Sempra Energy, Royal Bank of Scotland Complete Commodities Joint Venture

SOURCE:

Sempra Energy

2008-04-01 08:38:00

Sempra Energy, Royal Bank of Scotland Complete Commodities Joint Venture

SAN DIEGO, CA–( EMWNews – April 1, 2008) – The Royal Bank of Scotland (LSE: RBS) and

Sempra Energy (NYSE: SRE) today announced the completion of their

transaction to form the commodities-marketing joint venture RBS Sempra

Commodities.

Under the new joint venture, which was announced July 9, 2007, RBS Sempra

Commodities LLP purchased Sempra Commodities. RBS Sempra Commodities

becomes part of RBS’ Global Banking and Markets business.

RBS’ initial equity investment in RBS Sempra Commodities is $1.7 billion

and Sempra Energy’s initial investment in the joint venture is $1.6

billion. RBS also provides any additional funding required for the ongoing

operating expenses of the businesses.

RBS Sempra Commodities will trade on behalf of RBS, which, following a

transition period, will act as principal to the market.

“Formal completion of this joint venture gives access to a major new asset

class for our corporate and institutional client base, further

complementing our already extensive range of financial and risk-management

products,” said Johnny Cameron, director of RBS. “Market conditions over

the past number of months illustrate the importance of diversified income

streams, with commodities providing additional resilience in today’s

challenging markets.”

“This joint venture increases the capacity for the growth of the

commodities business and expands its position in global markets,” said

Donald E. Felsinger, chairman and chief executive officer of Sempra Energy.

David A. Messer, formerly president of Sempra Commodities, is chief

executive officer of RBS Sempra Commodities and Frank Gallipoli, senior

vice president of Sempra Commodities, becomes president of the joint

venture’s businesses. The company’s headquarters will remain in Stamford,

Conn.

RBS is the leading project finance bank in the world and the leading lender

to the renewable energy sector worldwide.

Sempra Commodities is an international marketing and trading company that

combines financial risk management with physical expertise to provide

innovative solutions for customers in natural gas, power, petroleum and

base metals, as well as natural gas liquids, coal, emissions credits and

ethanol.

Sempra Energy, based in San Diego, is a Fortune 500 energy services holding

company with 2007 revenues of more than $11 billion. The Sempra Energy

companies’ 14,000 employees serve more than 29 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. When the company uses words like

“believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,”

“may,” “would,” “could,” “should,” or similar expressions, or when the

company discusses its strategy or plans, the company is making

forward-looking statements. 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, U.K. Financial

Services Authority and other environmental and regulatory bodies in the

United States and other countries; capital market conditions, inflation

rates, interest rates and exchange rates; energy and trading markets,

including the timing and extent of changes in commodity prices; the

availability of 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 company’s reports filed with the Securities

and Exchange Commission that are available through the EDGAR system without

charge at its Web site, www.sec.gov and on the company’s Web site,

www.sempra.com.

Sempra Energy Trading, doing business as Sempra Commodities, and Sempra

Generation are not the same companies as the utilities, SDG&E or SoCalGas,

and the California Public Utilities Commission does not regulate the terms

of their products and services.

Media Contacts:
Doug Kline
Art Larson
Sempra Energy
(877) 866-2066 (toll-free U.S.)
(619) 696-4303
www.sempra.com

Carolyn McAdam
RBS
011 44 131 523 2055
011 44 7796 274968

Financial Contacts:
Glen Donovan
Sempra Energy
(877) 736-7727 (toll-free U.S.)
(619) 696-2901

Richard O’Connor
RBS
011 44 131 523 2055

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