Sempra

Sempra is selling 45% of its LNG business to fund a record Texas transmission build, and Texas regulators have just made that build more profitable to own. The catch is timing: the extra projects that would lift growth past 2030 are not approved yet, and the process has slowed. How much of the $10 billion Texas upside could enter the plan by 2030?

• Sempra is trading its LNG arm for regulated utility growth.

  Sempra agreed to sell 45% of its infrastructure arm to KKR for $10 billion, cutting roughly $9 billion of debt. By 2027 nearly all profit comes from regulated utilities, so earnings get steadier as the growth shifts to Texas regulators.

• Texas stopped being a drag on Oncor's earnings.

  Oncor's rate settlement raised its allowed return to 9.75%, and a yearly tracker means customers pay for finished projects without waiting for a rate case. Management expects it to earn close to that return, turning spending into profit. How much of the $65 billion plan is already covered by signed supply contracts?

• The biggest slice of future growth sits outside the plan.

  Oncor's base plan leaves out anything that depends on data centers being built; the $10 billion of extra projects and ERCOT's batch-zero study sit outside it. February's update will skip those too, so the upside has no date. How many of Oncor's 765 kV Permian routes still need final approval?