v3.25.2
REGULATORY MATTERS (Tables)
 6 Months Ended
Jun. 30, 2025
Regulated Operations [Abstract]  
Schedule of Regulatory Assets
REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
SempraSDG&ESoCalGas
June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024
Fixed-price contracts and other
derivatives
$34 $53 $3 $11 $31 $42 
Deferred income taxes recoverable in
rates
1,972 1,689 929 802 974 817 
Pension and PBOP plan obligations
(431)(458)19 (2)(450)(456)
Employee benefit costs19 19 3 3 16 16 
Removal obligations(3,400)(3,295)(2,794)(2,676)(606)(619)
Environmental costs148 149 114 115 34 34 
Sunrise Powerlink fire mitigation123 124 123 124 — — 
Regulatory balancing accounts(1)(2):
Commodity – electric(40)(313)(40)(313)— — 
Commodity – gas, including
transportation
(48)(47)2 86 (50)(133)
Safety and reliability
819 820 277 227 542 593 
Public purpose programs(462)(439)(212)(219)(250)(220)
2024 GRC retroactive impacts539 631 229 277 310 354 
Wildfire mitigation plan
912 808 912 808 — — 
Liability insurance premium
(43)(24)(32)(15)(11)(9)
Other balancing accounts272 158 (102)(51)374 209 
Other regulatory (liabilities) assets,
net(2)
165 164 86 87 80 79 
Total$579 $39 $(483)$(736)$994 $707 
(1)    At June 30, 2025 and December 31, 2024, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,696 and $1,731, respectively, for SDG&E was $921 and $873, respectively, and for SoCalGas was $775 and $858, respectively.
(2)    Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate.
Schedule of Regulatory Liabilities
REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
SempraSDG&ESoCalGas
June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024
Fixed-price contracts and other
derivatives
$34 $53 $3 $11 $31 $42 
Deferred income taxes recoverable in
rates
1,972 1,689 929 802 974 817 
Pension and PBOP plan obligations
(431)(458)19 (2)(450)(456)
Employee benefit costs19 19 3 3 16 16 
Removal obligations(3,400)(3,295)(2,794)(2,676)(606)(619)
Environmental costs148 149 114 115 34 34 
Sunrise Powerlink fire mitigation123 124 123 124 — — 
Regulatory balancing accounts(1)(2):
Commodity – electric(40)(313)(40)(313)— — 
Commodity – gas, including
transportation
(48)(47)2 86 (50)(133)
Safety and reliability
819 820 277 227 542 593 
Public purpose programs(462)(439)(212)(219)(250)(220)
2024 GRC retroactive impacts539 631 229 277 310 354 
Wildfire mitigation plan
912 808 912 808 — — 
Liability insurance premium
(43)(24)(32)(15)(11)(9)
Other balancing accounts272 158 (102)(51)374 209 
Other regulatory (liabilities) assets,
net(2)
165 164 86 87 80 79 
Total$579 $39 $(483)$(736)$994 $707 
(1)    At June 30, 2025 and December 31, 2024, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,696 and $1,731, respectively, for SDG&E was $921 and $873, respectively, and for SoCalGas was $775 and $858, respectively.
(2)    Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate.
CPUC Authorized Cost of Capital and Rate Structure
The following table summarizes the CPUC-approved cost of capital for SDG&E and SoCalGas. The authorized weighting remained unchanged for each of the years presented.
AUTHORIZED COST OF CAPITAL
Authorized weighting2024202520242025
Return on rate baseWeighted return on rate base
SDG&E:
Long-Term Debt45.25 %4.34 %4.34 %1.96 %1.96 %
Preferred Equity2.75 6.22 6.22 0.17 0.17 
Common Equity52.00 10.65 10.23 5.54 5.32 
100.00 %7.67 %7.45 %
SoCalGas:
Long-Term Debt45.60 %4.54 %4.63 %2.07 %2.11 %
Preferred Equity2.40 6.00 6.00 0.14 0.14 
Common Equity52.00 10.50 10.08 5.46 5.24 
100.00 %7.67 %7.49 %
In March 2025, SDG&E and SoCalGas each filed applications with the CPUC seeking to update their cost of capital for 2026 through 2028, subject to the CCM. SDG&E and SoCalGas expect to receive an FD by the end of 2025.
PROPOSED COST OF CAPITAL FOR 2026 - 2028
SDG&ESoCalGas
Authorized weightingReturn on
rate base		Weighted
return on
rate base		Authorized weightingReturn on
rate base		Weighted
return on
rate base
46.00 %4.62 %2.13 %Long-Term Debt45.60 %5.02 %2.29 %
— 6.22 — Preferred Equity2.40 6.00 0.14 
54.00 11.25 6.08 Common Equity52.00 11.00 5.72 
100.00 %8.21 %100.00 %8.15 %