Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 250

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 250
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 purchased from third parties, and net power purchases and sales to/from the California ISO.

UTILITIES: ELECTRIC REVENUES AND COST OF ELECTRIC FUEL AND PURCHASED POWER(Dollars in millions) Three months ended March 31, 20252024Sempra:Electric revenues:Sempra California$1,060 $1,057 Eliminations and adjustments(1)(1)Total$1,059 $1,056 Cost of electric fuel and purchased power(1):Sempra California$73 $107 Eliminations and adjustments(21)(18)Total$52 $89 

(1)    Excludes depreciation and amortization, which are presented separately on Sempra’s Condensed Consolidated Statements of Operations.

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Table of Contents

In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s electric revenues increased by $3 million driven by Sempra California, which included:

▪$45 million higher CPUC-authorized 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 $5 million lower authorized cost of capital

▪$17 million higher revenues associated with refundable programs, which are fully offset in O&M

▪$9 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

▪$6 million higher revenues from transmission operations

Offset by:

▪$44 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax expense

▪$34 million decrease in cost of electric fuel and purchased power, which we discuss below

In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power decreased by $37 million (42%) driven by Sempra California, which included:

▪$26 million lower purchased power primarily due to change in excess capacity sales

▪$20 million lower purchased power from the California ISO due to lower market prices

Offset by:

▪$15 million lower sales to the California ISO due to lower market prices

Energy-Related Businesses: Revenues and Cost of Sales

ENERGY-RELATED BUSINESSES: REVENUES AND COST