Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 113

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 113
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 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 natural gas revenues increased by $168 million (14%) driven by Sempra California, which included:

▪$122 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 $7 million lower authorized cost of capital

▪$108 million increase in cost of natural gas sold, which we discuss below

▪$58 million higher regulatory revenues, including gas repairs tax benefits, which are offset in income tax (expense) benefit. Gas repairs tax benefits in the first three quarters of 2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD

Offset by:

▪$65 million lower revenues from incremental and balanced capital projects, including those that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital

▪$51 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of natural gas increased by $111 million driven by Sempra California, primarily due to higher average natural gas prices. 

101

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s natural gas revenues increased by $397 million (8%) driven by Sempra California, which included:

▪$430 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 $28 million lower authorized cost of capital

▪$103 million higher regulatory revenues, including gas repairs tax benefits, which are offset in income tax (expense) benefit. Gas repairs tax benefits in the first three quarters of 2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD

▪$94 million increase in cost of natural gas