Sempra Unveils $65 Billion Utility Investment Plan Through 2030
Sempra has revealed a $65 billion capital plan for 2026–2030, with nearly all funds dedicated to utility investments. The company aims to shift its focus to regulated operations, reducing risk while enhancing returns for shareholders. Recent financial results demonstrate strong performance, with adjusted earnings for the year reaching 3.066 billion.
The five-year capital plan allocates 95% of spending to utility projects, particularly in Texas. Seven of these regulated infrastructure schemes are already under review by state authorities, including the Public Utility Commission of Texas. An additional $9 billion in potential investments could come from extra Oncor transmission and resiliency projects beyond the base plan.
Sempra's latest financial reports showcase solid growth. Adjusted earnings per share (EPS) for the full year hit $4.69, aligning with the upper end of the company's earlier forecast. Quarterly adjusted earnings reached $841 million, or $1.28 per share, while GAAP earnings for the same period were $352 million, or $0.54 per share. Annual GAAP earnings totalled $1.796 billion, or $2.75 per share.
The company plans to fund the entire capital programme without issuing new shares. Instead, it will rely on $50 billion from internal cash flows and proceeds from asset sales. By 2027, Sempra expects regulated earnings to account for about 95% of its total business.
Sempra's strategy focuses on expanding its regulated utility operations while avoiding additional equity issuances. The $65 billion investment plan prioritises transmission upgrades in Texas and aims to secure stable, long-term returns. Regulators are currently reviewing several key projects as part of the company's growth push.
