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Share Name | Share Symbol | Market | Type |
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Sempra | NYSE:SRE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.22 | 0.31% | 71.85 | 71.985 | 71.34 | 71.40 | 320,667 | 16:07:02 |
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Date of Report
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(Date of earliest event reported):
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July 11, 2019
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Commission
File Number
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Exact Name of Registrants as Specified in their Charters, State of Incorporation,
Address and Telephone Number
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I.R.S. Employer
Identification
Number
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1-14201
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SEMPRA ENERGY
(A California Corporation)
488 8th Avenue
San Diego, California 92101
(619) 696-2000
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33-0732627
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1-03779
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SAN DIEGO GAS & ELECTRIC COMPANY
(A California Corporation) 8326 Century Park Court San Diego, California 92123 (619) 696-2000 |
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95-1184800
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
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Title of Each Class
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Trading Symbol
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Name of Each Exchange on Which Registered
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Sempra Energy:
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Sempra Energy Common Stock, without par value
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SRE
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NYSE
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Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A,
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SREPRA
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NYSE
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$100 liquidation preference
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Sempra Energy 6.75% Mandatory Convertible Preferred Stock, Series B,
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SREPRB
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NYSE
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$100 liquidation preference
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Sempra Energy 5.75% Junior Subordinated Notes Due 2079,
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SREA
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NYSE
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$25 par value
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San Diego Gas & Electric Company:
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None
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▪
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Creation of a Wildfire Safety Division and its advisory board, initially within the California Public Utilities Commission (“CPUC”), to review and approve or deny the Wildfire Mitigation Plans (“WMPs”) of the IOUs.
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Creation of a Liquidity Fund administered by the state - The fund would provide liquidity to pay IOU wildfire-related claims, subject to review by the fund administrator, within 45 days of the fund administrator’s approval.
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$5 billion of capital investment by IOUs to support wildfire mitigation - The IOUs will (i) make these capital investments, which will be included in their WMPs, and (ii) recover their securitized financing costs without return on equity, with SDG&E’s share expected to be $215 million, or 4.3% of the $5 billion capital investment.
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Annual Safety Certification (“ASC”) - The IOUs, subject to meeting various requirements, will receive an ASC from the CPUC.
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Retained Insured Exposures - The IOUs will continue to procure reasonable amounts of insurance or amounts determined by the fund administrator. Only claims in excess of the greater of $1 billion or the amount of insurance coverage required by the fund administrator are eligible for coverage by the Wildfire Fund.
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Creation of a Wildfire Fund - The fund would be initially established using the SMIF loan described above, with a similar repayment arrangement using proceeds anticipated from the issuance of new DWR bonds. The Wildfire Fund would provide liquidity to the participating IOUs to pay wildfire-related claims, subject to review by the fund administrator.
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IOU Shareholder Liability Cap and Obligation to Reimburse - The Wildfire Fund provides clarified standards for the CPUC to apply in its prudency review, described below, in the event of wildfire losses. To the extent the IOU losses are found to be prudently incurred, the Wildfire Fund would absorb those losses. To the extent the IOU losses are found to be imprudently incurred, IOU shareholders would reimburse such losses to the Wildfire Fund, subject to a Liability Cap described below.
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Liability Cap - Subject to the IOU holding a valid ASC, a shareholder liability cap would limit the amount shareholders must pay for losses found to be imprudently incurred to 20% of the IOU’s Transmission and Distribution Equity Rate Base on a rolling three-year basis. These payments would be used to reimburse the Wildfire Fund.
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Prudency Standard of Review - The prudency standard of review would be modified to require that, when reviewing wildfire liability losses paid, the CPUC apply clear standards, similar to the Federal Energy Regulatory Commission standard, when determining the reasonableness of a utility’s conduct related to an ignition. Under this standard, an IOU’s conduct will also be deemed reasonable if a valid ASC is in place, unless a serious doubt is raised, in which case the utility must dispel it.
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Insurance Subrogation Claim Limit - The fund administrator will generally limit payments of subrogation claims to 40% of the claim value.
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SEMPRA ENERGY,
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(Registrant)
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Date: July 11, 2019
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By: /s/ Peter R. Wall
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Peter R. Wall
Vice President, Controller and Chief Accounting Officer
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SAN DIEGO GAS & ELECTRIC COMPANY,
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(Registrant)
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Date: July 11, 2019
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By: /s/ Bruce A. Folkmann
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Bruce A. Folkmann
Vice President, Controller, Chief Financial Officer and
Chief Accounting Officer
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