Dorian Hargrove 4:30 p.m., June 24
Sempra Energy reports 3rd quarter earnings
SDG&E revenues up over 50%
San Diego-based Sempra Energy, parent of local utility San Diego Gas & Electric, announced yesterday that earnings were down slightly for the third quarter of 2012, coming in at $268 million as compared to $289 million for the same period in 2011.
The lower earnings were largely related to a $60 million write-down the company took related to its 25 percent ownership stake in the Rockies Express Pipeline, a 1,679 mile-long natural gas system running from Colorado to Ohio.
Locally, however, the company’s profitability is up, as the SDG&E division saw its earnings rise to $174 million from just $113 million a year ago. The company credits lower taxes, higher earnings on electricity transmission, and lower expenses related to its role in the 2007 wildfires to the boost in income.
More like this:
- Utility's solution for those hamstrung by rising rates: use less power — Sept. 12, 2013
- Lower Wholesale Energy Costs To SDG&E Mean Higher Consumer Power Prices For Small Businesses and Residents — Dec. 6, 2010
- SDG&E Installing 26 Megawatts of Solar Property Improvements — Sept. 3, 2010
- CPUC to Rule on SDG&E WEBA Application — Feb. 12, 2010
- RBS Sempra: Kill the Golden Goose? — Dec. 10, 2009