This application would increase SDG&E's equity ratio from 52% to 54%, ROE from 10.20% to 10.55% while also lowering cost of debt from from 4.59% to 3.84%.
Also at SoCalGas, we recently announced agreements expected to resolve substantially all material civil litigation against SoCalGas and Sempra related to the 2015 Aliso Canyon natural gas storage facility leak with net after-tax cash flows for SoCalGas expected to ultimately be up to $895 million after taking into consideration collection of existing insurance receivables and other adjustments.
Moving now to Texas, Oncor announced its updated 2022 to 2026 capital plan of approximately $15 billion.
It's important to note that this plan is a $2.8 billion increase over its 2021 to 2025 capital plan that was presented at the 2021 Investor Day in June.
Oncor today operates in one of the fastest growing markets in the country with some forecasts estimating that the Texas population will nearly double by 2050.
With strong macro fundamentals across its service territory, Oncor just announced a record-high five-year capital plan of $15 billion.
And finally, Oncor now expects to grow its rate base to nearly $28 billion by 2026, which reflects a compound annual growth rate of about 8% over the five-year period.
As a reminder, ECA LNG Phase 1 was the only LNG export project in the world to take a final investment decision last year, which reinforces the competitive advantage of brownfield sites that can dispatch into the Atlantic and Pacific basins.
Now looking forward, we remain focused on the construction of ECA LNG Phase 1, working with our partners to optimize Cameron LNG's current operations as well as the development of the Cameron LNG expansion, and finally, working on an exciting new Pacific opportunity in Topolobampo, Mexico called Vista Pacifico LNG.
At ECA LNG Phase 1 engineering, equipment, fabrication, and site preparation are well underway.
Together with our partners, we are developing a projected 7 million tonnes per annum expansion project benefiting from 1 million tonnes per annum of debottlenecking Trains 1-3.
In terms of next steps, we plan to move to feed early next year to file an amendment with FERC to build Train 4 with electric drives in order to reduce Scope 1 emissions and to work closely with our partners as we advance toward FID.
The GRO expansion is a pipeline project in development that is expected to increase gas delivery capacity to the Baja peninsula and play a critical role in supplying gas to the ECA LNG Phase 1 project.
This compares to third quarter 2020 GAAP earnings of $351 million or $1.21 per share.
On an adjusted basis, third quarter 2021 earnings were $545 million or $1.70 per share.
This compares to our third quarter 2020 adjusted earnings of $432 million or $1.49 per share.
The variance in the third quarter 2021 adjusted earnings compared to the same period last year was affected by the following key items: $35 million of higher earnings at Sempra Mexico due to higher ownership of IEnova; $35 million of higher CPUC base operating margin, net of operating expenses at SDG&E and SoCalGas; $29 million of lower losses at parent and other primarily due to lower preferred dividends; and $29 million related to the energy efficiency program refund in the third quarter of 2020 at SDG&E.

Summary:
On an adjusted basis, third quarter 2021 earnings were $545 million or $1.70 per share.