San Diego-based energy utility Sempra announced it is forecasting a $36 billion capital expenditure plan in support of safety, reliability and delivery of cleaner energy particularly in its California and Texas electrcity networks.
The announcement comes off of four years of torrid growth in which Sempra’s rate base grew from $14 billion to $41 billion. The company forecasts an increase of the rate base to $62 billion in 2026.
“2021 was an important step in our transformation journey, capping off another year of investment focus on our U.S. utilities where rate base has nearly tripled in the last four years,” said Jeffrey W. Martin, chairman and chief executive officer of Sempra. “With the benefit of added scale, we have improved the safety and reliability of our services and visibility to future earnings growth.”
In its 2021 results Sempra announced earnings of $1.25 billion and forecasts an increase of EPS by 6-8% compound annual growth rate between 2022-2026.