Sempra (SRE): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage dynamique des infrastructures énergétiques, Sempra (SRE) apparaît comme une puissance transformatrice, naviguant stratégiquement dans les intersections complexes des services publics, des énergies renouvelables et de l'innovation technologique. En fabriquant méticuleusement une toile complète du modèle commercial, Sempra démontre sa capacité inégalée à fournir des solutions énergétiques durables et fiables à travers la Californie et le Texas, tout en faisant avancer la transition énergétique propre à travers des partenariats stratégiques, une intégration technologique de pointe et un réseau d'infrastructure robuste qui Servit divers segments de clients, des consommateurs résidentiels aux clients industriels à grande échelle.

Sempra (SRE) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les entreprises de services publics

Sempra maintient des partenariats stratégiques avec les sociétés de services publics suivantes:

Entreprise partenaire	Emplacement	Focus de partenariat
Gaz de San Diego & Électrique (SDG & E)	Californie	Services de services publics intégrés
Southern California Gas Company (Socalgas)	Californie	Répartition du gaz naturel
Livraison électrique Oncor	Texas	Infrastructure de transmission électrique

Coentreprises avec des développeurs d'énergie renouvelable

Les partenariats d'énergie renouvelable de Sempra comprennent:

• Ienova (Sempra Mexico) - Projets d'énergie solaire et éolienne
• Investissements d'infrastructure énergétique avec des sociétés de capital-investissement
• Développement des énergies renouvelables en Californie et au Mexique

Partenariats des entreprises technologiques pour la modernisation du réseau

Partenariats technologiques clés pour les infrastructures de grille:

Partenaire technologique	Focus technologique	Montant d'investissement
Fleurir l'énergie	Technologie des piles à combustible	Investissement de 50 millions de dollars
Tesla	Solutions de stockage de batteries	Projet d'intégration de grille de 75 millions de dollars

Collaborations d'agence gouvernementale

SMPRA's Infrastructure Project Partnerships:

• Projets d'infrastructure de la California Public Utilities Commission (CPUC)
• Initiatives de modernisation du département américain de l'énergie
• Développement des infrastructures de la Commission des services publics du Texas

Investissements de partenariat international

Investissements internationaux d'infrastructure énergétique de Sempra:

Pays	Type de projet	Valeur d'investissement
Mexique	Infrastructure de gaz naturel	1,2 milliard de dollars
Costa Rica	Développement d'énergie renouvelable	350 millions de dollars

Sempra (SRE) - Modèle d'entreprise: activités clés

Développement et gestion des infrastructures énergétiques

Le portefeuille des infrastructures énergétiques de Sempra comprend 41,8 milliards de dollars d'actifs totaux en 2023. La société gère plus de 135 000 miles de pipelines de transmission et de distribution de gaz naturel dans plusieurs régions.

Actif d'infrastructure	Quantité	Valeur
Pipelines de gaz naturel	135 000 miles	22,3 milliards de dollars
Lignes de transmission électrique	29 500 miles	15,5 milliards de dollars

Transmission de gaz naturel et d'électricité

Sempra transmet environ 5,2 milliards de pieds cubes de gaz naturel par jour et fournit de l'électricité à plus de 3,6 millions de clients en Californie et au Texas.

• Transmission quotidienne du gaz naturel: 5,2 milliards de pieds cubes
• Clients d'électricité: 3,6 millions
• Régions de service: Californie, Texas

Mise en œuvre du projet d'énergie renouvelable

Sempra a engagé 5,8 milliards de dollars dans des projets d'énergie renouvelable, avec un objectif de générer 6 000 mégawatts d'énergie renouvelable d'ici 2030.

Type d'énergie renouvelable	Capacité actuelle	Investissement
Projets solaires	2 300 MW	2,4 milliards de dollars
Projets éoliens	1 750 MW	2,1 milliards de dollars
Stockage de batterie	500 MW	1,3 milliard de dollars

Opérations et maintenance des services de services publics

Sempra dépense 3,2 milliards de dollars par an sur les opérations et la maintenance des services de services publics à travers son réseau d'infrastructure.

• Budget de maintenance annuel: 3,2 milliards de dollars
• Techniciens de service: 12 500 employés
• Couverture d'entretien: Californie, Texas, Mexique

Trading d'énergie et gestion des risques

La division des trading d'énergie de Sempra gère environ 12,5 milliards de dollars de contrats de matières premières énergétiques avec un portefeuille de gestion des risques axé sur les marchés du gaz naturel et de l'électricité.

Catégorie de trading	Volume annuel	Valeur du contrat
Contrats de gaz naturel	2,1 billions de pieds cubes	7,8 milliards de dollars
Contrats d'électricité	45 millions de mwh	4,7 milliards de dollars

Sempra (SRE) - Modèle d'entreprise: Ressources clés

Réseau d'infrastructure énergétique étendue

Sempra exploite un vaste réseau d'infrastructures énergétiques d'une valeur d'environ 36,4 milliards de dollars en 2023. L'infrastructure comprend:

• Pipelines de transmission du gaz naturel: 5 700 miles
• Lignes de transmission électrique: 3 200 miles de circuit
• Réseaux de distribution à travers la Californie et le Texas

Actif d'infrastructure	Valeur totale	Couverture géographique
Infrastructure de gaz naturel	22,1 milliards de dollars	Californie, Texas, Mexique
Infrastructure de réseau électrique	14,3 milliards de dollars	Californie, Texas

Systèmes technologiques avancés et plateformes numériques

Les investissements technologiques de Sempra comprennent:

• Smart Grid Technologies: 450 millions de dollars d'investissement
• Systèmes de cybersécurité: allocation annuelle de 87 millions de dollars
• Plateformes de surveillance numérique: gestion des infrastructures en temps réel

Travaillerie qualifiée en génie et gestion énergétiques

Composition de la main-d'œuvre:

• Total des employés: 18 700
• Professionnels d'ingénierie: 3200
• Investissement de formation annuel moyen: 12,4 millions de dollars

Des terres et des droits des services publics importants

Actifs terrestres et droits de route:

• Total des fonds fonciers: 75 000 acres
• Servitudes utilitaires: 12 500 miles
• Valeur des actifs fonciers estimés: 2,6 milliards de dollars

Capital financier pour les investissements des infrastructures

Métrique financière	Valeur 2023
Actif total	72,3 milliards de dollars
Budget d'investissement des infrastructures	5,2 milliards de dollars
Dépenses en capital annuelles	3,8 milliards de dollars

Sempra (SRE) - Modèle d'entreprise: propositions de valeur

Distribution d'énergie fiable et durable

Sempra a livré 5,3 millions de compteurs électriques et de gaz naturel en Californie et au Texas en 2023. Le volume total de la distribution d'énergie a atteint 1,4 billion de pieds cubes de gaz naturel et 30,8 milliards de kilowattheures d'électricité.

Métriques de la distribution d'énergie	2023 valeurs
Total des compteurs électriques	3,2 millions
Compteurs de gaz naturel total	2,1 millions
Volume de distribution du gaz naturel	1,4 billion de pieds cubes
Volume de distribution d'électricité	30,8 milliards de kWh

Solutions de transition d'énergie propre

Sempra a investi 3,4 milliards de dollars dans les infrastructures d'énergie renouvelable en 2023. Le portefeuille d'énergie renouvelable comprend:

• Capacité de génération solaire: 1 200 MW
• Capacité de production de vent: 850 MW
• Capacité de stockage de la batterie: 320 MW

Infrastructure utilitaire résiliente

L'investissement des infrastructures a totalisé 5,2 milliards de dollars en 2023, en se concentrant sur la modernisation du réseau et les améliorations de la fiabilité.

Services énergétiques complets

Sempra a offert divers services énergétiques à travers des segments résidentiels et commerciaux, avec:

• Clients résidentiels: 3,1 millions
• Clients commerciaux: 280 000
• Clients industriels: 52 000

Intégration technologique avancée

Investissements technologiques de 620 millions de dollars en 2023, notamment des technologies de grille intelligente et des mises à niveau des infrastructures numériques.

Catégories d'investissement technologique	2023 dépenses
Technologies de grille intelligente	280 millions de dollars
Infrastructure numérique	210 millions de dollars
Améliorations de la cybersécurité	130 millions de dollars

Sempra (SRE) - Modèle d'entreprise: relations clients

Contrats de services à long terme avec les clients des services publics

Sempra Energy maintient environ 7,5 millions de clients de services publics en Californie et au Texas. Les contrats de service à long terme de l'entreprise comprennent:

Type de service	Nombre de clients	Durée du contrat
Gaz de San Diego & Résidentiel électrique	3,6 millions	Contrats standard de 5 à 10 ans
Résidentiel de gaz du sud de la Californie	3,9 millions	Contrats standard de 5 à 10 ans

Plates-formes de fiançailles clients numériques

Sempra a investi 42,3 millions de dollars dans les technologies numériques d'engagement client en 2023. Les plates-formes numériques clés comprennent:

• Application mobile avec suivi de la consommation d'énergie en temps réel
• Systèmes de facturation et de paiement en ligne
• Outils d'efficacité énergétique sur le Web

Support de gestion de l'énergie personnalisée

Sempra fournit une gestion de l'énergie personnalisée à travers:

Canal de support	Interactions annuelles	Temps de résolution moyen
Support téléphonique	1,2 million	8,5 minutes
Chat en ligne	650,000	6,2 minutes

Communication proactive sur la fiabilité des services

Mesures de communication de fiabilité de la fiabilité du service de Sempra:

• Système de notification de panne couvrant 100% des zones de service
• Temps de réponse moyen pour les interruptions de service: 45 minutes
• Investissement annuel sur les infrastructures: 1,7 milliard de dollars

Outils numériques en libre-service client

Statistiques de plate-forme en libre-service numérique:

Outil numérique	Taux d'adoption des utilisateurs	Transactions annuelles
Payage des factures en ligne	82%	46,3 millions
Surveillance de l'utilisation	67%	29,6 millions

Sempra (SRE) - Modèle d'entreprise: canaux

Portails de clients en ligne

Sempra Energy exploite des plateformes numériques pour les clients de ses filiales utilitaires:

Filiale	Nom du portail en ligne	Utilisateurs actifs annuels
Gaz de San Diego & Électrique	Mon portail de compte	1,4 million
Gas du sud de la Californie	Plateforme MyAccount	5,9 millions

Applications mobiles

La stratégie d'application mobile de Sempra comprend:

• Application mobile SDG & E avec 650 000 téléchargements actifs
• Application mobile Socalgas avec 1,2 million d'utilisateurs actifs

Équipes de vente directes

Structure des ventes directes de Sempra:

Canal de vente	Nombre de représentants	Les revenus annuels générés
Ventes d'énergie commerciale	287 représentants	3,2 milliards de dollars
Ventes d'énergie résidentielle	412 représentants	1,8 milliard de dollars

Centres de service à la clientèle

Sempra maintient plusieurs centres de service à la clientèle:

• 6 emplacements de service client principal
• Opérations de support client 24/7
• Temps moyen de gestion des appels: 4,3 minutes

Systèmes de facturation et de communication numériques

Détails de l'infrastructure de communication numérique:

Canal de communication numérique	Interactions mensuelles	Adoption de facturation sans papier
Communications par e-mail	3,6 millions	62%
Notifications SMS	2,1 millions	45%

Sempra (SRE) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie résidentielle

Sempra dessert environ 3,7 millions de clients électriques et 3,2 millions de clients de gaz naturel en Californie et au Texas.

Région	Clients électriques	Clients du gaz naturel
Californie	2,5 millions	2,3 millions
Texas	1,2 million	0,9 million

Entreprises commerciales et industrielles

Sempra fournit des services énergétiques à plus de 180 000 clients commerciaux et industriels dans ses territoires de service.

• Les secteurs servis comprennent la fabrication
• Entreprises technologiques
• Entreprises agricoles
• Établissements de vente au détail

Entités municipales et gouvernementales

Sempra soutient 137 gouvernements municipaux et organisations du secteur public avec infrastructure et services énergétiques.

Clients d'infrastructure énergétique à grande échelle

Sempra a des investissements d'infrastructure totalisant 38,5 milliards de dollars à partir de 2023, desservant de grands clients d'infrastructures énergétiques.

Type d'infrastructure	Valeur d'investissement
Pipelines de gaz naturel	15,2 milliards de dollars
Installations d'exportation de GNL	12,7 milliards de dollars
Infrastructure de réseau électrique	10,6 milliards de dollars

Développeurs de projets d'énergie renouvelable

Sempra s'est engagée à investir 5,8 milliards de dollars dans des projets d'énergie renouvelable jusqu'en 2030.

• Développement d'énergie solaire
• Projets d'énergie éolienne
• Initiatives de stockage de batteries
• Infrastructure d'hydrogène

Sempra (SRE) - Modèle d'entreprise: Structure des coûts

Développement et maintenance des infrastructures

Les coûts de développement des infrastructures de Sempra pour 2023 ont totalisé 3,8 milliards de dollars, avec des investissements clés dans:

Catégorie d'infrastructure	Investissement annuel ($ m)
Mises à niveau du réseau d'énergie	1,250
Maintenance de la ligne de transmission	675
Infrastructure d'énergie renouvelable	1,125
Extension du réseau de distribution	750

Investissements technologiques et plate-forme numérique

Répartition des investissements technologiques pour 2023:

• Dépenses d'infrastructure numérique: 425 millions de dollars
• Investissements en cybersécurité: 187 millions de dollars
• Technologie de la grille intelligente: 213 millions de dollars
• Plateformes d'analyse de données: 95 millions de dollars

Rémunération et formation de la main-d'œuvre

Dépenses liées à la main-d'œuvre pour 2023:

Catégorie de dépenses	Coût annuel ($ m)
Compensation totale des employés	1,275
Développement professionnel	42
Programmes de formation	18
Avantages sociaux	385

Frais de conformité réglementaire

Coûts liés à la conformité pour 2023:

• Conformité de la réglementation environnementale: 215 millions de dollars
• Adhésion au règlement sur la sécurité: 127 millions de dollars
• Dépenses juridiques et de déclaration: 93 millions de dollars

Initiatives de recherche et de développement

Répartition des investissements en R&D pour 2023:

Zone de focus R&D	Investissement ($ m)
Technologies d'énergie renouvelable	185
Solutions de stockage d'énergie	95
Modernisation de la grille	76
Infrastructure durable	68

Sempra (SRE) - Modèle d'entreprise: Strots de revenus

Frais de transmission d'électricité

En 2023, Sempra a déclaré des revenus de transmission d'électricité de 4,2 milliards de dollars par rapport à ses opérations de services publics en Californie et au Texas.

Région	Revenus de transmission	Pourcentage du total
Californie	2,7 milliards de dollars	64.3%
Texas	1,5 milliard de dollars	35.7%

Frais de distribution du gaz naturel

La distribution du gaz naturel a généré 3,8 milliards de dollars de revenus pour Sempra en 2023.

• Distribution du gaz résidentiel: 1,6 milliard de dollars
• Distribution du gaz commercial: 1,2 milliard de dollars
• Distribution du gaz industriel: 1,0 milliard de dollars

Investissements du projet d'énergie renouvelable

Les investissements en énergie renouvelable de Sempra ont généré 625 millions de dollars en 2023.

Source renouvelable	Revenu
Projets solaires	325 millions de dollars
Projets éoliens	210 millions de dollars
Stockage de batterie	90 millions de dollars

Trading d'énergie et opérations du marché

Les revenus de négociation d'énergie ont totalisé 1,1 milliard de dollars en 2023.

• Trading en gros de l'électricité: 650 millions de dollars
• Futures de gaz naturel: 450 millions de dollars

Contrats de développement des infrastructures

Les contrats de développement des infrastructures ont rapporté 750 millions de dollars en 2023.

Type de contrat	Revenu
Modernisation de la grille	350 millions de dollars
Construction de la ligne de transmission	250 millions de dollars
Expansion du terminal de GNL	150 millions de dollars

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.