Sempra Energy

Sempra Energy is a North American energy infrastructure company based in San Diego, California. Sempra Energy's focus is on electric and natural gas infrastructure. Its operating companies include: Southern California Gas Company (SoCalGas) and San Diego Gas & Electric (SDG&E) in Southern California; Oncor Electric Delivery Company (Oncor) in Texas; Sempra LNG; and IEnova, based in Mexico.[2][3]

Sempra Energy
TypePublic
IndustryElectric and natural gas utility
Founded1998 (1998)
HeadquartersSan Diego, California, U.S.
Key people
RevenueUS$ 11.687 billion (2018)
US$ 1,126 million (2018)
Total assetsUS$ 60.64 billion (2018)
Total equityUS$ 19.25 billion (2018)
Number of employees
20,000 (2018)
Subsidiaries
Websitesempra.com
Footnotes / references
[1]

As of August 2020, Sempra Energy reported more than $60 billion in total assets and 18,000 employees, serving more than 35 million customers worldwide.[4] The company is led by chairman and chief executive officer Jeffrey Martin, who assumed that role in May 2018.[5]

History

Sempra Energy was created through the 1998 merger of Los Angeles-based Pacific Enterprises, the parent company of SoCalGas, and Enova Corporation, the parent company of SDG&E.[6]

In 1999, the company acquired two utilities in South America; Chilquinta Energia in Chile and Luz Del Sur in Peru, which gave Sempra Energy an entry into the expanding Latin American energy market.[7]

In 2003, Sempra Energy Resources, the former power generation subsidiary of Sempra Energy, completed three state-of-the-art power plant projects in Arizona, California and New Mexico.

Sempra was sued over claims it manipulated natural gas supplies and electricity contracts during the 2001 California electricity crisis.[8] In 2006, the company agreed to pay $377 million to settle gas supply claims, and in 2010, it paid another $410 million to settle claims on electricity price gouging, but has never admitted wrongdoing.[8][9]

In 2007, Sempra created the Sempra Energy Foundation as a 501(c)(3) private foundation. The foundation matches employee's charitable contributions. In 2018, Sempra Energy Foundation matched $1.2 million. Sempra Energy reported giving $13.85 million in COVID-19 response across the Sempra Energy Foundation and operating companies.

On March 8, 2018, regulators in Texas approved Sempra Energy's purchase of a majority stake in Oncor for $9.45 billion.[10]

On January 16, 2019, Sempra Energy was added to the Dow Jones Utility Average, replacing Pacific Gas and Electric.[11]

Sempra Energy and Aramco signed a deal to supply LNG for Saudi Arabia in May 2019.[12][13]

In April 2020, Sempra Energy announced it had completed the sale of its business in Peru, Luz del Sur, for $3.59 billion.[14] In June 2020, Sempra Energy announced it completed the sell of its Chilean businesses to China’s State Grid International Development Ltd for $2.23 billion in cash. These two sales completed Sempra Energy's exit from South America.[15]

Operating Companies

Current
  • Sempra LNG: Sempra LNG develops, builds and invests in liquefied natural gas facilities and natural gas infrastructure in North America. Cameron LNG, a joint-venture LNG facility under construction in Louisiana, is expected to be one of the first U.S. liquefaction-export projects to commence operations in 2019. The company is also developing the proposed Port Arthur LNG liquefaction project in Texas and the proposed liquefaction-export facilities at the Energia Costa Azul receipt terminal in Ensenada, Mexico.
  • Southern California Gas Company: SoCalGas, based in Los Angeles, is the largest natural gas distribution utility in the U.S., providing natural gas service to approximately 21.9 million consumers.[16]
  • IEnova: IEnova develops, builds and operates energy infrastructure in Mexico, and is one of the largest private energy companies in the country.
  • San Diego Gas & Electric: SDG&E is an electric and natural gas utility that provides energy to approximately 3.7 million consumers in San Diego and southern Orange Counties.
  • Oncor Electric Delivery Company LLC: Oncor, based in Dallas, operates the largest distribution and transmission system in the state, providing service to approximately 10 million Texans. Sempra Energy indirectly owns approximately 80 percent of Oncor. In May 2019, Oncor completed the acquisition of InfraREIT, an electricity transmission company in Central, North and West Texas.[17]
  • PXise Energy Solutions: PXiSE Energy Solutions LLC., headquartered in San Diego, is a subsidiary of Sempra Energy and partially owned by Mitsui & Co., Ltd. It develops, operates and markets next-generation power-grid management technology for renewable energy developers and operators, grid operators, commercial property owners and microgrids.

Former

The following subsidiaries have been reformed into Sempra LNG & Midstream and Sempra Renewables:[18]

  • Sempra U.S. Gas & Power: With its affiliates and joint-venture partners, the company owns and operates more than 2,000 megawatts of renewable generating capacity. Sempra U.S. Gas & Power also operates natural gas storage facilities, pipelines and distribution utilities.
  • Sempra Generation: Operates or owns interest in power stations in five U.S. states and in Mexico, as well as property for potential solar and wind electric generation.[19]
  • Sempra Pipelines & Storage: Owns natural gas storage facilities in Alabama and Louisiana and interests in two natural gas companies in Argentina, Chilquinta Energía of Chile, and Luz del Sur of Peru. It also owns 1,858 miles of distribution pipelines, 216 miles of transmission pipelines, and two compressor stations in Mexico.[19]
  • Sempra LNG: Develops, owns and operates receipt terminals for importing liquefied natural gas to the U.S., including the Energía Costa Azul LNG terminal in Baja California and the Cameron LNG terminal in Hackberry, Louisiana.[19]
  • Sempra Commodities: Sempra's stake in a partnership formed on April 1, 2008 to market and trade natural gas, natural gas liquids, power, petroleum and petroleum products, coal, emissions, ethanol and base metals.[19] Royal Bank of Scotland Group sold its stake in RBS Sempra Commodities LLC to Noble Americas Gas and Power, as a condition of the UK Government's 74 percent stake in the Group on December 1, 2010.[20]

Awards and recognition

In 2020, Sempra Energy was named to Fortune Magazine's World's Most Admired Companies list. The company has received numerous recognitions for leadership in diversity and inclusion,[21] including being named to Bloomberg's Gender Equality Index, Forbes Best Employers for Diversity. and the Human Rights Campaign Foundation's Best Place to Work for LGBTQ Equality. The company has also been named to a number of stock market indexes focused on sustainability.[22]

See also

References
  1. "U.S. SEC: Form 10-K Sempra Energy". United States Securities and Exchange Commission. Retrieved September 6, 2018.
  2. "Sempra Energy 2018 10-K".
  3. "10-K: Sempra Energy". Marketwatch. Retrieved July 2, 2016.
  4. Earnings Release https://www.sempra.com/sempra-energy-reports-second-quarter-2020-earnings-results. Missing or empty |title= (help)
  5. "Debra Reed is stepping down as CEO of Sempra Energy". San Diego Union-Tribune. March 13, 2018. Retrieved June 26, 2019.
  6. "Pacific, Enova Merger Wins Final OK". latimes.com. June 27, 1998. Retrieved June 6, 2016.
  7. "Sempra Energy 1999 Annual Report" (PDF). NRC.gov. 1999.
  8. "Sempra Energy to Pay $410 Million Settlement". The New York Times. Associated Press. April 28, 2010. ISSN 0362-4331. Retrieved July 29, 2020.
  9. "Sempra Energy to Pay $410 Million Settlement", New York Times, Associated Press, April 28, 2010
  10. Brickley, Peg (March 8, 2018). "Texas Regulators Approve Sempra's $9.45 Billion Oncor Buyout". The Wall Street Journal. The New York Times, New York City, United States. Retrieved March 9, 2018.
  11. "Sempra bumps PG&E, moves into the Dow Jones Utility Average". San Diego Union-Tribune. January 18, 2019. Retrieved July 29, 2020.
  12. McFarlane, Sarah; Said, Summer; Puko, Timothy (May 22, 2019). "Saudi Arabia Lines Up Deal to Buy U.S. Natural Gas". Wall Street Journal. ISSN 0099-9660. Retrieved May 22, 2019.
  13. Clemente, Jude. "Saudi Arabia Ventures Into U.S. Natural Gas". Forbes. Retrieved May 22, 2019.
  14. www.sempra.com https://www.sempra.com/sempra-energy-completes-359-billion-divestiture-luz-del-sur-peru. Retrieved September 15, 2020. Missing or empty |title= (help)
  15. www.sempra.com https://www.sempra.com/sempra-energy-completes-223-billion-divestiture-chilean-businesses. Retrieved September 15, 2020. Missing or empty |title= (help)
  16. "As Cold Temperatures Continue, SoCalGas Provides Customers Tips to Save on Home Heating and Hot Water Costs". finance.yahoo.com. Retrieved January 26, 2019.
  17. "Public Utility Commission of Texas approves acquisition agreement involving Oncor, Sempra, InfraREIT, Sharyland Utilities". Daily Energy Insider. May 13, 2019. Retrieved June 26, 2019.
  18. "2016 Annual Report". investor.sempra.com. Retrieved January 7, 2019.
  19. Sempra Energy 2009 Form 10-K, Exhibit 13.1: Financial Report, February 26, 2010
  20. "Darling hails Lloyds and RBS move", BBC News Online, November 3, 2009
  21. Corporate Sustainability Report (PDF) https://www.sempra.com/sites/default/files/content/files/node-media-document/2019/2019-sempra-corporate-sustainability-report.pdf. Missing or empty |title= (help)
  22. http://www.trcri.com/index.php?pg=esgus
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