Net income is little changed

Sempra Energy, owner of the largest U.S. natural-gas utility, said third-quarter profit was little changed as increased earnings from power generation helped offset its reduced stake in a commodities-trading venture with Royal Bank of Scotland Group.

Net income rose to $308 million, or $1.24 a share, from $305 million, or $1.15, a year earlier, the San Diego-based company said. Revenue rose 1.1% to $2.69 billion.

Net income from power generation soared 62% to $94 million, mostly on the increased value of long-term energy contracts with RBS Sempra Commodities and other parties when adjusted to reflect changing market prices.

Profit from Southern California Gas, the largest U.S. gas utility, rose 22% to $77 million, mostly because of the favorable resolution of regulatory and income-tax issues. Earnings from the utility San Diego Gas & Electric were unchanged at $123 million.