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REGULATORY MATTERS (Tables)

6 Months Ended

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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Tabular disclosure of assets that are created when regulatory agencies permit public utilities to defer certain costs included in rate-setting to the balance sheet.

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