Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 114

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 114
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$127 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

▪$29 million lower revenues from disallowed regulatory recovery of COVID-19 costs

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▪$12 million decrease in cost of natural gas sold, which we discuss below

▪$11 million lower revenues associated with impacts resulting from changes in tax laws tracked in the income tax expense memorandum account

In the six months ended June 30, 2025 compared to the same period in 2024, SoCalGas’ cost of natural gas decreased by $12 million (2%) to $567 million primarily due to: 

▪$23 million lower volumes driven by weather

Offset by:

▪$11 million higher average natural gas prices

Operation and Maintenance

In the three months ended June 30, 2025 compared to the same period in 2024, SoCalGas’ O&M decreased by $85 million (12%) to $622 million primarily due to:

▪$99 million lower expenses associated with refundable programs, which costs are recovered in revenue

Offset by:

▪$14 million higher non-refundable operating costs

In the six months ended June 30, 2025 compared to the same period in 2024, SoCalGas’ O&M increased by $59 million (4%) to $1.4 billion primarily due to:

▪$47 million higher expenses associated with refundable programs, which costs are recovered in revenue

▪$12 million higher non-refundable operating costs

Other (Expense) Income, Net

In the three months ended June 30, 2025 compared to the same period in 2024, SoCalGas had $2 million of other expense, net, in 2025 compared to $13 million of other income, net, in 2024 primarily due to:

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

▪$6 million higher non-service components of net periodic benefit cost

In the six months ended June 30, 2025 compared to the same period in 2024, SoCalGas’ other income, net, decreased by $20 million (33%) to $40 million primarily due:

▪$10 million decrease from a $6 million cost in 2025 compared to $4 million