UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 |
(Mark One) | ||||||||||||||||||||||||||||||||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||||||||||||||||||||||||
For the quarterly period ended | ||||||||||||||||||||||||||||||||||||||
or | ||||||||||||||||||||||||||||||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||||||||||||||||||||||||
For the transition period from | to |
Commission File No. | Exact Name of Registrant as Specified in its Charter, Address of Principal Executive Office and Telephone Number | State of Incorporation | I.R.S. Employer Identification No. | Former name, former address and former fiscal year, if changed since last report | |||||||||||||||||||
![]() | No change | ||||||||||||||||||||||
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SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: | ||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
SEMPRA ENERGY: | ||||||||
$100 liquidation preference | ||||||||
$100 liquidation preference | ||||||||
SAN DIEGO GAS & ELECTRIC COMPANY: | ||||||||
None | ||||||||
SOUTHERN CALIFORNIA GAS COMPANY: | ||||||||
None |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | ||||||||||||||
Sempra Energy | ☒ | No | ☐ | |||||||||||
San Diego Gas & Electric Company | ☒ | No | ☐ | |||||||||||
Southern California Gas Company | ☒ | No | ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | ||||||||||||||
Sempra Energy | ☒ | No | ☐ | |||||||||||
San Diego Gas & Electric Company | ☒ | No | ☐ | |||||||||||
Southern California Gas Company | ☒ | No | ☐ | |||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. |
Sempra Energy: | ||||||||||||||
☒ | ☐ Accelerated Filer | ☐ Non-accelerated Filer | ||||||||||||
San Diego Gas & Electric Company: | ||||||||||||||
☐ Large Accelerated Filer | ☐ Accelerated Filer | ☒ | ||||||||||||
Southern California Gas Company | ||||||||||||||
☐ Large Accelerated Filer | ☐ Accelerated Filer | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ||||||||||||||
Sempra Energy | Yes | ☐ | No | ☐ | ||||||||||
San Diego Gas & Electric Company | Yes | ☐ | No | ☐ | ||||||||||
Southern California Gas Company | Yes | ☐ | No | ☐ | ||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | ||||||||||||||
Sempra Energy | Yes | No | ☒ | |||||||||||
San Diego Gas & Electric Company | Yes | No | ☒ | |||||||||||
Southern California Gas Company | Yes | No | ☒ | |||||||||||
Indicate the number of shares outstanding of each of the issuers’ classes of common stock, as of the latest practicable date. | ||||||||||||||
Common stock outstanding on November 2, 2020: |
Sempra Energy | ||||||||
San Diego Gas & Electric Company | Wholly owned by Enova Corporation, which is wholly owned by Sempra Energy | |||||||
Southern California Gas Company | Wholly owned by Pacific Enterprises, which is wholly owned by Sempra Energy |
SEMPRA ENERGY FORM 10-Q SAN DIEGO GAS & ELECTRIC COMPANY FORM 10-Q SOUTHERN CALIFORNIA GAS COMPANY FORM 10-Q TABLE OF CONTENTS | ||||||||
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II – OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
GLOSSARY | |||||
2019 GRC FD | final decision in the California Utilities’ 2019 General Rate Case | ||||
AB | California Assembly Bill | ||||
AEP | American Electric Power Company, Inc. | ||||
AFUDC | allowance for funds used during construction | ||||
AMP | Arrearage Management Payment Plan | ||||
Annual Report | Annual Report on Form 10-K for the year ended December 31, 2019 | ||||
AOCI | accumulated other comprehensive income (loss) | ||||
ARO | asset retirement obligation | ||||
ASC | Accounting Standards Codification | ||||
ASR | accelerated share repurchase | ||||
ASU | Accounting Standards Update | ||||
Bay Gas | Bay Gas Storage Company, Ltd. | ||||
Bechtel | Bechtel Oil, Gas and Chemicals, Inc. | ||||
Blade | Blade Energy Partners | ||||
bps | basis points | ||||
CalGEM | California Geologic Energy Management Division (formerly known as Division of Oil, Gas, and Geothermal Resources or DOGGR) | ||||
California Utilities | San Diego Gas & Electric Company and Southern California Gas Company, collectively | ||||
Cameron LNG JV | Cameron LNG Holdings, LLC | ||||
CARB | California Air Resources Board | ||||
CCM | cost of capital adjustment mechanism | ||||
CENACE | Centro Nacional de Control de Energía (Mexico’s National Energy Control Center) | ||||
CFE | Comisión Federal de Electricidad (Mexico’s Federal Electricity Commission) | ||||
CFIN | Cameron LNG FINCO, LLC, a wholly owned and unconsolidated affiliate of Cameron LNG JV | ||||
Chilquinta Energía | Chilquinta Energía S.A. and its subsidiaries | ||||
COFECE | Comisión Federal de Competencia Económica (Mexico’s Competition Commission) | ||||
COVID-19 | coronavirus disease 2019 | ||||
CPPMA | COVID-19 Pandemic Protections Memorandum Account | ||||
CPUC | California Public Utilities Commission | ||||
CRE | Comisión Reguladora de Energía (Mexico’s Energy Regulatory Commission) | ||||
CRR | congestion revenue right | ||||
DOE | U.S. Department of Energy | ||||
ECA LNG JV | ECA LNG Holdings B.V. | ||||
ECA LNG Regasification | Energía Costa Azul, S. de R.L. de C.V. regasification | ||||
Ecogas | Ecogas México, S. de R.L. de C.V. | ||||
Edison | Southern California Edison Company, a subsidiary of Edison International | ||||
EFH | Energy Future Holdings Corp. (renamed Sempra Texas Holdings Corp.) | ||||
Eletrans | Eletrans S.A., Eletrans II S.A. and Eletrans III S.A., collectively | ||||
EPC | engineering, procurement and construction | ||||
EPS | earnings per common share | ||||
ESJ | Energía Sierra Juárez, S. de R.L. de C.V. | ||||
ETR | effective income tax rate | ||||
FERC | Federal Energy Regulatory Commission | ||||
Fitch | Fitch Ratings | ||||
FTA | Free Trade Agreement | ||||
Gazprom | Gazprom Marketing & Trading México S. de R.L. de C.V. | ||||
GRC | General Rate Case | ||||
HMRC | United Kingdom’s Revenue and Customs Department | ||||
IEnova | Infraestructura Energética Nova, S.A.B. de C.V. | ||||
IMG JV | Infraestructura Marina del Golfo | ||||
InfraREIT | InfraREIT, Inc. | ||||
IOU | investor-owned utility | ||||
IRS | Internal Revenue Service | ||||
ISFSI | independent spent fuel storage installation | ||||
ISO | Independent System Operator | ||||
JV | joint venture | ||||
LA Superior Court | Los Angeles County Superior Court | ||||
Leak | the leak at the SoCalGas Aliso Canyon natural gas storage facility injection-and-withdrawal well, SS25, discovered by SoCalGas on October 23, 2015 |
GLOSSARY (CONTINUED) | |||||
LIBOR | London Interbank Offered Rate | ||||
LNG | liquefied natural gas | ||||
LPG | liquid petroleum gas | ||||
Luz del Sur | Luz del Sur S.A.A. and its subsidiaries | ||||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||
Mississippi Hub | Mississippi Hub, LLC | ||||
MMBtu | million British thermal units (of natural gas) | ||||
Moody’s | Moody’s Investors Service | ||||
MOU | Memorandum of Understanding | ||||
Mtpa | million tonnes per annum | ||||
MWh | megawatt hour | ||||
NCI | noncontrolling interest(s) | ||||
NDT | nuclear decommissioning trusts | ||||
NEIL | Nuclear Electric Insurance Limited | ||||
NOL | net operating loss | ||||
OCI | other comprehensive income (loss) | ||||
OII | Order Instituting Investigation | ||||
O&M | operation and maintenance expense | ||||
Oncor | Oncor Electric Delivery Company LLC | ||||
Oncor Holdings | Oncor Electric Delivery Holdings Company LLC | ||||
Otay Mesa VIE | Otay Mesa Energy Center LLC VIE | ||||
PG&E | Pacific Gas and Electric Company | ||||
PPA | power purchase agreement | ||||
PP&E | property, plant and equipment | ||||
PUCT | Public Utility Commission of Texas | ||||
RBS | The Royal Bank of Scotland plc | ||||
RBS SEE | RBS Sempra Energy Europe | ||||
RBS Sempra Commodities | RBS Sempra Commodities LLP | ||||
ROE | return on equity | ||||
ROU | right-of-use | ||||
RSU | restricted stock unit | ||||
S&P | Standard & Poor’s | ||||
SB | California Senate Bill | ||||
SDG&E | San Diego Gas & Electric Company | ||||
SEC | U.S. Securities and Exchange Commission | ||||
Securities Purchase Agreement | securities purchase agreement among Sharyland Utilities, LP, SU Investment Partners, L.P., Sempra Texas Utilities Holdings I, LLC (a wholly owned subsidiary of Sempra Energy) and Sempra Energy | ||||
SEDATU | Secretaría de Desarrollo Agrario, Territorial y Urbano (Mexican agency in charge of agriculture, land and urban development) | ||||
Sempra Global | holding company for most of Sempra Energy’s subsidiaries not subject to California or Texas utility regulation | ||||
SENER | Secretaría de Energía de México (Mexico’s Ministry of Energy) | ||||
series A preferred stock | Sempra Energy’s 6% mandatory convertible preferred stock, series A | ||||
series B preferred stock | Sempra Energy’s 6.75% mandatory convertible preferred stock, series B | ||||
series C preferred stock | Sempra Energy’s 4.875% fixed-rate reset cumulative redeemable perpetual preferred stock, series C | ||||
Sharyland Holdings | Sharyland Holdings, L.P. | ||||
Shell Mexico | Shell México Gas Natural, S. de R.L. de C.V. | ||||
SoCalGas | Southern California Gas Company | ||||
SONGS | San Onofre Nuclear Generating Station | ||||
STIH | Sempra Texas Intermediate Holding Company LLC | ||||
Support Agreement | support agreement, dated July 28, 2020, between Sempra Energy and Sumitomo Mitsui Banking Corporation | ||||
TAG JV | TAG Norte Holding, S. de R.L. de C.V. | ||||
TdM | Termoeléctrica de Mexicali | ||||
TechnipFMC | TP Oil & Gas Mexico, S. De R.L. De C.V., an affiliate of TechnipFMC plc | ||||
Tecnored | Tecnored S.A. | ||||
Tecsur | Tecsur S.A. | ||||
TO4 | Electric Transmission Owner Formula Rate, effective through May 31, 2019 | ||||
TO5 | Electric Transmission Owner Formula Rate, effective June 1, 2019 | ||||
TTHC | Texas Transmission Holdings Corporation | ||||
TTI | Texas Transmission Investment LLC |
GLOSSARY (CONTINUED) | |||||
U.S. GAAP | accounting principles generally accepted in the United States of America | ||||
VAT | value-added tax | ||||
Ventika | Ventika, S.A.P.I. de C.V. and Ventika II, S.A.P.I. de C.V., collectively | ||||
VIE | variable interest entity | ||||
Wildfire Fund | the fund established pursuant to AB 1054 | ||||
Wildfire Legislation | AB 1054 and AB 111 |