets |
(29) |
(42) | |||
Changes in other liabilities |
10 |
13 | |||
Net cash provided by operating activities |
592 |
811 | |||
Cash Flows from Investing Activities |
|||||
Expenditures for property, plant and equipment |
(971) |
(780) | |||
Expenditures for investments and acquisition of business |
(30) |
(34) | |||
Distributions from investments |
9 |
1 | |||
Purchases of nuclear decommissioning and other trust assets |
(94) |
(95) | |||
Proceeds from sales by nuclear decommissioning and other trusts |
93 |
94 | |||
Increases in restricted cash |
(16) |
(18) | |||
Decreases in restricted cash |
20 |
25 | |||
Advances to unconsolidated affiliates |
(6) |
(5) | |||
Repayments of advances to unconsolidated affiliates |
9 |
33 | |||
Other |
(3) |
9 | |||
Net cash used in investing activities |
(989) |
(770) | |||
Cash Flows from Financing Activities |
|||||
Common dividends paid |
(161) |
(149) | |||
Issuances of common stock |
15 |
17 | |||
Repurchases of common stock |
(54) |
(65) | |||
Issuances of debt (maturities greater than 90 days) |
55 |
938 | |||
Payments on debt (maturities greater than 90 days) |
(54) |
(654) | |||
Increase (decrease) in short-term debt, net |
531 |
(363) | |||
Tax benefit related to share-based compensation |
34 |
52 | |||
Other |
(2) |
(7) | |||
Net cash provided by (used in) financing activities |
364 |
(231) | |||
Effect of exchange rate changes on cash and cash equivalents |
6 |
(3) | |||
Decrease in cash and cash equivalents |
(27) |
(193) | |||
Cash and cash equivalents, January 1 |
403 |
570 | |||
Cash and cash equivalents, March 31 |
$ 376 |
$ 377 |
SEMPRA ENERGY | |||||
Table D | |||||
SEGMENT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS | |||||
Three months ended March 31, | |||||
(Dollars in millions) |
2016 |
2015 | |||
(unaudited) | |||||
Earnings (Losses) |
|||||
California Utilities: |
|||||
San Diego Gas & Electric |
$ 129 |
$ 147 | |||
Southern California Gas |
195 |
214 | |||
Sempra International: |
|||||
Sempra South American Utilities |
38 |
41 | |||
Sempra Mexico |
17 |
47 | |||
Sempra U.S. Gas & Power: |
|||||
Sempra Renewables |
13 |
13 | |||
Sempra Natural Gas |
(36) |
2 | |||
Parent and other |
(37) |
(27) | |||
Earnings |
$ 319 |
$ 437 | |||
Three months ended March 31, | |||||
(Dollars in millions) |
2016 |
2015 | |||
(unaudited) | |||||
Capital Expenditures and Investments |
|||||
California Utilities: |
|||||
San Diego Gas & Electric |
$ 329 |
$ 355 | |||
Southern California Gas |
340 |
315 | |||
Sempra International: |
|||||
Sempra South American Utilities |
43 |
31 | |||
Sempra Mexico |
40 |
55 | |||
Sempra U.S. Gas & Power: |
|||||
Sempra Renewables |
199 |
22 | |||
Sempra Natural Gas |
47 |
25 | |||
Parent and other |
3 |
11 | |||
Consolidated Capital Expenditures and Investments |
$ 1,001 |
$ 814 |
SEMPRA ENERGY | ||||||
Table E | ||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||
Three months ended March 31, | ||||||
UTILITIES |
2016 |
2015 | ||||
California Utilities - SDG&E and SoCalGas |
||||||
Gas Sales (Bcf)(1) |
113 |
99 | ||||
Transportation (Bcf)(1) |
148 |
155 | ||||
Total Deliveries (Bcf)(1) |
261 |
254 | ||||
Total Gas Customers (Thousands) |
6,782 |
6,746 | ||||
Electric Sales (Millions of kWhs)(1) |
3,773 |
3,832 | ||||
Direct Access (Millions of kWhs) |
834 |
867 | ||||
Total Deliveries (Millions of kWhs)(1) |
4,607 |
4,699 | ||||
Total Electric Customers (Thousands) |
1,428 |
1,419 | ||||
Other Utilities |
||||||
Natural Gas Sales (Bcf) |
||||||
Mexico |
8 |
7 | ||||
Mobile Gas(2) |
13 |
13 | ||||
Willmut Gas |
1 |
1 | ||||
Natural Gas Customers (Thousands) |
||||||
Mexico |
114 |
108 | ||||
Mobile Gas(2) |
84 |
87 | ||||
Willmut Gas |
19 |
19 | ||||
Electric Sales (Millions of kWhs) |
||||||
Peru |
1,949 |
1,923 | ||||
Chile |
799 |
792 | ||||
Electric Customers (Thousands) |
||||||
Peru |
1,058 |
1,036 | ||||
Chile |
675 |
661 | ||||
ENERGY-RELATED BUSINESSES |
||||||
Sempra International |
||||||
Power Sold (Millions of kWhs) |
||||||
Sempra Mexico |
528 |
910 | ||||
Sempra U.S. Gas & Power |
||||||
Power Sold (Millions of kWhs) |
||||||
Sempra Renewables(3) |
767 |
727 | ||||
Sempra Natural Gas(4) |
221 |
1,373 |
(1) |
Includes intercompany sales. | |||||
(2) |
Includes transportation. | |||||
(3) |
Includes 50 percent of total power sold related to solar and wind projects in which Sempra Energy has 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. | |||||
(4) |
Sempra Natural Gas sold the remaining 625-megawatt block of its Mesquite Power natural gas-fired power plant in April 2015. |
SEMPRA ENERGY | ||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||
Statement of Operations Data by Segment |
||||||||||||||||||
Three Months Ended March 31, 2016 |
||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 991 |
$ 1,033 |
$ 400 |
$ 138 |
$ 7 |
$ 130 |
$ (77) |
$2,622 | ||||||||||
Cost of sales and other expenses |
(596) |
(617) |
(329) |
(82) |
(13) |
(154) |
62 |
(1,729) | ||||||||||
Depreciation and amortization |
(159) |
(122) |
(13) |
(17) |
(1) |
(13) |
(3) |
(328) | ||||||||||
Equity earnings (losses), before income tax |
- |
- |
- |
- |
7 |
(29) |
- |
(22) | ||||||||||
Other income, net |
14 |
10 |
2 |
11 |
- |
- |
12 |
49 | ||||||||||
Income (loss) before interest and tax (1) |
250 |
304 |
60 |
50 |
- |
(66) |
(6) |
592 | ||||||||||
Net interest (expense) income (2) |
(48) |
(22) |
(4) |
(2) |
1 |
4 |
(66) |
(137) | ||||||||||
Income tax (expense) benefit |
(72) |
(87) |
(14) |
(41) |
12 |
25 |
35 |
(142) | ||||||||||
Equity earnings, net of income tax |
- |
- |
2 |
15 |
- |
- |
- |
17 | ||||||||||
(Earnings) losses attributable to noncontrolling interests |
(1) |
- |
(6) |
(5) |
- |
1 |
- |
(11) | ||||||||||
Earnings (losses) |
$ 129 |
$ 195 |
$ 38 |
$ 17 |
$ 13 |
$ (36) |
$ (37) |
$ 319 | ||||||||||
Three Months Ended March 31, 2015 |
||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 966 |
$ 1,048 |
$ 389 |
$ 163 |
$ 8 |
$ 197 |
$ (89) |
$2,682 | ||||||||||
Cost of sales and other expenses |
(560) |
(615) |
(314) |
(102) |
(11) |
(196) |
73 |
(1,725) | ||||||||||
Depreciation and amortization |
(145) |
(113) |
(13) |
(17) |
(2) |
(12) |
(1) |
(303) | ||||||||||
Plant closure adjustment |
21 |
- |
- |
- |
- |
- |
- |
21 | ||||||||||
Equity earnings, before income tax |
- |
- |
- |
- |
2 |
17 |
- |
19 | ||||||||||
Other income, net |
9 |
8 |
3 |
9 |
- |
- |
10 |
39 | ||||||||||
Income (loss) before interest and tax (1) |
291 |
328 |
65 |
53 |
(3) |
6 |
(7) |
733 | ||||||||||
Net interest expense (2) |
(52) |
(19) |
(1) |
(3) |
(1) |
(2) |
(49) |
(127) | ||||||||||
Income tax (expense) benefit |
(88) |
(95) |
(16) |
(8) |
17 |
(2) |
29 |
(163) | ||||||||||
Equity (losses) earnings, net of income tax |
- |
- |
(1) |
16 |
- |
- |
- |
15 | ||||||||||
Earnings attributable to noncontrolling interests |
(4) |
- |
(6) |
(11) |
- |
- |
- |
(21) | ||||||||||
Earnings (losses) |
$ 147 |
$ 214 |
$ 41 |
$ 47 |
$ 13 |
$ 2 |
$ (27) |
$ 437 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | |||||||||||||||||
(2) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
[SRE-F]
Logo - http://photos.prnewswire.com/prnh/20110108/SEMPRAENERGYLOGO
SOURCE Sempra Energy
LOS ANGELES, April 27, 2016 /PRNewswire/ -- Today, the Los Angeles Superior Court granted a motion by Los Angeles County for a preliminary injunction to continue the temporary relocation plan for Porter Ranch area residents who left their homes because of the now-sealed Aliso Canyon gas leak. This extends the relocation program until at least May 31. SoCalGas issued the following statement in response:
"Tens of thousands of families are thriving in Porter Ranch today; working, living and raising their families there and the surrounding communities. The parks are full of children, residents jog on the streets, and the shopping centers are busy. The air in Porter Ranch has returned to pre-leak conditions and there is no scientific evidence that justifies continued relocation. For the group who choose to continue to stay relocated, today's decision unfortunately adds to the potential fear and confusion. We are disappointed in the court's ruling and we are evaluating our options.
"After months of waiting for Public Health officials to act in the best interest of the people they serve, we have listened to the frustrations expressed by residents and we are offering solutions, including helping people return to their houses and providing related cleaning services.
"SoCalGas is providing complimentary interior home cleaning services for any relocated resident who decides to exit the relocation program and return home. We encourage currently relocated residents interested in receiving this free service and returning home to call 1-888-314-7645 to learn more.
"In accordance with the temporary relocation plan, SoCalGas will continue to transition those who choose to remain relocated out of hotels and into temporary residence apartments that feature larger living, dining and sleeping spaces, full kitchens and secure parking. Reimbursements associated with hotel stays, including daily meal allowances, will be discontinued once residents have moved into a temporary residence."
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity price; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
SAN DIEGO, April 26, 2016 /PRNewswire/ -- Sempra U.S. Gas & Power, a unit of Sempra Energy (NYSE: SRE), today announced that it has signed a definitive agreement to sell EnergySouth, Inc. (EnergySouth), the parent company of Mobile Gas Service Corp. (Mobile Gas) and Willmut Gas & Oil Company (Willmut Gas), to The Laclede Group, Inc. (NYSE: LG). Cash proceeds to Sempra U.S. Gas & Power are expected to be approximately $323 million, subject to normal adjustments at close, and The Laclede Group, Inc. will assume existing debt of approximately $67 million. Sempra U.S. Gas & Power expects to record a gain on the sale upon closing.
The transaction is subject to customary regulatory approvals. At close of the transaction, EnergySouth will consist of only Mobile Gas and Willmut Gas, and will not include Bay Gas Storage Company, Mississippi Hub, LLC, Liberty Gas Storage or Southern Gas Transmission, which will be retained by Sempra U.S. Gas & Power.
"We are very proud of the strong operating and safety performance of our teams at Mobile Gas and Willmut Gas," said Patti Wagner, president and CEO of Sempra U.S. Gas & Power. "After careful consideration of our natural gas assets, we have entered into this agreement to sell our two southeast utilities to Laclede. We believe we can productively redeploy the proceeds from the sale into long-term growth opportunities that meet our strategy. Additionally, I want to thank each employee of Mobile Gas and Willmut Gas for their continued hard work and commitment in providing safe and reliable natural gas service to residential, commercial, and industrial customers in Alabama and Mississippi."
J.P. Morgan Securities LLC acted as financial advisor and Latham & Watkins LLP acted as legal counsel for Sempra U.S. Gas & Power.
Sempra U.S. Gas & Power acquired EnergySouth in 2008 and Willmut Gas in 2012.
Mobile Gas provides service to about 85,000 residential, commercial and industrial customers in Mobile and Baldwin counties in southwest Alabama.
Willmut Gas provides service to about 19,000 residential, commercial and industrial customers in greater Hattiesburg (which includes portions of Forrest and Lamar Counties) as well as portions of Covington, Jones, Simpson and Rankin Counties.
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas projects. For more information, visit www.SempraUSGP.com. Sempra U.S. Gas & Power is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2015 revenues of $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; and the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; and wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, some of which may not be covered by insurance; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
Media Contacts: |
Steve Schooff |
Sempra U.S. Gas & Power | |
(877) 855-7887 | |
Financial Contact: |
Kendall Helm |
Sempra Energy | |
(877) 696-2461 | |
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SOURCE Sempra U.S. Gas & Power
ST. LOUIS, April 26, 2016 /PRNewswire/ -- The Laclede Group, Inc. (NYSE: LG) ("Company" or "Laclede") today announced an agreement with Sempra U.S. Gas & Power, a unit of Sempra Energy (NYSE: SRE), to acquire the parent company of Mobile Gas, serving 85,000 natural gas utility customers in Alabama, and Willmut Gas, with 19,000 customers in Mississippi.
Laclede is acquiring 100 percent of the outstanding equity of EnergySouth, Inc., the parent of Mobile Gas and Willmut Gas, for $344 million. All non-utility businesses in EnergySouth will be retained by Sempra. After the inclusion of working capital adjustments and the assumption of $67 million in debt, the transaction is expected to result in total cash proceeds of $323 million. Closing on the transaction is expected to occur in 2016.
"Welcoming Mobile and Willmut supports our strategy to provide customer benefits and deliver long-term earnings growth and shareholder value," said Suzanne Sitherwood, president and chief executive officer. "These additions allow us to build on our significant presence in Alabama, where we are the largest natural gas distribution company in the state, and expands our geographic reach into Mississippi."
STRATEGIC RATIONALE
TRANSACTION DETAILS
The purchase consideration will include assumption of $67 million of existing debt at the two utilities. We expect the financing to include a balanced mix of common stock and new long-term debt, cash on hand and available credit facilities. This transaction is expected to close in 2016, subject to customary closing conditions and regulatory approvals. Moelis & Company LLC acted as exclusive financial advisor. Morgan Stanley will act as the lead for equity and debt offerings. Akin Gump Strauss Hauer & Feld LLP acted as legal counsel.
CONFERENCE CALL AND WEBCAST
To access our conference call and webcast today, please dial the number below 5-10 minutes prior to the start.
Date and Time: |
Today – Tuesday, April 26 |
9 a.m. CDT (10 a.m. EDT) | |
Phone Numbers: |
U.S./Canada: 1-866-652-5200 |
International: 1-412-317-6060 |
The call will also be webcast in a listen-only format for the media and general public. The webcast can be accessed at www.TheLacledeGroup.com under the Investor Relations tab. A replay of the call will be available beginning at 11 a.m. CDT (12 p.m. EDT) today and continuing until May 26, by dialing 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada), or 1-412-317-0088 (International). The Replay Access Code is 10085349. A webcast replay will also be available starting later today and will be accessible on our website.
ABOUT THE COMPANY
The Laclede Group, Inc. (NYSE: LG), will become Spire Inc. on April 28, 2016 subject to shareholder approval. The company, headquartered in St. Louis, Missouri, is a public utility holding company whose primary business is the safe and reliable delivery of natural gas service to more than 1.56 million residential, commercial and industrial customers across Missouri and Alabama. Its Gas Utility segment consists of three natural gas utilities: Laclede Gas Company (serving St. Louis and eastern Missouri), Missouri Gas Energy (serving Kansas City and western Missouri) and Alabama Gas Corporation (serving central and northern Alabama, including Birmingham and Montgomery). Laclede's non-utility businesses include Laclede Energy Resources, Inc., providing non-regulated natural gas services, and Spire which provides compressed natural gas (CNG) fueling solutions for transportation fleets. Laclede is committed to transforming its business and pursuing growth by 1) growing its Gas Utility business through prudent infrastructure upgrade investment and organic growth initiatives; 2) acquiring and integrating gas utilities; 3) modernizing its gas supply assets, and 4) investing in innovation and emerging markets.
For more information about Laclede and its subsidiaries, visit www.TheLacledeGroup.com.
CAUTIONARY STATEMENTS ON FORWARD-LOOKING INFORMATION
This press release may include certain statements concerning expectations for the future, including statements regarding the anticipated benefits and other aspects of the transaction described above, that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond the control of the management team of Laclede. Among those are the risks that the transaction described above may not be consummated, that the anticipated benefits from the transaction may not be fully realized, and that dividends are at the discretion of the board of directors, are not guaranteed and may be restricted by certain debt covenants. An extensive list of factors that can affect future results are discussed in the reports filed with the Securities and Exchange Commission by Laclede. Laclede does not undertake any obligation to update or revise any forward-looking statement to reflect new information or events.
NON-GAAP MEASURES
Net economic earnings (NEE) and NEE per share are non-GAAP measures used by management when evaluating the Company's performance. NEE excludes from net income the after-tax impacts of fair value accounting and timing adjustments associated with energy-related transactions, as well as the after-tax impacts related to acquisition, divestiture and restructuring activities, including one-time costs related to integration. A full explanation of the adjustments and a reconciliation of net income to net economic earnings are contained in the Company's SEC filings.
SOURCE The Laclede Group, Inc.
LOS ANGELES, April 25, 2016 /PRNewswire/ -- Hundreds of mobile home parks across Southern California are eligible to participate in a voluntary statewide pilot program which upgrades natural gas systems from master meters to direct utility service for each park resident. But while SoCalGas covers to-the-meter costs and reimburses mobile home park owners for some beyond-the-meter costs, park owners may need help to cover other costs of the program. Now, Small Business Development Corporation of Orange County, together with Pacific Premier Bank (Irvine, California), is providing funding to mobile home park owners to support the program's beyond-the-meter costs.
The mobile home park utility upgrade program is intended to enhance safety and reliability for residents, and allows them to sign up for programs that can help them save energy and money as direct utility customers. Park owners also benefit because they can turn system maintenance and billing over to SoCalGas.
The Mobile Home Park Upgrade Loan Program provides the necessary financing needed to convert master-metered service to direct service for each mobile home resident of the park. "These upgrades will save time and effort for mobile home park owners because the service will be provided directly to the resident plus an added public safety benefit to residents in terms of the upgraded infrastructure," said Michael A. Ocasio, President/CEO of Small Business Development Corporation of Orange County (SBDCOC). "We are proud to offer this financing conduit that ensures little risk to the owner for making these upgrades."
"SoCalGas is very pleased to work with SBDCOC," said Eugene "Mitch" Mitchell, vice president of legislative and external affairs for SoCalGas and San Diego Gas & Electric. "The additional options available to mobile home park owners will help move this program forward and work to meet the goals set by the California Public Utilities Commission."
The Mobilehome Park Utility Upgrade Program is a voluntary, three-year statewide pilot program approved by the California Public Utilities Commission (CPUC) and monitored by the commission's Safety Enforcement Division. The CPUC approved the pilot program in March 2014.
For more information about the Mobilehome Park Utility Upgrade Program, please visit socalgas.com/stay-safe/safety-and-prevention/mobilehome-park-utility-upgrade-program.
About Small Business Development Corporation of Orange County
Small Business Development Corporation of Orange County is a quasi-public private non-profit organization that has been serving Orange County and Southern California region for over 15 years. The organization works with small businesses, commercial banks, Community Development Financial Institutions (CDFI's) and various resource partners to assist small businesses with access to capital. It accesses capital through programs like the California Small Business Loan Guarantee Program, and the State Small Business Credit Initiative (SBCCI) to help small businesses and communities of greater need to succeed. Small Business Development Corporation of Orange County is one of nine Financial Development Corporations in California that are a part of the Governor's Office of Business & Economic Development (GoBIZ), under the California Infrastructure and Economic Development Bank (IBank).
About SoCalGas
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, April 22, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it will offer complimentary interior home cleaning services for residents currently enrolled in the company's temporary relocation program who choose to return home. The cleaning protocol was designed by a third party toxicologist to address concerns expressed by residents about dust and other substances. Cleaning will include carpets, counter tops, tables, flooring, furniture, windows and window sills. SoCalGas will also replace furnace filters.
"We recognize that many residents remain relocated because they continue to have questions about the effects of dust and indoor air in their homes," said Gillian Wright, Vice President of Customer Services. "We are pleased to offer this toxicologist-approved home cleaning service to address residents' concerns and give them confidence that their homes are clean and ready for their return."
Even though expert indoor air testing showed no levels of concerns of methane or mercaptans, and thousands of outdoor air samples collected by numerous health and environmental agencies indicate that the air quality is consistent with what it was before the leak, some relocated residents have expressed concerns about indoor air quality. The cleaning service will address not only dust and dirt, but also volatile organic compounds, semi-volatile organic compounds, metals and sulfur compounds on carpets, counter tops, tables, flooring, furniture, windows, and window sills.
Many of these compounds are found in common household products and are known to exist in most indoor air. Residents can find links to independent expert reports and information on dust and indoor air on SoCalGas' new online resource.
SoCalGas will begin contacting residents enrolled in the temporary relocation program with this offer today. The first group eligible for this new return home option will be those served by one of our largest housing providers. Other currently relocated residents who are interested in returning to a professionally cleaned home may also enroll for this service by contacting 1-888-314-7645.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity price; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, April 21, 2016 /PRNewswire/ -- SoCalGas is hosting the 16th annual Municipal Green Building Conference and Expo: Road to Greenbuild, Water Resilience for Cities today from 8 a.m. to 4 p.m. at the Company's Energy Resource Center (ERC) in Downey.
The Expo is Southern California's longest-running and largest sustainability and green building event focusing on the unique needs and concerns of municipalities. It draws from 75 area cities and brings together thought leaders, local government agencies, policy makers, architects and building-industry professionals to further the development of a sustainable and energy-efficient future for Southern California. The event is free to the public and hosted by the Los Angeles and Orange County chapters of the U.S. Green Building Council (USGBC) and SoCalGas.
"SoCalGas is delighted to support Southern California municipalities, businesses and our customers as we work together to become more energy efficient and focus on improved water resource management," said Michael Schneider, vice president of operations support & chief environmental officer for SoCalGas. "Over two decades ago, SoCalGas made a commitment to being a leader in sustainability and clean energy solutions and our LEED Platinum certified Energy Resource Center is the ideal place to again convene this important forum and focus our knowledge and resources to address one of today's greatest challenges for cities."
Located at 9240 Firestone Blvd., the SoCalGas ERC is a showcase facility where business customers can learn about energy efficiency and environmentally-sensitive building technology, so they can make informed choices about energy consumption and conservation. The innovation in the ERC's design and construction earned it California's first "Energy Star Building" award when it was built in 1995. More recently, it earned Leadership in Energy and Environmental Design (LEED) Platinum certification. LEED certification provides independent verification of a building's green features. LEED-certified buildings are resource efficient, use less water and energy and reduce greenhouse gas emissions.
This year's Municipal Green Building Conference Expo includes over two dozen educational sessions featuring topics that include climate change and resilience, sustainable design, construction, operations practices, livability, wellness and the economy. Morning and afternoon keynote sessions will address water resilience and also look at the national, state and local perspectives in reviewing the last 15 years of green building trends.
Protecting the environment is part of SoCalGas' culture and the Company takes steps daily to protect the environment in its facilities and operations, and in planning and constructing new facilities. SoCalGas pursues LEED certification for all remodels and new construction greater than 10,000 square feet. SoCalGas has earned LEED certifications for nine facilities and honors for environmental stewardship, including U.S. Environmental Protection Agency awards for outstanding contributions to energy efficiency and environmental education including:
As an advocate of energy conservation, SoCalGas is installing large photovoltaic (PV) systems at its facilities throughout the region. As of December 2014, SoCalGas has reduced electric use by nearly 10 percent compared to 2003.
In 2010, SoCalGas created the Sustainability Council, a volunteer group of employees to advocate for actions that reduce its impact on the environment. The Council's mission is to advance the company's green culture and environmental sustainability through educating, inspiring conservation, energy efficiency, recycling and waste reduction at work and at home.
More information on the ERC, SoCalGas sustainability and the Company's environmental awards is available at SoCalGas.com.
About SoCalGas
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE)
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SOURCE SoCalGas
SAN DIEGO, April 20, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to announce its first-quarter 2016 earnings at 9 a.m. EDT, May 4.
Sempra Energy executives will conduct a conference call at 1 p.m. EDT, May 4.
Investors, media, analysts and the general public may listen to a live webcast of the conference call at the company's website, www.sempra.com, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 5467296.
Briefing materials will be posted on the company's website by 9 a.m. EDT, May 4.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
[SRE-F]
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SOURCE Sempra Energy
SAN DIEGO, April 15, 2016 /PRNewswire/ -- Over the last eight months, San Diego Gas & Electric (SDG&E) has helped nearly 3,000 private solar customers collectively save more than $3 million on the costs to go solar. August 2015 was when SDG&E first announced its Renewable Meter Adapter invention, a technology that was developed as an alternative for expensive and time consuming electric panel upgrades that are often required to accommodate solar.
"I work with a number of solar customers and after many conversations I realized that electric panel upgrades were becoming an obstacle in the pathway to solar," said SDG&E Customer Generation Manager Ken Parks and co-inventor of the Renewable Meter Adapter. "I knew that we could improve the customer experience if we could find a way to avoid the time and money associated with panel upgrades."
Typically, homes built before 1995—or nearly three quarters of San Diego homes—require electric panel upgrades before connecting private solar. These upgrades, which can cost up to $10,000, often include construction to walls, stucco and landscaping, introducing additional delays and permitting requirements. Not only do these upgrades take time, they require intricate electrical work that bring with it safety risks.
"Homeowners have a new reason to consider going solar, because this device has made it more affordable and efficient," said Councilman Mark Kersey, who represents San Diego's fifth district, including Rancho Bernardo. "This is not only good for the environment, but also our local economy."
Robert Clossin, one of SDG&E's Rancho Bernardo customers who today had a Renewable Meter Adapter installed said, "When our solar contractor recommended the Renewable Meter Adapter instead of a panel upgrade we knew we would save money. However, the best part was avoiding the annoyance and extra time of having to upgrade our panel, trying to match the exterior paint on our home and coordinating additional inspections."
The Renewable Meter Adapter device can be installed in under an hour, completing work that would have previously taken days and required additional electrical inspections. In addition, SDG&E will operate and maintain the device for the life of the product.
"When we first announced this innovative technology, we believed it would help to make solar more accessible for our customers," said Parks. "The response has been staggering, and the fact that this technology has helped so many customers is a testament to how this technology has created a solution to a problem. It's making clean energy more affordable."
In addition to the Renewable Meter Adapter, SDG&E's "fast track" option allows same-day connection of panels, once the panels are deemed safe by the city or county inspector.
Customers interested in installing a Renewable Meter Adapter can reserve their Renewable Meter Adapter by visiting sdge.com/rma or emailing rma@semprautilities.com.
SDG&E is an innovative San Diego-based energy company that provides safe, reliable, clean energy to better the lives of the people it serves in San Diego and southern Orange counties. More than 4,300 employees work to provide the most reliable and clean energy in the West. The company has been recognized by the U.S. Environmental Protection Agency for leadership in addressing climate change, was the first to meet California's goal of delivering 33 percent of energy from renewable sources, has fueled the adoption of electric vehicles and energy efficiency through unique customer programs, and supports more than 600 non-profit partners. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. For more information visit sdge.com/newsroom or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric
LOS ANGELES, April 15, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it will begin transitioning residents who chose to remain in the temporary housing program to temporary residences that feature larger living, dining and sleeping spaces, full kitchens and secure parking. In accordance with the terms of our temporary housing plan, temporary residence apartments come ready for immediate move-in, with furnishings, linens, toiletries, and high speed internet. The move to more stable temporary residences will also help minimize the repeated moves and confusion that some have unfortunately experienced in recent months.
Current temporary housing assignments were initially designed to be short-term. SoCalGas' original agreement with the Los Angeles City Attorney, and approved by the courts, called for the relocation program to end 48 hours after the gas leak at the Aliso Canyon storage facility was stopped. SoCalGas agreed to provide residents with more time, extending the relocation period to 8 days and 7 nights after the Division of Oil, Gas and Geothermal Resources confirmed the leak was permanently sealed on February 18, 2016.
Repeated actions by Los Angeles County to extend the temporary housing program have introduced significant new uncertainty and instability for residents staying in hotels. To address the longer-term nature of the relocation, SoCalGas has secured and will directly pay for high quality apartment-style residences that have many of the same amenities as a home and long-term leases that help avoid repeated moves between hotels.
SoCalGas will begin transitioning residents currently staying in hotels between now and April 22, 2016. The first group eligible for this new relocation option will be those served by our largest temporary housing provider.
To continue in the temporary housing program, residents will be provided with a form to select a housing option. These residents must respond with their selection no later than Monday, April 18, 2016 at 12:00 PM.
The units are available for move-in starting immediately and residents must be moved by April 22, 2016. SoCalGas will reimburse eligible hotel and meal expenses for these residents through regular check-out time on Friday, April 22. Accommodations for those residents will not be extended past check-out time on Friday, April 22, and SoCalGas will no longer reimburse for lodging beyond that point unless residents enroll in one of the housing options provided on the form.
In addition, because SoCalGas is now able to provide more stable and roomier housing where residents can prepare regular meals, reimbursements associated with hotel stays, including daily meal allowances, will be discontinued once residents have moved into a temporary residence.
All other residents enrolled in the temporary housing program will be promptly notified when new temporary residences are available for their housing group. In the meantime, SoCalGas will extend reservations and current meal allowances at their current locations through Monday, May 2, 2016.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity price; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, April 15, 2016 /PRNewswire/ -- Owners and operators of natural gas-fueled trucks and autos now have a new, convenient place to fuel in western Riverside County, as SoCalGas opens its new Murrieta compressed natural gas (CNG) station, the company's 15th public-access station.
Located at the SoCalGas operating base at 41376 Guava Street, the 24-hour retail station is near the intersection of two interstate highways, I-15 and I-215. It is conveniently situated for trucks and other commercial vehicles traveling between Southern California locations.
While the Murrieta station is accessible to all natural gas vehicles (NGVs), it is designed to provide optimized access for trucks and commercial vehicles. The design features include a wider turning radius and ample space to allow for safe, efficient fueling for multiple vehicles.
"Fuel availability is a key requirement for any NGV fleet operator and SoCalGas has worked to ensure that Southern California has one of the best CNG refueling networks in the U.S.; one that continues to grow every year," said Mike Schneider, vice president of operations support & chief environmental officer, customer service & solutions for SoCalGas. "We are pleased to add the Murrieta station to our network and believe its location and truck-friendly design will make it a vital asset to NGV fleet operators and the growing numbers of heavy-duty trucking customers."
The new SoCalGas station features four dispenser hoses supported by significant storage for improved fill speed and increased reliability, modern nozzles similar to gasoline and diesel dispensers and overhead canopies to protect customers from sun and rain. Energy-efficient LED signage enables motorists to compare natural gas fuel prices and drought-tolerant landscaping adds beauty together with energy and water-saving environmental benefits.
"SoCalGas has done an outstanding job adding this new station in Murrieta. It is convenient, reliable and has easy access for large vehicles," said Jason Osborn, Director of Transportation for the Temecula Valley Unified School District, which operates a fleet of 20 natural gas-powered school buses. "It is the best and fastest fuel we've ever had at a public access station."
Added Barbara Ortiz-Monson, the Murrieta Valley Unified School District's Director of Transportation, "Murrieta Valley Unified School District has made a commitment to clean energy. We are equipped with a robust CNG fueling station for our fleet. However, because there are few CNG stations in Murrieta, our district developed a fueling partnership with SoCalGas to provide fuel through its network, including the new Murrieta CNG station."
In addition to tremendous air quality benefits, drivers of NGVs, including commercial vehicles, can achieve annual cost savings up to 50 percent compared with gasoline and diesel. Current prices for each of SoCalGas' 15 CNG stations are posted on SoCalGas.com.
As a pioneer in supporting NGV technology, SoCalGas actively supports the development of the NGV infrastructure, including refueling facilities. SoCalGas also has an extensive NGV program to provide information, education and support to residential and business customers that use, or would benefit from using, clean-burning natural gas as a transportation fuel.
Additionally, SoCalGas provides consultation and technical expertise to help customers and partners develop new NGV refueling facilities. More information on SoCalGas NGV programs and services is available at: https://www.socalgas.com/for-your-business/natural-gas-vehicles.
This new station is made possible by financial support from the California Energy Commission, South Coast Air Quality Management District and Mobile Source Air Pollution Reduction Review Committee. To learn more about these funding partners, visit the CEC at www.energy.ca.gov; the SCAQMD, at www.aqmd.gov; and the MSRC, at www.cleantransportationfunding.org.
About SoCalGas
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE)
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SOURCE Southern California Gas Company
LOS ANGELES, April 13, 2016 /PRNewswire/ -- Today, the California Court of Appeal granted the County of Los Angeles' request to extend the relocation order and the stay for the residents affected by the Aliso Canyon well leak, and ordered a new hearing for April 27, 2016. SoCalGas issued the following statement in response:
"The Court of Appeal's decision to continue the relocation program is another setback for the community of Porter Ranch. It is important to note that the Court of Appeal made no decision on the merits, and instead sent the case back to the Superior Court for further proceeding. We look forward to demonstrating before the court that the air in the Porter Ranch neighborhood has returned to pre-leak conditions and that there is no evidence that justifies continued relocation.
"The positions asserted by County of Los Angeles fail to acknowledge the enormous amount of data collected to date by numerous health and environmental agencies, including California EPA's Office of Environmental Health Hazard Assessment, the California Air Resources Board, South Coast Air Quality Management District, and the County Department of Public Health itself, all of which support allowing the people of Porter Ranch to return home.
"Above all, we hope that the County of Los Angeles will soon provide a clear path home to residents with sound, fact-based, and scientific conclusions regarding the air quality in and around the homes in Porter Ranch.
"In the meantime, SoCalGas continues to take actions to help the community. Our Customer Resource Center remains open and our 100 community liaisons, along with our Customer Service team, continue to assist residents who relocated as well as those who remained at home by providing residue and home cleaning assessments, and by working tirelessly to process all remaining reimbursement checks."
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-ofcharge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, April 8, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced continued progress on its commitment to help residents who relocated return to their normal lives as seamlessly as possible. To date, more than 3,800 relocated residents have returned home and SoCalGas continues its work to make the transition home as smooth as possible for residents who remain in temporary housing.
"When the leaking well at our Aliso Canyon storage facility was sealed in February we committed to take actions to help relocated residents return home safely, expand resources available to the community, investigate and understand what caused the leak, ensure the integrity of all wells, and address greenhouse gas emissions," said Gillian Wright, SoCalGas vice president for customer services. "SoCalGas has a long history of supporting the communities we serve during challenging times and we remain focused on assisting residents who remain in temporary housing, those who have returned home, and the majority of people who stayed in their neighborhoods."
SoCalGas is Promptly Reviewing and Processing Reimbursement Requests
Today, SoCalGas released more than 4,100 approved reimbursement checks, totaling $5.8 million to temporarily relocated residents. To date, the company has reviewed and processed more than 29,000 reimbursements totaling more than $57 million. Nearly 300 SoCalGas reimbursement processors and community liaisons are working around-the-clock to respond to inquiries from residents and to process reimbursement requests.
SoCalGas Continues to Provide Information on Community Air Quality
Earlier this week, SoCalGas launched a new online resource, "Understanding Indoor Air Quality in Your Home," for residents of Porter Ranch and the surrounding communities who have questions about indoor air quality. This resource provides links to independent information from the Environmental Protection Agency, the California Air Resources Board and the American Lung Association about general indoor air quality, common household products that may affect indoor air quality, and strategies to improve the air quality of homes, which includes the importance of keeping homes ventilated.
SoCalGas has also delivered or installed more than 38,000 air filtration systems in more than 10,500 homes, 60 schools and 160 businesses in neighborhoods near its Aliso Canyon storage facility since January 11, 2016. The final deliveries were made this week, fulfilling every approved request SoCalGas received for in home air filtration systems.
Since October 30, 2015, regulatory air quality and health agencies have independently analyzed more than 5,200 outdoor air samples in the Porter Ranch area. These experts consistently report that the data indicate the air quality in the community is at typical, pre-leak levels, similar to elsewhere in the Los Angeles basin.
Throughout the incident, air samples for benzene and other compounds were found to be at, or near levels seen in the rest of the county, and below levels of concern. Furthermore, third party indoor air screening of more than 70 homes showed typical levels of methane, and did not detect mercaptans or other sulfur compounds associated with natural gas at any levels.
The once-leaking well has been confirmed sealed since February 18, 2016. The California Air Resources Board and the South Coast Air Quality Management District continue to provide near-real time methane monitoring that is available here.
Community Cleaning Continues
SoCalGas has completed assessments on more than 600 homes reporting the presence of brown spots believed to be related to the once-leaking well. Cleaning has been completed at more than 180 houses and over 100 additional homes have been scheduled. As homes continue to be assessed, additional cleanings will be scheduled. Last month, SoCalGas completed cleaning private schools, and community playgrounds near the facility. Sampling results reviewed by both a toxicologist and a medical expert suggest that the brown spots do not pose a health risk. To date, no brown spots associated with the Aliso Canyon storage facility have been identified indoors.
Helping residents who relocated return to their normal lives as seamlessly as possible is one of five commitments SoCalGas made to emphasize the company's dedication to restoring trust and continuing support for the community.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices, the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, April 7, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a framework to safely bring the Aliso Canyon storage facility back online, in compliance with newly issued regulations. The Division of Oil, Gas, and Geothermal Resources' (DOGGR) comprehensive Safety Review Testing Regime for the Aliso Canyon Natural Gas Facility requires "that each of the active injection wells in the Aliso Canyon Storage facility either pass a thorough battery of tests in order to resume gas injection or be taken out of operation and isolated from the underground gas reservoir." DOGGR's testing regime was developed in coordination with the U.S. Department of Energy's National Labs. In compliance with DOGGR's testing regime, work is already underway to test wells at the field and SoCalGas is working toward being able to operate the Aliso Canyon storage facility by late summer.
"We have said all along that we will not re-open Aliso Canyon until we are confident it is safe to operate," said SoCalGas Chief Operating Officer, Bret Lane. "Following both the spirit and letter of new guidelines established by the state, we have started work that should allow us to partially restore operations at the field by the end of the summer. We look forward to working with regulators, elected officials, and our customers to address concerns about reliability this summer and during next winter's heating season."
"We encourage the state regulatory agencies, legislators, and SoCalGas to work with impacted stakeholders to urgently evaluate the possibility of phasing-in the safe operation of those wells that are deemed safe by the Division of Oil, Gas, and Geothermal Resources and independent experts," said the Southern California Public Power Authority. "Further evaluation may determine that this approach supports the highest priority of ensuring public safety – both safety for local residents near the facility and safety concerns associated with impacting power supply reliability for the broader region this summer and beyond."
SoCalGas' framework to safely bring the Aliso Canyon storage facility back-online with the goal that the field can continue to support gas and electric reliability in the region during the fall and winter months will be executed in three phases.
Phase One:
Phase Two:
Phase Three:
The natural gas and electricity grids are complicated and interdependent. During periods of peak gas and electricity demand or when weather conditions diminish the reliability of renewable power sources, natural gas powered electric generation facilities fill the gap to meet consumers' energy demands. Because natural gas travels relatively slowly in pipelines, local storage facilities like Aliso Canyon are critical to maintaining reliable gas and electricity services.
Since October 25, no natural gas has been injected into the Aliso Canyon storage facility and all injection activity into the facility remains suspended until SoCalGas complies with DOGGR's Safety Review Testing Regime. Withdrawals from the facility were also stopped at the direction of the California Public Utilities Commission unless needed to meet energy reliability requirements.
SoCalGas continues to support the efforts of the California Public Utilities Commission Safety Enforcement Division and DOGGR onsite at the Aliso Canyon storage facility in their investigation of the incident. SoCalGas is also continuing to working closely with other agencies on the issues related to the incident.
The Aliso Canyon storage facility is an important part of interdependent natural gas and electricity systems in Southern California. SoCalGas is committed to working with regulators, lawmakers, customers, and other service providers to bring the facility back online safely, expeditiously, and in compliance with all new regulations.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices, the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
SAN DIEGO, March 31, 2016 /PRNewswire/ -- Today, San Diego Gas & Electric (SDG&E) announced that it has signed a contract with Hecate Energy Bancroft, LLC for a new 20-megawatt (MW) energy storage facility that will be capable of storing enough electricity to power 28,000 homes for up to four hours. The company also contracted for 18.5 MW of energy efficiency projects with Willdan Energy Solutions, with the goal of launching measures to help customers' reduce energy usage in local buildings related to heating and air conditioning, refrigeration, lighting and other commercial features.
The lithium ion battery project would be the largest of its kind in the San Diego region. Building on SDG&E's commitment to create efficiencies and provide clean energy, the storage facility and energy efficiency projects will support the company's leadership position in delivering more renewable energy and bringing other sustainable practices directly into the community. Along with SDG&E solutions for increasing the number of zero-emission vehicles, these efforts help to lower the region's carbon footprint overall.
"These projects will help us expand the use of energy conservation technologies in many new locations in the community," said SDG&E's Chief Energy Supply Officer, Scott Drury. "Furthermore, SDG&E is proud to launch an advanced energy storage facility to harness solar, wind and other sources of energy so that we can supply it to our customers when they need it most."
The project can store supplies of solar, wind and other clean traditional resources when they are abundant and inexpensive, and release that energy during peak hours when customer demand is high.
"SDG&E has been named 'Best in the West' 10 years in a row for providing the most reliable electric service," said Drury. "Our customers want clean, reliable and affordable energy and these technologies are part of our efforts to make smart investments that deliver these core benefits."
The California Public Utilities Commission (CPUC) has set targets for California's electric utilities to procure large amounts of energy storage by 2020, including 165 MW by SDG&E. This project brings SDG&E's total completed or in progress energy storage projects to 79 MW and puts the utility well ahead of schedule for meeting California's storage goals.
The 20-MW battery project will be owned by Hecate Energy Bancroft LLC and supply energy under a 20-year power purchase agreement to SDG&E. The facility is expected to be completed by 2019.
The energy efficiency projects will be delivered by Willdan Energy Solutions. The contract will result in energy and capacity savings totaling 18.5 MW by the end of the six-year term, in 2024.
Both contracts must be approved by the CPUC.
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.5 million consumers through 1.4 million electric meters and 873,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, on Twitter (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
SAN DIEGO, March 29, 2016 /PRNewswire/ -- Sempra U.S. Gas & Power, a unit of Sempra Energy (NYSE: SRE), today announced that it has entered into a purchase-and-sale agreement with a subsidiary of Tallgrass Development, LP to sell Sempra U.S. Gas & Power's 25-percent interest in the Rockies Express Pipeline (REX) for approximately $440 million in cash.
The transaction is subject to customary closing conditions and a right of first refusal. Sempra Energy expects the transaction to close in the second quarter and result in an after-tax loss of approximately $27 million.
Additionally, Sempra U.S. Gas & Power intends to permanently release the remaining uncontracted capacity that it holds on REX that it had been releasing on an interim basis. The effect of the permanent capacity release is expected to result in a charge to earnings of between $100 million and $120 million during the second quarter 2016, representing an acceleration of losses that would otherwise be realized over the contract term, which extends through November 2019. It is expected that the approximately $27 million after-tax loss from the sale, as well as the loss resulting from the permanent release of capacity, will be excluded from Sempra Energy's adjusted 2016 earnings guidance.
"After careful evaluation of our natural gas portfolio, we determined that our minority stake in REX is not consistent with our long-term growth strategy," said Patti Wagner, president and chief executive officer of Sempra U.S. Gas & Power. "While REX is an important part of the country's natural gas pipeline system, we believe that given the changing market conditions, we can more productively redeploy the proceeds from the REX sale into long-term growth opportunities that better meet our strategy and risk profile."
"While Sempra Energy's earnings from REX for March through December 2016 will be reduced by approximately $60 million, forecasted earnings from REX were expected to be immaterial to Sempra Energy beginning in 2020," said Joseph A. Householder, executive vice president and chief financial officer of Sempra Energy. "We expect to redeploy the sale proceeds to mitigate the loss of REX earnings in the near term and increase our long-term earnings profile."
Sempra Energy plans to provide updated adjusted earnings guidance for 2016 by the company's annual financial analyst conference on May 24, 2016.
Rockies Express Pipeline LLC is a Delaware limited liability company engaged in the ownership and operation of the Rockies Express Pipeline, a 1,712-mile natural gas transmission pipeline that extends from Opal, Wyoming, and Meeker, Colorado, to Clarington, Ohio, and is one of the largest natural gas pipelines ever constructed in North America. Rockies Express Pipeline LLC is a joint venture of: a subsidiary of Tallgrass Development, LP (50-percent share); Sempra U.S. Gas & Power (25-percent share); and a subsidiary of Phillips 66 (25-percent share). A wholly owned subsidiary of Tallgrass Development, LP operates the pipeline. Tallgrass Development, LP is a member of the Tallgrass Energy family of companies, which includes Tallgrass Energy Partners, LP (NYSE: TEP) and Tallgrass Energy GP, LP (NYSE: TEGP).
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas projects. For more information, visit www.SempraUSGP.com. Sempra U.S. Gas & Power is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; and the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; and wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, some of which may not be covered by insurance; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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SOURCE Sempra Energy
LOS ANGELES, March 25, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today mailed more than 4,900 reimbursement checks, totaling $6 million to temporarily relocated residents. To date, the company has reviewed and processed more than 24,000 reimbursements totaling more than $48 million, delivering on a commitment it made to help residents who relocated return to their normal lives as seamlessly as possible.
SoCalGas is working around-the-clock to respond to every inquiry from every resident and to process reimbursement requests as expeditiously as possible. For the small number of relocated residents who may be experiencing difficulty with the reimbursement process, here are a few simple steps to take to minimize potential delays with reimbursement or claims requests.
Cleaning Continues
SoCalGas has completed assessments on more than 300 homes reporting the presence of brown spots believed to be related to the once-leaking well at its Aliso Canyon storage facility. Cleaning has been completed at more than two dozen houses and 90 other homes have been scheduled. As homes continue to be assessed, additional cleanings will be scheduled. Earlier this month, SoCalGas completed cleaning private schools, and community playgrounds near the facility. To date, no brown spots associated with the Aliso Canyon storage facility have been identified indoors.
Sampling results reviewed by both a toxicologist and a medical expert suggest that the brown spots do not pose a health risk. However, SoCalGas will continue to assess properties reported to have brown spots present and will provide cleaning services for those homes that have brown spots after that assessment.
Since October 30, 2015, regulatory air quality and health agencies, have analyzed more than 4,700 outdoor air samples in the Porter Ranch area. These experts consistently report that the data indicate the air quality in the community is at typical, pre-leak levels, similar to elsewhere in the Los Angeles basin.
Throughout the incident, air samples for benzene and other compounds were found to be at, or near levels seen in the rest of the county, and below levels of concern. Furthermore, third party indoor air screening of more than 70 homes showed typical levels of methane, and did not detect mercaptans or other sulfur compounds associated with natural gas at any levels. The once-leaking well has now been confirmed sealed for more than a month.
Still, since the leak began, and in response to concerns expressed by residents, SoCalGas has installed more than 26,000 air filtration systems in nearly 9,000 homes, schools and businesses.
Providing dedicated customer service and helping residents who relocated return to their normal lives as seamlessly as possible are commitments SoCalGas made to emphasize the company's dedication to restoring trust and continuing support for the community.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices, the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Company
LOS ANGELES, March 22, 2016 /PRNewswire/ -- Last week, Los Angeles Superior Court ruled to end SoCalGas' temporary relocation program this Friday, March 25, 2016. The court stated the County produced no evidence that indoor air quality presented a hazard. On Monday, the County appealed the court's decision. On Tuesday afternoon, the Appeals Court issued a stay of the trial court's ruling through at least March 29 to allow time for the parties to brief the issue. SoCalGas issued the following statement in response to the Stay order.
"The Appeals Court's decision today will add to the confusion and frustration for the small percentage of Porter Ranch residents who remain in temporary housing and who were scheduled to return home this Friday.
"The Los Angeles County Board of Supervisors and Department of Public Health (DPH) have been unable or unwilling to provide clarity or to demonstrate any evidence-based need for relocated residents to stay away from their homes. More than one month ago, DPH was granted a 30-day extension of the relocation program in order to perform indoor air testing. To date, DPH has still not finished drafting a testing protocol and no date has been set for their testing program to begin.
"However, a tremendous amount of independent data supports the notion that residents can safely return home. Since October 30, 2015, air quality and health agencies, including the South Coast Air Quality Management District, the California Air Resources Board, The Los Angeles County Department of Health and the State's Office of Environmental Health Hazard Assessment have all independently collected and analyzed more than 4,700 outdoor air samples in the Porter Ranch area. Recent and ongoing tests confirm that the outdoor air in the neighborhood has completely returned to typical background levels. While the leaking well was sealed nearly a month ago, the California Air Resources Board and the South Coast Air Quality Management District continue to provide near-real-time methane monitoring.
"Throughout the incident, air samples for benzene and other compounds were found to be at, or near levels seen in the rest of the county, and below levels of concern. Third party indoor air screening of more than 70 homes showed typical levels of methane, and did not detect mercaptans or other sulfur compounds associated with natural gas at any levels.
"SoCalGas remains focused on supporting residents and helping the community return to normal life as quickly as possible. We recognize the inconvenience residents of Porter Ranch have experienced, and that many families were and may still be planning to return to their homes this weekend. We will continue to provide dedicated customer service to those residents who choose to stay relocated during this stay period and will also support those families who decide to return to their homes and community sooner. Our Customer Resource Center will remain open and our 100 community liaisons, along with our Customer Service team, will continue to assist residents who relocated as well as those who remained at home, by providing residue and home cleaning assessments, and by working tirelessly to process all remaining reimbursement checks."
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices, the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, March 21, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) is encouraging customers to use its text- and email-based bill alerts and online bill comparison tools to help them take control of their natural gas bills.
While cold snaps earlier this winter led to increased natural gas usage for many, some SoCalGas customers may also have had longer than 30-days' use on their bills due changes in meter reading schedules. The company reconciles bills so that customers are never billed for more gas than they've used. Still, bills can sometimes be complex, and SoCalGas offers easy-to-use online tools to help customers understand them. Customers simply log in or register for My Account on socalgas.com to use these tools.
"We recognize that gas bills can sometimes be confusing, and concerning if they suddenly go up," said Gillian Wright, SoCalGas vice president of customer services. "We want our customers to get the information they need to have confidence that their gas bill is correct, and understand what they are getting charged for."
To understand their energy usage and charges, customers can log in or register for My Account at socalgas.com and select "Ways to Save" then go to "Compare Bills" and view "Bill Highlights" to see why their bills may have changed. There, customers can find energy and bill analysis tools that allow them to analyze differences between bills, understand the effects of weather on energy use, see the number of billing days on the bill, and even create customized energy savings plans.
The more than four and a half million customers who have Advanced Meters are able to access even more detailed information about their hourly and daily gas usage and costs through the "Analyze Usage" online tool within the My Account, "Ways to Save" section. These customers are also eligible to sign up for weekly Bill Tracker Alerts—texted to their phones or sent via email—to track their projected gas bill during the billing cycle. Customers can enroll in Bill Tracker Alerts and other billing and payment-related notifications through "Manage My Account," "Manage Alerts," within My Account.
Customers who wish to check their meter readings themselves are encouraged to do so. Instructions on how to read meters are available at www.socalgas.com/pay-bill/understanding-your-bill/how-to-read-a-natural-gas-meter. Those with Advanced Meters as well as traditionally-read meters can read their meters themselves to check their gas usage and readings.
SoCalGas also offers resources to provide assistance with paying bills. Through the California Alternate Rates for Energy (CARE) Program, income-eligible households receive a 20-percent rate discount on their monthly gas bill. Also, the Gas Assistance Fund (GAF) may be able to provide customers with a one-time grant for the amount of the gas bill, not exceeding $100. SoCalGas' Medical Baseline Allowance offers an additional allowance of natural gas at a lower rate to qualified households where a member has a life-threatening illness, is seriously disabled, or requires more heat in winter due to a serious health condition.
Customers can learn more and apply for these and other programs by visiting www.socalgas.com/for-your-home/assistance-programs/ or by calling (800) 427-2200.
Eligible customers may also receive no-cost home weatherization services through the Energy Savings Assistance Program. Apply online at www.socalgas.com/for-your-home/assistance-programs/esap/form/index.shtml or call (800) 331-7593 English and Spanish.
All SoCalGas customers can find rebates on qualifying energy efficient appliances or home upgrades by going to www.socalgas.com/save-money-and-energy.
SoCalGas also recognizes that customers face various hardships and encourages those who may be having difficulty paying their natural gas bills to contact SoCalGas to ask about payment arrangements or to find out if they qualify for other bill-assistance programs. Customers can request payment arrangements online or call SoCalGas at (800) 427-2200 and should have their account number handy for faster service.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, March 18, 2016 /PRNewswire/ --Today, the Los Angeles Superior Court terminated the County of Los Angeles' injunction extending the period for returning home for residents who chose to relocate as a result of the Aliso Canyon natural gas leak, stayed until March 22, 2016. SoCalGas issued the following statement in response:
"The court's decision provides much-needed clarity to Porter Ranch and the surrounding communities to help local residents return to their normal lives. Air quality and health experts – including those from the county's own public health department – have been saying for weeks that the air quality in the area is at normal levels, and is similar to the air quality in other parts of the county. Testing by a third party of over 70 homes, sponsored by SoCalGas, showed no elevated levels of methane inside these homes, and did not detect mercaptans or other sulfur compounds associated with natural gas. We hope this will give peace of mind to relocated Porter Ranch families as they rejoin the community and resume their normal lives.
"Currently relocated residents in hotels will be fully reimbursed for relocation expenses through Friday, March 25, 2016 at hotel checkout time. We will continue to support temporarily relocated residents as they return home, through our Community Resource Center and expanded Community Liaison program. We hope that today's court decision will help provide additional certainty and assurance to the residents of Porter Ranch."
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices, the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
SAN DIEGO, March 16, 2016 /PRNewswire/ -- Unified with community, consumer protection and labor advocates, last week San Diego Gas & Electric (SDG&E) asked the California Public Utilities Commission (CPUC) for a rehearing on Net Energy Metering to create a better program for customers.
"We urged the CPUC to correct the unfairness of the net energy metering rules that are forcing the low-income and working poor residents that we serve to pay for the solar of much wealthier people," said Ray King, president and CEO of the Urban League of San Diego County and a leading community advocate. "We were ignored in the final decision, but now the commission can take the opportunity to correct the social injustice."
In addition to the pleas of the utilities and advocates, two CPUC commissioners also voted "no" on approving the program's future state with one commissioner citing that "any decision that benefits the few at the cost of the many can only be sustained for so long."
"The company's request for a rehearing further solidifies our continued efforts to create a more equitable pricing structure for all customers while supporting the growth of rooftop solar," said Caroline Winn, SDG&E's chief energy delivery officer. "SDG&E is focused on solutions that strike a balance between affordability and supporting emerging technologies. Thankfully, solar technology is now established and ready to flourish on its own."
SDG&E believes that creating a solar rooftop program that adds value for all customers should be a top priority. To date, more than 82,000 SDG&E's customers have installed solar, many doing so with the aid of SDG&E innovations that help to make the process safer, quicker, and more affordable. The company will continue its efforts to make solar more accessible and affordable for all customers.
The company has asked for modifications that will help to limit increases on customers' electric bills until 2019 when the CPUC will fully re-evaluate the program. SDG&E's primary requested modification had been included in the commission's proposed decision but removed the day before the final decision.
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.5 million consumers through 1.4 million electric meters and 873,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, on Twitter (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
SAN DIEGO, March 14, 2016 /PRNewswire/ -- Today, San Diego Gas & Electric (SDG&E) began taking applications for the seventh annual "Environmental Champions" initiative. SDG&E plans to award $1 million in grants to non-profit organizations for programs that educate K-12 youth and engage communities as stewards of the environment in San Diego and southern Orange counties.
Non-profits can now apply for grants ranging from $5,000 to $25,000 for individual programs and up to $50,000 for collaborative programs with other non-profit organizations. To date, the giving campaign has awarded more than 400 grants totaling nearly $8 million in donations to area non-profits.
"Having a meaningful and positive impact on the environment takes everyone working towards a common goal," said Michael Schneider, SDG&E's vice president of operations support. "The organizations that receive grants through 'Environmental Champions' are working each and every day to improve our community for our kids and grandkids."
Previous grant recipients, Birch Aquarium, San Elijo Lagoon Conservancy and WILDCOAST, took part in the 2016 program launch at SDG&E's Energy Innovation Center, a double-platinum LEED certified facility.
"America's future scientists are out there and we need to make sure we're reaching them and building enthusiasm about science," said Harry Helling, Executive Director, Birch Aquarium. "As teachers are challenged to implement Next Generation Science Standards, it is important that our Environmental Science Education Programs can continue to grow, and also reach students in underserved communities. SDG&E's support helps us to inspire students to pursue careers in science."
Non-profit organizations can submit online applications through April 8. Preference will be given to environmental programs that serve underserved youth and communities in one or more of the following areas: water quality and conservation, energy efficiency and renewable energy, natural resource conservation and habitat preservation, and waste reduction/recycling. SDG&E plans to announce the grant recipients early this summer.
Environmental Champions is one of SDG&E's philanthropic programs. In the last five years, SDG&E has provided more than $32 million in funding to organizations that help local communities grow and prosper. Learn more about SDG&E's efforts at sdge.com/community.
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.5 million consumers through 1.4 million electric meters and 873,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, on Twitter (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, March 8, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) achieved another record year in 2015 with 44.7 percent of its contracting spend with woman, minority, and service-disabled veteran-owned business enterprises. This was the fourth straight year that SoCalGas exceeded the 40 percent mark and over the years, the utility has steadily increased its procurement with diverse suppliers and is seen as a national industry leader.
"We have long known that our supplier diversity activities bring economic benefits to not only our suppliers, but also to the regional economies where they do business," said Dennis Arriola, president and CEO of SoCalGas. "Supplier diversity is good for our customers, our partners and the communities we serve."
As a result of SoCalGas' efforts, spending grew last year with a total of $665 million or 44.7 percent of the company's total procurement with diverse suppliers. These businesses provide SoCalGas with everything from meters to pipes to information technology to safety equipment.
One example of a diverse supplier that SoCalGas has hired is Jim Cox Photography. The firm's owner, Jim Cox, learned about the historic legislation in 2014 that expanded the California Public Utilities Commission (CPUC) supplier diversity program to include Lesbian Gay Transgender Bisexual Business Enterprises (LGBTBE). Cox, who runs his Coachella Valley-based business with his husband Tom Aubrey, received assistance from SoCalGas' Supplier Diversity group to receive his diverse business certification from the CPUC's Supplier Clearinghouse.
"We think it's amazing. We love that California has this law to include LGBTs," said Cox. "Gay people are a minority and have been discriminated against…it hasn't been easy. Today, it's a brand new world. We're excited about the opportunity to do more work with SoCalGas."
SoCalGas supports a wide variety of organizations that help diverse businesses succeed including: National Utilities Diversity Council; Southern California Minority Supplier Development Council; Los Angeles Gay & Lesbian Chamber of Commerce; Asian Business Association, Latin Business Association; Women's Business Enterprise Council; Black Business Association and many others.
SoCalGas also offers innovative training programs to large and small businesses including supplier development and technical assistance, access to capital. contractor safety congresses, seminars and other events.
SoCalGas' commitment to diversity extends beyond its diverse suppliers to its workforce and the communities it serves as well. Last year, SoCalGas donated more than $5.1 million and thousands of volunteer hours to the more than 500 communities it serves, benefitting underserved community groups in African American, Hispanic American, Asian Pacific American, and Native American communities. SoCalGas' commitment doesn't stop there. Its diverse workforce of more than 8,400 employees includes 66 percent minorities.
About Southern California Gas Co.
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
WASHINGTON, March 8, 2016 /PRNewswire/ -- Solar energy finance and investment firm Sol Systems has announced a strategic partnership with Sempra U.S. Gas & Power, a leading developer of renewable energy and natural gas solutions. Together, the companies will jointly explore distributed generation investment opportunities in companies and projects throughout the United States. The partnership will deliver a unified platform for the development and financing of customer-facing solar and storage solutions for clients, including on-site and off-site projects.
"Sol's partnership with Sempra U.S. Gas & Power reflects a new trend and turning point for distributed generation technologies," said Yuri Horwitz, chief executive officer of Sol Systems. "It is a critical step in achieving our goal to pave the way for corporations, municipalities, and non-profits to gain direct access to an emission-free power infrastructure that is resilient, efficient, and secure."
Under the partnership, Sol Systems will maintain and leverage its core business relationships with energy suppliers, banks and corporate clients. Sempra U.S. Gas & Power will leverage its expertise in the development, design, construction and operation of large-scale renewable energy projects. Sempra U.S. Gas & Power has also made a strategic investment in Sol Systems through the partnership.
"We are excited to partner with Sol Systems in the emerging distributed generation space as we continue to diversify and expand our renewables portfolio," said Kevin Sagara, president, renewables, for Sempra U.S. Gas & Power. "We're looking forward to collaborating with Sol Systems to help meet the growing demand for cleaner sources of energy."
Terms of the partnership were not disclosed.
About Sol Systems
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for over 400MW of solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. Sol Systems provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. The company's tailored financial services include tax structured investments, project acquisition, and SREC portfolio management. Inc. Magazine named Sol Systems to its annual Inc. 5000 list of the nation's fastest-growing private companies for a third consecutive year. For more information, please visit www.solsystems.com.
About Sempra U.S. Gas & Power
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas solutions with power plants that generate enough electricity for nearly 600,000 homes. Sempra U.S. Gas & Power companies also operate natural gas storage facilities, pipelines and distribution utilities. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2015 revenues of $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide. For more information, visit www.SempraUSGP.com.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
Media Contact:
Sara Rafalson
Sol Systems
(202) 588 6459
Sara.Rafalson@solsystems.com
SOURCE Sol Systems, LLC
SAN DIEGO, March 7, 2016 /PRNewswire/ -- San Diego Gas & Electric (SDG&E) announced it is seeking up to 140 megawatts (MW), of new "preferred energy resources," including energy storage, renewable energy, distributed generation, energy efficiency and demand response.
The solicitation for additional preferred energy resources builds upon SDG&E's significant investments in clean energy. The utility currently has more than 60 renewable contracts representing more than 2,400 MW of renewable energy, the equivalent of powering more than 700,000 San Diego homes for a year. In 2015, SDG&E became the first California utility to supply its customers with a third of its energy, 33 percent, from renewable resources.
"We're not only committed to reducing air emissions and meeting California's climate goals, we're leading the way," said SDG&E's Chief Energy Supply Officer, Scott Drury. "Through renewable energy investments, we've helped to advance clean energy technologies resulting in emissions reductions that are comparable to taking more than 250,000 gasoline-powered cars off local roadways."
"Our future focus is to balance our clean energy goals with providing more choices and affordable energy to our customers," added Drury.
As part of the competitive solicitation released on February 26, SDG&E will thoroughly evaluate all proposals to ensure that customers are receiving the greatest benefit at the lowest cost. Additionally, any new energy resource included will be located within SDG&E's service area.
Bid submissions are due on July 1, 2016 and the utility anticipates the selection of the "short list" by Oct. 28, 2016. For additional information visit: sdge.com/2016PrefResourcesLCRRFO
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.5 million consumers through 1.4 million electric meters and 873,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, on Twitter (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, March 2, 2016 /PRNewswire/ -- Today, the California Second Appellate Court upheld the Los Angeles County Board of Supervisors' request to issue a temporary restraining order against Southern California Gas Co. (SoCalGas). The Supervisors sought to extend the period for returning home for those residents who chose to relocate as a result of the Aliso Canyon natural gas leak. SoCalGas issued the following statement in response:
"We recognize the disruption the leak has caused the community. Our primary concern is getting the residents of Porter Ranch back into their homes and helping them resume normalcy in their daily lives. We are hopeful that there can be a path forward that helps achieve that goal. While we are disappointed with the court's decision because it conflicts with independent scientific analysis and creates further uncertainty for the community, SoCalGas will continue to comply with the decision to provide continued relocation for those who choose to stay relocated, and will continue to support residents through our Community Resource Center and Community Liaison program.
"To date, our dedicated, local employees at the Community Resource Center have been pleased to provide information and service to the community through more than 23,000 resident visits and over 11,000 resident email inquiries. More than 100 Community Liaisons work every day with residents on unique and specialized inquiries. Our 100-strong team of claims processors are working as swiftly as possible to reimburse residents for their expenses. We are diligently working to respond to residents' needs.
"Extensive and continued testing and analysis by health and air quality experts, including the County, show the air in the community is safe and has returned to normal. The fact is, the majority of residents never left Porter Ranch and many others who checked-out of hotels last week have returned home."
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, and national economic, competitive, political, legislative, legal, and regulatory conditions, decisions, and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and to use land, franchise agreements, and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, cities and counties, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices, the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation and interest rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses and harmful emissions, and subject us to third-party liability for property damage or personal injuries some of which may not be covered by insurance; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
SAN DIEGO, Feb. 29, 2016 /PRNewswire/ -- To kick off 2016, San Diego Gas & Electric (SDG&E) has launched its annual $1 million charitable giving campaign, the Inspiring Future Leaders initiative, at SDG&E's Energy Innovation Center (EIC), a LEED double platinum facility. The initiative provides grants to local non-profit organizations that focus on developing youth leaders through mentoring; leadership development; college and workforce preparation; and, science, technology, engineering, arts and math (STEAM) programs for underserved students.
"Since launching this campaign in 2011, we have provided nearly $5.5 million to non-profits that make it their mission to ensure our youth have the tools and resources they need to succeed," said Frank Urtasun, regional vice president of external relations for SDG&E. "Our community partners have a tremendous, positive impact in the region's many communities, and we are proud to support their programs that play such a critical role in helping develop our next generation of leaders."
To date, more than 600 Inspiring Future Leaders program grants have been awarded to organizations in San Diego and Orange counties, including the Elementary Institute of Science, which aims to provide additional assistance to young students through a premier science enrichment program.
"It's extremely important to offer opportunities to help students become a better student, become a better citizen, and hopefully pursue a career in the STEM field," said Ashley Stevens, communications & program assistant for the Elementary Institute of Science. "The students and instructors at the Elementary Institute of Science appreciate SDG&E for supporting our programs and mission throughout the years."
During a kick-off event on Feb. 26, leaders from non-profit organizations had the opportunity to learn more about the philanthropic campaign at SDG&E's EIC, a state-of-the-art, sustainable, educational facility.
Organizations can apply for grants at sdge.com/community through March 31. SDG&E will award grants through a competitive request-for-proposal process for up to $25,000 per non-profit organization. SDG&E anticipates making grant awards in mid-April 2016.
To learn more about SDG&E's commitment to the communities that we serve, visit sdge.com/community.
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.5 million consumers through 1.4 million electric meters and 881,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, on Twitter (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
SAN DIEGO, Feb. 26, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today reported 2015 earnings of $1.35 billion, or $5.37 per diluted share, up from $1.16 billion, or $4.63 per diluted share, in 2014.
Sempra Energy's 2015 results included: a $36 million after-tax gain on the sale of the second block of Sempra U.S. Gas & Power's Mesquite power facility; a benefit of $15 million after tax for San Diego Gas & Electric (SDG&E), due to a reduction in the loss related to the San Onofre Nuclear Generating Station (SONGS); and $10 million after tax in liquefied natural gas (LNG) liquefaction development expenses. Sempra Energy's 2014 results reflected $21 million after tax in charges related to SONGS. Excluding these items in both years, Sempra Energy's adjusted earnings in 2015 were $1.31 billion, or $5.21 per diluted share, up from $1.18 billion, or $4.71 per diluted share, in 2014.
On Feb. 18, California state regulators confirmed that Southern California Gas Co. (SoCalGas) had permanently sealed the leaking well at its Aliso Canyon natural gas storage facility outside Los Angeles.
"We are pleased SoCalGas was able to permanently stop the Aliso Canyon natural gas leak last week," said Debra L. Reed, chairman and CEO of Sempra Energy. "We recognize the disruption the leak has caused to SoCalGas customers living in the neighborhoods adjacent to the Aliso Canyon facility. SoCalGas is committed to helping local residents return to their normal lives as quickly as possible and also will support forward-looking regulations to ensure the safety of natural gas storage operations going forward.
"Despite this operational challenge at SoCalGas, we produced strong financial results in 2015. We successfully grew operating earnings and outperformed our adjusted earnings guidance for the year. Looking forward, our key capital projects and initiatives are progressing well, and we are executing our five-year financial plan, which we expect will generate earnings growth at about twice the utility industry average."
Sempra Energy's fourth-quarter earnings increased to $369 million, or $1.47 per diluted share, in 2015 from $297 million, or $1.18 per diluted share, in 2014. Excluding SONGS-related items and LNG liquefaction development expenses, Sempra Energy's adjusted earnings in the fourth quarter 2015 were $370 million, or $1.47 per diluted share, compared with $309 million, or $1.23 per diluted share, in the fourth quarter 2014.
Beginning in the first quarter 2015, SoCalGas adopted an order by the California Public Utilities Commission (CPUC) to recognize revenues from the utility's core activities on a seasonally adjusted basis (seasonality). The application of seasonality to revenues results in substantially all of SoCalGas' annual earnings being reported in the first and fourth quarters of the year, but did not affect full-year earnings or cash flow. Due to seasonality, Sempra Energy's fourth-quarter 2015 earnings reflected $48 million higher earnings at SoCalGas, compared with the fourth quarter 2014, offsetting the net seasonality impact on earnings through the first three quarters of 2015.
Last week, Sempra Energy's board of directors approved an 8-percent increase in the company's annualized dividend to $3.02 per share from $2.80 per share.
CALIFORNIA UTILITIES
San Diego Gas & Electric
SDG&E's fourth-quarter earnings increased to $144 million in 2015 from $128 million in 2014. Excluding SONGS-related items in both years, SDG&E's adjusted earnings were $142 million in the fourth quarter 2015, compared with $140 million in the fourth quarter 2014.
SDG&E's full-year earnings were $587 million in 2015, up from $507 million in 2014, due primarily to increased earnings from electric transmission operations; higher CPUC base margin, net of operating expenses; and the favorable resolution of prior-years' tax matters. Excluding SONGS-related items in both years, SDG&E's adjusted earnings were $572 million in 2015, compared with $528 million in 2014.
Southern California Gas Co.
In the fourth quarter 2015, SoCalGas' earnings were $143 million, up from $76 million in the fourth quarter 2014, due primarily to the impact of seasonality on revenues, which added $48 million of earnings during the most recent quarter, as well as higher CPUC base margin, net of operating expenses.
SoCalGas' full-year earnings were $419 million in 2015, up from $332 million in 2014, due primarily to a lower effective tax rate, including favorable resolution of prior years' income-tax matters. Additionally, in 2015, SoCalGas' increased earnings were due to higher CPUC base margin, net of operating expenses; a retroactive rate base benefit approved by the CPUC in 2015; and higher regulatory earnings on projects under construction.
SEMPRA INTERNATIONAL
Sempra South American Utilities
In the fourth quarter 2015, Sempra South American Utilities' earnings were $46 million, down from $63 million in the prior year's fourth quarter, due primarily to lower income-tax expense in 2014 as a result of Peruvian tax reform.
In 2015, full-year earnings for Sempra South American Utilities were $175 million, compared with $172 million in 2014.
Sempra Mexico
Sempra Mexico's fourth-quarter earnings were $53 million in 2015, unchanged from 2014.
In 2015, Sempra Mexico's earnings were $213 million, up from $192 million in 2014, primarily due to a full year of earnings from pipelines that were placed into service in the fourth quarter 2014.
SEMPRA U.S. GAS & POWER
Sempra Natural Gas
In the fourth quarter 2015, Sempra Natural Gas earned $1 million, down from $11 million in the fourth quarter 2014, primarily as a result of lower natural gas prices.
Sempra Natural Gas earned $44 million in 2015, down from $50 million in 2014.
Sempra Renewables
Fourth-quarter earnings for Sempra Renewables were $16 million in 2015, down from $18 million in 2014.
In 2015, earnings for Sempra Renewables were $63 million, down from $81 million in 2014, due primarily to $24 million in gains in 2014 from the sale of 50-percent equity interests in the Copper Mountain Solar 3 and Broken Bow 2 Wind projects.
2016 ADJUSTED EARNINGS GUIDANCE
Sempra Energy today set its 2016 adjusted earnings-per-share guidance range at $4.80 to $5.20. The adjusted earnings guidance for 2016 excludes any gains or losses on potential acquisitions or asset sales. This adjusted guidance has been updated based on several new assumptions for 2016 with the inclusion of projected LNG development expenses, revised forecasts for natural gas prices and foreign currency effects, and estimates based on the multi-party settlement agreement filed in the California utilities' 2016 General Rate Case, among other factors.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures for Sempra Energy include fourth-quarter and full-year 2015 and 2014 adjusted earnings and adjusted earnings per share, and 2016 and 2015 adjusted earnings-per-share guidance, as well as fourth-quarter and full-year 2015 and 2014 SDG&E adjusted earnings. Additional information regarding these non-GAAP financial measures is in the appendix on Table A of the fourth-quarter 2015 financial tables.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. EST with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 2934710.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain," or similar expressions or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate and maintain facilities and equipment and use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas, and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Administration, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; and the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; and wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, some of which may not be covered by insurance; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
SEMPRA ENERGY | |||||||
Table A | |||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
Three months ended |
Years ended | ||||||
December 31, |
December 31, | ||||||
(Dollars in millions, except per share amounts) |
2015 (1) |
2014 |
2015 |
2014 | |||
(unaudited) |
|||||||
REVENUES |
|||||||
Utilities |
$ 2,486 |
$ 2,440 |
$ 9,254 |
$ 9,758 | |||
Energy-related businesses |
215 |
307 |
977 |
1,277 | |||
Total revenues |
2,701 |
2,747 |
10,231 |
11,035 | |||
EXPENSES AND OTHER INCOME |
|||||||
Utilities: |
|||||||
Cost of natural gas |
(348) |
(450) |
(1,134) |
(1,758) | |||
Cost of electric fuel and purchased power |
(491) |
(520) |
(2,136) |
(2,281) | |||
Energy-related businesses: |
|||||||
Cost of natural gas, electric fuel and purchased power |
(73) |
(125) |
(335) |
(552) | |||
Other cost of sales |
(37) |
(41) |
(148) |
(163) | |||
Operation and maintenance |
(823) |
(804) |
(2,895) |
(2,935) | |||
Depreciation and amortization |
(325) |
(290) |
(1,250) |
(1,156) | |||
Franchise fees and other taxes |
(109) |
(107) |
(423) |
(408) | |||
Plant closure adjustment (loss) |
5 |
(19) |
26 |
(6) | |||
Gain on sale of equity interests and assets |
8 |
14 |
70 |
62 | |||
Equity earnings, before income tax |
25 |
19 |
104 |
81 | |||
Other income, net |
38 |
19 |
126 |
137 | |||
Interest income |
6 |
7 |
29 |
22 | |||
Interest expense |
(145) |
(136) |
(561) |
(554) | |||
Income before income taxes and equity earnings of certain unconsolidated subsidiaries |
432 |
314 |
1,704 |
1,524 | |||
Income tax expense |
(65) |
(9) |
(341) |
(300) | |||
Equity earnings, net of income tax |
21 |
16 |
85 |
38 | |||
Net income |
388 |
321 |
1,448 |
1,262 | |||
Earnings attributable to noncontrolling interests |
(19) |
(24) |
(98) |
(100) | |||
Preferred dividends of subsidiary |
― |
― |
(1) |
(1) | |||
Earnings |
$ 369 |
$ 297 |
$ 1,349 |
$ 1,161 | |||
Basic earnings per common share |
$ 1.48 |
$ 1.21 |
$ 5.43 |
$ 4.72 | |||
Weighted-average number of shares outstanding, basic (thousands) |
248,722 |
246,448 |
248,249 |
245,891 | |||
Diluted earnings per common share |
$ 1.47 |
$ 1.18 |
$ 5.37 |
$ 4.63 | |||
Weighted-average number of shares outstanding, diluted (thousands) |
251,450 |
251,333 |
250,923 |
250,655 | |||
Dividends declared per share of common stock |
$ 0.70 |
$ 0.66 |
$ 2.80 |
$ 2.64 | |||
(1) Reflects the impact of seasonalization at Southern California Gas as discussed on Table D. |
SEMPRA ENERGY | ||||||||
Table A (Continued) | ||||||||
Sempra Energy Consolidated |
||||||||
RECONCILIATION OF SEMPRA ENERGY GAAP EARNINGS TO SEMPRA ENERGY ADJUSTED EARNINGS EXCLUDING GAIN ON SALE IN 2015, PLANT CLOSURE ADJUSTMENTS IN 2015 AND 2014 AND LNG LIQUEFACTION EXPENSES IN 2015 (Unaudited) | ||||||||
Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share exclude 1) in the year ended December 31, 2015, a $36 million gain on the sale of the remaining block of the Mesquite Power plant, 2) also in the year ended December 31, 2015, a $15 million reduction in the plant closure loss related to the San Onofre Nuclear Generating Station (SONGS), including $13 million in the first quarter, primarily due to California Public Utilities Commission (CPUC) approval of a compliance filing related to San Diego Gas & Electric Company's (SDG&E) authorized recovery of its investment in SONGS and $2 million in net proceeds received in the fourth quarter for the shareholder portion of a settlement agreement with Nuclear Electric Insurance Limited (NEIL) to resolve all of SONGS' insurance claims arising out of the failures of replacement steam generators, 3) in the year ended December 31, 2014, a $21 million charge, including $12 million in the fourth quarter, to adjust the total plant closure loss resulting from the early retirement of SONGS, and 4) in the three months and year ended December 31, 2015, $3 million and $10 million, respectively, of liquefied natural gas (LNG) liquefaction development expenses. Sempra Energy Adjusted Earnings and Adjusted Earnings Per Share, and the Earnings-Per-Share Growth Rate based on Adjusted Earnings Per Share, are non-GAAP financial measures (GAAP represents accounting principles generally accepted in the United States of America). Because of the significance and nature of these items, management believes that these non-GAAP financial measures provide a more meaningful comparison of the performance of Sempra Energy's business operations from 2014 to 2015 and to future periods, and also as a base for projection of future compounded annual growth rate. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra Energy Earnings, Diluted Earnings Per Common Share and the Earnings-Per-Share Growth Rate, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP. |
Three months ended |
Years ended | |||||||
December 31, |
December 31, | |||||||
(Dollars in millions, except per share amounts) |
2015 |
2014 |
2015 |
2014 | ||||
Sempra Energy GAAP Earnings |
$ 369 |
$ 297 |
$ 1,349 |
$ 1,161 | ||||
Exclude: |
||||||||
Gain on sale of Mesquite Power block 2 |
― |
― |
(36) |
― | ||||
Plant closure (adjustment) loss |
(2) |
12 |
(15) |
21 | ||||
LNG liquefaction development expenses |
3 |
― |
10 |
― | ||||
Sempra Energy Adjusted Earnings |
$ 370 |
$ 309 |
$ 1,308 |
$ 1,182 | ||||
Diluted earnings per common share: |
||||||||
Sempra Energy GAAP Earnings |
$ 1.47(1) |
$ 1.18 |
$ 5.37(1) |
$ 4.63 | ||||
Sempra Energy Adjusted Earnings |
$ 1.47(2) |
$ 1.23 |
$ 5.21(2) |
$ 4.71 | ||||
Weighted-average number of shares outstanding, diluted (thousands) |
251,450 |
251,333 |
250,923 |
250,655 |
(1) |
Percentage increases in 2015 compared to 2014 based on GAAP Earnings Per Share for fourth quarter and year-to-date (Earnings-Per-Share Growth Rate) were 25% and 16%, respectively. |
(2) |
Percentage increases in 2015 compared to 2014 based on Adjusted Earnings Per Share for fourth quarter and year-to-date (Earnings-Per-Share Growth Rate) were 20% and 11%, respectively. |
SEMPRA ENERGY 2015 AND 2016 ADJUSTED EARNINGS-PER-SHARE GUIDANCE RANGES (Unaudited) |
||||||||
Sempra Energy 2015 Adjusted Earnings-Per-Share Guidance Range of $4.95 to $5.15 excluded 1) a $0.14 per diluted share after-tax gain from the April 2015 sale of the remaining block of the Mesquite Power plant, 2) $0.05 per diluted share from a reduction in the first quarter of 2015 in the plant closure loss related to SONGS, and 3) $0.05 per diluted share for estimated after-tax development expenses associated with LNG liquefaction development. Sempra Energy 2016 Adjusted Earnings-Per-Share Guidance Range of $4.80 to $5.20 excludes 1) any potential gain from the remeasurement of our equity method investment in Gasoductos de Chihuahua (GdC), a 50-50 joint venture between our Mexican subsidiary, IEnova, and Petróleos Mexicanos (PEMEX), in connection with the potential acquisition by IEnova of PEMEX's 50-percent interest in GdC, and 2) any earnings impact as a result of our plan to market and sell the Termoeléctrica de Mexicali natural gas-fired power plant in Mexico. Sempra Energy 2015 and 2016 Adjusted Earnings-Per-Share Guidance are non-GAAP financial measures. Because of the significance and nature of the excluded items, management believes these non-GAAP measures provide better clarity into the ongoing results of the business and the comparability of such results to prior and future periods. Sempra Energy 2015 and 2016 Adjusted Earnings-Per-Share Guidance should not be considered an alternative to diluted earnings per share determined in accordance with GAAP. As the parties are in the process of restructuring the GdC transaction and an agreement for the sale of the Termoeléctrica de Mexicali plant has yet to be obtained, any potential earnings impact from these transactions cannot be reasonably estimated at this time, and accordingly, we are not able to provide a corresponding GAAP equivalent to our 2016 Adjusted Earnings-Per-Share Guidance. | ||||||||
San Diego Gas & Electric Company (SDG&E) |
||||||||
RECONCILIATION OF SDG&E GAAP EARNINGS TO ADJUSTED EARNINGS EXCLUDING PLANT CLOSURE ADJUSTMENTS IN 2015 AND 2014 (Unaudited) | ||||||||
SDG&E Adjusted Earnings exclude 1) in the year ended December 31, 2015, a $15 million reduction in the plant closure loss related to SONGS, including $13 million in the first quarter, primarily due to CPUC approval of a compliance filing related to SDG&E's authorized recovery of its investment in SONGS and $2 million in net proceeds received in the fourth quarter for the shareholder portion of a settlement agreement with NEIL to resolve all of SONGS' insurance claims arising out of the failures of replacement steam generators, and 2) in the year ended December 31, 2014, a $21 million charge, including $12 million in the fourth quarter, to adjust the total plant closure loss resulting from the early retirement of SONGS. SDG&E Adjusted Earnings is a non-GAAP financial measure. Because of the significance and nature of these items, management believes that this non-GAAP financial measure provides a more meaningful comparison of the performance of SDG&E's business operations from 2014 to 2015 and to future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods this non-GAAP financial measure to SDG&E Earnings, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP. |
Three months ended |
Years ended | |||||||
December 31, |
December 31, | |||||||
(Dollars in millions) |
2015 |
2014 |
2015 |
2014 | ||||
SDG&E GAAP Earnings |
$ 144 |
$ 128 |
$ 587 |
$ 507 | ||||
Exclude: |
||||||||
Plant closure (adjustment) loss |
(2) |
12 |
(15) |
21 | ||||
SDG&E Adjusted Earnings |
$ 142 |
$ 140 |
$ 572 |
$ 528 |
SEMPRA ENERGY | ||||||
Table B | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
December 31, |
December 31, | |||||
(Dollars in millions) |
2015 |
2014(1) | ||||
Assets |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ 403 |
$ 570 | ||||
Restricted cash |
27 |
11 | ||||
Accounts receivable, net |
1,473 |
1,394 | ||||
Due from unconsolidated affiliates |
6 |
38 | ||||
Income taxes receivable |
30 |
45 | ||||
Deferred income taxes |
― |
305 | ||||
Inventories |
298 |
396 | ||||
Regulatory balancing accounts – undercollected |
307 |
746 | ||||
Fixed-price contracts and other derivatives |
80 |
93 | ||||
Asset held for sale, power plant |
― |
293 | ||||
Other |
267 |
293 | ||||
Total current assets |
2,891 |
4,184 | ||||
Investments and other assets: |
||||||
Restricted cash |
20 |
29 | ||||
Due from unconsolidated affiliates |
186 |
188 | ||||
Regulatory assets |
3,273 |
3,031 | ||||
Nuclear decommissioning trusts |
1,063 |
1,131 | ||||
Investments |
2,905 |
2,848 | ||||
Goodwill |
819 |
931 | ||||
Other intangible assets |
404 |
415 | ||||
Dedicated assets in support of certain benefit plans |
464 |
512 | ||||
Insurance receivable for Aliso Canyon costs |
325 |
― | ||||
Sundry |
761 |
480 | ||||
Total investments and other assets |
10,220 |
9,565 | ||||
Property, plant and equipment, net |
28,039 |
25,902 | ||||
Total assets |
$ 41,150 |
$ 39,651 | ||||
Liabilities and Equity |
||||||
Current liabilities: |
||||||
Short-term debt |
$ 622 |
$ 1,733 | ||||
Accounts payable |
1,275 |
1,353 | ||||
Due to unconsolidated affiliates |
14 |
2 | ||||
Dividends and interest payable |
303 |
282 | ||||
Accrued compensation and benefits |
423 |
373 | ||||
Regulatory balancing accounts – overcollected |
34 |
― | ||||
Current portion of long-term debt |
907 |
469 | ||||
Fixed-price contracts and other derivatives |
56 |
55 | ||||
Customer deposits |
153 |
153 | ||||
Reserve for Aliso Canyon costs |
274 |
― | ||||
Other |
551 |
649 | ||||
Total current liabilities |
4,612 |
5,069 | ||||
Long-term debt |
13,134 |
12,086 | ||||
Deferred credits and other liabilities: |
||||||
Customer advances for construction |
149 |
144 | ||||
Pension and other postretirement benefit plan obligations, net of plan assets |
1,152 |
1,064 | ||||
Deferred income taxes |
3,157 |
3,003 | ||||
Deferred investment tax credits |
32 |
37 | ||||
Regulatory liabilities arising from removal obligations |
2,793 |
2,741 | ||||
Asset retirement obligations |
2,126 |
2,048 | ||||
Fixed-price contracts and other derivatives |
240 |
255 | ||||
Deferred credits and other |
1,176 |
1,104 | ||||
Total deferred credits and other liabilities |
10,825 |
10,396 | ||||
Equity: |
||||||
Total Sempra Energy shareholders' equity |
11,809 |
11,326 | ||||
Preferred stock of subsidiary |
20 |
20 | ||||
Other noncontrolling interests |
750 |
754 | ||||
Total equity |
12,579 |
12,100 | ||||
Total liabilities and equity |
$ 41,150 |
$ 39,651 | ||||
(1) |
As adjusted for the retrospective adoption of Accounting Standards Update 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. |
SEMPRA ENERGY | |||||
Table C | |||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
Years ended | |||||
(Dollars in millions) |
2015 |
2014 | |||
Cash Flows from Operating Activities |
|||||
Net income |
$1,448 |
$1,262 | |||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
Depreciation and amortization |
1,250 |
1,156 | |||
Deferred income taxes and investment tax credits |
239 |
146 | |||
Gain on sale of equity interests and assets |
(70) |
(62) | |||
Plant closure (adjustment) loss |
(26) |
6 | |||
Equity earnings |
(189) |
(119) | |||
Fixed-price contracts and other derivatives |
(10) |
(25) | |||
Other |
75 |
108 | |||
Net change in other working capital components |
699 |
(375) | |||
Insurance receivable for Aliso Canyon costs |
(325) |
― | |||
Changes in other assets |
(162) |
19 | |||
Changes in other liabilities |
(24) |
45 | |||
Net cash provided by operating activities |
2,905 |
2,161 | |||
Cash Flows from Investing Activities |
|||||
Expenditures for property, plant and equipment |
(3,156) |
(3,123) | |||
Expenditures for investments and acquisition of businesses |
(200) |
(240) | |||
Proceeds from sale of equity interests and assets, net of cash sold |
373 |
149 | |||
Distributions from investments |
15 |
13 | |||
Proceeds from sales by nuclear decommissioning and other trusts |
577 |
601 | |||
Purchases of nuclear decommissioning and other trust assets |
(531) |
(613) | |||
Increases in restricted cash |
(100) |
(152) | |||
Decreases in restricted cash |
93 |
155 | |||
Advances to unconsolidated affiliates |
(31) |
(185) | |||
Repayments of advances to unconsolidated affiliates |
74 |
18 | |||
Other |
1 |
35 | |||
Net cash used in investing activities |
(2,885) |
(3,342) | |||
Cash Flows from Financing Activities |
|||||
Common dividends paid |
(628) |
(598) | |||
Preferred dividends paid by subsidiary |
(1) |
(1) | |||
Issuances of common stock |
52 |
56 | |||
Repurchases of common stock |
(74) |
(38) | |||
Issuances of debt (maturities greater than 90 days) |
2,992 |
3,272 | |||
Payments on debt (maturities greater than 90 days) |
(1,854) |
(2,034) | |||
(Decrease) increase in short-term debt, net |
(622) |
412 | |||
Purchase of noncontrolling interests |
― |
(74) | |||
Net distributions to noncontrolling interests |
(73) |
(104) | |||
Tax benefit related to share-based compensation |
52 |
― | |||
Other |
(17) |
(37) | |||
Net cash (used in) provided by financing activities |
(173) |
854 | |||
Effect of exchange rate changes on cash and cash equivalents |
(14) |
(7) | |||
Decrease in cash and cash equivalents |
(167) |
(334) | |||
Cash and cash equivalents, January 1 |
570 |
904 | |||
Cash and cash equivalents, December 31 |
$ 403 |
$ 570 |
SEMPRA ENERGY | |||||||||
Table D | |||||||||
SEGMENT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS | |||||||||
Three months ended |
Years ended | ||||||||
December 31, |
December 31, | ||||||||
(Dollars in millions) |
2015 |
2014 |
2015 |
2014 | |||||
(unaudited) |
|||||||||
Earnings (Losses) |
|||||||||
California Utilities: |
|||||||||
San Diego Gas & Electric |
$ 144 |
$ 128 |
$ 587 |
$ 507 | |||||
Southern California Gas |
143 |
(1) |
76 |
419 |
332 | ||||
Sempra International: |
|||||||||
Sempra South American Utilities |
46 |
63 |
175 |
172 | |||||
Sempra Mexico |
53 |
53 |
213 |
192 | |||||
Sempra U.S. Gas & Power: |
|||||||||
Sempra Renewables |
16 |
18 |
63 |
81 | |||||
Sempra Natural Gas |
1 |
11 |
44 |
50 | |||||
Parent and other |
(34) |
(52) |
(152) |
(173) | |||||
Earnings |
$ 369 |
$ 297 |
$ 1,349 |
$ 1,161 | |||||
Three months ended |
Years ended | ||||||||
December 31, |
December 31, | ||||||||
(Dollars in millions) |
2015 |
2014 |
2015 |
2014 | |||||
(unaudited) |
|||||||||
Capital Expenditures and Investments |
|||||||||
California Utilities: |
|||||||||
San Diego Gas & Electric |
$ 298 |
$ 310 |
$ 1,133 |
$ 1,100 | |||||
Southern California Gas |
406 |
340 |
1,352 |
1,104 | |||||
Sempra International: |
|||||||||
Sempra South American Utilities |
49 |
48 |
154 |
174 | |||||
Sempra Mexico |
117 |
63 |
302 |
325 | |||||
Sempra U.S. Gas & Power: |
|||||||||
Sempra Renewables |
38 |
45 |
105 |
404 | |||||
Sempra Natural Gas |
38 |
38 |
260 |
230 | |||||
Parent and other |
― |
7 |
50 |
26 | |||||
Consolidated Capital Expenditures and Investments |
$ 946 |
$ 851 |
$ 3,356 |
$ 3,363 | |||||
(1) |
Results for the three months ended December 31, 2015 for Southern California Gas (SoCalGas) reflect the adoption of a California Public Utilities Commission decision requiring SoCalGas to recognize annual revenue for core natural gas customers using seasonal factors, instead of recognizing such revenue ratably over the year as was previously required. For the three months ended December 31, 2015 compared to the same period in 2014, this "seasonalization" resulted in $48 million higher earnings. While this seasonalization caused variability in results from quarter to quarter within the year, it did not impact full-year 2015 results. |
SEMPRA ENERGY | ||||||||||
Table E | ||||||||||
OTHER OPERATING STATISTICS (Unaudited) | ||||||||||
Three months ended |
Years ended | |||||||||
December 31, |
December 31, | |||||||||
UTILITIES |
2015 |
2014 |
2015 |
2014 | ||||||
California Utilities – SDG&E and SoCalGas |
||||||||||
Gas Sales (Bcf)(1) |
102 |
87 |
329 |
326 | ||||||
Transportation (Bcf)(1) |
169 |
179 |
669 |
691 | ||||||
Total Deliveries (Bcf)(1) |
271 |
266 |
998 |
1,017 | ||||||
Total Gas Customers (Thousands) |
6,774 |
6,735 | ||||||||
Electric Sales (Millions of kWhs)(1) |
4,314 |
4,099 |
16,264 |
16,467 | ||||||
Direct Access (Millions of kWhs) |
969 |
887 |
3,652 |
3,648 | ||||||
Total Deliveries (Millions of kWhs)(1) |
5,283 |
4,986 |
19,916 |
20,115 | ||||||
Total Electric Customers (Thousands) |
1,426 |
1,417 | ||||||||
Other Utilities |
||||||||||
Natural Gas Sales (Bcf) |
||||||||||
Sempra Mexico |
6 |
6 |
25 |
24 | ||||||
Mobile Gas(2) |
12 |
9 |
47 |
38 | ||||||
Willmut Gas |
1 |
1 |
3 |
3 | ||||||
Natural Gas Customers (Thousands) |
||||||||||
Sempra Mexico |
113 |
106 | ||||||||
Mobile Gas(2) |
85 |
86 | ||||||||
Willmut Gas |
19 |
19 | ||||||||
Electric Sales (Millions of kWhs) |
||||||||||
Peru |
1,854 |
1,829 |
7,549 |
7,287 | ||||||
Chile |
715 |
752 |
2,887 |
2,944 | ||||||
Electric Customers (Thousands) |
||||||||||
Peru |
1,053 |
1,029 | ||||||||
Chile |
672 |
657 | ||||||||
ENERGY-RELATED BUSINESSES |
||||||||||
Sempra International |
||||||||||
Power Sold (Millions of kWhs) |
||||||||||
Sempra Mexico |
1,039 |
1,144 |
3,821 |
4,225 | ||||||
Sempra U.S. Gas & Power |
||||||||||
Power Sold (Millions of kWhs) |
||||||||||
Sempra Renewables(3) |
740 |
717 |
2,851 |
2,536 | ||||||
Sempra Natural Gas(4) |
806 |
1,439 |
3,129 |
5,309 | ||||||
(1) |
Includes intercompany sales. |
(2) |
Includes transportation. |
(3) |
Includes 50 percent of total power sold related to solar and wind projects in which Sempra Energy has 50-percent ownership. These subsidiaries are not consolidated within Sempra Energy, and the related investments are accounted for under the equity method. |
(4) |
Sempra Natural Gas sold the remaining 625-megawatt block of its Mesquite Power natural gas-fired power plant in April 2015. |
SEMPRA ENERGY | ||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||
Statement of Operations Data by Segment |
||||||||||||||||||
Three Months Ended December 31, 2015 |
||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 1,051 |
$ 1,041 |
(1) |
$ 393 |
$ 161 |
$ 6 |
$ 141 |
$ (92) |
$ 2,701 | |||||||||
Cost of sales and other expenses |
(649) |
(715) |
(309) |
(101) |
(15) |
(153) |
61 |
(1,881) | ||||||||||
Depreciation and amortization |
(158) |
(119) |
(13) |
(18) |
(1) |
(13) |
(3) |
(325) | ||||||||||
Plant closure adjustment |
5 |
- |
- |
- |
- |
- |
- |
5 | ||||||||||
Gain on sale of asset |
- |
- |
- |
- |
8 |
- |
- |
8 | ||||||||||
Equity earnings (losses), before income tax |
- |
- |
- |
- |
4 |
25 |
(4) |
25 | ||||||||||
Other income, net |
10 |
5 |
4 |
9 |
1 |
- |
9 |
38 | ||||||||||
Income (loss) before interest and tax (2) |
259 |
212 |
75 |
51 |
3 |
- |
(29) |
571 | ||||||||||
Net interest (expense) income (3) |
(49) |
(22) |
(5) |
(3) |
1 |
- |
(61) |
(139) | ||||||||||
Income tax (expense) benefit |
(67) |
(47) |
(1) |
(17) |
(4) |
12 |
1 |
57 |
(65) | |||||||||
Equity earnings, net of income tax |
- |
- |
- |
21 |
- |
- |
- |
21 | ||||||||||
Losses (earnings) attributable to noncontrolling interests |
1 |
- |
(7) |
(12) |
- |
- |
(1) |
(19) | ||||||||||
Earnings (losses) |
$ 144 |
$ 143 |
(1) |
$ 46 |
$ 53 |
$ 16 |
$ 1 |
$ (34) |
$ 369 | |||||||||
Three Months Ended December 31, 2014 |
||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 1,046 |
$ 998 |
$ 387 |
$ 197 |
$ 10 |
$ 231 |
$ (122) |
$ 2,747 | ||||||||||
Cost of sales and other expenses |
(672) |
(771) |
(309) |
(137) |
(15) |
(232) |
89 |
(2,047) | ||||||||||
Depreciation and amortization |
(135) |
(110) |
(14) |
(17) |
(1) |
(11) |
(2) |
(290) | ||||||||||
Plant closure loss |
(19) |
- |
- |
- |
- |
- |
- |
(19) | ||||||||||
Gain on sale of equity interest |
- |
- |
- |
- |
14 |
- |
- |
14 | ||||||||||
Equity earnings (losses), before income tax |
- |
- |
- |
- |
2 |
18 |
(1) |
19 | ||||||||||
Other income (expense), net |
11 |
7 |
15 |
(23) |
- |
- |
9 |
19 | ||||||||||
Income (loss) before interest and tax (2) |
231 |
124 |
79 |
20 |
10 |
6 |
(27) |
443 | ||||||||||
Net interest (expense) income (3) |
(50) |
(19) |
(5) |
(2) |
(1) |
7 |
(59) |
(129) | ||||||||||
Income tax (expense) benefit |
(53) |
(29) |
1 |
32 |
9 |
(2) |
33 |
(9) | ||||||||||
Equity earnings, net of income tax |
- |
- |
- |
16 |
- |
- |
- |
16 | ||||||||||
(Earnings) losses attributable to noncontrolling interests |
- |
- |
(12) |
(13) |
- |
- |
1 |
(24) | ||||||||||
Earnings (losses) |
$ 128 |
$ 76 |
$ 63 |
$ 53 |
$ 18 |
$ 11 |
$ (52) |
$ 297 |
(1) |
Reflects the impact of seasonalization at Southern California Gas as discussed on Table D. | ||||||||||||
(2) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | ||||||||||||
(3) |
Includes interest income, interest expense and preferred dividends of subsidiary. |
SEMPRA ENERGY | ||||||||||||||||||
Table F (Unaudited) | ||||||||||||||||||
Statement of Operations Data by Segment |
||||||||||||||||||
Year Ended December 31, 2015 |
||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 4,219 |
$ 3,489 |
$ 1,544 |
$ 669 |
$ 36 |
$ 653 |
$ (379) |
$ 10,231 | ||||||||||
Cost of sales and other expenses |
(2,583) |
(2,420) |
(1,232) |
(415) |
(51) |
(681) |
311 |
(7,071) | ||||||||||
Depreciation and amortization |
(604) |
(461) |
(50) |
(70) |
(6) |
(49) |
(10) |
(1,250) | ||||||||||
Plant closure adjustment |
26 |
- |
- |
- |
- |
- |
- |
26 | ||||||||||
Gain on sale of assets |
- |
- |
1 |
- |
8 |
61 |
- |
70 | ||||||||||
Equity earnings (losses), before income tax |
- |
- |
- |
- |
24 |
84 |
(4) |
104 | ||||||||||
Other income, net |
36 |
30 |
22 |
20 |
2 |
- |
16 |
126 | ||||||||||
Income (loss) before interest and tax (1) |
1,094 |
638 |
285 |
204 |
13 |
68 |
(66) |
2,236 | ||||||||||
Net interest (expense) income (2) |
(204) |
(81) |
(13) |
(16) |
1 |
3 |
(223) |
(533) | ||||||||||
Income tax (expense) benefit |
(284) |
(138) |
(67) |
(11) |
49 |
(28) |
138 |
(341) | ||||||||||
Equity (losses) earnings, net of income tax |
- |
- |
(4) |
89 |
- |
- |
- |
85 | ||||||||||
(Earnings) losses attributable to noncontrolling interests |
(19) |
- |
(26) |
(53) |
- |
1 |
(1) |
(98) | ||||||||||
Earnings (losses) |
$ 587 |
$ 419 |
$ 175 |
$ 213 |
$ 63 |
$ 44 |
$ (152) |
$ 1,349 | ||||||||||
Year Ended December 31, 2014 |
||||||||||||||||||
(Dollars in millions) |
SDG&E |
SoCalGas |
Sempra South |
Sempra |
Sempra |
Sempra |
Consolidating |
Total | ||||||||||
Revenues |
$ 4,329 |
$ 3,855 |
$ 1,534 |
$ 818 |
$ 35 |
$ 979 |
$ (515) |
$ 11,035 | ||||||||||
Cost of sales and other expenses |
(2,834) |
(2,903) |
(1,225) |
(562) |
(51) |
(955) |
433 |
(8,097) | ||||||||||
Depreciation and amortization |
(530) |
(431) |
(55) |
(64) |
(5) |
(61) |
(10) |
(1,156) | ||||||||||
Plant closure loss |
(6) |
(3) |
- |
- |
- |
- |
- |
- |
(6) | |||||||||
Gain on sale of equity interests and assets |
- |
- |
2 |
19 |
41 |
- |
- |
62 | ||||||||||
Equity earnings (losses), before income tax |
- |
- |
- |
- |
20 |
62 |
(1) |
81 | ||||||||||
Other income, net |
40 |
20 |
30 |
4 |
1 |
2 |
40 |
137 | ||||||||||
Income (loss) before interest and tax (1) |
999 |
541 |
286 |
215 |
41 |
27 |
(53) |
2,056 | ||||||||||
Net interest (expense) income(2) |
(202) |
(70) |
(19) |
(13) |
(4) |
4 |
(229) |
(533) | ||||||||||
Income tax (expense) benefit |
(270) |
(139) |
(58) |
(5) |
44 |
20 |
108 |
(300) | ||||||||||
Equity (losses) earnings, net of income tax |
- |
- |
(4) |
42 |
- |
- |
- |
38 | ||||||||||
(Earnings) losses attributable to noncontrolling interests |
(20) |
- |
(33) |
(47) |
- |
(1) |
1 |
(100) | ||||||||||
Earnings (losses) |
$ 507 |
$ 332 |
$ 172 |
$ 192 |
$ 81 |
$ 50 |
$ (173) |
$ 1,161 |
(1) |
Management believes Income (Loss) Before Interest and Tax is a useful measurement of our segments' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | |||||||||||||||||
(2) |
Includes interest income, interest expense, and preferred dividends of subsidiary. | |||||||||||||||||
(3) |
After taxes, including a $17 million charge to reduce certain tax regulatory assets attributed to SONGS, the adjustment to loss from plant closure is a $21 million charge to earnings. |
[SRE-F]
Logo - http://photos.prnewswire.com/prnh/20110108/SEMPRAENERGYLOGO
SOURCE Sempra Energy
SAN DIEGO, Feb. 25, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Sempra LNG & Midstream unit has entered into a Project Development Agreement with a subsidiary of Woodside Petroleum Ltd. (Woodside) (ASX: WPL, OTC: WOPEY) to further advance the development of the proposed Port Arthur LNG natural gas liquefaction facility in Port Arthur, Texas.
The new agreement expands on the Memorandum of Understanding previously signed by the parties in June 2015 and provides a framework regarding how Sempra LNG & Midstream and Woodside will contribute their experience and share the costs related to the development, technical design, permitting and commercial development of the liquefaction project.
"This agreement continues to build on our experience developing safe, reliable energy infrastructure in North America and on Woodside's core strengths in construction and operation of LNG assets," said Octavio M.C. Simoes, president of Sempra LNG & Midstream. "We are confident that, together, we can develop a facility that will meet the highest standards of LNG supply for the global market."
The proposed Port Arthur LNG liquefaction project, located at a site previously permitted for an LNG regasification terminal along the Sabine-Neches Ship Channel, initially would be designed to include two natural gas liquefaction trains with a total export capability of approximately 10 million metric tons per annum (Mtpa), or 517 billion cubic feet per year, as well as LNG storage tanks and marine facilities for LNG ship berthing and loading. Additionally, a 3-mile portion of Highway 87 between the Intracoastal Waterway and Keith Lake Pass would be relocated and upgraded to accommodate the construction of a marine terminal berth for docking and loading of LNG ships.
Last year, Port Arthur LNG obtained approval from the U.S. Department of Energy (DOE) to export up to 10 Mtpa of domestically produced LNG to all current and future Free Trade Agreement countries; the authorization to export LNG to countries with which the U.S. does not have a Free Trade Agreement is pending review by the DOE. In March 2015, Port Arthur LNG initiated the pre-filing process with the Federal Energy Regulatory Commission, which is anticipated to be completed later this year.
Any development of the project remains contingent upon completing required commercial agreements; acquiring all necessary permits and approvals; securing financing commitments and potential incentives; achieving other customary conditions; and making a final investment decision to proceed.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2014 revenues of $11 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
Woodside is an Australian oil and gas company with a global presence, recognized for its world-class capabilities, as an explorer, a developer, a producer and a supplier. Woodside is Australia's most experienced LNG operator and largest independent oil and gas company.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "assumes," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements.
Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative, legal and regulatory conditions, decisions and developments; actions and the timing of actions, including general rate case decisions, new regulations, issuances of permits to construct, operate, and maintain facilities and equipment and to use land, franchise agreements and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, California Division of Oil, Gas and Geothermal Resources, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, Pipeline and Hazardous Materials Safety Commission, California Air Resources Board, South Coast Air Quality Management District, Mexican Competition Commission, cities and counties, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers, and delays in regulatory agency authorization to recover costs in rates from customers; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, moratoriums on the ability to withdraw natural gas from or inject natural gas into storage facilities, pipeline explosions and equipment failures; energy markets; the timing and extent of changes and volatility in commodity prices; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; the resolution of civil and criminal litigation and regulatory investigations; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; capital markets conditions, including the availability of credit and the liquidity of our investments, and inflation, interest and currency exchange rates; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; terrorist attacks that threaten system operations and critical infrastructure; wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, natural disasters, catastrophic accidents, equipment failures and other events that may disrupt our operations, damage our facilities and systems, cause the release of greenhouse gasses, radioactive materials and harmful emissions, and subject us to third-party liability for property damage or personal injuries, some of which may not be covered by insurance; disallowance of regulatory assets associated with, or decommissioning costs of, the San Onofre Nuclear Generating Station facility due to increased regulatory oversight, including motions to modify settlements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources and increased reliance on natural gas and natural gas transmission systems; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra LNG & Midstream and Port Arthur LNG, LLC are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra LNG & Midstream and Port Arthur LNG, LLC are not regulated by the California Public Utilities Commission.
SOURCE Sempra Energy
SAN DIEGO, Feb. 19, 2016 /PRNewswire/ -- Sempra Energy (NYSE:SRE) today announced that its board of directors has approved an 8-percent increase in the dividend on shares of the company's common stock to $3.02 per share, on an annualized basis, from $2.80 per share.
The first quarterly installment of the new dividend, $0.755 per share, is payable April 15, 2016, to shareholders of record on March 25, 2016.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2014 revenues of $11 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, Atomic Safety and Licensing Board, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation, interest and currency exchange rates; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; the ability to win competitively bid infrastructure projects against a number of strong competitors willing to aggressively bid for these projects; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries, some of which may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest; business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov.
Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
[SRE-F]
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SOURCE Sempra Energy
LOS ANGELES, Feb. 18, 2016 /PRNewswire/ -- The California Division of Oil, Gas and Geothermal Resources (DOGGR) today confirmed that the well that had been leaking at the Southern California Gas Co. (SoCalGas) Aliso Canyon storage facility has been permanently sealed and taken out of service, SoCalGas announced.
On Dec. 4, 2015, SoCalGas commenced drilling a relief well to stop the natural gas leak by plugging the leaking well at its base. On Feb. 11, 2016, the company pumped in heavy fluids and successfully controlled the flow of gas out of the leaking well. On Feb. 12, SoCalGas began to pump cement from the relief well into the base of the well, completing the process on Feb. 18.
"We are pleased that DOGGR has confirmed that the well has been permanently sealed," said Dennis V. Arriola, chairman, president and CEO of SoCalGas. "While the leak has been stopped and the well permanently sealed, we have much work to do, partnering with state and local agencies to help the local community and impacted residents return to normal. We've already started inspecting all of the other wells at Aliso Canyon and will work closely with DOGGR to verify that the wells can be operated safely in the future."
"We recognize the disruption the gas leak has caused to local residents. We are committed to earning back their trust and confidence over time through our actions, not our words," said Arriola.
"Now that DOGGR has confirmed that the well is permanently sealed, the operations focus will shift to investigating the cause of the leak," Arriola said. "We will continue to cooperate with state regulators and an independent investigator as they work to investigate the cause of the leak."
As part of their independent responsibilities, the California Air Resources Board and the South Coast Air Quality Management District have been monitoring on an hourly basis methane levels in the community. Both agencies have reported an abrupt decline of methane levels in the community, consistent with the temporary control of the flow of gas on Feb. 11. View AQMD data here: http://www.aqmd.gov/home/regulations/compliance/aliso-canyon-update/air-sampling/air-montoring-activities/continuous-methane-monitoring-data
According to the Los Angeles County Department of Public Health, "mercaptans and other odorants have not been associated with long-term health effects and short-term symptoms will go away once the odor exposure has diminished." Now that the well is permanently sealed, there is no longer any gas or odorant being released from the well. As a result, residents should no longer experience short term health symptoms related to the release of odorants from the gas well.
Residents in Porter Ranch who temporarily relocated because of the gas leak have been notified of this important milestone in the process, as have other residents of Porter Ranch and the surrounding communities. Residents who have temporarily relocated to short-term housing, such as hotels, will have up to eight days/seven nights to transition back home, and residents who have been placed in rental housing will have through the agreed term of their leases to return home. Specific information on return home process and exceptions for special circumstances can be found at: www.alisoupdates.com/acu-return-home-faq
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, Feb. 15, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that it has begun the process of permanently sealing the well at its Aliso Canyon storage facility. SoCalGas is working closely with the California Division of Oil, Gas and Geothermal Resources (DOGGR) throughout this process.
On Dec. 4, 2015, SoCalGas commenced drilling a relief well to control the flow of natural gas by plugging the leaking well at its base. On Feb. 11, 2016, the company pumped heavy fluids and successfully controlled the flow of gas out of the leaking well. On Feb. 12, SoCalGas began to pump cement from the relief well into the base of the leaking well.
"We have started the process of permanently sealing the well," said Jimmie Cho, SoCalGas senior vice president of gas operations and system integrity, and SoCalGas incident commander. "We will be working with DOGGR to complete a diagnostic process to confirm that the cementing process was successful and the well is permanently sealed."
Representatives from DOGGR and other state and local agencies are at the site and are observing the operation to seal the well. The leak event will be officially terminated when DOGGR confirms that the well has been permanently sealed, a process that could take multiple days.
As part of their independent responsibilities, the California Air Resources Board and the South Coast Air Quality Management District have been monitoring on an hourly basis methane levels in the community. Both agencies have reported an abrupt decline of methane levels in the community, consistent with the temporary control of the flow of gas on Feb. 11. Those reports are available at CARB/AQMD.
According to the Los Angeles County Department of Public Health, "mercaptans and other odorants have not been associated with long-term health effects and short-term symptoms will go away once the odor exposure has diminished." Since the well is now controlled, there is no longer any gas or odorant being released from the well. As a result, residents should no longer experience short term symptoms related to the release of odorants from the gas well.
Residents in Porter Ranch who temporarily relocated because of the gas leak have been notified of this important milestone in the process, as have other residents of Porter Ranch and the surrounding communities. Once DOGGR confirms the permanent sealing of the well, residents who have temporarily relocated to short-term housing, such as hotels, will have up to eight days/seven nights to transition back home, and residents who have been placed in rental housing will have through the agreed term of their leases to return home. Specific information on the return home process and exceptions for special circumstances can be found at: www.alisoupdates.com/acu-return-home-faq
About: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, Feb. 12, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) issued the following statement following today's release of infrared video by the California Air Resources Board:
"The infrared video released today by the California Air Resources Board and data from a network of state-operated air monitors in the Porter Ranch neighborhood confirm the leaking well at the Aliso Canyon storage facility has been temporarily controlled and emissions have stopped. We will continue to work around-the-clock to seal the well with cement and cooperate fully with the Department of Oil, Gas, and Geothermal Resources (DOGGR) as they work to confirm the leak has been permanently sealed. Each of these steps will take several days.
"Achieving temporary control of the well marks an important milestone in SoCalGas' efforts to permanently stop the leak, and for residents who relocated during the leak. City, county and state air-quality authorities consistently report that the leak posed no long-term health risk, and any short-term symptoms would go away once the leak was stopped. Details are available in a report summary released today by the California Office of Environmental Health Hazard Assessment.
"Once DOGGR confirms the leak has been permanently sealed, residents who temporarily relocated to short-term temporary housing (such as hotels) will be provided up to eight days/seven nights to return home. SoCalGas will continue to honor the terms of leases for those who opted for longer-term housing and for all residents relocated to apartments or single-family homes, SoCalGas will reimburse moving expenses up to $500. More information is available at AlisoUpdates.com.
"Relocated residents who have special circumstances, specifically disabilities or functional needs that may require additional arrangements, and residents relocated with similar extraordinary circumstances, will be considered on a case-by-case basis. Lastly, SoCalGas will reimburse reasonable mileage expenses through the rest of the school year for residents who enrolled their children in schools outside the Porter Ranch area."
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments;business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forwardlooking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Company
SAN DIEGO, Feb. 12, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) plans to announce its fourth-quarter 2015 earnings at 9 a.m. EST, Feb. 26.
Sempra Energy executives will conduct a conference call at 12 p.m. EST, Feb. 26.
Investors, media, analysts and the general public may listen to a live webcast of the conference call at the company's website, www.sempra.com, by clicking on the appropriate audio link. For those unable to obtain access to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 2934710.
Briefing materials will be posted on the company's website by 9 a.m. EST, Feb. 26.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2014 revenues of $11 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
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SOURCE Sempra Energy
LOS ANGELES, Feb. 11, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that it temporarily has controlled the flow of natural gas at the leaking well at its Aliso Canyon storage facility outside Los Angeles. It will continue to work in coordination with the California Division of Oil, Gas and Geothermal Resources (DOGGR) and other agencies during the process of permanently sealing the well.
On Dec. 4, 2015, SoCalGas commenced drilling a relief well to stop the natural gas leak by plugging the leaking well at its base. On Feb. 11, 2016, the relief well intercepted the base of the leaking well, and the company began pumping heavy fluids to temporarily control the flow of gas out of the leaking well. DOGGR officials and representatives from other state and local agencies were at the site to observe the operation. The leak and the flow of gas will be declared ended once DOGGR has confirmed that the well has been permanently sealed.
"We have temporarily controlled the natural gas flow from the leaking well and begun the process of sealing the well and permanently stopping the leak," said Jimmie Cho, SoCalGas senior vice president of gas operations and system integrity, and SoCalGas incident commander.
While this is a positive development, cement will need to be injected from the relief well into the leaking well at its base in order to permanently seal it, which could occur over the next several days. The process by which DOGGR will confirm that the leaking well is permanently sealed could take several additional days after the cement is injected. The company also is continuing its preparations to drill a back-up relief well as a precautionary measure and will continue these efforts at least until the leak has been stopped permanently, the timing of which has not been determined yet.
Residents in Porter Ranch who temporarily relocated because of the odor from the gas leak have been notified today of this development, as have the majority of other residents of Porter Ranch. Once DOGGR confirms that the well has been permanently sealed, the company will start winding down its temporary relocation program. Subject to certain exceptions, residents who have temporarily relocated to short term housing, such as hotels, will have up to eight days/seven nights to transition back home, and residents who have been placed in rental housing will have through the agreed term of their leases to return home. Specific information on return home process can be found here: https://www.alisoupdates.com/acu-return-home-faq
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments;business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forwardlooking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, Feb. 10, 2016 /PRNewswire/ --
SoCalGas Operations Update — SoCalGas continues to make progress on relief well number one, reaching a measured depth of 8,615 feet. As we move forward, there are three major milestones – the "three C's" – to stopping the leak:
We remain on schedule with relief well number one to stop the leak by late February or sooner. Crews continue to set up rig equipment on relief well number two.
SoCalGas Notification to Residents
SoCalGas will make at least two notifications to residents. The first will be when the leak has been controlled. The second will be when SoCalGas receives confirmation from DOGGR. SoCalGas will attempt to call or email all residents who requested relocation assistance from SoCalGas as well as issue a press release, post information on the AlisoUpdates.com and provide updates through social media. To ensure you receive the latest updates regarding Aliso Canyon, please fill out our Aliso Canyon Updates form. Get more information here: https://www.alisoupdates.com/acu-return-home-faq.
South Coast Air Quality Management District Findings on Benzene Concentration in Porter Ranch
Recently the SCAQMD published findings that show that average benzene concentrations and the range of 12-hour and 24-hour benzene concentrations (average, minimum and maximum) in the Porter Ranch area are lower than those in surrounding communities. A graphical representation of these findings is available at: http://www.aqmd.gov/docs/default-source/compliance/aliso-cyn/graphs_020116.pdf?sfvrsn=12
SoCalGas Recognizes the Impact on the Community
SoCalGas is working every day to address concerns of members of the community, whether they've chosen to take advantage of temporary housing accommodations or have remained in Porter Ranch. SoCalGas has established multiple ways to support residents during this unfortunate situation. We have set up a dedicated website, a Community Resource Center, and dedicated phone lines for claims or temporary relocation assistance.
Relocation Updates
As of Feb. 10, 2016, 1,726 (more than a third) of the residents who chose to relocate have checked out of their temporary accommodations.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, Feb. 10, 2016 /PRNewswire/ -- The board of directors of Southern California Gas Co. (SoCalGas) has declared regular quarterly dividends for the preferred series stock of the company as follows:
SoCalGas: |
|
Preferred Stock |
$0.375 per share |
Preferred Stock, Series A |
$0.375 per share |
The dividends are payable on April 15, 2016, to shareholders of record on March 10, 2016.
About Southern California Gas Company
Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, Feb. 8, 2016 /PRNewswire/ --
SoCalGas Operations Update
SoCalGas continues to make progress on relief well number one, reaching a measured depth of 8,600 feet. The closer crews get to the intercept point, the more analysis and precision is required, so the process necessarily slows down. Multiple ranging runs were completed this past week to confirm the position and relationship to the target well. Each of these shorter interval drilling and ranging runs will enhance certainty in positioning the relief well with the intercept point. As we've stated previously, we remain on schedule to stop the leak by late February or sooner. Crews continue to set up rig equipment on relief well number two.
SoCalGas Extends Time for Relocated Residents to Return Home
SoCalGas today announced it reached an agreement with the Los Angeles City Attorney to provide residents who chose to temporarily relocate as a result of the Aliso Canyon natural gas leak more time to transition back to their homes. Get more information here: https://www.alisoupdates.com/acu-return-home-faq
Evaluation of Health Concerns by Office of Environmental Health Hazard Assessment
OEHHA has evaluated air sample data collected by SoCalGas at several locations in the Porter Ranch neighborhood. http://oehha.ca.gov/public_info/emergency/alisocanyon.html
"OEHHA's evaluation to date has concluded:
SoCalGas Recognizes the Impact on the Community
SoCalGas is working every day to address concerns of members of the community, whether they've chosen to take advantage of temporary housing accommodations or have remained in Porter Ranch. SoCalGas has established multiple ways to support residents during this unfortunate situation. We have set up a dedicated website, a Community Resource Center, and dedicated phone lines for claims or temporary relocation assistance.
Relocation Updates
As of Feb. 7, 2016, 1,662 (more than a third) of the residents who chose to relocate have checked out of their temporary accommodations.
About Southern California Gas Co: Southern California Gas Co. (SoCalGas) has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Company
LOS ANGELES, Feb. 8, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced it has reached an agreement with the Los Angeles City Attorney to provide residents who temporarily relocated as a result of the Aliso Canyon natural gas leak more time to transition back to their homes.
SoCalGas will now offer residents who had chosen to relocate to short-term temporary housing (such as hotels) up to eight days/seven nights in their temporary housing after the state's Division of Oil, Gas and Geothermal Resources (DOGGR) confirms that the leak has stopped. This provides relocated residents with more flexibility than under the temporary relocation plan adopted last December, approved by the City Attorney and the Los Angeles Superior Court, which allowed for 48 hours to transition back home.
SoCalGas will continue to honor the terms of leases for those who opted for longer-term housing and for all residents relocated to apartments or single family homes, SoCalGas will reimburse moving expenses up to $500.00. Relocated residents who have special circumstances, specifically disabilities or functional needs that may require additional arrangements, and residents relocated with similar extraordinary circumstances, will be considered on a case-by-case basis. Lastly, SoCalGas will reimburse reasonable mileage expenses through the rest of the school year for residents who reenrolled their children in schools outside the Porter Ranch area.
"After listening to the community, SoCalGas and the City Attorney's office have come to an agreement that we both believe is reasonable and will now provide residents with eight days to return to their homes. The start of the transition period will begin after DOGGR confirms that the leak has stopped," said Gillian Wright, vice president of customer services for SoCalGas. "We are glad to offer additional time to help make relocated residents' transitions back home smoother."
SoCalGas expects to stop the leak by the end of February, if not sooner. In the meantime, residents impacted by the leak can find information about services available to them at:
About SoCalGas: Southern California Gas Co.
has been delivering clean, safe and reliable natural gas to its customers for more than 145 years. It is the nation's largest natural gas distribution utility, providing service to 21.6 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. SoCalGas is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, Feb. 2, 2016 /PRNewswire/ -- In December 2015, the Los Angeles City Attorney and Los Angeles County Counsel filed a complaint on behalf of the People of California against Southern California Gas Company (SoCalGas) related to the Aliso Canyon natural gas leak for public nuisance and violation of the California Unfair Competition Law. On Feb. 2, 2016, the California Attorney General, acting in her independent capacity and on behalf of the people of the State of California and the California Air Resources Board, joined that existing lawsuit.
The complaint, as amended to include the California Attorney General, adds allegations of violations of the Health and Safety Code sections 41700 prohibiting discharge of air contaminants that cause annoyance to the public and 25510 requiring reporting of the release of hazardous material, as well as Government Code section 12607 for equitable relief for the protection of natural resources. It seeks an order for injunctive relief, to abate the public nuisance, and to impose civil penalties. SoCalGas is working hard to both stop the leak and to address our neighbors' concerns. The company will respond to the lawsuit through the judicial process.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments;business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forwardlooking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 31, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) wants customers to know that they may experience higher than expected natural gas bills in January due to the unusually cold weather and increased use of home heaters to stay warm.
There have been significantly more cold snap days this December 2015 and January 2016 to date compared to the December and January months in the last five years of warm winters in SoCalGas' service territory. Weather reports are predicting a cold snap over the next weeks beginning Jan. 31. SoCalGas encourages customers to be especially aware of energy usage.
Customers can monitor their natural gas usage and see whether their bills have gone up or down and how they compare to previous years by logging into "My Account" at socalgas.com. View "ways to save" and select "compare bills." Tips to reduce home heating costs include:
SoCalGas also offers resources to help customers manage natural gas costs and assistance paying bills. Through the California Alternate Rates for Energy (CARE) Program, eligible households receive a 20-percent rate discount on their monthly gas bill. Also, the Gas Assistance Fund (GAF) may be able to provide customers with a one-time grant for the amount of the gas bill, not exceeding $100. SoCalGas' Medical Baseline Allowance offers an additional allowance of natural gas at a lower rate to qualified households where a member has a life-threatening illness, is seriously disabled, or requires more heat in winter due to a serious health condition.
Customers can learn more and apply for these and other programs by visiting www.socalgas.com/for-your-home/assistance-programs/ or by calling (800) 427-2200.
Eligible customers may also receive no-cost home weatherization services through the Energy Savings Assistance Program. Apply online at www.socalgas.com/for-your-home/assistance-programs/esap/form/index.shtml or call (800) 331-7593 English and Spanish.
All SoCalGas customers can find rebates on qualifying energy efficient appliances or home upgrades by going to www.socalgas.com/save-money-and-energy.
SoCalGas also recognizes that customers face various hardships and encourages those who may be having difficulty paying their natural gas bills to contact SoCalGas to ask about payment arrangements or to find out if they qualify for other bill-assistance programs. Customers can request payment arrangements online or call SoCalGas at (800) 427-2200 and should have their account number handy for faster service.
SoCalGas customer can enroll in the My Account program at https://www.socalgas.com/pay-bill/my-account. Once enrolled, they can easily access gas usage information, pay bills, schedule service orders and access other online services.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 28, 2016 /PRNewswire/ -- Today, the California Public Utilities Commission (CPUC) approved San Diego Gas & Electric's (SDG&E) Electric Vehicle Grid-Integration pilot project, signaling the "green light" for the company to own and install thousands of electric vehicle (EV) charging stations at businesses and multi-family communities, including in underserved neighborhoods, throughout San Diego and south Orange Counties. An important program benefit is that it should maximize the use of renewable energy to charge electric vehicles and minimize the need for new fossil-fuel power plants.
"Today's decision not only creates an exciting new opportunity for us to better serve our customers, it also delivers a real solution to achieving California's ambitious climate goals," said Jim Avery, chief development officer of SDG&E. "This pilot program will provide us with a unique opportunity to support the increased adoption of zero-emission vehicles to reduce smog and other pollutants created by the transportation sector in California."
In 2012, Gov. Jerry Brown set a bold vision of having 1.5 million zero-emission vehicles on the road in California by 2025. For the San Diego region to meet a mere 10 percent of that target – 150,000 electric vehicles – EV growth and supporting infrastructure must increase at a much quicker pace. SDG&E is now poised and positioned to accelerate the EV race.
Today, the San Diego region has only 19,000 EVs and the barriers to clean transportation are particularly sobering. Fifty percent of SDG&E's customers live in multi-family communities. Without access to vehicle charging, there is virtually no way for these residents to ever become part of the solution to significantly reduce air pollution or to create real personal savings by eliminating gasoline bills. SDG&E's initiative will help address gaps like this in the market and ensure charging is accessible to all customers.
The company will install charging stations at up to 350 businesses and multi-family communities throughout the region, with 10 chargers at each location for a total of 3,500 separate chargers. SDG&E will install at least 10 percent of the chargers in disadvantaged communities. SDG&E's project will overcome many current obstacles to EV growth and reassure local EV drivers that they will have a place to charge their vehicles.
In addition to expanding access to EVs, the pilot features special rates that encourage EV drivers to charge their cars when electricity supply, including renewable energy, is plentiful and energy prices are low. With rates encouraging off-peak charging, vehicles will be efficiently integrated onto the grid, helping to avoid on-peak charging that drives the need to build more power plants and other electric infrastructure.
California has led the way to de-carbonizing electricity over the last several decades, helping to pave the way for the modernization of the transportation sector. With SDG&E's energy portfolio being made up of 33 percent renewable energy and no coal, drivers will be plugging into one of the cleanest electric grids in the country. Furthermore, with the pilot's special rate encouraging drivers to charge exactly at the times of day when solar power is at its height, customers will literally be driving on sunshine.
SDG&E has an extensive track record of promoting electric vehicles, both in the community and for its employees. Last year, the company launched the "Race to 500," an innovative clean transportation program that targets SDG&E becoming one of the first Southern California businesses to have 500 employees driving EVs as their primary form of transportation. To date, 200 employees have purchased or leased an EV, with the company offering incentives paid for by shareholders and easy access to workplace charging to encourage the shift. SDG&E has installed more than 158 electric charging stations at company facilities, which is the most of any location in San Diego. SDG&E also is adding 163 more plug-in EVs to its fleet as part of a five-year purchase plan.
For those interested in learning more about this EV charging station program, email EV@sdge.com.
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.5 million consumers through 1.4 million electric meters and 881,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, on Twitter (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, Jan. 25, 2016 /PRNewswire/ --
Southern California Gas Company Update
SoCalGas Enters Final Phase in Stopping the Leak
Southern California Gas Company (SoCalGas) announces that operations have entered the fifth and final phase in efforts to stop the leak at its Aliso Canyon Natural Gas Storage Facility. Although the completion date is anticipated to be by late February, or possibly sooner, the drilling operations can still encounter delays.
"Our team of experts has been working 24 hours a day, 7 days a week since we started the relief well operations, and we're very pleased with the progress we've made so far," said Jimmie Cho, SVP of Gas Operations and System Integrity. "Our top priority remains the safety of those working on the site and the residents of the community. We have developed various contingency plans in case we encounter unexpected developments in the relief well drilling process that could slow our current progress. Our current schedule to control and stop the leak in February is consistent with the plan we have submitted to DOGGR [the State regulating agency, Division of Oil, Gas and Geothermal Resources]."
The relief well reached a measured depth of about 8,400 feet and is approximately 200 feet away from where it is intended to intercept the target well. Although close in terms of distance, the objective of this phase is to close that distance while precisely aligning the relief well with the target well so the drill bit is in the best position to drill through and create the entry point for the pumping attempts. This final phase requires precision and accuracy which takes time.
Once the drill bit reaches the target well, the crew will transition from drilling operations to pumping heavy fluids and drilling mud into the target well to stop the flow of gas.
Once the flow of gas has been stopped, the crew will pump in enough cement to displace the fluids and mud and leave an initial seal of cement that will effectively cut off the target well from the reservoir, thus stopping the leak at its source. SoCalGas will work with the DOGGR to confirm the well is sealed.
Once the well has been sealed, gas will no longer be entering the well from the reservoir, and any remaining odors associated with the leak are expected to quickly dissipate, allowing residents to return to their homes.
At that point SoCalGas will begin efforts to conduct a root-cause analysis in an effort to identify the reason for the leak. SoCalGas will work with regulatory agencies to ensure compliance with all regulations.
For information on the Phases of the Relief Well Operations, and a video, visit:
https://www.alisoupdates.com/what-we-are-doing
Los Angeles County Department of Public Health
Public Health Works to Review Sampling Data and Monitor Health Effects
At this time, air sampling data continue to indicate that residents in nearby areas are not at increased risk for long-term health effects associated with exposure to the chemicals being released.
The smell from the leak may cause recurrent, short-term symptoms for persons who live near the Aliso Canyon site. Some individuals may be more sensitive than others, and the symptoms will generally go away once the odor exposure has stopped. Symptoms may include eye, nose and throat irritation, coughing and nasal congestion, shortness of breath, nausea, stomach discomfort, dizziness, or headaches. Public Health encourages residents with symptoms to consider taking advantage of the voluntary relocation assistance.
Public Health continues to monitor potential health effects and is implementing an Expanded Air Monitoring Plan. This will increase the length of time of air samples from 10 minutes to 12-24 hours, and will also test for more chemicals. Public Health reviews and analyzes the air sampling data to determine whether results indicate an increased risk for harmful health effects. Results from the expanded air monitoring will be posted on Public Health's website, along with interpretations of these results.
As this incident continues to evolve, the Expanded Air Monitoring Plan allows for adjustments to sampling frequency and locations in response to changing environmental conditions and requests from the community and other agencies. A more complete picture of potential health risks in the affected community will be available with the expanded air monitoring data.
For more information, visit: http://www.publichealth.lacounty.gov/media/gasleak/
Los Angeles County Fire Department
LACoFD Strives to Meet Incident Objectives
The Los Angeles County Fire Department (LACoFD) has been actively involved with this incident since notification of the gas leak. With the implementation of the Unified Command on Friday, January 22, 2016, LACoFD is striving to meet the incident objectives which include providing for the safety and security of the public and those involved with the incident and limiting the effects of the natural gas leak to the community and the environment. LACoFD also establishes and maintains positive relationships with the public, regulatory and cooperating agencies and provides timely and accurate incident information to the public, stakeholders, and the media. The LACoFD will continue to assess health risks through environmental data collection and analysis and to monitor potential community health effects.
About Los Angeles County Department of Public Health
The Los Angeles County Department of Public Health is committed to protecting and improving the health of the nearly 10 million residents of Los Angeles County. Through a variety of programs, community partnerships and services, Public Health oversees environmental health, disease control, and community and family health. Public Health comprises nearly 4,000 employees and has an annual budget exceeding $900 million. To learn more about the LA County Department of Public Health and the work they do, visit PublicHealth.LACounty.gov, and follow Public Health on social media at twitter.com/LAPublicHealth, facebook.com/LAPublicHealth, and youtube.com/LAPublicHealth.
About The Los Angeles County Fire Department
The Los Angeles County Fire Department is committed to protecting lives, the environment, and property by providing prompt, skillful, and cost-effective fire protection and life safety services.
LACoFD's ability to develop new techniques and equipment to fight fires of all kinds has benefited not only the residents we serve, but the fire service in general, both nationally and internationally. LACoFD's Health Hazardous Materials Division protects the public health and the environment throughout Los Angeles County from accidental releases and improper handling, storage, transportation, and disposal of hazardous materials and wastes through coordinated efforts of inspections, emergency response, enforcement, and site mitigation oversight.
About Southern California Gas Company
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Company
LOS ANGELES, Jan. 18, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced that its relief well project to stop the Aliso Canyon natural gas leak is proceeding ahead of schedule and the company expects to stop the leak by late February, if not sooner.
The relief well drilling began Dec. 4, 2015, and is expected to reach the bottom of the well at a depth of about 8,500 feet below the surface next month. Once the well is sealed, it will be taken out of service permanently.
"Our team of experts has been working around the clock since we started relief well operations in early December and we're pleased with the progress we've made thus far," said Jimmie Cho, senior vice president of gas operations and system integrity for SoCalGas. "Our top priority remains the safety of those working on the site and of the nearby community. We are focused on stopping the leak as quickly and safely as possible, mitigating the environmental, and supporting the community. Our schedule to control and stop the leak in February is consistent with the updated plan we have submitted to state regulators."
The most recent Aliso Canyon preliminary emissions estimates by the California Air Resources Board (CARB) were posted Jan. 12, showing estimated emissions have decreased more than 60 percent since CARB's peak estimates on Nov. 28, according to the latest CARB monitoring data. The estimated cumulative emissions released as a result of the leak are less than 1 percent of the state's annual total.
CARB releases rough estimates of the volume of gas leaking from the well based on data collected during periodic flights using monitors to measure methane. The flyover data provide an estimated emission rate at the time the flights are conducted, and are used to develop a rough estimate of the total methane leaked to date. As CARB also acknowledges, a more refined estimate of the actual emissions will be conducted once the leak is stopped and additional data is collected and reviewed.
SoCalGas has said it intends to mitigate the environmental impact of the actual amount of natural gas released from the leak.
In other developments:
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, Jan. 14, 2016 /PRNewswire/ -- Los Angeles City Councilmember Mitchell Englander introduced a motion on Jan. 13, 2016 requesting Southern California Gas Co. (SoCalGas) to "recognize and extend our relocation efforts to include the communities of Granada Hills, Chatsworth and Northridge, and that we treat the residents in those communities with the same respect and priority as anyone with a reasonable relocation request."
SoCalGas is already offering relocation services for residents in the three aforementioned communities. In fact, approximately ten percent of the customers receiving relocation, air purification and weatherization services reside in those communities.
Areas eligible for relocation are based on data provided by South Coast Air Quality Management District (SCAQMD). The attached map shows the approximate location of the residential odor complaints received by SCAQMD. Requests for relocation outside of a five-mile radius from the incident site are being reviewed on a case-by-case basis.
At SoCalGas, we understand that each family's situation is unique and every individual reacts differently to the odorant used in our natural gas. To that end, our temporary relocation specialists take a careful case-by-case approach for each request, attempting to the best of our ability, to meet each request with sensitivity and excellent customer service.
Moreover, the emissions are decreasing as are complaints of odor. On Jan. 11, 2016, the California Air Resources Board (CARB) posted its rough preliminary estimates of emissions which indicate that the volume of gas leaking from the well at Aliso Canyon has decreased 60 percent from its preliminary estimates on Nov. 28. The odor complaints received by the SCAQMD have also dropped significantly since the incident with the peak in odor complaints occurring between mid-November and December. Of the 1946 total complaints received by SCAQMD since Oct. 24, 2015, only approximately 7 percent of the total complaints were made this year.
Temporary Relocation Process, Placement, Reimbursement
For residents in the impacted community who wish to relocate, we are providing free, temporary housing accommodations, including locations that can accommodate residents with special needs. For residents with pets, we have arranged pet-friendly locations.
Given the time it may take to stop the flow of gas (currently on schedule to be completed by late February to late March), we're working to provide residents with extended stay and more home-like accommodations.
We have established multiple ways to support residents during this unfortunate situation:
Further, for Porter Ranch families whose children's schools have been temporarily relocated, we are working with the Los Angeles Unified School District (LAUSD) to provide support where needed. These families can consider the following school transportation options for their children: LAUSD bus transportation; mileage reimbursement for families who choose to drive their children themselves; and alternative transportation reimbursement, with pre approval by SoCalGas.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of sempra.com (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
LOS ANGELES, Jan. 13, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) continues to work as quickly and safely as possible to stop the natural gas leak at its Aliso Canyon Storage Facility while reducing the odor reaching the community. The update below covers events and activities for the time period January 4-13, 2016. More information on the topics below is available by calling the media hotline at (877) 643-2331 or visiting www.AlisoUpdates.com.
Resident Relocations Continue
As of Jan. 13, SoCalGas has relocated 2,479 households and is continuing to work with 1,581 households in different stages of finalizing arrangements. SoCalGas is also offering pet boarding upon request for relocated families, and families who chose not to relocate but remain in the Porter Ranch 91326 zip code.
Progress on the Stopping the Leak—Relief Well in Phase 4
The relief well efforts are now in Phase 4, the "Follow" phase, and drilling is occurring at more than 7,600 feet as of Jan. 13. The objective of this phase is to maintain the proper distance and angle to the target well, while following it down to below 8,000 feet of measured depth using active magnetic ranging. This phase will put the relief well into position for the final phase of intercepting the target well. This phase will be one of the longer phases because the drilling crew has to gradually work its way down to below 8,000 feet of measured depth by alternating between drilling and ranging. This effort requires the drilling equipment to be retracted and exchanged with the ranging equipment, which can take a day for each process. Ultimately the relief well will intercept the leaking well at more than 8,500 feet below the surface. Fluids will be pumped in to stop gas flow, followed by cement, which should permanently seal the leaking well off from the natural gas reservoir.
The relief well process is scheduled to be complete sometime between late-February and late-March. A fact sheet on the relief well can be found on the SoCalGas newsroom: https://www.socalgas.com/newsroom. All work continues in conjunction with multiple agencies including: Los Angeles County and City Fire, California Office of Emergency Services, Division of Oil, Gas and Geothermal Research (DOGGR), the California Public Utilities Commission (CPUC) and California Occupational Safety and Health Administration (CalOSHA), to oversee the operation and worker safety.
Sen. Fran Pavley's Legislative Proposals
The initiative announced this week by Sen. Pavley and other legislators, represents the start of a legislative process.
SoCalGas appreciates the legislators' interest in the topic and looks forward to participating in the public discussion. As we have since this incident began, SoCalGas stands willing and ready to cooperate with the Governor's office, all state and local officials, and regulatory agencies.
Air Quality and Public Health Information
The most recent Aliso Canyon preliminary methane emissions estimates by the California Air Resources Board (CARB) were posted Jan. 11, showing updated rough estimates of the volume of gas leaking from the well that indicate emissions have decreased from CARB's initial preliminary estimates, SoCalGas announced yesterday. This new posting represents an estimated 60-percent reduction in CARB emissions estimates since the Nov. 28 data, according to the latest CARB monitoring data, and an approximate 20-percent reduction in emissions estimates since the most recent Dec. 23 preliminary estimate by CARB.
SoCalGas continues to conduct twice daily air sampling both at the leak site and within the community. Results are posted on its website.
The California Office of Environmental Health Hazard Assessment (OEHHA) has completed its review of the available data and has noted that "...the available Porter Ranch neighborhood air sample data does not indicate that an acute toxicity health hazard exists in the Porter Ranch neighborhood due to the Aliso Canyon natural gas leak." More information can be found on the OEHHA website.
Also, according to the Los Angeles County of Department of Public Health, (LA County DPH) Aliso Canyon Gas Leak Health Fact Sheet, Mercaptans, the odorant in the gas emitting from Aliso Canyon, may cause eye, nose and throat irritation, coughing and nasal congestion, shortness of breath, nausea, stomach discomfort, dizziness and headaches. A number of the residents of Porter Ranch have reported experiencing one or more of these symptoms. However, according to the LA County DPH, this odorant is not associated with long-term health effects, though symptoms may recur on a daily basis as long as the odors remain.
Schools Back in Session
SoCalGas is committed to minimizing the burden on Porter Ranch residents and will work with LAUSD to provide support where needed. Porter Ranch residents who have been temporarily relocated can consider the following school transportation options for their children: bus transportation, mileage reimbursement or alternative transportation. For details, visit https://www.alisoupdates.com/need-assistance
SoCalGas Appears at Jan. 9 AQMD Hearing
SoCalGas appeared at the Jan. 9 hearing before the South Coast Air Quality Management District Hearing Board and has agreed to the stipulated abatement order that the Hearing Board will consider on Jan. 16. SoCalGas stands ready to implement its requirements just as soon as the Hearing Board takes final action. Among other directives, the order requires SoCalGas to collect and treat gas leaking from the well to the extent that it can be done safely. It also orders SoCalGas to fund additional air monitoring, to further enhance well inspections and fund an independent health study.
SoCalGas recognizes that expert public agency involvement and oversight is essential to assuring neighbors, customers and the general public that this accident is being addressed as safely and expeditiously as possible. This is SoCalGas' highest priority.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of sempra.com (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, Jan. 12, 2016 /PRNewswire/ -- The most recent Aliso Canyon preliminary methane emissions estimates by the California Air Resources Board (CARB) were posted yesterday, showing updated rough estimates of the volume of gas leaking from the well that indicate emissions have decreased from CARB's initial preliminary estimates, SoCalGas announced today. This new posting represents an estimated 60-percent reduction in CARB emissions estimates since the Nov. 28 data, according to the latest CARB monitoring data, and an approximate 20-percent reduction in emissions estimates since the most recent Dec. 23 preliminary estimate by CARB.
CARB releases rough estimates of the volume of gas leaking from the well based on data collected during periodic flights using sensitive monitoring equipment. The flyover data provides an estimated emission rate at the time the flights are conducted, and are used to develop a rough estimate of the total methane leaked to date. As CARB also acknowledges, a more refined estimate of the actual emissions will be conducted once the leak is stopped and additional data is collected and reviewed.
Preliminary methane emissions based on CARB data collected on Jan. 8 and posted yesterday show emissions have declined to 23,400 kilograms per hour from a high estimate of 58,000 kilograms on Nov. 28, according to information posted on the CARB web site.
CARB also calculated the total estimated volume of greenhouse gas (GHG) released from the well since the leak was detected at 1.9 million metric tons in carbon-dioxide equivalent. According to CARB's report on annual GHG emissions in California, the estimated total from the Aliso leak is less than one-half of 1 percent (0.4 percent) of California's total annual GHG emissions in carbon-dioxide equivalent.
SoCalGas is reiterating its intent to mitigate the environmental impact of the actual amount of natural gas released from the leak.
Actions SoCalGas has taken to reduce emissions:
SoCalGas is focused on stopping the leak and reducing air quality impacts as safely and quickly as reasonably possible.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of sempra.com (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "possible," "proposed," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil and natural gas prices from historical averages; the impact on the value of our natural gas storage assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for natural gas storage services; delays in the timing of costs incurred and the timing of the regulatory agency authorization to recover such costs in rates from customers; deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; capital markets conditions, including the availability of credit and the liquidity of our investments; inflation and interest rates; the availability of electric power and natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures; cybersecurity threats to the energy grid, natural gas storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; weather conditions, conservation efforts, natural disasters, catastrophic accidents, and other events that may disrupt our operations, damage our facilities and systems, and subject us to third-party liability for property damage or personal injuries some of which may or may not be covered by insurance; risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments;business, regulatory, environmental and legal decisions and requirements; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. These risks and uncertainties are further discussed in the reports that the company has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov. Investors should not rely unduly on any forward-looking statements. These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Southern California Gas Co.
LOS ANGELES, Jan. 11, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today released the following statement in response to this morning's announcement of a Senate Legislative Bill Package on Aliso Canyon:
The initiative announced today by Sen. Pavley and other legislators represents the start of a legislative process. SoCalGas appreciates the legislators' interest in the topic and looks forward to participating in the public discussion. As we have since this incident began, SoCalGas stands willing and ready to cooperate with the Governor's office, all state and local officials, and regulatory agencies.
About SoCalGas
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Company
SAN DIEGO, Jan. 11, 2016 /PRNewswire/ -- Today, San Diego city and county officials, along with San Diego Gas & Electric (SDG&E), shared emergency preparedness plans and outreach efforts aimed at ensuring the needs of the county's most vulnerable residents are met before the next round of intense El Niño storms. Meteorologists are predicting that there could be another 60 days of rain activity leading to flooding, among other hazards.
"Being prepared for storms of this magnitude is critical," said Toni Atkins, California Assembly Speaker. "San Diego officials and businesses like SDG&E have set a fine example by collaborating on preparedness, response and recovery plans that will help keep the region safe."
SDG&E purchased 10,000 "SAFELY OUT KITS" from Citizen Voice to distribute to vulnerable members of the community such as the elderly and those with mobility issues. The kits are complete with materials that can be used if someone is homebound during an emergency. Distribution of the kits has already begun through a partnership with agencies like Elder Help, Meals-on-Wheels and American Medical Response.
"The cooperation among our region's first responders during last week's storms helped minimize property damage and kept San Diegans safe. I've directed City staff to continue to take aggressive action to prepare our community for more severe weather," said Mayor Kevin L. Faulconer. "El Niño is expected to bring more storms, so now is the time to prepare our families, homes and businesses before the next rains come. I'd like to thank SDG&E for partnering with us to help our most vulnerable residents make sure they can weather the storms."
SDG&E also announced a donation of $70,000 to the San Diego Regional Fire Foundation for the purchase of three emergency generators to be used at its San Diego County disaster shelters.
"Adding these generators will help ensure the continuation of life-saving services when our most vulnerable residents, such as those needing oxygen, find themselves evacuated to an emergency shelter," said Chairman Roberts. "I want to thank SDG&E for again stepping up to help fill a public safety need."
"With a shared vision of promoting public safety and helping those community members who need it the most, these donations were a natural fit for us at SDG&E," said Caroline Winn, chief energy delivery officer for SDG&E. "We believe that providing essential materials like these kits is another way to help first responders identity who needs help in an emergency. It's an honor to continue to support the Regional Fire Foundation and Citizen Voice in its mission to foster a safer city."
To learn more about what SDG&E's doing to prepare for El Niño, click here.
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.4 million consumers through 1.4 million electric meters and 868,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, on Twitter (@SDGE) and Facebook.
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SOURCE San Diego Gas & Electric (SDG&E)
LOS ANGELES, Jan. 4, 2016 /PRNewswire/ -- Southern California Gas Co. (SoCalGas) today announced a series of new measures designed to better assist communities that have been impacted by the natural gas leak at its Aliso Canyon Storage facility.
"As we continue our relentless focus on stopping the leak, we are always looking for ways to mitigate the impact on our community," said Gillian Wright, SoCalGas vice president of Customer Services. "In addition to providing temporary housing accommodations to any Porter Ranch household who requests it, we have increased and simplified the relocation package, expanded our community resource center and updated our dedicated website as we continue to demonstrate our commitment to supporting our neighbors during this unfortunate situation."
Relocation Package Enhancements
Effective Jan. 2, 2016, SoCalGas has eliminated the requirement for eligible temporarily relocated residents to submit receipts for reimbursement of food-related expenses. In addition, the company has increased and simplified the daily meal reimbursement amount to $45 per day per person, regardless of age. For more details, visit AlisoUpdates.com.
The relocation package provided by SoCalGas consists of the following:
SoCalGas is evaluating a variety of ways to streamline its reimbursement process, including a pre-paid spending card, and expects to announce further details within the next seven days.
New Dedicated Customer Service Number
For Porter Ranch residents seeking relocation information, SoCalGas has established a new dedicated toll-free relocation call center, 877-238-9555. This call center will expedite placing customers who wish to relocate and is accessible 24 hours a day, 7 days a week.
Expanded Community Resource Center
SoCalGas also today announced the expansion of its Community Resource Center (CRC) to an adjacent storefront next to its location in the Porter Ranch Town Center at 19731 Rinaldi St. Porter Ranch. The company is also increasing staff at the CRC to more efficiently handle claims, relocation requests and home air purification requests. The Center's hours of operation are 10 a.m. to 8 p.m. Monday through Friday, and 10 a.m. to 6 p.m. on weekends.
On-Site Environmental Health Expert
Dr. Mary McDaniel, board-certified in occupational and environmental medicine, is now available for consultations at the CRC where she can provide expert advice on health concerns related to the natural gas leak from 10 a.m. to 12 p.m., Monday through Friday, and from 10 a.m. to 2 p.m. on weekends.
Free Plug-In Air Purification
For residents remaining in Porter Ranch, SoCalGas is also providing free plug-in air purifiers that contain activated carbon, which is effective at removing the natural gas odorant from residents' homes. To sign up for installation or to receive free plug-in air purifiers, residents can call SoCalGas' Aliso Canyon hotline at 818-435-7707 or email AlisoCanyon@socalgas.com. Alternatively, SoCalGas will provide free whole-house air purification through a licensed Heating Ventilation and Air Conditioning (HVAC) contractor. The HVAC contractor will replace the standard air filter(s) in residents' HVAC systems with a specially designed activated carbon filter. These filters remove the compounds found in natural gas and its odorant from the air in homes.
Enhanced Website
SoCalGas also unveiled enhancements to its dedicated website AlisoUpdates.com. The site is now easier to navigate and also organized by topics of primary interest to residents, from relocation to health and environment information, to the company's progress in stopping the leak.
About Southern California Gas Co.
Southern California Gas Co. has been delivering clean, safe and reliable natural gas to its customers for more than 140 years. It is the nation's largest natural gas distribution utility, providing service to 21.4 million consumers connected through 5.9 million meters in more than 500 communities. The company's service territory encompasses approximately 20,000 square miles throughout central and Southern California, from Visalia to the Mexican border. Southern California Gas Co. is a regulated subsidiary of sempra.com (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.
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SOURCE Southern California Gas Co.
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Sempra Infrastructure Partners
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Southern California Gas Company
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