NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director James C. Yardley Acquires Additional Phantom Shares as Compensation
Sempra Director James C. Yardley acquired 164.09 phantom shares as part of his director compensation, increasing his total beneficial ownership to 39,751 phantom shares.
NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director Anya Weaving Acquires Phantom Shares as Compensation
Sempra Director Anya Weaving acquired 164.09 phantom shares of Sempra Common Stock as part of her director compensation on July 1, 2025, increasing her direct beneficial ownership to 373.7 shares.
NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director Cynthia J. Warner Reports Acquisition of Phantom Shares
Sempra director Cynthia J. Warner reported the acquisition of 380.68 phantom shares as director compensation, increasing her total beneficial ownership to 12,299.64 phantom shares.
NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director Jack T. Taylor Acquires Additional Phantom Shares as Compensation
Sempra Director Jack T. Taylor acquired 164.09 phantom shares as compensation, increasing his total beneficial ownership to 40,321.76 phantom shares.
NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director Kevin Sagara Acquires Phantom Shares as Compensation
Sempra Director Kevin C. Sagara acquired 164.09 phantom shares of Sempra Common Stock as director compensation on July 1, 2025.
NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director Michael Mears Acquires Additional Phantom Shares as Compensation
Sempra Director Michael N. Mears acquired 164.09 phantom shares as part of his director compensation, increasing his total beneficial ownership to 19,924.06 derivative securities.
NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director Richard J. Mark Increases Beneficial Ownership Through Phantom Share Acquisition
Sempra Director Richard J. Mark acquired 164.09 phantom shares as part of his compensation, increasing his total beneficial ownership to 1,416.45 shares.
NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director Jennifer M. Kirk Acquires Phantom Shares as Compensation
Sempra Director Jennifer M. Kirk acquired 164.09 phantom shares as compensation, increasing her beneficial ownership to 4,325.19 phantom shares.
NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director Pablo Ferrero Increases Stake Through Phantom Share Acquisition
Sempra Director Pablo Ferrero acquired 164.09 phantom shares as part of his director compensation, increasing his total beneficial ownership to 15,254.68 phantom shares.
NYSE
17 days, 12 hours ago 
SRE
Sempra
Form 4: Sempra Director Andres Conesa Increases Stake with Phantom Share Acquisition
Sempra Director Andres Conesa acquired 164.09 phantom shares as part of his director compensation, increasing his total beneficial ownership to 10,859.95 phantom shares.
NYSE
26 days, 13 hours ago 
SRE
Sempra
8-K: Sempra and SoCalGas Announce Key Executive and Board Appointments, Strengthening Leadership Structure
Sempra and its subsidiary Southern California Gas Company (SoCalGas) have announced significant executive and board leadership changes, including the promotion of Caroline A. Winn to Executive Vice President and Dyan Z. Wold to Vice President, Controller, and Chief Accounting Officer, effective July 5, 2025.
NYSE
26 days, 23 hours ago 
SRE
Sempra
8-K: Sempra Subsidiary Oncor Poised for Enhanced Financial Performance with New Texas Regulatory Mechanism
Sempra's majority-owned subsidiary, Oncor Electric Delivery Company LLC, is set to benefit from a new Texas law establishing a Unified Tracker Mechanism (UTM) that is expected to improve its earnings, cash flows, and credit metrics.
Better than expected
 
NYSE
64 days, 13 hours ago 
SRE
Sempra
8-K: Southern California Gas Company Closes $1.1 Billion Bond Offering
Southern California Gas Company successfully closes a public offering and sale of $1.1 billion in first mortgage bonds, split between Series DDD due 2035 and Series EEE due 2055.
NYSE
65 days, 13 hours ago 
SRE
Sempra
8-K: Sempra Shareholders Elect Directors, Ratify Auditor, and Approve Executive Compensation at 2025 Annual Meeting
Sempra held its 2025 Annual Shareholders Meeting on May 13, 2025, where shareholders elected directors, ratified the appointment of Deloitte & Touche LLP, and approved executive compensation.
NYSE
66 days, 9 hours ago 
SRE
Sempra
Form 4: Sempra Executive Diana L. Day Reports Stock Sales
Diana L. Day, Chief Legal Counsel of Sempra, reports the sale of common stock in multiple transactions on May 14, 2025.
NYSE
66 days, 9 hours ago 
SRE
Sempra
Form 4: Sempra Executive Peter R. Wall Reports Acquisition of Phantom Shares
Sempra's SVP, Controller and CAO, Peter R. Wall, reports acquiring phantom shares under the company's deferred compensation plan.
NYSE
66 days, 9 hours ago 
SRE
Sempra
Form 4: Sempra Director James C. Yardley Reports Changes in Beneficial Ownership
Director James C. Yardley reports acquisition of phantom shares in Sempra, indicating changes in beneficial ownership.
NYSE
66 days, 9 hours ago 
SRE
Sempra
Form 4: Sempra Director Jack T. Taylor Reports Acquisition of Phantom Shares
Director Jack T. Taylor reports acquiring phantom shares of Sempra common stock.
NYSE
66 days, 9 hours ago 
SRE
Sempra
Form 4: Sempra Director Michael N. Mears Reports Acquisition of Phantom Shares
Director Michael N. Mears reports acquiring phantom shares of Sempra common stock.
NYSE
66 days, 9 hours ago 
SRE
Sempra
Form 4: Sempra Director Richard J. Mark Reports Acquisition of Common Stock
Director Richard J. Mark reported acquiring 1,864 shares of Sempra common stock on May 13, 2025.
SRE 
Sempra 
NYSE

8-K: Sempra Subsidiary Oncor Poised for Enhanced Financial Performance with New Texas Regulatory Mechanism

Sentiment:
 Regulatory Update
 23 June 2025 6:56 AM

Sempra's majority-owned subsidiary, Oncor Electric Delivery Company LLC, is set to benefit from a new Texas law establishing a Unified Tracker Mechanism (UTM) that is expected to improve its earnings, cash flows, and credit metrics.

Better than expected
  The new Unified Tracker Mechanism (UTM) is expected to improve Oncor's earnings, cash flows, and credit metrics.  The UTM is projected to improve Oncor's earned annual returns on equity by approximately 50 to 100 basis points.  The mechanism allows for more timely recovery of capital investments, reducing regulatory lag compared to previous methods. 

Summary
  • Texas House Bill 5247 (HB 5247) was signed into law on June 20, 2025, establishing the Unified Tracker Mechanism (UTM).
  • The UTM provides an alternative method, available through 2035, for qualifying electric utilities to apply for interim rate adjustments once annually for cost recovery of certain transmission and distribution (T&D) capital expenditures.
  • Oncor Electric Delivery Company LLC (Oncor), 80.25% owned by Sempra, expects to qualify for and utilize the UTM.
  • Qualifying utilities for UTM must operate solely within ERCOT, be identified by PUCT for Permian Basin Reliability Plan transmission construction, and have annual T&D capital expenditures exceeding 300% of annual depreciation.
  • The UTM allows utilities to defer eligible T&D capital investment costs, including depreciation and carrying costs, as a regulatory asset.
  • The Public Utility Commission of Texas (PUCT) must review UTM filings within 120 days; if no final order within 165 days, temporary rates can be implemented with future refunds/credits.
  • Oncor anticipates its first comprehensive UTM filing in the first half of 2026, covering eligible T&D investments placed into service after December 31, 2024, not yet reflected in rates.
  • Oncor plans to immediately begin recognizing accrued revenues and a regulatory asset for eligible capital investments placed into service after December 31, 2024.
Sentiment

Score: 8

Explanation: The document conveys a strong positive sentiment due to the enactment of a new law that is expected to significantly improve the financial performance and regulatory efficiency for Sempra's key subsidiary, Oncor. The affirmation of Sempra's EPS guidance further reinforces confidence.

Positives
  • The Unified Tracker Mechanism (UTM) is expected to improve Oncor's earnings, cash flows, and credit metrics.
  • Use of the UTM is projected to improve Oncor's earned annual returns on equity by approximately 50 to 100 basis points.
  • The new mechanism allows for more efficient and timely recovery of T&D capital investments, reducing regulatory lag.
  • Sempra affirms its previously announced 2025 and 2026 diluted earnings-per-common-share (EPS) guidance ranges, indicating the positive impact of Oncor's UTM use is already factored in or will not negatively impact guidance.
Risks
  • Potential liability for damages from California wildfires, regardless of fault, and inability to recover costs from insurance, wildfire fund, or customer rates.
  • Adverse decisions, denials of cost recovery, audits, investigations, or other actions by regulatory bodies (e.g., CPUC, PUCT, FERC) and governmental jurisdictions.
  • Risks associated with business development efforts, construction projects, acquisitions, and divestitures, including failure to make final investment decisions, negotiate definitive contracts, complete projects on schedule/budget, realize anticipated benefits, or obtain regulatory approvals.
  • Changes to capital expenditure plans and their potential impact on rate base or other growth.
  • Changes in trade and foreign policy, laws, and regulations (e.g., tariffs, tax, energy industry regulations).
  • Litigation, arbitration, property disputes, and other legal proceedings.
  • Cybersecurity threats, including ransomware or other attacks on systems or third-party systems.
  • Availability, sufficiency, and cost of capital resources, and ability to borrow on favorable terms, affected by credit rating downgrades, capital market instability, and fluctuating interest rates/inflation.
  • Impact on affordability of customer rates and cost of capital for SDG&E and SoCalGas, and ability of Sempra Infrastructure to pass through higher costs, due to volatility in inflation, interest rates, commodity prices, tariffs, and foreign currency exchange rates.
  • Impact of climate policies, laws, and regulations, including actions to reduce reliance on natural gas, increased uncertainty for California natural gas distribution companies, risk of non-recovery for stranded assets, and uncertainty related to emerging technologies.
  • Disruptions to operations, damage to facilities, or liability from weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages, or work stoppages.
  • Availability of electric power, natural gas, and natural gas storage capacity, including disruptions from transmission grid or pipeline failures.
  • Oncor's ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments.
Future Outlook

Oncor expects to qualify for and commence using the new Unified Tracker Mechanism (UTM), which is anticipated to improve its earnings, cash flows, and credit metrics, specifically boosting earned annual returns on equity by 50 to 100 basis points. Sempra affirms its 2025 and 2026 diluted EPS guidance ranges, indicating that the positive impact from Oncor's UTM adoption is consistent with its existing financial projections. Oncor plans its first comprehensive UTM filing in the first half of 2026 and will immediately begin recognizing accrued revenues and a regulatory asset for eligible capital investments made after December 31, 2024.

Management Comments
  • "Oncor Electric Delivery Company LLC (Oncor) expects to qualify for and commence using the referenced alternative capital recovery method."
  • "Sempra hereby affirms the referenced EPS guidance ranges."
Industry Context

This announcement highlights a significant regulatory development in the Texas utility sector, specifically within the Electric Reliability Council of Texas (ERCOT) market. The Unified Tracker Mechanism (UTM) represents a modernization of rate recovery for capital investments, aiming to reduce regulatory lag for utilities like Oncor. This move could set a precedent or influence regulatory approaches in other states facing similar challenges in financing essential transmission and distribution infrastructure upgrades, particularly those with high capital expenditure needs related to grid reliability and expansion, such as the Permian Basin Reliability Plan.

Comparison to Industry Standards
  • NA
Stakeholder Impact
  • Shareholders: Expected improvement in Oncor's earnings, cash flows, and credit metrics, which should positively impact Sempra's valuation and potentially its dividend capacity from Oncor. Sempra's EPS guidance is affirmed.
  • Customers: Interim rate adjustments may occur, with provisions for temporary rates and future refunds or credits if final approved rates differ.
  • Employees: No direct impact mentioned, but improved financial health of Oncor could provide stability.
  • Regulators (PUCT): Will be responsible for reviewing UTM filings within specified timelines.
Next Steps
  • Oncor plans to immediately begin recognizing accrued revenues and a regulatory asset for costs associated with eligible capital investments placed into service after December 31, 2024.
  • Oncor expects to make its first comprehensive UTM filing in the first half of 2026.
Key Dates
  • December 31, 2024: Eligible T&D investments placed into service after this date will be covered by the UTM and are not currently reflected in rates.
  • June 20, 2025: Texas House Bill 5247 (HB 5247) was signed into law and became effective, establishing the Unified Tracker Mechanism (UTM).
  • First half of 2026: Oncor expects to make its first comprehensive UTM filing.
  • 2035: The Unified Tracker Mechanism (UTM) is available through this year.
  • 120 days: Maximum period for PUCT review of a UTM filing.
  • 165 days: If a final order is not issued by the PUCT within this period after a UTM filing, the utility can place requested rates into effect on a temporary basis.
Keywords
Sempra, Oncor, Texas House Bill 5247, HB 5247, Unified Tracker Mechanism, UTM, Regulatory Lag, Rate Adjustment, Capital Recovery, Transmission and Distribution, T&D, Public Utility Commission of Texas, PUCT, Regulatory Asset, Earnings Per Share, EPS Guidance, Utility Regulation, Energy Infrastructure, ERCOT
SRE 
Sempra 
NYSE
Sector: Utilities
 
Filings with Classifications
Better than expected
23 June 2025 6:56 AM
Regulatory Update
  • The new Unified Tracker Mechanism (UTM) is expected to improve Oncor's earnings, cash flows, and credit metrics.
  • The UTM is projected to improve Oncor's earned annual returns on equity by approximately 50 to 100 basis points.
  • The mechanism allows for more timely recovery of capital investments, reducing regulatory lag compared to previous methods.
Capital raise
13 May 2025 4:20 PM
Debt Offering Announcement
  • Southern California Gas Company is raising $1.1 billion through the issuance of first mortgage bonds.
  • The funds are intended for general corporate purposes.
Capital raise
8 May 2025 8:07 PM
Quarterly Report
  • Sempra established an ATM program providing for the offer and sale of shares of Sempra common stock having an aggregate gross sales price of up to $3.0 billion.
  • Sempra entered into forward sale agreements under the ATM program with Bank of America, N.A. and Wells Fargo Bank, N.A.
Better than expected
8 May 2025 8:07 PM
Quarterly Report
  • Sempra's Q1 2025 earnings attributable to common shares increased to $906 million, or $1.39 per share, compared to $801 million, or $1.27 per share, in the prior year.
Better than expected
8 May 2025 10:53 AM
Earnings Release
  • Sempra's first-quarter 2025 GAAP earnings increased to $906 million ($1.39 per diluted share) from $801 million ($1.26 per diluted share) in the first quarter of 2024.
  • Adjusted first-quarter 2025 earnings rose to $942 million ($1.44 per diluted share) from $854 million ($1.34 per diluted share) in 2024.
Better than expected
28 March 2025 4:14 PM
Proxy Statement
  • Sempra's three-year total shareholder return far outpaced the return of the S&P 500 Utilities Index and more than tripled the returns of the S&P 500 and S&P 500 Utilities Indices since the beginning of this century (from December 31, 1999 through December 31, 2024).
Capital raise
25 March 2025 4:17 PM
Debt Offering
  • San Diego Gas & Electric Company is raising $850 million through the issuance of 5.400% First Mortgage Bonds, Series CCCC, due 2035.
  • The net proceeds are estimated to be approximately $842.1 million after deducting the underwriting discount but before deducting the Companys estimated offering expenses.
Worse than expected
25 February 2025 4:57 PM
Annual Report
  • Earnings attributable to common shares decreased from $3.030 billion in 2023 to $2.817 billion in 2024.
  • Total revenue decreased from $16.720 billion in 2023 to $13.185 billion in 2024.
Capital raise
25 February 2025 4:57 PM
Annual Report
  • Sempra established an ATM program providing for the offer and sale of shares of Sempra common stock having an aggregate gross sales price of up to $3.0 billion.
  • Sempra entered into a forward sale agreement under the ATM program for the sale of 2,909,274 shares of Sempra common stock.
Delay expected
25 February 2025 4:57 PM
Annual Report
  • The ECA LNG Phase 1 project is expected to commence commercial operations in the spring of 2026, which is later than previously anticipated.
  • The first and second trains of the PA LNG Phase 1 project are expected to commence commercial operations in 2027 and 2028, respectively, which is later than previously anticipated.
Worse than expected
25 February 2025 10:54 AM
Earnings Release
  • Full-year 2024 GAAP earnings decreased compared to 2023.
  • The revision of the full-year 2025 EPS guidance range to $4.30 to $4.70 may be viewed negatively.
Capital raise
21 November 2024 4:05 PM
Debt Offering
  • Sempra closed a public offering of $400 million of 6.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 and $600 million of 6.550% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055.
  • The total proceeds to Sempra from the sale of the notes were approximately $990 million, after deducting underwriting discounts but before deducting offering expenses estimated at $1.7 million.
Capital raise
6 November 2024 3:40 PM
Quarterly Report
  • Sempra established an ATM program to offer and sell shares of common stock with an aggregate gross sales price of up to $3.0 billion.
  • The company intends to use the net proceeds for working capital and other general corporate purposes, including to partly finance anticipated increases to its long-term capital plan and to repay outstanding commercial paper and potentially other indebtedness.
Worse than expected
6 November 2024 3:40 PM
Quarterly Report
  • Sempra's third quarter earnings were worse than the same period last year due to lower revenues and higher interest expenses.
  • Sempra California's earnings were worse than the same period last year due to lower income tax benefits and higher net interest expenses.
  • Sempra Texas Utilities' earnings were worse than the same period last year due to lower equity earnings from Oncor Holdings.
Capital raise
6 November 2024 10:50 AM
Quarterly Report
  • The company has put in place a $3 billion at-the-market (ATM) equity offering program to support general corporate purposes including its future financing needs.
Worse than expected
6 November 2024 10:50 AM
Quarterly Report
  • Third-quarter 2024 GAAP and adjusted earnings were lower compared to the same period in 2023.
  • The company has lowered its full-year 2024 GAAP EPS guidance range.
Capital raise
9 September 2024 4:02 PM
Debt Offering Announcement
  • Sempra has raised $1.25 billion through the issuance of junior subordinated notes.
  • The net proceeds to the company are approximately $1.238 billion after deducting underwriting discounts.
Capital raise
9 August 2024 4:45 PM
Debt Issuance Announcement
  • Southern California Gas Company is raising $600 million through the issuance of First Mortgage Bonds.
  • The net proceeds are estimated to be approximately $593.2 million after deducting the underwriting discount.
Capital raise
6 August 2024 3:48 PM
Quarterly Report
  • Sempra completed an offering of 19,242,010 shares of its common stock in November 2023.
  • Sempra has forward sale agreements for 17,142,858 shares of its common stock, which may be settled no later than December 31, 2024.
Worse than expected
6 August 2024 3:48 PM
Quarterly Report
  • Sempra's year-to-date earnings were worse than the same period last year, primarily due to lower income tax benefits and unrealized losses on commodity derivatives.
Delay expected
6 August 2024 10:54 AM
Quarterly Report
  • The Energa Costa Azul LNG Phase 1 project has experienced labor and productivity challenges, which has delayed the expected mechanical completion and first LNG to 2025, with commercial operations targeted for spring 2026.
Worse than expected
6 August 2024 10:54 AM
Quarterly Report
  • Sempra's adjusted earnings for the second quarter of 2024 were lower than the same period in 2023.
  • Sempra's adjusted earnings for the first six months of 2024 were also lower than the same period in 2023.
Capital raise
31 May 2024 4:02 PM
Debt Offering Announcement
  • Sempra raised $500 million through the issuance of junior subordinated notes.
  • The proceeds will be used for general corporate purposes.
Capital raise
7 May 2024 4:29 PM
Quarterly Report
  • Sempra completed an offering of 17,142,858 shares of common stock in November 2023.
  • The company expects to settle forward sale agreements related to the offering by December 31, 2024, which may result in additional cash proceeds.
  • Sempra may elect cash settlement or net share settlement for all or a portion of its obligations under the forward sale agreements.
Worse than expected
7 May 2024 4:29 PM
Quarterly Report
  • Sempra's earnings were worse than expected due to lower natural gas prices and unrealized losses on commodity derivatives.
  • Sempra California's earnings were worse than expected due to lower CPUC base operating margin and higher interest expenses.
  • Sempra Infrastructure's earnings were worse than expected due to unrealized losses on commodity derivatives and lower transportation revenues.
Worse than expected
7 May 2024 11:02 AM
Quarterly Report
  • Sempra's GAAP earnings decreased from $969 million in Q1 2023 to $801 million in Q1 2024.
  • Adjusted earnings also decreased from $922 million in Q1 2023 to $854 million in Q1 2024.
Better than expected
17 April 2024 4:18 PM
Proxy Statement Supplement
  • Sempra achieved record revenue of $16.7B in 2023.
  • GAAP EPS has grown at a 22.9% CAGR and adjusted EPS has grown at a 10.3% CAGR from 2018-2023.
  • Sempra increased its five-year capital plan by 20% to $48 billion.
Better than expected
25 March 2024 8:01 AM
Proxy Statement
  • Sempra's business strategy helped the company deliver a series of record financial results in 2023.
  • The company's total shareholder return has outpaced the return of the S&P 500 Utilities Index during the past one, three and five years.
  • Sempra California reduced methane emissions by approximately 70% from 2015 levels through 2022.
  • 2023 annual bonuses were achieved at 176% of target based on performance on ABP Earnings, Safety Measures, and Sustainability Measures.
  • The overall payout for the 2021-2023 LTIP awards based on relative TSR and EPS growth was 163% of target.
Capital raise
19 March 2024 4:21 PM
Debt Issuance Announcement
  • San Diego Gas & Electric is raising $600 million through the issuance of first mortgage bonds.
  • The net proceeds are estimated to be approximately $588.7 million after deducting the underwriting discount but before deducting the company's estimated offering expenses.
Capital raise
18 March 2024 4:40 PM
Debt Issuance Announcement
  • Southern California Gas Company raised $500 million through the issuance of First Mortgage Bonds.
  • The proceeds will be used for general corporate purposes.
Capital raise
14 March 2024 4:01 PM
Debt Offering Announcement
  • Sempra has raised $600 million through the issuance of 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054.
  • The net proceeds to the company were approximately $594 million after deducting underwriting discounts but before other expenses.
Capital raise
13 March 2024 4:08 PM
Debt Offering Announcement
  • Southern California Gas Company is raising $500 million through the issuance of First Mortgage Bonds.
  • The net proceeds are estimated to be approximately $492.4 million after deducting underwriting discounts.
Better than expected
27 February 2024 10:55 AM
Annual Results
  • Sempra's full-year 2023 GAAP earnings of $3.03 billion were significantly better than the $2.09 billion reported in 2022.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.