144.93 0.00 (0.00%)
After hours: 5:17PM EST
|Bid||144.67 x 900|
|Ask||144.78 x 800|
|Day's Range||142.61 - 145.12|
|52 Week Range||104.88 - 148.90|
|Beta (3Y Monthly)||0.42|
|PE Ratio (TTM)||16.46|
|Earnings Date||Nov. 1, 2019|
|Forward Dividend & Yield||3.87 (2.72%)|
|1y Target Est||155.71|
(Bloomberg) -- Edison International once again will try to sway a California state court judge to rule that it can’t be held liable for all the damage to private property caused by a wildfire, if it isn’t allowed to pass on some costs to ratepayers.With this year’s fire season already causing havoc in communities up and down California, Edison is making a preemptive bid to limit its liability from the Woolsey Fire that tore through Malibu last year and destroyed 1,600 structures, including homes of singer Miley Cyrus, rocker Neil Young and actor Gerard Butler. Losses from the fire total $4 billion, according to a CoreLogic Inc. estimate.The hearing Tuesday in downtown Los Angeles comes a week after Edison’s Chief Executive Officer Pedro Pizarro disclosed on an earnings call with investors that county investigators have found that the Woolsey fire was caused by Southern California Edison’s equipment.The finding could leave Edison on the hook for billions of dollars in damages. California’s so-called inverse condemnation doctrine holds utilities 100% responsible for damage caused by their equipment whether or not they were negligent.The same legal principle has driven the state’s biggest utility, Pacific Gas and Electric Co., to file for bankruptcy protection after its equipment was linked to devastating wildfires in Northern California.It’s not the first time Edison has tried to avoid liability for a fire. The utility failed to convince a judge a year ago to dismiss inverse-condemnation claims for the massive 2017 Thomas Fire that scorched parts of Santa Barbara County and Ventura County. That fire was blamed for a subsequent mudslide that destroyed part of the affluent coastal enclave of Montecito. The first trials in both the Woolsey and Thomas Fire litigation are scheduled for next year.The strict liability the utilities face under California law for damage caused by their power lines has become an existential threat to them in recent years as widespread wildfires have become the new normal in the state. It’s become an even more pressing issue after the California Public Utilities Commission refused a request from Sempra Energy’s San Diego Gas & Electric to increase its rate to compensate for payouts over a 2007 wildfire.Sempra’s yearslong fight to overturn the state commission’s decision ended last month when the U.S. Supreme Court declined to take up the case.Inverse-condemnation liability is based on the idea that losses will be spread throughout society, Edison argued in the court filing. That’s something Edison can’t do on its own, the utility said.“Edison’s rates are regulated by the PUC and it lacks the power to control market price,” it said.Lawyers representing the people who lost their homes in the Woolsey Fire predictably weren’t impressed by Edison’s argument and have called it an “improper challenge to established California law and the California constitution” that has failed in all other wildfire lawsuits involving investor-owned utilities.Edison also can’t rely on the PUC’s decision in the Sempra case because each case is different, they said.“As Edison is well aware, that decision has no application outside that proceeding or those particular fires,” the plaintiffs’ lawyers said.What Bloomberg Intelligence SaysEPS in 3Q was hurt by 10 cents due to wildfire-related equity issuance, and 21 cents more from wildfire operating costs. The company is applying to regulators to recover these unauthorized costs, but that may be difficult. The outages now sweeping southern California make recovery potential more difficult.\-- Kit Konolige, Senior Analyst: UtilitiesFor full report click hereThe final investigation report on the causes of the Woolsey Fire hasn’t been made public yet and the company and the plaintiffs’ lawyers have only been given a redacted version. The California Forestry and Fire Protection Department and the Venture County Fire Department have fought requests to turn over the full report because it relates to an ongoing criminal investigation.Southern California Edison isn’t aware of any basis for felony liability related to the fires, Pizzaro said during the Oct. 28 earnings call.The case is Woolsey Fire Cases, JCCP 5000, California Superior Court, County of Los Angeles (Los Angeles).To contact the reporter on this story: Edvard Pettersson in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Joe Schneider, Peter BlumbergFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Sempra Energy's (SRE) Q3 revenues of $2,758 million increase 7.5% year over year. The top line, however, misses the Zacks Consensus Estimate by 5.6%.
Sempra (SRE) delivered earnings and revenue surprises of 0.67% and -5.62%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Sempra Energy's (SRE) increased pipeline activities and gains from the Oncor acquisition are likely to have contributed to its bottom line in the third quarter.
PG&E; has disclosed one of its transmission lines malfunctioned just before the Kincade Fire broke out, prompting its stock to fall more than 30% on Friday.
Sempra (SRE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Investing.com - Pacific Gas & Electric Company shared fell on Thursday as a major fire has erupted in part of its service area.
(Bloomberg) -- Parts of California will go dark Wednesday afternoon in a mass blackout that could eventually leave more than a million people without power. And more shutoffs could come over the weekend.PG&E Corp. will begin cutting power to 179,000 customers in 17 northern and central California counties on Wednesday afternoon in an attempt to keep its power lines from sparking wildfires amid hot, dry winds. In Southern California, Edison International is warning that it may cut service to another 308,000, and Sempra Energy is considering a shutoff in the San Diego area. In all, about 1.5 million people may be affected.The threat of widespread shutoffs is hitting just two weeks after PG&E carried out the biggest planned blackout in California history, plunging about 2 million people into darkness, knocking out traffic lights and forcing businesses to shut. The outages have ignited a debate over how far California and its utilities are willing to go to avoid catastrophic fires.PG&E’s cutoffs are scheduled to start around 2 p.m. in the Sierra Foothills, and they are expected to spread into other areas through early Thursday. The worst of the winds are forecast to slow by noon Thursday. Meanwhile, high winds could return over the weekend, and into next week, according to the National Weather Service. PG&E has warned that there’s an “elevated risk” of shutoffs in eight of of its nine geographical zones starting Sunday. It said that storm may prove even bigger and stronger. “A small shift in the track will make a big difference,” said Spencer Tangen, a weather service meteorologist in Monterey, California. “There is a pretty high threat Saturday night into Sunday and possibly Sunday night into Monday and it is looking like they could be stronger than what we are seeing with this current one.”The threat of wildfires was listed as critical across the state Wednesday with dry winds set to “ramp up considerably” with Thursday forecast to be the worse day for storms across Southern California, the weather service said.Edison didn’t say when it may decide on a shutoff Wednesday.The blackout had one entirely predictable effect: Generac Holdings Inc., which provides back-up generators and saw a spike in demand during the last California blackout, rising as much as 3.7% to a record $90.26.Other businesses were affected more negatively: Pipeline giant Kinder Morgan Inc. said it’s halting flows on a major fuel line between California and Nevada because of the cuts. The segment will restart when power returns, the Houston-based company said.The state’s largest power company has been taking more extreme measures to prevent fires since its equipment was identified as the cause of blazes that devastated California in 2017 and 2018. That saddled the utility with an estimated $30 billion in liabilities, forcing it into bankruptcy.The Camp Fire in November 2018, which killed 86 people and destroyed an entire town, was among the tragedies sparked by power lines.Once the storm is over, the utility will have to inspect and repair lines before restoring service. It has a goal of returning power to the vast majority of customers within 48 hours of the weather passing -- potentially just in time for another wind storm to hit.Early next week, winds are expected to restrengthen after a relatively mundane weekend as a new front rushes in, according to Bob Oravec, a senior branch forecaster at the U.S. Weather Prediction Center in College Park, Maryland. “The threat is going to be there,” Oravec said.Meanwhile, PG&E Chief Executive Officer Bill Johnson said late Tuesday that he didn’t want to get too far ahead “when we’ve got tomorrow to think about.”The blackout threat has spurred a debate between California Governor Gavin Newsom and the utility over who should make the call on shutoffs. In a letter to Newsom last week, PG&E Chief Executive Officer Bill Johnson said California should discuss the idea of a state agency deciding when to carry out widespread outages.Late Tuesday, Newsom shot down the idea, saying transferring control of the decision-making would be a “bailout” for PG&E.The PG&E blackout that struck earlier this month drew outrage from residents and state officials who accused the utility of cutting service to more customers than necessary and failing to properly communicate its plans.(Adds Edison estimate in second paragraph and Generac shares in eighth paragraph)\--With assistance from Robert Tuttle.To contact the reporters on this story: Mark Chediak in San Francisco at firstname.lastname@example.org;David R. Baker in San Francisco at email@example.com;Brian K. Sullivan in Boston at firstname.lastname@example.orgTo contact the editors responsible for this story: Tina Davis at email@example.com, Reg Gale, Lynn DoanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- More than 200,000 homes and businesses lost power Monday morning as thunderstorms produced heavy rainfall and knocked down power lines from Texas to Tennessee.A tornado struck Dallas late Sunday, damaging houses and businesses, and Sempra Energy’s Oncor Electric utility reported 99,000 outages across its system in Texas east of Interstate 35. The utility “has experienced significant damage to power lines” that have made it difficult to estimate restoration times, the company said in a statement on its website.Utilities in Missouri, Arkansas, Louisiana and Tennessee reported another 105,000 customer cutoffs scattered throughout their service areas as storms moved east. There were 204 reports of storm damage across the central and southern U.S. through Sunday as the front passed through, said Bob Oravec, a senior branch forecaster with the U.S. Weather Prediction Center in College Park, Maryland.Large, damaging hail was reported across Texas, Oklahoma, Missouri and Arkansas, according to the U.S. Storm Prediction Center in Norman, Oklahoma. Meanwhile, tornado watches stretch from Illinois to Mississippi, and severe thunderstorms are possible as far south as central Louisiana.A strong low pressure trough that pushed the thunderstorms and wind in front of it was “a very good set-up for pretty widespread heavy rain and thunderstorms,” Oravec said.\--With assistance from Brian K. Sullivan.To contact the reporter on this story: Christopher Martin in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Reg Gale, Joe CarrollFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Sempra Energy (SRE) will approximately earn $2.23 billion in cash from the divestment of its Chilean businesses, subject to working capital and debt adjustments
Sempra Energy's (SRE) latest Peruvian business divestments come as part of its planned exit from the South American markets, which was approved by management in January.
Sempra Energy (SRE) owns 50.2% equity interest in Cameron LNG JV, which is likely to generate $400-$450 million annual earnings for the company.
The partnership with Electrochaea will enable Sempra Energy's (SRE) subsidiary, SoCalGas, in storing excess renewable energy for long periods with its existing natural gas pipeline infrastructure.