San Diego Gas and Electric, San Diego’s investor-owned utility, accounted for nearly one-third of Sempra’s nearly $3 billion in profits in 2023.
The Sempra earnings report released this morning caused a stir among advocates lobbying to replace San Diego Gas & Electric with a municipal utility. KPBS Environment Reporter Erik Anderson says the shareholder's report didn’t itemize SDG&E’s profit.
The yearly earnings were part of the shareholders report released by SDG&E’s parent company, Sempra, a Fortune 500 energy company headquartered in San Diego.The release of the financial summaries caused a bit of a stir among protesters gathered outside company headquarters on Tuesday morning. Backers said a municipal utility would be able to deliver cheaper electricity because it would not be sending profit to a parent company.
SDG&E customer Essie Baradar does not have much good to say when she opens her utility bill each month.
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