Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 355

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 355
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 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 optimization from contracts to sell natural gas and LNG to third parties, including: 

◦$90 million driven by higher natural gas prices and higher volumes associated with optimization of transport and storage contracts

Offset by: 

◦$60 million from $50 million unrealized losses in 2025 compared to $10 million unrealized gains in 2024 on commodity derivatives

▪$18 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement

Offset by:

▪$30 million lower transportation revenues driven by a customer’s early termination of firm transportation agreements

▪$8 million from TdM due to lower power prices and lower volumes

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of sales from energy-related