Transmission lines in San Diego County. Sempra said SDG&E reached an all-time peak net system demand of 5.2 gigawatts in the third quarter. Photo: Genevieve Bell, CC BY 3.0, via Wikimedia Commons.
Sempra, the San Diego energy company that owns San Diego Gas & Electric, reported third-quarter earnings of $877 million, or $1.34 per diluted share, compared with $77 million, or $0.12 a share, a year earlier, the company said in a Nov. 5 statement. On an adjusted basis, earnings were $917 million, or $1.40 a share, up from $728 million, or $1.11 a share, in the third quarter of 2025. The GAAP jump from last year’s $77 million reflects items the company listed in a reconciliation table; Sempra told investors to look at the adjusted figures for the underlying comparison.
During the quarter, SDG&E reached an all-time peak net system energy demand of 5.2 gigawatts “during one of the region’s most demanding periods for the electric system in more than a decade,” the release said. Sempra framed the peak as a test of grid investment. The same statement said construction had started on compressor-station modernization projects at both SDG&E and Southern California Gas Co., work the company said is meant to improve reliability and cut air pollutant emissions.
Regulators were less accommodating on a rate request. On Oct. 29, the California Public Utilities Commission issued a proposed decision denying a request by SDG&E and SoCalGas to correct the 2024 general rate case capital attrition mechanism so that it would reflect what the utilities called the appropriate post-test-year capital revenue requirement for 2027, Sempra said. A proposed decision is not a final commission vote. The company also noted a $67 million item at SDG&E tied to a Track 3 proposed decision, among other adjustments in its GAAP-to-adjusted reconciliation.
Sempra is based in San Diego, but the quarterly results cover a much larger footprint, including Texas utilities and infrastructure businesses that the company is careful to distinguish from the California utilities regulated by the CPUC. For local customers, the figures that land closest to home are the 5.2-gigawatt peak on SDG&E’s system and the pending CPUC decision on how much capital spending can roll into future rates.
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