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
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.
The California Public Utilities Commission has approved SoCalGas and SDG&E's Renewable Natural Gas (RNG) Tariff, enabling households and businesses to purchase RNG. This initiative aligns with California's climate goals, supporting efforts to achieve carbon neutrality. RNG, derived from organic waste, is recognized for its potential in removing CO2 from the atmosphere affordably. SoCalGas commits to delivering 20% RNG to its core customers by 2030, emphasizing the importance of decarbonizing fuels for California's energy system.
Southern California Gas Co. (SoCalGas) announced plans to field test new technology for separating and compressing hydrogen from a hydrogen-natural gas blend. This technology, developed by HyET Hydrogen, aims to facilitate the transport of hydrogen via existing natural gas pipelines, making it accessible for fuel cell electric vehicles (FCEVs). Scheduled to begin in March 2021, the testing will optimize the Electrochemical Hydrogen Purification and Compression (EHPC) system, with a goal of producing 100 kg of hydrogen daily within two years. The initiative aligns with California's clean energy objectives.
On December 15, 2020, Southern California Gas Co. (SoCalGas) announced a partnership with STEAM:CODERS to enhance educational resources for underserved K-12 students in Los Angeles, Inglewood, Gardena, and Claremont. The collaboration involves a donation of 140 laptops and 120 hotspots to benefit 1,115 students. SoCalGas has previously contributed over $3.2 million for COVID-19 recovery efforts, focusing on educational support and community relief initiatives.
On December 15, 2020, Southern California Gas Co. (SoCalGas) announced its innovative H2 Hydrogen Home project aimed at demonstrating hydrogen's potential in achieving California's carbon neutrality goal. This pioneering project includes solar panels, an electrolyzer for producing clean hydrogen, and a fuel cell for energy conversion. It underscores SoCalGas's commitment to becoming the cleanest energy provider in America. The H2 Hydrogen Home is set for completion by late 2021, aiming to showcase how hydrogen can enhance renewable energy storage.
Southern California Gas Co. (SoCalGas) has granted $20,000 to LA Family Housing to purchase toys for children in need during the holiday season. This initiative is part of a broader effort which includes providing 300 grocery gift cards for Thanksgiving. The collaboration aims to support families struggling financially due to the COVID-19 pandemic. Since March, SoCalGas has donated over $3.2 million to various non-profits for pandemic recovery efforts, emphasizing their commitment to community welfare.
Sempra Energy (NYSE: SRE) announced that Jeffrey W. Martin, Chairman and CEO, was named Chief Executive of the Year by S&P Global Platts at the Global Energy Awards. Sempra also won the Deal of the Year for selling its South American businesses during the pandemic. This recognition highlights the company's resilience and strategic focus on energy infrastructure in North America. Martin's leadership is credited with advancing a purpose-driven culture and successful divestment of non-core assets, while supporting a five-year capital plan to enhance utility transmission and distribution in California and Texas.
Southern California Gas Co. (SoCalGas) has announced a $200,000 contribution to its Gas Assistance Fund, helping low-income customers manage their natural gas bills amidst the COVID-19 pandemic. This year, over $370,000 has supported 3,400 households. Since 1983, the fund has raised over $23 million, aiding more than 225,000 individuals. SoCalGas has also suspended service disconnections for residential and small business customers unable to pay. The Gas Assistance Fund is administered by United Way of Greater Los Angeles, which collaborates with local nonprofits.
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