Formerly | Sempra Energy |
---|---|
Company type | Public |
Industry | Utilities |
Founded | 1998 |
Headquarters | San Diego, California, U.S. |
Key people | Jeffrey W. Martin (Chairman and CEO) |
Revenue | US$16.7 billion (2023) |
US$3.6 billion (2023) | |
Total assets | US$87.2 billion (2023) |
Total equity | US$33.7 billion (2023) |
Number of employees | 20,000 (2023) |
Subsidiaries | |
Website | sempra |
Footnotes /references Financials as of March 25,2024 [update] . References: [1] |
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 (SDG&E) 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]
Sempra 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 SDG&E. [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]
On 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]
The following subsidiaries have been reformed into Sempra LNG & Midstream and Sempra Renewables: [17]
In 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.
The Federal Energy Regulatory Commission (FERC) is an independent agency of the United States government that regulates the interstate transmission and wholesale sale of electricity and natural gas and regulates the prices of interstate transport of petroleum by pipeline. FERC also reviews proposals to build interstate natural gas pipelines, natural gas storage projects, and liquefied natural gas (LNG) terminals, in addition to licensing non-federal hydropower projects.
Energy Future Holdings Corporation is an electric utility company headquartered in Energy Plaza in Downtown Dallas, Texas, United States. The majority of the company's power generation is through coal and nuclear power plants. From 1998 to 2007, the company was known as TXU Corporation until its $45 billion leveraged buyout by Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs Capital Partners. That purchase was the largest leveraged buyout in history. As of 2019, TXU Energy is a subsidiary of publicly traded Vistra Energy.
The Pacific Gas and Electric Company (PG&E) is an American investor-owned utility (IOU). The company is headquartered at 300 Lakeside Drive, in Oakland, California. PG&E provides natural gas and electricity to 5.2 million households in the northern two-thirds of California, from Bakersfield and northern Santa Barbara County, almost to the Oregon and Nevada state lines.
Enbridge Inc. is a multinational pipeline and energy company headquartered in Calgary, Alberta, Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids, and also generates renewable energy. Enbridge's pipeline system is the longest in North America and the largest oil export pipeline network in the world. Its crude oil system consists of 28,661 kilometres of pipelines. Its 38,300 kilometre natural gas pipeline system connects multiple Canadian provinces, several US states, and the Gulf of Mexico. The company was formed by Imperial Oil in 1949 as the Interprovincial Pipe Line Company Limited to transport Alberta oil to refineries. Over time, it has grown through acquisition of other existing pipeline companies and the expansion of their projects.
Xcel Energy Inc. is a U.S. regulated electric utility and natural gas delivery company based in Minneapolis, Minnesota, serving more than 3.7 million electric customers and 2.1 million natural gas customers across parts of eight states. It consists of four operating subsidiaries: Northern States Power-Minnesota, Northern States Power-Wisconsin, Public Service Company of Colorado, and Southwestern Public Service Co.
TC Energy Corporation is a major North American energy company, based in the TC Energy Tower building in Calgary, Alberta, Canada, that develops and operates energy infrastructure in Canada, the United States, and Mexico. The company operates three core businesses: Natural Gas Pipelines, Liquids Pipelines and Energy.
The Southern California Gas Company is a utility company based in Los Angeles, California, and a subsidiary of Sempra. It is the primary provider of natural gas to Los Angeles and Southern California.
Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.
Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America. The company specializes in owning and controlling oil and gas pipelines and terminals.
Berkshire Hathaway Energy is a holding company and subsidiary of Berkshire Hathaway, which owns 92% of the company. Berkshire has owned a controlling stake since 1999. The company also controls power distribution companies in the United Kingdom and Canada. The remaining 8% is owned by the family of Walter Scott Jr.
Southern Company Gas, formerly AGL Resources, is an American Fortune 500 energy services holding company headquartered in Atlanta, Georgia. The company's operations consist of natural gas distribution, wholesale services, retail operations, and midstream operations. Southern Company Gas is one of the largest natural gas distribution companies in the United States. The company serves approximately 4.5 million utility customers through its regulated distribution subsidiaries across four states. Southern Company Gas made the Fortune 500 list in 2015, Forbes 2000 in 2006, and is a member of the S&P 500 Index. In 2016, Southern Company acquired AGL Resources and renamed it Southern Company Gas.
FortisBC is a British Columbia based regulated utility providing natural gas, and electricity. FortisBC has approximately 2,600 employees serving more than 1.2 million customers in 135 B.C. communities and 58 First Nations communities across 150 Traditional Territories.
GAIL (India) Limited is an Indian state-owned energy corporation with primary interests in the trade, transmission and production distribution of natural gas. GAIL also has interests in the exploration and production solar and wind power, telecom and telemetry services (GAILTEL) and electricity generation. GAIL was founded as the Gas Authority of India Ltd. in August 1984 under the Ministry of Petroleum and Natural Gas to build, operate and maintain the HVJ Gas Pipeline. On 1 February 2013, the Indian government conferred GAIL with Maharatna status along with 11 other Public Sector Undertakings (PSUs).
Snam S.p.A. is an Italian energy infrastructure company.
Énergir, formerly known as Gaz Métro, is an energy company with 535,000 customers in Quebec and the northeastern United States. It is the largest natural gas distribution company in Quebec, and, through subsidiaries, also produces electricity from wind. In the United States the company operates through subsidiaries in seventeen states, where it produces electricity from hydroelectric, wind and solar sources, in addition to being the leading electricity distributor and the sole natural gas distributor in Vermont.
Global Infrastructure Partners (GIP) is an infrastructure investment fund making equity and selected debt investments. GIP's main headquarters are located in New York City and its equity investments are based on infrastructure assets in the energy, transport and water & waste sectors. GIP employs approximately 150 investment and operational professionals and has offices in New York, London, Stamford, Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. In total as of 2023, its portfolio companies employ approximately 100,000 people, according to the company website.
Oncor Electric Delivery Company is the largest transmission and distribution electric utility in the state of Texas and the 5th largest utility company in the US. Their service territory includes east, west, and north-central Texas, including Dallas, Fort Worth, Irving, Plano, Arlington, Beeville, Midland, Odessa, Killeen, Waco, Wichita Falls, Tyler, and other cities throughout Texas. In 2018, Sempra Energy acquired a majority stake in Oncor for US$9.45 billion.
Costa Azul LNG is a sea port and natural gas processing center, located 15 miles north of Ensenada, Baja California, Mexico. Opened in 2008, the terminal can process up to one billion cubic feet of natural gas per day. This is the first liquefied natural gas (LNG) terminal on the North America west coast. LNG carrier ships capable of holding up to 220,000m3 of LNG can dock in the deep water port off the coast to unload LNG. The natural gas from the terminal is used to produce electricity and is fed by pipe lines to factories. The longest pipeline runs north, to the United States. Sempra Energy is a partner in the port with PEMEX. The LNG ship Al Safliya was the first ship to port and unload at Costa Azul. The Al Safliya is a 210,000 cubic meter LNG ship, its LNG was from Qatar. The other Mexican LNG Terminal in the Pacific Ocean is at Manzanillo, Colima, the Manzanillo LNG Terminal.
Jeffrey Walker Martin is the chairman and chief executive officer of Sempra, an energy infrastructure company based in San Diego, California. Sempra develops and owns energy transmission and distribution infrastructure with a focus on leading markets in North America, including California, Texas, Mexico and the liquefied natural gas export market. The company has over 20,000 employees and serves roughly 40 million consumers – serving more U.S. customers than any other U.S. utility holding company.