CPUC approves Sempra utilities' GRC rate increases; FERC triggers $120M charge

SEMPRA

SDG&E 2024 revenue requirement $2,699M (+7.5% YoY); SoCalGas $3,806M (+9.3% YoY); attrition adjustments through 2027.
FERC ruled SDG&E ineligible for CA ISO adder; ~$120M ($89M after-tax) charge in Q4 2024; appeal planned in Q1 2025.
CPUC closed Aliso Canyon SB 380 OII, authorizing continued operation at max 68.6 bcf working gas storage.
Retroactive GRC revenue impacts to be recorded in Q4 2024 for amounts earned but not booked in first nine months.
Additional cost recovery mechanisms approved for wildfire mitigation, pipeline safety, and compressor station projects.

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