Efficient Financing & Incremental Investment Opportunities
2021-2022 KEY PLAN ASSUMPTIONS
PLATFORM
SEMPRA
CALIFORNIA
SEMPRA
TEXAS
SEMPRA
INFRASTRUCTURE
SEMPRA
•
KEY ASSUMPTIONS'
SDG&E: Revenue requirement attrition of 4.83% for 2021 and 3.92% for 2022
SDG&E: FERC ROE = 10.60%, CPUC ROE = 10.20% + Common Equity =
52.00%
SDG&E + SoCal Gas: Doesn't assume any impacts of a CCM trigger
SoCalGas: Revenue requirement attrition of 5.00% in 2021 and 4.53% for
2022
SoCalGas: ROE = 10.05% + Common Equity = 52.00%
PUCT Authorized ROE: Oncor = 9.80% + Common Equity = 42.50%
Excludes impacts of foreign currency, inflation and certain derivatives
Earnings reflect 80% ownership of Sempra Infrastructure Partners
2
50% - 60% dividend payout ratio²
Sempra Infrastructure transactions and deployment of proceeds expected to
be approximately $0.10 EPS accretive, on average, over the next 4 years³
MARKET
2021 2022
ASSUMPTIONS
4
SoCal Border Forward Gas Curve ($/MMBtu)*
$2.95
$2.89
Current Year Plan
Prior Year Plan
SoCal Border
Forward Gas
Curve
($/MMBtu)*
$2.48
$2.49
2021 RULES OF THUMB
Approximate 2021
Change in
Assumption
Forecasted
Earnings Sensitivity
$2.95
$1 increase |
decrease
$18M ($18)M in
Sempra LNG
1.
These assumptions are based on management's current expectations and are subject to risks and uncertainties outside our control, and there can be no assurance that these assumptions will turn out to be valid. Please refer to "Risk Factors" in
our most recent Annual Report on Form 10-K and "Risk Factors" and "Capital Resources and Liquidity" in our most recent Quarterly Report on Form 10-Q for a description of the risks and factors that could cause actual results to differ materially
from the projected results under our plan and the key assumptions it is based on.
Targeted Dividend Payout Ratio is for 2021 - 2025. The amount and timing of dividends payable and the dividend policy are at the sole discretion of the Sempra Board of Directors and, if declared and paid, dividends may be in amounts that are
materially less than projected.
2.
3.
Subject to material changes and actual results/amounts may differ materially.
4.
Annual average SoCal Border price.
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