SDG&E parent company reports millions in revenue, raising questions about high rates

Sempra Energy, the parent company of San Diego Gas & Electric, made $1.25 billion in profits in 2021, according to its earnings report released Friday morning.

$604 million alone was earned in the last quarter of the year, just as temperatures started to drop and customers started seeing higher SDG&E bills.

SDG&E said the rate increase came after a 25% rise in the cost of natural gas.

“The 25% increase in wholesale gas prices does not appear to affect the salaries of executives at SDG&E, which has 20 vice presidents who all earn six-figure incomes,” said California State professor Kevin Kilpatrick. University, San Marcos. “And it certainly doesn’t hurt Sempra Energy’s executive compensation packages, and it just makes me furious.”

RELATED: Surging San Diego Gas and Electric Rates Shock Customers

He is suing SDG&E for price gouging and emotional distress.

“There are hundreds of thousands of people in San Diego County who can’t afford price increases like this, and they have to decide whether they’re going to pay the electric bill, or buy food, or even worse, buying drugs,” he said.

Kilpatrick doesn’t think he’s going to win, but he wants to be heard.

“SDG&E is causing me and hundreds of thousands of other people enormous stress,” he said. “I want it to stop. I’m doing it for everyone in San Diego.”

The case is scheduled for April 28 at the Hall of Justice in San Diego, and Kilpatrick invites anyone angry at SDG&E’s rate hike to join him.

Assemblywoman Tasha Boerner Horvath also wants answers. She said she’s drafting a request to the Joint Legislative Audit Committee.

If approved, it “would direct the state auditor to review the factors and decision-making, both at SDG&E and the California Public Utilities Commission, that led to the implementation of these tariffs. “, she said in a statement.

Boerner Horvath said San Diegans deserve to know why it costs more to power a home in San Diego than anywhere else in the country.

KPBS contacted Sempra for comment but did not hear back.

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