Sempra (SRE): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética, Sempra (SRE) surge como un jugador fundamental que navega por terrenos políticos, económicos y tecnológicos complejos en América del Norte. Este análisis integral de la mano presenta la intrincada red de factores que dan a las decisiones estratégicas de la compañía, desde colaboraciones energéticas transfronterizas hasta innovaciones tecnológicas de vanguardia. Al diseccionar las influencias multifacéticas de las regulaciones políticas, las tendencias económicas, los cambios sociales, los avances tecnológicos, los marcos legales e imperativos ambientales, exploraremos cómo Sempra se está posicionando a la vanguardia de la transformación de energía sostenible.

Sempra (SRE) - Análisis de mortero: factores políticos

Colaboración de la política energética estadounidense-méxico

Los proyectos de infraestructura transfronteriza de Sempra están directamente influenciados por los acuerdos de energía bilateral. A partir de 2024, la compañía ha invertido $ 1.2 mil millones en infraestructura energética mexicana, con un enfoque específico en gases naturales y proyectos de GNL.

Inversión energética transfronteriza	Cantidad
Inversión total en infraestructura mexicana	$ 1.2 mil millones
Capacidad de exportación de GNL	2.600 millones de pies cúbicos por día
Proyectos de colaboración energética de US-Mexico	7 Iniciativas de infraestructura activa

Medio ambiente regulatorio de California

Las estrictas energía renovable de California afectan directamente las estrategias de desarrollo de Sempra. El estado requiere electricidad 100% limpia para 2045, lo que lleva a Sempra acelerar las inversiones renovables.

• Requisito de cumplimiento estándar de la cartera renovable de California: 60% para 2030
• Sempra's California Renewable Energy Investments: $ 3.4 mil millones
• Capacidad de generación de energía solar y eólica: 1.8 Gigawatts

Políticas fiscales federales e inversiones de energía limpia

La Ley de Reducción de Inflación proporciona créditos fiscales significativos para proyectos de energía limpia, influyendo en las inversiones estratégicas de Sempra.

Categoría de crédito fiscal	Valor de crédito
Crédito fiscal de producción (viento)	$ 26/MWH
Crédito fiscal de inversión (solar)	30% de los costos del proyecto
Crédito de producción de hidrógeno limpio	Hasta $ 3/kg

Estabilidad política norteamericana

La estabilidad política en los Estados Unidos y México apoya la planificación de la infraestructura a largo plazo de Sempra y las inversiones estratégicas.

• Inversión total de infraestructura en América del Norte: $ 5.6 mil millones
• Proyectos de infraestructura energética a largo plazo: 12 iniciativas activas
• Expansión de infraestructura proyectada en los próximos 5 años: $ 2.3 mil millones

Sempra (SRE) - Análisis de mortero: factores económicos

Volatilidad del sector energético

Sempra reportó ingresos totales de $ 14.3 mil millones en 2022, con inversiones de infraestructura energética que experimentan fluctuaciones significativas del mercado. El segmento de infraestructura de gas natural generó $ 4.6 mil millones en ingresos.

Métrica financiera	Valor 2022	2023 proyección
Ingresos totales	$ 14.3 mil millones	$ 15.1 mil millones
Ingresos de infraestructura energética	$ 4.6 mil millones	$ 4.9 mil millones
Inversión de infraestructura de gas natural	$ 2.3 mil millones	$ 2.5 mil millones

Inversiones de infraestructura

Las inversiones de infraestructura de California y México totalizaron $ 3.7 mil millones en 2022, con un crecimiento proyectado del 6,2% en 2023.

Región	2022 inversión	2023 inversión proyectada
California	$ 2.4 mil millones	$ 2.6 mil millones
México	$ 1.3 mil millones	$ 1.4 mil millones

Precios de gas natural y electricidad

Volatilidad del precio del gas natural Directamente impactó el desempeño financiero de Sempra. Los precios promedio del gas natural fluctuaron entre $ 3.50 a $ 6.25 por mmbtu en 2022.

Mercancía energética	Rango de precios 2022	Impacto del mercado
Gas natural	$ 3.50 - $ 6.25/mmbtu	6.8% de varianza de ingresos
Electricidad	$ 0.11 - $ 0.18/kWh	4.5% Variación de ingresos

Impacto de recuperación económica

El desarrollo de la infraestructura energética aumentó en un 7,3% en 2022, impulsado por las tendencias de recuperación económica. Sempra invirtió $ 2.8 mil millones en nuevos proyectos de infraestructura.

Desarrollo de infraestructura	2022 inversión	Índice de crecimiento
Proyectos totales de infraestructura	$ 2.8 mil millones	7.3%
Proyectos de energía renovable	$ 1.2 mil millones	9.5%

Sempra (SRE) - Análisis de mortero: factores sociales

Creciente preferencia del consumidor por soluciones de energía limpia y sostenible

Según la Administración de Información Energética de EE. UU., El consumo de energía renovable en California alcanzó el 33.8% de la generación total de electricidad en el estado en 2022. Subsidiaria de Sempra San Diego Gas & Electric (SDG & E) reportó una cartera de 44% de energía renovable en 2023.

Métrica de energía renovable	Porcentaje	Año
Consumo de energía renovable de California	33.8%	2022
SDG & E Portafolio de energía renovable	44%	2023

El aumento de la población urbana impulsa la expansión de la infraestructura energética

La población de California alcanzó los 39.24 millones en 2023, con un 95% concentrado en áreas urbanas. Las inversiones de infraestructura de Sempra en California y México totalizaron $ 5.2 mil millones en 2023.

Métrico de población	Número	Año
Población total de California	39,240,000	2023
Porcentaje de población urbana	95%	2023
Inversiones de infraestructura sempra	$5,200,000,000	2023

Los cambios demográficos en California y México influyen en los patrones de consumo de energía

La mediana de edad de California es de 37,2 años, con el 27,2% de la población de más de 55 años. La tasa de crecimiento de la población de México es del 1.1% anual. Los servicios de energía de Sempra en estas regiones reflejan estas tendencias demográficas.

Métrico demográfico	Porcentaje/valor	Año
Edad media de California	37.2 años	2023
Población de California mayor de 55	27.2%	2023
Tasa de crecimiento de la población de México	1.1%	2023

El aumento de la conciencia ambiental afecta las iniciativas de responsabilidad social corporativa

Sempra asignó $ 250 millones para iniciativas de sostenibilidad en 2023. Los objetivos de reducción de emisiones de carbono incluyen una reducción del 50% para 2030 en comparación con la línea de base de 2016.

Métrica de sostenibilidad	Valor	Año
Inversión de sostenibilidad	$250,000,000	2023
Objetivo de reducción de emisiones de carbono	50%	2030

Sempra (SRE) - Análisis de mortero: factores tecnológicos

Tecnologías de modernización de cuadrícula avanzada

Sempra invirtió $ 872 millones en tecnologías de modernización de red en 2023. La compañía desplegó 1,247 sensores de monitoreo de red avanzado en su infraestructura, mejorando la eficiencia de distribución de energía en tiempo real en un 14.3%.

Inversión tecnológica	Cantidad de 2023	Mejora de la eficiencia
Sensores de monitoreo de cuadrícula	$ 127 millones	14.3%
Infraestructura de cuadrícula inteligente	$ 345 millones	11.7%
Actualizaciones de la red digital	$ 400 millones	16.2%

Tecnologías de almacenamiento de energía renovable

Sempra comprometió $ 1.2 mil millones a las tecnologías de almacenamiento de energía renovable en 2023. La compañía amplió la capacidad de almacenamiento de baterías en 487 MWH en sus instalaciones.

Tecnología de almacenamiento	Capacidad (MWH)	Inversión
Baterías de iones de litio	312 MWH	$ 678 millones
Sistemas de batería de flujo	175 MWH	$ 522 millones

Transformación digital de la gestión de la energía

Sempra implementado Plataformas de gestión de energía impulsadas por IA En sus operaciones, reduciendo los costos operativos en un 9,6% y mejorando la precisión de mantenimiento predictivo en un 22,4%.

AI y aplicaciones de aprendizaje automático

La compañía desplegó 73 algoritmos de aprendizaje automático para el monitoreo de infraestructura, reduciendo las fallas inesperadas de equipos en un 17.2% y los costos de mantenimiento en $ 45 millones en 2023.

Aplicación de IA	Número de algoritmos	Ahorro de costos	Reducción de fallas
Monitoreo de infraestructura	73	$ 45 millones	17.2%

Sempra (SRE) - Análisis de mortero: factores legales

Cumplimiento de estrictas regulaciones ambientales de California

Caras sempra Proyecto de ley del Senado de California 100 (SB 100) Requisitos que obligan al 100% de electricidad limpia para 2045. La compañía debe invertir en fuentes de energía renovables para cumplir con estos estándares legales.

Regulación	Requisito de cumplimiento	Fecha límite
SB 100	Porcentaje de energía renovable	60% para 2030, 100% para 2045
Ley de soluciones de calentamiento global de California	Reducción de gases de efecto invernadero	40% por debajo de los niveles de 1990 para 2030

Navegación de marcos legales de infraestructura energética transfronteriza compleja

Sempra opera una infraestructura transfronteriza significativa a través de Socios de infraestructura sempra, requiriendo cumplimiento legal complejo.

Proyecto transfronterizo	Jurisdicción legal	Cuerpo regulador
México Terminal de exportación de GNL	US-MEXICO	Ferc, cre
Tipodía de gas natural de Texas-Mexico	US-MEXICO	FERC, DOE

Adhesión a las regulaciones de transmisión y distribución de energía federales y estatales

Sempra debe cumplir con Comisión Reguladora Federal de Energía (FERC) Regulaciones de transmisión y directrices de la Comisión de Servicios Públicos de California (CPUC).

• FERC Order 1000 Cumplimiento para la planificación de la transmisión
• CPUC Orden General 95 para el diseño de la línea eléctrica
• Normas de confiabilidad de América de la Confiabilidad Eléctrica (NERC)

Consideraciones legales continuas para el desarrollo del proyecto de energía renovable

Las inversiones de energía renovable de Sempra requieren la navegación de paisajes legales complejos en múltiples jurisdicciones.

Proyecto renovable	Ubicación	Se requieren permisos legales	Inversión estimada
Proyecto de energía solar	California	Permiso de la Comisión de Energía de California	$ 250 millones
Desarrollo de parques eólicos	Texas	Comisión de Servicios Públicos de la aprobación de Texas	$ 300 millones

Sempra (SRE) - Análisis de mortero: factores ambientales

Compromiso de reducir las emisiones de carbono y apoyar la transición de energía limpia

Sempra tiene como objetivo reducir las emisiones de gases de efecto invernadero de alcance 1 y alcance 2 en un 50% para 2030 de una línea de base de 2016. La compañía ha cometido $ 6.3 mil millones en inversiones de infraestructura de energía limpia hasta 2026.

Objetivo de reducción de emisiones	Año base	Año objetivo	Porcentaje de reducción
Alcance 1 y 2 emisiones de GEI	2016	2030	50%

Inversiones significativas en infraestructura de energía solar y eólica

Sempra ha desplegado $ 1.2 mil millones en proyectos de energía renovable en California y Texas. La cartera de energía renovable de la compañía incluye 1.700 MW de capacidad de generación eólica y solar.

Tipo de energía renovable	Capacidad (MW)	Inversión ($ m)
Energía eólica	850	600
Energía solar	850	600

Estrategias de adaptación del cambio climático para la resiliencia de infraestructura energética

Sempra ha asignado $ 450 millones para actualizaciones de infraestructura de resiliencia climática, centrándose en las tecnologías de prevención de incendios forestales y endurecimiento de la red en regiones de alto riesgo.

Estrategia de resiliencia	Inversión ($ m)	Áreas de enfoque
Endurecimiento por infraestructura	450	Prevención de incendios forestales, modernización de la cuadrícula

Prácticas de desarrollo sostenible en diseño e implementación de proyectos de energía

Sempra ha implementado estándares de diseño sostenibles en el 100% de los nuevos proyectos de infraestructura energética, con un enfoque en minimizar el impacto ambiental y la maximización de la eficiencia de los recursos.

Métrica de sostenibilidad	Tasa de implementación	Indicadores clave de rendimiento
Estándares de diseño sostenibles	100%	Reducción del impacto ambiental, eficiencia de recursos

Sempra (SRE) - PESTLE Analysis: Social factors

Sociological

You're operating a massive energy network, so public perception and community trust are not just soft issues; they directly impact your project timelines and regulatory outcomes. Sempra serves nearly 40 million consumers across North America, which means its social license to operate (SLO) is a primary business risk. This scale requires an empathetic, localized approach to community engagement, especially when planning multi-billion-dollar infrastructure upgrades.

Public resistance to new infrastructure projects, like pipelines, can cause delays.

Large-scale infrastructure projects, particularly pipelines and transmission lines, face significant public and regulatory scrutiny that can lead to costly delays. For Sempra, this friction is most visible in the regulatory environment of its California utilities. For example, the California Public Utilities Commission (CPUC) recently approved a General Rate Case for Southern California Gas Company (SoCalGas) that fell short of the company's requested amount, a decision often influenced by public pressure on utility affordability and cost recovery. This kind of pushback is a defintely a headwind for the company's planned investments.

The challenge isn't just in California. Even with major projects like the Port Arthur LNG Phase 2, which reached a Final Investment Decision in late 2025, managing local community impact and environmental concerns remains a continuous, high-stakes process. Any protracted legal or public relations battle can derail a project's timeline, directly impacting the projected earnings per share (EPS) growth trajectory.

Workforce transition is required to shift skills toward renewable energy and grid modernization.

The energy transition is fundamentally a workforce transition. With Sempra investing an estimated $13 billion in 2025 to modernize energy infrastructure and a total of $56 billion in its 2025-2029 capital plan, the technical skill set of its approximately 20,000 employees must evolve rapidly. The focus is shifting from traditional gas and electric delivery to advanced, next-generation technologies.

The company is actively developing new capabilities in areas like hydrogen infrastructure, carbon capture and sequestration (CCS), and smart grid technologies. This means you need to reskill existing linemen and engineers into experts in digital grid management and low-carbon solutions. If you don't invest heavily in training now, you'll face a talent crunch that slows down your capital deployment.

• Develop expertise in hydrogen blending and storage.
• Implement smart grid and advanced energy storage systems.
• Train personnel for wildfire safety and climate resilience protocols.
• Focus on digital and data analytics for predictive maintenance.

The company serves nearly 40 million customers across North America.

Sempra's massive customer base is its core strength, but it also amplifies social and political risk. Serving nearly 40 million consumers across California, Texas, and Mexico means any service disruption or rate increase affects millions of households and businesses, immediately drawing political attention. The concentration of customers in two of the largest U.S. economic markets-California and Texas-makes the company a bellwether for energy policy.

Here's the quick math on the core utility footprint:

Operating Region	Utility Companies	Approximate Consumers Served (2025)
Sempra California	San Diego Gas & Electric (SDG&E), Southern California Gas Company (SoCalGas)	Roughly 25 million
Sempra Texas	Oncor Electric Delivery Company LLC (Oncor)	Approximately 13 million
Sempra Infrastructure	Mexico, LNG, and other assets	Contributes to the remaining total

Community engagement and safety initiatives are critical to maintaining social license to operate.

Maintaining a social license to operate (SLO) is non-negotiable for a utility. Sempra is prioritizing community safety and operational excellence as one of its five core value creation initiatives for 2025. This focus is directly tied to mitigating catastrophic risks, particularly in California. A major initiative is the opening of a new Wildfire and Climate Resilience Center to promote public safety and mitigate wildfire risk.

In Texas, the focus is on grid resilience. Oncor's System Resiliency Plan, approved by the Public Utility Commission of Texas, includes nearly $3 billion of capital expenditures and over $500 million in incremental operations and maintenance expenses to reduce risk and improve reliability. Beyond infrastructure, community giving through the Sempra Foundation and Fundación Sempra Infraestructura in Mexico is essential for building goodwill. It's a continuous investment, not a one-time donation.

Next step: Operations and Risk Management: Quantify the cost-benefit of the $3 billion Texas System Resiliency Plan against a 5-year average of outage-related economic losses by the end of the quarter.

Sempra (SRE) - PESTLE Analysis: Technological factors

The technological landscape for Sempra in 2025 is defined by massive capital deployment aimed at grid modernization, wildfire mitigation, and the pursuit of low-carbon energy infrastructure. The company is executing on a strategic plan to invest roughly $13 billion in energy infrastructure in 2025 alone, with over $10 billion of that capital earmarked for its regulated U.S. utilities, San Diego Gas & Electric (SDG&E) and Oncor Electric Delivery Company LLC (Oncor).

Investing in smart grid technologies and advanced energy storage systems.

Sempra's subsidiaries are aggressively scaling up smart grid (SG) and Battery Energy Storage System (BESS) deployments to manage the increasing complexity of integrating renewable energy and meeting surging demand. SDG&E, for example, received California Public Utilities Commission (CPUC) approval to expand its Westside Canal BESS facility, adding 100 megawatts (MW) of capacity to the existing 131 MW, with the expansion projected to be fully operational by June 2025.

By the end of 2025, SDG&E's total battery storage portfolio is expected to reach 480 MW of power capacity and over 1.9 Gigawatt-hours (GWh) of energy storage. This is a critical step in using curtailed solar energy and supporting grid reliability during peak demand periods.

The core focus for smart grid investment is on distribution automation and advanced control systems. This technology allows for the rapid detection and isolation of faults, which is essential for minimizing customer impact and improving overall system resilience. You can't afford prolonged outages when the grid is under stress.

Leveraging Artificial Intelligence (AI) to forecast weather risks and monitor grid problems.

Artificial Intelligence (AI) and machine learning (ML) are now integral to Sempra's operational safety and efficiency. SDG&E utilizes a state-of-the-art system called WiNGS (Wildfire Next Generation System) to model various climate scenarios and recommend grid hardening initiatives, including where to strategically place power lines underground in high-risk areas.

AI-driven analytics are being deployed for predictive maintenance, analyzing real-time sensor data from electrical grids and gas pipelines to anticipate potential failures before they occur. This proactive approach is defintely reducing unplanned outages and extending the lifespan of key assets.

Developing cutting-edge hydrogen infrastructure and carbon sequestration hubs.

Sempra Infrastructure is advancing its Low Carbon Solutions portfolio, targeting the decarbonization of hard-to-reduce emissions. This involves significant development in both hydrogen and carbon capture, utilization, and sequestration (CCUS).

• Carbon Sequestration: The Hackberry Carbon Capture and Sequestration (HCS) project and the Titan Carbon Sequestration (TCS) project are key initiatives. HCS is designed to permanently sequester carbon dioxide emissions from the Cameron LNG Phase 1 facility.
• Hydrogen Infrastructure: The proposed ReaCH4 e-Natural Gas project, a collaboration with a consortium of Japanese companies, is planned to progress to the next development stages in 2025. This project will use clean hydrogen and recycled CO2 to create lower-carbon e-natural gas for liquefaction at Cameron LNG.

These projects are a direct play on the global energy transition, positioning Sempra not just as a utility, but as a crucial infrastructure provider for next-generation clean fuels.

Hardening 100% of transmission systems in California's highest fire-threat areas.

A major technological and safety milestone has been achieved by Sempra's California utility. As of Q2 2025, SDG&E has hardened 100% of its transmission system with steel structures in the highest fire threat areas, known as Tier 3 zones. This is a huge win for risk mitigation. The ongoing focus is now shifting to the distribution system, where the CPUC has authorized a post-test year capital exception for undergrounding and system hardening for wildfire capital expenditure at $166.5 million for 2025. This funding supports the goal to underground overhead lines and install covered conductor on 140 miles per year.

Here's the quick math on the California hardening capital allocation for SDG&E's distribution-level work:

Mitigation Focus	2025 Capital Expenditure (SDG&E)	2025 Goal
Transmission System Hardening (Tier 3)	Part of historical capital plan	100% Complete (with steel structures)
Distribution System Hardening & Undergrounding	$166.5 million (Capital Exception)	Underground/Covered Conductor on 140 miles

What this estimate hides is the sheer complexity of undergrounding in dense or mountainous terrain, but the commitment is clear. The technology is moving away from reactive response to proactive, preventative construction.

Sempra (SRE) - PESTLE Analysis: Legal factors

The legal and regulatory landscape for Sempra is a double-edged sword: it provides the stability of a regulated utility but also imposes strict financial constraints and significant liability exposure, particularly in California. You need to focus on how the California Public Utilities Commission (CPUC) decisions are directly hitting profitability and how the ongoing securities investigation is creating a clear, near-term reputational and financial risk.

California Public Utilities Commission (CPUC) decisions may lower the Return on Equity (ROE) for utilities.

The regulatory environment in California is tightening, and this is a headwind for your utility earnings. The CPUC issued a Proposed Decision (PD) on November 14, 2025, in the Cost of Capital proceeding for Sempra's California subsidiaries, San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company (SoCalGas).

The PD proposes to lower the authorized Return on Common Equity (ROE) by 35 basis points (0.35%) from the current rate. This decision, if adopted, will be effective starting January 1, 2026, and will directly reduce the profitability of the California utility segment. The CPUC is also proposing to maintain the current authorized capital structure with an equity layer of 52%. Honestly, a lower ROE is a direct cut to your regulated return, which is the core of the utility business model.

Here's a quick snapshot of the proposed changes, which the CPUC is scheduled to vote on as early as December 18, 2025:

Regulatory Proceeding	Subsidiaries Affected	Proposed Financial Impact (Effective Jan 1, 2026)
Cost of Capital Proceeding (PD Nov 2025)	SDG&E and SoCalGas	Reduction in Authorized ROE by 35 basis points
SDG&E 2024 GRC Track 2 (PD Nov 2025)	SDG&E	$427 million lower total Track 2 revenue requirement than requested

Securities fraud investigation poses a legal and reputational threat.

The ongoing securities fraud investigation is a serious legal and reputational cloud you must navigate. Several law firms initiated investigations in February 2025 following the company's Q4 2024 earnings release.

The core issue revolves around whether Sempra made misleading statements or omissions regarding its financial performance, specifically leading up to the Q4 2024 results. The market reacted sharply to the news, which included a lowered 2025 earnings guidance. The stock price fell $16.54, or 19%, closing at $70.64 per share on February 25, 2025. The company had to lower its 2025 adjusted earnings per share (EPS) outlook to a midpoint of $4.50 per share, down from the previous outlook of $5.00 per share, citing regulatory matters and higher costs.

Substantiated allegations could lead to significant financial penalties and legal liabilities from class-action lawsuits, plus reputational damage that erodes investor confidence. This is a clear example of how legal risk translates directly into market capitalization risk.

Regulatory lag in Texas rate cases can delay the recovery of capital investment costs.

In Texas, Sempra's subsidiary, Oncor Electric Delivery Company LLC (Oncor), faces the typical utility challenge of regulatory lag-the delay between when capital investments are made and when a new rate case allows for their recovery. But this is actually getting better.

The Texas legislature passed House Bill 5247, which introduced the Unified Tracker Mechanism for qualifying utilities like Oncor. This new mechanism is designed to accelerate the recovery of capital invested in infrastructure, effectively reducing regulatory lag. This is a big deal for your Texas growth strategy, as it is expected to boost Oncor's earned ROE by 50-100 basis points during periods of high investment.

Sempra is banking on this improvement, planning a massive capital expenditure. Of the $13 billion planned for 2025 energy infrastructure investments, over $10 billion is allocated to U.S. utilities, with a significant portion going to Texas, and the company has a $36 billion five-year capital plan for Texas alone. The Unified Tracker helps ensure that this huge capital base growth translates into timely revenue.

Must comply with stringent California wildfire mitigation and safety regulations.

Wildfire risk is a permanent legal and operational factor in California, and the regulations are only getting stricter. Sempra's subsidiary, SDG&E, is subject to the new 2025 Wildfire Legislation, which builds on the 2019 framework.

SDG&E is participating in the new state-administered Continuation Account, which provides up to $18 billion in additional liquidity for the Wildfire Fund. SDG&E's shareholder contribution to this fund is expected to be $387 million, spread out through 2045. Furthermore, the CPUC is scrutinizing every dollar spent. The November 2025 Proposed Decision on SDG&E's 2024 General Rate Case Track 2 approved $1.036 billion of the requested $1.472 billion in wildfire mitigation costs incurred from 2019-2022, but denied $193 million in operation and maintenance (O&M) costs and $242 million in capital costs. You are still on the hook for the costs, but you don't defintely get to recover all of them from ratepayers, which is a key regulatory risk.

• SDG&E's shareholder contribution to the Continuation Account: $387 million (through 2045).
• CPUC-denied wildfire mitigation costs (2019-2022): $435 million (denied $193 million O&M and $242 million capital costs).

Action: Legal/Regulatory Affairs: Draft a memo by end-of-year on the financial impact of the proposed 35 basis point ROE reduction and the $435 million in denied wildfire cost recovery.

Sempra (SRE) - PESTLE Analysis: Environmental factors

You're looking at Sempra's environmental profile, and the core takeaway is clear: the company is navigating a high-stakes transition, balancing ambitious long-term decarbonization goals with the immediate, tangible financial risk of climate-related events like wildfires. This isn't just about PR; it's a capital-intensive shift that directly impacts their regulated rate base and infrastructure investment strategy.

Company's aspirational goal is to reach net-zero greenhouse gas (GHG) emissions by 2050.

Sempra has committed to an aspirational goal of achieving net-zero greenhouse gas (GHG) emissions across all three scopes (Scope 1, Scope 2, and Scope 3) by 2050. This is a massive undertaking for a company heavily invested in natural gas infrastructure and utilities. It means not only cleaning up their own operations (Scope 1 and 2) but also addressing the emissions from their customers' use of the energy they deliver (Scope 3), which is the hardest part.

This long-term goal is supported by several interim targets, showing a structured approach to the energy transition. For instance, the California utility and Mexico (non-LNG) operations aim to reduce their operational GHG emissions by 50% compared to a 2019 baseline by 2030.

Goal to operate existing LNG infrastructure 20% below 2020 GHG emissions intensity baseline by 2025.

A critical near-term target for Sempra Infrastructure is to operate its existing Liquefied Natural Gas (LNG) infrastructure at a GHG emissions intensity 20% less than its 2020 baseline each year through 2025. This is a concrete, measurable target for their high-growth LNG segment.

The company has already shown progress, reporting that in 2021, they exceeded the annual goal with a GHG emissions intensity that was 28% less than the baseline. This was achieved through operational enhancements at facilities like Cameron LNG, including a reliability-centered maintenance program to reduce flaring and enhanced methane monitoring. Honestly, beating a target by eight percentage points this early gives them a strong position heading into the final year of this specific goal.

Wildfire risk is a persistent, high-cost threat in California operations.

The persistent threat of wildfires in California is a defining, high-cost risk for Sempra's utility subsidiaries, San Diego Gas & Electric (SDG&E) and Southern California Gas Company (SoCalGas). The financial and regulatory exposure is immense, but recent 2025 legislation provides some risk mitigation structure.

The 2025 Wildfire Legislation establishes a Continuation Account, a state-administered fund providing up to $18 billion in additional liquidity for the Wildfire Fund. SDG&E intends to participate, and its share of the electric Investor-Owned Utilities (IOUs) shareholder contribution is expected to be $387 million, spread through 2045. To mitigate the physical risk, the California Public Utilities Commission (CPUC) decision in December 2024 authorized an annual budget of $154.5 million for SDG&E to harden its grid, including undergrounding 35 miles and installing covered conductors on 100 miles of electric lines. They also opened a new Wildfire and Climate Resilience Center in March 2025.

Wildfire Risk Mitigation (2025 Data)	Amount/Value	Details
Continuation Account Liquidity (State Fund)	Up to $18 billion	Additional liquidity for the Wildfire Fund.
SDG&E Shareholder Contribution to Fund	$387 million	Expected contribution, spread through 2045.
Annual Grid Hardening Budget (SDG&E)	$154.5 million	Authorized by CPUC for 2024-2027.
Wildfire Capital Investment Cap (SDG&E Share)	$258 million	Cap on CPUC-authorized investments after Jan 1, 2026.

Focus on developing low-carbon solutions, including Renewable Natural Gas (RNG) and Carbon Capture.

Sempra is actively developing a Low Carbon Solutions portfolio to support its net-zero ambition and meet regulatory mandates. This involves both 'green molecule' solutions like Renewable Natural Gas (RNG) and industrial decarbonization via Carbon Capture.

In California, SoCalGas has a goal to deliver 20% RNG to its core service by 2030. A key milestone was reached in March 2025 when the CPUC approved SoCalGas' first RNG procurement contract under Senate Bill 1440. For Carbon Capture, Sempra Infrastructure is advancing early-stage initiatives, including a proposed Carbon Capture and Sequestration (CCS) project in Hackberry, Louisiana, which is designed to reduce Scope 1 $\text{CO}_2$ emissions at Cameron LNG.

The company is also looking at synthetic fuels. The proposed ReaCH4 e-Natural Gas Project is a collaboration with a consortium of Japanese companies that plans to progress to its next development stages in 2025. This project aims to produce e-natural gas by combining clean hydrogen with recycled $\text{CO}_2$ for liquefaction at Cameron LNG.

• SoCalGas goal: Deliver 20% Renewable Natural Gas by 2030.
• March 2025: CPUC approved SoCalGas' first RNG procurement contract.
• Carbon Capture: Proposed CCUS project in Hackberry, Louisiana, targeting Cameron LNG Scope 1 $\text{CO}_2$ reductions.
• e-Natural Gas: ReaCH4 project consortium plans to advance development stages in 2025.