San Diego Gas & Electric’s income rose...

San Diego Gas & Electric’s income rose by 1% to $49.8 million for its first quarter, up from $49.3 million during the year-ago period. “It’s a small gain but a hard-earned gain because our allowable rate of return is decreasing,” SDG&E; Chairman Thomas Page told shareholders during the company’s annual meeting in San Diego on Tuesday. SDG&E;’s revenue for the quarter rose by 16.7% to $517 million, up from $443 million during the first quarter of last year. Page told shareholders that SDG&E;’s shareholders will continue to prosper “because we’re (an energy buyer) in a buyer’s market.”