SDG&E’s Parent, Sempra, to Pay Investors Largest Dividend Ever

by on April 14, 2022 · 1 comment

in Energy, San Diego

by Camille von Kaenel / inewsource / April 13, 2022

Sempra Energy, the parent company of San Diego Gas & Electric, is paying out its highest profits ever to its investors this month.

The upcoming payout to investors on Friday comes on the heels of a massive spike in bills for many SDG&E customers, who already shoulder the highest per-unit electric prices in the country. SDG&E executives blamed inflation and an unusual spike in the cost of natural gas for the higher utility bills. The spikes came after the utility raised its rates for the year.

The payout also comes as consumer advocates say SDG&E’s rates and profit margins, which the utility is negotiating with a state regulator, are too high. Sempra, whose subsidiaries include SDG&E and SoCalGas, made more money in 2021 than in 2020, bringing in $2.64 billion compared to $2.34 billion, according to a February earnings report. The company’s Texas utility and its subsidiary focused on infrastructure provided most of the growth in earnings, although SDG&E makes the most money for Sempra.

For the balance of the article, please go to inewsource

{ 1 comment… read it below or add one }

San Diego Readers April 14, 2022 at 6:46 am

And Todd Gloria renewed the sdge contract when he did not have to.
Public power now.


Leave a Comment

Older Article:

Newer Article: