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RESPONDING HEROICALLY TO THE CALIFORNIA WILDFIRES
In October 2003, the worst fires in California history killed 20 people, burned 700,000 acres and destroyed nearly 3,600 homes—affecting 20 percent of SDG&E's service territory and portions of SoCalGas' territory.
Employees of both utilities responded immediately and heroically, working around the clock to restore gas and electricity to more than 100,000 homes in record time. SDG&E replaced 3,500 transmission and distribution poles and more than 400 miles of electric wire damaged during the fires.
Additionally, SDG&E rebuilt 14 substations and 17 major transmission lines while SoCalGas conducted more than 400 service-restoration calls in the fire-affected areas.
The California Public Utilities Commission (CPUC) honored SDG&E and SoCalGas, stating that their efforts "should remind us all that the public-service ethic associated with being a public utility employee is real, and not just a marketing tagline."
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In 2003, Fortune magazine recognized Sempra Energy as one of America's top five companies for minorities—one of only two companies consistently to achieve this distinction since the rankings were introduced in 1998. Also in 2003, Sempra Energy and its employees contributed more than $9 million and 40,000 hours of volunteer time to charitable causes. The character of our employees drives Sempra Energy's success and enriches the communities we serve.
As the economy has rebounded, so too has the demand for energy. With our utilities' expanding customer base, we plan new investments in electric generation, and gas and electric-transmission and distribution infrastructure. We expect these new investments to bring solid earnings from our utilities in the years ahead.
Similarly, with long-term contracts in place, Sempra Energy Resources has a more predictable and stable business, contributing steady earnings to Sempra Energy.
Our LNG business will shift into full gear this year, with construction on our two receipt terminals expected to be under way by mid-2004.
On the following pages is an overview of the strategies we're executing to capture the opportunities ahead of us, including the perspectives of some of the key members of our leadership team.
On behalf of the nearly 13,000 employees of Sempra Energy, I thank you for your continued support.
Sincerely,
Stephen L. Baum
Chairman, President and Chief Executive Officer
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