Sempra beats profit estimates on US utility growth
U.S. utilities are seeing steady growth, supported by rising electricity demand, especially from energy-intensive sectors such as data centers, alongside broader grid reliability needs.
Sempra said it remains focused on shifting capital into higher-return, utility-centric assets.
Its Oncor unit in Texas reported a 40% jump in interconnection requests and added nearly 20,000 new premises during the quarter. The division also filed for a comprehensive base rate review to recover storm-related costs and support higher capital spending.
The San Diego-based company posted adjusted earnings of 89 cents per share during the quarter ended June 30, compared with analysts' estimate of 85 cents per share, according to data compiled by LSEG.
Quarterly operation and maintenance expenses fell 7% to $1.24 billion.
Sempra also said it has made progress on two planned asset sales — a stake in Sempra Infrastructure and its Mexican gas distribution unit Ecogas — with both transactions expected to close by mid-2026.
The company's utilities in California were awarded $600 million in new grid projects under the state's latest transmission plan and invested more than $1.2 billion in upgrades during the quarter.
Sempra shares were up 1.5% in early trading.
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