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v3.25.2

REGULATORY MATTERS (Tables) | 6 Months Ended
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Jun. 30, 2025
Regulated Operations [Abstract] |
Schedule of Regulatory Assets |
REGULATORY ASSETS (LIABILITIES) |  |  |  |  |  |  |  |
(Dollars in millions) |  |  |  |  |  |  |  |
| Sempra |  | SDG&E |  | SoCalGas
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Fixed-price contracts and other derivatives | $ | 34 |  |  | $ | 53 |  |  | $ | 3 |  |  | $ | 11 |  |  | $ | 31 |  |  | $ | 42 |
Deferred income taxes recoverable in rates | 1,972 |  |  | 1,689 |  |  | 929 |  |  | 802 |  |  | 974 |  |  | 817 |
Pension and PBOP plan obligations | (431) |  |  | (458) |  |  | 19 |  |  | (2) |  |  | (450) |  |  | (456) |
Employee benefit costs | 19 |  |  | 19 |  |  | 3 |  |  | 3 |  |  | 16 |  |  | 16 |
Removal obligations | (3,400) |  |  | (3,295) |  |  | (2,794) |  |  | (2,676) |  |  | (606) |  |  | (619) |
Environmental costs | 148 |  |  | 149 |  |  | 114 |  |  | 115 |  |  | 34 |  |  | 34 |
Sunrise Powerlink fire mitigation | 123 |  |  | 124 |  |  | 123 |  |  | 124 |  |  | — |  |  | — |
Regulatory balancing accounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | (40) |  |  | (313) |  |  | (40) |  |  | (313) |  |  | — |  |  | — |
Commodity – gas, including transportation | (48) |  |  | (47) |  |  | 2 |  |  | 86 |  |  | (50) |  |  | (133) |
Safety and reliability | 819 |  |  | 820 |  |  | 277 |  |  | 227 |  |  | 542 |  |  | 593 |
Public purpose programs | (462) |  |  | (439) |  |  | (212) |  |  | (219) |  |  | (250) |  |  | (220) |
2024 GRC retroactive impacts | 539 |  |  | 631 |  |  | 229 |  |  | 277 |  |  | 310 |  |  | 354 |
Wildfire mitigation plan | 912 |  |  | 808 |  |  | 912 |  |  | 808 |  |  | — |  |  | — |
Liability insurance premium | (43) |  |  | (24) |  |  | (32) |  |  | (15) |  |  | (11) |  |  | (9) |
Other balancing accounts | 272 |  |  | 158 |  |  | (102) |  |  | (51) |  |  | 374 |  |  | 209 |
Other regulatory (liabilities) assets, net(2) | 165 |  |  | 164 |  |  | 86 |  |  | 87 |  |  | 80 |  |  | 79 |
Total | $ | 579 |  |  | $ | 39 |  |  | $ | (483) |  |  | $ | (736) |  |  | $ | 994 |  |  | $ | 707 |
(1) At June 30, 2025 and December 31, 2024, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,696 and $1,731, respectively, for SDG&E was $921 and $873, respectively, and for SoCalGas was $775 and $858, 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, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Fixed-price contracts and other derivatives | $ | 34 |  |  | $ | 53 |  |  | $ | 3 |  |  | $ | 11 |  |  | $ | 31 |  |  | $ | 42 |
Deferred income taxes recoverable in rates | 1,972 |  |  | 1,689 |  |  | 929 |  |  | 802 |  |  | 974 |  |  | 817 |
Pension and PBOP plan obligations | (431) |  |  | (458) |  |  | 19 |  |  | (2) |  |  | (450) |  |  | (456) |
Employee benefit costs | 19 |  |  | 19 |  |  | 3 |  |  | 3 |  |  | 16 |  |  | 16 |
Removal obligations | (3,400) |  |  | (3,295) |  |  | (2,794) |  |  | (2,676) |  |  | (606) |  |  | (619) |
Environmental costs | 148 |  |  | 149 |  |  | 114 |  |  | 115 |  |  | 34 |  |  | 34 |
Sunrise Powerlink fire mitigation | 123 |  |  | 124 |  |  | 123 |  |  | 124 |  |  | — |  |  | — |
Regulatory balancing accounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | (40) |  |  | (313) |  |  | (40) |  |  | (313) |  |  | — |  |  | — |
Commodity – gas, including transportation | (48) |  |  | (47) |  |  | 2 |  |  | 86 |  |  | (50) |  |  | (133) |
Safety and reliability | 819 |  |  | 820 |  |  | 277 |  |  | 227 |  |  | 542 |  |  | 593 |
Public purpose programs | (462) |  |  | (439) |  |  | (212) |  |  | (219) |  |  | (250) |  |  | (220) |
2024 GRC retroactive impacts | 539 |  |  | 631 |  |  | 229 |  |  | 277 |  |  | 310 |  |  | 354 |
Wildfire mitigation plan | 912 |  |  | 808 |  |  | 912 |  |  | 808 |  |  | — |  |  | — |
Liability insurance premium | (43) |  |  | (24) |  |  | (32) |  |  | (15) |  |  | (11) |  |  | (9) |
Other balancing accounts | 272 |  |  | 158 |  |  | (102) |  |  | (51) |  |  | 374 |  |  | 209 |
Other regulatory (liabilities) assets, net(2) | 165 |  |  | 164 |  |  | 86 |  |  | 87 |  |  | 80 |  |  | 79 |
Total | $ | 579 |  |  | $ | 39 |  |  | $ | (483) |  |  | $ | (736) |  |  | $ | 994 |  |  | $ | 707 |
(1) At June 30, 2025 and December 31, 2024, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,696 and $1,731, respectively, for SDG&E was $921 and $873, respectively, and for SoCalGas was $775 and $858, 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 | The following table summarizes the CPUC-approved 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 |  | 2024 | 2025 |  | 2024 | 2025
|  | Return on rate base |  | Weighted return on rate base
SDG&E: |  |  |  |  |  |  |
Long-Term Debt | 45.25 | % |  | 4.34 | % | 4.34 | % |  | 1.96 | % | 1.96 | %
Preferred Equity | 2.75 |  |  | 6.22 |  | 6.22 |  |  | 0.17 |  | 0.17 |
Common Equity | 52.00 |  |  | 10.65 |  | 10.23 |  |  | 5.54 |  | 5.32 |
| 100.00 | % |  |  |  |  | 7.67 | % | 7.45 | %
SoCalGas: |  |  |  |  |  |  |
Long-Term Debt | 45.60 | % |  | 4.54 | % | 4.63 | % |  | 2.07 | % | 2.11 | %
Preferred Equity | 2.40 |  |  | 6.00 |  | 6.00 |  |  | 0.14 |  | 0.14 |
Common Equity | 52.00 |  |  | 10.50 |  | 10.08 |  |  | 5.46 |  | 5.24 |
| 100.00 | % |  |  |  |  | 7.67 | % | 7.49 | %
In March 2025, SDG&E and SoCalGas each filed applications with the CPUC seeking to update their cost of capital for 2026 through 2028, subject to the CCM. SDG&E and SoCalGas expect to receive an FD by the end of 2025.
PROPOSED COST OF CAPITAL FOR 2026 - 2028
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
46.00 | % | 4.62 | % | 2.13 | % | Long-Term Debt | 45.60 | % | 5.02 | % | 2.29 | %
— |  | 6.22 |  | — |  | Preferred Equity | 2.40 |  | 6.00 |  | 0.14 |
54.00 |  | 11.25 |  | 6.08 |  | Common Equity | 52.00 |  | 11.00 |  | 5.72 |
100.00 | % |  | 8.21 | % |  | 100.00 | % |  | 8.15 | %

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