Company's utilities lead way in quarter
By Onell R. Soto
STAFF WRITER
2:00 a.m. August 1, 2009
A struggling economy failed to dampen profits at Sempra Energy, which said yesterday that its utilities, including San Diego Gas & Electric Co., are outperforming expectations.
The San Diego company announced a second-quarter profit of $198 million, or 80 cents a share, down 18.9 percent from a year earlier as it wrote off $64 million from a failed salt cavern gas storage project in Louisiana....
... “The Public Utilities Commission was very generous with SDG&E,” said Michael Shames, executive director of UCAN, the Utility Consumers' Action Network.
In proceedings before the PUC, he argued that the rates SDG&E sought were excessive – giving it $50 million to $70 million in undeserved profits.
The commission sided with SDG&E.
Monthly Weather Averages for San Diego
I'd say the phrase "undeserved profits" fits, how about you? If you don't think that corporate America and their Congresswhores suck donkey dick, here's more proof.
Oh yeah, I forgot to mention that SDG&E will just shut off power to the back country when the Santa Anas are blowing since their power lines started some of the worst fires in San Diego's history.
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