Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 93

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 93
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 six months ended June 30, 2025 compared to the same period in 2024, the increase in earnings of $85 million (9%) was primarily due to:

▪$72 million higher CPUC base operating margin, net of operating expenses including higher depreciation and $22 million lower authorized cost of capital. In the first three quarters of 2024, Sempra California recorded CPUC-authorized base revenues based on 2023 authorized levels

▪$42 million higher income tax benefits primarily from flow-through items, including gas repairs tax benefits, which in the first three quarters of 2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD

▪$10 million regulatory award approved by the CPUC in 2025

▪$4 million higher net regulatory interest income

▪$3 million higher electric transmission margin

▪$3 million higher AFUDC equity

Offset by:

▪$32 million higher net interest expense

▪$25 million from disallowed regulatory recovery of COVID-19 costs

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Table of Contents

Sempra Texas Utilities

In the three months ended June 30, 2025 compared to the same period in 2024, the increase in earnings of $6 million (3%) was primarily due to higher equity earnings from Oncor Holdings driven by:

▪overall higher revenues primarily attributable to:

◦rate updates to reflect increases in invested capital

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

◦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 

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