Company Overview of San Diego Gas & Electric Company
San Diego Gas & Electric Company transports, distributes, and sells natural gas and electricity. As of December 31, 2014, it owned and operated 4 natural gas-fired power plants, including a 566- Megawatt (MW) electric generation facility located in Escondido; a 96-MW electric generation peaking facility located in San Diego; and a 47-MW electric generation facility located in El Cajon of California, as well as a 485-MW electric generation facility located in Boulder City, Nevada. The company also had 2,090 miles of electric transmission lines and 23,158 miles of electric distribution lines; 2,960 miles of natural gas transmission and storage pipelines; 50,001 miles of natural gas distributio...
8326 Century Park Court
San Diego, CA 92123
Founded in 1905
Key Executives for San Diego Gas & Electric Company
Chief Executive Officer and Director
Chief Financial Officer, Chief Accounting Officer, Vice President, Controller and Treasurer
Chairman of Sempra Energy and Chief Executive Officer of Sempra Energy
Chief Executive Officer of Southern California Gas Co. and President of Southern California Gas Co.
Chief Executive Officer of Sempra U.S. Gas & Power and President of Sempra U.S. Gas & Power
Compensation as of Fiscal Year 2015.
San Diego Gas & Electric Company Key Developments
San Diego Gas & Electric Company Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended of September 2015
Nov 3 15
San Diego Gas & Electric Company reported unaudited earnings results for the third quarter and nine months ended of September 2015. For the quarter, the company’s earnings were $170 million, up from $157 million in the third quarter 2014, primarily due to higher CPUC base margin and higher earnings from electric transmission operations. Revenue was $1,230 million compared to $1,233 million a year ago. Income before interest and tax was $308 million compared to $285 million a year ago.
For the nine months of 2015, the company’s earnings were $443 million, up from $379 million in the first nine months last year. Excluding the SONGS-related items in the first quarters of 2015 and 2014, Adjusted earnings for the first nine months of 2015 were $430 million, compared with $388 million in the first nine months of 2014. Revenue was $3,168 million compared to $3,283 million a year ago. Income before interest and tax was $835 million compared to $768 million a year ago.
San Diego Gas & Electric Co. and Southern California Gas Co. Amend and Restate Five-Year Revolving Credit Facility with Syndicate
Oct 15 15
San Diego Gas & Electric Co. and Southern California Gas Co. have amended and restated a five-year revolving credit facility with a syndicate of 20 lenders to allow a combined borrowing limit of $1 billion. Under the new credit agreement, each company can borrow up to $750 million through Oct. 13, 2020. The facility also provides letters of credit with a combined commitment of $250 million for the Sempra Energy subsidiaries. The two companies have the right to increase, in or more requests, the aggregate amount of commitments by $250 million, subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions. Borrowings under the credit facility, none of which are outstanding, would bear an interest at benchmark rates plus a margin that varies with the borrowing company's credit rating. Each company is required to maintain a ratio of total indebtedness to total capitalization of no more than 65% at the end of each quarter. JPMorgan Chase Bank NA serves as administrative agent for the syndicate of lenders.
San Diego Gas & Electric Asks California Public Utilities Commission for Approval to Recover in Rates the Remaining Costs to Settle the 2,500 Lawsuits Related to the 2007 Wildfires
Sep 28 15
San Diego Gas & Electric asked the California Public Utilities Commission for approval to recover in rates the remaining costs to settle the 2,500 lawsuits related to the 2007 wildfires. SDG&E initially faced $4 billion in claims arising from the fires, but the company made a decision to settle as many cases as possible to reduce the overall customer cost impact. Settlement costs amounted to $2.4 billion, the majority of which was covered by SDG&E's liability insurance and recoveries from third parties. SDG&E proposes its shareholders pay 10% or $42 million. If approved, the utility proposes to spread out the remaining $379 million over six years, which would result in a monthly bill impact of less than $1.70 for a typical residential customer using 500 kilowatt-hours of electricity per month. A final CPUC decision is expected in the first quarter of 2017. Customers would not see any bill impact before then.
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