San Diego based Sempra Energy reported a drop in third quarter earnings today, but the company is optimistic about profits for the rest of the year. KPBS Reporter Erik Anderson has details.
Sempra's net income fell about four percent in the third quarter to $221 million. That's down $10 million from the same quarter a year ago. Sempra spokesman Doug Kline says the utility holding company set aside nearly $190 million to pay for ongoing litigation. Sempra is in court, charged with manipulated energy markets.
Meanwhile, Kline says Sempra is raising earning expectations for the year. He says volatile energy markets landed more long term contracts.
Kline: "Generally customers look for some assurance of future energy prices and so they seek to lock in a price level for natural gas or power or petroleum products."
Sempra is the parent company of Southern California Gas and San Diego Gas and electric, two utilities that serve 20 million customers.
Erik Anderson KPBS News
