v3.26.3
REGULATORY MATTERS (Tables)
 9 Months Ended
Sep. 30, 2026
Regulated Operations [Abstract]  
Schedule of Regulatory Assets
REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
SempraSDG&ESoCalGas
September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
Fixed-price contracts and other
derivatives
$32 $50 $(13)$7 $45 $43 
Deferred income taxes recoverable in rates(1)
2,688 2,314 1,219 1,098 1,434 1,189 
Pension and PBOP plan obligations
(544)(610)14 (1)(558)(609)
Employee benefit costs18 18 3 3 15 15 
Removal obligations(3,738)(3,540)(3,085)(2,913)(653)(627)
Environmental costs152 152 112 113 40 39 
Sunrise Powerlink fire mitigation124 125 124 125 — — 
Regulatory balancing accounts(2)(3):
Commodity – electric267 186 267 186 — — 
Commodity – gas, including
transportation
583 173 54 17 529 156 
Safety and reliability(4)
684 894 268 286 416 608 
Public purpose programs(295)(347)(102)(175)(193)(172)
2024 GRC retroactive impacts— 299 — 124 — 175 
Wildfire mitigation plan(5)
871 530 871 530 — — 
Liability insurance premium
(48)(62)(63)(53)15 (9)
Other balancing accounts
(492)90 (341)4 (151)86 
Other regulatory assets (liabilities), net(3)
35 104 50 72 (15)32 
Total$337 $376 $(622)$(577)$924 $926 
(1)    At September 30, 2026 and December 31, 2025, $55 and $54, respectively, is included in Assets Held for Sale on the Sempra Condensed Consolidated Balance Sheets.
(2)    At September 30, 2026 and December 31, 2025, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra is $1,046 and $1,060, respectively, for SDG&E is $732 and $502, respectively, and for SoCalGas is $314 and $558, respectively.
(3)    Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate.
(4)    Includes decreases of $38 and $111 in 2026 at SDG&E and SoCalGas, respectively, from regulatory disallowances associated with the Track 3 PD and $92 in 2026 at SoCalGas from regulatory disallowances associated with the Transmission Integrity Management Program PD.
(5)    Includes a $222 increase in 2026 from the reversal of a portion of regulatory disallowances as a result of SDG&E’s Track 3 PD and a $508 decrease in 2025 from regulatory disallowances associated with SDG&E’s Track 2 FD.
Schedule of Regulatory Liabilities
REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
SempraSDG&ESoCalGas
September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
Fixed-price contracts and other
derivatives
$32 $50 $(13)$7 $45 $43 
Deferred income taxes recoverable in rates(1)
2,688 2,314 1,219 1,098 1,434 1,189 
Pension and PBOP plan obligations
(544)(610)14 (1)(558)(609)
Employee benefit costs18 18 3 3 15 15 
Removal obligations(3,738)(3,540)(3,085)(2,913)(653)(627)
Environmental costs152 152 112 113 40 39 
Sunrise Powerlink fire mitigation124 125 124 125 — — 
Regulatory balancing accounts(2)(3):
Commodity – electric267 186 267 186 — — 
Commodity – gas, including
transportation
583 173 54 17 529 156 
Safety and reliability(4)
684 894 268 286 416 608 
Public purpose programs(295)(347)(102)(175)(193)(172)
2024 GRC retroactive impacts— 299 — 124 — 175 
Wildfire mitigation plan(5)
871 530 871 530 — — 
Liability insurance premium
(48)(62)(63)(53)15 (9)
Other balancing accounts
(492)90 (341)4 (151)86 
Other regulatory assets (liabilities), net(3)
35 104 50 72 (15)32 
Total$337 $376 $(622)$(577)$924 $926 
(1)    At September 30, 2026 and December 31, 2025, $55 and $54, respectively, is included in Assets Held for Sale on the Sempra Condensed Consolidated Balance Sheets.
(2)    At September 30, 2026 and December 31, 2025, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra is $1,046 and $1,060, respectively, for SDG&E is $732 and $502, respectively, and for SoCalGas is $314 and $558, respectively.
(3)    Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate.
(4)    Includes decreases of $38 and $111 in 2026 at SDG&E and SoCalGas, respectively, from regulatory disallowances associated with the Track 3 PD and $92 in 2026 at SoCalGas from regulatory disallowances associated with the Transmission Integrity Management Program PD.
(5)    Includes a $222 increase in 2026 from the reversal of a portion of regulatory disallowances as a result of SDG&E’s Track 3 PD and a $508 decrease in 2025 from regulatory disallowances associated with SDG&E’s Track 2 FD.
CPUC Authorized Cost of Capital and Rate Structure The following amounts reflect the applications as updated by revised testimony filed in September 2026:
REQUESTED REVENUE REQUIREMENTS IN 2028 GRC
(Dollars in millions)
Test yearAttrition years adjustment
2028202920302031
SDG&E
$3,748 $325 8.7 %$224 5.5 %$239 5.5 %
SoCalGas
5,090 314 6.2 311 5.8 313 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 %