Dba Sempra · NYSE:SRE
Dba Sempra — Q4 2024 Earnings Presentation
73 slides from Dba Sempra's earnings presentation, Feb 25, 2025
Slide 1: 2024 Earnings Results + Capital Plan Update
2024 Earnings Results + Capital Plan Update February 25, 2025
Slide 2: Information Regarding Forward Looking Statements
Information Regarding Forward Looking Statements This presentation 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 guaran
Slide 3: Table of Contents
Table of Contents ▪ Executive Summary ▪ Sempra Texas ▪ Sempra California ▪ Sempra Infrastructure ▪ Financial Update ▪ Closing Remarks 3
Slide 4: Executive Summary
Executive Summary Jeff Martin Chairman and Chief Executive Officer | 4
Slide 5: Executive Summary
Executive Summary Sempra’s growth strategy focuses on expanding and modernizing energy networks and improving service through innovation and technology to deliver safer, more reliable and affordable energy: 1 ▪ At Sempra Texas, Oncor increased its five-year capital plan by ~50% and is evaluating fil
Slide 6: Accomplishments
Accomplishments Financial Performance Regulatory Construct ✓ 2024 adjusted earnings of $2.97B 1 ✓ Oncor’s System Resiliency Plan approved by PUCT ✓ 2024 rate base increased to $56B 2 ✓ SDGE and SoCalGas received FD in the 2024 GRC ✓ 15 consecutive years of dividend increases ✓ SDGE received wildfire
Slide 7: Utility CapEx Expected to Increase to Record Levels
Utility CapEx Expected to Increase to Record Levels 1 The utility sector is in a super cycle of growth, with rate of future capital spending trending higher than historical average U.S. Gas + Electric Utility Capital Expenditures $209 $193 $178 $153 $137 $139 $124 $128 $116 $116 $107 $98 $92 $92 $84
Slide 8: Strategic Positioning
Strategic Positioning Sempra’s growth strategy focuses on expanding and modernizing energy networks and improving service through innovation and technology to deliver safer, more reliable and affordable energy Sempra Texas Sempra California Sempra Infrastructure • Pure-play regulated electric T+D ut
Slide 9: T+D Infrastructure Strategy Helping Enable Economic Growth
T+D Infrastructure Strategy Helping Enable Economic Growth Sempra’s business model is designed to produce recurring cashflows and earnings with visibility to long-term growth, while reducing commodity and environmental risks BUSINESS MODEL FOCUSED ON RECURRING CASHFLOWS EXPLORATION + GENERATION TRAN
Slide 10: Key Investment Highlights
Key Investment Highlights Our strategy continues to build significant scale into our business for the benefit of customers and shareholders ✓ Top-tier T+D growth platforms in some of North America’s most attractive markets 10% ✓ $56B for 2025 – 2029 capital plan with expected ~10% rate base CAGR 1 R
Slide 11: Sempra Texas
Sempra Texas Allen Nye Chief Executive Officer and Director, Oncor | 11
Slide 12: Sempra Texas | Oncor Accomplishments
Sempra Texas | Oncor Accomplishments Financial Performance Operational Performance3 ✓ Delivered 15% rate base growth from 2023 to 2024 1 ✓ Built, re-built, or upgraded nearly 4,300 miles of T+D lines ✓ Deployed company record ~$4.7B of capital in 2024 ✓ Increased premise count by ~77,000 Regulatory
Slide 13: Oncor New Transmission Points of Interconnection
Sempra Texas | Oncor New Transmission Points of Interconnection New POI requests increased 27%, representing robust growth + customer diversification across Oncor’s service territory 1 2024 Points of Interconnection Requests 2 Active POIs Breakdown3 976 1000 Generation 53% 950 884 900 Data Center /
Slide 14: Oncor 2025 – 2029 Capital Plan
1 Sempra Texas | Oncor 2025 – 2029 Capital Plan ($B) Growth Transmission Resiliency $36.1B Capital Plan ▪ Supporting expected ▪ Delaware Basin Load ▪ SRP expected to benefit ~2% annual premise Integration consumers by reducing $8.5 growth over the long-term restoration costs and and continued econom
Slide 15: Oncor LT Capital Growth Outlook
Sempra Texas | Oncor LT Capital Growth Outlook ($B) Capital Plan 2025 – 2029 Potential Capital Opportunities 1 $12B $11.6 2030 – 2034 Potential $10.9 Incremental CapEx1 $10.0 Other Transmission $22B $34B $2.5 $4.0 $5.5 Extra High Voltage $10B $12B Maintenance, Other $9B $10B $8.5 $7.1 $7.5 $6.9 Dist
Slide 16: Oncor Operational Excellence
Sempra Texas | Oncor Operational Excellence Supplier and Inventory Expansion Safety Staff and Labor Expansion Expanding supplier base and inventory Expanding operational scale of Accelerating and scaling talent to help ensure materials are available business while upholding high acquisition as part
Slide 17: Sempra California
Sempra California Karen Sedgwick Executive Vice President and Chief Financial Officer | 17
Slide 18: Sempra California | Accomplishments
Sempra California | Accomplishments Financial Performance Operational Performance ✓ 2024 adjusted earnings of $1.95B 1 ✓ SDGE peak demand record of 5+ GW in September 2024, surpasses previous record from 2014 ✓ 9% rate base growth from 2023 to 2024 ✓ +28% increase in EVs in SDGE’s service territory
Slide 19: Sempra California | 2025 – 2029 Capital Plan
Sempra California | 2025 – 2029 Capital Plan 1 ($B) CPUC Electric FERC Electric CPUC Natural Gas $22.4B Capital Plan ▪ Continuing to improve ▪ Building, owning, and ▪ Continuing Pipeline wildfire mitigation operating new Safety Enhancement transmission lines Plan $4.8 $4.7 $4.5 ▪ Expanding energy $4
Slide 20: Sempra California | Operational Excellence
Sempra California | Operational Excellence Strong Track Record Prudent Investments Technology + Innovation Market Leadership 17 years ~$6.9 billion Risk models Scored as most mature without a large invested in wildfire informing grid wildfire mitigation program 1 utility-caused wildfire mitigation s
Slide 21: Sempra Infrastructure
Sempra Infrastructure Justin Bird Chief Executive Officer, Sempra Infrastructure | 21
Slide 22: Sempra Infrastructure | Accomplishments
Sempra Infrastructure | Accomplishments Financial Performance Development Opportunities2 ✓ 2024 adjusted earnings of $644M 1 ✓ Port Arthur LNG Phase 2: ✓ Continued strong cash distributions to owners ▪ Significant commercial progress with 5 Mtpa under HOA with Aramco, 3 and demand in excess of addit
Slide 23: Sempra Infrastructure | Operational Excellence
Sempra Infrastructure | Operational Excellence Expanding and scaling our LNG franchise with a focus on delivering construction projects safely, on-time and on-budget 1 2 2 Cameron LNG Phase 1 Port Arthur LNG Phase 1 ECA LNG Phase 1 ▪ Operating since May 2019 with 895 ▪ Under construction ▪ Under con
Slide 24: Sempra Infrastructure | 2025 – 2029 Capital Plan
Sempra Infrastructure | 2025 – 2029 Capital Plan 1 ($B) Growth Energy Security Major Projects2 $4.0B Capital Plan • LNG is one of the fastest • Reliable and affordable • Cimarrón Wind growing segments of the source of energy for energy value chain both mature and growing economies • ECA LNG Phase 1
Slide 25: Sempra Infrastructure | High Value Franchise
Sempra Infrastructure | High Value Franchise Port Arthur LNG Phase 2 is targeting a final investment decision in 2025 with the goal of improving energy security to customers around the world Phase 2 Development Update1 Marketing Update 2 Phase 1 Phase 2 10.5 Mtpa 0.88 1.00 Additional Demand 1.40 in
Slide 26: Sempra Infrastructure | Growth Franchise
Sempra Infrastructure | Growth Franchise 1 We have a diverse set of opportunities to significantly grow scope and scale of LNG franchise through execution of robust development pipeline ~35 – 50 Mtpa ~75 – 90 Mtpa Scale of LNG development portfolio has potential to Vista Pacifico LNG increase enterp
Slide 27: Financial Update
Financial Update Karen Sedgwick Executive Vice President and Chief Financial Officer | 27
Slide 28: Q4 + FY-2024 and FY-2023 Financial Results
Q4 + FY-2024 and FY-2023 Financial Results Three months ended Years ended December 31, December 31, (Dollars and shares in millions, except EPS) 2024 2023 2024 2023 GAAP Earnings $ 665 $ 737 $ 2,817 $ 3,030 Impact from regulatory disallowances 104 – 104 – Retroactive impact of 2024 GRC FD for first
Slide 29: FY-2024 Adjusted Earnings Drivers
FY-2024 Adjusted Earnings Drivers $43M ($170M) $157M Higher equity earnings from $50M ($77M) higher invested capital + customer growth $2,969M $46M partially offset by Lower Lower net $2,920M Higher income higher interest, transportation + interest expense Higher net tax benefits, operating expenses
Slide 30: 2025 – 2029 Capital Plan
2025 – 2029 Capital Plan 16% increase over prior year five-year capital plan with over 90% focused on regulated utilities $56B Capital Plan Sempra Texas 1 ▪ Capital investments recoverable via capital trackers ▪ Evaluating filing comprehensive base rate review this year Sempra California $29.1B $22.
Slide 31: Significant Projected Rate Base Growth
1 Significant Projected Rate Base Growth ($B) $91 $85 $79 $70 $38 $63 $37 $56 $35 $33 $31 $29 $53 $44 $48 $37 $32 $27 2024A 2025 2026 2027 2028 2029 Sempra Texas Sempra California Projected capital investments in modernization of regulated T+D platforms expected to extend overall scale of Sempra’s r
Slide 32: 2025 – 2029 Financing Plan
2025 – 2029 Financing Plan Financial Plan1 Highlights ATM, DRIP, and ▪ Financial plan anchored by strong, visible cash flows from operations Other Equity $3B – $4B 2 Common + Pref Net of Share Hybrid $3B 3 Dividends Repurchases 5 + SI Asset $10B ▪ Regulated T+D utility capital plan driven by focus o
Slide 33: 2025 – 2029 Financing Plan
1 2025 – 2029 Financing Plan ≥ $1B ($10B) $2B – $3B $3B $32B SI Asset Net Recycling ($56B) Hybrid Equity 4 3 Issuances Common + Preferred 5 Debt Dividends $40B ($12B) Issuances Debt Maturities CapEx Cash Flows From Operating 2 Activities 1. Consolidated Sources and Uses reflects Sempra’s proportiona
Slide 34: 2-Year Guidance
2-Year Guidance 1 Adjusted Guidance Guidance 2024 2025 2026 (Dollars and shares in millions) Low – High Low – High Sempra California $1,950 $1,850 – $2,000 $1,990 – $2,150 Sempra Texas 781 755 – 830 1,055 – 1,165 Sempra Infrastructure 644 640 – 715 700 – 780 Parent (406) (475) – (430) (615) – (555)
Slide 35: Financial Highlights
Financial Highlights FY-2024 adjusted EPS compared to $4.61 in FY-20231 $4.65 FY-2025 EPS guidance range $4.30 – $4.70 FY-2026 EPS guidance range $4.80 – $5.30 Projected long-term EPS growth rate 7% – 9% Projected 2024A – 2029 Rate Base CAGR 10% Increase in five-year capital plan to $56B with 90%+ f
Slide 36: Closing Remarks
Closing Remarks Jeff Martin Chairman and Chief Executive Officer | 36
Slide 37: Strong Track Record of Differential Growth
1 Strong Track Record of Differential Growth 10% Sempra’s Projected Long-Term 8% 4 7% – 9% EPS Growth Rate 7% 4 4 4% 3% 3% 2% 2% 2% S&P 500 S&P 500 S&P 500 2 Utilities3 2 Utilities3 2 Utilities3 U.S. GDP U.S. GDP U.S. GDP Since 2000 Decade 5-Year Sempra has invested in markets with above-average eco
Slide 38: Key Investment Highlights
Key Investment Highlights Sempra continues to deliver a strong total return profile for investors 3-Year Total Shareholder Return1 ✓ Top-tier T+D growth platforms in some of North America’s most attractive markets 45.7% ✓ $56B for 2025 – 2029 capital plan with expected ~10% rate base CAGR ✓ Improved
Slide 39: Targeted Business Growth + Mix
Targeted Business Growth + Mix 1 Through disciplined capital allocation, Sempra has successfully simplified its portfolio with a focus on regulated utility investments. By 2030, we aspire to deliver 50% of the company’s earnings from the State of Texas. 2017 2024 2025 – 2029 Adj. Earnings $1.39B2 Ad
Slide 40: Total Shareholder Return
Total Shareholder Return 1 Our corporate strategy and focused capital allocation has generated superior long-term shareholder value “Pride in our past gives us confidence that we’re in the right markets with the right 2,144% strategy to continue delivering long-term shareholder value” Total Sharehol
Slide 41: Appendix
Appendix @® SEMPRA | 41
Slide 42: 2025 Guidance Walk
2025 Guidance Walk Prior Guidance Current Guidance 2025 2025 Variance (Dollars and shares in millions) Low – High Low – High Low – High Sempra California $1,980 – $2,100 $1,850 – $2,000 ($130) – ($100) Sempra Texas 870 – 940 755 – 830 (115) – (110) Sempra Infrastructure 710 – 780 640 – 715 (70) – (6
Slide 43: Credit Ratings
1 Credit Ratings S&P Fitch Moody’s Issuer Rating BBB+ BBB+ Baa2 Outlook Negative Stable Stable Issuer Rating A BBB+ Baa1 Oncor Outlook Stable Negative Stable Issuer Rating BBB+ BBB+ A3 SDGE Outlook Stable Stable Stable Issuer Rating A- A A2 SoCalGas Outlook Stable Stable Stable Issuer Rating BBB BBB
Slide 44: Key Metrics
Key Metrics Sempra California Sempra Texas SDGE SoCalGas Oncor 2024 GRC FD1 2025 Authorized $2.7B (7.5% increase vs 2023) $3.8B (9.3% increase vs 2023) 5 9.70% Final Decision | Attrition ROE Attrition (2025 – 2027): 5.5%, 4.2%, 4.1% Attrition (2025 – 2027): 5.0%, 2.9%, 2.9% Period Test Year Final De
Slide 45: Sempra Texas | Oncor Capital Plan and Rate Base Projections
Sempra Texas | Oncor Capital Plan and Rate Base Projections $36.1B Capital Plan ($B)1 Projected Rate Base ($B)2 $8.5 1.0 $7.5 $52 $7.1 $48 $6.9 0.6 1.0 1.8 0.3 $43 $6.1 $37 2.0 2.0 2.1 1.7 $32 $27 4.1 5.4 4.2 4.2 4.1 0.4 0.3 0.3 0.3 0.3 2025 2026 2027 2028 2029 2024A 2025 2026 2027 2028 2029 Transmi
Slide 46: Sempra California | Capital Plan and Rate Base Projections
Sempra California | Capital Plan and Rate Base Projections $22.4B Capital Plan ($B)1 Rate Base ($B) $38 $37 $4.7 $4.8 $35 $4.4 $4.5 $33 $31 11 $4.0 11 $29 10 10 9 2.6 2.2 3.0 9 6 2.7 6 2.2 6 6 6 4 5 4 4 3 3 3 2.1 2.2 16 17 1.8 1.8 1.8 13 14 15 12 2025 2026 2027 2028 2029 2024A 2025 2026 2027 2028 20
Slide 47: Wildfire Fund Background
Wildfire Fund Background In 2019, AB 1054 was signed into law to address wildfire mitigation, cost recovery, liability caps, and established a wildfire safety board, focusing on electric IOUs This legislation established a revised prudency standard for the recovery of wildfire costs and a fund desig
Slide 48: Wildfire Fund Mechanics
Wildfire Fund Mechanics Fund Access Requirements • Must have incurred $1B in eligible wildfire claims • SDGE has wildfire specific insurance in place to cover the initial $1B in eligible wildfire claims Liquidity • Potential Recovery from FERC under applicable formula rate if event is related to tra
Slide 49: Sempra Infrastructure | Construction Pipeline
Sempra Infrastructure | Construction Pipeline 1 LNG Commentary Status Location ECA LNG Phase 1 ▪ COD expected in spring 2026 Construction Baja California (~3 Mtpa) Port Arthur LNG Phase 1 ▪ Train 1 and Train 2 COD expected in 2027 and 2028, respectively Construction Port Arthur, TX (~13 Mtpa) Energy
Slide 50: Sempra Infrastructure | Growth Pipeline
Sempra Infrastructure | Growth Pipeline 1 LNG Commentary Status Location ▪ Targeted FID in 2025 Port Arthur LNG Phase 2 2 ▪ HOA: Aramco Development Port Arthur, TX (~13 Mtpa) 3 ▪ Executed fixed-price EPC contract with Bechtel Cameron LNG Phase 2 Train 1 – 3 Debottlenecking ▪ Expected online in stage
Slide 51: Sempra Texas
Sempra Texas Three months ended Years ended December 31, December 31, (Dollars in millions) 2024 2023 2024 2023 Sempra Texas Utilities GAAP Earnings $ 135 $ 146 $ 781 $ 694 Equity losses from write-off of rate base disallowances resulting from PUCT's final order in Oncor's comprehensive base rate re
Slide 52: Sempra California
Sempra California Three months ended Years ended December 31, December 31, (Dollars in millions) 2024 2023 2024 2023 Sempra California GAAP Earnings $ 701 $ 500 $ 1,846 $ 1,747 Impact from regulatory disallowances 104 – 104 – Retroactive impact of 2024 GRC FD for the first nine months of 2024 (22) –
Slide 53: Sempra Infrastructure
Sempra Infrastructure Three months ended Years ended December 31, December 31, (Dollars in millions) 2024 2023 2024 2023 Sempra Infrastructure GAAP Earnings $ 259 $ 131 $ 911 $ 877 Impact from foreign currency and inflation on monetary positions in Mexico (84) 69 (263) 236 Net unrealized losses (gai
Slide 54: Parent & Other
Parent & Other Three months ended Years ended December 31, December 31, (Dollars in millions) 2024 2023 2024 2023 Parent & Other GAAP Losses $ (430) $ (40) $ (721) $ (288) Impact from foreign currency and inflation on monetary positions in Mexico – – 1 (1) Impact from foreign tax credit valuation al
Slide 55: Sempra's Capital Plan
Sempra’s Capital Plan 1 RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED FUTURE CAPITAL EXPENDITURES (Dollars in billions) Sempra California Sempra Texas Utilities Sempra Infrastructure Total Sempra Capital Plan for 2025 – 20291 Projected future capital expenditures for PP&E and investments – GA
Slide 56: Sempra Infrastructure's Capital Plan by Year
1 Sempra Infrastructure’s Capital Plan by Year 2025 - 2029 Capital Plan by Year Total (Dollars in billions) 2025 2026 2027 2028 2029 Sempra Infrastructure Projected future capital expenditures for PP&E and investments – GAAP $ 5.8 $ 3.2 $ 1.5 $ 0.2 $ 0.2 $ 10.9 Capital expenditures at unconsolidated
Slide 57: Sempra's 2025 - 2029 Financial Plan
Sempra’s 2025 - 2029 Financial Plan Sempra Operating Sempra Debt Debt (Dollars in billions) Cash Flows (Dollars in billions) Issuances Maturities Net Debt Projected future cash flows from operating activities – GAAP1 $ 32 Projected future cash flows from debt activities – GAAP1 $ 21 $ (8) $ 13 Cash
Slide 58: 2024 Capital Deployed
2024 Capital Deployed Sempra (Dollars in Millions) 2024 Capital expenditures for PP&E and investments – GAAP $ 9,203 Capital expenditures to unconsolidated entities1 (988) Capital expenditures at unconsolidated entities2 3,828 Capital expenditures attributable to NCI owners3 (2,154) Capital deployed
Slide 59: 2024 and 2023 Adjusted Earnings and Adjusted EPS
2024 and 2023 Adjusted Earnings and Adjusted EPS Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2024 and 2023 as follows: Three months ended December 31, 2024: ▪ $(104) million impact from regulatory d
Slide 60: 2024 and 2023 Adjusted Earnings and Adjusted EPS
2024 and 2023 Adjusted Earnings and Adjusted EPS Income tax Non- Income tax Non- (benefit) controlling expense controlling Pretax amount expense(1) interests Earnings Diluted EPS Pretax amount (benefit)(1) interests Earnings Diluted EPS (Dollars in millions, except EPS; shares in thousands) Three mo
Slide 61: 2024 and 2023 Adjusted Earnings (Losses) by Business Unit
2024 and 2023 Adjusted Earnings (Losses) by Business Unit Three months ended December 31, 2024 (Dollars in millions) 1 Total Sempra California Sempra Texas Utilities Sempra Infrastructure Segment Totals Parent & Other Sempra GAAP Earnings (Losses) $ 701 $ 135 $ 259 $ 1,095 $ (430) $ 665 Impact from
Slide 62: 2024 and 2017 Adjusted Earnings and Adjusted EPS
2024 and 2017 Adjusted Earnings and Adjusted EPS Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2024 and 2017 as follows: Year ended December 31, 2024: ▪ $(104) million impact from regulatory disallowa
Slide 63: 2024 and 2017 Adjusted Earnings and Adjusted EPS
2024 and 2017 Adjusted Earnings and Adjusted EPS Income tax Non- Income tax Non- Pretax (benefit) controlling Pretax (benefit) controlling amount expense1 interests Earnings Diluted EPS amount expense1 interests Earnings Diluted EPS (Dollars in millions, except EPS; shares in thousands) Year ended D
Slide 64: Adjusted Earnings (Losses) by Business Unit
Adjusted Earnings (Losses) by Business Unit 1 Year ended December 31, 2024 Sempra Sempra Sempra Sempra Parent & Other (Dollars in millions) California Texas Utilities Infrastructure excluding P&O (P&O) Total Sempra GAAP Earnings (Losses) $ 1,846 $ 781 $ 911 $ 3,538 $ (721) $ 2,817 Impact from regula
Slide 65: 2023 and 2018 Adjusted Earnings and Adjusted EPS
2023 and 2018 Adjusted Earnings and Adjusted EPS Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2023 and 2018 as follows: Year ended December 31, 2023: ▪ $(44) million equity losses from investment in
Slide 66: 2023 and 2018 Adjusted Earnings and Adjusted EPS
2023 and 2018 Adjusted Earnings and Adjusted EPS Income tax Non- Income tax Non- Pretax expense controlling Pretax expense controlling amount (benefit)(1) interests Earnings Diluted EPS amount (benefit)(1) interests Earnings Diluted EPS Year ended December 31, 2023 Year ended December 31, 2018 Sempr
Slide 67: 2023 and 2013 Adjusted Earnings and Adjusted EPS
2023 and 2013 Adjusted Earnings and Adjusted EPS Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2023 and 2013 as follows: Year ended December 31, 2023: ▪ $(44) million equity losses from investment in
Slide 68: 2023 and 2013 Adjusted Earnings and Adjusted EPS
2023 and 2013 Adjusted Earnings and Adjusted EPS Income tax Non- Income tax Non- Pretax expense controlling Pretax (benefit) controlling amount (benefit)(1) interests Earnings Diluted EPS amount expense(1) interests Earnings Diluted EPS Year ended December 31, 2023 Year ended December 31, 2013 Sempr
Slide 69: 2023 and 1999 Adjusted Earnings and Adjusted EPS
2023 and 1999 Adjusted Earnings and Adjusted EPS Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2023 and 1999 as follows: Year ended December 31, 2023: ▪ $(44) million equity losses from investment in
Slide 70: 2023 and 1999 Adjusted Earnings and Adjusted EPS
2023 and 1999 Adjusted Earnings and Adjusted EPS Income tax Non- Non- Pretax expense controlling Pretax Income tax controlling amount (benefit)(1) interests Earnings Diluted EPS amount benefit(1) interests Earnings Diluted EPS Year ended December 31, 2023 Year ended December 31, 1999 Sempra GAAP Ear
Slide 71: Defined Terms
Defined Terms AB California Assembly Bill AFUDC allowance for funds used during construction AI artificial intelligence ATM at-the-market equity offering program pursuant to the Sales Agreement Bcf billion cubic feet Bcf/d billion cubic feet per day BEA U.S. Bureau of Economic Analysis Bechtel Becht
Slide 72: Defined Terms Continued
Defined Terms Continued EVs electric vehicles FD final decision FERC Federal Energy Regulatory Commission FID final investment decision FTA Free Trade Agreement GAAP generally accepted accounting principles in the United States of America GDP gross domestic product GRC General Rate Case GRO Gasoduct
Slide 73: Defined Terms Continued
Defined Terms Continued PSPS public safety power shutoff PUCT Public Utility Commission of Texas RAMP risk assessment mitigation phase ROE return on equity RTP Regional Transmission Plan SAIDI System Average Interruption Duration Index SAIFI System Average Interruption Frequency Index SB California