SEMPRA (SRE)

Sempra is a California-based holding company that invests in, develops and operates energy infrastructure across North America, providing electric and gas services through three reportable segments: Sempra California, Sempra Texas Utilities and Sempra Infrastructure. Sempra California comprises two regulated public utilities, SDG&E and SoCalGas. SDG&E provides electric services to approximately 3.6 million people and natural gas services to approximately 3.3 million people across a roughly 4,100-square-mile service territory in San Diego County and adjacent Orange County, operating 2,021 miles of transmission lines, 24,149 miles of distribution lines and 159 substations, along with owned natural gas-fired generation plants and long-term power purchase agreements covering renewable, tolling and other resources; its customers include residential, commercial, industrial, street/highway lighting, and community choice aggregation (CCA) and direct access (DA) customers.

SoCalGas owns and operates a natural gas distribution, transmission and storage system serving approximately 21.1 million people across roughly 24,000 square miles of Southern and central California, with extensive pipeline infrastructure, interconnections to major interstate and Mexican pipeline systems, four storage facilities (including Aliso Canyon) totaling 137 Bcf of working capacity, and both core (residential/small commercial) and noncore (electric generation, wholesale, large commercial/industrial) customer classes; SDG&E also distributes and transports natural gas within its territory. Sempra Texas Utilities holds equity method investments in Oncor Holdings (80.25% interest in Oncor, regulated transmission and distribution utility in Texas serving over four million customers across more than 120 counties, including Dallas-Fort Worth, with about 18,324 circuit miles of transmission lines and 125,975 circuit miles of distribution lines) and a 50% interest in Sharyland Holdings, whose subsidiary Sharyland Utilities operates roughly 64 miles of electric transmission lines in south Texas, including a line connecting to Mexico. Oncor provides wholesale transmission and distribution delivery services (not retail electricity sales) to more than 100 retail electric providers, electric cooperatives and municipally owned utilities within ERCOT, operating under ring-fencing arrangements that limit Sempra's control and require equity method accounting.

Sempra Infrastructure, operated primarily through subsidiary SI Partners (70% Sempra, 20% KKR Pinnacle, 10% ADIA ownership), develops, builds, operates and invests in energy infrastructure—including LNG, energy networks and low-carbon solutions—in the U.S., Mexico and globally, with SI Partners holding 100% of Sempra LNG Holding, LP and 99.9% of IEnova. Overall, Sempra's strategy centers on transmission and distribution investments intended to generate stable cash flows and earnings, aiming to deliver safe, reliable, increasingly clean and affordable energy to customers while increasing shareholder value.