SAN DIEGO GAS & ELECTRIC CO
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 7, 2025
SRE$78.17-2.1%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Glossary
The following terms and abbreviations appearing in this report have the meanings indicated below.
| GLOSSARY | |
|---|---|
| AB | California Assembly Bill |
| ADIA | Black Silverback ZC 2022 LP (assignee of Black River B 2017 Inc.), a wholly owned affiliate of Abu Dhabi Investment Authority |
| AFUDC | allowance for funds used during construction |
| amparo | an extraordinary constitutional appeal governed by Articles 103 and 107 of the Mexican Constitution and filed in Mexican federal court |
| AOCI | accumulated other comprehensive income (loss) |
| ARO | asset retirement obligation |
| ASC | Accounting Standards Codification |
| ASEA | Agencia de Seguridad, Energía y Ambiente (Mexico’s National Agency for Safety, Energy, and Environment) |
| ASU | Accounting Standards Update |
| ATM | at-the-market equity offering program pursuant to the Sales Agreement |
| Bcf | billion cubic feet |
| Bechtel | Bechtel Energy Inc. |
| bps | basis points |
| California ISO adder | an additional 0.50% ROE for participation in the California ISO |
| Cameron LNG JV | Cameron LNG Holdings, LLC |
| Cameron LNG Phase 1 facility | Cameron LNG JV liquefaction facility |
| Cameron LNG Phase 2 project | Cameron LNG JV liquefaction expansion project |
| CCA | Community Choice Aggregator |
| CCM | cost of capital adjustment mechanism |
| CFE | Comisión Federal de Electricidad (Mexico’s Federal Electricity Commission) |
| CFIN | Cameron LNG FINCO, LLC, a wholly owned and unconsolidated affiliate of Cameron LNG JV |
| CNE | Comisión Nacional de Energía (Mexico’s National Commission of Energy), successor to Comisión Reguladora de Energía (Mexico’s Energy Regulatory Commission or CRE) |
| CODM | chief operating decision maker as defined in Accounting Standards Codification 280 |
| ConocoPhillips | ConocoPhillips Company |
| COVID-19 | coronavirus disease 2019 |
| CPUC | California Public Utilities Commission |
| CRR | congestion revenue right |
| DOE | U.S. Department of Energy |
| ECA LNG | ECA LNG Phase 1 and ECA LNG Phase 2, collectively |
| ECA LNG Phase 1 | ECA LNG Holdings B.V. |
| ECA LNG Phase 2 | ECA LNG II Holdings B.V. |
| ECA Regas Facility | Energía Costa Azul, S. de R.L. de C.V. LNG regasification facility |
| Ecogas | Ecogas México, S. de R.L. de C.V. |
| Edison | Southern California Edison Company, a subsidiary of Edison International |
| EPC | engineering, procurement and construction |
| EPS | earnings per common share |
| ESL | Mexico’s Electric Sector Law |
| ETR | effective income tax rate |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FD | final decision |
| Feed gas | natural gas that is provided to be used for processing to produce LNG |
| FERC | Federal Energy Regulatory Commission |
| Fitch | Fitch Ratings, Inc. |
| FTA | Free Trade Agreement |
| GCIM | Gas Cost Incentive Mechanism |
| GHG | greenhouse gas |
| GRC | General Rate Case |
| HOA | Heads of Agreement |
| HSL | Mexico’s Hydrocarbons Sector Law |
| IEnova | Infraestructura Energética Nova, S.A.P.I. de C.V. |
| IMG | Infraestructura Marina del Golfo |
| IOU | investor-owned utility |
| GLOSSARY | |
|---|---|
| IRS | U.S. Internal Revenue Service |
| ISO | Independent System Operator |
| ITC | investment tax credit |
| JV | joint venture |
| KKR Denali | KKR Denali Holdco LLC, an affiliate of Kohlberg Kravis Roberts & Co. L.P. |
| KKR Pinnacle | KKR Pinnacle Investor L.P., an affiliate of Kohlberg Kravis Roberts & Co. L.P. |
| LA Fires | the wildfires in Los Angeles County, California, including the Palisades, Eaton and other fires, that burned in January and February of 2025 |
| Leak | the leak at the SoCalGas Aliso Canyon natural gas storage facility injection-and-withdrawal well, SS25, discovered by SoCalGas on October 23, 2015 |
| LH | Mexico’s Hydrocarbons Law |
| LIE | Mexico’s Electricity Industry Law |
| LNG | liquefied natural gas |
| MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| MMBtu | million British thermal units (of natural gas) |
| Moody’s | Moody’s Investors Service, Inc. |
| MOU | Memorandum of Understanding |
| Mtpa | million tonnes per annum |
| MW | megawatt |
| MWh | megawatt hour |
| NCI | noncontrolling interest(s) |
| NDT | nuclear decommissioning trusts |
| O&M | operation and maintenance expense |
| OBBBA | One Big Beautiful Bill Act |
| OCI | other comprehensive income (loss) |
| Oncor | Oncor Electric Delivery Company LLC |
| Oncor Holdings | Oncor Electric Delivery Holdings Company LLC |
| OSHA | Occupational Safety and Health Administration |
| Other Sempra | All Sempra consolidated entities, except for SDG&E and SoCalGas |
| PA LNG Phase 1 project | initial phase of the Port Arthur LNG liquefaction project |
| PA LNG Phase 2 project | second phase of the Port Arthur LNG liquefaction project |
| PBOP | postretirement benefits other than pension |
| PEMEX | Petróleos Mexicanos (Mexican state-owned oil company) |
| Port Arthur LNG | Port Arthur LNG, LLC, a subsidiary of SI Partners that owns the PA LNG Phase 1 project |
| PP&E | property, plant and equipment |
| PPA | power purchase agreement |
| PSEP | Pipeline Safety Enhancement Plan |
| PUCT | Public Utility Commission of Texas |
| Registrants | has the meaning set forth in Rule 12b-2 under the Exchange Act and consists of Sempra, SDG&E and SoCalGas for purposes of this report |
| ROE | return on equity |
| RSU | restricted stock unit |
| S&P | S&P Global Ratings, a division of S&P Global Inc. |
| Sales Agreement | ATM Equity Offering Sales Agreement, dated November 6, 2024, among Sempra and Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., and Wells Fargo Securities, LLC (each a sales agent or forward seller) and Barclays Bank PLC, Bank of America, N.A., Citibank, N.A., Goldman Sachs & Co. LLC, JPMorgan Chase Bank, National Association, Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, Royal Bank of Canada, The Bank of Nova Scotia and Wells Fargo Bank, National Association, or one of their respective affiliates (each a forward purchaser) |
| SDG&E | San Diego Gas & Electric Company |
| SDSRA | Senior Debt Service Reserve Account |
| SEC | U.S. Securities and Exchange Commission |
| SEDATU | Secretaría de Desarrollo Agrario, Territorial y Urbano (Mexico’s agency in charge of agriculture, land and urban development) |
| SENER | Secretaría de Energía de México (Mexico’s Ministry of Energy) |
| series C preferred stock | Sempra’s 4.875% fixed-rate reset cumulative redeemable perpetual preferred stock, series C |
| Sharyland Utilities | Sharyland Utilities, L.L.C. |
| GLOSSARY | |
|---|---|
| SI Partners | Sempra Infrastructure Partners, LP, the holding company for most of Sempra’s subsidiaries not subject to California or Texas utility regulation |
| SoCalGas | Southern California Gas Company |
| SOFR | Secured Overnight Financing Rate |
| SONGS | San Onofre Nuclear Generating Station |
| SPA | sale and purchase agreement |
| SRP | system resiliency plan |
| Support Agreement | support agreement, dated July 28, 2020 and amended in June 2021, January 2025 and March 2025, between Sempra and Sumitomo Mitsui Banking Corporation |
| TAG Norte | TAG Norte Holding, S. de R.L. de C.V. |
| TAG Pipelines | TAG Pipelines Norte, S. de R.L. de C.V. |
| TCEQ | Texas Commission on Environmental Quality |
| TdM | Termoeléctrica de Mexicali |
| TO5 | Electric Transmission Owner Formula Rate, effective June 1, 2019 |
| TO5 adder refund provision | the provision in the TO5 settlement providing that SDG&E will refund the California ISO adder as of June 1, 2019 if the FERC issues an order ruling that California IOUs are no longer eligible for the California ISO adder |
| TO6 | Electric Transmission Owner Formula Rate, effective June 1, 2025, subject to refund |
| TRO | temporary restraining order |
| U.S. GAAP | generally accepted accounting principles in the United States of America |
| UTM | unified tracker mechanism |
| VIE | variable interest entity |
| VREP | Voluntary Retirement Enhancement Program |
| Wildfire Fund | the fund established pursuant to AB 1054 |
| Wildfire Legislation | AB 1054 and AB 111 |
In this report, references to “Sempra” are to Sempra and its consolidated entities, collectively, and references to “we,” “our,” “us” and “our company” are to the applicable Registrant and its consolidated entities, collectively, in each case unless otherwise stated or indicated by the context. All references in this report to our reportable segments are not intended to refer to any legal entity with the same or similar name.
Throughout this report, we refer to the following as Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements when discussed together or collectively:
the Condensed Consolidated Financial Statements and related Notes of Sempra;
the Condensed Financial Statements and related Notes of SDG&E; and
the Condensed Financial Statements and related Notes of SoCalGas.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.