Monitor CPUC proceedings for potential adjustments to requested revenue requirements; final decision expected by end of 2027. No immediate trading catalyst.
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Executive Summary
Sempra's subsidiaries SDG&E and SoCalGas filed their 2028 General Rate Case (GRC) applications with the CPUC on June 15, 2026, requesting revenue requirements for test year 2028 and attrition adjustments for 2029-2031. SDG&E requests $3.76B for 2028, and SoCalGas requests $5.096B for 2028, with attrition adjustments ranging from 5.5% to 8.7%. The CPUC is expected to issue a proposed decision by end of 2027 with rates effective January 2028. This is a routine regulatory filing with no immediate financial impact.
Key Facts
- SDG&E requested 2028 test year revenue requirement of $3,760 million
- SoCalGas requested 2028 test year revenue requirement of $5,096 million
- SDG&E attrition adjustments: $327M (8.7%) for 2029, $226M (5.5%) for 2030, $240M (5.6%) for 2031
- SoCalGas attrition adjustments: $315M (6.2%) for 2029, $312M (5.8%) for 2030, $314M (5.5%) for 2031
- CPUC proposed decision expected by end of 2027 with new rates effective January 2028
Financial Impact
Requested revenue requirements of $3.76B for SDG&E and $5.096B for SoCalGas for 2028 test year, subject to CPUC approval
Risk Factors
- CPUC may reduce or deny requested revenue requirements
- Regulatory lag could delay rate implementation beyond January 2028
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001032208-26-000037 |
| Document: 0001032208-26-000037-index-headers.html | 0001032208-26-000037 |
| Document: 0001032208-26-000037-index.html | 0001032208-26-000037 |
| Document: 0001032208-26-000037.txt | 0001032208-26-000037 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | Press Release | $84.35 $84.57 | ▲ +0.26% | ▼ −0.34% | $78.38 (−7.08%) |
Jun 16, 2026 15w ago | 8-K | $91.77 $93.36 | ▲ +1.73% | ▲ +1.53% | $78.38 (−14.59%) |
May 19, 2026 19w ago | Insider Cluster | $91.46 $90.69 | ▼ −0.84% | ▼ −1.58% | $78.38 (−14.30%) |
Mar 27, 2026 27w ago | DEFA14A | $95.88 $92.46 | ▼ −3.57% | ▼ −16.31% | $78.38 (−18.25%) |
Mar 12, 2026 29w ago | Insider Cluster | $92.54 $98.82 | ▼ −6.78% | ▼ −4.81% | $78.38 (+15.31%) |
Mar 11, 2026 29w ago | Insider Cluster | $92.15 $99.75 | ▲ +8.25% | ▲ +7.73% | $78.38 (−14.94%) |
Mar 9, 2026 29w ago | Insider Cluster | $92.86 $98.46 | ▲ +6.03% | ▲ +8.83% | $78.38 (−15.60%) |
Mar 9, 2026 29w ago | Insider Cluster | $92.86 $98.46 | ▲ +6.03% | ▲ +8.83% | $78.38 (−15.60%) |
Mar 9, 2026 29w ago | Insider Cluster | $92.86 $98.46 | ▲ +6.03% | ▲ +8.83% | $78.38 (−15.60%) |
Feb 26, 2026 31w ago | 8-K | $94.54 $95.54 | ▲ +1.06% | ▲ +7.46% | $78.38 (−17.09%) |
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