We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Sempra (SRE) Arm to Install 240 EV Chargers, Boost E-fleet
Read MoreHide Full Article
Sempra Energy’s (SRE - Free Report) subsidiary, Southern California Gas Co. (SoCalGas),recently pledged to install 240 electric vehicle (EV) chargers at nine of its locations in 2022 and 67 EV chargersat its facilities by the end of 2024. Further, SoCalGasaims at installing a total of 1,500 new chargers over the period of next three years, including the 67chargers mentioned above.
Moreover, SoCalGas aspires to replace 50% of its over-the-road fleet with clean fuel vehicles by 2025 and operate a 100% zero-emission fleet by 2035.Considering the rapid growth trends of the EV market, the aforementioned targets set by SoCalGas will boost Sempra Energy’s position in the clean energy space.
EV Initiatives by SoCalGas
To boost its e-fleet, SoCalGas intends to apply for Southern California Edison’s (SCE) Charge Ready program. As part of the program, SoCalGas can avail assistance from SCE in infrastructure development for EV charging stations.
Further, to scale up its zero-emission vehicle infrastructure, SoCalGas bought 50 Toyota Mirai hydrogen fuel cell vehicles, thus becoming the first and foremost utility in the country to switch to hydrogen-powered vehicles. Also, in 2021, SoCalGas revealed its plan to convert 200 new Ford F-250 service pickup trucks to run on renewable natural gas.Going forward, SoCalGas also intends to buy the Ford F-150 Lightning electric vehicle to further boost its aim of clean commuting.
All these initiatives, including its latest pledge to install EV chargers, will support SoCalGas in dulyachieving its target to attainnet-zero greenhouse gas emissions in its operations and deliver clean energy by 2045.
Utilities’ Prospects in EV Charging Station Space
The increased penetration of the EV market will spur the requirement for EV charging stations.In this context, it is imperative to mention that in December 2021, The Biden-Harris Administration issued an action plan, which included a $5 billion fund for the EV charging network in the United States. Biden’s plan also highlights the goal of having 500,000 EV charging stations by 2030.
Hence, utility companies like SRE that are capable of constructing safe and reliable charging ports must benefit from the rapid development of EV charging infrastructure in the country. Utilities that have been taking significant initiatives in developing the nation’s EV charging stations are Duke Energy (DUK - Free Report) , Dominion Energy (D - Free Report) and CMS Energy (CMS - Free Report) .
Duke Energy, as part of its Park and Plug program,installed 34 fast chargers at 17 locations across Indiana to provide a foundational level of EV infrastructure and facilitate EV market growth. Duke Energy’s efforts are part of a larger statewide network, partially funded by the Indiana Volkswagen Beneficiary Mitigation Trust to install 61 new EV charging locations.
Duke Energy boasts a long-term earnings growth rate of 6.1%. Shares of DUK have rallied 15.8% in the past year.
Dominion Energy’s Smart Charging Infrastructure Pilot Program provides rebates for qualifying EV charging stations, charging infrastructure and installation, commonly referred to as “make-ready,” and network fees.
The long-term earnings growth rate for Dominion Energy stands at 6.6%. Shares of D have rallied 12.9% in the past year.
In February 2022, CMS Energy, as part of its commitment to power one million EVs in the communities it serves by 2030, announced 200 new EV charging stations across Michigan, including 100 fast chargers by the end of next year.
CMS Energy boasts a long-term earnings growth rate of 9.2%. CMS shares have rallied 14.7% in the past year.
Price Movement
In the past year, shares of Sempra Energy have rallied 27.5% compared with the industry’s growth of 14.5%.
Image: Bigstock
Sempra (SRE) Arm to Install 240 EV Chargers, Boost E-fleet
Sempra Energy’s (SRE - Free Report) subsidiary, Southern California Gas Co. (SoCalGas),recently pledged to install 240 electric vehicle (EV) chargers at nine of its locations in 2022 and 67 EV chargersat its facilities by the end of 2024. Further, SoCalGasaims at installing a total of 1,500 new chargers over the period of next three years, including the 67chargers mentioned above.
Moreover, SoCalGas aspires to replace 50% of its over-the-road fleet with clean fuel vehicles by 2025 and operate a 100% zero-emission fleet by 2035.Considering the rapid growth trends of the EV market, the aforementioned targets set by SoCalGas will boost Sempra Energy’s position in the clean energy space.
EV Initiatives by SoCalGas
To boost its e-fleet, SoCalGas intends to apply for Southern California Edison’s (SCE) Charge Ready program. As part of the program, SoCalGas can avail assistance from SCE in infrastructure development for EV charging stations.
Further, to scale up its zero-emission vehicle infrastructure, SoCalGas bought 50 Toyota Mirai hydrogen fuel cell vehicles, thus becoming the first and foremost utility in the country to switch to hydrogen-powered vehicles. Also, in 2021, SoCalGas revealed its plan to convert 200 new Ford F-250 service pickup trucks to run on renewable natural gas.Going forward, SoCalGas also intends to buy the Ford F-150 Lightning electric vehicle to further boost its aim of clean commuting.
All these initiatives, including its latest pledge to install EV chargers, will support SoCalGas in dulyachieving its target to attainnet-zero greenhouse gas emissions in its operations and deliver clean energy by 2045.
Utilities’ Prospects in EV Charging Station Space
The increased penetration of the EV market will spur the requirement for EV charging stations.In this context, it is imperative to mention that in December 2021, The Biden-Harris Administration issued an action plan, which included a $5 billion fund for the EV charging network in the United States. Biden’s plan also highlights the goal of having 500,000 EV charging stations by 2030.
Hence, utility companies like SRE that are capable of constructing safe and reliable charging ports must benefit from the rapid development of EV charging infrastructure in the country. Utilities that have been taking significant initiatives in developing the nation’s EV charging stations are Duke Energy (DUK - Free Report) , Dominion Energy (D - Free Report) and CMS Energy (CMS - Free Report) .
Duke Energy, as part of its Park and Plug program,installed 34 fast chargers at 17 locations across Indiana to provide a foundational level of EV infrastructure and facilitate EV market growth. Duke Energy’s efforts are part of a larger statewide network, partially funded by the Indiana Volkswagen Beneficiary Mitigation Trust to install 61 new EV charging locations.
Duke Energy boasts a long-term earnings growth rate of 6.1%. Shares of DUK have rallied 15.8% in the past year.
Dominion Energy’s Smart Charging Infrastructure Pilot Program provides rebates for qualifying EV charging stations, charging infrastructure and installation, commonly referred to as “make-ready,” and network fees.
The long-term earnings growth rate for Dominion Energy stands at 6.6%. Shares of D have rallied 12.9% in the past year.
In February 2022, CMS Energy, as part of its commitment to power one million EVs in the communities it serves by 2030, announced 200 new EV charging stations across Michigan, including 100 fast chargers by the end of next year.
CMS Energy boasts a long-term earnings growth rate of 9.2%. CMS shares have rallied 14.7% in the past year.
Price Movement
In the past year, shares of Sempra Energy have rallied 27.5% compared with the industry’s growth of 14.5%.
Image Source: Zacks Investment Research
Zacks Rank
Sempra Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.