San Diego-based Sempra Energy said it plans to target nearly 90% of its capital investments this year in its three major utilities operating in California and Texas.

In its current capital expenditure (capex) plan for 2021 through 2025, most of the budget would be earmarked for Dallas-based Oncor Electric Delivery Co. LLC at $9.8 billion. San Diego Gas and Electric Co. (SDG&E) capex was set at $9.6 billion, with Southern California Gas Co. (SoCalGas) at $9.2 billion.

“We think there is at least an incremental $1.1 billion in additional capex just in the two California utilities in the next two years, and we’ve raised Oncor’s totals by another $200 million in that same time frame,” CEO Jeffrey Martin said last month during the quarterly earnings call.

Martin said...