Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 160

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 160
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 intercompany activity.

In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s O&M decreased by $94 million (7%) primarily due to:

▪$106 million decrease at Sempra California due to:

◦$125 million lower expenses associated with refundable programs, which costs are recovered in revenue

Offset by:

◦$19 million higher non-refundable operating costs

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Offset by: 

▪$9 million increase at Parent and other primarily due to higher deferred compensation expense

In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s O&M increased by $37 million (1%) primarily due to:

▪$65 million increase at Sempra California due to:

◦$55 million higher expenses associated with refundable programs, which costs are recovered in revenue

◦$10 million higher non-refundable operating costs

Offset by:

▪$16 million decrease at Parent and other primarily due to lower deferred compensation expense

▪$11 million decrease at Sempra Infrastructure due to:

◦$22 million from lower provisions for expected credit losses

Offset by:

◦$4 million higher development costs and certain non-capitalized expenses from projects under construction 

Other Income, Net

In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s other income, net, increased by $29 million to $59 million primarily due to: 

▪$20 million higher investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan at Parent and other

▪$8 million higher AFUDC equity primarily at Sempra Infrastructure

▪$3 million higher net interest income on regulatory balancing accounts at Sempra California

Offset by:

▪$7 million reduction in regulatory interest from disallowed regulatory recovery of COVID-19 costs at Sempra California

In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s other income, net, increased by $21 million (16%) to $150 million primarily due to:

▪$12 million higher AFUDC equity primarily at Sempra Infrastructure

▪$6 million higher net interest income on regulatory balancing accounts at Sempra California

▪$6 million higher investment gains on dedicated assets in support of our employee nonqualified benefit