- Sempra Energy Q1 2014 earnings were up to $247 million, $0.99 per share, from Q1 2013’s $178 million, $0.72 per share, even after the deduction of $9 million lost to the closure of the San Onofre Nuclear Generating Station (SONGS) in which Sempra subsidiary San Diego Gas and Electric (SDG&E) owned a 21% share.
- Sempra is on track to meet its forecast earnings and 9% to 11% compound growth rate, noted CEO/Chair Debra L. Reed, especially with new Mexican and Peruvian generation facilities due online this year and with the Cameron LNG liquefaction-and-export facility on track for construction this year and for service in 2018.
- A pending settlement with key parties over the SONGS closure, if approved by California regulators, could resolve all outstanding cost issues, and allow SDG&E to recover costs from replacement power and operating, infrastructure, and maintenance expenses.
SDG&E’s earnings increase from Q1 2013’s $91 million to Q1 2014’s $99 million would have doubled to $108 million except for the SONGS expense.
Sempra’s Southern California Gas unit’s almost doubled in earnings to $78 in Q1 2014 from $46 million in Q1 2013 due to a regulator approved margin increase.
Sempra South American Utilities’ Q1 2014 earnings dropped to $35 million from Q1 2013’s $37 million while Sempra Mexico's Q1 2014 earnings increased to $42 million from $31 million in last year’s Q1 due to regulator-approved income from pipeline projects under construction and favorable Mexican income-tax changes.
Mexican subsidiary IEnova finalized the sale of 50% of its 155-megawatt Energía Sierra Juarez wind project, which has a PPA with SDG&E and is scheduled to go online in 2015, to InterGen.
The big earnings gain by Sempra Renewables from Q1 2013’s $4 million to Q1 2014’s $28 million was because of the recent sale of 50% of the Copper Mountain Solar 3 project while the drop in earnings by Sempra Natural Gas to this year’s $9 million in Q1 was because Q1 2013’s $53 million included the $44 million sale of half of the Mesquite Power natural gas plant.