Trump Invokes 'Golden Share' to Keep Steel Mill Running. What It May Mean for These Stocks. — Barrons.com

Sempra (SRE) filed a Form 8K - Other Events - with the U.S Securities and Exchange Commission on September 19, 2025.

On September 19, 2025, California Senate Bill ("SB") 254 (the "2025 Wildfire Legislation") became effective upon signature by the Governor of California. Among other things, the 2025 Wildfire Legislation establishes the Wildfire Fund Continuation Account (the "Continuation Account"), which is designed to provide additional liquidity to reimburse catastrophic wildfire-related claims incurred by large California electric investor-owned utilities ("IOUs"), including San Diego Gas & Electric Company ("SDG&E"), a subsidiary of Sempra, if the existing fund established pursuant to Assembly Bill ("AB") 1054 (the "Wildfire Fund") is depleted. IOUs that only distribute gas such as Southern California Gas Company, another subsidiary of Sempra, are not eligible to participate in the Wildfire Fund or the Continuation Account.

The 2025 Wildfire Legislation preserves key elements of AB 1054 and its companion bill AB 111 (collectively, the "2019 Wildfire Legislation"), including cost recovery standards and requirements, a cap on liability in the event of a finding of imprudence by the California Public Utilities Commission ("CPUC"), and continued access to wildfire claims liquidity through the new Continuation Account. These aspects of the 2019 Wildfire Legislation are described under "Wildfire Fund" in Note 1 of the Notes to Consolidated Financial Statements in Sempra's and SDG&E's jointly filed 2024 Annual Report on Form 10-K, which description is incorporated herein by reference and modified with respect to the 2025 Wildfire Legislation and Continuation Account, as applicable, by the descriptions in this Current Report on Form 8-K. Key elements of the 2025 Wildfire Legislation, including those that build upon or otherwise differ from the 2019 Wildfire Legislation, include, among others:

▪Establishment of the Continuation Account – The 2025 Wildfire Legislation establishes the Continuation Account, a new state-administered account with up to $18 billion of additional liquidity for the Wildfire Fund. The Continuation Account will become operative if (i) within 15 days after the effective date of the 2025 Wildfire Legislation (or by October 4, 2025), all of California's large electric IOUs elect to participate in the account, and (ii) prior to December 31, 2028, either (a) the Wildfire Fund's administrator projects that the original Wildfire Fund will be depleted, or (b) a participating electric IOU notifies the Wildfire Fund's administrator that it anticipates more than $1 billion in eligible claims in a single coverage year for one or more wildfires that ignite after the effective date of the 2025 Wildfire Legislation. SDG&E intends to participate in the Continuation Account and submit its notice of such election to the CPUC by the 15-day deadline.

Assuming the Continuation Account becomes operative, it would be capitalized with a combination of ratepayer and electric IOU shareholder contributions. Ratepayer contributions totaling $9 billion would be financed through new bonds to be issued by the California Department of Water Resources and secured by the extension of an existing Wildfire Fund-related non-bypassable ratepayer charge from 2036-2045, subject to a determination by the CPUC that the extension is just and reasonable. Electric IOU shareholder contributions totaling $5.1 billion would be obtained through fixed annual contributions of $300 million from 2029 through 2045, plus an additional $3.9 billion in contingent shareholder contributions payable in annual installments of $780 million if the Wildfire Fund's administrator determines there is additional need, subject to a potential ratepayer credit of 50% of the amount of any remaining contingent contribution installments if the Wildfire Fund's administrator terminates the Continuation Account prior to their collection. SDG&E's proportionate share of the aggregate shareholder contribution amount through 2045 is expected to be $387 million, comprising (i) $219.3 million of fixed contributions of $12.9 million annually for 17 years and (ii) $167.7 million of contingent contributions of $33.5 million annually for five years.

As further described below, the Continuation Account may receive reimbursement from electric IOU shareholder contributions for amounts paid to cover participating electric IOU wildfire claims, depending on the outcome of a reasonableness review by the CPUC conducted under the prudency standards established by the 2019 Wildfire Legislation.

The funds in the Continuation Account may not be applied to claims arising from wildfires that ignited before the effective date of the 2025 Wildfire Legislation. In addition, as with the Wildfire Fund, only claims in excess of the greater of $1 billion or the amount of insurance coverage required by the Wildfire Fund's administrator are eligible for reimbursement from the Continuation Account.

▪Wildfire Mitigation Capital Investment – As with the 2019 Wildfire Legislation, participating electric IOUs are not permitted to earn an equity return on a certain amount of capital investments supporting wildfire risk mitigation. The 2025 Wildfire Legislation establishes this amount as $6 billion of wildfire risk mitigation capital investments authorized by the CPUC after January 1, 2026, and SDG&E's proportionate share is limited to $258 million.

▪Liability Cap – As with the 2019 Wildfire Legislation, for participating electric IOUs that have received a safety certification as described below, reimbursements to the Continuation Account with electric IOU shareholder contributions are not required if the CPUC reasonableness review described above results in a finding that the participating IOU acted prudently. Reimbursements to the Continuation Account with electric IOU shareholder contributions are required for wildfire liabilities deemed imprudently incurred, but the amount of the reimbursement is capped as described below if the Continuation Account is not otherwise depleted. In the event of a finding of imprudence, the applicable participating electric IOU may credit its shareholder contributions to the Continuation Account against required reimbursements, which are subject to a cap equal to the lesser of (i) the disallowed costs, or (ii) 20% of the electric IOU's total transmission and distribution equity rate base for the year of ignition of the applicable wildfire, less (a) prior reimbursements by the electric IOU for any covered wildfire-related disallowances within three years before the date of ignition of the applicable wildfire, and (b) any unused shareholder contributions by the electric IOU not already credited. SDG&E's current estimated cap, which will vary over time, is approximately $1.4 billion based on its 2024 transmission and distribution equity rate base.

▪Safety Certification – As with the 2019 Wildfire Legislation, the liability cap as described above and the CPUC prudency standards established by the 2019 Wildfire Legislation are available for participating electric IOUs that maintain a valid safety certification, which is annually issued by California's Office of Energy Infrastructure Safety based on the requirements established by the 2019 Wildfire Legislation. Other than clarification and timing changes, the 2025 Wildfire Legislation does not modify the safety certification requirements.

▪Insurance Subrogation Reform – The 2025 Wildfire Legislation requires insurance companies to first offer to the participating electric IOU providing service in the territory in which a wildfire ignites the opportunity to purchase or settle certain subrogation claims on the same terms and conditions as those offered to a third party before selling such claims.

▪Legislative Task Force and Study – The 2025 Wildfire Legislation establishes a multi-stakeholder task force, coordinated by the Wildfire Fund's administrator, to prepare and submit to the California legislature and Governor of California on or before April 1, 2026, a report that evaluates and sets forth recommendations on new models to complement or replace the Wildfire Fund.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this report. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

In this report, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.

Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) California Public Utilities Commission (CPUC), Comisión Nacional de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions, including risks related to (i) being able to make a final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other

factors, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries, and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third parties with which we conduct business, including the energy grid or other energy infrastructure; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact on affordability of San Diego Gas & Electric Company's (SDG&E) and Southern California Gas Company's (SoCalGas) customer rates and their cost of capital and on SDG&E's, SoCalGas' and Sempra Infrastructure's ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices and the imposition of tariffs, (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California, and (iii) with respect to Sempra Infrastructure's business, volatility in foreign currency exchange rates; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC's (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.

Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, nor are they regulated by the CPUC.

None of the website references in this report are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.

The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/1032208/000103220825000051/sresdge-20250919.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/1032208/000103220825000051/0001032208-25-000051-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

Under Trump Pressure, EU Proposes Going After Chinese Companies Buying Russia Oil

The bloc unveiled measures that would seek to squeeze Russia, but wouldn't fully meet demands by President Trump.

----

ADB, IFC in Talks to Back Maynilad Water IPO as Cornerstone Investors

Two multilateral funding agencies are set to take a significant stake in Philippine utility Maynilad Water Services ahead of its initial public offering, sources said.

----

Under Stress, World's Top Exporter of Steelmaking Coal Cuts Jobs, Shuts Pits

Rising operating costs, falling coal prices and high royalties are straining Australia's massive steelmaking coal mines, triggering layoffs and pit closures.

----

Oil Futures End Rangebound Week Near Flat

Crude futures fell for a third straight session to end the week little changed with the market shrugging off an additional round of proposed EU sanctions against Russia.

----

Energy & Utilities Roundup: Market Talk

Find insight on Santos, crude futures and more in the latest Market Talks covering Energy and Utilities.

----

Exxon Sparks Investor Rights Battle. Why It Could Spread.

The oil giant has unveiled a system to let investors automatically support management proposals. Activists are alarmed.

----

California Wants to Halt Oil Industry Exodus After Years of Climate Focus

Policymakers are trying to stave off a potential fuel-supply crunch while refineries look to close.

----

Exxon Mobil to Halt European Recycling Plant Investments

The company is halting more than $100 million in planned investments for two European chemical recycling projects because of concerns over new rules that the company says will undermine the projects' business case.

----

Santos Confirms XRG Consortium Pulls $18.7 Billion Takeover Bid

Santos confirmed that a consortium led by Abu Dhabi National Oil Co. has abandoned a $18.7 billion takeover offer, highlighting disagreements over terms given the length of time it could take for a deal to complete.

----

Mexican Government Issues Debt to Finance Pemex Buybacks

The Mexican government said it issued $13.8 billion in debt in U.S. dollars and euros as part of a series of transactions aimed at capitalizing and shoring up the finances of state oil company Petróleos Mexicanos.

----

U.S. Crude Oil Stockpiles Post Large Decline

Crude oil inventories fell by 9.3 million barrels to 415.4 million barrels in the week ended Sept. 12 as exports almost doubled and imports fell.

----

Beleaguered Offshore Wind Gets Two Small Signs of Hope

The Department of Justice filed a legal brief earlier this month supporting Empire Wind, an offshore wind project near New York's Long Island that the administration had previously halted.

Kaiser Aluminum Corp. (KALU) filed a Form 8K - Director, Officer or Compensation Filing - with the U.S Securities and Exchange Commission on September 19, 2025.

On September 18, 2025, the board of directors (the "Board") of Kaiser Aluminum Corporation (the "Company") appointed James D. Hoffman as a director. Mr. Hoffman, 67, served as Chief Executive Officer of Reliance, Inc., formerly known as Reliance Steel and Aluminum Co., the largest metals service center company in North America, from January 2019 to December 2022 and as President from January 2019 to January 2021. Mr. Hoffman also served on the board of directors of Reliance, Inc. from October 2019 to December 2022. Mr. Hoffman holds a Bachelor of Science degree in Advertising/Marketing from West Virginia University.

The Board appointed Mr. Hoffman as a director because of his extensive metals and distribution industry and operational experience. Mr. Hoffman has over 43 years of operational and mergers and acquisition experience in metals distribution, fabrication, and service center industries, specializing in carbon steels, alloys, aluminum and stainless product, as well as approximately three decades of executive experience in strategy development, acquisitions and converting strategic plans into tactical initiatives for both domestic and international companies. Mr. Hoffman will serve as a Class II director with a term expiring at the Company's 2026 annual meeting of stockholders and will serve on the Board's compensation and nominating and corporate governance committees. Mr. Hoffman will receive the standard compensation paid to non-employee directors. Mr. Hoffman's annual cash retainer and annual grant of restricted stock for service until the 2026 annual meeting of stockholders will be prorated to reflect service on the Board of less than one full year.

A copy of the press release announcing the appointment of Mr. Hoffman is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/811596/000119312525209051/kalu-20250918.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/811596/000119312525209051/0001193125-25-209051-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

By Kirk Maltais

Placements of cattle onto feedlots and cattle marketed from feedlots fell by more than analysts expected, according to a survey by The Wall Street Journal.

In its latest monthly Cattle on Feed report published Friday, the Agriculture Department said that 1.78 million head of cattle were placed onto feedlots during the month of August, while 1.57 million head were marketed.

Placements fell by 9.9 percentage points versus the same month last year, and marketings fell 13.6 points. Both reductions were more than expected by analysts who were surveyed.

Total inventory of cattle on feedlots was 10.92 million head in August. That's off by 1.1 points from August 2024, and exceeded analysts' forecast for a reduction of 0.8 points.

Analysts expected the drops seen in today's report due to a decline in Mexican cattle entering American feedlots, following a ban on cattle entering the country due to concerns about the New World Screwworm parasite.

Live cattle futures on the CME settled up 0.5% to $2.3375 a pound on Friday, while lean hog futures fell 0.1% to 87.925 cents a pound.

To see related data, search "USDA Monthly Cattle on Feed Data" in Dow Jones NewsPlus.

Write to Kirk Maltais at kirk.maltais@wsj.com

Aspen Power has closed on acquiring sites from Syncarpha totaling 6.85 MW

NEW YORK--(BUSINESS WIRE)--September 19, 2025--

Please replace the release dated September 9, 2025 with the following corrected version due to revisions to the headline and first sentence of the release.

The updated release reads:

ASPEN POWER EXPANDS PENNSYLVANIA PORTFOLIO WITH NEW SOLAR PROJECTS

Aspen Power has closed on acquiring sites from Syncarpha totaling 6.85 MW

Aspen Power, a leading distributed generation platform dedicated to building the clean energy future, today announced closing on the acquisition of two solar projects in Northampton, Pennsylvania, with a combined capacity of 6.85 megawatts direct current (MWdc). These projects are the first projects to close under a portfolio totaling 18 MWdc under contract with Syncarpha Capital, LLC.

Industry estimates from the Solar Energy Industries Association (SEIA) indicate these projects will create approximately 130 jobs. The ground-mounted systems are expected to generate almost 9 million kilowatt-hours (kWh) of clean energy annually, which is equivalent to powering over 800 homes.

"Aspen Power is proud to expand our presence in Pennsylvania and deliver the lowest-cost form of new power to communities across the state," said Jorge Vargas, Chief Executive Officer of Aspen Power. "Solar is now the most affordable source of new electricity in the U.S., and even in a difficult national political environment, we are executing and bringing projects online. Together with our partners at Syncarpha Capital, we are creating reliable, long-term income for landowners, affordable clean energy for residents, and tangible progress toward a more resilient grid. At this pivotal moment for the renewable energy industry, strong execution and strong partnerships are what will drive lasting economic and environmental benefits, and Aspen is proud to be leading that effort in Pennsylvania."

"As a long-term owner / operator of solar and storage projects, we're selective about who we partner with when we choose to monetize shovel-ready projects. We chose Aspen Power because they are a reliable counterparty with strong financial backing and a proven ability to execute," said Cliff Chapman, co-founder and CEO of Syncarpha Capital. "These transactions represent a fraction of Syncarpha's organically developed Pennsylvania pipeline, and we look forward to continuing to play a significant role in expanding the state's clean energy future."

Aspen Power has been highly active in Pennsylvania, with more than 100 MW of operating and in-construction assets across the state. As electricity demand grows, solar's speed of deployment makes it a critical solution for meeting near-term energy needs. Pennsylvania's target of sourcing 18% of its electricity from renewables by 2025 underscores the importance of these projects, which will contribute directly to the state's clean energy goals.

Nationwide, Aspen Power continues to lead in the distributed generation sector, having developed or acquired more than 600 renewable energy projects across 26 states in pursuit of a more affordable, reliable, and sustainable energy future.

About Aspen Power

Aspen Power is a distributed energy generation platform that is building the clean energy future. We partner with businesses, communities, and others in the industry to develop, construct, own, and operate renewable energy assets. Our experienced team is passionate about solving our clients' energy challenges throughout the U.S. For more information, please visit aspenpower.com.

About Syncarpha Capital

Syncarpha Capital is a premier distributed generation solar and storage platform that develops, finances, owns, and operates projects across the U.S. Founded in 2009, the Company combines strong leadership with deep industry experience to manage every stage of the project lifecycle. Strategically focused on organic development in states with strong or emerging community solar and storage programs, Syncarpha is positioned to break down barriers to deliver a sustainable, clean energy future for the communities it serves.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250909716808/en/

CONTACT: Media Contact

Aspen Power

Darius Razgaitis

646-465-8114

media@aspenpower.com

PALLADIUM - NEW YORK MERCANTILE EXCHANGE 
OPTION AND FUTURES COMBINED POSITIONS AS OF 09/16/25          | 
--------------------------------------------------------------| NONREPORTABLE 
      NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS 
--------------------------|-----------------|-----------------|----------------- 
  Long  | Short  |Spreads |  Long  | Short  |  Long  | Short  |  Long  | Short 
-------------------------------------------------------------------------------- 
(CONTRACTS OF 100 TROY OUNCES)                       OPEN INTEREST:       22,552 
COMMITMENTS 
   8,097   11,677    2,949    8,365    6,677   19,412   21,304    3,140    1,248 
 
CHANGES FROM 09/09/25 (CHANGE IN OPEN INTEREST:        635) 
    -427     -415      374      518      606      466      565      170       71 
 
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER 
    35.9     51.8     13.1     37.1     29.6     86.1     94.5     13.9      5.5 
 
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:      191) 
      87       58       40       29       33      140      107 
 
 
PLATINUM - NEW YORK MERCANTILE EXCHANGE 
OPTION AND FUTURES COMBINED POSITIONS AS OF 09/16/25          | 
--------------------------------------------------------------| NONREPORTABLE 
      NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS 
--------------------------|-----------------|-----------------|----------------- 
  Long  | Short  |Spreads |  Long  | Short  |  Long  | Short  |  Long  | Short 
-------------------------------------------------------------------------------- 
(CONTRACTS OF 50 TROY OUNCES)                        OPEN INTEREST:      114,260 
COMMITMENTS 
  54,342   35,154   23,005   26,008   51,114  103,355  109,273   10,905    4,987 
 
CHANGES FROM 09/09/25 (CHANGE IN OPEN INTEREST:      5,508) 
     813     -292    3,710      941    2,071    5,463    5,489       45       19 
 
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER 
    47.6     30.8     20.1     22.8     44.7     90.5     95.6      9.5      4.4 
 
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:      298) 
     156       59       63       47       53      229      157 
 
     Write to Linda Rice at csstat@dowjones.com