Analyst Report: Sempra Energy

Summary

Sempra Energy, based in San Diego, is an energy services holding company. In 2023, about 83% of SRE's revenue was earned from its utilities, with the remainder from wholesale energy business. Sempra's operations are more focused on natural gas than most utility peers, with 56% of 2023 revenue contributed by gas utilities. Its 20,000 employees serve more than 40 million customers. The company's main regulated utilities are San Diego Gas & Electric (3.7 million gas and electric customers) and Southern California Gas (22 million gas customers). Oncor, a joint venture, is the largest regulated electric utility in Texas (13 million customers). Sempra LNG is a gas infrastructure company and developer of liquefaction facilities in North America, including new operations in Port Arthur, Texas. IEnova is a joint venture that develops and operates energy infrastructure in Mexico and is increasing its use of renewables, including renewable hydrogen, with a 2050 target of net-zero emissions. The company has had gas operations in Mexico for two decade