Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 123

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 123
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 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

Offset by:

▪$15 million higher net interest expense

Sempra Texas Utilities

In the three months ended March 31, 2025 compared to the same period in 2024, the decrease in earnings of $37 million (20%) 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

◦higher customer consumption primarily attributable to weather

◦customer growth

Offset by:

◦decreases in transmission billing units

80

Table of Contents

Sempra Infrastructure 

In the three months ended March 31, 2025 compared to the same period in 2024, the increase in earnings of $15 million (11%) was primarily due to:

▪$49 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of an $8 million favorable impact in 2025 compared to a $41 million unfavorable impact in 2024

▪$20 million lower O&M in 2025 from lower provisions for expected credit losses

▪$10 million in interest income from an increase in the fair value of the Support Agreement

Offset by:

▪$50 million from asset and supply optimization driven by lower optimization of transport and storage contracts and higher unrealized losses on commodity derivatives due to changes in natural gas prices

▪$12 million from TdM driven by lower unrealized gains on commodity derivatives due to changes in power prices and lower volumes, including from a scheduled maintenance outage in March 2025

▪$9 million in interest expense from unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project

Parent and Other

In the three months ended March 31, 2025 compared to the same period in 2024, the increase in losses of $15 million (16%) was primarily due to $17 million higher net interest expense.

SIGNIFICANT CHANGES IN REVENUES AND COSTS

The regulatory framework permits SDG&E and SoCalGas to recover certain program expenditures