Sempra Energy’s two California utilities last Tuesday informed the California Public Utilities Commission (CPUC) that they will be jointly filing a 2008 test year general rate case by Dec. 1, seeking a decision from regulators by the end of next year. Senior executives from the company downplayed the potential earnings impact of the case on a second-quarter conference call with financial analysts Thursday, stressing continued strong earnings from the utilities.

The general rate case will deal mostly with operating/maintenance expenses at San Diego Gas and Electric Co. and Southern California Gas Co., but it also will include a request for the two utilities capital expenditures for 2008 through 2010.

“In general, the rates and capital needs that eventually will be reflected in this filing are consistent with financial plans we presented an our analysts’ conference last March,” said Sempra CEO Donald Felsinger. “Returns on equity and rates of return will be covered in separate proceedings; similarly commodity costs for natural gas and purchased power similarly will be covered in separate proceedings. This case is to cover operational and capital costs.”

Hearings will be held next summer with a draft decision likely in the fall.

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