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In 2003, the Sempra Energy utilties, SDG&E and SoCalGas, invested more than $760 million to expand their systems and maintain exceptional customer service
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"Sempra Energy's outstanding financial performance
derives from our ability to capitalize on new
opportunities, our focused strategy and our
consistent execution."
In our home state of California, the California Public Utilities Commission (CPUC) has shown a willingness to put energy policy back on solid footing by acknowledging a more realistic balance between the interests of consumers and the financial health of the state's utilities.
Sempra Energy utilities—San Diego Gas & Electric and Southern California Gas Company—provide a solid foundation for Sempra Energy through consistently strong earnings and cash flow. Both utilities again performed well in 2003, exceeding their authorized return on equity and earning operational incentives.
SoCalGas reached an all-party settlement, and SDG&E, a multiparty settlement, in their respective Cost-of-Service rate cases pending before the CPUC. Approval of these settlements by the CPUC will allow the utilities to make the investments necessary to continue their long tradition of delivering safe and reliable energy, exceptional customer service and consistently strong earnings. It also will enable the utilities to expand their rate bases over time and ensure a reasonable return for our investors.
None of the utilities' accomplishments would be possible without the determined efforts of thousands of dedicated employees. This was most evident during last fall's devastating wildfires in California. I am proud of our employees, many of whom worked around the clock in difficult conditions to restore gas and electric service to more than 100,000 customers.
In 2003, Sempra Energy Global Enterprises continued to grow a well-balanced and profitable mix of businesses that develop energy infrastructure and offer risk-management services.
Sempra Energy Resources, our wholesale power-generation unit, enjoyed a
landmark year for both profitability and operational achievement. The company brought four new power plants online in the Pacific Southwest totaling 2,125 megawatts. The projects, which include Elk Hills, Termoeléctrica de Mexicali and Mesquite's two generating units, were completed on time and under budget, with more than 80 percent of all capacity contracted forward through the year 2010.
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