SEMPRA (SRE)

Sempra is a holding company whose principal businesses are regulated electric and gas utilities in California and Texas, along with other energy infrastructure. It was formed in 1998 through the combination of Enova Corporation and Pacific Enterprises, the parents of San Diego Gas & Electric (SDG&E, operating since 1881) and Southern California Gas Company (SoCalGas, operating since 1867). Its stated mission is to build America's leading utility growth business, with a focus on regulated utilities in California and Texas that aim to produce stable cash flows, and a goal of delivering safe, reliable and affordable energy.

Sempra reports three segments. Sempra California comprises SDG&E and SoCalGas. SDG&E provides electric service to about 3.6 million people and natural gas service to about 3.3 million in San Diego County and part of Orange County. At year-end 2025 it had 2,018 miles of transmission lines, 24,210 miles of distribution lines and 158 substations. It supplies power from owned natural gas plants (1,217 MW) and from long-term contracts for wind, solar and tolling capacity. SoCalGas operates a gas distribution, transmission and storage system serving about 21.3 million people across roughly 24,000 square miles. It owns four storage facilities with 137 Bcf of working capacity, including Aliso Canyon. Sempra Texas Utilities consists of equity method investments in Oncor Holdings, which owns 80.25% of Oncor, and a 50% interest in Sharyland Holdings, which owns Sharyland Utilities. Oncor is a regulated transmission and distribution utility with about 18,418 circuit miles of transmission lines and 127,398 circuit miles of distribution lines. Sharyland Utilities owns about 64 miles of transmission lines in south Texas. Sempra Infrastructure develops, builds, operates and invests in energy infrastructure, with a focus on LNG, energy networks and low carbon solutions in the U.S. and Mexico. It is held through SI Partners, which is owned 70% by Sempra, 20% by KKR Pinnacle and 10% by ADIA, and which holds Sempra LNG Holding, LP and IEnova.

SDG&E serves residential, commercial, industrial and street lighting customers, with about 1.55 million electric meters. Most customers receive commodity service from other providers through community choice aggregation and direct access programs. SDG&E and SoCalGas serve core customers (mainly residential and small commercial and industrial) and noncore customers (mainly electric generation, wholesale, and large commercial and industrial users). SoCalGas has about 6.2 million gas meters and SDG&E about 0.9 million. Oncor delivers electricity to more than 4.1 million homes and businesses in a territory of about 14 million people across north-central, eastern, western and panhandle Texas, including Dallas and Fort Worth. Its distribution customers are primarily over 100 retail electric providers, and it also serves cooperatives and municipal utilities. Demand across the utilities is seasonal and affected by weather, the economy, rooftop solar and energy policy.

SDG&E's electric system connects to the Southwest Powerlink and Sunrise Powerlink lines operated by the California ISO. SoCalGas buys natural gas from Canada, the U.S. Rockies and the U.S. Southwest, priced mainly on published indices, and passes core customer costs through without markup. Its pipelines interconnect with major interstate systems such as El Paso Natural Gas, Transwestern, Kern River and Mojave. The utilities are regulated by bodies including the CPUC, PUCT and FERC. Competition comes from distributed generation, energy storage and other technologies, and Oncor competes with municipal utilities and cooperatives in multi-certificated areas. Oncor operates under ring-fencing measures that limit Sempra's control, and had about 5,600 employees at year-end 2025.