Sempra Reports Strong Financial Performance and Expansion Plans in California and Texas
Key Ideas
  • Sempra reported a strong financial performance in the second quarter of 2024, showcasing growth in earnings compared to the same period in 2023.
  • In California, Sempra's utilities are focused on delivering cleaner and more reliable energy, with initiatives like the Wildfire and Climate Resilience Center and renewable gas contracts.
  • In Texas, Oncor reached a settlement in principle for a System Resiliency Plan, expecting to make significant capital investments to meet growing demand across various industries.
  • Oncor's expansion plans include building new energy infrastructure to accommodate increased load growth, especially from industries like data centers, manufacturing, and oil and gas operations.
Sempra, a leading energy company, announced strong financial results for the second quarter of 2024, with earnings showing growth compared to the same period in 2023. Sempra's CEO highlighted the company's well-positioned growth across business platforms driven by electrification and demand for cleaner energy. In California, Sempra's utilities are focused on providing safe and cleaner energy, with ongoing efforts to modernize energy networks. Initiatives like the Wildfire and Climate Resilience Center by San Diego Gas & Electric Co. underscore their commitment to climate resilience. In Texas, Oncor reached a settlement in principle for a System Resiliency Plan involving potential capital investments of around $3 billion over three years. The plan aims to address the increasing demand for energy infrastructure driven by diverse industries. Oncor's expansion plans also reflect a growing need for new infrastructure to support industries such as data centers, manufacturing, and oil and gas operations. Notably, California celebrated progress in advancing a hydrogen economy, with the announcement of hydrogen hub funding to promote clean hydrogen production and distribution to decarbonize sectors like heavy-duty transportation and port operations.
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