SAN DIEGO GAS & ELECTRIC CO
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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, 2026 · Filed Nov 5, 2026
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 2026-06-30; filed 2026-08-06.
0001032208-26-000045
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 2026-09-30; filed 2026-11-05.
0001032208-26-000054
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 535 previous paragraphs and 612 current paragraphs.
204 unchanged; 169 reworded; 209 added; 116 removed; 46 previous and 30 current paragraphs rearranged.
Tables are not compared: 18 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 (209)
Current report
In the three months ended September 30, 2026 compared to the same period in 2025, the decrease in earnings of $147 million (40%) was primarily due to:
Current report
▪$149 million charge in 2026 from regulatory disallowances, net, related to prior years, which we discuss in Note 4 of the Notes to the Condensed Consolidated Financial Statements
Current report
▪$29 million lower income tax benefits primarily from flow-through items, including impacts from the election in 2025 to accelerate self-developed software deductions
Current report
▪$38 million higher CPUC base operating margin, net of operating expenses and a $2 million charge in 2026 from regulatory disallowances, net
Current report
In the nine months ended September 30, 2026 compared to the same period in 2025, the decrease in earnings of $113 million (8%) was primarily due to:
Current report
▪$149 million charge in 2026 from regulatory disallowances, net, related to prior years
Current report
▪$34 million lower income tax benefits primarily from flow-through items
Current report
▪$97 million higher CPUC base operating margin, net of operating expenses and a $2 million charge in 2026 from regulatory disallowances, net, and including $47 million recognition of regulatory revenue reflecting returns on approved WMP capital projects resulting from the 2024 GRC Track 2 FD
Current report
▪$25 million charge in 2025 from disallowed regulatory recovery of COVID-19 costs
Current report
▪higher interest expense and depreciation expense associated with increases in invested capital
Current report
In the three months ended September 30, 2026 compared to the same period in 2025, earnings were $346 million compared to losses of $580 million primarily due to:
Current report
▪$703 million from $2 million net income tax expense in 2026 compared to $705 million income tax expense in 2025 as a result of classifying SI Partners and Ecogas as held for sale, comprised of the following:
Current report
◦$714 million from $9 million income tax benefit in 2026 compared to $705 million income tax expense in 2025 to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners
Current report
◦$11 million income tax expense in 2026 related to a Mexican deferred income tax liability on our outside basis difference in Ecogas
Current report
▪$97 million gain on the sale of Ecogas in August 2026, excluding the effects of foreign currency hedges
Current report
▪$26 million unfavorable impact in 2025 related to a customer’s early termination of firm transportation agreements, impacting revenue and interest expense
Current report
▪$13 million lower revenues driven by a contract modification in December 2024 on an LNG storage and regasification agreement that ended in December 2025
Current report
In the nine months ended September 30, 2026 compared to the same period in 2025, earnings were $838 million compared to losses of $362 million primarily due to:
Current report
▪$784 million from $53 million net income tax benefit in 2026 compared to $731 million income tax expense in 2025 as a result of classifying SI Partners and Ecogas as held for sale, comprised of the following:
Current report
◦$768 million from $63 million income tax benefit in 2026 compared to $705 million income tax expense in 2025 to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners
Current report
◦$16 million from $10 million income tax expense in 2026 compared to $26 million income tax expense in 2025 related to a Mexican deferred income tax liability on our outside basis difference in Ecogas
Current report
▪$97 million gain on the sale of Ecogas in August 2026, excluding the effects of foreign currency hedges
Current report
▪$26 million unfavorable impact in 2025 related to a customer’s early termination of firm transportation agreements, impacting revenue and interest expense
Current report
▪$17 million lower interest expense from $8 million unrealized gains in 2026 compared to $9 million unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project
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 classifying SI Partners as held for sale
Current report
▪$22 million income tax benefit in 2025 from the impacts of the OBBBA
Current report
▪$11 million unfavorable impact from $8 million net investment losses in 2026 compared to $3 million net investment gains in 2025 on dedicated assets in support of our employee nonqualified benefit plans and deferred compensation plan
Current report
▪$11 million preferred deemed dividends related to the notice of redemption of Sempra’s series C preferred stock in September 2025
Current report
In the nine months ended September 30, 2026 compared to the same period in 2025, the increase in losses of $138 million was primarily due to:
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 classifying SI Partners as held for sale
Current report
▪$22 million income tax benefit in 2025 from the impacts of the OBBBA
Current report
▪$11 million preferred deemed dividends related to the notice of redemption of Sempra’s series C preferred stock in September 2025
Current report
▪$27 million decrease in cost of natural gas sold, which we discuss below
Current report
▪$18 million lower regulatory revenues associated with refundable programs, which are fully offset in O&M
Showing the first 40 of 209 passages. Open the source sections for the rest.
Removed paragraphs (116)
Previous report
In the three months ended June 30, 2026 compared to the same period in 2025, the increase in earnings of $38 million (15%) was primarily due to:
Previous report
In the six months ended June 30, 2026 compared to the same period in 2025, the increase in earnings of $34 million (3%) was primarily due to:
Previous report
▪$59 million higher CPUC base operating margin, net of operating expenses, including $43 million recognition of regulatory revenue reflecting returns on approved WMP capital projects resulting from the 2024 GRC Track 2 FD
Previous report
In the three months ended June 30, 2026 compared to the same period in 2025, the increase in earnings of $158 million was primarily due to:
Previous report
▪$46 million from $20 million income tax benefit in 2026 compared to $26 million income tax expense in 2025 as a result of classifying SI Partners and Ecogas as held for sale, comprised of the following:
Previous report
◦$21 million income tax benefit in 2026 to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners
Previous report
◦$25 million from $1 million income tax expense in 2026 compared to $26 million income tax expense in 2025 related to a Mexican deferred income tax liability on our outside basis difference in Ecogas
Previous report
In the six months ended June 30, 2026 compared to the same period in 2025, the increase in earnings of $274 million was primarily due to:
Previous report
▪$81 million from $55 million income tax benefit in 2026 compared to $26 million income tax expense in 2025 as a result of classifying SI Partners and Ecogas as held for sale, comprised of the following:
Previous report
◦$54 million income tax benefit in 2026 to adjust deferred income tax liabilities primarily related to outside basis differences in our investment in SI Partners
Previous report
◦$27 million from $1 million income tax benefit in 2026 compared to $26 million income tax expense in 2025 related to a Mexican deferred income tax liability on our outside basis difference in Ecogas
Previous report
In the three months ended June 30, 2026 compared to the same period in 2025, the decrease in losses of $1 million (1%) was primarily due to:
Previous report
▪$9 million higher income tax benefits primarily from changes in tax allocations between Sempra Infrastructure and Parent and other
Previous report
▪$17 million higher income tax benefits primarily from changes in tax allocations between Sempra Infrastructure and Parent and other
Previous report
▪$121 million decrease in cost of natural gas sold, which we discuss below
Previous report
▪$45 million lower revenues from a $22 million credit in 2026 compared to a $23 million cost in 2025 for the non-service components of net periodic benefit cost, which fully offsets in other income, net
Previous report
▪$8 million lower regulatory revenues associated with the acceleration of self-developed software deductions, which are offset in income tax expense
Previous report
▪$24 million higher regulatory revenues primarily from lower gas repairs tax benefits
Previous report
In the three months ended June 30, 2026 compared to the same period in 2025, Sempra’s cost of natural gas decreased by $120 million driven by Sempra California, which included:
Previous report
▪$276 million decrease in cost of natural gas sold, which we discuss below
Previous report
▪$172 million lower regulatory revenues associated with refundable programs, which are fully offset in O&M
Previous report
▪$37 million lower regulatory revenues associated with the acceleration of self-developed software deductions, which are offset in income tax expense
Previous report
In the six months ended June 30, 2026 compared to the same period in 2025, Sempra’s cost of natural gas decreased by $278 million (41%) driven by Sempra California, which included:
Previous report
▪$32 million higher regulatory revenues from lower ITCs from standalone energy storage projects, which are offset in income tax expense
Previous report
▪$29 million increase in cost of electric fuel and purchased power, which we discuss below
Previous report
In the three months ended June 30, 2026 compared to the same period in 2025, Sempra’s cost of electric fuel and purchased power increased by $23 million (25%) driven by Sempra California, which included:
Previous report
▪$10 million lower sales to the California ISO due to lower market prices
Previous report
▪$136 million higher revenues from incremental and balanced capital projects, including $59 million recognition of regulatory revenue reflecting returns on approved WMP capital projects resulting from the 2024 GRC Track 2 FD
Previous report
▪$65 million higher regulatory revenues from lower ITCs from standalone energy storage projects, which are offset in income tax expense
Previous report
▪$50 million increase in cost of electric fuel and purchased power, which we discuss below
Previous report
▪$26 million higher revenues from transmission operations, including favorable impact from the retroactive application of the June 2026 FERC-approved TO6 settlement
Showing the first 40 of 116 passages. Open the source sections for the rest.
Reworded paragraphs (169)
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, in the three months (Q2) and six months (YTD) ended June 30, 2026 compared to the same period in 2025. 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, in the three months (Q3) and nine months (YTD) ended September 30, 2026 compared to the same periods in 2025. We also discuss herein the impact of foreign currency and inflation rates on Sempra’s results of operations.
Previous wording
▪$12 million higher revenues from transmission operations, including favorable impact from the retroactive application of the June 2026 FERC-approved TO6 settlement
Previous wording
▪$8 million higher income tax benefits primarily from flow-through items
Previous wording
▪$13 million higher electric transmission margin, including the favorable impact from the retroactive application of the June 2026 FERC-approved TO6 settlement
Current wording
▪$25 million higher electric transmission margin, including the favorable impact from the retroactive application of the June 2026 FERC-approved TO6 settlement
Previous wording
In the three months ended June 30, 2026 compared to the same period in 2025, the increase in earnings of $138 million was due to higher equity earnings from Oncor Holdings driven by:
Current wording
In the three months ended September 30, 2026 compared to the same period in 2025, the increase in earnings of $154 million (50%) was primarily due to higher equity earnings from Oncor Holdings driven by:
Previous wording
In the six months ended June 30, 2026 compared to the same period in 2025, the increase in earnings of $163 million (46%) was due to higher equity earnings from Oncor Holdings driven by:
Current wording
In the nine months ended September 30, 2026 compared to the same period in 2025, the increase in earnings of $317 million (48%) was primarily due to higher equity earnings from Oncor Holdings driven by:
Previous wording
▪$27 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico and associated undesignated derivatives, comprised of a $71 million unfavorable impact in 2026 compared to a $98 million unfavorable impact in 2025
Current wording
▪$98 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico and associated undesignated derivatives, comprised of a $65 million favorable impact in 2026 compared to a $33 million unfavorable impact in 2025
Previous wording
▪$73 million lower depreciation expense as a result of classifying SI Partners and Ecogas as held for sale in September 2025 and June 2025, respectively
Current wording
▪$32 million lower depreciation expense as a result of classifying SI Partners as held for sale in September 2025
Previous wording
▪$17 million lower revenues from incremental and balanced capital projects
Current wording
▪$17 million lower interest expense from $16 million unrealized gains in 2026 compared to $1 million unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project
Previous wording
▪$10 million lower O&M from changes in provisions for expected credit losses
Current wording
▪$15 million lower O&M from changes in provisions for expected credit losses
Previous wording
▪$34 million from asset and supply optimization driven by higher unrealized gains on commodity derivatives due to changes in natural gas prices and optimization of transport and storage contracts
Current wording
▪$50 million from asset and supply optimization driven by higher unrealized losses on commodity derivatives due to changes in natural gas prices and lower optimization of transport and storage contracts
Previous wording
▪$39 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico and associated undesignated derivatives, comprised of a $52 million unfavorable impact in 2026 compared to a $91 million unfavorable impact in 2025
Current wording
▪$137 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico and associated undesignated derivatives, comprised of a $13 million favorable impact in 2026 compared to a $124 million unfavorable impact in 2025
Previous wording
▪$37 million lower depreciation expense as a result of classifying SI Partners and Ecogas as held for sale in September 2025 and June 2025, respectively
Current wording
▪$105 million lower depreciation expense as a result of classifying SI Partners and Ecogas as held for sale in September 2025 and June 2025, respectively
Previous wording
▪$92 million from asset and supply optimization driven by higher unrealized gains on commodity derivatives due to changes in natural gas prices and optimization of transport and storage contracts
Current wording
▪$42 million from asset and supply optimization driven by unrealized gains in 2026 compared to unrealized losses in 2025 on commodity derivatives due to changes in natural gas prices
Previous wording
▪$26 million higher income tax expense primarily from other outside basis differences and changes in tax allocations between Sempra Infrastructure and Parent and other
Current wording
▪$23 million higher income tax expense primarily due to changes in tax allocations between Sempra Infrastructure and Parent and other
Previous wording
In the six months ended June 30, 2026 compared to the same period in 2025, the increase in losses of $5 million (3%) was primarily due to:
Current wording
In the three months ended September 30, 2026 compared to the same period in 2025, the increase in losses of $133 million was primarily due to:
Previous wording
▪$11 million preferred dividends in 2025 prior to the redemption of series C preferred stock in October 2025
Current wording
▪$7 million preferred dividends in 2025 prior to the redemption of Sempra’s series C preferred stock in October 2025
Previous wording
▪$37 million higher revenues from incremental and balanced capital projects
Previous wording
▪$11 million lower net investment gains on dedicated assets in support of our employee nonqualified benefit plan and deferred compensation plan
Current wording
▪$22 million lower net investment gains on dedicated assets in support of our employee nonqualified benefit plans and deferred compensation plan
Previous wording
▪$22 million preferred dividends in 2025 prior to the redemption of series C preferred stock in October 2025
Current wording
▪$29 million preferred dividends in 2025 prior to the redemption of Sempra’s series C preferred stock in October 2025
Current wording
▪$19 million higher income tax benefit from changes in tax allocations between Sempra Infrastructure and Parent and other
Previous wording
Our utilities revenues include natural gas revenues at Sempra California and Sempra Infrastructure, which includes Ecogas. Intercompany revenues are eliminated in Sempra’s Condensed Consolidated Statements of Operations.
Current wording
Our utilities revenues include natural gas revenues at Sempra California and Sempra Infrastructure, which includes Ecogas through the completion of its sale in August 2026. Intercompany revenues are eliminated in Sempra’s Condensed Consolidated Statements of Operations.
Previous wording
In the three months ended June 30, 2026 compared to the same period in 2025, Sempra’s natural gas revenues decreased by $106 million (7%) driven by Sempra California, which included:
Current wording
In the three months ended September 30, 2026 compared to the same period in 2025, Sempra’s natural gas revenues decreased by $16 million (1%) driven by Sempra California, which included:
Previous wording
▪$44 million from a $21 million credit in 2026 compared to a $23 million cost in 2025 for the non-service components of net periodic benefit cost
Current wording
▪$43 million lower revenues from a $21 million credit in 2026 compared to a $22 million cost in 2025 for the non-service components of net periodic benefit cost, which are fully offset in other income, net
Previous wording
▪$14 million higher revenues from incremental and balanced capital projects
Previous wording
▪$13 million higher electric transmission margin, including favorable impact from the retroactive application of the June 2026 FERC-approved TO6 settlement
Current wording
▪$13 million higher revenues from incremental and balanced capital projects
Previous wording
In the six months ended June 30, 2026 compared to the same period in 2025, Sempra’s natural gas revenues decreased by $443 million (12%) driven by Sempra California, which included:
Current wording
In the nine months ended September 30, 2026 compared to the same period in 2025, Sempra’s natural gas revenues decreased by $459 million (9%) driven by Sempra California, which included:
Current wording
▪$190 million lower regulatory revenues associated with refundable programs, which are fully offset in O&M
Previous wording
▪$27 million higher purchased power primarily due to changes in excess capacity sales offset by lower utility-owned generation costs
Current wording
▪$27 million higher regulatory revenues primarily from lower gas repairs tax benefits
Current wording
▪$20 million higher revenues from incremental and balanced capital projects
Previous wording
In the three months ended June 30, 2026 compared to the same period in 2025, Sempra’s electric revenues increased by $127 million (12%) driven by Sempra California, which included:
Current wording
In the three months ended September 30, 2026 compared to the same period in 2025, Sempra’s electric revenues increased by $131 million (10%) driven by Sempra California, which included:
Current wording
▪$35 million higher regulatory revenues from lower ITCs from standalone energy storage projects, which are fully offset in income tax expense
Previous wording
▪$15 million higher regulatory revenues primarily from lower gas repairs tax benefits
Current wording
▪$15 million lower regulatory revenues associated with refundable programs, which are fully offset in O&M
Previous wording
In the six months ended June 30, 2026 compared to the same period in 2025, Sempra’s electric revenues increased by $292 million (14%) driven by Sempra California, which included:
Current wording
In the nine months ended September 30, 2026 compared to the same period in 2025, Sempra’s electric revenues increased by $423 million (13%) driven by Sempra California, which included:
Previous wording
▪$32 million higher purchased power primarily due to changes in excess capacity sales and tolling agreements offset by lower utility-owned generation costs
Current wording
▪$92 million higher purchased power primarily due to changes in excess capacity sales and tolling agreements offset by lower utility-owned generation costs
Current wording
▪$12 million lower sales to the California ISO due to lower market prices
Previous wording
(3)Includes net unrealized (gains) losses in 2026 from undesignated commodity derivatives.
Current wording
(1) Includes net unrealized (gains) losses from undesignated commodity derivatives and foreign currency derivatives.
Showing the first 40 of 169 pairs. Open the source sections for the rest.
Rearranged current paragraphs (30)
Current report — wording carried from elsewhere
▪$14 million lower O&M from changes in provisions for expected credit losses
Current report — wording carried from elsewhere
▪$37 million lower revenues driven by a contract modification in December 2024 on an LNG storage and regasification agreement that ended in December 2025
Current report — wording carried from elsewhere
In the three months ended September 30, 2026 compared to the same period in 2025, Sempra’s cost of electric fuel and purchased power increased by $32 million (26%) driven by Sempra California, which included:
Current report — wording carried from elsewhere
(2)Includes eliminations of intercompany activity.
Current report — wording carried from elsewhere
▪$37 million decrease at Parent and other primarily due:
Current report — wording carried from elsewhere
▪$221 million decrease at Sempra California primarily due to:
Current report — wording carried from elsewhere
▪$1 million higher net gain from impacts associated with foreign exchange instruments and foreign currency transactions primarily at Sempra Infrastructure, including:
Current report — wording carried from elsewhere
◦$3 million lower gains driven by foreign currency transactional effects
Current report — wording carried from elsewhere
▪lower depreciation expense as a result of classifying SI Partners and Ecogas as held for sale in September 2025 and June 2025, respectively
Current report — wording carried from elsewhere
▪foreign currency and inflation effects on our monetary positions in Mexico and associated undesignated derivatives
Current report — wording carried from elsewhere
▪a favorable impact in interest expense from the termination of interest rate swaps in 2026 related to the PA LNG Phase 1 project
Current report — wording carried from elsewhere
▪$8 million higher electric transmission margin
Current report — wording carried from elsewhere
▪$5 million higher net interest expense
Current report — wording carried from elsewhere
▪$25 million higher electric transmission margin, including favorable impact from the retroactive application of the June 2026 FERC-approved TO6 settlement
Current report — wording carried from elsewhere
▪$35 million higher regulatory revenues from lower ITCs from standalone energy storage projects, which are fully offset in income tax (expense) benefit
Current report — wording carried from elsewhere
▪$15 million higher revenues from transmission operations
Current report — wording carried from elsewhere
▪$15 million lower regulatory revenues associated with refundable programs, which are fully offset in O&M
Current report — wording carried from elsewhere
▪$34 million higher CPUC-authorized base revenues
Current report — wording carried from elsewhere
▪$12 million lower sales to the California ISO due to lower market prices
Current report — wording carried from elsewhere
▪$9 million lower net interest income on regulatory balancing accounts
Current report — wording carried from elsewhere
▪$7 million higher net interest expense
Current report — wording carried from elsewhere
▪$23 million higher net interest expense
Current report — wording carried from elsewhere
▪$12 million lower regulatory revenues associated with refundable programs, which are fully offset in O&M
Current report — wording carried from elsewhere
▪$13 million higher CPUC-authorized base revenues
Current report — wording carried from elsewhere
▪$12 million higher revenues from incremental and balanced capital projects
Current report — wording carried from elsewhere
▪$7 million higher regulatory revenues primarily from lower gas repairs tax benefits
Current report — wording carried from elsewhere
▪$154 million lower regulatory revenues associated with refundable programs, which are fully offset in O&M
Current report — wording carried from elsewhere
▪$12 million lower expenses associated with refundable programs, which costs are recovered in revenue
Current report — wording carried from elsewhere
In total, SDG&E’s Track 3 request seeks recovery of $659 million of direct costs associated with the WMP and drone inspection and repair programs. In June 2026, SDG&E and three of the four intervenors filed an offer of settlement with the CPUC addressing recovery of these costs. In September 2026, the CPUC issued a PD approving the settlement agreement and reducing SDG&E’s requested revenue requirement from $766 million to $621 million. SDG&E expects the CPUC to issue an FD in the fourth quarter of 2026.
Current report — wording carried from elsewhere
ERCOT also has implemented a PUCT-approved, system-wide approach to sequence large load customer interconnection requests in a recurring batch interconnection framework, the first stage of which is known as the batch zero process. In August 2026, the Governor of Texas directed the PUCT and ERCOT to conduct a comprehensive verification and audit of all data centers advancing through ERCOT’s interconnection process before allowing any data center project to move forward. In September 2026, ERCOT conditionally released customer load classifications to transmission service providers in the batch zero process that remain subject to completion of ERCOT’s comprehensive audit and additional ERCOT processes. Oncor expects to receive a final transmission plan reflecting the results of ERCOT’s batch zero process in the second half of 2027.
Rearranged previous paragraphs (46)
Previous report — wording carried elsewhere
▪$29 million higher income tax benefits primarily from flow-through items
Previous report — wording carried elsewhere
▪$17 million higher electric transmission margin, including favorable impact from the retroactive application of the June 2026 FERC-approved TO6 settlement
Previous report — wording carried elsewhere
▪$11 million lower revenues driven by a contract modification in December 2024 on an LNG storage and regasification agreement that ended in December 2025
Previous report — wording carried elsewhere
▪$11 million higher CPUC-authorized base revenues
Previous report — wording carried elsewhere
▪$9 million higher regulatory revenues associated with refundable programs, which are fully offset in O&M
Previous report — wording carried elsewhere
▪$7 million lower purchased power from the California ISO due to lower market prices
Previous report — wording carried elsewhere
▪$18 million higher regulatory revenues associated with refundable programs, which are fully offset in O&M
Previous report — wording carried elsewhere
◦$99 million driven by lower natural gas prices associated with optimization of transport and storage contracts
Previous report — wording carried elsewhere
◦$16 million primarily from lower diversion fees due to lower natural gas prices
Previous report — wording carried elsewhere
◦$22 million from changes in provisions for expected credit losses
Previous report — wording carried elsewhere
◦$36 million higher development costs and certain non-capitalized expenses from projects under construction
Previous report — wording carried elsewhere
◦$31 million higher purchased services and maintenance expenses
Previous report — wording carried elsewhere
▪$7 million reduction in regulatory interest in 2025 from disallowed regulatory recovery of COVID-19 costs at Sempra California
Previous report — wording carried elsewhere
▪$31 million from $26 million net losses in 2026 compared to $5 million net gains in 2025 from impacts associated with foreign exchange instruments and foreign currency transactions driven by $31 million higher losses on foreign currency derivatives as a result of fluctuation of the Mexican peso at Sempra Infrastructure
Previous report — wording carried elsewhere
◦$28 million higher write-off of debt issuance costs due to the early repayment of the Port Arthur LNG I term loan facility
Previous report — wording carried elsewhere
◦$12 million higher unrealized gains on interest rate swaps related to the PA LNG Phase 1 project
Previous report — wording carried elsewhere
◦$40 million from $2 million income tax benefit in 2026 compared to $38 million income tax expense in 2025 related to a Mexican deferred income tax liability on the outside basis difference in our investment in Ecogas
Previous report — wording carried elsewhere
•the surcharge resulting from the comprehensive base rate review, reflecting the difference between newly approved rates and previously effective rates for the period from January 1, 2026 to June 1, 2026
Previous report — wording carried elsewhere
•rate updates to reflect increases in invested capital
Previous report — wording carried elsewhere
◦higher depreciation expense and interest expense associated with increases in invested capital
Previous report — wording carried elsewhere
▪$14 million at IMG due to lower income tax expense
Previous report — wording carried elsewhere
•the surcharge resulting from the comprehensive base rate review, reflecting the difference between newly approved rates and previously effective rates for the period from January 1, 2026 to June 1, 2026
Previous report — wording carried elsewhere
•rate updates to reflect increases in invested capital
Previous report — wording carried elsewhere
◦higher depreciation expense and interest expense associated with increases in invested capital
Previous report — wording carried elsewhere
▪$17 million higher CPUC base operating margin, net of operating expenses
Previous report — wording carried elsewhere
▪$9 million higher net interest expense
Previous report — wording carried elsewhere
▪$17 million higher electric transmission margin, including the favorable impact from the retroactive application of the June 2026 FERC-approved TO6 settlement
Previous report — wording carried elsewhere
▪$18 million higher net interest expense
Previous report — wording carried elsewhere
▪$37 million higher revenues from incremental and balanced capital projects
Previous report — wording carried elsewhere
▪$12 million higher revenues from transmission operations, including favorable impact from the retroactive application of the June 2026 FERC-approved TO6 settlement
Previous report — wording carried elsewhere
▪$11 million higher CPUC-authorized base revenues
Previous report — wording carried elsewhere
▪$9 million higher regulatory revenues associated with refundable programs, which are fully offset in O&M
Previous report — wording carried elsewhere
▪$7 million lower purchased power from the California ISO due to lower market prices
Previous report — wording carried elsewhere
▪$18 million higher regulatory revenues associated with refundable programs, which are fully offset in O&M
Previous report — wording carried elsewhere
▪$33 million lower purchased power from the California ISO due to lower market prices
Previous report — wording carried elsewhere
▪$5 million lower revenues from incremental and balanced capital projects
Previous report — wording carried elsewhere
▪$5 million higher CPUC-authorized base revenues
Previous report — wording carried elsewhere
▪$15 million lower average natural gas prices
Previous report — wording carried elsewhere
▪$7 million lower volumes driven by weather
Previous report — wording carried elsewhere
▪$21 million higher income tax benefits primarily from flow-through items
Showing the first 40 of 46 passages. Open the source sections for the rest.