Sempra Wins Union Bank Service Contract

Sempra Energy, owner of the largest U.S. natural-gas utility, said it won a one-year contract from UnionBanCal Corp. to cut energy costs at 250 branches and other buildings in California, Oregon and Washington. Financial terms weren’t disclosed. Sempra Solutions, a Sempra unit, will manage the payment of electricity, water and sewer bills for San Francisco-based UnionBanCal, owner of Union Bank of California, the state’s second-largest commercial bank. Utilities are providing more services to companies as they lose their monopolies on power sales. California’s electricity market, which generates annual sales of $23 billion, was opened to competition last April. San Diego-based Sempra sells power and gas to 6 million customers in Southern California. It was formed last year when San Diego utility Enova Corp. bought Los Angeles-based gas company Pacific Enterprises for $4.5 billion. Sempra shares fell 19 cents to close at $22.25 on the NYSE. UnionBanCal fell 6 cents to close at $35.94 on the NYSE.