SoCalGas Files 8-K Update

TL;DR

SoCalGas filed an 8-K for corporate updates. Nothing major.

AI Summary

Southern California Gas Company (SoCalGas), a subsidiary of Sempra Energy, filed an 8-K on December 23, 2024, to report other events. The filing primarily serves to update information for the company and its related entities, including San Diego Gas & Electric Co., which are all part of the Sempra family.

Why It Matters

This filing indicates routine corporate updates for SoCalGas and its parent company, Sempra Energy, which may be relevant for investors tracking corporate structure and reporting.

Risk Assessment

Risk Level: low — The filing is a routine corporate disclosure and does not appear to contain any material adverse information.

Key Players & Entities

• SOUTHERN CALIFORNIA GAS CO (company) — Filer
• SEMPRA CENTRAL INDEX KEY (company) — Parent Company
• SAN DIEGO GAS & ELECTRIC CO (company) — Related Company
• SEMPRA ENERGY (company) — Former Company Name

FAQ

Key Financial Figures

• $25 — 75% Junior Subordinated Notes Due 2079, $25 par value SREA New York Stock Exchange
• $2,699 million — a test year 2024 revenue requirement of $2,699 million for SDG&E's combined operations ($2,193
• $2,193 million — illion for SDG&E's combined operations ($2,193 million for its electric operations and $506 mi
• $506 million — million for its electric operations and $506 million for its natural gas operations). SDG&E'
• $189 million — e requirement represents an increase of $189 million (7.5%) over its authorized 2023 combine
• $68 million — revenue requirement increase is net of $68 million of total estimated income tax benefits
• $147 million — d 2027 combined revenue requirements of $147 million (5.45%), $119 million (4.17%) and $122
• $119 million — e requirements of $147 million (5.45%), $119 million (4.17%) and $122 million (4.11%), respe
• $122 million — llion (5.45%), $119 million (4.17%) and $122 million (4.11%), respectively, over the precedi
• $3,806 million — a test year 2024 revenue requirement of $3,806 million for SoCalGas. SoCalGas' authorized 2024
• $324 million — e requirement represents an increase of $324 million (9.3%) over its authorized 2023 revenue
• $202 million — revenue requirement increase is net of $202 million of total estimated income tax benefits
• $190 million — 2026, and 2027 revenue requirements of $190 million (5.00%), $116 million (2.91%) and $120
• $116 million — e requirements of $190 million (5.00%), $116 million (2.91%) and $120 million (2.92%), respe
• $120 million — llion (5.00%), $116 million (2.91%) and $120 million (2.92%), respectively, over the precedi

Filing Documents

• sempra-20241219.htm (8-K) — 62KB
• sempra-20241219_g1.jpg (GRAPHIC) — 119KB
• sempra-20241219_g2.jpg (GRAPHIC) — 105KB
• sempra-20241219_g3.jpg (GRAPHIC) — 103KB
• 0001032208-24-000048.txt ( ) — 1075KB
• sempra-20241219.xsd (EX-101.SCH) — 3KB
• sempra-20241219_def.xml (EX-101.DEF) — 17KB
• sempra-20241219_lab.xml (EX-101.LAB) — 31KB
• sempra-20241219_pre.xml (EX-101.PRE) — 18KB
• sempra-20241219_htm.xml (XML) — 9KB

01 Other Events

Item 8.01 Other Events. 2024 General Rate Case of San Diego Gas & Electric Company and Southern California Gas Company On December 19, 2024, the California Public Utilities Commission (CPUC) approved a final decision (FD) in the 2024 General Rate Case (GRC) of San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company (SoCalGas). SDG&E and SoCalGas are subsidiaries of Sempra. The GRC FD authorizes SDG&E's and SoCalGas' test year revenue requirements for 2024 and attrition year adjustments for 2025 through 2027, inclusively. In addition, the GRC FD provides SDG&E and SoCalGas with numerous mechanisms to seek cost recovery of additional projects and programs as described below. 2024 Revenue Requirements and Attrition Year Revenues The GRC FD adopts a test year 2024 revenue requirement of $2,699 million for SDG&E's combined operations ($2,193 million for its electric operations and $506 million for its natural gas operations). SDG&E's authorized 2024 combined revenue requirement represents an increase of $189 million (7.5%) over its authorized 2023 combined revenue requirement. In connection with SDG&E's election to change its tax accounting method for gas repairs expenditures, the 2024 revenue requirement increase is net of $68 million of total estimated income tax benefits for 2023 and 2024 to be flowed through to customers in the 2024 test year as a pass-through benefit. The GRC FD also specifies an increase in SDG&E's 2025, 2026, and 2027 combined revenue requirements of $147 million (5.45%), $119 million (4.17%) and $122 million (4.11%), respectively, over the preceding year's combined revenue requirement. The 2025, 2026 and 2027 revenue requirements will be updated to implement a previously authorized change in the cost of capital that adjusted SDG&E's rate of return to 7.45%. The GRC FD adopts a test year 2024 revenue requirement of $3,806 million for SoCalGas. SoCalGas' authorized 2024 revenue requirement represents an increase of $324 mi

Forward-Looking Statements

Forward-Looking Statements This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this report. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. In this report, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, audits, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) California Public

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. SEMPRA, (Registrant) Date: December 23, 2024 By: /s/ Peter R. Wall Peter R. Wall Senior Vice President, Controller and Chief Accounting Officer (Duly Authorized Officer) SAN DIEGO GAS & ELECTRIC COMPANY, (Registrant) Date: December 23, 2024 By: /s/ Valerie A. Bille Valerie A. Bille Vice President, Controller and Chief Accounting Officer (Duly Authorized Officer) SOUTHERN CALIFORNIA GAS COMPANY, (Registrant) Date: December 23, 2024 By: /s/ Sara P. Mijares Sara P. Mijares Vice President, Controller and Chief Accounting Officer (Duly Authorized Officer)

View Full Filing

View this 8-K filing on SEC EDGAR