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<div style="font-size:12pt"><p>REGULATORY MATTERS <br />Effects of Regulation <br />The accounting policies of our principal regulated utility subsidiaries, SDG&E and SoCalGas, conform with GAAP for regulated enterprises and reflect the policies of the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC). <br />The Sempra Utilities prepare their financial statements in accordance with GAAP provisions governing regulated operations. Under these provisions, a regulated utility records a regulatory asset if it is probable that, through the ratemaking process, the utility will recover that asset from customers. To the extent that recovery is no longer probable as a result of changes in regulation or the utility's competitive position, the related regulatory assets are written off. Regulatory liabilities represent amounts collected from customers in advance of the actual expenditure by the utility. If the actual expenditures are less than amounts previously collected from ratepayers, the excess would be refunded to customers, generally by reducing future rates. <br />The following subsidiaries of Sempra Pipelines & Storage also apply GAAP for regulated utilities to their operations:<br /></p><ul><li>Mobile Gas Service Corporation (Mobile Gas), a small regulated natural gas distribution utility in Southwest Alabama acquired in October 2008<br /></li><li>Ecogas Mexico, S de RL de CV (Ecogas), a small regulated natural gas distribution utility in Northern Mexico<br /></li></ul><p>We provide information concerning regulatory assets and liabilities below in "Regulatory Balancing Accounts" and "Regulatory Assets and Liabilities." <br />Regulatory Balancing Accounts <br />The following table summarizes our regulatory balancing accounts at December 31. The net payables (payables net of receivables) will be returned to customers by reducing future rates.</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="547" align="left" colspan="13" style="border-top: 1px solid #000000;" height="19"><b>SUMMARY OF REGULATORY BALANCING ACCOUNTS AT DECEMBER 31</b></td></tr><tr><td width="547" align="left" height="19" colspan="13"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="145" align="left"> </td><td width="134" align="center" height="14" colspan="4">Sempra Energy</td><td width="134" align="center" height="14" colspan="4"> </td><td width="134" align="center" height="14" colspan="4"> </td></tr><tr><td height="14" width="145" align="left"> </td><td width="134" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">Consolidated</td><td width="134" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">SDG&E</td><td width="134" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">SoCalGas</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="145"> </td><td width="67" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2009 </td><td width="67" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2008 </td><td width="67" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2009 </td><td width="67" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2008 </td><td width="67" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2009 </td><td width="67" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2008 </td></tr><tr><td height="16" style="border-top: 1px solid #000000;" align="left" width="145">Overcollected</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="53"> 699 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="53"> 728 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="53"> 383 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="53"> 364 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="53"> 316 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="53"> 364 </td></tr><tr><td height="16" width="145" align="left">Undercollected</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="53"> (317)</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="53"> (393)</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="53"> (224)</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="53"> (250)</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="53"> (93)</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="53"> (143)</td></tr><tr><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="145">Net payable</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="53"> 382 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="53"> 335 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="left" width="14">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="53"> 159 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="53"> 114 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="left" width="14">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="53"> 223 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="14">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="53"> 221 </td></tr></table><p>Over- and undercollected regulatory balancing accounts reflect the difference between customer billings and recorded or CPUC-authorized costs, primarily commodity costs. Amounts in the balancing accounts are recoverable or refundable in future rates, subject to CPUC approval. Balancing account treatment eliminates the impact on earnings from variances in the covered costs from authorized amounts. Absent balancing account treatment, variations in operating and maintenance costs from amounts approved by the CPUC would increase volatility in utility earnings. <br />We provide additional information about regulatory matters in Notes 15 and 16. <br />Regulatory Assets and Liabilities<br />We show the details of regulatory assets and liabilities in the following table, and discuss each of them separately below. </p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="635" align="left" colspan="6" style="border-top: 1px solid #000000;" height="19"><b>REGULATORY ASSETS (LIABILITIES) AT DECEMBER 31</b></td></tr><tr><td width="635" align="left" height="19" colspan="6"><i>(Dollars in millions)</i></td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="29"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="432"> </td><td width="87" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">2009 </td><td width="87" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">2008 </td></tr><tr><td width="461" align="left" colspan="2" style="border-top: 1px solid #000000;" height="16"><b>SDG&E</b></td><td height="16" style="border-top: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;" align="center" width="61"> </td></tr><tr><td width="461" align="left" height="16" colspan="2">Fixed-price contracts and other derivatives</td><td height="16" width="26" align="left">$</td><td height="16" width="61" align="right"> 271 </td><td height="16" width="26" align="left">$</td><td height="16" width="61" align="right"> 358 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Deferred taxes recoverable in rates</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 415 </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 369 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Pension and other postretirement benefit obligations</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 342 </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 393 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Removal obligations(1)</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> (1,330)</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> (1,212)</td></tr><tr><td width="461" align="left" height="16" colspan="2">Unamortized loss on reacquired debt, net</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 27 </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 30 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Environmental costs</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 15 </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 21 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Other</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 15 </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 16 </td></tr><tr><td width="461" align="left" height="16" colspan="2">    Total SDG&E</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> (245)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> (25)</td></tr><tr><td width="461" align="left" height="16" colspan="2"><b>SoCalGas</b></td><td height="16" style="border-top: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td></tr><tr><td width="461" align="left" height="16" colspan="2">Pension and other postretirement benefit obligations</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 617 </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 795 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Employee benefit costs</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 52 </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 46 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Removal obligations(1)</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> (1,227)</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> (1,218)</td></tr><tr><td width="461" align="left" height="16" colspan="2">Deferred taxes refundable in rates</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> (175)</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> (214)</td></tr><tr><td width="461" align="left" height="16" colspan="2">Unamortized loss on reacquired debt, net</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 26 </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 30 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Environmental costs</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 25 </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 36 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Workers' compensation </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 47 </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> 26 </td></tr><tr><td width="461" align="left" height="16" colspan="2">Other</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> (11)</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> (18)</td></tr><tr><td width="461" align="left" height="16" colspan="2">    Total SoCalGas</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> (646)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> (517)</td></tr><tr><td width="461" align="left" height="16" colspan="2"><b>Other</b></td><td height="16" style="border-top: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td></tr><tr><td width="461" align="left" height="16" colspan="2">Mobile Gas</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> (8)</td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="right"> (3)</td></tr><tr><td width="461" align="left" height="16" colspan="2">Ecogas</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 14 </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td></tr><tr><td width="461" align="left" height="16" colspan="2">    Total Other </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> 6 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="26"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> (3)</td></tr><tr><td width="461" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16"><b>Total Sempra Energy Consolidated</b></td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="left" width="26">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> (885)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="left" width="26">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> (545)</td></tr><tr><td width="635" align="left" colspan="6" style="border-top: 3px solid #000000;" height="16"><i>(1) This is related to obligations that we discuss below in "Asset Retirement Obligations."</i></td></tr><tr><td height="16" width="29" align="left"> </td><td height="16" width="432" align="left"> </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="left"> </td><td height="16" width="26" align="left"> </td><td height="16" width="61" align="left"> </td></tr></table><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="740" align="left" colspan="15" style="border-top: 1px solid #000000;" height="19"><b>NET REGULATORY ASSETS (LIABILITIES) AS PRESENTED ON THE CONSOLIDATED BALANCE SHEETS AT DECEMBER 31</b></td></tr><tr><td width="740" align="left" height="19" colspan="15"><i>(Dollars in millions)</i></td></tr><tr><td height="14" width="32" align="left"> </td><td height="14" width="170" align="left"> </td><td width="257" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="14">2009 </td><td height="14" width="22" align="center"> </td><td width="259" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="14">2008 </td></tr><tr><td height="14" width="32" align="left"> </td><td height="14" width="170" align="left"> </td><td width="86" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Sempra</td><td width="85" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"> </td><td width="86" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"> </td><td height="14" width="22" align="center"> </td><td width="87" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Sempra</td><td width="86" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"> </td><td width="86" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14"> </td></tr><tr><td height="14" width="32" align="left"> </td><td height="14" width="170" align="left"> </td><td width="86" align="center" height="14" colspan="2">Energy</td><td width="85" align="center" height="14" colspan="2"> </td><td width="86" align="center" height="14" colspan="2"> </td><td height="14" width="22" align="center"> </td><td width="87" align="center" height="14" colspan="2">Energy</td><td width="86" align="center" height="14" colspan="2"> </td><td width="86" align="center" height="14" colspan="2"> </td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="32"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="170"> </td><td width="86" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Consolidated</td><td width="85" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">SDG&E</td><td width="86" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">SoCalGas</td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="22"> </td><td width="87" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Consolidated</td><td width="86" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">SDG&E</td><td width="86" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">SoCalGas</td></tr><tr><td width="202" align="left" colspan="2" style="border-top: 1px solid #000000;" height="16">Current regulatory assets</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="64"> 54 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="63"> 34 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="64"> 9 </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="22"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="65"> 121 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="64"> 102 </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="64"> 18 </td></tr><tr><td width="202" align="left" height="16" colspan="2">Noncurrent regulatory assets</td><td height="16" width="22" align="right"> </td><td height="16" width="64" align="right"> 1,803 </td><td height="16" width="22" align="right"> </td><td height="16" width="63" align="right"> 1,051 </td><td height="16" width="22" align="right"> </td><td height="16" width="64" align="right"> 748 </td><td height="16" width="22" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="65" align="right"> 1,986 </td><td height="16" width="22" align="right"> </td><td height="16" width="64" align="right"> 1,085 </td><td height="16" width="22" align="right"> </td><td height="16" width="64" align="right"> 900 </td></tr><tr><td width="202" align="left" height="17" colspan="2">Current regulatory liabilities(1)</td><td height="17" width="22" align="right"> </td><td height="17" width="64" align="right"> (4)</td><td height="17" width="22" align="right"> </td><td height="17" width="63" align="right"> - </td><td height="17" width="22" align="right"> </td><td height="17" width="64" align="right"> (1)</td><td height="17" width="22" align="left"> </td><td height="17" width="22" align="right"> </td><td height="17" width="65" align="right"> (3)</td><td height="17" width="22" align="right"> </td><td height="17" width="64" align="right"> - </td><td height="17" width="22" align="right"> </td><td height="17" width="64" align="right"> (3)</td></tr><tr><td width="202" align="left" height="17" colspan="2">Noncurrent regulatory liabilities</td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="64"> (2,738)</td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="63"> (1,330)</td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="64"> (1,402)</td><td height="17" style="border-bottom: 1px solid #000000;" align="left" width="22"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="65"> (2,649)</td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="64"> (1,212)</td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="64"> (1,432)</td></tr><tr><td width="202" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16">Total</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="64"> (885)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="63"> (245)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="64"> (646)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="left" width="22"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="65"> (545)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="64"> (25)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="64"> (517)</td></tr><tr><td width="740" align="left" colspan="15" style="border-top: 3px solid #000000;" height="16"><i>(1) Included in Other Current Liabilities.</i></td></tr></table><p>In the tables above:<br /></p><ul><li>Regulatory assets arising from fixed-price contracts and other derivatives are offset by corresponding liabilities arising from purchased power and natural gas commodity and transportation contracts. The regulatory asset is increased/decreased based on changes in the fair market value of the contracts. It is also reduced as payments are made for commodities and services under these contracts.<br /></li><li>Deferred taxes recoverable/refundable in rates are based on current regulatory ratemaking and income tax laws. SDG&E and SoCalGas expect to recover/refund net regulatory assets/liabilities related to deferred income taxes over the lives of the assets that give rise to the accumulated deferred income tax liabilities/assets. <br /></li><li>Regulatory assets related to unamortized losses on reacquired debt are recovered over the remaining original amortization periods of the losses on reacquired debt. These periods range from 3 months to 18 years for SDG&E and from 3 to 16 years for SoCalGas.<br /></li><li>Regulatory assets related to environmental costs represent the portion of our environmental liability recognized at the end of the period in excess of the amount that has been recovered through rates charged to customers. We expect this amount to be recovered in future rates as expenditures are made. <br /></li><li>Regulatory assets related to pension and other postretirement benefit obligations are offset by corresponding liabilities and are being recovered in rates as the plans are funded.<br /></li></ul><p>For substantially all of these assets, the cash has not yet been expended and the assets are offset by liabilities that do not incur a carrying cost.</p></div>
REGULATORY MATTERS Effects of Regulation The accounting policies of our principal regulated utility subsidiaries, SDG&E and SoCalGas, conform with GAAP for
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