Sempra and its utilities detail key California regulatory outcomes and update earnings guidance. The California Public Utilities Commission approved a final Cost of Capital decision for San Diego Gas & Electric and Southern California Gas that modestly improves the original proposal by increasing the authorized return on equity by 5 basis points, while leaving other elements unchanged.
Separately, a proposed decision in SDG&E’s 2024 General Rate Case Track 2 is expected to lead to an estimated $471 million after-tax charge to Sempra and SDG&E’s fourth-quarter 2025 earnings, with $34 million tied to the first three quarters of 2025 and $437 million to 2019–2024. Reflecting this, Sempra now guides to the high end of its 2025 adjusted EPS range of $4.30–$4.70 and updates its 2025 GAAP EPS guidance to $2.38–$2.78, while affirming its 2026 adjusted EPS guidance of $4.80–$5.30.