Sempra Grows Spending Plan 17%, Driven by ‘Historic Levels of Transmission Expansion’
Executives at Sempra have beefed up their five-year spending plans to the tune of $9 billion as they look to take advantage of the strong growth in their service areas, particularly in Texas.
Chairman, President and CEO Jeff Martin and his team now expect San Diego-based Sempra to invest $65 billion between now and the end of 2030, which marks a 17% increase from their 2025-2029 plan. They say more than 95% of that capex will go toward regulated utility projects with the Lone Star State accounting for $38.2 billion of Sempra’s $65 billion total.
On a Feb. 26 conference call with analysts, Martin said Oncor Electric Delivery Co., of which Sempra owns 80%, is seeing “historic levels of transmission expansion.” Over the next five years, Oncor will spend more than $32 billion on transmission work, which will account for two-thirds of its entire capital plan. And more is likely on the way.
Even by the data center-driven lofty standards of some utilities’ growth rates today, Sempra’s Texas operation stands out. Sedgwick noted that the division’s rate base is expected to grow by an average of 18% annually through 2030. That will help lift Sempra’s overall growth rate to 11% until the beginning of the next decade.
In the last quarter of 2025, Sempra posted a net profit of $484 million on total revenues of more than $3.7 billion. A year earlier, those numbers were $665 million and nearly $3.8 billion, respectively, and profit was down year over year primarily because $651 million in costs regulators have refused to let the company recover as well as about $220 million more in interest costs.
Shares of Sempra (Ticker: SRE) rose slightly after executives’ earnings report and conference call and added another 1% on Feb. 27, closing the week at $96.27. They have now risen 17% over the past six months and grown Sempra’s market capitalization to nearly $63 billion.
About the Author
Geert De Lombaerde
Senior Editor
A native of Belgium, Geert De Lombaerde has more than two decades of business journalism experience and writes about markets and economic trends for Endeavor Business Media publications T&D World, Healthcare Innovation, IndustryWeek, FleetOwner and Oil & Gas Journal. With a degree in journalism from the University of Missouri, he began his reporting career at the Business Courier in Cincinnati and later was managing editor and editor of the Nashville Business Journal. Most recently, he oversaw the online and print products of the Nashville Post and reported primarily on Middle Tennessee’s finance sector as well as many of its publicly traded companies.