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REGULATORY MATTERS (Tables) | 3 Months Ended
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Mar. 31, 2024
Regulated Operations [Abstract] |
Schedule of Regulatory Assets |
REGULATORY ASSETS (LIABILITIES) |  |  |  |  |  |  |  |
(Dollars in millions) |  |  |  |  |  |  |  |
| Sempra |  | SDG&E |  | SoCalGas
| March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
Fixed-price contracts and other derivatives | $ | 50 |  |  | $ | 215 |  |  | $ | 26 |  |  | $ | 14 |  |  | $ | 24 |  |  | $ | 201 |
Deferred income taxes recoverable in rates | 1,327 |  |  | 1,142 |  |  | 668 |  |  | 626 |  |  | 573 |  |  | 430 |
Pension and PBOP plan obligations | (194) |  |  | (212) |  |  | 58 |  |  | 48 |  |  | (252) |  |  | (260) |
Employee benefit costs | 24 |  |  | 24 |  |  | 3 |  |  | 3 |  |  | 21 |  |  | 21 |
Removal obligations | (3,156) |  |  | (3,082) |  |  | (2,534) |  |  | (2,468) |  |  | (622) |  |  | (614) |
Environmental costs | 148 |  |  | 139 |  |  | 115 |  |  | 105 |  |  | 33 |  |  | 34 |
Sunrise Powerlink fire mitigation | 125 |  |  | 124 |  |  | 125 |  |  | 124 |  |  | — |  |  | — |
Regulatory balancing accounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | (180) |  |  | (233) |  |  | (180) |  |  | (233) |  |  | — |  |  | — |
Commodity – gas, including transportation | (280) |  |  | (259) |  |  | 42 |  |  | 52 |  |  | (322) |  |  | (311) |
Safety and reliability | 1,044 |  |  | 959 |  |  | 221 |  |  | 207 |  |  | 823 |  |  | 752 |
Public purpose programs | (361) |  |  | (273) |  |  | (162) |  |  | (144) |  |  | (199) |  |  | (129) |
Wildfire mitigation plan | 735 |  |  | 685 |  |  | 735 |  |  | 685 |  |  | — |  |  | — |
Liability insurance premium | 110 |  |  | 113 |  |  | 86 |  |  | 90 |  |  | 24 |  |  | 23 |
Other balancing accounts | (112) |  |  | 373 |  |  | (282) |  |  | (152) |  |  | 170 |  |  | 525 |
Other regulatory (liabilities) assets, net(2) | (85) |  |  | (10) |  |  | 27 |  |  | 49 |  |  | (110) |  |  | (58) |
Total | $ | (805) |  |  | $ | (295) |  |  | $ | (1,052) |  |  | $ | (994) |  |  | $ | 163 |  |  | $ | 614 |
(1) At March 31, 2024 and December 31, 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,903 and $1,913, respectively, for SDG&E was $827 and $950, respectively, and for SoCalGas was $1,076 and $963, 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) |  |  |  |  |  |  |  |
| Sempra |  | SDG&E |  | SoCalGas
| March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
Fixed-price contracts and other derivatives | $ | 50 |  |  | $ | 215 |  |  | $ | 26 |  |  | $ | 14 |  |  | $ | 24 |  |  | $ | 201 |
Deferred income taxes recoverable in rates | 1,327 |  |  | 1,142 |  |  | 668 |  |  | 626 |  |  | 573 |  |  | 430 |
Pension and PBOP plan obligations | (194) |  |  | (212) |  |  | 58 |  |  | 48 |  |  | (252) |  |  | (260) |
Employee benefit costs | 24 |  |  | 24 |  |  | 3 |  |  | 3 |  |  | 21 |  |  | 21 |
Removal obligations | (3,156) |  |  | (3,082) |  |  | (2,534) |  |  | (2,468) |  |  | (622) |  |  | (614) |
Environmental costs | 148 |  |  | 139 |  |  | 115 |  |  | 105 |  |  | 33 |  |  | 34 |
Sunrise Powerlink fire mitigation | 125 |  |  | 124 |  |  | 125 |  |  | 124 |  |  | — |  |  | — |
Regulatory balancing accounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | (180) |  |  | (233) |  |  | (180) |  |  | (233) |  |  | — |  |  | — |
Commodity – gas, including transportation | (280) |  |  | (259) |  |  | 42 |  |  | 52 |  |  | (322) |  |  | (311) |
Safety and reliability | 1,044 |  |  | 959 |  |  | 221 |  |  | 207 |  |  | 823 |  |  | 752 |
Public purpose programs | (361) |  |  | (273) |  |  | (162) |  |  | (144) |  |  | (199) |  |  | (129) |
Wildfire mitigation plan | 735 |  |  | 685 |  |  | 735 |  |  | 685 |  |  | — |  |  | — |
Liability insurance premium | 110 |  |  | 113 |  |  | 86 |  |  | 90 |  |  | 24 |  |  | 23 |
Other balancing accounts | (112) |  |  | 373 |  |  | (282) |  |  | (152) |  |  | 170 |  |  | 525 |
Other regulatory (liabilities) assets, net(2) | (85) |  |  | (10) |  |  | 27 |  |  | 49 |  |  | (110) |  |  | (58) |
Total | $ | (805) |  |  | $ | (295) |  |  | $ | (1,052) |  |  | $ | (994) |  |  | $ | 163 |  |  | $ | 614 |
(1) At March 31, 2024 and December 31, 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,903 and $1,913, respectively, for SDG&E was $827 and $950, respectively, and for SoCalGas was $1,076 and $963, 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 |
AUTHORIZED COST OF CAPITAL FOR 2023
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. The CCM was triggered for SDG&E and SoCalGas on September 30, 2023. In December 2023, the CPUC approved increases to SDG&E’s and SoCalGas’ authorized rates of return effective January 1, 2024, which are in effect through December 31, 2025, subject to the CCM. In January 2024, several parties submitted a request for the CPUC to review such approval. In March 2024, the CPUC issued a proposed decision denying the intervenor petition seeking to suspend the CCM and its resulting changes that became effective on January 1, 2024. We expect a final decision in the second quarter of 2024.
AUTHORIZED COST OF CAPITAL FOR 2024 – 2025
SDG&E |  | SoCalGas
Authorized weighting | Return on rate base | Weighted return on rate base |  | Authorized weighting | Return on rate base | Weighted return on rate base
45.25 | % | 4.34 | % | 1.96 | % | Long-Term Debt | 45.60 | % | 4.54 | % | 2.07 | %
2.75 |  | 6.22 |  | 0.17 |  | Preferred Equity | 2.40 |  | 6.00 |  | 0.14 |
52.00 |  | 10.65 |  | 5.54 |  | Common Equity | 52.00 |  | 10.50 |  | 5.46 |
100.00 | % |  | 7.67 | % |  | 100.00 | % |  | 7.67 | %

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