Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 245

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 245
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 periodic benefit cost, which fully offsets in other income, net

▪$9 million lower franchise fee revenues

Offset by:

▪$178 million lower ITCs from standalone energy storage projects, which are offset in income tax expense

▪$110 million higher CPUC-authorized revenues in 2024, including certain incremental and balanced capital projects that are now in CPUC-authorized revenues as a result of the 2024 GRC FD and higher authorized cost of capital

▪$82 million higher revenues from incremental and balanced capital projects, including higher authorized cost of capital, offset by certain projects that are now in CPUC-authorized revenues as a result of the 2024 GRC FD

▪$42 million higher revenues from transmission operations

In 2024 compared to 2023, Sempra’s cost of electric fuel and purchased power decreased by $130 million (35%) to $245 million driven by Sempra California, which included:

▪$276 million lower purchased power primarily due to change in excess capacity sales

▪$242 million lower purchased power from the California ISO due to lower market prices

▪$105 million lower utility-owned generation costs

Offset by:

▪$331 million lower sales to the California ISO due to lower market prices

▪$129 million from realized losses in 2024 compared to realized gains in 2023 on derivative contracts for fixed-price natural gas, which are entered into to hedge the cost of electric fuel

2024 Form 10-K  |  71

Energy-Related Businesses: Revenues and Cost of Sales

ENERGY-RELATED BUSINESSES: REVENUES AND COST OF SALES(Dollars in millions) Years ended December 31, 202420232022Sempra:Revenues:   Sempra Infrastructure$1,804 $2,984 $1,830 Parent and other(1)(56)(93)(42)Total$1,748 $2,891 $1,788 Cost of sales(2): Sempra Infrastructure$380 $548 $942 Total$380 $548 $942 

(1)    Includes eliminations of intercompany activity.

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

In 2024 compared to 2023, Sempra’s revenues from energy-related businesses decreased by $1.1 billion (40