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v3.23.2

REGULATORY MATTERS (Tables) | 6 Months Ended
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Jun. 30, 2023
Regulated Operations [Abstract] |
Schedule of Regulatory Assets |
REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
| June 30, 2023 |  | December 31, 2022
SDG&E: |  |  |
Fixed-price contracts and other derivatives | $ | 8 |  |  | $ | (110) |
Deferred income taxes recoverable in rates | 429 |  |  | 296 |
Pension and PBOP plan obligations | 3 |  |  | 11 |
Removal obligations | (2,371) |  |  | (2,248) |
Environmental costs | 106 |  |  | 107 |
Sunrise Powerlink fire mitigation | 121 |  |  | 123 |
Regulatory balancing accounts(1)(2): |  |  |
Commodity – electric | 181 |  |  | 220 |
Gas transportation | 7 |  |  | 60 |
Safety and reliability | 158 |  |  | 107 |
Public purpose programs | (109) |  |  | (69) |
Wildfire mitigation plan | 519 |  |  | 375 |
Liability insurance premium | 102 |  |  | 99 |
Other balancing accounts | (342) |  |  | (50) |
Other regulatory assets, net(2) | 153 |  |  | 137 |
Total SDG&E | (1,035) |  |  | (942) |
SoCalGas: |  |  |
Deferred income taxes recoverable in rates | 241 |  |  | 161 |
Pension and PBOP plan obligations | (232) |  |  | (170) |
Employee benefit costs | 24 |  |  | 24 |
Removal obligations | (591) |  |  | (616) |
Environmental costs | 37 |  |  | 38 |
Regulatory balancing accounts(1)(2): |  |  |
Commodity – gas, including transportation | (362) |  |  | (257) |
Safety and reliability | 644 |  |  | 575 |
Public purpose programs | (152) |  |  | (158) |
Liability insurance premium | 22 |  |  | 23 |
Other balancing accounts | 288 |  |  | 115 |
Other regulatory assets, net(2) | 280 |  |  | 223 |
Total SoCalGas | 199 |  |  | (42) |
Sempra Infrastructure: |  |  |
Deferred income taxes recoverable in rates | 78 |  |  | 78 |
Other regulatory assets | 5 |  |  | — |
Total Sempra Infrastructure | 83 |  |  | 78 |
Total Sempra | $ | (753) |  |  | $ | (906) |
(1) At June 30, 2023 and December 31, 2022, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $748 and $562, respectively, and for SoCalGas was $859 and $692, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate.
Schedule of Regulatory Liabilities |
REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
| June 30, 2023 |  | December 31, 2022
SDG&E: |  |  |
Fixed-price contracts and other derivatives | $ | 8 |  |  | $ | (110) |
Deferred income taxes recoverable in rates | 429 |  |  | 296 |
Pension and PBOP plan obligations | 3 |  |  | 11 |
Removal obligations | (2,371) |  |  | (2,248) |
Environmental costs | 106 |  |  | 107 |
Sunrise Powerlink fire mitigation | 121 |  |  | 123 |
Regulatory balancing accounts(1)(2): |  |  |
Commodity – electric | 181 |  |  | 220 |
Gas transportation | 7 |  |  | 60 |
Safety and reliability | 158 |  |  | 107 |
Public purpose programs | (109) |  |  | (69) |
Wildfire mitigation plan | 519 |  |  | 375 |
Liability insurance premium | 102 |  |  | 99 |
Other balancing accounts | (342) |  |  | (50) |
Other regulatory assets, net(2) | 153 |  |  | 137 |
Total SDG&E | (1,035) |  |  | (942) |
SoCalGas: |  |  |
Deferred income taxes recoverable in rates | 241 |  |  | 161 |
Pension and PBOP plan obligations | (232) |  |  | (170) |
Employee benefit costs | 24 |  |  | 24 |
Removal obligations | (591) |  |  | (616) |
Environmental costs | 37 |  |  | 38 |
Regulatory balancing accounts(1)(2): |  |  |
Commodity – gas, including transportation | (362) |  |  | (257) |
Safety and reliability | 644 |  |  | 575 |
Public purpose programs | (152) |  |  | (158) |
Liability insurance premium | 22 |  |  | 23 |
Other balancing accounts | 288 |  |  | 115 |
Other regulatory assets, net(2) | 280 |  |  | 223 |
Total SoCalGas | 199 |  |  | (42) |
Sempra Infrastructure: |  |  |
Deferred income taxes recoverable in rates | 78 |  |  | 78 |
Other regulatory assets | 5 |  |  | — |
Total Sempra Infrastructure | 83 |  |  | 78 |
Total Sempra | $ | (753) |  |  | $ | (906) |
(1) At June 30, 2023 and December 31, 2022, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $748 and $562, respectively, and for SoCalGas was $859 and $692, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate.
CPUC Authorized Cost of Capital and Rate Structure |
CPUC AUTHORIZED COST OF CAPITAL FOR 2023 – 2025
SDG&E |  | SoCalGas
Authorized weighting | Return on rate base | Weighted return on rate base(1) |  | Authorized weighting | Return on rate base | Weighted return on rate base
45.25 | % | 4.05 | % | 1.83 | % | Long-Term Debt | 45.60 | % | 4.07 | % | 1.86 | %
2.75 |  | 6.22 |  | 0.17 |  | Preferred Equity | 2.40 |  | 6.00 |  | 0.14 |
52.00 |  | 9.95 |  | 5.17 |  | Common Equity | 52.00 |  | 9.80 |  | 5.10 |
100.00 | % |  | 7.18 | % |  | 100.00 | % |  | 7.10 | %
(1) Total weighted return on rate base does not sum due to rounding differences.

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