Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 115

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 115
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 Eliminations and adjustments(13)(13)(49)(50)Total$122 $(18)$265 $227 

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

102

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s electric revenues increased by $191 million (18%) driven by Sempra California, which included:

▪$140 million increase in cost of electric fuel and purchased power, which we discuss below

▪$40 million higher CPUC-authorized base revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $6 million lower authorized cost of capital

▪$15 million higher revenues from incremental and balanced capital projects offset by certain projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital

▪$12 million higher revenues from transmission operations

Offset by:

▪$19 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit

▪$7 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax (expense) benefit

In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power increased by $140 million driven by Sempra California, which included:

▪$140 million higher purchased power primarily due to change in excess capacity sales and tolling agreements

▪$30 million lower sales to the California ISO due to lower market prices

Offset by: 

▪$28 million lower purchased power from the California ISO due to lower market prices and lower customer demand from departing load now served by CCAs

In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s electric revenues increased by $81 million (2%) driven by Sempra California, which included:

▪$87 million higher CPUC-authorized base revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $15 million lower authorized cost of capital

▪$