Sempra Energy, RBS complete sale of retail commodity operations to Noble Group

Nov 1, 2010

Media Contact:
Doug Kline/Sabra Lattos

Financial Contact:
Glen Donovan

Sempra Energy

Sempra Energy

(877) 340-8875

(877) 736-7727

www.sempra.com

investor@sempra.com

 

        SAN DIEGO, Nov. 1, 2010 – Sempra Energy (NYSE:  SRE)  and The Royal Bank of Scotland (RBS) today completed the sale of the San Diego-based Sempra Energy Solutions unit of their RBS Sempra Commodities joint venture to Noble Group Ltd.
 
        The final purchase price was $318 million in cash, plus the assumption of all debt.
 
        The remaining principal North American assets of RBS Sempra Commodities are being sold to JP Morgan Ventures Energy.  That transaction, which was announced Oct. 7, is expected to close next month.  In July, Sempra Energy and RBS completed the sale of the joint venture’s global metals and oil businesses, and European natural gas and power businesses to JP Morgan Chase & Co.
 
        Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2009 revenues of more than $8 billion.  The Sempra Energy companies’ 13,800 employees serve about 25 million consumers worldwide.

This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements can be identified by words like “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “may,” “would,” ”could,” “should,” or similar expressions, or discussions of strategies, plans or intentions.  Forward-looking statements are not guarantees of performance.  They involve risks, uncertainties and assumptions.  Future results may differ materially from those expressed in the forward-looking statements.  Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, California State Legislature, California Department of Water Resources, Federal Energy Regulatory Commission, Federal Reserve Board,  and other regulatory and governmental bodies in the United States and other countries where the company does business; capital market conditions and inflation, interest and exchange rates; energy and trading markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company.  These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission.  These reports are available through the EDGAR system free-of-charge on the SEC’s website, www.sec.gov, and on the company’s website at www.sempra.com.

Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and RBS Sempra Commodities dba Sempra Energy Solutions and Sempra Energy Trading are not the same companies as the utility, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and RBS Sempra Commodities dba Sempra Energy Solutions and Sempra Energy Trading are not regulated by the California Public Utilities Commission.


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