Sempra posts strong Q2 earnings as San Diego activists protest rising utility rates

Sempra, the parent of San Diego Gas & Electric (SDG&E) and Texas utility Oncor, reported a 73% jump in second‑quarter earnings, posting $796 million (adjusted $762 million) versus $461 million a year earlier. Revenue held steady at $3.0 billion. The Texas business contributed $346 million to earnings, while California operations focused on safety, reliability and affordability. CEO Jeffrey W. Martin said the results reflect “consistent emphasis on execution” and praised employee innovation.

On August 8, 2026, community activists gathered outside Sempra’s San Diego headquarters to demand lower utility costs. Speakers from the Climate Action Campaign and Public Power San Diego highlighted a 97% increase in residential rates over the past decade and a pending 8.6% rate hike request for 2028. “Our suffering is their business model,” said activist Anthony Dang. Nearly one‑in‑five SDG&E customers are behind on bills, with an average arrears of $501. Rally participants called for a public‑power alternative to the monopoly.

The juxtaposition of strong corporate earnings with growing consumer hardship underscores mounting pressure on regulators and the utility’s rate‑case proceedings.