Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 156

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 156
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:

▪$141 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

▪$14 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, Sempra’s cost of natural gas decreased by $15 million (2%) driven by Sempra California, which included:

▪$25 million lower volumes driven by weather

Offset by:

▪$11 million higher average natural gas prices 

Utilities: Electric Revenues and Cost of Electric Fuel and Purchased Power

Our utilities revenues include electric revenues at Sempra California, substantially all of which is at SDG&E. Intercompany revenues are eliminated in Sempra’s Condensed Consolidated Statements of Operations.

SDG&E operates under a regulatory framework that permits it to recover the actual cost incurred to generate or procure electricity based on annual estimates of the cost of electricity supplied to customers. The differences in cost between estimates and actual are recovered or refunded in subsequent periods through rates.

Utility cost of electric fuel and purchased power includes utility-owned generation, power 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 June 30,Six months ended June 30, 2025202420252024Sempra:Electric revenues:Sempra California$1,032 $1,145 $2,092 $2,202 Eliminations and adjustments(1)(1)(2)(2)Total$1,031 $1,144 $2,090 $2,200 Cost of electric fuel and purchased power(1):Sempra California$106 $175 $179 $282 Eliminations and adjustments(15)(19)(36)(37)Total$91 $156 $143 $245 

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

In the three months ended June