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Do Sempra Shareholders Need Any Further Massaging?

San Diego Gas & Electric's strategy (with the California Public Utilities Commission's surreptitious concurrence) is a classic case of an American corporation raping its customers to enrich its shareholders. You can see this from information provided by Sempra Energy, SDG&E's parent. In its recent annual report, Sempra boosts of the performance of its shares. From year 2000 through 2010, Sempra stock zoomed 208%. In the same period, the Standard & Poor's 500 went up a mere 15%, while the S&P utilities index (a proxy for utilities) rose up an anemic 8%. Yet SDG&E wants its customers to pick up the tab for past and future fire costs beyond insurance coverage, rather than to have shareholders pick up that tab. Under capitalism, shareholders should pay for management incompetence, and regulators found that the 2007 fires were caused in great part by SDG&E's negligence. SDG&E and Sempra, along with commissioners of the California Public Utilities Commission, must not only explain this to San Diegans who will pay enormous sums to coddle shareholders; they must be put under oath to unearth the collusion of SDG&E and the commission.

See graph from Sempra Report

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San Diego Gas & Electric's strategy (with the California Public Utilities Commission's surreptitious concurrence) is a classic case of an American corporation raping its customers to enrich its shareholders. You can see this from information provided by Sempra Energy, SDG&E's parent. In its recent annual report, Sempra boosts of the performance of its shares. From year 2000 through 2010, Sempra stock zoomed 208%. In the same period, the Standard & Poor's 500 went up a mere 15%, while the S&P utilities index (a proxy for utilities) rose up an anemic 8%. Yet SDG&E wants its customers to pick up the tab for past and future fire costs beyond insurance coverage, rather than to have shareholders pick up that tab. Under capitalism, shareholders should pay for management incompetence, and regulators found that the 2007 fires were caused in great part by SDG&E's negligence. SDG&E and Sempra, along with commissioners of the California Public Utilities Commission, must not only explain this to San Diegans who will pay enormous sums to coddle shareholders; they must be put under oath to unearth the collusion of SDG&E and the commission.

See graph from Sempra Report

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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