Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 116

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 116
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37 million increase in cost of electric fuel and purchased power, which we discuss below

▪$29 million higher revenues from incremental and balanced capital projects offset by certain projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital

▪$25 million higher revenues from transmission operations

Offset by:

▪$74 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax (expense) benefit

▪$19 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit

▪$9 million lower revenues associated with refundable programs, which are fully offset in O&M

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power increased by $38 million (17%) driven by Sempra California, which included:

▪$67 million higher purchased power primarily due to tolling agreements and change in excess capacity sales

▪$45 million lower sales to the California ISO due to lower market prices

Offset by:

▪$72 million lower purchased power from the California ISO due to lower market prices and lower customer demand from departing load now served by CCAs

103

Energy-Related Businesses: Revenues and Cost of Sales

ENERGY-RELATED BUSINESSES: REVENUES AND COST OF SALES(Dollars in millions) Three months ended September 30,Nine months ended September 30, 2025202420252024Sempra:Revenues:  Sempra Infrastructure$540 $523 $1,452 $1,403 Parent and other(1)(12)(11)(44)(43)Total$528 $512 $1,408 $1,360 Cost of sales(2):  Sempra Infrastructure$117 $134 $321 $297 

(1)    Includes eliminations of intercompany activity.

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

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses increased by $16 million (3%) primarily due to:

▪$39 million from asset and supply