SDG&E Files Rate Case Settlement
SAN DIEGO, Dec. 19, 2003 -San Diego Gas & Electric (SDG&E) today announced it has joined with the California Public Utilities Commission (CPUC) Office of Ratepayer Advocates, the commission's consumer watchdog branch; the Greenlining Institute; Coral Energy; and the Coalition of California Utility Employees (representing local I.B.E.W. 465 union workers) in filing details of a proposed settlement of the utility's Cost-of-Service rate case.
The Cost-of-Service settlement establishes how much SDG&E would be allowed to charge in customer rates during 2004 to cover most of its costs, including operating and maintenance expenses. The cost of purchasing electricity and natural gas and transporting it to California is not covered by the settlement.
"This tentative settlement ensures that we will be able to continue to provide safe and reliable energy and exceptional service to our customers and generate a fair return to our shareholders on their investments," said Edwin A. Guiles, chairman and chief executive officer of SDG&E.
If adopted, the settlement will produce 2004 system average electric rates that are lower than rates in effect today and will slightly increase gas delivery rates. The settlement filing calls for a $19.6 million reduction in electric rate revenues, which would produce a one-tenth of a percent average rate decrease to residential electricity service, and a $1.8 million increase in natural gas rate revenues, which would produce a 1 percent average rate increase for residential gas service to SDG&E customers. The settlement filing can be found on SDG&E's Web site, www.sdge.com.
Under the CPUC's review process, the settlement parties filed their detailed agreement with the Commission today, to be followed by written comments and briefs with a final deadline of Feb. 19, 2004. The commission can act on the settlement anytime thereafter. SDG&E is a regulated public utility that provides safe and reliable energy service to three million consumers through 1.3 million electric meters and 789,000 natural gas meters in San Diego and southern Orange counties. Exceptional customer service is a priority of SDG&E as it seeks to enhance the region's quality of life. SDG&E is part of Sempra Energy Utilities -- Sempra Energy's regulated California utilities. Sempra Energy (NYSE: SRE), based in San Diego, is a Fortune 500 energy services holding company.
Media Contact:
Ed Van Herik/David Johnson/Peter Hidalgo
San Diego Gas & Electric
(877) 866-2066
www.sdge.com
Financial Contact:
Karen Sedgwick
Sempra Energy
(877) 736-7727
