Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 196

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 196
---
, which are offset in income tax benefit (expense). Gas repairs tax benefits 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

▪$23 million higher revenues associated with refundable programs, which are fully offset in O&M

▪$14 million regulatory award approved by the CPUC in 2025

▪$13 million higher revenues from higher non-service components of net periodic benefit cost, which fully offsets in other (expense) income, net

Offset by:

▪$179 million lower revenues from incremental and balanced capital projects, including those that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital

▪$48 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax benefit (expense)

▪$29 million lower revenues from disallowed regulatory recovery of COVID-19 costs

In the nine months ended September 30, 2025 compared to the same period in 2024, SoCalGas’ cost of natural gas increased by $88 million (13%) to $749 million due to: 

▪$105 million higher average natural gas prices

Offset by:

▪$17 million lower volumes driven by weather

Operation and Maintenance

In the three months ended September 30, 2025 compared to the same period in 2024, SoCalGas’ O&M decreased by $55 million (8%) to $623 million due to:

▪$31 million lower non-refundable operating costs

▪$24 million lower expenses associated with refundable programs, which costs are recovered in revenue

In the nine months ended September 30, 2025 compared to the same period in 2024, SoCalGas’ O&M increased by $4 million remaining at $2.0 billion due to:

▪$23 million higher expenses associated with refundable programs, which costs are recovered in revenue

Offset by:

▪$19 million lower non-refundable operating costs

Other (Expense) Income, Net

In the three months ended September 30, 2025 compared to the same period in 2024, SoCalGas had $3 million of other expense, net, in 2025 compared to $13 million of other income, net, in 2024 primarily due