Investment Thesis
Sempra operates regulated utilities (San Diego Gas & Electric, SoCal Gas) and LNG infrastructure through Sempra Infrastructure. California grid modernization and LNG exports deliver stable growth.
- California Utility Base: Electrification and wildfire hardening expand rate base.
- LNG Platform: Cameron and Energia Costa Azul LNG projects tap global demand.
- Capital Allocation: Asset recycling and partnerships fund large-scale investments.