Garrett Harris 4 p.m., Jan. 16
Sempra Still Says It's "Probable" It Will Jab Customers
Sempra Energy came out with its annual report or 10-K statement filed with the Securities and Exchange Commission today (Feb. 28). Although there is a battle going on with ratepayers, Sempra still says that it is probable that its San Diego Gas & Electric operation will stick "its utility customers (for) substantially all reasonably incurred costs of wildfire claims in excess of its liability insurance coverage."
Indeed, it has already recorded such claims as a regulatory asset -- $594 million in 2011, up significantly from $364 million in the prior year.
The day before its SEC filing, Sempra announced a yearly earnings per share increase of 14% and a dividend increase to $2.40 from $1.92 a share. "All businesses" recorded a strong 2011 performance, boasted the company.
This may prove to be ammunition for San Diegans fighting SDGE's attempt to shift costs of the 2007 fire, for which the company was found negligent, to customers, instead of to shareholders, which should absorb costs of management incompetence.
Not only is the company seeking to have billpayers shell out more than $350 apiece for this 2007 coverage, but it wants unlimited such coverage for future fires. And that's on top of a 7% rate increase the company is seeking for 2012 in the general rate case. Sempra stock rose 0.83% to $58.38 today.
Wall Street continues to realize that Sempra only cares for stockholders, and not ratepayers, and the California Public Utilities Commission goes along.
Map of Witch Creek fire, whose costs are in contention
More like this:
- Your SDGE bill may be going up 7.7% — March 30, 2013
- SDGE maneuvering — Dec. 16, 2012
- UCAN Joins Fight Against Utility's Treatment of Customers — Feb. 20, 2012
- San Diego Gas & Electric Wants You to Pay for Its Negligence — Feb. 15, 2012
- SDG&E Tries to Nix Public Hearing on Fire Insurance Scam — Jan. 24, 2012