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SDG&E REPORTS RECORD EARNINGS FOR 1992

 SAN DIEGO, Jan. 25 /PRNewswire/ -- Unaudited earnings applicable to common shares for 1992 were $201.1 million, or $1.77 per share, an increase of 1.8 percent over 1991, marking three consecutive years of earnings growth, San Diego Gas & Electric's (NYSE: SDO) board of directors announced today. In 1991, earnings applicable to common shares were $197.5 million, or $1.76 per share.
 "This sets another earnings record for the company," said Thomas A. Page, chairman and chief executive officer of SDG&E. "This achievement signals what has been an eventful year for SDG&E. Customer service satisfaction remained at a high of 93 percent, and rates remained the lowest among the state's investor-owned utilities for the fourth year in a row."
 Operating revenues for 1992 were up 4.6 percent to $1.9 billion and operating expenses were up 6.9 percent to $1.6 billion.
 For the fourth quarter of 1992, earnings of $58.2 million, or 51 cents per share, were up 29.4 percent, compared to $45.0 million or 40 cents per share for the same quarter in 1991. The increase is due to several factors, including a larger proportion of 1991's operating and maintenance costs occurring in the fourth quarter compared with more evenly spread costs in 1992, and the fourth quarter 1991 included a regulatory disallowance for San Onofre Nuclear Generating Station Unit 1.
 Operating revenues in the fourth quarter were down 1.5 percent to $475.2 million, from $482.5 million for the same quarter 1991. Operating expenses were up 3.1 percent, to $402.2 million from $390.1 million for the fourth quarter of 1991.
 SAN DIEGO GAS & ELECTRIC
 (Unaudited)
 (In thousands except for per share amounts)
 4th Quarter 4th Quarter Pct.
 1992 1991(A) Change
 Operating revenues $475,209 $482,473 (1.5)
 Operating expenses $402,219 $390,115 3.1
 Net income (before
 preferred dividends) $60,086 $47,607 26.2
 Earnings applicable
 to common shares $58,216 $45,000 29.4
 Average common shares
 outstanding 114,800 112,298 2.2
 Earnings per common
 share $0.51 $0.40 27.5
 Utility only operating
 revenues $456,387 $454,191 0.5
 12 Months Ended 12 Months Ended Pct.
 Dec, 31, 1992 Dec. 31, 1991(A) Change
 Operating revenues $1,870,900 $1,789,012 4.6
 Operating expenses $1,574,593 $1,473,498 6.9
 Net income (before
 preferred dividends) $210,657 $208,060 1.2
 Earnings applicable
 to common shares $201,057 $197,525 1.8
 Average common shares
 outstanding 113,806 111,988 1.6
 Earnings per common
 share $1.77 $1.76 0.6
 Utility only operating
 revenues $1,784,110 $1,695,715 5.2
 (A) Figures are restated to reflect the 2-for-1 stock split effective May 11, 1992.
 -0- 1/25/93
 /EDITOR'S NOTE: All 1991 per share figures have been restated to reflect the May 11, 1992, 2-for-1 stock split./
 /CONTACT: Gretchen Griswold of San Diego Gas & Electric, 619-696-4309/
 (SDO)


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

KJ-JL -- SD006 -- 8818 01/25/93 19:27 EST
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Date:Jan 25, 1993
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