Sempra (SRE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética, Sempra (SRE) surge como una potencia transformadora, navegando estratégicamente las complejas intersecciones de servicios de servicios públicos, energía renovable e innovación tecnológica. Al elaborar meticulosamente un lienzo de modelo de negocio integral, Sempra demuestra su capacidad incomparable para ofrecer soluciones energéticas sostenibles y confiables en California y Texas, al tiempo que impulsa la transición de energía limpia a través de asociaciones estratégicas, integración tecnológica de captura de corte y una red de infraestructura robusta que atiende diversos segmentos de clientes, desde consumidores residenciales hasta clientes industriales a gran escala.

Sempra (SRE) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con compañías de servicios públicos

Sempra mantiene asociaciones estratégicas con las siguientes compañías de servicios públicos:

Empresa asociada	Ubicación	Enfoque de asociación
Gas de San Diego & Electric (SDG&E)	California	Servicios de servicios públicos integrados
Southern California Gas Company (SoCalgas)	California	Distribución de gas natural
Entrega eléctrica de Oncor	Texas	Infraestructura de transmisión eléctrica

Empresas conjuntas con desarrolladores de energía renovable

Las asociaciones de energía renovable de Sempra incluyen:

• Ienova (Sempra México) - Proyectos de energía solar y eólica
• Inversiones de infraestructura energética con empresas de capital privado
• Desarrollo de energía renovable en California y México

Asociaciones de la firma de tecnología para la modernización de la red

Asociaciones de tecnología clave para la infraestructura de la red:

Socio tecnológico	Enfoque tecnológico	Monto de la inversión
Energía de floración	Tecnología de pila de combustible	Inversión de $ 50 millones
Tesla	Soluciones de almacenamiento de baterías	Proyecto de integración de cuadrícula de $ 75 millones

Colaboraciones de agencias gubernamentales

Asociaciones del proyecto de infraestructura de Sempra:

• Proyectos de infraestructura de la Comisión de Servicios Públicos de California (CPUC)
• Iniciativas de modernización del Departamento de Energía de EE. UU.
• Desarrollo de infraestructura de la Comisión de Servicios Públicos de Texas

Inversiones de asociación internacional

Inversiones internacionales de infraestructura energética de Sempra:

País	Tipo de proyecto	Valor de inversión
México	Infraestructura de gas natural	$ 1.2 mil millones
Costa Rica	Desarrollo de energía renovable	$ 350 millones

Sempra (SRE) - Modelo de negocio: actividades clave

Desarrollo y gestión de la infraestructura energética

La cartera de infraestructura energética de Sempra incluye $ 41.8 mil millones en activos totales a partir de 2023. La compañía administra más de 135,000 millas de tuberías de transmisión y distribución de gas natural en múltiples regiones.

Activo de infraestructura	Cantidad	Valor
Tuberías de gas natural	135,000 millas	$ 22.3 mil millones
Líneas de transmisión de electricidad	29,500 millas	$ 15.5 mil millones

Transmisión de gas natural y electricidad

Sempra transmite aproximadamente 5,2 mil millones de pies cúbicos de gas natural por día y ofrece electricidad a más de 3.6 millones de clientes en California y Texas.

• Transmisión diaria de gas natural: 5.200 millones de pies cúbicos
• Clientes de electricidad: 3.6 millones
• Regiones de servicio: California, Texas

Implementación del proyecto de energía renovable

Sempra ha comprometido $ 5.8 mil millones a proyectos de energía renovable, con el objetivo de generar 6,000 megavatios de energía renovable para 2030.

Tipo de energía renovable	Capacidad actual	Inversión
Proyectos solares	2.300 MW	$ 2.4 mil millones
Proyectos eólicos	1.750 MW	$ 2.1 mil millones
Almacenamiento de la batería	500 MW	$ 1.3 mil millones

Operaciones y mantenimiento de servicio de servicios públicos

Sempra gasta $ 3.2 mil millones anuales en operaciones y mantenimiento de servicios de servicios públicos en su red de infraestructura.

• Presupuesto de mantenimiento anual: $ 3.2 mil millones
• Técnicos de servicio: 12,500 empleados
• Cobertura de mantenimiento: California, Texas, México

Comercio de energía y gestión de riesgos

La División de Comercio de Energía de Sempra gestiona aproximadamente $ 12.5 mil millones en contratos de productos energéticos con una cartera de gestión de riesgos centrados en los mercados de gas natural y electricidad.

Categoría de negociación	Volumen anual	Valor de contrato
Contratos de gas natural	2.1 billones de pies cúbicos	$ 7.8 mil millones
Contratos de electricidad	45 millones de MWh	$ 4.7 mil millones

Sempra (SRE) - Modelo de negocio: recursos clave

Red de infraestructura energética extensa

Sempra opera una extensa red de infraestructura energética valorada en aproximadamente $ 36.4 mil millones a partir de 2023. La infraestructura incluye:

• Tuberías de transmisión de gas natural: 5,700 millas
• Líneas de transmisión eléctrica: 3,200 millas de circuito
• Redes de distribución en California y Texas

Activo de infraestructura	Valor total	Cobertura geográfica
Infraestructura de gas natural	$ 22.1 mil millones	California, Texas, México
Infraestructura de red eléctrica	$ 14.3 mil millones	California, Texas

Sistemas tecnológicos avanzados y plataformas digitales

Las inversiones tecnológicas de Sempra incluyen:

• Tecnologías de cuadrícula inteligente: inversión de $ 450 millones
• Sistemas de ciberseguridad: asignación anual de $ 87 millones
• Plataformas de monitoreo digital: gestión de infraestructura en tiempo real

Fuerza laboral calificada en ingeniería y gestión energética

Composición de la fuerza laboral:

• Total de empleados: 18,700
• Profesionales de ingeniería: 3.200
• Inversión promedio de capacitación anual: $ 12.4 millones

Importantes derechos de camino de tierras y servicios públicos

Tierra y activos de derechos de camino:

• Total de tenencias de tierras: 75,000 acres
• Servidumbre de utilidad: 12,500 millas
• Valor estimado del activo de la tierra: $ 2.6 mil millones

Capital financiero para inversiones de infraestructura

Métrica financiera	Valor 2023
Activos totales	$ 72.3 mil millones
Presupuesto de inversión de infraestructura	$ 5.2 mil millones
Gastos de capital anuales	$ 3.8 mil millones

Sempra (SRE) - Modelo de negocio: propuestas de valor

Distribución de energía confiable y sostenible

Sempra entregó 5.3 millones de medidores de gas eléctrico y natural en California y Texas a partir de 2023. El volumen total de distribución de energía alcanzó 1.4 billones de pies cúbicos de gas natural y 30.8 mil millones de kilovatios-hora de electricidad.

Métricas de distribución de energía	Valores de 2023
Medidores eléctricos totales	3.2 millones
Medidores de gas natural total	2.1 millones
Volumen de distribución de gas natural	1.4 billones de pies cúbicos
Volumen de distribución de electricidad	30.8 mil millones de kWh

Soluciones de transición de energía limpia

Sempra invirtió $ 3.4 mil millones en infraestructura de energía renovable en 2023. La cartera de energía renovable incluye:

• Capacidad de generación solar: 1.200 MW
• Capacidad de generación de viento: 850 MW
• Capacidad de almacenamiento de la batería: 320 MW

Infraestructura de utilidad resistente

La inversión en infraestructura totalizó $ 5.2 mil millones en 2023, centrándose en la modernización de la red y las mejoras de confiabilidad.

Servicios de energía integrales

Sempra ofreció diversos servicios de energía en segmentos residenciales y comerciales, con:

• Clientes residenciales: 3.1 millones
• Clientes comerciales: 280,000
• Clientes industriales: 52,000

Integración tecnológica avanzada

Inversiones tecnológicas de $ 620 millones en 2023, incluidas tecnologías de cuadrícula inteligente y actualizaciones de infraestructura digital.

Categorías de inversión tecnológica	2023 gastos
Tecnologías de cuadrícula inteligente	$ 280 millones
Infraestructura digital	$ 210 millones
Mejoras de ciberseguridad	$ 130 millones

Sempra (SRE) - Modelo de negocios: relaciones con los clientes

Contratos de servicio a largo plazo con clientes de servicios públicos

Sempra Energy mantiene aproximadamente 7.5 millones de clientes de servicios públicos en California y Texas. Los contratos de servicio a largo plazo de la compañía incluyen:

Tipo de servicio	Número de clientes	Duración del contrato
Gas de San Diego & Residencial eléctrico	3.6 millones	Contratos estándar de 5-10 años
Sur de California Residencial de gas	3.9 millones	Contratos estándar de 5-10 años

Plataformas de participación de clientes digitales

Sempra invirtió $ 42.3 millones en tecnologías de participación de clientes digitales en 2023. Las plataformas digitales clave incluyen:

• Aplicación móvil con seguimiento de uso de energía en tiempo real
• Sistemas de facturación y pago en línea
• Herramientas de eficiencia energética basadas en la web

Soporte personalizado de gestión de energía

Sempra proporciona gestión de energía personalizada a través de:

Canal de soporte	Interacciones anuales	Tiempo de resolución promedio
Soporte telefónico	1.2 millones	8.5 minutos
Chat en línea	650,000	6.2 minutos

Comunicación proactiva sobre confiabilidad del servicio

Métricas de comunicación de confiabilidad del servicio de Sempra:

• Sistema de notificación de interrupción que cubre el 100% de las áreas de servicio
• Tiempo de respuesta promedio para interrupciones del servicio: 45 minutos
• Inversión anual de infraestructura: $ 1.7 mil millones

Herramientas digitales de autoservicio del cliente

Estadísticas de plataforma de autoservicio digital:

Herramienta digital	Tasa de adopción de usuarios	Transacciones anuales
Pago de factura en línea	82%	46.3 millones
Monitoreo de uso	67%	29.6 millones

Sempra (SRE) - Modelo de negocios: canales

Portales de clientes en línea

Sempra Energy opera plataformas digitales para clientes en sus subsidiarias de servicios públicos:

Filial	Nombre del portal en línea	Usuarios activos anuales
Gas de San Diego & Eléctrico	Mi portal de cuenta	1.4 millones
Southern California Gas	Plataforma myaccount	5.9 millones

Aplicaciones móviles

La estrategia de aplicación móvil de Sempra incluye:

• Aplicación móvil SDG&E con 650,000 descargas activas
• Aplicación móvil de SoCalgas con 1.2 millones de usuarios activos

Equipos de ventas directos

Estructura de ventas directas de Sempra:

Canal de ventas	Número de representantes	Ingresos anuales generados
Ventas de energía comercial	287 representantes	$ 3.2 mil millones
Venta de energía residencial	412 representantes	$ 1.8 mil millones

Centros de servicio al cliente

Sempra mantiene múltiples centros de servicio al cliente:

• 6 ubicaciones principales de servicio al cliente
• Operaciones de atención al cliente 24/7
• Tiempo promedio de manejo de llamadas: 4.3 minutos

Sistemas de facturación y comunicación digital

Detalles de la infraestructura de comunicación digital:

Canal de comunicación digital	Interacciones mensuales	Adopción de facturación sin papel
Comunicaciones por correo electrónico	3.6 millones	62%
Notificaciones de SMS	2.1 millones	45%

Sempra (SRE) - Modelo de negocios: segmentos de clientes

Consumidores de energía residencial

Sempra atiende a aproximadamente 3.7 millones de clientes eléctricos y 3.2 millones de clientes de gas natural en California y Texas.

Región	Clientes eléctricos	Clientes de gas natural
California	2.5 millones	2.3 millones
Texas	1.2 millones	0.9 millones

Negocios comerciales e industriales

Sempra brinda servicios de energía a más de 180,000 clientes comerciales e industriales en sus territorios de servicio.

• Los sectores atendidos incluyen la fabricación
• Empresas tecnológicas
• Negocios agrícolas
• Establecimientos minoristas

Entidades municipales y gubernamentales

Sempra apoya a 137 gobiernos municipales y organizaciones del sector público con infraestructura y servicios energéticos.

Clientes de infraestructura energética a gran escala

Sempra tiene inversiones de infraestructura por un total de $ 38.5 mil millones a partir de 2023, sirviendo a los principales clientes de infraestructura energética.

Tipo de infraestructura	Valor de inversión
Tuberías de gas natural	$ 15.2 mil millones
Instalaciones de exportación de GNL	$ 12.7 mil millones
Infraestructura de la red eléctrica	$ 10.6 mil millones

Desarrolladores de proyectos de energía renovable

Sempra se ha comprometido a invertir $ 5.8 mil millones en proyectos de energía renovable hasta 2030.

• Desarrollo de energía solar
• Proyectos de energía eólica
• Iniciativas de almacenamiento de baterías
• Infraestructura de hidrógeno

Sempra (SRE) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la infraestructura

Los costos de desarrollo de infraestructura de Sempra para 2023 totalizaron $ 3.8 mil millones, con inversiones clave en:

Categoría de infraestructura	Inversión anual ($ M)
Actualizaciones de la red de energía	1,250
Mantenimiento de la línea de transmisión	675
Infraestructura de energía renovable	1,125
Expansión de la red de distribución	750

Inversiones en tecnología e plataforma digital

Desglose de inversión tecnológica para 2023:

• Gasto de infraestructura digital: $ 425 millones
• Inversiones de ciberseguridad: $ 187 millones
• Tecnología de la red inteligente: $ 213 millones
• Plataformas de análisis de datos: $ 95 millones

Compensación y capacitación de la fuerza laboral

Gastos relacionados con la fuerza laboral para 2023:

Categoría de gastos	Costo anual ($ M)
Compensación total de empleados	1,275
Desarrollo profesional	42
Programas de capacitación	18
Beneficios para empleados	385

Gastos de cumplimiento regulatorio

Costos relacionados con el cumplimiento para 2023:

• Cumplimiento de la regulación ambiental: $ 215 millones
• Adherencia a la regulación de seguridad: $ 127 millones
• Gastos legales y de informes: $ 93 millones

Iniciativas de investigación y desarrollo

Desglose de inversión de I + D para 2023:

Área de enfoque de I + D	Inversión ($ m)
Tecnologías de energía renovable	185
Soluciones de almacenamiento de energía	95
Modernización de la cuadrícula	76
Infraestructura sostenible	68

Sempra (SRE) - Modelo de negocios: flujos de ingresos

Tarifas de transmisión de electricidad

En 2023, Sempra reportó ingresos por transmisión de electricidad de $ 4.2 mil millones de sus operaciones de servicios públicos en California y Texas.

Región	Ingresos por transmisión	Porcentaje de total
California	$ 2.7 mil millones	64.3%
Texas	$ 1.5 mil millones	35.7%

Cargos de distribución de gas natural

La distribución de gas natural generó $ 3.8 mil millones en ingresos para Sempra en 2023.

• Distribución de gas residencial: $ 1.6 mil millones
• Distribución de gas comercial: $ 1.2 mil millones
• Distribución de gas industrial: $ 1.0 mil millones

Inversiones de proyectos de energía renovable

Las inversiones de energía renovable de Sempra generaron $ 625 millones en 2023.

Fuente renovable	Ganancia
Proyectos solares	$ 325 millones
Proyectos eólicos	$ 210 millones
Almacenamiento de la batería	$ 90 millones

Comercio de energía y operaciones de mercado

Los ingresos por negociación de energía totalizaron $ 1.1 mil millones en 2023.

• Comercio de electricidad al por mayor: $ 650 millones
• Futuros de gas natural: $ 450 millones

Contratos de desarrollo de infraestructura

Los contratos de desarrollo de infraestructura arrojaron $ 750 millones en 2023.

Tipo de contrato	Ganancia
Modernización de la cuadrícula	$ 350 millones
Construcción de la línea de transmisión	$ 250 millones
Expansión terminal de GNL	$ 150 millones

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.