REGULATORY MATTERS (Tables)

3 Months Ended

Mar. 31, 2026

Regulated Operations [Abstract]

Schedule of Regulatory Assets

REGULATORY ASSETS (LIABILITIES)
(Dollars in millions)
	Sempra				SDG&E				SoCalGas
	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 costs	18		18		3		3		15		15
Removal obligations	(3,584)		(3,540)		(2,956)		(2,913)		(628)		(627)
Environmental costs	152		152		113		113		39		39
Sunrise Powerlink fire mitigation	122		125		122		125		—		—
Regulatory balancing accounts(2)(3):
Commodity – electric	228		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 impacts	172		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)
	Sempra				SDG&E				SoCalGas
	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 costs	18		18		3		3		15		15
Removal obligations	(3,584)		(3,540)		(2,956)		(2,913)		(628)		(627)
Environmental costs	152		152		113		113		39		39
Sunrise Powerlink fire mitigation	122		125		122		125		—		—
Regulatory balancing accounts(2)(3):
Commodity – electric	228		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 impacts	172		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 weighting		2026-2028		2025		2026-2028		2025
			Return on rate base				Weighted return on rate base
SDG&E:
Long-Term Debt	45.25	%	4.59	%	4.34	%	2.08	%	1.96	%
Preferred Equity	2.75		6.22		6.22		0.17		0.17
Common Equity	52.00		9.93		10.23		5.16		5.32
	100.00	%					7.41	%	7.45	%
SoCalGas:
Long-Term Debt	45.60	%	5.02	%	4.63	%	2.29	%	2.11	%
Preferred Equity	2.40		6.00		6.00		0.14		0.14
Common Equity	52.00		9.78		10.08		5.09		5.24
	100.00	%					7.52	%	7.49	%