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16:00
Aug 06 ◎

SRE FY2026 Q2 Watch

DBA Sempra (SRE) FY2026 Q2 Earnings Call

ETR ▾

Alan Nye

Texas is implementing a new 'batch zero' process to sequence large load interconnections with generation, and the PUCT has approved a comprehensive audit of all data centers before they can interconnect, effectively reordering the process to front-load participation and create a more durable framework. — This reordering could create short-term delays in data center interconnections in Texas but may lead to a more stable long-term regulatory environment for grid investments.

"ERCOT apparently intends to consult with the PUC on next steps and seek approval for a good cause exception related to the badge zero timeline and process at the August 20 PUC open meeting."

ETR WATCH

MED

16:00
May 07 ◎

SRE FY2026 Q1 Watch

DBA Sempra (SRE) FY2026 Q1 Earnings Call

KKR MCO SRE ETR ▾

Jeff Martin

Sempra is advancing the sale of Sempra Infrastructure to KKR, with approvals progressing and close expected in Q2/Q3 2026, which will allow Sempra to pay down debt and invest in utilities.

"Our relationship with KKR remains strong. We're working closely with them to close the transaction in Q2 or Q3."

KKR WATCH

Karen Sedgwick

Moody's has set conditions for improving Sempra's credit thresholds, including progressing on construction milestones post-close of the Sempra Infrastructure sale.

"For example, Moody's also wants to see some further progress on our construction projects."

MCO WATCH

Karen Sedgwick

Management affirmed FY26 and FY27 EPS guidance and long-term growth, highlighting a record $65B capital plan, improved regulatory outcomes in Texas, and progress on asset sales.

"Sempra is well-positioned to achieve our projected long-term EPS growth rate of 7 to 9 percent"

SRE WATCH

Jeff Martin

Encore's 127 GW of qualifying load data center pipeline is described as similar in quality to the prior 38 GW figure and is incremental to a $10B upside capex bucket, potentially driving 'incremental to the incremental' growth. — Confirms that the Texas transmission buildout is accelerating beyond base plans, which is critical for utilities with large Texas exposure.

"We expect the I squared will show up in continued levels of record capital spending at Encore well through the middle part of the next decade."

ETR WATCH

HIGH

17:00
Feb 26 ◎

SRE FY2025 Q4 Watch

DBA Sempra (SRE) FY2025 Q4 Earnings Call

SRE ▾

Jeff Martin

Management raised its long-term outlook, eliminated the need for new equity issuance, and pointed to a record $65B capital plan, all indicating a positive and confident tone about future earnings growth and financial strength.

"I think the key takeaways from the call today is with all the accomplishments I noted in my prepared remarks back in 2025, we're now seeing the quality and the certainty of our future earnings and cash flows improve."

SRE WATCH

HIGH

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