Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 286

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 286
---
, fleet vehicles, aircraft, tugboats, machinery and equipment, warehouses and other operational facilities) and PPAs with renewable energy, energy storage and peaker plant facilities.

Leases That Have Not Yet Commenced Since December 31, 2024, SDG&E has adjusted the expected commencement dates of four PPAs to: two commencing in 2025, one commencing in 2027 and one commencing in 2028. SDG&E expects the future minimum lease payments to be $18 million in 2025, $36 million in each of 2026 and 2027, $41 million in 2028, $43 million in 2029 and $471 million thereafter (through expiration in 2043).Lessor AccountingSempra Infrastructure is a lessor for certain of its natural gas and ethane pipelines, compressor stations, liquid petroleum gas storage facilities, a rail facility and refined products terminals, which we account for as operating or sales-type leases.We provide information below for leases for which we are the lessor.LESSOR INFORMATION ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in millions)Three months ended June 30,Six months ended June 30,2025202420252024Sempra – Sales-type leases:Interest income$1 $2 $2 $3 Total revenues from sales-type leases(1)$1 $2 $2 $3 Sempra – Operating leases:Fixed lease payments$90 $87 $176 $176 Variable lease payments6 10 11 20 Total revenues from operating leases(1)$96 $97 $187 $196 Depreciation expense$17 $18 $35 $36 (1)    Included in Revenues: Energy-Related Businesses on the Condensed Consolidated Statements of Operations.

CONTRACTUAL COMMITMENTSWe discuss below significant changes in the first six months of 2025 to contractual commitments discussed in Note 15 of the Notes to Consolidated Financial Statements in the Annual Report.LNG Purchase AgreementSempra Infrastructure has an SPA for the supply of LNG to the ECA Regas Facility. The commitment amount is calculated using a predetermined formula based on estimated forward prices of the index applicable from 2025 through 2029. Although this agreement specifies a number of cargoes to be delivered, under its terms, the supplier may divert certain cargoes, which would reduce amounts paid under the agreement by Sem