San Diego-based Sempra Energy reported Wednesday first quarter earnings of $319 million, or $1.27 per diluted share — down from $437 million, or $1.74 per diluted share, in the first quarter of 2015.
Sempra’s adjusted first quarter earnings were $370 million, or $1.47 per diluted share. The figures exclude a $13 million reduction in the loss related to the San Onofre Nuclear Generating Station, $27 million from to an agreement to sell its stake in the Rockies Express Pipeline, $24 million in deferred tax expenses stemming from the planned sale of the Termoelectrica de Mexicali power plant and $4 million in expenses related to liquefied natural gas.
The utility company’s earnings was also affected by a delay in a decision from the California Public Utilities Commission in a general rate case for Southern California Gas Co. and San Diego Gas & Electric.
“While we have not yet received a proposed decision from the CPUC in the General Rate Case for our California utilities, we expect that, when issued, the decision will be consistent with the settlement agreements SDG&E and SoCalGas filed last fall,” Sempra CEO and Chairwoman Debra Reed said.
“Based on this expectation, we believe we are on track to meet our new, revised adjusted earnings guidance for 2016, which reflects the loss of future earnings from the pending sales of our interest in the Rockies Express Pipeline and our Southeastern utilities.”
San Diego Gas & Electric earned $129 million in the first quarter of the year, compared with $147 million in the same time period a year ago, according to Sempra, its parent company. This year’s first quarter figured include $13 million in reduced losses from the decommissioning of the San Onofre reactor.
—City News Service