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Sempra
Sempra is a North American public utility holding company based in San Diego, California. The company is one of the largest utility holding companies in the United States with nearly 40 million consumers. Sempra's focus is on electric and natural gas infrastructure and its operating companies include: Southern California Gas Company (SoCalGas) and San Diego Gas & Electric (SDGE) in Southern California; Oncor Electric Delivery Company in Texas; and Sempra Infrastructure, with offices in California and Texas. As of 2023, Sempra reported more than $87.2 billion in total assets and over 20,000 employees.[2] The company is led by chairman and chief executive officer Jeffrey Martin, who assumed that role in May 2018. Sempra ranks as one of the largest energy companies in the world and is ranked #246 on the Fortune 500 list as of 2024 and #366 on the Forbes Global 2000 list as of 2024. In 2024, Sempra was named one of the World's Most Admired Companies by Fortune Magazine, marking the 14th year the company is on this prestigious list.[3] Sempra was also recognized by Newsweek as one of America's Most Responsible Companies, earning this distinction for the fifth consecutive year.[4] History1998–2018Sempra Energy, now known as Sempra, was created through the 1998 merger of Los Angeles–based Pacific Enterprises, the parent company of SoCalGas, and Enova Corporation, the parent company of San Diego Gas & Electric.[5] In 1999, the company acquired two utilities in South America; Chilquinta Energia in Chile and Luz Del Sur in Peru, which gave Sempra Energy an entry into the expanding Latin American energy market.[6] In 2003, Sempra Energy Resources, the former power generation subsidiary of Sempra Energy, completed three state-of-the-art power plant projects in Arizona, California and New Mexico. Sempra was sued over claims it manipulated natural gas supplies and electricity contracts during the 2001 California electricity crisis.[7] In 2006, the company agreed to pay $377 million to settle gas supply claims, and in 2010, it paid another $410 million to settle claims on electricity price gouging, but has never admitted wrongdoing.[7] In 2007, the company created the Sempra Energy Foundation (now known as Sempra Foundation) as a 501(c)(3) private foundation.[8] Since its inception, the foundation has contributed nearly $45 million through philanthropic investments in communities where Sempra employees live and work. The foundation matches employees' charitable contributions and has matched $13 million as of 2021. Sempra reported giving $13.85 million in COVID-19 response across the foundation and its operating companies.[9] On March 8, 2018, regulators in Texas approved Sempra Energy's purchase of a majority stake in Oncor for $9.45 billion.[10] 2019–presentOn January 16, 2019, Sempra Energy was added to the Dow Jones Utility Average, replacing Pacific Gas and Electric.[11] Over 2018 and 2019, Sempra completed its divestiture of its U.S. renewables and non-utility natural gas storage assets, generating approximately $2.5 billion in cash proceeds. The company stated its intent to refocus its investments in North American transmission and distribution infrastructure. In March 2019, Sempra Energy and Oncor Electric Delivery Company announced the acquisition of InfraREIT, and Sempra Energy's acquisition of a 50% interest in Sharyland Utilities. These utility deals were lauded by the company as disciplined, low-risk investments in the fast-growing Texas market. In April 2020, Sempra Energy announced it had completed the sale of its utility business in Peru, Luz del Sur, for $3.59 billion.[12] In June 2020, Sempra Energy announced it completed the sale of its Chilean businesses to China's State Grid International Development Ltd for $2.23 billion in cash. These two sales completed Sempra Energy's exit from South America.[13] In June 2021, Sempra Energy announced it was rebranding to Sempra. It launched an updated logo and dropped "Energy" from its name to emphasize its core focus on infrastructure that delivers energy. In 2022, shortly after the Russian invasion of Ukraine, Sempra Infrastructure, a subsidiary of Sempra, announced a series of agreements with European energy companies for U.S. liquefied natural gas (LNG) to help displace reliance on Russian gas. In 2024, Sempra announced a record five-year capital plan of $48 billion for 2023–2028, to improve safety, bolster reliability and support the delivery of cleaner sources of energy across its three growth platforms: Sempra California, Sempra Texas and Sempra Infrastructure.[14] Operating companiesCurrent
FormerThe following subsidiaries have been reformed into Sempra LNG & Midstream and Sempra Renewables:[17]
Awards and recognitionIn 2024, Sempra was named to Fortune Magazine's World's Most Admired Companies list[21] and was also recognized by Newsweek as one of America's Most Responsible Companies.[4] Sempra was also included in The Wall Street Journal's 250 Best-Managed Companies list.[22] The company has received numerous recognitions for leadership in diversity and inclusion,[23] including being named to Bloomberg's Gender Equality Index,[24] Forbes Best Employers for Diversity[25] and Fair360's (formerly DiversityInc) #1 for Top Utilities.[26] The company has also been named to a number of stock market indexes focused on sustainability, including the Dow Jones Sustainability Index North America. Its subsidiaries are routinely recognized for leadership in reliability, resilience, technology and innovation and corporate responsibility. See also
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