SAN DIEGO GAS & ELECTRIC CO
For the period ended Sep 30, 2025. Filed Nov 5, 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.
Sep 30, 2025 · Filed Nov 5, 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 2025-06-30; filed 2025-08-07.
0001032208-25-000048
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 2025-09-30; filed 2025-11-05.
0001032208-25-000065
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 513 previous paragraphs and 565 current paragraphs.
196 unchanged; 163 reworded; 181 added; 122 removed; 32 previous and 25 current paragraphs rearranged.
Tables are not compared: 17 previous and 18 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 (181)
Current report
In the three months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $123 million (50%) was primarily due to:
Current report
▪$92 million higher income tax benefits primarily from flow-through items, including impacts from the election to accelerate self-developed software deductions, and from the resolution of prior year income tax items
Current report
▪$134 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) and impacts from the election to accelerate self-developed software deductions, and from the resolution of prior year income tax items
Current report
▪$25 million from disallowed regulatory recovery of COVID-19 costs
Current report
In the three months ended September 30, 2025 compared to the same period in 2024, losses were $580 million compared to earnings of $230 million primarily due to:
Current report
▪$705 million income tax expense in 2025 to adjust deferred income tax liabilities related to outside basis differences in our investment in SI Partners as a result of management’s decision to classify the asset as held for sale
Current report
▪$26 million unfavorable impact related to a customer’s early termination of firm transportation agreements, including interest expense
Current report
▪$18 million lower income tax benefit primarily from outside basis differences
Current report
In the nine months ended September 30, 2025 compared to the same period in 2024, losses were $362 million compared to earnings of $652 million primarily due to:
Current report
▪$731 million income tax expense in 2025 as a result of management’s decision to classify SI Partners and Ecogas as held for sale, comprised of the following:
Current report
◦$705 million income tax expense to adjust deferred income tax liabilities related to outside basis differences in our investment in SI Partners
Current report
◦$26 million income tax expense due to the recognition of a deferred tax liability on our outside basis difference in Ecogas
Current report
▪$26 million unfavorable impact related to a customer’s early termination of firm transportation agreements, including interest expense
Current report
▪$16 million lower income tax benefit primarily from outside basis differences
Current report
▪$26 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
▪$191 million net income tax benefit in 2025 from changes to a valuation allowance against certain tax credit carryforwards offset by changes in state income tax apportionment as a result of management’s decision to classify SI Partners as held for sale
Current report
▪$17 million income tax expense in 2024 from changes to a valuation allowance against certain tax credit carryforwards
Current report
▪$11 million preferred deemed dividends related to the notice of redemption of series C preferred stock in September 2025
Current report
▪$191 million net income tax benefit in 2025 from changes to a valuation allowance against certain tax credit carryforwards offset by changes in state income tax apportionment as a result of management’s decision to classify SI Partners as held for sale
Current report
▪$17 million income tax expense in 2024 from changes to a valuation allowance against certain tax credit carryforwards
Current report
▪$11 million preferred deemed dividends related to the notice of redemption of series C preferred stock in September 2025
Current report
▪$108 million increase in cost of natural gas sold, which we discuss below
Current report
▪$58 million higher regulatory revenues, including gas repairs tax benefits, which are offset in income tax (expense) benefit. 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
▪$65 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
▪$51 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit
Current report
▪$103 million higher regulatory revenues, including gas repairs tax benefits, which are offset in income tax (expense) benefit. 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
▪$94 million increase in cost of natural gas sold, which we discuss below
Current report
▪$67 million higher revenues associated with refundable programs, which are fully offset in O&M
Current report
▪$206 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
▪$51 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit
Current report
▪$29 million lower revenues from disallowed regulatory recovery of COVID-19 costs
Current report
In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of natural gas increased by $96 million (12%) driven by Sempra California, which included:
Current report
▪$140 million increase in cost of electric fuel and purchased power, which we discuss below
Current report
In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power increased by $140 million driven by Sempra California, which included:
Showing the first 40 of 181 passages. Open the source sections for the rest.
Removed paragraphs (122)
Previous report
▪$20 million lower 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
Previous report
In the six months ended June 30, 2025 compared to the same period in 2024, the increase in earnings of $85 million (9%) was primarily due to:
Previous report
In the three months ended June 30, 2025 compared to the same period in 2024, the decrease in earnings of $219 million was primarily due to:
Previous report
▪$26 million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management’s decision to hold the asset for sale
Previous report
In the six months ended June 30, 2025 compared to the same period in 2024, the decrease in earnings of $204 million (48%) was primarily due to:
Previous report
▪$26 million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management’s decision to hold the asset for sale
Previous 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
Previous report
▪$5 million related to settlement charges from our nonqualified pension plan in 2024
Previous report
▪$5 million related to settlement charges from our nonqualified pension plan in 2024
Previous report
▪$97 million lower revenues associated with refundable programs, which are fully offset in O&M
Previous report
▪$70 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
Previous report
▪$3 million lower revenues associated with impacts resulting from changes in tax laws tracked in the income tax expense memorandum account
Previous report
▪$129 million higher CPUC-authorized base 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 $8 million lower authorized cost of capital
Previous report
▪$45 million increase in cost of natural gas sold, which we discuss below
Previous report
▪$308 million higher CPUC-authorized base 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 $21 million lower authorized cost of capital
Previous report
▪$66 million higher revenues associated with refundable programs, which are fully offset in O&M
Previous report
▪$45 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
Previous report
▪$141 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
Previous report
▪$14 million decrease in cost of natural gas sold, which we discuss below
Previous report
▪$11 million lower revenues associated with impacts resulting from changes in tax laws tracked in the income tax expense memorandum account
Previous report
In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s cost of natural gas decreased by $15 million (2%) driven by Sempra California, which included:
Previous report
▪$69 million decrease in cost of electric fuel and purchased power, which we discuss below
Previous report
▪$23 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax (expense) benefit
Previous report
In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power decreased by $65 million (42%) driven by Sempra California, which included:
Previous report
▪$44 million lower purchased power primarily due to change in excess capacity sales and lower renewable energy costs
Previous report
▪$103 million decrease in cost of electric fuel and purchased power, which we discuss below
Previous report
▪$67 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax (expense) benefit
Previous report
▪$11 million lower revenues associated with refundable programs, which are fully offset in O&M
Previous report
▪$47 million higher CPUC-authorized base 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 $9 million lower authorized cost of capital
Previous report
In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s cost of electric fuel and purchased power decreased by $102 million (42%) driven by Sempra California, which included:
Previous report
▪$73 million lower purchased power primarily due to change in excess capacity sales and lower renewable energy costs
Previous report
▪$44 million lower purchased power from the California ISO due to lower customer demand from departing load now served by CCAs
Previous report
▪$15 million lower sales to the California ISO due to decreased utility-owned generator availability
Previous report
▪$9 million from TdM driven by higher volumes in 2025 from scheduled major maintenance in April 2024
Showing the first 40 of 122 passages. Open the source sections for the rest.
Reworded paragraphs (163)
Previous wording
Throughout the MD&A, our references to earnings represent earnings attributable to common shares. Variance amounts presented are the after-tax earnings impact (based on applicable statutory tax rates unless otherwise noted) and after NCI but before foreign currency and inflation effects, where applicable.
Current wording
Throughout this MD&A, our references to earnings represent earnings attributable to common shares. Variance amounts presented are the after-tax earnings impact (based on applicable statutory tax rates unless otherwise noted) and after NCI but before foreign currency and inflation effects, where applicable.
Previous 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 (Q2) and six months (YTD) ended June 30, 2025 compared to the same periods in 2024. 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 (Q3) and nine months (YTD) ended September 30, 2025 compared to the same periods in 2024. We also discuss herein the impact of foreign currency and inflation rates on Sempra’s results of operations.
Previous wording
Due to the delay in the issuance of the CPUC’s FD 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 half 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 wording
Due to the delay in the issuance of the CPUC’s FD 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 three quarters 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.
Previous wording
▪$16 million lower CPUC base operating margin, net of operating expenses including higher depreciation and $9 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 wording
▪$47 million higher CPUC base operating margin, net of operating expenses including higher depreciation and $9 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
Previous wording
In the three months ended June 30, 2025 compared to the same period in 2024, the decrease in earnings of $57 million (18%) was primarily due to:
Current wording
In the nine months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $208 million (18%) was primarily due to:
Previous wording
▪$72 million higher CPUC base operating margin, net of operating expenses including higher depreciation and $22 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 wording
▪$119 million higher CPUC base operating margin, net of operating expenses including higher depreciation and $31 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
Previous wording
In the three months ended June 30, 2025 compared to the same period in 2024, the increase in earnings of $6 million (3%) was primarily due to higher equity earnings from Oncor Holdings driven by:
Current wording
In the three months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $45 million (17%) was primarily due to higher equity earnings from Oncor Holdings driven by:
Previous wording
In the six months ended June 30, 2025 compared to the same period in 2024, the decrease in earnings of $31 million (8%) was primarily due to lower equity earnings from Oncor Holdings driven by:
Current wording
In the nine months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $14 million (2%) was primarily due to higher equity earnings from Oncor Holdings driven by:
Previous wording
▪$251 million unfavorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of an $98 million unfavorable impact in 2025 compared to a $153 million favorable impact in 2024
Current wording
▪$100 million unfavorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $32 million unfavorable impact in 2025 compared to a $68 million favorable impact in 2024
Previous wording
▪$16 million lower O&M in 2025 from lower provisions for expected credit losses
Current wording
▪$10 million higher O&M in 2025 from higher provisions for expected credit losses
Previous wording
▪$4 million from asset and supply optimization driven by lower optimization of transport and storage contracts offset by unrealized gains in 2025 compared to unrealized losses in 2024 on commodity derivatives due to changes in natural gas prices and higher LNG diversion fees
Current wording
▪$26 million from asset and supply optimization driven by higher optimization of transport and storage contracts offset by unrealized losses on commodity derivatives in 2025 compared to unrealized gains on commodity derivatives in 2024 due to changes in natural gas prices
Previous wording
▪$202 million unfavorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of an $90 million unfavorable impact in 2025 compared to a $112 million favorable impact in 2024
Current wording
▪$302 million unfavorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $122 million unfavorable impact in 2025 compared to a $180 million favorable impact in 2024
Previous wording
▪$15 million from TdM driven by unrealized losses in 2025 compared to unrealized gains in 2024 on commodity derivatives due to changes in power prices
Current wording
▪$17 million from TdM driven by lower volumes and lower power prices and unrealized losses in 2025 compared to unrealized gains in 2024 on commodity derivatives due to changes in power prices
Previous wording
▪$8 million interest expense from unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project
Current wording
▪$9 million interest expense from unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project
Previous wording
▪$46 million from asset and supply optimization driven by unrealized gains in 2025 compared to unrealized losses in 2024 on commodity derivatives due to changes in natural gas prices and higher LNG diversion fees
Current wording
▪$22 million from asset and supply optimization driven by higher optimization of transport and storage contracts and higher LNG diversion fees offset by higher unrealized losses on commodity derivatives due to changes in natural gas prices
Previous wording
▪$10 million interest income from a change in the fair value of the Support Agreement
Current wording
▪$12 million higher net interest income from a change in the fair value of the Support Agreement and higher capitalization of interest expense in 2025 from projects under construction
Previous wording
▪$7 million higher revenues due to the commencement of commercial operations at Topolobampo marine terminal in June 2024
Current wording
▪$7 million higher revenues due to the commencement of commercial operations at the Topolobampo marine terminal in June 2024
Previous wording
In the three months ended June 30, 2025 compared to the same period in 2024, the decrease in losses of $18 million (19%) was primarily due to:
Current wording
In the three months ended September 30, 2025 compared to the same period in 2024, the decrease in losses of $81 million was primarily due to:
Previous wording
The OBBBA was signed into law on July 4, 2025. The OBBBA includes revisions to tax credits and incentives for energy and climate initiatives of the Inflation Reduction Act enacted in 2022 and extends or revises key provisions of the Tax Cuts and Jobs Act enacted in 2017, among other changes. The OBBBA leaves the U.S. corporate tax rate and the corporate alternative minimum tax rate unchanged at 21% and 15%, respectively. We will continue to assess the impacts of the OBBBA as the U.S. Department of the Treasury and the IRS issue guidance. We do not expect the OBBBA to have a material adverse effect on Sempra’s, SDG&E’s or SoCalGas’ results of operations, financial condition and/or cash flows.
Current wording
▪$22 million income tax benefit in 2025 from the impacts of the OBBBA
Previous wording
▪$16 million higher income tax benefit from the interim period application of an annual forecasted consolidated ETR
Current wording
▪$13 million higher income tax expense from the interim period application of an annual forecasted consolidated ETR
Previous wording
▪$15 million higher net investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan
Current wording
▪$10 million lower net investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan
Previous wording
In the six months ended June 30, 2025 compared to the same period in 2024, the decrease in losses of $3 million (2%) was primarily due to:
Current wording
In the nine months ended September 30, 2025 compared to the same period in 2024, the decrease in losses of $84 million (29%) was primarily due to:
Previous wording
In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s natural gas revenues decreased by $24 million (2%) driven by Sempra California, which included:
Current wording
In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s natural gas revenues increased by $168 million (14%) driven by Sempra California, which included:
Previous wording
▪$111 million higher CPUC-authorized base 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 $7 million lower authorized cost of capital
Current wording
▪$122 million higher CPUC-authorized base 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 $7 million lower authorized cost of capital
Previous wording
In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s cost of natural gas increased by $46 million (34%) driven by Sempra California, primarily due to higher average natural gas prices.
Current wording
In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s cost of natural gas increased by $111 million driven by Sempra California, primarily due to higher average natural gas prices.
Previous wording
In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s natural gas revenues increased by $229 million (6%) driven by Sempra California, which included:
Current wording
In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s natural gas revenues increased by $397 million (8%) driven by Sempra California, which included:
Previous wording
▪$28 million lower revenues associated with refundable programs, which are fully offset in O&M
Current wording
▪$430 million higher CPUC-authorized base 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 $28 million lower authorized cost of capital
Previous wording
▪$14 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 wording
▪$14 million higher revenues from higher non-service components of net periodic benefit cost, which fully offsets in other income, net
Previous wording
In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s electric revenues decreased by $113 million (10%) driven by Sempra California, which included:
Current wording
In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s electric revenues increased by $191 million (18%) driven by Sempra California, which included:
Current wording
▪$40 million higher CPUC-authorized base 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 $6 million lower authorized cost of capital
Previous wording
▪$15 million higher net investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan
Current wording
▪$15 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
Previous wording
▪$12 million higher AFUDC equity primarily at Sempra Infrastructure
Previous wording
▪$19 million lower 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 wording
▪$19 million lower regulatory revenues associated with impacts from the election to accelerate self-developed software deductions, which are offset in income tax (expense) benefit
Previous wording
▪$7 million lower 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 wording
▪$7 million lower regulatory revenues from higher ITCs from standalone energy storage projects, which are offset in income tax (expense) benefit
Previous wording
In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s electric revenues decreased by $110 million (5%) driven by Sempra California, which included:
Current wording
In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra’s electric revenues increased by $81 million (2%) driven by Sempra California, which included:
Previous wording
In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses increased by $126 million (34%) primarily due to:
Current wording
In the three months ended September 30, 2025 compared to the same period in 2024, Sempra’s revenues from energy-related businesses increased by $16 million (3%) primarily due to:
Previous wording
▪$104 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
Current wording
▪$39 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
Showing the first 40 of 163 pairs. Open the source sections for the rest.
Rearranged current paragraphs (25)
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▪$16 million higher net interest expense
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▪$7 million higher net regulatory interest income
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▪$22 million income tax benefit in 2025 from the impacts of the OBBBA
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(1) Excludes depreciation and amortization, which are presented separately on Sempra’s Condensed Consolidated Statements of Operations.
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▪$29 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
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▪$9 million lower revenues associated with refundable programs, which are fully offset in O&M
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▪ $28 million increase at Sempra Infrastructure due to:
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◦$12 million higher development costs and certain non-capitalized expenses from projects under construction
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▪$7 million from $3 million gains in 2025 compared to $4 million losses in 2024 from impacts associated with interest rate and foreign exchange instruments and foreign currency transactions driven by other foreign currency transactional effects at Sempra Infrastructure
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In the nine months ended September 30, 2025 compared to the same period in 2024, Sempra had an income tax expense in 2025 compared to an income tax benefit in 2024 primarily due to:
Current report — wording carried from elsewhere
▪$15 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 — wording carried from elsewhere
▪$12 million higher revenues from transmission operations
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▪$29 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 — wording carried from elsewhere
▪$9 million lower revenues associated with refundable programs, which are fully offset in O&M
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▪$105 million higher average natural gas prices
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▪$24 million lower expenses associated with refundable programs, which costs are recovered in revenue
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▪$23 million higher expenses associated with refundable programs, which costs are recovered in revenue
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▪borrowings under or supported by our credit facilities
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▪other incurrences of debt which may include issuing debt securities and obtaining term loans
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▪selling assets or equity interests in our subsidiaries or development projects, including the planned sale of a portion of our equity interest in SI Partners
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▪issuing equity securities under our ATM program or other offerings
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We believe that these cash flow sources, combined with available funds, will be adequate to fund our operations in both the short-term and long-term, including to:
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Sempra Infrastructure has definitive SPAs for LNG offtake from the PA LNG Phase 2 project with:
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▪JERA Co. Inc. for a 20-year term for 1.5 Mtpa of LNG on a free-on-board basis
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At September 30, 2025, Sempra Infrastructure has $391 million of PP&E, net, related to the Guaymas-El Oro segment of the Sonora pipeline, which could be subject to impairment if, among other things, Sempra Infrastructure is unable to re-route a portion of the pipeline and resume operations or if Sempra Infrastructure terminates the contract and is unable to obtain recovery, which in each case could have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects.
Rearranged previous paragraphs (32)
Previous report — wording carried elsewhere
▪$32 million higher net interest expense
Previous report — wording carried elsewhere
▪$18 million higher income tax benefit from the interim period application of an annual forecasted consolidated ETR
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(1)Excludes depreciation and amortization, which are presented separately on Sempra’s Condensed Consolidated Statements of Operations.
Previous report — wording carried elsewhere
▪$7 million higher revenues from transmission operations
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▪$13 million higher revenues from transmission operations
Previous report — wording carried elsewhere
▪$14 million higher revenues in 2025 due to the commencement of commercial operations at the Topolobampo marine terminal in June 2024
Previous report — wording carried elsewhere
◦$12 million primarily from higher diversion fees due to higher natural gas prices
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▪$11 million from lower power prices from solar generation assets and lower volumes from wind power generation assets
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▪$43 million driven by higher natural gas purchases related to asset and supply optimization
Previous report — wording carried elsewhere
▪$106 million decrease at Sempra California due to:
Previous report — wording carried elsewhere
▪$6 million higher net interest income on regulatory balancing accounts at Sempra California
Previous report — wording carried elsewhere
▪$6 million higher investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan at Parent and other
Previous report — wording carried elsewhere
▪$7 million reduction in regulatory interest from disallowed regulatory recovery of COVID-19 costs at Sempra California
Previous report — wording carried elsewhere
•increase due to Oncor’s SRP and the establishment of the UTM
Previous report — wording carried elsewhere
▪$17 million at Cameron LNG JV primarily from higher maintenance revenues and lower interest expense
Previous report — wording carried elsewhere
▪$34 million higher CPUC base operating margin, net of operating expenses including higher depreciation and $9 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
Previous report — wording carried elsewhere
▪$7 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
Previous report — wording carried elsewhere
▪$14 million higher net interest expense
Previous report — wording carried elsewhere
▪$28 million lower revenues associated with refundable programs, which are fully offset in O&M
Previous report — wording carried elsewhere
▪$7 million higher revenues from transmission operations
Previous report — wording carried elsewhere
▪$14 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
Previous report — wording carried elsewhere
▪$13 million higher revenues from transmission operations
Previous report — wording carried elsewhere
▪$19 million higher revenues associated with refundable programs, which are fully offset in O&M
Previous report — wording carried elsewhere
▪$8 million higher net interest income on regulatory balancing accounts
Previous report — wording carried elsewhere
▪$9 million higher net interest expense
Previous report — wording carried elsewhere
▪$18 million higher net interest expense
Previous report — wording carried elsewhere
▪$47 million higher revenues associated with refundable programs, which are fully offset in O&M
Previous report — wording carried elsewhere
▪$11 million higher average natural gas prices
Previous report — wording carried elsewhere
▪$47 million higher expenses associated with refundable programs, which costs are recovered in revenue
Previous report — wording carried elsewhere
▪$7 million reduction in regulatory interest from disallowed regulatory recovery of COVID-19 costs
Previous report — wording carried elsewhere
As we discuss in Note 6 of the Notes to Condensed Consolidated Financial Statements, on March 28, 2025, we issued a notice to KKR Pinnacle and ADIA of our intent to pursue a process to sell a portion of our 70% equity interest in SI Partners. We expect to complete the sale in the second or third quarter of 2026, subject to reaching agreement on acceptable pricing and other terms, securing required regulatory and other approvals, finalizing definitive contracts and other factors and considerations.
Previous report — wording carried elsewhere
We received authorizations from the DOE to export U.S.-produced natural gas to Mexico and to re-export LNG to non-FTA countries from the proposed ECA LNG Phase 2 project.