Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 99

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 99
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 purchased power primarily due to change in excess capacity sales and lower renewable energy costs

▪$24 million lower purchased power from the California ISO due to lower customer demand from departing load now served by CCAs

In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s electric revenues decreased by $110 million (5%) driven by Sempra California, which included:

▪$103 million decrease in cost of electric fuel and purchased power, which we discuss below

▪$67 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax (expense) benefit

▪$11 million lower revenues associated with refundable programs, which are fully offset in O&M

Offset by:

▪$47 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 $9 million lower authorized cost of capital

▪$14 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

▪$13 million higher revenues from transmission operations

In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power decreased by $102 million (42%) driven by Sempra California, which included:

▪$73 million lower purchased power primarily due to change in excess capacity sales and lower renewable energy costs

▪$44 million lower purchased power from the California ISO due to lower customer demand from departing load now served by CCAs

Offset by:

▪$15 million lower sales to the California ISO due to decreased utility-owned generator availability

Energy-Related Businesses: Revenues and Cost of Sales

ENERGY-RELATED BUSINESSES: REVENUES AND COST OF SALES(Dollars in millions) Three months ended June 30,Six months ended June 30, 2025202420252024Sempra:Revenues:  Sempra Infrastructure$512 $391 $912 $880 Parent and other(1)(13)(18)(32)(32)Total$499 $373 $880 $848 Cost of sales(2):  Sempra Infrastructure$85 $54 $204