SEMPRA
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
SRE$78.17-2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0001032208-24-000046
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewResults of Operations by RegistrantSempraSDG&ESoCalGasCapital Resources and LiquidityCritical Accounting EstimatesNew Accounting StandardsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001032208-25-000027
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewResults of Operations by RegistrantSempraSDG&ESoCalGasCapital Resources and LiquidityCritical Accounting EstimatesNew Accounting StandardsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 541 previous paragraphs and 356 current paragraphs.
138 unchanged; 106 reworded; 107 added; 285 removed; 12 previous and 5 current paragraphs rearranged.
Tables are not compared: 16 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (107)
Current report
Sempra has the following three reportable segments, which reflect how the CODM oversees operational and financial performance:
Current report
Due to the delay in the issuance of the CPUC’s final decision in the SDG&E and SoCalGas 2024 GRC, Sempra California recorded revenues in the first three quarters of 2024 based on levels authorized for 2023 under the 2019 GRC. In December 2024, the CPUC approved an FD in the 2024 GRC, effective retroactive to January 1, 2024, for which Sempra California recorded the retroactive impacts in the fourth quarter of 2024. Sempra California’s authorized base revenues in the first quarter of 2025 are based on the revenues authorized for the 2024 test year plus the amount authorized for attrition for 2025. We provide additional information on the 2024 GRC FD in Note 4 of the Notes to Condensed Consolidated Financial Statements in this report and in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report.
Current report
In the three months ended March 31, 2025 compared to the same period in 2024, the increase in earnings of $142 million (24%) was primarily due to:
Current report
▪$88 million higher CPUC base operating margin, net of operating expenses and $13 million lower authorized cost of capital. In the first three quarters of 2024, Sempra California recorded CPUC-authorized base revenues based on 2023 authorized levels
Current report
▪$62 million higher income tax benefits primarily from flow-through items, including gas repairs tax benefits, which in the first three quarters of 2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD
Current report
▪higher interest expense and depreciation expense associated with increases in invested capital
Current report
In the three months ended March 31, 2025 compared to the same period in 2024, the increase in earnings of $15 million (11%) was primarily due to:
Current report
▪$20 million lower O&M in 2025 from lower provisions for expected credit losses
Current report
▪$10 million in interest income from an increase in the fair value of the Support Agreement
Current report
▪$9 million in interest expense from unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project
Current report
▪$179 million higher CPUC-authorized revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $13 million lower authorized cost of capital
Current report
▪$163 million higher revenues associated with refundable programs, which are fully offset in O&M
Current report
▪$52 million higher regulatory revenues, including gas repairs tax benefits, which are offset in income tax expense. Gas repairs tax benefits in the first three quarters of 2024 were recorded as a regulatory liability that was released in the fourth quarter of 2024 as a result of the 2024 GRC FD
Current report
▪$71 million lower revenues from incremental and balanced capital projects, including those that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital
Current report
▪$59 million decrease in cost of natural gas sold, which we discuss below
Current report
▪$9 million higher revenues from incremental and balanced capital projects offset by certain projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD and lower authorized cost of capital
Current report
▪$44 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax expense
Current report
▪$34 million decrease in cost of electric fuel and purchased power, which we discuss below
Current report
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power decreased by $37 million (42%) driven by Sempra California, which included:
Current report
▪$15 million lower sales to the California ISO due to lower market prices
Current report
◦$45 million from lower optimization of transport and storage contracts primarily due to changes in natural gas prices
Current report
▪$17 million higher revenues driven by satisfaction of performance obligations related to customer payments received in advance from a contract modification in December 2024 on an LNG storage and regasification agreement
Current report
▪$7 million higher revenues in 2025 due to the commencement of commercial operations at the Topolobampo marine terminal in June 2024
Current report
◦$180 million higher expenses associated with refundable programs, which costs are recovered in revenue
Current report
▪$25 million decrease at Parent and other primarily due to a $19 million change in deferred compensation from a $9 million benefit in 2025 compared to $10 million expense in 2024
Current report
▪$4 million higher AFUDC equity primarily at Sempra Infrastructure
Current report
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s interest income increased by $21 million to $34 million primarily due to a $14 million increase in the fair value of the Support Agreement at Sempra Infrastructure.
Current report
▪$77 million at Sempra Infrastructure primarily from $65 million in unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project
Current report
▪$63 million from $10 million income tax benefit in 2025 compared to $53 million income tax expense in 2024 from foreign currency and inflation effects on our monetary positions in Mexico
Current report
▪higher income tax benefit in 2025 from higher ITCs from standalone energy storage projects
Showing the first 40 of 107 passages. Open the source sections for the rest.
Removed paragraphs (285)
Previous report
In the fourth quarter of 2023, Sempra realigned its reportable segments to reflect changes in how the CODM oversees our three platforms: Sempra California, Sempra Texas Utilities and Sempra Infrastructure. Our former SDG&E and SoCalGas reportable segments were combined into one operating and reportable segment, Sempra California, which is consistent with how the CODM assesses performance due to the similarities of their operations, including geographic location and regulatory framework in California.
Previous report
Sempra’s historical segment disclosures have been restated to conform with the current presentation, so that all discussions reflect the revised segment information of its three reportable segments:
Previous report
Sempra California recorded CPUC-authorized base revenues in the three months and nine months ended September 30, 2024 based on 2023 levels authorized under the 2019 GRC because a final decision in the 2024 GRC remains pending.
Previous report
(1)Includes intercompany eliminations recorded in consolidation and certain corporate costs.
Previous report
In the three months ended September 30, 2024 compared to the same period in 2023, the decrease in earnings of $43 million (15%) to $247 million was primarily due to:
Previous report
▪$5 million higher CPUC base operating margin, net of operating expenses, including higher authorized cost of capital. Sempra California recorded CPUC-authorized revenues based on 2023 authorized levels
Previous report
In the nine months ended September 30, 2024 compared to the same period in 2023, the decrease in earnings of $102 million (8%) to $1.1 billion was primarily due to:
Previous report
▪$89 million lower income tax benefits primarily from flow-through items, which includes $25 million related to income tax benefits in 2023 for previously unrecognized income tax benefits pertaining to gas repairs expenditures
Previous report
▪$19 million higher CPUC base operating margin, net of operating expenses, including higher authorized cost of capital. Sempra California recorded CPUC-authorized revenues based on 2023 authorized levels
Previous report
▪higher interest expense and depreciation expense attributable to invested capital
Previous report
◦annual energy efficiency program performance bonus approved in 2023, but pending PUCT approval in 2024
Previous report
In the nine months ended September 30, 2024 compared to the same period in 2023, the increase in earnings of $98 million (18%) to $646 million was primarily due to higher equity earnings from Oncor Holdings driven by:
Previous report
◦annual energy efficiency program performance bonus approved in 2023, but pending PUCT approval in 2024
Previous report
▪write-off of rate base disallowances in 2023 resulting from the PUCT’s final order in Oncor’s comprehensive base rate review
Previous report
▪higher interest expense and depreciation expense attributable to invested capital
Previous report
In the three months ended September 30, 2024 compared to the same period in 2023, the increase in earnings of $7 million (3%) to $230 million was primarily due to:
Previous report
▪$18 million higher income tax benefit primarily from outside basis differences
Previous report
▪$7 million favorable impact from $4 million net interest income in 2024 compared to $3 million net interest expense in 2023 primarily due to higher capitalization of interest expense on projects under construction
Previous report
▪$12 million from the transportation business driven by lower revenues due to lower rates and higher O&M from a provision for expected credit losses on a customer's past due receivable balance
Previous report
▪$9 million from the renewables business driven by lower volumes from wind power generation assets
Previous report
▪$7 million from asset and supply optimization driven by lower natural gas prices, offset by unrealized gains in 2024 compared to unrealized losses in 2023 on commodity derivatives
Previous report
In the nine months ended September 30, 2024 compared to the same period in 2023, the decrease in earnings of $94 million (13%) to $652 million was primarily due to:
Previous report
▪$74 million from the transportation business driven by lower equity earnings and revenues, including the cumulative impact of new tariffs going into effect in June 2023 for certain pipelines in Mexico and a customer’s early termination of firm transportation agreements in 2023
Previous report
▪$28 million higher O&M and lower revenues from a provision for expected credit losses on a customer’s past due receivable balance
Previous report
▪$11 million from the renewables business driven by lower volumes from wind power generation assets
Showing the first 40 of 285 passages. Open the source sections for the rest.
Reworded paragraphs (106)
Previous wording
We discuss herein Sempra’s results of operations and significant changes in earnings (losses), revenues and costs by segment, as well as Parent and other, for the three months (Q3) and nine months (YTD) ended September 30, 2024 compared to the same periods in 2023. We also discuss herein the impact of foreign currency and inflation rates on Sempra’s results of operations.
Current wording
We discuss herein Sempra’s results of operations and significant changes in earnings, revenues and costs by segment, as well as Parent and other, for the three months ended March 31, 2025 compared to the same period in 2024. We also discuss herein the impact of foreign currency and inflation rates on Sempra’s results of operations.
Previous wording
▪$15 million higher CPUC-authorized revenues, including higher authorized cost of capital
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, the decrease in earnings of $44 million (14%) to $261 million was primarily due to lower equity earnings from Oncor Holdings driven by:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, the decrease in earnings of $37 million (20%) was primarily due to lower equity earnings from Oncor Holdings driven by:
Previous wording
▪$346 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $179 million favorable impact in 2024 compared to a $167 million unfavorable impact in 2023
Current wording
▪$49 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of an $8 million favorable impact in 2025 compared to a $41 million unfavorable impact in 2024
Previous wording
▪$401 million from asset and supply optimization driven by unrealized losses in 2024 compared to unrealized gains in 2023 on commodity derivatives due to changes in natural gas prices and lower LNG diversion fees
Current wording
▪$50 million from asset and supply optimization driven by lower optimization of transport and storage contracts and higher unrealized losses on commodity derivatives due to changes in natural gas prices
Previous wording
▪$7 million from TdM driven by lower unrealized gains on commodity derivatives due to changes in power and natural gas prices
Current wording
▪$12 million from TdM driven by lower unrealized gains on commodity derivatives due to changes in power prices and lower volumes, including from a scheduled maintenance outage in March 2025
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, the increase in losses of $3 million (3%) to $100 million was primarily due to:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, the increase in losses of $15 million (16%) was primarily due to $17 million higher net interest expense.
Previous wording
SoCalGas and SDG&E operate under a regulatory framework that permits the cost of natural gas purchased for customers (residential and small commercial and industrial customers, also referred to as core customers for SoCalGas) to be passed through to customers in rates substantially as incurred and without markup. The GCIM provides for SoCalGas to share in the savings and/or costs from buying natural gas for its core customers at prices below or above monthly market-based benchmarks. This mechanism permits full recovery of costs incurred when average purchase costs are within a price range around the benchmark price. Any higher costs incurred or savings realized outside this range are shared between SoCalGas and its core customers. We provide further discussion in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report.
Current wording
SDG&E and SoCalGas operate under a regulatory framework that permits the cost of natural gas purchased for core customers to be passed through to customers in rates substantially as incurred and without markup. The GCIM provides for SoCalGas to share in the savings and/or costs from buying natural gas for its core customers at prices below or above monthly market-based benchmarks. This mechanism permits full recovery of costs incurred when average purchase costs are within a price range around the benchmark price. Any higher costs incurred or savings realized outside this range are shared between SoCalGas and its core customers. We provide further discussion in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report.
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, Sempra’s natural gas revenues decreased by $293 million (20%) to $1.2 billion driven by Sempra California, which included:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s natural gas revenues increased by $253 million (12%) driven by Sempra California, which included:
Previous wording
In the nine months ended September 30, 2024 compared to the same period in 2023, SDG&E’s electric revenues decreased by $61 million (2%) remaining at $3.3 billion primarily due to:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s cost of natural gas decreased by $61 million (11%) driven by Sempra California, which included:
Previous wording
▪$38 million lower income tax benefits primarily from flow-through items and the resolution of prior year income tax items
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, Sempra’s electric revenues decreased by $181 million (14%) to $1.1 billion driven by Sempra California, which included:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s electric revenues increased by $3 million driven by Sempra California, which included:
Current wording
▪$45 million higher CPUC-authorized revenues, including certain incremental and balanced capital projects that are now in CPUC-authorized base revenues as a result of the 2024 GRC FD offset by $5 million lower authorized cost of capital
Previous wording
▪$26 million lower regulatory revenues in 2023 from the recognition of previously unrecognized income tax benefits pertaining to gas repairs expenditures, which are offset in income tax benefit (expense)
Current wording
▪$26 million lower purchased power primarily due to change in excess capacity sales
Previous wording
▪$20 million lower ITCs from standalone energy storage projects, which are offset in income tax benefit (expense)
Current wording
▪$20 million lower purchased power from the California ISO due to lower market prices
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, Sempra’s revenues from energy-related businesses decreased by $84 million (14%) to $512 million primarily due to:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses decreased by $94 million (20%) primarily due to:
Previous wording
▪$40 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
Current wording
▪$92 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
Current wording
▪$16 million from TdM mainly due to lower volumes, including from a scheduled maintenance outage in March 2025
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, Sempra’s cost of sales from energy-related businesses decreased by $29 million (18%) to $134 million primarily due to:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s cost of sales from energy-related businesses increased by $10 million (9%) primarily due to:
Previous wording
▪$51 million driven by lower natural gas purchases related to asset and supply optimization
Current wording
▪$15 million driven by higher natural gas purchases related to asset and supply optimization
Current wording
▪$6 million at TdM driven by lower volumes, including from a scheduled maintenance outage in March 2025
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, Sempra’s O&M decreased by $57 million (4%) to $1.3 billion primarily due to:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s O&M increased by $131 million (11%) primarily due to:
Previous wording
◦$18 million higher development costs and certain non-capitalized expenses from projects under construction
Current wording
◦$7 million higher development costs and certain non-capitalized expenses from projects under construction
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, Sempra’s other income, net, increased by $62 million to $65 million primarily due to:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s other income, net, decreased by $8 million (8%) to $91 million primarily due to:
Previous wording
▪$48 million increase from $29 million net investment gains in 2024 compared to $19 million net investment losses in 2023 on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan at Parent and other
Current wording
▪$14 million lower investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan at Parent and other
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, Sempra’s interest expense increased by $16 million (5%) to $328 million primarily due to:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s interest expense increased by $128 million (42%) to $433 million primarily due to:
Previous wording
▪$25 million at Parent and other from higher debt balances from debt issuances, offset by capitalization of interest expense in 2024 on projects under construction at Sempra Infrastructure
Current wording
▪$31 million at Parent and other from higher debt balances from debt issuances, offset by lower borrowings on commercial paper and capitalization of interest expense on projects under construction at Sempra Infrastructure
Previous wording
▪$17 million at Sempra California from higher debt balances from debt issuances
Current wording
▪$20 million at Sempra California from higher debt balances from debt issuances
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, Sempra’s income tax benefit increased by $53 million primarily due to:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s income tax expense decreased by $115 million primarily due to:
Previous wording
▪higher income tax benefits from flow-through items, including an income tax benefit in 2024 from adopting a change in tax accounting method for gas repairs expenditures
Previous wording
We discuss the impact of foreign currency exchange rates and inflation on income taxes below in “Impact of Foreign Currency and Inflation Rates on Results of Operations.” See Note 1 of the Notes to Condensed Consolidated Financial Statements in this report and Notes 1 and 8 of the Notes to Consolidated Financial Statements in the Annual Report for further details about our accounting for income taxes and items subject to flow-through treatment.
Current wording
We discuss the impact of foreign currency exchange rates and inflation on income taxes below in “Impact of Foreign Currency and Inflation Rates on Results of Operations.” See Note 1 of the Notes to Condensed Consolidated Financial Statements in this report and Notes 1 and 7 of the Notes to Consolidated Financial Statements in the Annual Report for further details about our accounting for income taxes and items subject to flow-through treatment.
Previous wording
In the three months ended September 30, 2024 compared to the same period in 2023, Sempra’s equity earnings decreased by $25 million (5%) to $454 million primarily due to:
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s equity earnings decreased by $23 million (7%) to $325 million primarily due to:
Previous wording
In the three months and nine months ended September 30, 2024 compared to the same periods in 2023, Sempra’s earnings attributable to NCI decreased by $12 million (10%) to $110 million and $110 million (25%) to $325 million, respectively, primarily due to a decrease in SI Partners’ net income.
Current wording
In the three months ended March 31, 2025 compared to the same period in 2024, Sempra’s earnings attributable to NCI decreased by $67 million to $2 million primarily due to a decrease in SI Partners subsidiaries’ net income driven by unrealized losses in 2025 from interest rate swaps related to the PA LNG Phase 1 project.
Previous wording
Because our natural gas distribution utility in Mexico, Ecogas, uses its local currency as its functional currency, revenues and expenses are translated into U.S. dollars at average exchange rates for the period for consolidation in Sempra’s results of operations. We discuss further the impact of foreign currency and inflation rates on results of operations, including impacts on income taxes and related hedging activity, in “Part II – Item 7. MD&A – Impact of Foreign Currency and Inflation Rates on Results of Operations” in the Annual Report.
Current wording
Because our natural gas distribution utility in Mexico, Ecogas, uses its local currency as its functional currency, its revenues and expenses are translated into U.S. dollars at average exchange rates for the period for consolidation in Sempra’s results of operations. We discuss further the impact of foreign currency and inflation rates on results of operations, including impacts on income taxes and related hedging activity, in “Part II – Item 7. MD&A – Impact of Foreign Currency and Inflation Rates on Results of Operations” in the Annual Report.
Previous wording
Any difference in average exchange rates used for the translation of income statement activity from year to year can cause a variance in Sempra’s comparative results of operations. In the three months and nine months ended September 30, 2024 compared to the same periods in 2023, the change in our earnings as a result of foreign currency translation rates was negligible.
Current wording
Any difference in average exchange rates used for the translation of income statement activity from year to year can cause a variance in Sempra’s comparative results of operations. In the three months ended March 31, 2025 compared to the same period in 2024, the change in our earnings as a result of foreign currency translation rates was negligible.
Previous wording
We discuss herein SDG&E’s results of operations and significant changes in earnings, revenues and costs for the three months (Q3) and nine months (YTD) ended September 30, 2024 compared to the same periods in 2023.
Current wording
We discuss herein SDG&E’s results of operations and significant changes in earnings, revenues and costs for the three months ended March 31, 2025 compared to the same period in 2024.
Previous wording
▪$18 million higher CPUC base operating margin, net of operating expenses, including higher authorized cost of capital. SDG&E recorded CPUC-authorized revenues based on 2023 authorized levels
Current wording
▪$50 million higher CPUC base operating margin, net of operating expenses and $5 million lower authorized cost of capital. In the first three quarters of 2024, SDG&E recorded CPUC-authorized base revenues based on 2023 authorized levels
Showing the first 40 of 106 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
▪$6 million higher net interest expense
Current report — wording carried from elsewhere
▪$26 million lower purchased power primarily due to change in excess capacity sales
Current report — wording carried from elsewhere
▪$20 million lower purchased power from the California ISO due to lower market prices
Current report — wording carried from elsewhere
▪higher income tax benefits from flow-through items
Current report — wording carried from elsewhere
In September 2019, Sempra Infrastructure and the CFE reached an agreement to modify the tariff structure and extend the term of the contract by 10 years. Under the revised agreement, the CFE will resume making payments only when the damaged section of the Guaymas-El Oro segment of the Sonora pipeline is back in service.
Rearranged previous paragraphs (12)
Previous report — wording carried elsewhere
▪$31 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $67 million favorable impact in 2024 compared to a $36 million favorable impact in 2023
Previous report — wording carried elsewhere
▪$897 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
Previous report — wording carried elsewhere
▪$190 million decrease at Sempra California due to:
Previous report — wording carried elsewhere
▪$84 million increase at Sempra Infrastructure due to:
Previous report — wording carried elsewhere
◦$35 million higher development costs and certain non-capitalized expenses from projects under construction
Previous report — wording carried elsewhere
▪$50 million at Sempra California from higher debt balances from debt issuances
Previous report — wording carried elsewhere
•rate updates to reflect increases in invested capital
Previous report — wording carried elsewhere
▪$98 million at Oncor Holdings driven by:
Previous report — wording carried elsewhere
•rate updates to reflect increases in invested capital
Previous report — wording carried elsewhere
▪$14 million lower income tax benefits primarily from flow-through items
Previous report — wording carried elsewhere
2024 GRC Track 3. SDG&E expects to submit in the first half of 2025 an additional request to the CPUC in its 2024 GRC, known as a Track 3 request, for review and recovery of its 2023 wildfire mitigation plan costs.
Previous report — wording carried elsewhere
From October 23, 2015 through February 11, 2016, SoCalGas experienced the Leak, which we discuss in Note 11 of the Notes to Condensed Consolidated Financial Statements in this report and in “Part I – Item 1A. Risk Factors” in the Annual Report.