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REGULATORY MATTERS (Tables) | 6 Months Ended
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Jun. 30, 2024
Regulated Operations [Abstract] |
Schedule of Regulatory Assets |
REGULATORY ASSETS (LIABILITIES) |  |  |  |  |  |  |  |
(Dollars in millions) |  |  |  |  |  |  |  |
| Sempra |  | SDG&E |  | SoCalGas
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Fixed-price contracts and other derivatives | $ | 49 |  |  | $ | 215 |  |  | $ | 12 |  |  | $ | 14 |  |  | $ | 37 |  |  | $ | 201 |
Deferred income taxes recoverable in rates | 1,401 |  |  | 1,142 |  |  | 700 |  |  | 626 |  |  | 615 |  |  | 430 |
Pension and PBOP plan obligations | (226) |  |  | (212) |  |  | 54 |  |  | 48 |  |  | (280) |  |  | (260) |
Employee benefit costs | 24 |  |  | 24 |  |  | 3 |  |  | 3 |  |  | 21 |  |  | 21 |
Removal obligations | (3,189) |  |  | (3,082) |  |  | (2,569) |  |  | (2,468) |  |  | (620) |  |  | (614) |
Environmental costs | 148 |  |  | 139 |  |  | 115 |  |  | 105 |  |  | 33 |  |  | 34 |
Sunrise Powerlink fire mitigation | 122 |  |  | 124 |  |  | 122 |  |  | 124 |  |  | — |  |  | — |
Regulatory balancing accounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | (39) |  |  | (233) |  |  | (39) |  |  | (233) |  |  | — |  |  | — |
Commodity – gas, including transportation | (249) |  |  | (259) |  |  | 31 |  |  | 52 |  |  | (280) |  |  | (311) |
Safety and reliability | 1,153 |  |  | 959 |  |  | 252 |  |  | 207 |  |  | 901 |  |  | 752 |
Public purpose programs | (424) |  |  | (273) |  |  | (189) |  |  | (144) |  |  | (235) |  |  | (129) |
Wildfire mitigation plan | 770 |  |  | 685 |  |  | 770 |  |  | 685 |  |  | — |  |  | — |
Liability insurance premium | 110 |  |  | 113 |  |  | 83 |  |  | 90 |  |  | 27 |  |  | 23 |
Other balancing accounts | 438 |  |  | 373 |  |  | (86) |  |  | (152) |  |  | 524 |  |  | 525 |
Other regulatory (liabilities) assets, net(2) | (106) |  |  | (10) |  |  | 24 |  |  | 49 |  |  | (128) |  |  | (58) |
Total | $ | (18) |  |  | $ | (295) |  |  | $ | (717) |  |  | $ | (994) |  |  | $ | 615 |  |  | $ | 614 |
(1) At June 30, 2024 and December 31, 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,878 and $1,913, respectively, for SDG&E was $911 and $950, respectively, and for SoCalGas was $967 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
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Fixed-price contracts and other derivatives | $ | 49 |  |  | $ | 215 |  |  | $ | 12 |  |  | $ | 14 |  |  | $ | 37 |  |  | $ | 201 |
Deferred income taxes recoverable in rates | 1,401 |  |  | 1,142 |  |  | 700 |  |  | 626 |  |  | 615 |  |  | 430 |
Pension and PBOP plan obligations | (226) |  |  | (212) |  |  | 54 |  |  | 48 |  |  | (280) |  |  | (260) |
Employee benefit costs | 24 |  |  | 24 |  |  | 3 |  |  | 3 |  |  | 21 |  |  | 21 |
Removal obligations | (3,189) |  |  | (3,082) |  |  | (2,569) |  |  | (2,468) |  |  | (620) |  |  | (614) |
Environmental costs | 148 |  |  | 139 |  |  | 115 |  |  | 105 |  |  | 33 |  |  | 34 |
Sunrise Powerlink fire mitigation | 122 |  |  | 124 |  |  | 122 |  |  | 124 |  |  | — |  |  | — |
Regulatory balancing accounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | (39) |  |  | (233) |  |  | (39) |  |  | (233) |  |  | — |  |  | — |
Commodity – gas, including transportation | (249) |  |  | (259) |  |  | 31 |  |  | 52 |  |  | (280) |  |  | (311) |
Safety and reliability | 1,153 |  |  | 959 |  |  | 252 |  |  | 207 |  |  | 901 |  |  | 752 |
Public purpose programs | (424) |  |  | (273) |  |  | (189) |  |  | (144) |  |  | (235) |  |  | (129) |
Wildfire mitigation plan | 770 |  |  | 685 |  |  | 770 |  |  | 685 |  |  | — |  |  | — |
Liability insurance premium | 110 |  |  | 113 |  |  | 83 |  |  | 90 |  |  | 27 |  |  | 23 |
Other balancing accounts | 438 |  |  | 373 |  |  | (86) |  |  | (152) |  |  | 524 |  |  | 525 |
Other regulatory (liabilities) assets, net(2) | (106) |  |  | (10) |  |  | 24 |  |  | 49 |  |  | (128) |  |  | (58) |
Total | $ | (18) |  |  | $ | (295) |  |  | $ | (717) |  |  | $ | (994) |  |  | $ | 615 |  |  | $ | 614 |
(1) At June 30, 2024 and December 31, 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,878 and $1,913, respectively, for SDG&E was $911 and $950, respectively, and for SoCalGas was $967 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. Several parties submitted two separate requests for the CPUC to review such approval, both of which were denied.
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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