Sempra reported strong Q2 2026 adjusted EPS of $1.16, up from $0.89 in Q2 2025, driven by higher equity earnings at Sempra Texas following base rate increases and steady customer growth.
Core Signals
Revenue Growth & Demand: Oncor experienced strong load demand supported by an ERCOT peak demand record of 91 GW, with 44 GW of eligible large-load requests in the Batch Zero queue and 8 GW already connected and ramping up.
Bullish Signals
Q2 adjusted EPS increased significantly to $1.16 from $0.89 in Q2 2025, supported by rate base expansions and customer growth at Sempra Texas.
Risk Signals
ECA LNG Phase 1 suffered equipment damage on mixed refrigerant compressors, pushing substantial completion out to Q4 2026.
Q&A Signals
Repeated analyst topics: Analysts repeatedly questioned Texas 765 kV transmission routing pushback, data center interconnection rule changes, and California wildfire liability legislation.
Key Investor Debate
The primary debate among investors centers on whether political pushback against Texas transmission routing and data center interconnection procedures will slow Oncor's capital deployment and growth trajectory.
Analyst Takeaway
Analysts focused heavily on management's ability to navigate Texas regulatory updates and operational delays in LNG infrastructure while protecting balance sheet credit metrics.
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