Sempra Energy

* Sempra Energy, San Diego-based parent of the nation's largest natural gas distribution utility, plans to increase deregulated retail sales of gas and electricity to account for a third of the company's earnings by 2003. In 1999, the company's two big utility subsidiaries, Southern California Gas Co., based in Rosemead, and San Diego Gas & Electric Co., accounted for 95% of total profit.

Anne Shen Smith has been elected president and chief executive of Southern California Gas Co., which is a subsidiary of Sempra Energy, the company announced today. Smith, who had been serving as SoCalGas' chief operating officer, is succeeding Michael W. Allman, who has resigned and will be leaving the company. "We are pleased to have a deep management team with an outstanding leader like Anne Smith who can step into the CEO role at SoCalGas," said Debra L. Reed, Sempra Energy's chief executive.

San Diego County Superior Court Judge Ronald Prager gave final approval to a nearly $1.8-billion settlement with Sempra Energy over allegations that it conspired to restrict natural gas supplies and raise prices during the state's energy crisis. Sempra, which owns utilities Southern California Gas Co. and San Diego Gas & Electric Co.

Sempra Energy has agreed to pay $400 million to settle accusations that the San Diego energy company engaged in "Enron-style gaming" of power markets and "a pervasive pattern of market manipulation and abuse" during the California energy crisis of 2000 and 2001. The money will reimburse electricity ratepayers at the state's three big investor-owned utilities: Southern California Edison Co., Pacific Gas & Electric Co. and San Diego Gas & Electric Co., which is a Sempra subsidiary.

Sempra Energy, owner of the largest U.S. natural gas utility, raised its 2004 profit forecast by 20 cents a share because of an expected surge in energy trading income. Profit, excluding unusual items, will rise to $2.90 to $3.10 a share this year from an earlier forecast of $2.70 to $2.90, Sempra said. On that basis, the San Diego-based company earned $2.93 a share in 2003 and was expected to earn $2.86 this year, Thomson First Call said.

Honeywell International Inc. agreed to buy the energy-services unit of Sempra Energy as companies look for ways to cut electricity and gas costs, the companies said Monday. Terms of the deal weren't disclosed. The energy-services group helps government, healthcare facilities, colleges and businesses reduce energy costs, said San Diego-based Sempra, parent of Southern California Gas Co. and San Diego Gas & Electric Co.

The new electricity marketplace will be full of opportunities, and here's a particularly interesting one: Sempra Energy Corp. has found a way to make money not only on the customers it wins, but also on the customers it loses. Sempra's Los Angeles-based natural gas utility, Southern California Gas Co., has expanded its gas-purchasing Web site (http://www.energymarketplace.

Sempra Energy, the largest U.S. natural gas utility operator, will consider spinning off or selling its commodities-trading unit to become more attractive to investors, Chief Executive Donald Felsinger said. Any decision is at least two years away, Felsinger said in an interview. By that time, investments in liquefied natural gas terminals and pipelines that Sempra is building will begin generating cash and the San Diego-based company will have more options, he said.

Sempra Energy, owner of the largest natural gas utility in the U.S., announced a 16% dividend increase, the first boost to shareholder payouts since the company was formed in 1998. Quarterly dividends will increase to 29 cents from 25 cents, starting with payments on April 15 to shareholders of record as of March 24, San Diego-based Sempra said in a statement. Dividends will rise 3% to 4% annually in future years, the company said.

Utility owner Sempra Energy said Wednesday that its first-quarter earnings fell 11% and missed Wall Street expectations but blamed the shortfall on accounting rules that cut into commodities trading profit. Despite the profit slide, Sempra Chief Executive Don Felsinger said he was pleased with the results. He declared that San Diego-based Sempra, which owns Southern California Gas Co. and San Diego Gas & Electric Co., was on track to meet its full-year earnings estimate of $3.75 to $3.

Like other giant banks, JPMorgan Chase & Co. has been criticized for being "too big to fail." But that isn't stopping the company from getting even bigger. The country's second-largest bank said Tuesday that it had agreed to buy, for $1.7 billion, part of a commodity trading business jointly owned by San Diego-based Sempra Energy and Royal Bank of Scotland. The acquisition comes as President Obama and former Federal Reserve chief Paul Volcker have been pushing a proposal to make banks like JPMorgan smaller.

AIRLINES American posts loss of $344 million American Airlines ended 2009 with a loss and 2010 could have a rocky start if the carrier loses a key partner in Asia. AMR Corp., parent of American, says it lost $344 million in the fourth quarter as traffic fell and many business travelers stayed home or bought cheaper tickets. Now American is scrambling to hold on to a valuable partnership with Japan Airlines. JAL filed for bankruptcy protection Tuesday, and news reports in Japan say the airline wants to dump American and form a partnership with Delta Air Lines Inc. INSURANCE General Re to settle charges General Re Corp.

Former Assemblyman Michael Duvall of Yorba Linda will not face any federal charges after an FBI investigation into his comments, made over an open microphone, that he had a sexual relationship with a woman who was believed to be a Sempra Energy lobbyist, officials announced today. In response, Sempra Energy said it has reinstated the lobbyist to active status as an employee. Lobbyist Heidi Barsuglia issued a statement saying, "This experience has been a professional and personal nightmare.

After vowing to veto this year's biggest environmental bill, Gov. Arnold Schwarzenegger is expected to issue an executive order by midweek that would require all electric utilities to generate a third of their power from renewable resources, such as wind and solar power, by 2020. The order presumably would set no limit on how much of the green power could be imported from other states. Environmentalists, who have been told about the governor's still-evolving plans, said Schwarzenegger also was considering directing the California Air Resources Board to look at broadening the state's definition of renewable energy sources to include large hydroelectric dams and nuclear energy plants.

Let me begin by saying I'm not into spanking. If I suggested to my wife that we give it a try, I'm confident she would spank the side of my head with a frying pan. So maybe I'm not the best person to judge Mike "Spanky" Duvall, the family values crusader from Yorba Linda. He's the unfortunate chap who resigned from the state Assembly last week after he was caught on camera boasting of his sexual conquests and peccadilloes, which include a mistress who wears panties the size of an eye patch.

Sempra Energy, owner of electric and gas utilities, sued California's power-buying agency to keep it from canceling a $6.6-billion power-supply contract. Sempra said it asked a San Diego Superior Court judge to rule that "contrary to the Department of Water Resources' stated position, the company is meeting the terms of the agreement" and the agency is obligated to take delivery of and pay for wholesale power.

Sempra Energy reported a 41% jump in third-quarter earnings Thursday, mostly because of favorable legal and regulatory decisions as well as higher electricity and natural gas sales. In addition, Sempra Chief Executive Stephen L. Baum said the San Diego-based company would spend an estimated $50 million to repair damage caused by the recent wildfires in territories served by its utilities, San Diego Gas & Electric Co. and Southern California Gas Co.