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Sempra ducks recession posting huge profits at ratepayers' expense

Posted May 6th, 2009 by Laura Impastato

UCAN In the Media

San Diego Gas & Electric rates boost Sempra's first quarter profits 

A rate increase approved last year by the California Public Utilities Commission (CPUC) is lining the pockets of Sempra Energy shareholders while picking the pockets of utility ratepayers.
Sempra, the parent company of San Diego Gas & Electric, saw its earnings per share jump 40 percent in the first quarter of this year, according to an article by staff writer Onell R. Soto in the Union-Tribune.

San Diego Gas & Electric fueled Sempra's gains with a 34 percent profit increase -- first-quarter earnings of $99 million on revenue of $730 million.
UCAN Executive Director Michael Shames opposed the rate increase because utility customers would have no choice but to pay when the economy is suffering.
In the article, Shames said: "the Public Utilities Commission (PUC) has spent the last few years boosting the profits of the telephone and energy companies it is supposed to be regulating while the rest of the business world struggles to eke out any kind of profit at all. It's pretty outrageous."
Like other utilities, SDG&E is guaranteed a profit by state regulators.
A Sempra spokesman, said because of lower energy costs in the past few months, SDG&E customers are paying less even with the new rates in place.  In other words, what may seem bearable now when you receive your utility bill is likely to become very painful when energy costs rise.

 

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Thanks for posting this information

On June 22nd, 2009 Fishman says:

How can SDG&E get away with this. It sounds like they are acting like disrespectful children by not paying their contractors.

business scammers

On May 11th, 2009 MURPHYJUNK says:

small business owners, watch out these scammers are working the san diego area

IPA eugenee cobb 800 531-7626

check this out for more info

http://www.ripoffreport.com/reports/0/079/RipOff0079288.htm

http://www.ripoffreport.com/searchresults.asp?q1=ALL&q2=&q3=&q4=&q5=&q7=...

http://www.ripoffreport.com/reports/0/378/ripoff0378223.htm

even local consumer reporter John Mattes exposed these lowlifes on fox 6

SDG&E pay your contractors

On May 7th, 2009 Anonymous (not verified) says:

I run a company in San Diego that soul purpose is to save consumers money by providing them with a no cost HVAC precision tune up. This cost is supposed to be paid for by SDG&E, not only have they not paid our company for months, but they will not even talk to us about when we might get paid. We have been told not to make to much noise about it or we may be singled out and not allowed back into the program. We have had to lay off around 20 employees and it has put many people and our business in financial ruin, while they boast record profits because of their business model. Great business model get contractors to do work then don't pay them for it, pretty good may to profit.....Instead of saving energy and boosting the job market by being able to hire more people they have put us out of business. Way to help out San Diego, SDG&E. We have sent letters to BBB, CPUC, Attorney General, and more no help yet. I know their are other contractors in the same boat, I hope they speak up to.

Let's talk ....

On May 11th, 2009 Langley (not verified) says:

Privately.

Sempra ENERGY & SDG&E RIPPED MY FAMILY OFF!

On May 7th, 2009 Anonymous (not verified) says:

I WAS FIRED TODAY AFTER 12 YEARS OF HARD WORK IN THE HVAC BUSINESS. MY BOSS CAN NO LONGER MAKE THE PAYROLL
DUE TO SDG&E NOT PAYING THERE INVOICES FOR OVER 4 MONTHS!

THEN I SEE THIS ON LINE HOW THEY ARE BRAGGING ABOUT THE PROFITS THEY MADE ON THIS PROGRAM, WHILE MY FAMILY LOSSES THEIR ONLY INCOME! SDG&E YOU SUCK! IT IS EASY TO MAKE A PROFIT WHEN YOU DON'T PAY YOUR COSTS!

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