SDGE parent company announces nearly $3 billion in profits in 2023

SAN DIEGO — While many San Diegans are struggling to pay their utility bills, Sempra Energy, the parent company of SDGE, announced Tuesday, it made close to $3 billion in profits in 2023.

Tuesday morning, the group Power San Diego demonstrated outside Sempra’s headquarters in downtown San Diego. Power San Diego is trying to replace SDGE with a non-profit utility.

“People in Sacramento are paying half the rates we are,” said Craig Rose, of Power San Diego. “People in public utilities in Los Angeles are paying less than we are. People in public utilities across the country are paying less than we are. There’s no need to pay these rates.”

More than a dozen members of the group stood outside the front doors of the company, holding signs and chanting.

Rose pointed out during Sempra’s earnings call today, that the company did not disclose how much profit SDGE made in 2023, though they have in the past.

“They always report SDGE earnings,” said Rose. “We think they may be hiding SDGE’s earnings because more and more people have been educated across town that their profits, SDGE’s profits, come from our pockets.”