San Diego-based Sempra Energy in quarter three results recorded higher earnings, though that’s without taking into account potential costs related to the 2007 wildfires.
Sempra, which includes San Diego utilities provider SDG&E, on Oct. 30 said adjusted earnings came to $265 million, or $1.04 per diluted share, up from $259 million, or $1.02 per diluted share, in the third quarter of 2016.
But unadjusted earnings put on the books a $208 million loss to pay for wildfires. That follows California Public Utilities Commission (CPUC) judges recommending that commissioners deny SDG&E’s request to bill customers for the cost of the wildfires. The administrative law judges in August said SDG&E’s management prior to the fires was “unreasonable,” which SDG&E has pushed back against.
CPUC commissioners will vote on the case Nov. 9. Under the scenario of a CPUC rejection, earnings during the third quarter would total $57 million.
Debra Reed, chairman, president and CEO of Sempra Energy, in a news release said Sempra during the quarter saw growth in utility and infrastructure businesses. She added the company is laying the groundwork for further growth with its bid to buy a majority stake in Oncor.
In August, Sempra entered into an agreement to buy Energy Future Holdings, which owns about 80 percent of Oncor, the largest electric utility in Texas. By next April the Public Utilities Commission of Texas will give the deal a thumbs up or down.