It might sound oxymoronic but there is such a thing as an interesting utility. Sempra Energy is just that, largely because it does two things at the heart of the business model well: judging energy trends and handling risk. Sempra has staked its future on gas – building or buying positions in new pipelines, storage and import terminals. Renewables generate headlines but gas will play the major role in addressing America’s near-term electricity needs. Energy officials expect 40 per cent of the country’s incremental generation capacity by 2015 will be gas-fired. As gas markets tighten and demand patterns change – particularly across geographies – ownership of the connecting nuts and bolts is lucrative.

Sempra’s recent purchase of Energy South, a gas storage and distribution business in Alabama, fits perfectly with these trends. It is situated next to new gas supplies coming from Texas and overseas, and is in the middle of the fast-growing south-eastern power market.