Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 397

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 397
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 natural gas and ethane pipelines, compressor stations, LPG storage facilities, a rail facility and refined products terminals. We discuss the recognition of lease income in Note 15.Sempra Infrastructure has an agreement with Tangguh PSC to supply LNG to the ECA Regas Facility. Under the terms of the agreement, Tangguh PSC must either deliver the contracted number of cargoes or pay a diversion fee for non-delivery of LNG cargoes.Sempra Infrastructure also recognizes other revenues associated with derivatives related to the sales of natural gas and electricity under short-term and long-term contracts and into the spot market and other competitive markets. Revenues include the net realized gains and losses on physical and derivative settlements and net unrealized gains and losses from the change in fair values of these derivatives.

2024 Form 10-K  |  F-56

NOTE 4. REGULATORY MATTERS

REGULATORY ASSETS AND LIABILITIESWe show the details of regulatory assets and liabilities in the following table and discuss them below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset.REGULATORY ASSETS (LIABILITIES) AT DECEMBER 31(Dollars in millions)SempraSDG&ESoCalGas 202420232024202320242023Fixed-price contracts and other derivatives$53 $215 $11 $14 $42 $201 Deferred income taxes recoverable in rates1,689 1,142 802 626 817 430 Pension and PBOP plan obligations(458)(212)(2)48 (456)(260)Employee benefit costs19 24 3 3 16 21 Removal obligations(3,295)(3,082)(2,676)(2,468)(619)(614)Environmental costs149 139 115 105 34 34 Sunrise Powerlink fire mitigation124 124 124 124 — — Regulatory balancing accounts(1)(2):Commodity – electric(313)(233)(313)(233)— — Commodity – gas