Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 109

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 109
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2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD) and impacts from the election to accelerate self-developed software deductions, and from the resolution of prior year income tax items

▪$119 million higher CPUC base operating margin, net of operating expenses including higher depreciation and $31 million lower authorized cost of capital. In the first three quarters of 2024, Sempra California recorded CPUC-authorized base revenues based on 2023 authorized levels

▪$10 million regulatory award approved by the CPUC in 2025

▪$7 million higher net regulatory interest income

▪$7 million higher electric transmission margin

Offset by:

▪$48 million higher net interest expense

▪$25 million from disallowed regulatory recovery of COVID-19 costs

Sempra Texas Utilities

In the three months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $45 million (17%) was primarily due to higher equity earnings from Oncor Holdings driven by:

▪overall higher revenues primarily attributable to:

◦rate updates to reflect increases in invested capital

◦increase due to Oncor’s SRP and the UTM

Offset by:

▪higher interest expense and depreciation expense associated with increases in invested capital

▪higher O&M

98

In the nine months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $14 million (2%) was primarily due to higher equity earnings from Oncor Holdings driven by:

▪overall higher revenues primarily attributable to:

◦rate updates to reflect increases in invested capital

◦increase due to Oncor’s SRP and the establishment of the UTM

◦customer growth

Offset by:

▪higher interest expense and depreciation expense associated with increases in invested capital

▪higher O&M

Sempra Infrastructure 

In the three months ended September 30, 2025 compared to the same period in 2024, losses were $580 million compared to earnings of $230 million primarily due to:

▪$705 million income tax expense in 2025 to adjust deferred income tax liabilities related to outside basis differences in our investment in SI Partners as a result of management’s decision to classify the asset as held for sale

▪$100 million unfavorable impact from foreign currency and inflation effects on our monetary positions in