Welcome to our dedicated page for Sempra news (Ticker: SRE), a resource for investors and traders seeking the latest updates and insights on Sempra stock.
Sempra (NYSE: SRE), headquartered in San Diego, is a prominent Fortune 500 energy services holding company. It boasts a substantial revenue of over $11 billion in 2014 and a workforce of 17,000 employees serving more than 32 million consumers globally. Sempra operates through its diverse subsidiaries, including San Diego Gas & Electric Co. and Southern California Gas Co., providing natural gas and electricity to over 20 million people in California. It also holds a significant 80% stake in Oncor, servicing 10 million customers in Texas.
Sempra's infrastructure initiatives extend across North America, where it owns and operates liquefied natural gas (LNG) facilities and energy assets in Mexico. Recent financial performance highlights include 2023 GAAP earnings of $3.03 billion, a significant increase from $2.09 billion in 2022. This growth is attributed to robust business strategies and a five-year capital plan of approximately $48 billion, focusing heavily on California and Texas markets.
Three growth platforms stand out: Sempra California, focusing on energy reliability and sustainability with major projects like 200 megawatts of utility-owned battery storage; Sempra Texas, witnessing substantial investment in infrastructure to support economic growth; and Sempra Infrastructure, emphasizing LNG production with projects like Cameron LNG Phase 1 and Energía Costa Azul LNG Phase 1. Additionally, Sempra is exploring hydrogen and carbon capture technologies to meet global energy demands.
Notable achievements include recognition for sustainability and innovation, evidenced by awards like Fast Company's
Sempra Energy's Mexican subsidiary, IEnova, is set to release its year-end and fourth-quarter 2020 earnings on February 18 at 6 p.m. ET. This will precede a conference call with executives scheduled for February 19 at 11 a.m. ET. Investors can access briefing materials on IEnova's website, and a live webcast of the conference call will be available. IEnova, a significant player in Mexico's energy infrastructure, reported total assets of approximately $9.6 billion by the end of 2019, and employs around 1,300 individuals.
SoCalGas announced a $75,000 grant to three NAACP branches to support college scholarship programs, benefiting 15 students with $5,000 each. The scholarships will assist with tuition, books, and housing. SoCalGas has partnered with the NAACP for over 20 years and aims to alleviate financial burdens for students during challenging times. The initiative reflects SoCalGas's commitment to social equity and community support, having doubled its charitable spending in Black communities last year. The grants will be awarded through the NAACP's established scholarship selection process.
On January 29, 2021, Southern California Gas Co. (SoCalGas) was recognized by the Utility Analytics Institute (UAI) as the most innovative utility in data analytics among over 150 competitors. The award highlights SoCalGas' advancements in using data to enhance safety, save costs, and promote energy conservation. Notably, data initiatives have resulted in annual savings of over $64 million for customers and a reduction of nearly 193,000 metric tons of greenhouse gas emissions. The company continues to prioritize safety and efficiency through targeted data-driven strategies amidst COVID-19.
On January 27, 2021, Southern California Gas Co. (SoCalGas) and the San Gabriel Valley Council of Governments (SGVCOG) presented the 2020 Energy Champion Awards. The awards recognized 13 cities and one school district for their energy efficiency efforts, with categories including bronze, silver, and gold. Notable projects saved significant energy, such as the City of San Gabriel's initiative saving 14,074 therms. SoCalGas offers rebates for energy-efficient appliances, promoting sustainability in California's climate goals.
Southern California Gas Co. (SoCalGas) was honored as the Corporate Member of the Year by the Los Angeles Area Chamber of Commerce on Jan. 19, 2021. This recognition highlights SoCalGas's commitment to economic growth, demonstrated through initiatives like a virtual job fair with over 1,000 registrants and support for small businesses. SoCalGas, led by Denita Willoughby, contributed significantly to community partnerships and plans to continue its efforts in providing affordable and sustainable energy solutions while enhancing the local economy.
SoCalGas has awarded $150,000 in grants to the cities of Compton, Anaheim, and Palmdale as part of its Climate Adaptation and Resiliency Planning Grant program. Each city will receive $50,000 to enhance local planning efforts against climate change risks like extreme heat, wildfires, and flooding. Over the past three years, SoCalGas has distributed $400,000 through this initiative. Cities will use the funds to update safety and general plans, with a focus on community vulnerabilities and sustainable development. SoCalGas aims to support renewable energy projects and resilience strategies while reducing greenhouse gas emissions.
Southern California Gas Co. (SoCalGas) partnered with The Salvation Army for the Rescue Christmas 2020 event on December 21 and 22, benefiting over 1,000 families in Riverside County impacted by COVID-19. This initiative highlights a significant 300% increase in families seeking assistance due to pandemic hardships. SoCalGas emphasizes community support, having donated over $3.2 million for COVID-19 recovery efforts. They also shared information on the California Alternate Rate for Energy (CARE) program, which helps families save on utility bills.
SoCalGas and LADWP have partnered to distribute over 150,000 free energy and water efficiency kits to Los Angeles residents. These kits aim to conserve approximately 3.5 million therms of natural gas and 46,000 gallons of water annually. Each kit includes devices like water-efficient showerheads and faucet aerators. SoCalGas has achieved over 195 million therms in energy savings through similar programs over the past five years, saving customers over $217 million in utility costs. The initiative supports the goal of reducing environmental impact and promoting sustainable practices.
Southern California Gas Co. (SoCalGas) commended the U.S. Green Building Council for incorporating renewable natural gas (RNG) into its LEED certification standards. RNG, a low-carbon fuel created from waste, will enable projects to earn LEED points by using or sourcing biogas. SoCalGas aims to provide RNG to its 22 million customers, seeking approval from the California Public Utilities Commission. The company aims for 5% renewable gas by 2022 and 20% by 2030, aligning with California's environmental objectives.
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