As Customer Bills Soared,
Profits Rose Again in 2023
While many Southern Californians are struggling to pay their utility bills, Sempra Energy, the San Diego based parent company of San Diego Gas & Electric and SoCal Gas Company, pocketed more than $3 billion in profits in 2023, up almost 45% from 2022.
San Diego Gas and Electric alone earned a record $936 million, an eight-figure increase over 2022. Not to be outdone, SoCal Gas Company earned $812 million in 2023, a 35% increase over 2022, as customer gas bills skyrocketed. 1
Sempra earned record profits on the backs of California residents!
- Sources: PitchBook, San Diego Business Journal, Fox 5 San Diego ↩︎