Sempra is a holding company whose primary businesses are regulated electric and gas utilities in California and Texas. In California, Sempra owns SDG&E, which provides electric and gas delivery to roughly 3.6 million and 3.3 million people respectively across San Diego and parts of Orange County, and SoCalGas, the largest natural gas distribution utility in the U.S., serving roughly 21.3 million people across Southern California. In Texas, Sempra holds an ~80% economic interest in Oncor, the largest electric transmission and distribution utility in Texas, serving over 4.1 million homes and businesses. Neither Oncor nor SDG&E sell electricity as a commodity — both are pure delivery businesses, earning regulated returns on their infrastructure assets. Sempra's core earnings driver is rate base growth: regulators allow utilities to earn a set return on equity on approved infrastructure investments, so more capital spending drives more earnings over time. Oncor's current 5-year capital plan totals $36B, focused on transmission expansion, distribution upgrades, and large data center interconnections, with management seeing a $55-60B total capital opportunity through 2030. Sempra also operates Sempra Infrastructure, an LNG export and gas pipeline platform, though Sempra recently agreed to sell a 45% stake to KKR, which will reduce Sempra's ownership to 25% and shift the segment to a passive equity investment.