Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 167

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 167
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 discuss any recent accounting pronouncements that have had or may have a significant effect on our financial statements and/or disclosures in Note 2 of the Notes to Condensed Consolidated Financial Statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We provide disclosure regarding derivative activity in Note 8 of the Notes to Condensed Consolidated Financial Statements. We discuss our market risk and risk policies in detail in “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in the Annual Report.

COMMODITY PRICE RISK

Sempra Infrastructure is exposed to commodity price risk indirectly through its LNG, natural gas pipelines and storage, and power-generating assets. In the first nine months of 2025, a hypothetical 10% change in commodity prices would have resulted in a change in the fair value of our commodity-based natural gas and electricity derivatives of $12 million at September 30, 2025 compared to $13 million at December 31, 2024.

The one-day value at risk for SDG&E’s and SoCalGas’ commodity positions were $1 million and $6 million, respectively, at September 30, 2025 compared to $2 million for each at December 31, 2024.

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INTEREST RATE RISK

The table below shows the nominal amount of our debt:

NOMINAL AMOUNT OF DEBT(1)(Dollars in millions) September 30, 2025December 31, 2024 SempraSDG&ESoCalGasSempraSDG&ESoCalGasShort-term:Sempra California$438 $27 $411 $1,454 $417 $1,037 Other(2)2,293 — — 562 — — Long-term:Sempra California fixed-rate$17,909 $9,800 $8,109 $16,309 $8,950 $7,359 Other fixed-rate(2)17,338 — — 15,527 — — Other variable-rate(2)1,580 — — 1,063 — — 

(1)    After the effects of interest rate swaps. Before reductions for unamortized discounts and debt issuance costs and excluding finance lease obligations.

(2)     At September 30, 2025, $