Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 116

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 116
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 California(1)$1,094 $1,143 Sempra Texas Utilities486 193 Sempra Infrastructure1,241 790 Segment totals2,821 2,126 Parent and other1 — Total Sempra$2,822 $2,126 

(1)    Includes capital expenditures for PP&E of $539 and $624 at SDG&E and $555 and $519 at SoCalGas for 2025 and 2024, respectively.

We expect capital expenditures for PP&E and investments in 2025 to total $12.5 billion. When (i) including Sempra’s proportionate ownership interest in expected capital expenditures for PP&E at unconsolidated equity method investees while excluding Sempra’s expected capital contributions to those unconsolidated equity method investees and (ii) excluding NCI’s proportionate ownership interest in expected capital expenditures for PP&E at Sempra and at unconsolidated equity method investees, we expect capital expenditures for PP&E in 2025 to total $12.7 billion. 

In addition, Oncor anticipates that its capital plan will grow over the 2025 through 2029 period due to a variety of potential projects and developments. As a result of the anticipated accelerated in-service dates for certain transmission import paths recently approved by the PUCT, Oncor now believes its incremental capital expenditure opportunities over the 2025 through 2029 period are likely to exceed the $12 billion it previously identified, particularly in the latter years of its five-year capital plan. Changes in Oncor’s capital expenditures plan could result in corresponding changes to our capital expenditures plan based on our ownership interest in Oncor.

Our level of capital expenditures for PP&E and investments will depend on, among other things, the cost and availability of financing, regulatory approvals, changes in tax law and business opportunities providing desirable rates of return, among various other factors described in this MD&A and in “Part I – Item 1A. Risk Factors” in the Annual Report. We aim to finance our capital expenditures for PP&E and investments in a manner that will maintain our investment-grade credit ratings and capital structure, but there is no guarantee that we will be able to do so.

CRITICAL ACCOUNTING ESTIMATES

Management views certain accounting estimates as critical because their application is the most relevant, judgmental and/or material to our financial position and results of operations, and/or because they require the use of material judgments and estimates. We discuss critical accounting