Sempra (SRE): Analyse Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des infrastructures énergétiques, Sempra (SRE) émerge comme un joueur charnière naviguant des terrains politiques, économiques et technologiques complexes à travers l'Amérique du Nord. Cette analyse complète du pilon dévoile le réseau complexe de facteurs qui façonnent les décisions stratégiques de l'entreprise, des collaborations énergétiques transfrontalières aux innovations technologiques de pointe. En disséquant les influences multiformes des réglementations politiques, des tendances économiques, des changements sociétaux, des progrès technologiques, des cadres juridiques et des impératifs environnementaux, nous explorerons comment Sempra se positionne à la pointe de la transformation d'énergie durable.

Sempra (SRE) - Analyse du pilon: facteurs politiques

US-Mexico Energy Policy Collaboration

Les projets d'infrastructure transfrontaliers de Sempra sont directement influencés par les accords énergétiques bilatéraux. En 2024, la société a investi 1,2 milliard de dollars dans les infrastructures énergétiques mexicaines, avec un accent spécifique sur les projets de gaz naturel et de GNL.

Investissement énergétique transfrontalier	Montant
Investissement total d'infrastructure mexicaine	1,2 milliard de dollars
Capacité d'exportation de GNL	2,6 milliards de pieds cubes par jour
Projets de collaboration d'énergie américaine US-Mexico	7 initiatives d'infrastructures actives

Environnement réglementaire de Californie

Les mandats rigoureux des énergies renouvelables de la Californie ont un impact direct sur les stratégies de développement de Sempra. L'État a besoin d'électricité 100% propre d'ici 2045, obligeant Sempra à accélérer les investissements renouvelables.

• California Renewable Portfolio Standard Conformité Exigence: 60% d'ici 2030
• California Renewable Energy Investments de Sempra: 3,4 milliards de dollars
• Capacité de production solaire et éolienne: 1,8 gigawatts

Politiques fiscales fédérales et investissements en énergie propre

La loi sur la réduction de l'inflation fournit des crédits d'impôt importants pour les projets d'énergie propre, influençant les investissements stratégiques de Sempra.

Catégorie de crédit d'impôt	Valeur de crédit
Crédit d'impôt de production (vent)	26 $ / MWH
Crédit d'impôt sur l'investissement (solaire)	30% des coûts du projet
Crédit de production d'hydrogène propre	Jusqu'à 3 $ / kg

Stabilité politique nord-américaine

La stabilité politique aux États-Unis et au Mexique soutient la planification des infrastructures à long terme de Sempra et les investissements stratégiques.

• Investissement total des infrastructures en Amérique du Nord: 5,6 milliards de dollars
• Projets d'infrastructure énergétique à long terme: 12 initiatives actives
• Extension d'infrastructure projetée au cours des 5 prochaines années: 2,3 milliards de dollars

SEMPRA (SRE) - Analyse du pilon: facteurs économiques

Volatilité du secteur de l'énergie

Sempra a déclaré des revenus totaux de 14,3 milliards de dollars en 2022, les investissements sur les infrastructures énergétiques connaissant des fluctuations importantes du marché. Le segment des infrastructures de gaz naturel a généré 4,6 milliards de dollars de revenus.

Métrique financière	Valeur 2022	2023 projection
Revenus totaux	14,3 milliards de dollars	15,1 milliards de dollars
Revenus d'infrastructure énergétique	4,6 milliards de dollars	4,9 milliards de dollars
Investissement d'infrastructure de gaz naturel	2,3 milliards de dollars	2,5 milliards de dollars

Investissements d'infrastructure

Les investissements dans les infrastructures de Californie et de Mexique ont totalisé 3,7 milliards de dollars en 2022, avec une croissance projetée de 6,2% en 2023.

Région	2022 Investissement	2023 Investissement projeté
Californie	2,4 milliards de dollars	2,6 milliards de dollars
Mexique	1,3 milliard de dollars	1,4 milliard de dollars

Prix ​​du gaz naturel et de l'électricité

Volatilité du prix du gaz naturel a directement touché la performance financière de Sempra. Les prix moyens du gaz naturel ont fluctué entre 3,50 $ et 6,25 $ par MMBTU en 2022.

Marchandise énergétique	2022 Prix de prix	Impact du marché
Gaz naturel	3,50 $ - 6,25 $ / MMBTU	6,8% de variance des revenus
Électricité	0,11 $ - 0,18 $ / kWh	4,5% de variance des revenus

Impact de la reprise économique

Le développement des infrastructures énergétiques a augmenté de 7,3% en 2022, tirée par les tendances de la reprise économique. Sempra a investi 2,8 milliards de dollars dans de nouveaux projets d'infrastructure.

Développement des infrastructures	2022 Investissement	Taux de croissance
Projets totaux d'infrastructure	2,8 milliards de dollars	7.3%
Projets d'énergie renouvelable	1,2 milliard de dollars	9.5%

Sempra (SRE) - Analyse du pilon: facteurs sociaux

Préférence croissante des consommateurs pour des solutions d'énergie durable et propre

Selon l'US Energy Information Administration, la consommation d'énergie renouvelable en Californie a atteint 33,8% de la production totale d'électricité dans l'État en 2022. San Diego Gas de Sempra. & Electric (SDG & E) a rapporté 44% du portefeuille d'énergies renouvelables en 2023.

Métrique d'énergie renouvelable	Pourcentage	Année
California Renewable Energy	33.8%	2022
Portfolio des énergies renouvelables SDG & E	44%	2023

L'augmentation de la population urbaine entraîne une expansion des infrastructures énergétiques

La population de la Californie a atteint 39,24 millions en 2023, avec 95% concentrés dans les zones urbaines. Les investissements à l'infrastructure de Sempra en Californie et au Mexique ont totalisé 5,2 milliards de dollars en 2023.

Métrique de la population	Nombre	Année
Population totale de Californie	39,240,000	2023
Pourcentage de population urbaine	95%	2023
Investissements à l'infrastructure de Sempra	$5,200,000,000	2023

Les changements démographiques en Californie et au Mexique influencent les modèles de consommation d'énergie

L'âge médian de la Californie est de 37,2 ans, avec 27,2% de la population de plus de 55 ans. Le taux de croissance démographique du Mexique est de 1,1% par an. Les services énergétiques de Sempra dans ces régions reflètent ces tendances démographiques.

Métrique démographique	Pourcentage / valeur	Année
Âge médian de la Californie	37,2 ans	2023
Population de Californie plus de 55 ans	27.2%	2023
Taux de croissance de la population mexicaine	1.1%	2023

L'augmentation de la conscience environnementale a un impact sur les initiatives de responsabilité sociale des entreprises

Sempra allouée 250 millions de dollars aux initiatives de durabilité en 2023. Les objectifs de réduction des émissions de carbone comprennent une réduction de 50% d'ici 2030 par rapport à la ligne de base 2016.

Métrique de la durabilité	Valeur	Année
Investissement en durabilité	$250,000,000	2023
Cible de réduction des émissions de carbone	50%	2030

Sempra (SRE) - Analyse du pilon: facteurs technologiques

Technologies avancées de modernisation de la grille

Sempra a investi 872 millions de dollars dans les technologies de modernisation du réseau en 2023. La société a déployé 1 247 capteurs de surveillance avancée du réseau à travers son infrastructure, améliorant l'efficacité de la distribution d'énergie en temps réel de 14,3%.

Investissement technologique	2023 Montant	Amélioration de l'efficacité
Capteurs de surveillance de la grille	127 millions de dollars	14.3%
Infrastructure de grille intelligente	345 millions de dollars	11.7%
Mises à niveau du réseau numérique	400 millions de dollars	16.2%

Technologies de stockage d'énergie renouvelable

Sempra a engagé 1,2 milliard de dollars dans les technologies de stockage des énergies renouvelables en 2023. La société a élargi la capacité de stockage des batteries de 487 MWh dans ses installations.

Technologie de stockage	Capacité (MWH)	Investissement
Batteries au lithium-ion	312 MWH	678 millions de dollars
Systèmes de batterie de flux	175 MWH	522 millions de dollars

Transformation numérique de la gestion de l'énergie

Sempra mise en œuvre Plates-formes de gestion de l'énergie dirigés par l'IA À travers ses opérations, la réduction des coûts opérationnels de 9,6% et l'amélioration de la précision de la maintenance prédictive de 22,4%.

AI et applications d'apprentissage automatique

La société a déployé 73 algorithmes d'apprentissage automatique pour la surveillance des infrastructures, réduisant les défaillances inattendues de l'équipement de 17,2% et les coûts de maintenance de 45 millions de dollars en 2023.

Application d'IA	Nombre d'algorithmes	Économies de coûts	Réduction des échecs
Surveillance des infrastructures	73	45 millions de dollars	17.2%

Sempra (SRE) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations environnementales strictes en Californie

Sempra visages California Sénat Bill 100 (SB 100) Exigences imposant une électricité 100% propre d'ici 2045. La société doit investir dans des sources d'énergie renouvelables pour répondre à ces normes juridiques.

Règlement	Exigence de conformité	Date limite
SB 100	Pourcentage d'énergie renouvelable	60% d'ici 2030, 100% d'ici 2045
California Global Warming Solutions Act	Réduction des gaz à effet de serre	40% en dessous des niveaux de 1990 d'ici 2030

Navigation de cadres juridiques d'infrastructure énergétique transfrontalières complexes

SEMPRA exploite une infrastructure transfrontalière importante à travers Sempra Infrastructure Partners, exigeant une conformité juridique complexe.

Projet transfrontalier	Juridiction légale	Corps réglementaire
Terminal d'exportation du LNG du Mexique	US-Mexique	Ferc, Cre
Pipe de gaz naturel du Texas-Mexique	US-Mexique	Ferc, DOE

Adhésion aux réglementations fédérales et étatiques de transmission et de distribution d'énergie

Sempra doit se conformer à Commission fédérale de la réglementation de l'énergie (FERC) Lignes directrices sur les réglementations de transmission et la California Public Utilities Commission (CPUC).

• FERC Order 1000 Conformité pour la planification de la transmission
• CPUC Ordonnance générale 95 pour la conception de la ligne électrique aérienne
• NORDS NORTH AMERICE ELECTRICE REABILITY CORPORATION (NERC) Normes de fiabilité

Considérations juridiques en cours pour le développement de projets d'énergie renouvelable

Les investissements en énergie renouvelable de Sempra nécessitent de naviguer dans des paysages juridiques complexes dans plusieurs juridictions.

Projet renouvelable	Emplacement	Permis juridiques requis	Investissement estimé
Projet d'énergie solaire	Californie	Permis de la California Energy Commission	250 millions de dollars
Développement du parc éolien	Texas	Commission des services publics de l'approbation du Texas	300 millions de dollars

SEMPRA (SRE) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone et à soutenir la transition d'énergie propre

Sempra vise à réduire les émissions de gaz à effet de serre de la portée 1 et de la portée 2 de 50% d'ici 2030 à partir d'une référence de 2016. La société a engagé 6,3 milliards de dollars en investissements sur les infrastructures d'énergie propre jusqu'en 2026.

Cible de réduction des émissions	Année de base	Année cible	Pourcentage de réduction
Émissions de GES de la portée 1 et 2	2016	2030	50%

Investissements importants dans les infrastructures d'énergie solaire et éolienne

Sempra a déployé 1,2 milliard de dollars de projets d'énergie renouvelable en Californie et au Texas. Le portefeuille des énergies renouvelables de la société comprend 1 700 MW de capacité de production éolienne et solaire.

Type d'énergie renouvelable	Capacité (MW)	Investissement ($ m)
Énergie éolienne	850	600
Énergie solaire	850	600

Stratégies d'adaptation du changement climatique pour la résilience des infrastructures énergétiques

Sempra a alloué 450 millions de dollars pour les mises à niveau des infrastructures de résilience climatique, en se concentrant sur les technologies de prévention des incendies de forêt et de durcissement des grilles dans les régions à haut risque.

Stratégie de résilience	Investissement ($ m)	Domaines de concentration
Durcissement des infrastructures	450	Prévention des incendies de forêt, modernisation de la grille

Pratiques de développement durable dans la conception et la mise en œuvre du projet énergétique

Sempra a mis en œuvre des normes de conception durables dans 100% des nouveaux projets d'infrastructure énergétique, en mettant l'accent sur la minimisation de l'impact environnemental et la maximisation de l'efficacité des ressources.

Métrique de la durabilité	Taux de mise en œuvre	Indicateurs de performance clés
Normes de conception durables	100%	Réduction de l'impact environnemental, efficacité des ressources

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.