Sempra to Invest Over $7 Billion in New Texas Transmission Projects
Summary
Sempra announced it is developing new transmission projects in Texas, with endorsement from the Electric Reliability Council of Texas (ERCOT). These projects, along with others, are expected to require over $7 billion in new investment and will support approximately 16 gigawatts of new electric demand, coming online between 2026 and 2034. This significant capital commitment in Texas follows recent regulatory approvals for its subsidiary Oncor and a $1 billion floating rate note offering earlier this month, supporting its multi-year capital plan. The investment also provides context to activist investor Voss Capital's recent call for Sempra to spin off its Texas electricity business. This move solidifies Sempra's long-term growth strategy and regulated asset base in a critical market.
At the time of this announcement, SRE was trading at $90.85 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $59.4B. The 52-week trading range was $73.06 to $101.04. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.