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REGULATORY MATTERS (Tables) | 12 Months Ended
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Dec. 31, 2024
Regulated Operations [Abstract] |
Schedule of Regulatory Assets | We show the details of regulatory assets and liabilities in the following table and discuss them below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset.
REGULATORY ASSETS (LIABILITIES) AT DECEMBER 31 |  |  |  |  |  |  |  |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |
| Sempra |  | SDG&E |  | SoCalGas
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Fixed-price contracts and other derivatives | $ | 53 |  |  | $ | 215 |  |  | $ | 11 |  |  | $ | 14 |  |  | $ | 42 |  |  | $ | 201 |
Deferred income taxes recoverable in rates | 1,689 |  |  | 1,142 |  |  | 802 |  |  | 626 |  |  | 817 |  |  | 430 |
Pension and PBOP plan obligations | (458) |  |  | (212) |  |  | (2) |  |  | 48 |  |  | (456) |  |  | (260) |
Employee benefit costs | 19 |  |  | 24 |  |  | 3 |  |  | 3 |  |  | 16 |  |  | 21 |
Removal obligations | (3,295) |  |  | (3,082) |  |  | (2,676) |  |  | (2,468) |  |  | (619) |  |  | (614) |
Environmental costs | 149 |  |  | 139 |  |  | 115 |  |  | 105 |  |  | 34 |  |  | 34 |
Sunrise Powerlink fire mitigation | 124 |  |  | 124 |  |  | 124 |  |  | 124 |  |  | — |  |  | — |
Regulatory balancing accounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | (313) |  |  | (233) |  |  | (313) |  |  | (233) |  |  | — |  |  | — |
Commodity – gas, including transportation | (47) |  |  | (259) |  |  | 86 |  |  | 52 |  |  | (133) |  |  | (311) |
Safety and reliability | 820 |  |  | 959 |  |  | 227 |  |  | 207 |  |  | 593 |  |  | 752 |
Public purpose programs | (439) |  |  | (273) |  |  | (219) |  |  | (144) |  |  | (220) |  |  | (129) |
2024 GRC retroactive impacts | 631 |  |  | — |  |  | 277 |  |  | — |  |  | 354 |  |  | — |
Wildfire mitigation plan | 808 |  |  | 685 |  |  | 808 |  |  | 685 |  |  | — |  |  | — |
Liability insurance premium | (24) |  |  | 113 |  |  | (15) |  |  | 90 |  |  | (9) |  |  | 23 |
Other balancing accounts | 158 |  |  | 373 |  |  | (51) |  |  | (152) |  |  | 209 |  |  | 525 |
Other regulatory assets (liabilities), net(2) | 164 |  |  | (10) |  |  | 87 |  |  | 49 |  |  | 79 |  |  | (58) |
Total | $ | 39 |  |  | $ | (295) |  |  | $ | (736) |  |  | $ | (994) |  |  | $ | 707 |  |  | $ | 614 |
(1) At December 31, 2024 and 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,731 and $1,913, respectively, for SDG&E was $873 and $950, respectively, and for SoCalGas was $858 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 | We show the details of regulatory assets and liabilities in the following table and discuss them below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset.
REGULATORY ASSETS (LIABILITIES) AT DECEMBER 31 |  |  |  |  |  |  |  |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |
| Sempra |  | SDG&E |  | SoCalGas
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Fixed-price contracts and other derivatives | $ | 53 |  |  | $ | 215 |  |  | $ | 11 |  |  | $ | 14 |  |  | $ | 42 |  |  | $ | 201 |
Deferred income taxes recoverable in rates | 1,689 |  |  | 1,142 |  |  | 802 |  |  | 626 |  |  | 817 |  |  | 430 |
Pension and PBOP plan obligations | (458) |  |  | (212) |  |  | (2) |  |  | 48 |  |  | (456) |  |  | (260) |
Employee benefit costs | 19 |  |  | 24 |  |  | 3 |  |  | 3 |  |  | 16 |  |  | 21 |
Removal obligations | (3,295) |  |  | (3,082) |  |  | (2,676) |  |  | (2,468) |  |  | (619) |  |  | (614) |
Environmental costs | 149 |  |  | 139 |  |  | 115 |  |  | 105 |  |  | 34 |  |  | 34 |
Sunrise Powerlink fire mitigation | 124 |  |  | 124 |  |  | 124 |  |  | 124 |  |  | — |  |  | — |
Regulatory balancing accounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | (313) |  |  | (233) |  |  | (313) |  |  | (233) |  |  | — |  |  | — |
Commodity – gas, including transportation | (47) |  |  | (259) |  |  | 86 |  |  | 52 |  |  | (133) |  |  | (311) |
Safety and reliability | 820 |  |  | 959 |  |  | 227 |  |  | 207 |  |  | 593 |  |  | 752 |
Public purpose programs | (439) |  |  | (273) |  |  | (219) |  |  | (144) |  |  | (220) |  |  | (129) |
2024 GRC retroactive impacts | 631 |  |  | — |  |  | 277 |  |  | — |  |  | 354 |  |  | — |
Wildfire mitigation plan | 808 |  |  | 685 |  |  | 808 |  |  | 685 |  |  | — |  |  | — |
Liability insurance premium | (24) |  |  | 113 |  |  | (15) |  |  | 90 |  |  | (9) |  |  | 23 |
Other balancing accounts | 158 |  |  | 373 |  |  | (51) |  |  | (152) |  |  | 209 |  |  | 525 |
Other regulatory assets (liabilities), net(2) | 164 |  |  | (10) |  |  | 87 |  |  | 49 |  |  | 79 |  |  | (58) |
Total | $ | 39 |  |  | $ | (295) |  |  | $ | (736) |  |  | $ | (994) |  |  | $ | 707 |  |  | $ | 614 |
(1) At December 31, 2024 and 2023, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,731 and $1,913, respectively, for SDG&E was $873 and $950, respectively, and for SoCalGas was $858 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 Regulated Operations | The following table summarizes the location of balances related to the Wildfire Fund on Sempra’s and SDG&E’s Consolidated Balance Sheets.
WILDFIRE FUND |
(Dollars in millions) |
|  |  |  | December 31,
| Location |  |  | 2024 |  | 2023
Wildfire Fund asset: |  |  |  |  |  |
Current | Prepaid Expenses |  |  | $ | 14 |  |  | $ | 28 |
Noncurrent | Wildfire Fund |  |  | 262 |  |  | 269 |
Wildfire Fund obligation: |  |  |  |  |  |
Current | Other Current Liabilities |  |  | 13 |  |  | 13 |
Noncurrent | Deferred Credits and Other |  |  | 31 |  |  | 42 |
The following table summarizes the cost of capital for SDG&E and SoCalGas. The authorized weighting remained unchanged for each of the years presented.
AUTHORIZED COST OF CAPITAL
| Authorized weighting |  | 2022 | 2023 | 2024 | 2025 |  | 2022 | 2023(1) | 2024 | 2025
|  | Return on rate base |  | Weighted return on rate base
SDG&E: |  |  |  |  |  |  |  |  |  |  |
Long-Term Debt | 45.25 | % |  | 4.59 | % | 4.05 | % | 4.34 | % | 4.34 | % |  | 2.08 | % | 1.83 | % | 1.96 | % | 1.96 | %
Preferred Equity | 2.75 |  |  | 6.22 |  | 6.22 |  | 6.22 |  | 6.22 |  |  | 0.17 |  | 0.17 |  | 0.17 |  | 0.17 |
Common Equity | 52.00 |  |  | 10.20 |  | 9.95 |  | 10.65 |  | 10.23 |  |  | 5.30 |  | 5.17 |  | 5.54 |  | 5.32 |
| 100.00 | % |  |  |  |  |  |  | 7.55 | % | 7.18 | % | 7.67 | % | 7.45 | %
SoCalGas: |  |  |  |  |  |  |  |  |  |  |
Long-Term Debt | 45.60 | % |  | 4.23 | % | 4.07 | % | 4.54 | % | 4.63 | % |  | 1.93 | % | 1.86 | % | 2.07 | % | 2.11 | %
Preferred Equity | 2.40 |  |  | 6.00 |  | 6.00 |  | 6.00 |  | 6.00 |  |  | 0.14 |  | 0.14 |  | 0.14 |  | 0.14 |
Common Equity | 52.00 |  |  | 10.05 |  | 9.80 |  | 10.50 |  | 10.08 |  |  | 5.23 |  | 5.10 |  | 5.46 |  | 5.24 |
| 100.00 | % |  |  |  |  |  |  | 7.30 | % | 7.10 | % | 7.67 | % | 7.49 | %
(1) Total weighted return on rate base for SDG&E does not sum due to rounding differences.

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