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SDG&E REPORTS INCREASE IN THIRD QUARTER EARNINGS

 SAN DIEGO, Oct. 25 /PRNewswire/ -- Unaudited third quarter earnings per share for San Diego Gas & Electric (NYSE: SDO) were 49 cents, up 6.2 percent over the same quarter 1992 earnings of 46 cents, Thomas A. Page, SDG&E chairman and chief executive officer announced today.
 Third quarter earnings applicable to common shares were up 8.9 percent, to $56.8 million compared with $52.2 million for the same quarter last year.
 "SDG&E is pleased to show continued positive earnings growth while staying the low-cost provider of energy in the state among investor- owned utilities," said Page. "These achievements are despite the recession's effects on the Southern California economy."
 Consolidated operating revenues were $495.0 million, compared to last year's $487.8 million for the same period, representing a 1.5 percent increase. Consolidated operating expenses were up 1.6 percent to $418.2 million compared to last year's third quarter operating expenses of $411.7 million.
 For the 12 months ended Sept. 30, 1993, earnings per share were up 11.4 percent to $1.85, compared with $1.66 for the prior 12 months.
 "Earnings for the year have been predicted by some Wall Street analysts as between $1.80 and $1.85 per share," said Page. "SDG&E does not publicly forecast earnings, but I am comfortable with Wall Street's predictions."
 SAN DIEGO GAS & ELECTRIC
 Financial Highlights
 (Unaudited)
 (In thousands except for per share amounts)
 3rd Quarter 3rd Quarter Percent
 1993 1992 Change
 Operating revenues $495,035 $487,802 1.5
 Operating expenses $418,178 $411,740 1.6
 Net income (before
 preferred dividends) $59,098 $54,692 8.1
 Earnings applicable to
 common shares $56,816 $52,151 8.9
 Average common shares
 outstanding 116,335 114,134 1.9
 Earnings per common share $0.49 $0.46 6.2
 Utility only operating
 revenues $467,648 $464,280 0.7
 Year-To-Date Year-To-Date Percent
 Sept. 30, 1993 Sept. 30, 1992 Change
 Operating revenues $1,454,638 $1,395,691 4.2
 Operating expenses $1,231,616 $1,172,374 5.1
 Net income (before
 preferred dividends) $161,904 $150,571 7.5
 Earnings applicable
 to common shares $155,259 $142,841 8.7
 Average common shares
 outstanding 115,901 113,472 2.1
 Earnings per common share $1.34 $1.26 6.3
 Utility only operating
 revenues $1,368,408 $1,327,723 3.1
 12 Months Ended 12 Months Ended Percent
 Sept. 30, 1993 Sept. 30, 1992 Change
 Operating revenues $1,929,847 $1,878,164 2.8
 Operating expenses $1,633,835 $1,562,489 4.6
 Net income (before
 preferred dividends) $221,990 $198,178 12.0
 Earnings applicable to
 common shares $213,475 $187,841 13.6
 Average common shares
 outstanding 115,624 113,177 2.2
 Earnings per common share $1.85 $1.66 11.4
 Utility only operating
 revenues $1,824,795 $1,781,914 2.4
 -0- 10/25/93
 /CONTACT: Gretchen Griswold of SDG&E, 619-696-4309/
 (SDO)


CO: San Diego Gas & Electric ST: California IN: UTI SU: ERN

EH -- SD006 -- 6473 10/25/93 15:52 EDT
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Date:Oct 25, 1993
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