San Diego-based Sempra plans to add to its five-year $32 billion capital expenditure (capex) budget, with most for the utilities in California and Texas, senior executives reported on Tuesday.

Since last year the California utilities Southern California Gas Co. (SoCalGas) and San Diego Gas and Electric Co (SDG&E) have added $900 million to capex plans for the next five years in two service areas that are home to 26 million people. 

“Our utility story is the No. 1 story inside of Sempra, and we are going to make sure our balance sheet supports that story,” said CEO Jeff Martin. 

The holding company has the advantage of owning “leading utility franchises in markets like California and Texas, both of which have historically benefitted from above-average economic and...