Thursday, May 07, 2009

Sempra Scores

Wow... today got away from me... not much interesting any way, with the possible exception of Sempra's whopping 40% increase in earnings per share.

Felsinger says the spike in profit is a "testament to our business model"-- a point Michael Shames does not contest, as the Union Tribune reports:

"This profit boost is the rate giveaway that the commission signed off on last year,” said Michael Shames, executive director of UCAN, the Utility Consumers' Action Network. “This was expected.”

Shames opposed the rate increase, saying that SDG&E shouldn't be given a profit increase on rates that its customers have no choice but to pay when other parts of the economy are suffering. "

Ironically, the same day this windfall was reported, analysts downgraded Sempra. Go figure.

Sempra's share earnings soar 40% [San Diego Union Tribune]