Sempra (SRE): Business Model Canvas

In der dynamischen Landschaft der Energieinfrastruktur erweist sich Sempra (SRE) als transformatives Kraftpaket, das die komplexen Schnittstellen von Versorgungsdienstleistungen, erneuerbaren Energien und technologischer Innovation strategisch steuert. Durch die sorgfältige Erstellung eines umfassenden Business Model Canvas demonstriert Sempra seine beispiellose Fähigkeit, nachhaltige, zuverlässige Energielösungen in ganz Kalifornien und Texas bereitzustellen und gleichzeitig den Übergang zu sauberer Energie durch strategische Partnerschaften, modernste technologische Integration und ein robustes Infrastrukturnetzwerk voranzutreiben, das verschiedene Kundensegmente von Privatkunden bis hin zu großen Industriekunden bedient.

Sempra (SRE) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Versorgungsunternehmen

Sempra unterhält strategische Partnerschaften mit folgenden Versorgungsunternehmen:

Partnerunternehmen	Standort	Partnerschaftsfokus
San Diego Gas & Elektrisch (SDG&E)	Kalifornien	Integrierte Versorgungsdienstleistungen
Southern California Gas Company (SoCalGas)	Kalifornien	Erdgasverteilung
Oncor Electric Lieferung	Texas	Elektrische Übertragungsinfrastruktur

Joint Ventures mit Entwicklern erneuerbarer Energien

Zu den Partnerschaften von Sempra im Bereich erneuerbare Energien gehören:

• IEnova (Sempra Mexiko) – Solar- und Windenergieprojekte
• Energieinfrastrukturinvestitionen mit Private-Equity-Firmen
• Entwicklung erneuerbarer Energien in Kalifornien und Mexiko

Technologieunternehmenspartnerschaften zur Netzmodernisierung

Wichtige Technologiepartnerschaften für die Netzinfrastruktur:

Technologiepartner	Technologiefokus	Investitionsbetrag
Blütenenergie	Brennstoffzellentechnologie	50-Millionen-Dollar-Investition
Tesla	Batteriespeicherlösungen	Netzintegrationsprojekt im Wert von 75 Millionen US-Dollar

Zusammenarbeit mit Regierungsbehörden

Sempras Infrastrukturprojektpartnerschaften:

• Infrastrukturprojekte der California Public Utilities Commission (CPUC).
• Initiativen des US-Energieministeriums zur Netzmodernisierung
• Infrastrukturentwicklung der Texas Public Utility Commission

Internationale Partnerschaftsinvestitionen

Sempras internationale Investitionen in die Energieinfrastruktur:

Land	Projekttyp	Investitionswert
Mexiko	Erdgasinfrastruktur	1,2 Milliarden US-Dollar
Costa Rica	Entwicklung erneuerbarer Energien	350 Millionen Dollar

Sempra (SRE) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Management der Energieinfrastruktur

Das Energieinfrastrukturportfolio von Sempra umfasst ab 2023 ein Gesamtvermögen von 41,8 Milliarden US-Dollar. Das Unternehmen verwaltet über 135.000 Meilen an Erdgastransport- und -verteilungspipelines in mehreren Regionen.

Infrastrukturanlage	Menge	Wert
Erdgaspipelines	135.000 Meilen	22,3 Milliarden US-Dollar
Stromübertragungsleitungen	29.500 Meilen	15,5 Milliarden US-Dollar

Erdgas- und Stromübertragung

Sempra transportiert täglich etwa 5,2 Milliarden Kubikfuß Erdgas und liefert Strom an über 3,6 Millionen Kunden in Kalifornien und Texas.

• Täglicher Erdgastransport: 5,2 Milliarden Kubikfuß
• Stromkunden: 3,6 Millionen
• Serviceregionen: Kalifornien, Texas

Umsetzung von Projekten für erneuerbare Energien

Sempra hat 5,8 Milliarden US-Dollar für Projekte im Bereich erneuerbare Energien bereitgestellt, mit dem Ziel, bis 2030 6.000 Megawatt erneuerbare Energie zu erzeugen.

Art der erneuerbaren Energie	Aktuelle Kapazität	Investition
Solarprojekte	2.300 MW	2,4 Milliarden US-Dollar
Windprojekte	1.750 MW	2,1 Milliarden US-Dollar
Batteriespeicher	500 MW	1,3 Milliarden US-Dollar

Betrieb und Wartung von Versorgungsdiensten

Sempra gibt jährlich 3,2 Milliarden US-Dollar für den Betrieb und die Wartung von Versorgungsdiensten in seinem gesamten Infrastrukturnetzwerk aus.

• Jährliches Wartungsbudget: 3,2 Milliarden US-Dollar
• Servicetechniker: 12.500 Mitarbeiter
• Wartungsabdeckung: Kalifornien, Texas, Mexiko

Energiehandel und Risikomanagement

Die Energiehandelsabteilung von Sempra verwaltet Energierohstoffverträge im Wert von rund 12,5 Milliarden US-Dollar mit einem Risikomanagement-Portfolio, das sich auf Erdgas- und Strommärkte konzentriert.

Handelskategorie	Jahresvolumen	Vertragswert
Erdgasverträge	2,1 Billionen Kubikfuß	7,8 Milliarden US-Dollar
Stromverträge	45 Millionen MWh	4,7 Milliarden US-Dollar

Sempra (SRE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Energieinfrastrukturnetzwerk

Sempra betreibt ein umfangreiches Energieinfrastrukturnetzwerk im Wert von etwa 36,4 Milliarden US-Dollar (Stand 2023). Die Infrastruktur umfasst:

• Erdgastransportleitungen: 5.700 Meilen
• Elektrische Übertragungsleitungen: 3.200 Kreismeilen
• Vertriebsnetze in Kalifornien und Texas

Infrastrukturanlage	Gesamtwert	Geografische Abdeckung
Erdgasinfrastruktur	22,1 Milliarden US-Dollar	Kalifornien, Texas, Mexiko
Stromnetzinfrastruktur	14,3 Milliarden US-Dollar	Kalifornien, Texas

Fortschrittliche technologische Systeme und digitale Plattformen

Zu den technologischen Investitionen von Sempra gehören:

• Smart-Grid-Technologien: 450 Millionen US-Dollar Investition
• Cybersicherheitssysteme: 87 Millionen US-Dollar pro Jahr
• Digitale Überwachungsplattformen: Echtzeit-Infrastrukturmanagement

Qualifizierte Arbeitskräfte in Energietechnik und -management

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 18.700
• Ingenieursfachkräfte: 3.200
• Durchschnittliche jährliche Schulungsinvestition: 12,4 Millionen US-Dollar

Bedeutende Land- und Versorgungsrechte

Grundstücke und Wegerechte:

• Gesamtgrundstücksbesitz: 75.000 Acres
• Dienstbarkeiten: 12.500 Meilen
• Geschätzter Grundstückswert: 2,6 Milliarden US-Dollar

Finanzkapital für Infrastrukturinvestitionen

Finanzkennzahl	Wert 2023
Gesamtvermögen	72,3 Milliarden US-Dollar
Budget für Infrastrukturinvestitionen	5,2 Milliarden US-Dollar
Jährliche Kapitalausgaben	3,8 Milliarden US-Dollar

Sempra (SRE) – Geschäftsmodell: Wertversprechen

Zuverlässige und nachhaltige Energieverteilung

Sempra lieferte bis 2023 5,3 Millionen Strom- und Erdgaszähler in ganz Kalifornien und Texas. Das gesamte Energieverteilungsvolumen erreichte 1,4 Billionen Kubikfuß Erdgas und 30,8 Milliarden Kilowattstunden Strom.

Energieverteilungsmetriken	Werte für 2023
Gesamtstromzähler	3,2 Millionen
Gesamterdgaszähler	2,1 Millionen
Erdgasverteilungsvolumen	1,4 Billionen Kubikfuß
Stromverteilungsvolumen	30,8 Milliarden kWh

Lösungen für die saubere Energiewende

Sempra investierte im Jahr 2023 3,4 Milliarden US-Dollar in die Infrastruktur für erneuerbare Energien. Das Portfolio für erneuerbare Energien umfasst:

• Solarerzeugungskapazität: 1.200 MW
• Windkraftkapazität: 850 MW
• Batteriespeicherkapazität: 320 MW

Robuste Versorgungsinfrastruktur

Die Infrastrukturinvestitionen beliefen sich im Jahr 2023 auf insgesamt 5,2 Milliarden US-Dollar und konzentrierten sich auf die Modernisierung des Netzes und die Verbesserung der Zuverlässigkeit.

Umfassende Energiedienstleistungen

Sempra bot verschiedene Energiedienstleistungen für Privat- und Gewerbekunden an, darunter:

• Privatkunden: 3,1 Millionen
• Gewerbliche Kunden: 280.000
• Industriekunden: 52.000

Erweiterte technologische Integration

Technologieinvestitionen in Höhe von 620 Millionen US-Dollar im Jahr 2023, einschließlich Smart-Grid-Technologien und Modernisierung der digitalen Infrastruktur.

Kategorien von Technologieinvestitionen	Ausgaben 2023
Smart-Grid-Technologien	280 Millionen Dollar
Digitale Infrastruktur	210 Millionen Dollar
Verbesserungen der Cybersicherheit	130 Millionen Dollar

Sempra (SRE) – Geschäftsmodell: Kundenbeziehungen

Langfristige Serviceverträge mit Versorgungskunden

Sempra Energy betreut rund 7,5 Millionen Versorgungskunden in Kalifornien und Texas. Zu den langfristigen Serviceverträgen des Unternehmens gehören:

Servicetyp	Anzahl der Kunden	Vertragsdauer
San Diego Gas & Elektrischer Wohnraum	3,6 Millionen	Standardverträge mit einer Laufzeit von 5–10 Jahren
Gaswohnsiedlung in Südkalifornien	3,9 Millionen	Standardverträge mit einer Laufzeit von 5–10 Jahren

Digitale Kundenbindungsplattformen

Sempra investierte im Jahr 2023 42,3 Millionen US-Dollar in digitale Kundenbindungstechnologien. Zu den wichtigsten digitalen Plattformen gehören:

• Mobile App mit Echtzeit-Tracking des Energieverbrauchs
• Online-Abrechnungs- und Zahlungssysteme
• Webbasierte Energieeffizienz-Tools

Personalisierte Unterstützung beim Energiemanagement

Sempra bietet personalisiertes Energiemanagement durch:

Support-Kanal	Jährliche Interaktionen	Durchschnittliche Lösungszeit
Telefonsupport	1,2 Millionen	8,5 Minuten
Online-Chat	650,000	6,2 Minuten

Proaktive Kommunikation über Servicezuverlässigkeit

Sempras Kommunikationsmetriken zur Servicezuverlässigkeit:

• Ausfallmeldesystem, das 100 % der Servicebereiche abdeckt
• Durchschnittliche Reaktionszeit bei Serviceunterbrechungen: 45 Minuten
• Jährliche Infrastrukturinvestitionen: 1,7 Milliarden US-Dollar

Digitale Self-Service-Tools für Kunden

Statistiken zu digitalen Self-Service-Plattformen:

Digitales Werkzeug	Benutzerakzeptanzrate	Jährliche Transaktionen
Online-Rechnungszahlung	82%	46,3 Millionen
Nutzungsüberwachung	67%	29,6 Millionen

Sempra (SRE) – Geschäftsmodell: Kanäle

Online-Kundenportale

Sempra Energy betreibt digitale Plattformen für Kunden in seinen Tochtergesellschaften:

Tochtergesellschaft	Name des Online-Portals	Jährliche aktive Benutzer
San Diego Gas & Elektrisch	Mein Kontoportal	1,4 Millionen
Südkalifornisches Gas	MyAccount-Plattform	5,9 Millionen

Mobile Anwendungen

Die mobile Anwendungsstrategie von Sempra umfasst:

• SDG&E Mobile App mit 650.000 aktiven Downloads
• SoCalGas Mobile App mit 1,2 Millionen aktiven Nutzern

Direktvertriebsteams

Sempras Direktvertriebsstruktur:

Vertriebskanal	Anzahl der Vertreter	Erwirtschafteter Jahresumsatz
Kommerzieller Energieverkauf	287 Vertreter	3,2 Milliarden US-Dollar
Verkauf von Wohnenergie	412 Vertreter	1,8 Milliarden US-Dollar

Kundendienstzentren

Sempra unterhält mehrere Kundendienstzentren:

• 6 primäre Kundendienststandorte
• Kundensupport rund um die Uhr
• Durchschnittliche Anrufbearbeitungszeit: 4,3 Minuten

Digitale Abrechnungs- und Kommunikationssysteme

Details zur digitalen Kommunikationsinfrastruktur:

Digitaler Kommunikationskanal	Monatliche Interaktionen	Einführung der papierlosen Abrechnung
E-Mail-Kommunikation	3,6 Millionen	62%
SMS-Benachrichtigungen	2,1 Millionen	45%

Sempra (SRE) – Geschäftsmodell: Kundensegmente

Energieverbraucher in Privathaushalten

Sempra bedient rund 3,7 Millionen Stromkunden und 3,2 Millionen Erdgaskunden in Kalifornien und Texas.

Region	Stromkunden	Erdgaskunden
Kalifornien	2,5 Millionen	2,3 Millionen
Texas	1,2 Millionen	0,9 Millionen

Handels- und Industrieunternehmen

Sempra bietet Energiedienstleistungen für über 180.000 Gewerbe- und Industriekunden in seinen Servicegebieten an.

• Zu den bedienten Sektoren gehört das verarbeitende Gewerbe
• Technologieunternehmen
• Agrarbetriebe
• Einzelhandelsbetriebe

Kommunale und staatliche Stellen

Sempra unterstützt 137 Kommunalverwaltungen und Organisationen des öffentlichen Sektors mit Energieinfrastruktur und -dienstleistungen.

Große Kunden im Bereich Energieinfrastruktur

Sempra verfügt über Infrastrukturinvestitionen in Höhe von insgesamt 38,5 Milliarden US-Dollar (Stand 2023) und bedient große Energieinfrastrukturkunden.

Infrastrukturtyp	Investitionswert
Erdgaspipelines	15,2 Milliarden US-Dollar
LNG-Exportanlagen	12,7 Milliarden US-Dollar
Elektrische Netzinfrastruktur	10,6 Milliarden US-Dollar

Projektentwickler für erneuerbare Energien

Sempra hat sich verpflichtet, bis 2030 5,8 Milliarden US-Dollar in Projekte für erneuerbare Energien zu investieren.

• Entwicklung der Solarenergie
• Windenergieprojekte
• Initiativen zur Batteriespeicherung
• Wasserstoffinfrastruktur

Sempra (SRE) – Geschäftsmodell: Kostenstruktur

Infrastrukturentwicklung und -wartung

Die Infrastrukturentwicklungskosten von Sempra beliefen sich im Jahr 2023 auf insgesamt 3,8 Milliarden US-Dollar, mit wichtigen Investitionen in:

Kategorie „Infrastruktur“.	Jährliche Investition (Mio. USD)
Modernisierung des Energienetzes	1,250
Wartung von Übertragungsleitungen	675
Infrastruktur für erneuerbare Energien	1,125
Erweiterung des Vertriebsnetzes	750

Investitionen in Technologie und digitale Plattformen

Aufschlüsselung der Technologieinvestitionen für 2023:

• Ausgaben für digitale Infrastruktur: 425 Millionen US-Dollar
• Investitionen in Cybersicherheit: 187 Millionen US-Dollar
• Smart-Grid-Technologie: 213 Millionen US-Dollar
• Datenanalyseplattformen: 95 Millionen US-Dollar

Vergütung und Schulung der Belegschaft

Personalbezogene Ausgaben für 2023:

Ausgabenkategorie	Jährliche Kosten (Mio. USD)
Gesamtvergütung der Mitarbeiter	1,275
Berufliche Entwicklung	42
Schulungsprogramme	18
Leistungen an Arbeitnehmer	385

Kosten für die Einhaltung gesetzlicher Vorschriften

Compliance-bezogene Kosten für 2023:

• Einhaltung von Umweltvorschriften: 215 Millionen US-Dollar
• Einhaltung der Sicherheitsvorschriften: 127 Millionen US-Dollar
• Rechts- und Berichtskosten: 93 Millionen US-Dollar

Forschungs- und Entwicklungsinitiativen

Aufschlüsselung der F&E-Investitionen für 2023:

F&E-Schwerpunktbereich	Investition (Mio. USD)
Erneuerbare Energietechnologien	185
Energiespeicherlösungen	95
Netzmodernisierung	76
Nachhaltige Infrastruktur	68

Sempra (SRE) – Geschäftsmodell: Einnahmequellen

Stromübertragungsgebühren

Im Jahr 2023 meldete Sempra einen Stromübertragungsumsatz von 4,2 Milliarden US-Dollar aus seinen Versorgungsbetrieben in Kalifornien und Texas.

Region	Übertragungseinnahmen	Prozentsatz der Gesamtsumme
Kalifornien	2,7 Milliarden US-Dollar	64.3%
Texas	1,5 Milliarden US-Dollar	35.7%

Gebühren für die Erdgasverteilung

Die Erdgasverteilung generierte für Sempra im Jahr 2023 einen Umsatz von 3,8 Milliarden US-Dollar.

• Gasverteilung für Privathaushalte: 1,6 Milliarden US-Dollar
• Kommerzielle Gasverteilung: 1,2 Milliarden US-Dollar
• Industrielle Gasverteilung: 1,0 Milliarden US-Dollar

Investitionen in Projekte für erneuerbare Energien

Die Investitionen von Sempra in erneuerbare Energien erwirtschafteten im Jahr 2023 625 Millionen US-Dollar.

Erneuerbare Quelle	Einnahmen
Solarprojekte	325 Millionen Dollar
Windprojekte	210 Millionen Dollar
Batteriespeicher	90 Millionen Dollar

Energiehandel und Marktoperationen

Die Einnahmen aus dem Energiehandel beliefen sich im Jahr 2023 auf insgesamt 1,1 Milliarden US-Dollar.

• Stromgroßhandel: 650 Millionen US-Dollar
• Erdgas-Futures: 450 Millionen US-Dollar

Verträge zur Infrastrukturentwicklung

Infrastrukturentwicklungsverträge brachten im Jahr 2023 750 Millionen US-Dollar ein.

Vertragstyp	Einnahmen
Netzmodernisierung	350 Millionen Dollar
Bau von Übertragungsleitungen	250 Millionen Dollar
Erweiterung des LNG-Terminals	150 Millionen Dollar

Sempra (SRE) - Canvas Business Model: Value Propositions

Safe, reliable, and affordable delivery of essential energy services is underpinned by significant capital deployment across Sempra's regulated utilities.

Sempra has a capital investment plan of $56 billion for 2025-2029, with approximately $13 billion planned for energy infrastructure investments in 2025 alone. Over 90% of this $56 billion plan is allocated to regulated utility investments in California and Texas.

Metric	Utility/Segment	Value/Amount	Year/Period
Projected Rate Base Growth	Regulated Utilities (2025-2029)	10% annually	2025-2029
Resiliency Capital Expenditures	Oncor (Sempra Texas)	Nearly $3 billion	2025-2027
Estimated Invested Capital (Rate Base)	Sempra Texas (Oncor & Sharyland)	$27B	End of previous calendar year
2025 Infrastructure Investment	Total Sempra	$13 billion	2025

Consistent, regulated returns are targeted through this growth in the asset base, with management reaffirming financial expectations for the period.

• Long-Term Earnings Per Share (EPS) Compound Annual Growth Rate (CAGR) target: 7% to 9%
• Affirmed Full-Year 2025 Adjusted EPS Guidance Range: $4.30 to $4.70
• First Quarter 2025 Adjusted EPS: $1.44
• Projected 2026 Adjusted EPS Guidance Range: $4.80 to $5.30

Global energy security is advanced via U.S.-produced liquefied natural gas (LNG) exports, with major projects reaching critical milestones in 2025.

Sempra reached the Final Investment Decision (FID) for Port Arthur LNG Phase 2 in September 2025, representing a $14 billion investment to add 13 Mtpa of capacity. Port Arthur Phase 1 is targeted to begin exporting LNG in 2027. The Cameron LNG terminal operates three trains with a capacity of 12 mtpa and loaded nearly 200 cargoes in 2024.

LNG Project	Phase	Status/Key 2025 Milestone	Capacity/Investment
Port Arthur LNG	Phase 2	FID reached in September 2025	$14 billion investment; 13 Mtpa capacity
Energía Costa Azul (ECA) LNG	Phase 1	Targeting start-up of commercial operations in spring 2026	3.25 Mtpa nameplate capacity
Cameron LNG	Existing Operation	Shipped nearly 200 cargoes	12 mtpa liquefaction facility

Commitment to energy transition is demonstrated through grid modernization and low-carbon solutions integration.

The 2025-2029 capital plan includes investments supporting the energy transition. As of Dec. 31, 2024, Sempra Infrastructure had 1,044 megawatts (MW) of fully contracted nameplate capacity from operating wind and solar facilities. Within the San Diego Gas & Electric (SDG&E) service area, residential and commercial rooftop solar capacity totaled 2,318 MW at the end of 2024.

Enhanced community safety is addressed via hardened transmission systems in high-risk areas, particularly in Texas.

Oncor's System Resiliency Plan includes over $500 million in incremental operations and maintenance expenses, alongside nearly $3 billion in capital expenditures, designed to reduce risk. Oncor operates more than 143,000 miles of transmission and distribution (T&D) lines in Texas.

Sempra (SRE) - Canvas Business Model: Customer Relationships

Sempra (SRE) manages customer relationships across two distinct, yet interconnected, models: the highly regulated utility platform serving millions in California and Texas, and the global energy infrastructure business secured by long-term contracts.

Regulated service model with mandated reliability and safety standards

For Sempra California, the relationship is direct and mandated by state regulators. The company serves as a dual-utility platform connecting roughly 25 million consumers to safe, reliable, and affordable energy as of the second quarter of 2025. Across all operations, Sempra is focused on delivering energy to nearly 40 million consumers. The relationship is heavily influenced by regulatory outcomes that determine cost recovery and service standards.

The approved revenue requirements from the California Public Utilities Commission (CPUC) dictate the financial basis for service delivery. For instance, the 2024 General Rate Case (GRC) approval for San Diego Gas & Electric Company (SDG&E) authorized a 2024 test year revenue requirement of $2,699 million, split into $2,193 million for electric operations and $506 million for natural gas operations. Southern California Gas Company (SoCalGas) received approval for a 2024 revenue requirement of $3,806 million. Future annual adjustments are set by these approvals; for example, SDG&E's 2025 revenue requirement is set for a 5.45% incremental increase over 2024, while SoCalGas's is set for a 5.00% increase.

Reliability is a key focus, especially in Texas through the Oncor subsidiary. Oncor added nearly 20,000 new premises during the second quarter of 2025. At the end of Q2 2025, Oncor had over 1,120 active transmission point of interconnection requests in its queue, representing a nearly 40% increase compared to the end of Q2 2024.

Long-term, take-or-pay contracts for LNG capacity (20-year SPAs)

Sempra Infrastructure secures its customer relationships in the global market through long-term, capacity-based contracts, which are critical following the Q3 2025 final investment decision on Port Arthur LNG Phase 2. These agreements are typically 20-year Sales and Purchase Agreements (SPAs) that function as take-or-pay commitments.

Here are the key long-term LNG offtake commitments announced for the Port Arthur LNG Phase 2 development:

Customer	Contract Term	Annual Volume (Mtpa)	Status/Date Announced
ConocoPhillips	20-year	4 million tonnes per annum (Mtpa)	August 2025
EQT Corp.	20-year	2 million tonnes per annum (Mtpa)	August 2025
JERA Co., Inc.	20-year	1.5 million tonnes per annum (Mtpa)	July 2025

The Port Arthur LNG Phase 1 project, which reached FID in March 2023, has a capacity of about 13 mtpa. With the addition of Phase 2, the total liquefaction capacity is expected to reach about 26 mtpa when complete.

Public and regulatory engagement for rate case approvals and capital recovery

The relationship with customers in California is mediated through the CPUC, which approves the recovery of capital and operational costs necessary for safety and reliability. The 2024 GRC decision, adopted in December 2024, provides revenue requirement visibility through 2027.

Wildfire mitigation cost recovery is a major point of regulatory engagement. For SDG&E's 2024 GRC Track 2 request, which covered incurred costs from 2019 through 2022, the CPUC Proposed Decision (PD) authorizes a total Track 2 revenue requirement of $721 million for 2019 through 2027, against a request of $1,148 million. An interim mechanism already allowed SDG&E to collect $194 million in 2024 and $96 million in 2025.

The cost of capital proceeding for 2026 to 2028 is also key to customer rates:

• The PD for the Cost of Capital proceeding sets a return on common equity resulting in weighted returns on rate base of 7.39% for SDG&E and 7.49% for SoCalGas.
• SDG&E and SoCalGas filed their applications to update costs of capital for the 2026 to 2028 period in March 2025.

Customer service centers and digital platforms for billing and outage reporting

Sempra California utilities use customer service centers and digital platforms to manage daily interactions for billing and outage reporting for the millions of consumers they serve.

• Sempra California serves roughly 25 million consumers.
• SDG&E and SoCalGas are executing initiatives projected to save customers over $300 million between 2026 and 2031.

Stakeholder collaboration on infrastructure investment and policy

Collaboration with state agencies and grid operators shapes infrastructure investment, which is then recovered from ratepayers. SDG&E was awarded an estimated $600 million of projects under the California ISO's 2024 - 2025 Transmission Plan. During Q2 2025, SDG&E and SoCalGas invested over $1.2 billion of capital in upgrades.

In Texas, Oncor is expected to fund more than half of the investment for the ERCOT 765-kV Strategic Transmission Expansion Plan. Sempra's five-year capital plan through 2029 is approximately $56 billion, with over 90% focused on regulated utility investments in Texas and California.

Sempra (SRE) - Canvas Business Model: Channels

You're looking at how Sempra (SRE) gets its value proposition-reliable energy delivery and LNG export-into the hands of its customers and investors. For a massive utility holding company like Sempra, the channels are physical infrastructure, regulatory approvals, and the financial markets themselves. It's a complex delivery system, honestly.

Physical transmission and distribution lines (electric and natural gas pipelines)

The core of Sempra's channel is the physical network moving electrons and molecules. This is where the bulk of the $56 billion capital plan (2025-2029) is going, with over 90% earmarked for these regulated assets in Texas and California. For the current year, Sempra outlined about $13 billion in energy infrastructure investments for 2025, with over $10 billion specifically for its U.S. utilities.

The sheer scale of this physical channel is impressive:

• Across the entire company, Sempra maintains roughly 300,000 miles of transmission and distribution lines.
• Specifically, Sempra Texas, through Oncor, operates more than 144,000 circuit miles of transmission and distribution lines, connecting communities across the state.
• Oncor is actively expanding this, having built, rebuilt, or upgraded nearly 800 miles of transmission and distribution power lines in the first quarter of 2025 alone.
• Sempra Infrastructure's energy networks also include more than 5,100 miles of natural gas transportation and distribution pipelines.

Direct utility service to residential, commercial, and industrial end-users

The end-users are the direct recipients of the service delivered through those lines. Sempra's regulated utilities serve nearly 40 million consumers across its footprint in California and Texas. This customer base is the foundation for the regulated earnings growth Sempra is targeting, aiming for a long-term EPS CAGR of 7% to 9% for 2025 through 2029.

Here is a breakdown of the customer reach across key regulated and partially-owned entities:

Utility/Segment	Customer Metric	Latest Reported Number
Sempra Total (CA & TX)	Total Consumers Served	Nearly 40 million
Oncor (Sempra Texas)	Texans Served	More than 13 million
Oncor (Sempra Texas)	Premises Served Increase (Q1 2025)	Almost 19,000
ECOGAS (Mexico)	Consumers Served	Over 600,000
ECOGAS (Mexico)	Customer Meters	More than 160,000

The demand driving this channel is significant; regulators in Texas expect electricity demand to nearly double by 2030.

Global shipping and maritime logistics for LNG export

For Sempra Infrastructure, the channel shifts to global logistics, connecting U.S. supply to international markets, primarily through its Gulf Coast LNG export facilities. Cameron LNG, where Sempra Infrastructure owns a 50.2 percent interest, operates three trains with a nameplate capacity of 13.5 million tonnes per annum (Mtpa) of LNG. The planned expansion (Phase 2) aims to add another 6.75 Mtpa.

Sempra is actively working to sanction its next major export channel, Port Arthur LNG Phase 2, targeting a Final Investment Decision (FID) in 2025. This project has estimated incremental project capital expenditures of $12 billion. To secure the offtake channel for this, Sempra executed a 20-year Sale and Purchase Agreement (SPA) with JERA Co. Inc. for 1.5 Mtpa of LNG from Phase 2 in July 2025.

The existing LNG export capacity is a major component of U.S. global share:

• America holds a 25% market share in LNG globally.
• Roughly 50% of the LNG landed in Europe originates from the U.S..

Regulatory filings and public hearings (for rate base and capital recovery)

For the utility businesses, the regulatory process is the channel to recover capital investments and earn a return. The CPUC decision in late 2024 authorized revenue requirements for SoCalGas and SDG&E through 2027, with attrition year adjustments for 2025 through 2027.

Key authorized revenue figures impacting 2025 recovery include:

• SoCalGas adopted 2024 revenue requirement: $3.806 billion (a 9.3% increase over 2023).
• SDG&E adopted 2024 combined revenue requirement: $2.699 billion (a 7.5% increase over 2023).
• SDG&E's FERC TO6 filing proposes an increase to its base Return on Equity (ROE) from 10.10% to 11.75% (totaling 12.25% with the adder).

Oncor in Texas also filed for a comprehensive base rate review with the PUCT to support its service to over 13 million Texans.

Investor relations and financial markets for capital funding

The financial markets are the channel for funding the massive capital plan. Sempra affirmed its full-year 2025 adjusted EPS guidance range of $4.30 to $4.70. This guidance underpins investor confidence in the regulated asset base growth.

To fund growth and simplify the business, Sempra is actively recycling capital:

• Sempra entered a nonbinding letter of intent with KKR for an equity sale at Sempra Infrastructure, potentially in the 15% to 30% range.
• The sale of Ecogas is also anticipated to close mid-2026.

The company's Q3 2025 revenue was reported at $3.15 billion, with an Adjusted EPS of $1.11 for that quarter. Finance: draft 13-week cash view by Friday.

Sempra (SRE) - Canvas Business Model: Customer Segments

Regulated Residential and Small Commercial Customers (California and Texas)

Sempra's regulated utilities serve a massive base of residential and small commercial energy users across two major US economic centers. Sempra California, which includes San Diego Gas & Electric (SDGE) and Southern California Gas Company (SoCalGas), provides energy to roughly 25 million consumers in Southern and Central California. Over in Texas, Oncor Electric Delivery Company LLC serves approximately 13 million Texans. The growth in the Texas service territory is notable; Oncor added almost 20,000 new premises served in the second quarter of 2025 alone.

The regulated utility rate base is a key focus for capital deployment. Sempra expects its total utility rate base to grow from $57 billion in 2025 to $80 billion by 2029. For example, Sempra California utilities invested over $1.2 billion of capital in the second quarter of 2025. The Texas operations are executing a five-year capital plan of $36.1 billion as of Q1 2025, with over 90% of Sempra's record five-year capital plan of $56 billion focused on these regulated utilities.

Segment Detail	Entity	Customer Metric	Latest Data Point
California Consumers	Sempra California (SDGE & SoCalGas)	Consumers Served	Roughly 25 million
Texas Consumers	Sempra Texas (Oncor)	Consumers Served	Approximately 13 million
Total Regulated Consumers	Sempra California & Sempra Texas	Total Consumers Served	Nearly 40 million
Texas New Connections (Q2 2025)	Oncor	Premises Added	Almost 20,000
Utility Rate Base Projection	Sempra Utilities	Rate Base Value	Expected to be $57 billion in 2025

Large Commercial and Industrial (C&I) Users (including data centers in Texas)

The demand from large energy users, particularly data centers, is a significant driver for infrastructure investment, especially in Texas. At the end of 2024, Oncor's interconnection queue showed 137 gigawatts of potential load from large commercial and industrial customers. That figure represented an approximate 250% increase from the end of 2023. By the end of the second quarter of 2025, Oncor had over 1,120 active transmission point of interconnection requests in queue, a nearly 40% increase compared to the end of Q2 2024. These requests were split almost evenly between generation projects and large C&I customers.

The growth in Texas is underpinned by new regulatory mechanisms, like the Unified Tracker, designed to improve cost recovery for these utility investments. Sempra noted that the growth in Texas is driven largely by demand from data centers and other energy-intensive industries.

• Oncor Q2 2025 active interconnection requests: Over 1,120.
• Increase in active requests (Y/Y as of Q2 2025): Nearly 40%.
• Oncor 2024 C&I Interconnection Queue Load: 137 gigawatts.
• Interconnection Load Growth (2023 to 2024): Approximately 250%.

Global Energy Companies and Utilities (long-term LNG buyers like JERA)

Sempra Infrastructure serves global energy companies and utilities through its LNG export facilities. The existing three-train Cameron LNG facility in Louisiana has a liquefaction capacity of approximately 12 million tons per annum (Mtpa). In 2024, Cameron LNG loaded nearly 200 cargoes. The Port Arthur LNG Phase 1 project in Texas is planned with a total capacity of about 13 Mtpa. Sempra Infrastructure is targeting a Final Investment Decision (FID) in 2025 for the Port Arthur LNG Phase 2 development project. This Phase 2 project already has a proposed equity investment with a subsidiary of Saudi Aramco anchored by a non-binding HOA.

Wholesale Energy Markets (for power and gas trading)

Sempra Infrastructure connects customers in global energy markets, which includes participation in wholesale trading of power and gas. The company's strategy involves developing, building, operating, and investing in modern energy infrastructure, including LNG and low-carbon solutions. While specific 2025 trading volumes aren't detailed here, the segment's focus is on capitalizing on growing demand for secure energy in global markets.

Government and Regulatory Bodies (as key stakeholders and revenue determiners)

Government and regulatory bodies are critical stakeholders, directly influencing revenue streams and capital deployment through rate cases and project approvals. For instance, Sempra lowered its 2025 EPS guidance to account for regulatory rulings that fell short of forecasts and the anticipated impact of a potential new rate case filing in Texas. The Public Utility Commission of Texas (PUCT) approved Oncor's System Resiliency Plan (SRP), which includes nearly $3 billion of capital expenditures. In California, the California Public Utilities Commission (CPUC) approval is pending for efforts like SDGE's plan to save customers nearly $300 million between 2026 and 2031.

• 2025 Adjusted EPS Guidance Range: $4.30 to $4.70.
• Projected Long-Term EPS Growth Rate (through 2029): 7% to 9%.
• Oncor SRP Capital Expenditures: Nearly $3 billion.
• SDGE Customer Savings Goal (2026-2031): Nearly $300 million.

Sempra (SRE) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Sempra's massive infrastructure running and growing. For a utility holding company like Sempra, the cost structure is dominated by long-term asset investment and the operational costs tied to serving millions of customers across Texas and California. Honestly, the sheer scale of the capital required to maintain and upgrade the grid is the biggest line item you need to watch.

High Capital Expenditures (CapEx) for Infrastructure

Sempra has committed to a substantial investment cycle. The planned energy infrastructure investment for the year 2025 stands at approximately $13 billion. This figure is a key part of the larger five-year capital plan spanning 2025 through 2029. A significant portion of this CapEx, over $10 billion, is allocated directly to the U.S. utilities, primarily supporting Oncor's growth in Texas.

Significant Operations and Maintenance (O&M) Costs, including Wildfire Mitigation

Day-to-day running costs are heavy, especially with the focus on safety and reliability. For instance, Sempra Texas's System Resiliency Plan included over $500 million in incremental operations and maintenance expenses to reduce risk. In California, the costs associated with wildfire mitigation are a major component of O&M, though recovery is subject to regulatory approval.

• Sempra California Operation and Maintenance expense for the six months ended June 30, 2025, totaled $2,582 million.
• For SDG&E's 2024 General Rate Case Track 2, the CPUC Proposed Decision approved $91 million of requested wildfire mitigation O&M costs incurred from 2019 through 2022.
• The same Proposed Decision denied $193 million of requested SDG&E O&M costs related to wildfire programs.

Interest Expense on Long-Term Debt

Servicing the debt required to fund this infrastructure is a constant, non-discretionary cost. As of the close of the third quarter of 2025, Sempra's long-term debt and finance leases stood at $28,985 million (or $28.985 billion). This is down from $31,558 million at the end of 2024, reflecting progress in capital recycling efforts. To give you a sense of the impact on the books, Sempra California reported $16 million higher net interest expense for the nine months ended September 30, 2025, compared to the prior year period.

Fuel and Purchased Power Costs (Variable Cost of Energy Supply)

These costs fluctuate with commodity markets, making them a variable element in the overall structure. For the first six months of 2025, the Cost of electric fuel and purchased power for the consolidated entity was $(143) million.

Regulatory and Compliance Costs

Compliance and navigating rate case proceedings directly translate into costs, whether they are incurred now or affect future revenue recovery. You have to factor in the costs of seeking approval for the massive CapEx plan.

Cost/Regulatory Item	Amount (Millions USD)	Period/Context
Planned 2025 Capital Expenditures	$13,000	2025 Plan
Long-Term Debt & Finance Leases	$28,985	As of Q3 2025
Cost of Electric Fuel & Purchased Power	$(143)	Six Months Ended June 30, 2025
SDG&E Wildfire Mitigation Costs Approved (Revenue Requirement)	$1,036	Approved 2019-2022 Costs (Track 2 PD)
Total Authorized Track 2 Revenue Requirement (SDG&E)	$721	For Period 2019 through 2027
Regulatory Disallowances Impact (Sempra California)	$(25)	Nine Months Ended September 30, 2025

The regulatory environment in California creates specific cost pressures, such as the fact that the CPUC Proposed Decision authorized a total Track 2 revenue requirement of $721 million for 2019 through 2027, which was $427 million lower than SDG&E's requested $1,148 million for those wildfire-related costs.

Sempra (SRE) - Canvas Business Model: Revenue Streams

You're looking at how Sempra converts its assets and operations into actual cash flow as of late 2025. The business model is clearly pivoting, leaning heavily on the stability of regulated assets while using infrastructure asset sales to fund that regulated growth and high-potential LNG projects. Honestly, the revenue stream composition reflects a deliberate shift toward a 'leading U.S. utility growth company' strategy.

Regulated Utility Earnings (from rate base investments in California and Texas)

The core of Sempra's dependable earnings comes from its regulated utilities, San Diego Gas & Electric Company (SDGE), Southern California Gas Company (SoCalGas Co.), and Oncor in Texas. These earnings are directly tied to the rate base-the value of assets regulators allow them to earn a return on. You can see the scale of the asset base supporting these earnings:

• Sempra California rate base stood at approximately $29 billion.
• Sempra Texas rate base, which includes 100% of Oncor, was estimated at $27 billion.
• The overall five-year capital plan for 2025-2029 is a record approximately $56 billion.
• Over 90% of that projected capital expenditure is focused on these regulated utility investments in Texas and California.

This focus is designed to expand the utility rate base by roughly 10% annually, which is the engine for future regulated earnings growth. Also, Oncor alone has a five-year capital plan of $36 billion for 2025-2029, reflecting massive investment in Texas to meet growing demand.

Long-term, fixed-fee capacity payments from LNG contracts

For the Sempra Infrastructure segment, revenue stability is being locked in through long-term agreements, even as the company sells down its majority stake. The Port Arthur LNG Phase 2 project is securing capacity through long-term Sales and Purchase Agreements (SPAs). These contracts often feature fixed fees or prices indexed to benchmarks like Henry Hub, which provides a predictable revenue stream.

Here's a look at the capacity being contracted for Port Arthur LNG Phase 2, which is targeting a Final Investment Decision in 2025:

Offtaker	Contract Term	Annual Volume (Mtpa)	Pricing Basis
EQT Corporation	20-year	2 million tonnes per annum	Indexed to Henry Hub
JERA Co. Inc.	20-year	1.5 million tonnes per annum	Not specified in detail
ConocoPhillips	20-year	4 million tonnes per annum	Not specified in detail

Phase 2, once complete, is expected to have two liquefaction trains capable of producing approximately 13 Mtpa of LNG, potentially increasing the total Port Arthur LNG facility capacity to up to approximately 26 Mtpa.

Sales of natural gas and electricity to end-use customers

This stream represents the direct commodity sales and delivery revenue from the regulated utilities to their customer base, which spans nearly 40 million consumers across service territories. While specific commodity sales revenue is often bundled into regulated rate base returns, recent total revenue figures give you a sense of the scale of operations. For instance, Sempra reported total revenue of $3.00 billion for the second quarter of 2025.

To manage costs and improve efficiency, the California utilities, SDGE and SoCalGas Co., have applied to state regulators to discontinue certain energy efficiency programs and close branch offices, moving to a digital-first service model to help control costs passed on to customers.

Proceeds from asset sales (e.g., $10 billion from 45% SIP stake sale)

A significant, non-recurring revenue event in 2025 is the capital recycling program designed to fund utility growth without new equity. Sempra agreed to sell a 45% equity stake in Sempra Infrastructure Partners (SIP) for $10 billion in cash to a KKR-led consortium and CPP Investments.

The cash proceeds are structured, which is important for cash flow planning:

• 47% of the cash expected at closing.
• 41% by the end of 2027.
• The balance approximately seven years after closing.

This transaction implies an equity value of $22.2 billion and an enterprise value of $31.7 billion for SIP, with Sempra retaining a 25% interest post-close.

Full-year 2025 adjusted EPS guidance is $4.30 to $4.70 per share

The market views the strength of these combined revenue streams through the lens of earnings per share guidance. Sempra affirmed its full-year 2025 adjusted EPS guidance range to be between $4.30 to $4.70 per share, reflecting confidence in its execution across its utility and infrastructure platforms. This guidance is supported by the expected growth in the regulated rate base and the accretive nature of the infrastructure transactions, which are projected to add $0.20 per share in annual accretion starting in 2027.

Finance: draft 13-week cash view by Friday.