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v3.26.1

REGULATORY MATTERS (Tables) | 6 Months Ended
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Jun. 30, 2026
Regulated Operations [Abstract] |
Schedule of Regulatory Assets |
REGULATORY ASSETS (LIABILITIES) |  |  |  |  |  |  |  |
(Dollars in millions) |  |  |  |  |  |  |  |
| Sempra |  | SDG&E |  | SoCalGas
| June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025
Fixed-price contracts and other derivatives | $ | 13 |  |  | $ | 50 |  |  | $ | (2) |  |  | $ | 7 |  |  | $ | 15 |  |  | $ | 43 |
Deferred income taxes recoverable in rates(1) | 2,574 |  |  | 2,314 |  |  | 1,161 |  |  | 1,098 |  |  | 1,377 |  |  | 1,189 |
Pension and PBOP plan obligations | (557) |  |  | (610) |  |  | 16 |  |  | (1) |  |  | (573) |  |  | (609) |
Employee benefit costs | 18 |  |  | 18 |  |  | 3 |  |  | 3 |  |  | 15 |  |  | 15 |
Removal obligations | (3,671) |  |  | (3,540) |  |  | (3,057) |  |  | (2,913) |  |  | (614) |  |  | (627) |
Environmental costs | 151 |  |  | 152 |  |  | 113 |  |  | 113 |  |  | 38 |  |  | 39 |
Sunrise Powerlink fire mitigation | 123 |  |  | 125 |  |  | 123 |  |  | 125 |  |  | — |  |  | — |
Regulatory balancing accounts(2)(3): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | 279 |  |  | 186 |  |  | 279 |  |  | 186 |  |  | — |  |  | — |
Commodity – gas, including transportation | 468 |  |  | 173 |  |  | 47 |  |  | 17 |  |  | 421 |  |  | 156 |
Safety and reliability | 916 |  |  | 894 |  |  | 298 |  |  | 286 |  |  | 618 |  |  | 608 |
Public purpose programs | (326) |  |  | (347) |  |  | (128) |  |  | (175) |  |  | (198) |  |  | (172) |
2024 GRC retroactive impacts | 44 |  |  | 299 |  |  | 17 |  |  | 124 |  |  | 27 |  |  | 175 |
Wildfire mitigation plan | 615 |  |  | 530 |  |  | 615 |  |  | 530 |  |  | — |  |  | — |
Liability insurance premium | (51) |  |  | (62) |  |  | (58) |  |  | (53) |  |  | 7 |  |  | (9) |
Other balancing accounts | (237) |  |  | 90 |  |  | (219) |  |  | 4 |  |  | (18) |  |  | 86 |
Other regulatory assets (liabilities), net(3) | 50 |  |  | 104 |  |  | 59 |  |  | 72 |  |  | (9) |  |  | 32 |
Total | $ | 409 |  |  | $ | 376 |  |  | $ | (733) |  |  | $ | (577) |  |  | $ | 1,106 |  |  | $ | 926 |
(1) At June 30, 2026 and December 31, 2025, $56 and $54, respectively, is included in Assets Held for Sale on the Sempra Condensed Consolidated Balance Sheets. (2) At June 30, 2026 and December 31, 2025, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra is $1,218 and $1,060, respectively, for SDG&E is $528 and $502, respectively, and for SoCalGas is $690 and $558, respectively. (3) 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, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025
Fixed-price contracts and other derivatives | $ | 13 |  |  | $ | 50 |  |  | $ | (2) |  |  | $ | 7 |  |  | $ | 15 |  |  | $ | 43 |
Deferred income taxes recoverable in rates(1) | 2,574 |  |  | 2,314 |  |  | 1,161 |  |  | 1,098 |  |  | 1,377 |  |  | 1,189 |
Pension and PBOP plan obligations | (557) |  |  | (610) |  |  | 16 |  |  | (1) |  |  | (573) |  |  | (609) |
Employee benefit costs | 18 |  |  | 18 |  |  | 3 |  |  | 3 |  |  | 15 |  |  | 15 |
Removal obligations | (3,671) |  |  | (3,540) |  |  | (3,057) |  |  | (2,913) |  |  | (614) |  |  | (627) |
Environmental costs | 151 |  |  | 152 |  |  | 113 |  |  | 113 |  |  | 38 |  |  | 39 |
Sunrise Powerlink fire mitigation | 123 |  |  | 125 |  |  | 123 |  |  | 125 |  |  | — |  |  | — |
Regulatory balancing accounts(2)(3): |  |  |  |  |  |  |  |  |  |  |
Commodity – electric | 279 |  |  | 186 |  |  | 279 |  |  | 186 |  |  | — |  |  | — |
Commodity – gas, including transportation | 468 |  |  | 173 |  |  | 47 |  |  | 17 |  |  | 421 |  |  | 156 |
Safety and reliability | 916 |  |  | 894 |  |  | 298 |  |  | 286 |  |  | 618 |  |  | 608 |
Public purpose programs | (326) |  |  | (347) |  |  | (128) |  |  | (175) |  |  | (198) |  |  | (172) |
2024 GRC retroactive impacts | 44 |  |  | 299 |  |  | 17 |  |  | 124 |  |  | 27 |  |  | 175 |
Wildfire mitigation plan | 615 |  |  | 530 |  |  | 615 |  |  | 530 |  |  | — |  |  | — |
Liability insurance premium | (51) |  |  | (62) |  |  | (58) |  |  | (53) |  |  | 7 |  |  | (9) |
Other balancing accounts | (237) |  |  | 90 |  |  | (219) |  |  | 4 |  |  | (18) |  |  | 86 |
Other regulatory assets (liabilities), net(3) | 50 |  |  | 104 |  |  | 59 |  |  | 72 |  |  | (9) |  |  | 32 |
Total | $ | 409 |  |  | $ | 376 |  |  | $ | (733) |  |  | $ | (577) |  |  | $ | 1,106 |  |  | $ | 926 |
(1) At June 30, 2026 and December 31, 2025, $56 and $54, respectively, is included in Assets Held for Sale on the Sempra Condensed Consolidated Balance Sheets. (2) At June 30, 2026 and December 31, 2025, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra is $1,218 and $1,060, respectively, for SDG&E is $528 and $502, respectively, and for SoCalGas is $690 and $558, respectively. (3) 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 | In June 2026, SDG&E and SoCalGas filed their 2028 GRC applications requesting CPUC approval of test year revenue requirements for 2028 and attrition year adjustments for 2029 through 2031 as follows:
REQUESTED REVENUE REQUIREMENTS IN 2028 GRC
(Dollars in millions)
| Test year |  | Attrition years adjustment
| 2028 |  | 2029 |  | 2030 |  | 2031
SDG&E | $ | 3,760 |  |  | $ | 327 |  | 8.7 | % |  | $ | 226 |  | 5.5 | % |  | $ | 240 |  | 5.6 | %
SoCalGas | 5,096 |  |  | 315 |  | 6.2 |  |  | 312 |  | 5.8 |  |  | 314 |  | 5.5 |
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 |  | 2026-2028 |  | 2025 |  | 2026-2028 |  | 2025
|  | Return on rate base |  | Weighted return on rate base
SDG&E: |  |  |  |  |  |  |  |  |
Long-Term Debt | 45.25 | % |  | 4.59 | % |  | 4.34 | % |  | 2.08 | % |  | 1.96 | %
Preferred Equity | 2.75 |  |  | 6.22 |  |  | 6.22 |  |  | 0.17 |  |  | 0.17 |
Common Equity | 52.00 |  |  | 9.93 |  |  | 10.23 |  |  | 5.16 |  |  | 5.32 |
| 100.00 | % |  |  |  |  |  | 7.41 | % |  | 7.45 | %
SoCalGas: |  |  |  |  |  |  |  |  |
Long-Term Debt | 45.60 | % |  | 5.02 | % |  | 4.63 | % |  | 2.29 | % |  | 2.11 | %
Preferred Equity | 2.40 |  |  | 6.00 |  |  | 6.00 |  |  | 0.14 |  |  | 0.14 |
Common Equity | 52.00 |  |  | 9.78 |  |  | 10.08 |  |  | 5.09 |  |  | 5.24 |
| 100.00 | % |  |  |  |  |  | 7.52 | % |  | 7.49 | %

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