v3.26.1
REGULATORY MATTERS (Tables)
 6 Months Ended
Jun. 30, 2026
Regulated Operations [Abstract]  
Schedule of Regulatory Assets
REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
SempraSDG&ESoCalGas
June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Fixed-price contracts and other
derivatives
$13 $50 $(2)$7 $15 $43 
Deferred income taxes recoverable in rates(1)
2,574 2,314 1,161 1,098 1,377 1,189 
Pension and PBOP plan obligations
(557)(610)16 (1)(573)(609)
Employee benefit costs18 18 3 3 15 15 
Removal obligations(3,671)(3,540)(3,057)(2,913)(614)(627)
Environmental costs151 152 113 113 38 39 
Sunrise Powerlink fire mitigation123 125 123 125 — — 
Regulatory balancing accounts(2)(3):
Commodity – electric279 186 279 186 — — 
Commodity – gas, including
transportation
468 173 47 17 421 156 
Safety and reliability
916 894 298 286 618 608 
Public purpose programs(326)(347)(128)(175)(198)(172)
2024 GRC retroactive impacts44 299 17 124 27 175 
Wildfire mitigation plan
615 530 615 530 — — 
Liability insurance premium
(51)(62)(58)(53)7 (9)
Other balancing accounts(237)90 (219)4 (18)86 
Other regulatory assets (liabilities), net(3)
50 104 59 72 (9)32 
Total$409 $376 $(733)$(577)$1,106 $926 
(1)    At June 30, 2026 and December 31, 2025, $56 and $54, respectively, is included in Assets Held for Sale on the Sempra Condensed Consolidated Balance Sheets.
(2)    At June 30, 2026 and December 31, 2025, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra is $1,218 and $1,060, respectively, for SDG&E is $528 and $502, respectively, and for SoCalGas is $690 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
June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Fixed-price contracts and other
derivatives
$13 $50 $(2)$7 $15 $43 
Deferred income taxes recoverable in rates(1)
2,574 2,314 1,161 1,098 1,377 1,189 
Pension and PBOP plan obligations
(557)(610)16 (1)(573)(609)
Employee benefit costs18 18 3 3 15 15 
Removal obligations(3,671)(3,540)(3,057)(2,913)(614)(627)
Environmental costs151 152 113 113 38 39 
Sunrise Powerlink fire mitigation123 125 123 125 — — 
Regulatory balancing accounts(2)(3):
Commodity – electric279 186 279 186 — — 
Commodity – gas, including
transportation
468 173 47 17 421 156 
Safety and reliability
916 894 298 286 618 608 
Public purpose programs(326)(347)(128)(175)(198)(172)
2024 GRC retroactive impacts44 299 17 124 27 175 
Wildfire mitigation plan
615 530 615 530 — — 
Liability insurance premium
(51)(62)(58)(53)7 (9)
Other balancing accounts(237)90 (219)4 (18)86 
Other regulatory assets (liabilities), net(3)
50 104 59 72 (9)32 
Total$409 $376 $(733)$(577)$1,106 $926 
(1)    At June 30, 2026 and December 31, 2025, $56 and $54, respectively, is included in Assets Held for Sale on the Sempra Condensed Consolidated Balance Sheets.
(2)    At June 30, 2026 and December 31, 2025, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra is $1,218 and $1,060, respectively, for SDG&E is $528 and $502, respectively, and for SoCalGas is $690 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
In June 2026, SDG&E and SoCalGas filed their 2028 GRC applications requesting CPUC approval of test year revenue requirements for 2028 and attrition year adjustments for 2029 through 2031 as follows:
REQUESTED REVENUE REQUIREMENTS IN 2028 GRC
(Dollars in millions)
Test yearAttrition years adjustment
2028202920302031
SDG&E
$3,760 $327 8.7 %$226 5.5 %$240 5.6 %
SoCalGas
5,096 315 6.2 312 5.8 314 5.5 
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 %