SAN DIEGO, June 10, 2020 /PRNewswire/ -- Sempra Energy
(NYSE: SRE) today announced that the company has joined the Texas
Economic Development Corporation (TxEDC), an independently funded
and operated 501(c)(3) nonprofit organization promoting economic
and business development in the state.
"As Texas dedicates itself to recovering from the COVID-19
pandemic, we are proud to support the TxEDC as it works to promote
the economic vitality and international presence of the state,"
said Jeffrey W. Martin, chairman and
CEO of Sempra Energy. "We look forward to continuing our
collaboration with Texas leaders
to grow and expand the state's leading position in the worldwide
energy landscape. Our company is focused on developing critical
energy infrastructure needed to support the Texas economy and the transformation of
America into a leader in energy exports."
The work of the TxEDC is a key part of Texas Gov. Greg
Abbott's economic development plan to make Texas an even stronger state.
"The State of Texas is grateful
for Sempra Energy's continued partnership to help strengthen the
Texas economy and improve the
livelihoods of all Texans," said Gov. Greg
Abbott. "Texas remains the
best state in the nation for business because of partners like
Sempra Energy and we welcome this decision to join the TxEDC. The
TxEDC plays a vital role in attracting more investments to
Texas, creating more jobs, and
empowering entrepreneurs and job creators across the state. By
partnering with Sempra Energy, the TxEDC will help usher in even
greater economic prosperity for communities across the Lone Star
State."
Sempra Energy is dedicated to investing in the communities in
which it serves and operates, including Texas. Over the last three years Sempra
Energy, Sempra LNG and the Sempra Energy Foundation have committed
more than $2.5 million to nonprofit
organizations providing services in Texas, in addition to the community
investments of Oncor Electric Delivery Company LLC (Oncor),
headquartered in Dallas. Sempra
Energy indirectly owns approximately 80% of Oncor.
Continuing to Grow in Texas
Sempra Energy continues to advance its presence in Texas as it focuses on growing in the most
attractive markets in North
America. The company plans to open a "Center of Excellence" in Houston later this year. In addition to
expanded office space for regional business operations of Sempra
LNG, the Houston Center of Excellence will showcase innovative
technologies developed by the Sempra Energy family of companies to
support today's evolving energy market.
Sempra Energy began operating in Texas more than 20 years ago. In May 2019, the company acquired a 50%
limited-partnership interest in Sharyland Utilities, LLC. In 2018,
Sempra Energy became the majority owner of Oncor, the largest
electric transmission and distribution utility in Texas, serving more than 10 million consumers.
In 2019, Sempra Energy also supported Oncor's acquisition of
InfraREIT, Inc. Through these three acquisitions, Sempra Energy has
made investments in Texas totaling
more than $20 billion in enterprise
value.
Additionally, Sempra LNG is developing the proposed Port Arthur
LNG export project in Jefferson County,
Texas. Port Arthur LNG is slated to be a multibillion-dollar
infrastructure investment designed to enable the delivery of
natural gas sourced from Texas to
world markets. The project, if completed, would also support
manufacturing, small businesses and the community by creating
thousands of jobs and contributing to the local economy.
For more information on Sempra Energy's commitment to
Texas, please visit
www.sempra.com/Texas.
About Sempra Energy
Sempra Energy's mission is to be North
America's premier energy infrastructure company. With more
than $60 billion in total assets in
2019, the San Diego-based company
is the utility holding company with the largest U.S. customer base.
The Sempra Energy companies' more than 18,000 employees deliver
energy with purpose to over 35 million consumers worldwide. The
company is focused on the most attractive markets in North America, including California, Texas, Mexico
and the LNG export market. Sempra Energy has been consistently
recognized for its leadership in sustainability, and diversity and
inclusion, and is a member of the S&P 500 Utilities Index and
the Dow Jones Utility Index. The company was also named one of the
"World's Most Admired Companies" for 2020 by Fortune Magazine.
This press release contains statements that are not
historical fact and constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on assumptions with
respect to the future, involve risks and uncertainties, and are not
guarantees of performance. Future results may differ materially
from those expressed in the forward- looking statements. These
forward-looking statements represent our estimates and assumptions
only as of the date of this press release. We assume no obligation
to update or revise any forward-looking statement as a result of
new information, future events or other factors.
In this press release, forward-looking statements can be
identified by words such as "believes," "expects," "anticipates,"
"plans," "estimates," "projects," "forecasts," "should," "could,"
"would," "will," "confident," "may," "can," "potential,"
"possible," "proposed," "target," "pursue," "outlook," "maintain,"
or similar expressions, or when we discuss our guidance, strategy,
goals, vision, mission, opportunities, projections or
intentions.
Factors, among others, that could cause our actual results
and future actions to differ materially from those described in any
forward-looking statements include risks and uncertainties relating
to: California wildfires and the
risk that we may be found liable for damages regardless of fault
and the risk that we may not be able to recover any such costs from
insurance, the wildfire fund established by California Assembly
Bill 1054 or in rates from customers; decisions, investigations,
regulations, issuances of permits and other authorizations, renewal
of franchises, and other actions by the Comisión Federal de
Electricidad, California Public Utilities Commission, U.S.
Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and
jurisdictions in the U.S. and other countries in which we operate;
the success of business development efforts, construction projects
and major acquisitions and divestitures, including risks in (i) the
ability to make a final investment decision and completing
construction projects on schedule and budget, (ii) obtaining the
consent of partners, (iii) counterparties' financial or other
ability to fulfill contractual commitments, (iv) the ability to
complete contemplated acquisitions and/or divestitures, and (v) the
ability to realize anticipated benefits from any of these efforts
once completed; the impact of the COVID-19 pandemic on our (i)
ability to commence and complete capital and other projects and
obtain regulatory approvals, (ii) supply chain and current and
prospective counterparties, contractors, customers, employees and
partners, (iii) liquidity, resulting from bill payment challenges
experienced by our customers, decreased stability and accessibility
of the capital markets and other factors, and (iv) ability to
sustain operations and satisfy compliance requirements due to
social distancing measures or if employee absenteeism were to
increase significantly; the resolution of civil and criminal
litigation, regulatory investigations and proceedings, and
arbitrations; actions by credit rating agencies to downgrade our
credit ratings or to place those ratings on negative outlook and
our ability to borrow at favorable interest rates; moves to reduce
or eliminate reliance on natural gas and the impact of the extreme
volatility and unprecedented decline of oil prices on our
businesses and development projects; weather, natural disasters,
accidents, equipment failures, computer system outages and other
events that disrupt our operations, damage our facilities and
systems, cause the release of harmful materials, cause fires and
subject us to liability for property damage or personal injuries,
fines and penalties, some of which may not be covered by insurance
(including costs in excess of applicable policy limits), may be
disputed by insurers or may otherwise not be recoverable through
regulatory mechanisms or may impact our ability to obtain
satisfactory levels of affordable insurance; the availability of
electric power and natural gas and natural gas storage capacity,
including disruptions caused by failures in the transmission grid,
limitations on the withdrawal or injection of natural gas from or
into storage facilities, and equipment failures; cybersecurity
threats to the energy grid, storage and pipeline infrastructure,
the information and systems used to operate our businesses, and the
confidentiality of our proprietary information and the personal
information of our customers and employees; expropriation of
assets, the failure of foreign governments and state-owned entities
to honor the terms of contracts, and property disputes; the impact
at San Diego Gas & Electric Company (SDG&E) on competitive
customer rates and reliability due to the growth in distributed
power generation and from departing retail load resulting from
customers transferring to Direct Access, Community Choice
Aggregation or other forms of distributed power generation and the
risk of nonrecovery for stranded assets and contractual
obligations; Oncor Electric Delivery Company LLC's (Oncor) ability
to eliminate or reduce its quarterly dividends due to regulatory
and governance requirements and commitments, including by actions
of Oncor's independent directors or a minority member director;
volatility in foreign currency exchange, interest and inflation
rates and commodity prices and our ability to effectively hedge the
risk of such volatility; changes in trade policies, laws and
regulations, including tariffs and revisions to or replacement of
international trade agreements, such as the North American Free
Trade Agreement, that may increase our costs or impair our ability
to resolve trade disputes; the impact of changes to federal and
state tax laws and our ability to mitigate adverse impacts; and
other uncertainties, some of which may be difficult to predict and
are beyond our control.
These risks and uncertainties are further discussed in the
reports that Sempra Energy has filed with the U.S. Securities and
Exchange Commission (SEC). These reports are available through the
EDGAR system free-of-charge on the SEC's website, www.sec.gov, and
on the company's website, www.sempra.com. Investors should not rely
unduly on any forward-looking statements.
Sempra South American Utilities, Sempra North American
Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities,
Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova)
are not the same companies as the California utilities, SDG&E or Southern
California Gas Company, and Sempra South American Utilities, Sempra
North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra
Texas Utilities, Oncor and IEnova are not regulated by the
California Public Utilities Commission.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sempra-energy-partners-with-texas-economic-development-corporation-301073310.html
SOURCE Sempra Energy