Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 244

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 244
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1.1 billion driven by Sempra California, which included:

▪$2.4 billion lower average natural gas prices 

▪$239 million lower volumes driven by weather

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 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.

2024 Form 10-K  |  70

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) Years ended December 31, 202420232022Sempra:Electric revenues:Sempra California$4,299 $4,336 $4,785 Eliminations and adjustments(3)(2)(2)Total$4,296 $4,334 $4,783 Cost of electric fuel and purchased power(1):Sempra California$308 $445 $994 Eliminations and adjustments(63)(70)(57)Total$245 $375 $937 

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

In 2024 compared to 2023, Sempra’s electric revenues decreased by $38 million (1%) remaining at $4.3 billion driven by Sempra California, which included:

▪$176 million lower revenues associated with refundable programs, which are fully offset in O&M

▪$137 million lower cost of electric fuel and purchased power, which we discuss below

▪$94 million charge in 2024 for amounts relating to the FERC order finding that the TO5 adder refund provision has been triggered, requiring SDG&E to refund customers the California ISO adder retroactively from June 1, 2019

▪$18 million lower revenues from a $5 million credit in 2024 compared to a $13 million cost in 2023 for the non-service components of net