Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 152

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 152
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�customer growth

Offset by:

◦lower customer consumption primarily attributable to weather

Offset by:

▪higher interest expense and depreciation expense associated with increases in invested capital

▪higher O&M

In the six months ended June 30, 2025 compared to the same period in 2024, the decrease in earnings of $31 million (8%) was primarily due to lower equity earnings from Oncor Holdings driven by:

▪higher interest expense and depreciation expense associated with increases in invested capital

▪higher O&M

Offset by:

▪overall higher revenues primarily attributable to:

◦rate updates to reflect increases in invested capital

◦customer growth

◦increase due to Oncor’s SRP and the establishment of the UTM

◦higher customer consumption primarily attributable to weather

Offset by:

◦decreases in transmission billing units

Sempra Infrastructure 

In the three months ended June 30, 2025 compared to the same period in 2024, the decrease in earnings of $219 million was primarily due to:

▪$251 million unfavorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of an $98 million unfavorable impact in 2025 compared to a $153 million favorable impact in 2024

▪$26 million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management’s decision to hold the asset for sale

Offset by:

▪$46 million from asset and supply optimization driven by unrealized gains in 2025 compared to unrealized losses in 2024 on commodity derivatives due to changes in natural gas prices and higher LNG diversion fees

▪$9 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement

In the six months ended June 30, 2025 compared to the same period in 2024, the decrease in earnings of $204 million (48%) was primarily due to:

▪$202 million unfavorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of an $90 million unfavorable impact in 2025 compared to a $112 million favorable impact in 2024

▪$26 million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management