Jeffrey W. Martin
Chairman, Chief Executive Officer and President at Sempra
Thank you, Glen, and thank you all for joining us today. At Sempra, we're on a mission to build one of the largest and most resilient energy networks in North America. Today, think about our company's role in the energy markets, particularly against the backdrop of what the international energy agency is called, the world's first global energy crisis. Overseas, the supply-demand balance for oil and natural gas continues to be disrupted. War in Ukraine, supply chain challenges and reduced investments in traditional forms of energy resources as compared to prior periods are contributing to the global challenge. Without adequate security of supplies, coal is unfortunately playing a much larger role in the global energy mix today. In fact, the combustion of coal is expected to match a record high reach nearly a decade ago and will likely move higher and set a new record next year. Here in North America, energy markets are continuing to expand and become increasingly integrated. That is why investing in a modern energy network to support cleaner forms of energy and future economic growth is central to our efforts here at Sempra. We're also developing new large-scale export facilities so that European and Asian buyers of natural gas can diversify and improve the security of their energy supplies while backing coal out of their supply chain and the production of electricity.
We're focused on expanding and modernizing North America's energy grids, Sempra's three growth platforms, Sempra California, Sempra Texas and Sempra Infrastructure are strategically positioned to help serve the growing needs of consumers in North America and around the world, while staying at the forefront of innovation and integrating cleaner forms of energy. Sempra's value proposition comes to life through its commitment to growing a stronger and more valuable business, one that serves the long-term interest of our customers and owners. Trevor will take us through each segment in detail, but first, I'd like to highlight some strategic focus at each of our growth platforms. At Sempra California, we're continuing to innovate and invest in new technologies that are aligned with the state's clean energy goals and focus on safety, innovation and grid resiliency. At Sempra Texas, Oncor is advanced in its base rate review which supports the continued expansion and modernization of its grid in Texas with a focus on load growth, grid reliability and the integration of renewables. We expect these developments will lead to substantially higher capital spending in future periods. And at Sempra Infrastructure, we're making significant progress aimed at providing cleaner and more secure energy to our customers.
Specifically, we're excited to announce that we're expecting to take a final investment decision on Port Arthur LNG Phase one in the first quarter of next year. Shifting to the results for the quarter. Earlier this morning, we reported third quarter 2022 adjusted earnings per share of $1.97 and year-to-date 2022 adjusted earnings per share of $6.87. Based on the strength of these results, we are raising our full year 2022 adjusted EPS guidance range to $8.70 to $9 per share. We're also affirming our existing full year 2023 EPS guidance range. Please turn to the next slide. In August, Congress passed the Inflation Reduction Act. This is largely viewed as one of the most significant clean energy bills in U.S. history and incentivizes substantial investments in key areas that are expected to reduce carbon in society. This legislation also builds on the Infrastructure Investment and Jobs Act that passed last summer with a focus on modernizing infrastructure across the country. While some of the details in the IRA are still being finalized, we believe that our growth platforms are well positioned to benefit from the positive tailwinds created by this legislation. For example, a common component of these bills is the focus on electrification. And our California and Texas platforms are located in high-growth markets where the integration of renewables and the electrification of transportation continue to be major drivers of transmission and distribution infrastructure needs.
Additionally, SoCal Gas continues to advance its position as a leader in the clean fuel space. The federal bills, I mentioned, outlined key spending priorities such as carbon capture, hydrogen and biogas. This is important as you consider the different innovative pilots SoCalGas has underway that are focused on the commercialization of new and cleaner fuels. Further, SoCalGas is integrating renewable natural gas, or RNG, across its pipeline system today. As a reminder, earlier this year, the CPUC issued a decision establishing a statewide RNG procurement standard, which, together with the federal bills, supports investment and continued decarbonization of SoCalGas' T&D system. And finally, at Sempra Infrastructure, we have identified opportunities for further innovation in carbon capture and sequestration such as the Hackberry project and other investments to further decarbonize our facilities and support our goal of delivering cleaner energy to our customers. In summary, we believe our platforms are well positioned to advance the critical priorities detailed in the legislation.
Please turn to the next slide where I'll turn the call over to Trevor to provide several business updates for the quarter.