Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 353

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 353
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 period in 2024, Sempra’s cost of natural gas increased by $96 million (12%) driven by Sempra California, which included:

▪$112 million higher average natural gas prices

Offset by:

▪$18 million lower volumes driven by weather

Utilities: Electric Revenues and Cost of Electric Fuel and Purchased Power

Our utilities revenues include electric revenues at Sempra California, substantially all of which is at SDG&E. Intercompany revenues are eliminated in Sempra’s Condensed Consolidated Statements of Operations.

SDG&E operates under a regulatory framework that permits it to recover the actual cost incurred to generate or procure electricity based on annual estimates of the cost of electricity supplied to customers. The differences in cost between estimates and actual are recovered or refunded in subsequent periods through rates.

Utility cost of electric fuel and purchased power includes utility-owned generation, power purchased from third parties, and net power purchases and sales to/from the California ISO.

UTILITIES: ELECTRIC REVENUES AND COST OF ELECTRIC FUEL AND PURCHASED POWER(Dollars in millions) Three months ended September 30,Nine months ended September 30, 2025202420252024Sempra:Electric revenues:Sempra California$1,260 $1,070 $3,352 $3,272 Eliminations and adjustments— (1)(2)(3)Total$1,260 $1,069 $3,350 $3,269 Cost of electric fuel and purchased power(1):Sempra California$135 $(5)$314 $277 Eliminations and adjustments(13)(13)(49)(50)Total$122 $(18)$265 $227 

(1)    Excludes depreciation and amortization, which are presented separately on Sempra’s Condensed Consolidated Statements of Operations.

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In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s electric revenues increased by $191 million (18%) driven by Sempra California, which included:

▪$140 million increase in cost of electric fuel and purchased power, which we discuss below

▪$40 million higher CPUC-authorized base revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $6 million lower authorized cost of capital

▪$15 million higher revenues from incremental and balanced capital projects