Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 126

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 126
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 CPUC-authorized 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 $5 million lower authorized cost of capital

▪$17 million higher revenues associated with refundable programs, which are fully offset in O&M

▪$9 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

▪$6 million higher revenues from transmission operations

Offset by:

▪$44 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax expense

▪$34 million decrease in cost of electric fuel and purchased power, which we discuss below

In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power decreased by $37 million (42%) driven by Sempra California, which included:

▪$26 million lower purchased power primarily due to change in excess capacity sales

▪$20 million lower purchased power from the California ISO due to lower market prices

Offset by:

▪$15 million lower sales to the California ISO due to lower market prices

Energy-Related Businesses: Revenues and Cost of Sales

ENERGY-RELATED BUSINESSES: REVENUES AND COST OF SALES(Dollars in millions) Three months ended March 31, 20252024Sempra:Revenues:  Sempra Infrastructure$400 $489 Parent and other(1)(19)(14)Total$381 $475 Cost of sales(2):  Sempra Infrastructure$119 $109 

(1)    Includes eliminations of intercompany activity.

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

In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses decreased by $94 million (20%) primarily due to:

▪$92 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including: 

◦$45 million from lower optimization of transport and storage contracts primarily due to changes in natural gas prices

◦$45 million higher unrealized