v3.26.1
REGULATORY MATTERS (Tables)
 3 Months Ended
Mar. 31, 2026
Regulated Operations [Abstract]  
Schedule of Regulatory Assets
REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
SempraSDG&ESoCalGas
March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
Fixed-price contracts and other
derivatives
$21 $50 $6 $7 $15 $43 
Deferred income taxes recoverable in rates(1)
2,503 2,314 1,134 1,098 1,334 1,189 
Pension and PBOP plan obligations
(570)(610)15 (1)(585)(609)
Employee benefit costs18 18 3 3 15 15 
Removal obligations(3,584)(3,540)(2,956)(2,913)(628)(627)
Environmental costs152 152 113 113 39 39 
Sunrise Powerlink fire mitigation122 125 122 125 — — 
Regulatory balancing accounts(2)(3):
Commodity – electric228 186 228 186 — — 
Commodity – gas, including
transportation
403 173 49 17 354 156 
Safety and reliability
893 894 290 286 603 608 
Public purpose programs(330)(347)(143)(175)(187)(172)
2024 GRC retroactive impacts172 299 71 124 101 175 
Wildfire mitigation plan
560 530 560 530 — — 
Liability insurance premium
(62)(62)(54)(53)(8)(9)
Other balancing accounts(254)90 (150)4 (104)86 
Other regulatory assets, net(3)
60 104 61 72 (1)32 
Total$332 $376 $(651)$(577)$948 $926 
(1)    At March 31, 2026 and December 31, 2025, $57 and $54, respectively, is included in Assets Held for Sale on the Sempra Condensed Consolidated Balance Sheets.
(2)    At March 31, 2026 and December 31, 2025, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra is $1,073 and $1,060, respectively, for SDG&E is $505 and $502, respectively, and for SoCalGas is $568 and $558, respectively.
(3)    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
March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
Fixed-price contracts and other
derivatives
$21 $50 $6 $7 $15 $43 
Deferred income taxes recoverable in rates(1)
2,503 2,314 1,134 1,098 1,334 1,189 
Pension and PBOP plan obligations
(570)(610)15 (1)(585)(609)
Employee benefit costs18 18 3 3 15 15 
Removal obligations(3,584)(3,540)(2,956)(2,913)(628)(627)
Environmental costs152 152 113 113 39 39 
Sunrise Powerlink fire mitigation122 125 122 125 — — 
Regulatory balancing accounts(2)(3):
Commodity – electric228 186 228 186 — — 
Commodity – gas, including
transportation
403 173 49 17 354 156 
Safety and reliability
893 894 290 286 603 608 
Public purpose programs(330)(347)(143)(175)(187)(172)
2024 GRC retroactive impacts172 299 71 124 101 175 
Wildfire mitigation plan
560 530 560 530 — — 
Liability insurance premium
(62)(62)(54)(53)(8)(9)
Other balancing accounts(254)90 (150)4 (104)86 
Other regulatory assets, net(3)
60 104 61 72 (1)32 
Total$332 $376 $(651)$(577)$948 $926 
(1)    At March 31, 2026 and December 31, 2025, $57 and $54, respectively, is included in Assets Held for Sale on the Sempra Condensed Consolidated Balance Sheets.
(2)    At March 31, 2026 and December 31, 2025, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra is $1,073 and $1,060, respectively, for SDG&E is $505 and $502, respectively, and for SoCalGas is $568 and $558, respectively.
(3)    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 weighting2026-202820252026-20282025
Return on rate baseWeighted return on rate base
SDG&E:
Long-Term Debt45.25 %4.59 %4.34 %2.08 %1.96 %
Preferred Equity2.75 6.22 6.22 0.17 0.17 
Common Equity52.00 9.93 10.23 5.16 5.32 
100.00 %7.41 %7.45 %
SoCalGas:
Long-Term Debt45.60 %5.02 %4.63 %2.29 %2.11 %
Preferred Equity2.40 6.00 6.00 0.14 0.14 
Common Equity52.00 9.78 10.08 5.09 5.24 
100.00 %7.52 %7.49 %