Sempra Energy Set to Join Dow Jones Utility Average, Replacing PG&E Corp.

   By Stephen Nakrosis 
 

Sempra Energy (SRE) will replace PG&E Corp. (PCG) on the Dow Jones Utility Average prior to the open of trading on Friday, January 18.

PG&E, California's largest utility, said it was preparing to file for Chapter 11 protection before the end of the month. It faces more than $30 billion in potential liability costs related to its role in sparking wildfires in recent years. S&P Dow Jones Indicies said Tuesday the company is no longer appropriate for the Dow Jones Utility Average.

Sempra Energy, based in San Diego, invests in, develops, and operates energy infrastructure and also provides electric and gas services.

The Dow Jones Utility Average is a 15-stock, price-weighted index which measures the performance of U.S. companies in the utilities sector.

The level of the index won't be disrupted by this change, S&P Dow Jones Indices said.

Sempra Energy shares closed Tuesday's trading up 0.71%, at $112.55. They were quiet after hours

Shares of PG&E lost more than 50% on Monday, and continued declining Tuesday, finishing the trading day down 17.54% at $96.91. In the after-hours markets, PG&E shares were down 6.80% to $6.44.

--Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

January 15, 2019 18:45 ET (23:45 GMT)

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