Mesquite Power, outside Phoenix, Ariz., is one of several new, state-of-the-art power plants Sempra Energy Resources is building to meet increased demand in the Pacific Southwest. Despite significant challenges in our industry, we are executing our strategy successfully. We do not alter our strategy to suit the "flavor of the month."   We said we would maintain a solid financial foundation. In 2002, we posted record earnings for the fourth consecutive year. We said we would manage our California utilities efficiently. Southern California Gas Company and San Diego Gas & Electric both exceeded their authorized return on equity in 2002. We said we would expand our energy footprint in markets we know best. In 2002, we began operating a major new natural gas transmission pipeline in Northern Mexico and neared completion of three state-of-the-art power plants in the Western region. Our wholesale trading and retail energy marketing businesses are profitable and are industry leaders.

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