SRE · CIK 0001032208
What SEMPRA told the SEC could break it.
Most of what Sempra disclosed is regulatory, spread across the jurisdictions where it operates. In California, its utility SDG&E faces a wildfire-liability framework that caps a single covered event's rate-base disallowance at roughly $1.5 billion, and a FERC order forced a $120 million charge ($89 million after-tax) in 2024; in Mexico, 2025 constitutional amendments and energy laws have increased government control over the sector, putting Sempra Infrastructure's LNG, pipeline and renewable approvals at risk. Alongside that sits concentrated counterparty exposure — the Cameron LNG Phase 1 facility's full capacity is subscribed under 20-year tolling agreements by just three customers (affiliates of TotalEnergies, Mitsubishi and Mitsui) — and natural-gas cost, which rose $150 million (13%) in 2025 on higher prices.
5 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- SDG&E wildfire liability cap — approximately $1.5 billion based on 2025 T&D equity rate basehigh
Under California's utility wildfire liability framework, SDG&E's liability cap for wildfire-related rate base disallowances is approximately $1.5 billion (20% of its 2025 transmission and distribution equity rate base), representing its maximum exposure for a single covered wildfire event.
“SDG&E's current estimated liability cap, which will vary over time, is approximately $1.5 billion based on its 2025 transmission and distribution equity rate base.”
SEC filing →As of 2026 - FERC rate case — $120M charge ($89M after-tax) recorded at SDG&E in FY2024medium
A FERC order required SDG&E to record a $120 million charge ($89 million after-tax) in FY2024 — $94M in electric revenues and $26M in other income — representing material rate disallowance risk from ongoing FERC regulatory proceedings.
“As a result of the FERC order, SDG&E recorded a charge of $120 million ($89 million after tax) with $94 million in Electric Revenues and $26 million in Other Income, Net, on the SDG&E and Sempra Consolidated Statements of Operations in the year ended December 31, 2024.”
SEC filing →As of 2026 - Mexico 2025 Energy Laws — constitutional amendments increasing government control over energy sectormedium
Mexico's 2025 constitutional amendments and Energy Laws have increased government control and participation in the energy sector, creating novel challenges for Sempra Infrastructure's Mexico-based LNG, pipeline, and renewable assets; noncompliance risks modification, suspension, or rescission of operating approvals.
“amendments to Mexico's Constitution and the 2025 Energy Laws have increased government control and participation in the energy sector and may create novel challenges for infrastructure development and operations. Obtaining or maintaining required approvals could result in higher costs or the imposition of conditions or restrictions on our operations. Further, noncompliance by us or certain of our customers with the terms of these approvals could result in their modification, suspension or rescission and subject us to reduced revenue, fines and penalties.”
Customer concentration
- Cameron LNG Phase 1 — TotalEnergies, Mitsubishi, and Mitsui subscribe for 100% of nameplate capacity under 20-year tolling agreementshigh
Cameron LNG Phase 1 (Sempra owns 50.2%) has all three liquefaction trains fully subscribed under 20-year tolling agreements by affiliates of TotalEnergies, Mitsubishi, and Mitsui; 100% customer concentration in three counterparties for the entire facility.
“The Cameron LNG Phase 1 facility has 20-year liquefaction and regasification tolling capacity agreements in place with affiliates of TotalEnergies SE, Mitsubishi Corporation and Mitsui & Co., Ltd., which collectively subscribe for the full nameplate capacity of the three trains at the facility.”
SEC filing →As of 2026
Commodity & input dependence
- natural gas — cost up 13% ($150M) in FY2025 driven by $193M higher average pricesmedium
Sempra's cost of natural gas increased $150 million (13%) in FY2025 versus FY2024, driven by $193 million in higher average prices; natural gas is the primary fuel for SoCalGas distribution and SDG&E generation.
“Sempra's cost of natural gas increased by $150 million (13%) driven by Sempra California, which included: $193 million higher average natural gas prices Offset by: $47 million lower volumes driven by weather”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
TotalEnergies SE
“The Cameron LNG Phase 1 facility has 20-year liquefaction and regasification tolling capacity agreements in place with affiliates of TotalEnergies SE, Mitsubishi Corporation and Mitsui & Co., Ltd., which collectively subscribe for the full nameplate capacity of the three trains at the facility.”
Cited →“The ECA Regas Facility generates revenues from fees under a firm storage and nitrogen injection service agreement with Shell that expires in May 2028 and permits it to use 36% of the terminal's capacity, with the remaining capacity available for SI Partners' use.”
Cited →Mitsui & Co., Ltd.
“The Cameron LNG Phase 1 facility has 20-year liquefaction and regasification tolling capacity agreements in place with affiliates of TotalEnergies SE, Mitsubishi Corporation and Mitsui & Co., Ltd., which collectively subscribe for the full nameplate capacity of the three trains at the facility.”
Cited →Mitsubishi Corporation
“The Cameron LNG Phase 1 facility has 20-year liquefaction and regasification tolling capacity agreements in place with affiliates of TotalEnergies SE, Mitsubishi Corporation and Mitsui & Co., Ltd., which collectively subscribe for the full nameplate capacity of the three trains at the facility.”
Cited →
Its suppliers
“Our customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments”
Cited →“Our customers include American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy and Southern Company, among others.”
Cited →“Our customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch