Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 179

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 179
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 The differences in cost between estimates and actual are recovered or refunded in subsequent periods through rates.

Utility cost of electric fuel and purchased power includes utility-owned generation, power purchased from third parties, and net power purchases and sales to/from the California ISO.

UTILITIES: ELECTRIC REVENUES AND COST OF ELECTRIC FUEL AND PURCHASED POWER(Dollars in millions) Three months ended September 30,Nine months ended September 30, 2025202420252024Sempra:Electric revenues:Sempra California$1,260 $1,070 $3,352 $3,272 Eliminations and adjustments— (1)(2)(3)Total$1,260 $1,069 $3,350 $3,269 Cost of electric fuel and purchased power(1):Sempra California$135 $(5)$314 $277 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.

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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