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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended   September 30, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                        to

Commission
File Number

   

Exact Name of Registrant
as specified in its charter

State or Other Jurisdiction of
Incorporation or Organization

   

IRS Employer
Identification Number

1-9936

EDISON INTERNATIONAL

California

95-4137452

1-2313

SOUTHERN CALIFORNIA EDISON COMPANY

California

95-1240335

EDISON INTERNATIONAL

SOUTHERN CALIFORNIA EDISON COMPANY

2244 Walnut Grove Avenue

2244 Walnut Grove Avenue

(P.O. Box 976)

(P.O. Box 800)

Rosemead, California 91770

Rosemead, California 91770

(Address of principal executive offices)

(Address of principal executive offices)

(626) 302-2222

(626) 302-1212

(Registrant's telephone number, including area code)

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Edison International:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

EIX

NYSE LLC

Southern California Edison 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.

Edison International

Yes  No 

Southern California Edison Company

Yes  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).

Edison International

Yes  No 

Southern California Edison Company

Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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-12 of the Exchange Act.

Edison International

   

Large Accelerated Filer

   

Accelerated Filer

   

Non-accelerated Filer

   

Smaller Reporting Company

   

Emerging growth company

Southern California Edison Company

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging growth company

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.

Edison International

Southern California Edison Company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Edison International

Yes  No 

Southern California Edison Company

Yes No 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

Common Stock outstanding as of October 25, 2022:

Edison International

381,874,674 Shares

Southern California Edison Company

434,888,104 Shares

TABLE OF CONTENTS

SEC Form 10-Q

Reference Number

GLOSSARY

iv

FORWARD-LOOKING STATEMENTS

1

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

4

Part I, Item 2

MANAGEMENT OVERVIEW

4

Highlights of Operating Results

4

Cost of Capital Applications

6

Capital Program

6

Southern California Wildfires and Mudslides

8

Upstream Lighting Program

10

RESULTS OF OPERATIONS

11

Southern California Edison Company

11

Three months ended September 30, 2022 versus September 30, 2021

12

Earning Activities

12

Cost-Recovery Activities

14

Nine months ended September 30, 2022 versus September 30, 2021

14

Earning Activities

15

Cost-Recovery Activities

16

Supplemental Operating Revenue Information

17

Income Taxes

17

Edison International Parent and Other

17

Loss from Operations

17

LIQUIDITY AND CAPITAL RESOURCES

18

Southern California Edison Company

18

Available Liquidity

19

Regulatory Proceedings

19

Capital Investment Plan

21

SCE Dividends

22

Margin and Collateral Deposits

22

Edison International Parent and Other

23

Edison International Income taxes

24

Historical Cash Flows

25

Southern California Edison Company

25

Edison International Parent and Other

28

Contingencies

29

MARKET RISK EXPOSURES

29

i

Commodity Price Risk

29

Credit Risk

29

CRITICAL ACCOUNTING ESTIMATES AND POLICIES

30

NEW ACCOUNTING GUIDANCE

31

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

31

Part I, Item 3

FINANCIAL STATEMENTS

32

Part I, Item 1

Edison International Consolidated Statements of Income

32

Edison International Consolidated Statements of Comprehensive Income

33

Edison International Consolidated Balance Sheets

34

Edison International Consolidated Statements of Cash Flows

36

SCE Consolidated Statements of Income

37

SCE Consolidated Statements of Comprehensive Income

37

SCE Consolidated Balance Sheets

38

SCE Consolidated Statements of Cash Flows

40

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

41

Note 1. Summary of Significant Accounting Policies

41

Note 2. Consolidated Statements of Changes in Equity

45

Note 3. Variable Interest Entities

48

Note 4. Fair Value Measurements

51

Note 5. Debt and Credit Agreements

54

Note 6. Derivative Instruments

55

Note 7. Revenue

58

Note 8. Income Taxes

59

Note 9. Compensation and Benefit Plans

61

Note 10. Investments

62

Note 11. Regulatory Assets and Liabilities

64

Note 12. Commitments and Contingencies

66

Note 13. Equity

78

Note 14. Accumulated Other Comprehensive Loss

79

Note 15. Other Income

80

Note 16. Supplemental Cash Flows Information

80

Note 17. Related-Party Transactions

80

CONTROLS AND PROCEDURES

82

Part I, Item 4

Disclosure Controls and Procedures

82

Changes in Internal Control Over Financial Reporting

82

Jointly Owned Utility Plant

82

LEGAL PROCEEDINGS

82

Part II, Item 1

2017/2018 Wildfire/Mudslide Events

82

ii

Environmental Proceedings

83

EXHIBITS

84

Part II, Item 6

SIGNATURES

85

This is a combined Form 10-Q separately filed by Edison International and Southern California Edison Company. Information contained herein relating to an individual company is filed by such company on its own behalf.

iii

GLOSSARY

The following terms and abbreviations appearing in the text of this report have the meanings indicated below.

2017/2018 Wildfire/Mudslide Events

    

the Thomas Fire, the Koenigstein Fire, the Montecito Mudslides and the Woolsey Fire, collectively

2021 Form 10-K

Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2021

AB 1054

California Assembly Bill 1054, executed by the governor of California on July 12, 2019

AB 1054 Excluded Capital Expenditures

 

approximately $1.6 billion in wildfire risk mitigation capital expenditures that SCE has excluded from the equity portion of SCE's rate base as required under AB 1054

AB 1054 Liability Cap

a cap on the aggregate requirement to reimburse the Wildfire Insurance Fund over a trailing three calendar year period which applies if certain conditions are met and is equal to 20% of the equity portion of the utility's transmission and distribution rate base, excluding general plant and intangibles, in the year of the applicable prudency determination

ARO(s)

asset retirement obligation(s)

BRRBA

 

Base Revenue Requirement Balancing Account

CAISO

 

California Independent System Operator

Capital Structure Compliance Period

January 1, 2020 to December 31, 2022, the current compliance period for SCE's CPUC authorized capital structure

CAPP

California Arrearage Payment Program

CCAs

 

community choice aggregators which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses

CCC

California Coastal Commission

CDP

Coastal Development Permit

CEMA

Catastrophic Event Memorandum Accounts

COVID-19

Coronavirus disease 2019

CPUC

California Public Utilities Commission

CSRP

Customer Service Re-platform, a SCE project to implement a new customer service system

Edison Energy

 

Edison Energy, LLC, an indirect wholly-owned subsidiary of Edison International, is engaged in the competitive business of providing integrated decarbonization and energy solutions to commercial, institutional and industrial customers

EIS

Edison Insurance Services, Inc., a wholly-owned subsidiary of Edison International, is licensed to provide insurance to Edison International and its subsidiaries.

Electric Service Provider

 

an entity that offers electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs

ERRA

 

Energy Resource Recovery Account

FERC

 

Federal Energy Regulatory Commission

FHPMA

 

Fire Hazard Prevention Memorandum Account

Fitch

Fitch Ratings, Inc.

GAAP

generally accepted accounting principles

GHG

greenhouse gas

GRC

general rate case

GS&RP

    

Grid Safety and Resiliency Program

Koenigstein Fire

a wind-driven fire that originated near Koenigstein Road in the City of Santa Paula in Ventura County, California, on December 4, 2017

Local Public Entity Settlements

settlements entered into in the fourth quarter of 2019 under which SCE paid $360 million to a number of local public entities to resolve those parties' collective claims arising from the 2017/2018 Wildfire/Mudslide Events

iv

MD&A

Management's Discussion and Analysis of Financial Condition and Results of Operations

Montecito Mudslides

the debris flows and flooding in Montecito, Santa Barbara County, California, that occurred in January 2018

Moody's

Moody's Investors Service, Inc.

NERC

North American Electric Reliability Corporation

NRC

Nuclear Regulatory Commission

OEIS

Office of Energy Infrastructure Safety of the California Natural Resources Agency

PABA

Portfolio Allocation Balancing Account

Palo Verde

nuclear electric generating facility located near Phoenix, Arizona in which SCE holds a 15.8% ownership interest

PBOP(s)

postretirement benefits other than pension(s)

PG&E

Pacific Gas & Electric Company

Post-2018 Wildfires

collectively, all the wildfires that originated in Southern California after 2018 where SCE's equipment may be alleged to be associated with the fire's ignition

PSPS

Public Safety Power Shutoff(s)

ROE

return on common equity

RPS

California's Renewables Portfolio Standard

S&P

Standard & Poor's Financial Services LLC

San Onofre

retired nuclear generating facility located in south San Clemente, California in which SCE holds a 78.21% ownership interest

SCE

Southern California Edison Company, a wholly-owned subsidiary of Edison International

SCE Recovery Funding LLC

a bankruptcy remote, wholly owned special purpose subsidiary, consolidated by SCE

SDG&E

San Diego Gas & Electric

SEC

U.S. Securities and Exchange Commission

SED

Safety and Enforcement Division of the CPUC

SED Agreement

An agreement dated October 21, 2021 between SCE and the SED

Thomas Fire

a wind-driven fire that originated in the Anlauf Canyon area of Ventura County, California, on December 4, 2017

TKM

collectively, the Thomas Fire, the Koenigstein Fire and the Montecito Mudslides

TKM Subrogation Plaintiffs

the plaintiffs party to the TKM Subrogation Settlement, representing all the insurance subrogation plaintiffs in the TKM litigation at the time of the settlement

TKM Subrogation Settlement

a settlement entered into by Edison International and SCE in September 2020 in the TKM litigation to which the TKM Subrogation Plaintiffs are party

WCCP

Wildfire Covered Conductor Program

WEMA

Wildfire Expense Memorandum Account

WMP

a wildfire mitigation plan required to be filed under AB 1054 to describe a utility's plans to construct, operate, and maintain electrical lines and equipment that will help minimize the risk of catastrophic wildfires caused by such electrical lines and equipment

Wildfire Insurance Fund

the insurance fund established under AB 1054

Woolsey Fire

a wind-driven fire that originated in Ventura County in November 2018

Woolsey Subrogation Plaintiffs

the plaintiffs party to the Woolsey Subrogation Settlement, representing all the insurance subrogation plaintiffs in the Woolsey Fire litigation at the time of the settlement

Woolsey Subrogation Settlement

a settlement entered into by Edison International and SCE in January 2021 in the Woolsey litigation to which the Woolsey Subrogation Plaintiffs are party

v

FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect Edison International's and SCE's current expectations and projections about future events based on Edison International's and SCE's knowledge of present facts and circumstances and assumptions about future events and include any statements that do not directly relate to a historical or current fact. Other information distributed by Edison International and SCE that is incorporated in this report, or that refers to or incorporates this report, may also contain forward-looking statements. In this report and elsewhere, the words "expects," "believes," "anticipates," "estimates," "projects," "intends," "plans," "probable," "may," "will," "could," "would," "should," and variations of such words and similar expressions, or discussions of strategy or plans, are intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Some of the risks, uncertainties and other important factors that could cause results to differ from those currently expected, or that otherwise could impact Edison International and SCE, include, but are not limited to the:

ability of SCE to recover its costs through regulated rates, including uninsured wildfire-related and debris flow-related costs, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred as a result of the COVID-19 pandemic, and increased labor and materials costs due to supply chain constraints and inflation;
ability of SCE to implement its WMP and capital program;
risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including PSPS and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
risks associated with implementing PSPS, including regulatory fines and penalties, claims for damages and reputational harm;
ability of SCE to maintain a valid safety certification;
ability to obtain sufficient insurance at a reasonable cost, including insurance relating to wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties;
extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
risk that AB 1054 does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and the CPUC's interpretation of and actions under AB 1054, including its interpretation of the prudency standard established under AB 1054;
ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
decisions and other actions by the CPUC, the FERC, the NRC and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;

1

cost and availability of labor, equipment and materials, including as a result of supply chain constraints;
ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results and cause Edison International and SCE to incur unanticipated costs;
physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison International's and SCE's critical information technology systems for grid control, and business, employee and customer data;
risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as CCAs and Electric Service Providers;
risks inherent in SCE's capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, changes in the CAISO's transmission plans, and governmental approvals;
risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;
actions by credit rating agencies to downgrade Edison International or SCE's credit ratings or to place those ratings on negative watch or negative outlook;
changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities and effective tax rate;
changes in future taxable income, or changes in tax law, that would limit Edison International's and SCE's realization of expected net operating loss and tax credit carryover benefits prior to expiration;
changes in the fair value of investments and other assets;
changes in interest rates and rates of inflation, including escalation rates (which may be adjusted by public utility regulators);
governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the NERC, CAISO, Western Electricity Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance the state places on GHG reduction;
availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations;
potential for penalties or disallowance for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition; and

2

cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered through regulated rate cost escalation provisions or balancing accounts.

Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2021 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2021 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Forward-looking statements speak only as of the date they are made and neither Edison International nor SCE are obligated to publicly update or revise forward-looking statements. Readers should review future reports filed by Edison International and SCE with the SEC. Edison International and SCE post or provide direct links to (i) certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) presentations, documents and information that may be of interest to investors in a section titled "Presentations and Updates" at www.edisoninvestor.com in order to publicly disseminate such information. The reports, presentations, documents and information contained on, or connected to, the Edison investor website are not deemed part of, and are not incorporated by reference into, this report.

The MD&A for the nine months ended September 30, 2022 discusses material changes in the consolidated financial condition, results of operations and other developments of Edison International and SCE since December 31, 2021 and as compared to the nine months ended September 30, 2021. This discussion presumes that the reader has read or has access to Edison International's and SCE's MD&A for the calendar year 2021 (the "2021 MD&A"), which was included in the 2021 Form 10-K.

Except when otherwise stated, references to each of Edison International or SCE mean each such company with its subsidiaries on a consolidated basis. References to "Edison International Parent and Other" mean Edison International Parent and its subsidiaries other than SCE and its subsidiaries and "Edison International Parent" mean Edison International on a stand-alone basis, not consolidated with its subsidiaries. Unless otherwise described, all the information contained in this report relates to both filers.

3

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT OVERVIEW

Highlights of Operating Results

Edison International is the ultimate parent holding company of SCE and Edison Energy. SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. Edison Energy is engaged in the competitive business of providing integrated decarbonization and energy solutions to commercial, institutional and industrial customers. Edison Energy's business activities are currently not material to report as a separate business segment.

Three months ended

Nine months ended

September 30, 

September 30, 

(in millions)

    

2022

    

2021

    

 Change

    

2022

    

2021

    

 Change

Net (loss) income attributable to Edison International

 

  

 

  

 

  

 

  

 

  

 

  

SCE

$

(80)

$

(284)

$

204

$

369

$

371

$

(2)

Edison International Parent and Other

 

(48)

 

(57)

 

9

 

(172)

 

(135)

 

(37)

Edison International

 

(128)

 

(341)

 

213

 

197

 

236

 

(39)

Less: Non-core items

 

  

 

  

 

  

 

  

 

  

 

  

SCE

 

  

 

  

 

  

 

 

 

  

2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries

(600)

(899)

299

(891)

(909)

18

Wildfire Insurance Fund expense

 

(39)

 

(39)

 

 

(115)

 

(116)

 

1

Upstream Lighting Program decision

(64)

(64)

(64)

(64)

CSRP impairment

(34)

(34)

Employment litigation matter, net of recoveries

(16)

(16)

GRC track 3 impairment

(12)

(12)

Organizational realignment charge

(10)

(10)

Disallowed historical capital expenditures in SCE's 2021 GRC decision

(47)

47

(47)

47

Sale of San Onofre nuclear fuel

7

(7)

Edison International Parent and Other

 

 

 

 

 

 

Customer revenues for EIS insurance contract, net of claims

11

11

11

11

Total non-core items

 

(692)

 

(985)

 

293

 

(1,131)

 

(1,065)

 

(66)

Core earnings (losses)

 

  

 

  

 

  

 

  

 

  

 

  

SCE

 

623

 

701

 

(78)

 

1,511

 

1,436

 

75

Edison International Parent and Other

 

(59)

 

(57)

 

(2)

 

(183)

 

(135)

 

(48)

Edison International

$

564

$

644

$

(80)

$

1,328

$

1,301

$

27

Edison International's earnings are prepared in accordance with GAAP. Management uses core earnings (losses) internally for financial planning and for analysis of performance. Core earnings (losses) are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings (losses) are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (losses) are defined as earnings attributable to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing.

4

Edison International's third quarter 2022 losses decreased $213 million from the third quarter of 2021, resulting from a decrease in SCE's losses of $204 million and a decrease in Edison International Parent and Other's losses of $9 million. SCE's lower net loss consisted of $282 million of lower non-core losses and $78 million of lower core earnings. Edison International's decreased loss was due to $11 million of higher non-core earnings and $2 million of higher core losses. Edison International's earnings for the nine months ended September 30, 2022 decreased $39 million from the nine months ended September 30, 2021, resulting from a decrease in SCE's earnings of $2 million and an increase in Edison International Parent and Other's losses of $37 million. SCE's lower earnings consisted of $77 million of higher non-core losses and $75 million of higher core earnings. Edison International Parent and Other's higher losses consisted of $11 million of higher non-core earnings and $48 million of higher core losses.

The decrease in SCE's core earnings for the three months ended September 30, 2022 from the same period in 2021 was primarily due to an increase in earnings recorded in the third quarter of 2021 on implementation of the 2021 GRC final decision that was retroactive to January 1, 2021, and higher operations and maintenance expenses, partially offset by recognition of return on rate base related to the CSRP decision and an increase of CPUC-related revenue due to the escalation mechanism set forth in the 2021 GRC final decision. The increase in SCE's core earnings for the nine months ended September 30, 2022 from the same periods in 2021 was primarily due to higher CPUC-related revenue due to the escalation mechanism as set forth in the 2021 GRC final decision and recognition of return on rate base related to the CSRP decision, partially offset by higher operation and maintenance expenses and higher interest expense.

The increase in Edison International Parent and Other's core losses for the three months and the nine months ended September 30, 2022 was primarily due to higher preferred dividends.

Consolidated non-core items for the nine months ended September 30, 2022 and 2021 primarily included:

Charges of $1.2 billion ($891 million after-tax) recorded in 2022 and $1.2 billion ($909 million after-tax) recorded in 2021 for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of expected recoveries from FERC customers. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.
Charges of $160 million ($115 million after-tax) recorded in 2022 and $161 million ($116 million after-tax) recorded in 2021 from the amortization of SCE's contributions to the Wildfire Insurance Fund. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" in the 2021 Form 10-K for further information.
A charge of $81 million ($64 million after-tax) recorded in 2022 related to the Presiding Officer's Decision ("POD") in September 2022 on SCE's Upstream Lighting Program. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.
An impairment charge of $47 million ($34 million after-tax) recorded in 2022 related to SCE's CSRP settlement agreement filed with the CPUC in June 2022. See "Liquidity and Capital Resources—SCE—Regulatory Proceedings" for more information.
A charge of $23 million ($16 million after-tax) recorded in 2022 related to settlement of an employment litigation matter, net of estimated insurance recoveries. SCE and Edison International settled the matter following an atypical jury award. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Employment Litigation Matter" for further information.
An impairment charge of $17 million ($12 million after-tax) recorded in 2022 related to historical capital expenditures disallowed in SCE's GRC track 3 final decision. See "Liquidity and Capital Resources—SCE—Regulatory Proceedings" for more information.
A charge of $14 million ($10 million after-tax) recorded in 2022 related to organizational realignment services.

5

An impairment charge of $79 million ($47 million after-tax) recorded in 2021 related to disallowed historical capital expenditures in SCE's 2021 GRC final decision.
Gains of $10 million ($7 million after-tax) recorded in 2021 for SCE's sale of San Onofre nuclear fuel.
Net earnings of $14 million ($11 million after-tax) for Edison International Parent and Other recorded in 2022, which includes earnings of $23 million ($18 million after-tax) related to customer revenues for EIS insurance contract offset by a charge of $9 million ($7 million after-tax) related to expected wildfire claims insured by EIS. See "Notes to Consolidated Financial Statements—Note 17. Related-Party Transactions" and "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.

See "Results of Operations" for discussion of SCE's and Edison International Parent and Other's results of operations.

Cost of Capital Applications

As discussed in the 2021 Form 10-K, in August 2021, SCE filed an application with the CPUC for authority to establish its authorized cost of capital for utility operations for 2022 and to reset the related annual cost of capital mechanism that can adjust the authorized cost of capital between SCE's cost of capital proceedings based on changes in Moody's utility bond rate index (see "Business—SCE—Overview of Ratemaking Process" in the 2021 Form 10-K for further information on the adjustment mechanism). In December 2021, the CPUC set an initial phase for the proceeding to determine whether extraordinary circumstances warrant a departure from the cost of capital mechanism for 2022 and, if so, whether the CPUC should leave the cost of capital components at pre-2022 levels for the year 2022 or open a second phase to consider alternative proposals. In September 2022, SCE received a proposed decision and an alternate proposed decision, both finding that the extraordinary circumstances do warrant a departure from the cost of capital mechanism for 2022. The proposed decision, if approved, would initiate a second phase to determine the SCE’s cost of capital for 2022. The alternate proposed decision, if approved, would leave SCE's cost of capital at pre-2022 levels and close the proceedings. The outcome of the proceeding is uncertain. In the absence of a decision, SCE is currently recording revenue using the pre-2022 cost of capital, subject to refund.

On April 20, 2022, SCE filed its application with the CPUC for authority to establish its authorized cost of capital for utility operations for a three-year term beginning in 2023 and to reset the related annual cost of capital adjustment mechanism. In September 2022, SCE was permitted to update its costs of long-term debt and preferred equity. Based on the updated projections, SCE is seeking a return on common equity (ROE) of 10.53% (compared to its last authorized ROE of 10.30%), a cost of long-term debt of 4.39%, and a cost of preferred equity of 6.50%. SCE also seeks to maintain its current authorized capital structure, after CPUC-allowed exclusions, of 52% common equity, 43% long-term debt, and 5% preferred equity. Based on the capital structure and cost factors discussed above, SCE's weighted average return on rate base would be 7.69% for 2023. Additionally, SCE has proposed that memorandum and balancing accounts required to be amortized over periods of greater than twelve months should accrue carrying charges at SCE's weighted average cost of capital rather than commercial paper interest rates, which are only applicable to short-term borrowing. If approved, based on SCE's 2021 GRC, including the post-test year ratemaking mechanism, this application would increase SCE's revenue requirements for 2023 by approximately $41 million compared to the cost of capital currently in rates. The CPUC set a schedule for the 2023 cost of capital proceeding that would result in a proposed decision in the fourth quarter of 2022.

Capital Program

Total capital expenditures (including accruals) were $4.1 billion and $3.7 billion for the first nine months ended September 30, 2022 and 2021, respectively.

SCE's capital expenditure forecast reflects planned CPUC-jurisdictional spending including amounts requested in SCE's GRC track 4 filing, WCCP and other programs outlined in SCE's WMP that are above amounts authorized in the 2021 GRC,

6

CPUC-approved utility owned storage expenditures, and planned FERC capital expenditures. See "Liquidity and Capital Resources—SCE—Regulatory Proceedings" for more information on the GRC track 4 filing.

Potential capital spending variability associated with future regulatory requests based on management judgment, potential for permitting delays and other operational considerations is reflected in the range case below. The completion of projects, the timing of expenditures, and the associated cost recovery may be affected by permitting requirements and delays, construction schedules, availability of labor, equipment and materials, financing, legal and regulatory approvals and developments, community requests or protests, weather and other unforeseen conditions.

SCE's 2022 – 2024 forecast for major capital expenditures is set forth in the table below:

Total

(in billions)

    

2022

    

2023

    

2024

    

2022 – 2024

Traditional capital expenditures

 

  

 

  

 

  

 

  

Distribution1

$

4.0

$

4.2

$

3.9

$

12.1

Transmission

 

0.4

0.5

0.6

 

1.5

Generation

 

0.1

0.2

0.2

 

0.5

Subtotal

 

4.5

 

4.9

 

4.7

 

14.1

Wildfire mitigation-related capital expenditures

 

1.2

 

1.1

 

1.1

 

3.4

Total capital expenditures

$

5.7

$

6.0

$

5.8

$

17.5

Total capital expenditures using range case discussed above

$

5.5

$

5.5

$

5.2

$

16.2

1Includes forecast expenditures for the utility owned storage projects described below and reflects delays to the original project timelines.

SCE expects to make additional CPUC capital expenditures, the recovery of which will be subject to future regulatory approval. This includes expenditures from the 2025 GRC and non-GRC programs including the Building Electrification Program. These capital expenditures and expected FERC capital expenditures, excluded from the table above, are expected to be in a range of approximately $5.3 billion to $6.8 billion between 2024 and 2025.

Reflected below is SCE's weighted average annual rate base for 2022 – 2024 incorporating authorized CPUC-jurisdictional expenditures including utility owned storage, planned FERC capital expenditures, and planned non-GRC projects or programs.

(in billions)

    

2022

    

2023

    

2024

Rate base for expected capital expenditures

$

38.6

$

41.9

$

44.8

Rate base for expected capital expenditures using range case discussed above

$

38.4

$

41.2

$

43.6

Including programs outlined in SCE's WMP subject to future cost recovery proceedings, rate base associated with wildfire restoration capital expenditures subject to future CEMA applications, and planned expenditures from the 2025 GRC, SCE's weighted average annual rate base could be up to $45.0 billion in 2024 and is expected to be between $46.7 billion and $49.5 billion in 2025.

Utility Owned Storage Projects

In October 2021, SCE contracted with Ameresco, Inc. ("Ameresco") for the construction of utility owned energy storage projects at three sites in SCE's service territory with an aggregate capacity of 537.5 MW and an in-service date of August 1, 2022.

7

In April 2022, SCE received a force majeure event notice from Ameresco in which Ameresco asserted that both manufacturing delays related to COVID-19 shut-downs in China and new shipping restrictions imposed by Chinese governmental authorities were then impacting the supply of batteries from China necessary for timely completion of the projects. Ameresco subsequently supplemented its force majeure notice noting additional supply chain issues related to COVID-19. SCE is continuing to evaluate the force majeure event notices. If there is a valid force majeure event under the contracts with Ameresco, subject to certain conditions, the project schedules and any related triggers of liquidated damages may be extended, and the contract prices may be increased to account for the impact of the force majeure event.

Permitting delays and engineering issues also impacted the projects. Because Ameresco did not achieve an in-service date of August 1, 2022, SCE is entitled to liquidated damages under the terms of the contracts subject to any relief Ameresco may be entitled to under the contracts, including any relief for a valid force majeure event. Once triggered, liquidated damages accrue daily for up to 60 days up to a maximum of $89 million in aggregate for all three projects.

Because of the delays described above and certain changes requested by SCE, SCE expects all three projects to be in-service prior to the summer of 2023. SCE expects to receive in aggregate approximately $270 million of tax credits available under the Inflation Reduction Act of 2022 for all three projects, which will accrue to the benefit of its customers.

Subject to reductions for any liquidated damages SCE is paid, SCE currently expects these storage projects to result in $1.0 billion of capital expenditures. In December 2021, the CPUC approved recovery of these expenditures and establishment of a balancing account for the associated revenue requirement, which have been reflected in rates beginning in the first quarter of 2022. Authorized revenue requirements will be included in the annual ERRA review proceeding and can only be disallowed upon a finding that SCE failed to prudently administer the contracts.

Southern California Wildfires and Mudslides

2017/2018 Wildfire/Mudslide Events

As discussed in the 2021 Form 10-K, multiple lawsuits and investigations related to the 2017/2018 Wildfire/Mudslide Events have been initiated against SCE and Edison International. As of September 30, 2022, in addition to the Local Public Entity Settlement, the TKM Subrogation Settlement and the Woolsey Subrogation Settlement, SCE had entered into settlements with approximately 8,500 individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation. In addition, SCE and the SED executed the SED Agreement in October 2021, and SCE's obligations under the SED Agreement commenced on August 15, 2022, when CPUC approval of the SED Agreement became final and non-appealable.

Each reporting period, management reviews its loss estimates for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events. Management’s third quarter 2022 review included a review of information obtained after the statute of limitations for individual plaintiffs for the Woolsey Fire expired, including information regarding the nature of claims remaining in the Woolsey Fire litigation. Management also reviewed information obtained from settling a substantial portion of the claims in the 2017/2018 Wildfire/Mudslide Events litigations, including higher than expected costs to settle claims. As a result of management’s third quarter 2022 review, SCE recorded an $880 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events as of September 30, 2022, which increase is related to the Woolsey Fire. As a result, SCE also recorded expected recoveries through FERC electric rates of $50 million against the charge, and the resulting net charge to earnings was $830 million ($598 million after-tax).

Estimated losses for the 2017/2018 Wildfire/Mudslide Events litigation are based on a number of assumptions and are subject to change as additional information becomes available. Actual losses incurred may be higher or lower than estimated based on several factors, including the uncertainty in estimating damages that have been or may be alleged. For instance, SCE will receive additional information with respect to damages claimed as the mediation process progresses. Other factors that can cause actual losses incurred to be higher or lower than estimated include the ability to reach settlements and the outcomes of settlements reached through the ongoing claims mediation processes, uncertainties related to the sufficiency of insurance held by plaintiffs, uncertainties related to the litigation processes, uncertainty as to the legal and factual determinations to be made

8

during litigation, including uncertainty as to the contributing causes of the 2017/2018 Wildfire/Mudslide Events, the complexities associated with fires that merge and whether inverse condemnation will be held applicable to SCE with respect to damages caused by the Montecito Mudslides, and the uncertainty as to how these factors impact future settlements.

Through September 30, 2022, SCE has recorded total estimated losses of $8.8 billion, expected recoveries from insurance of $2.0 billion and expected recoveries through FERC electric rates of $376 million related to the 2017/2018 Wildfire/Mudslide Events. The after-tax net charges to earnings recorded through September 30, 2022 have been $4.6 billion.

As of September 30, 2022, SCE had paid $7.3 billion under executed settlements and had $237 million to be paid under executed settlements, including $175 million to be paid under the SED Agreement, related to the 2017/2018 Wildfire/Mudslide Events. As of the same date, SCE had recovered $2.0 billion through insurance and approximately $213 million through FERC-jurisdictional electric rates.

After giving effect to all payment obligations under settlements entered into through September 30, 2022, including under the SED Agreement, Edison International's and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events was $1.2 billion. As of the same date, Edison International and SCE had assets for expected recoveries through FERC electric rates of $163 million on their consolidated balance sheets and had exhausted expected insurance recoveries related to the 2017/2018 Wildfire/Mudslide Events. Edison International and SCE may incur a material loss in excess of amounts accrued in connection with the remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events.

SCE will seek rate recovery of prudently-incurred losses and related costs realized in connection with the 2017/2018 Wildfire/Mudslide Events in excess of available insurance, other than for any obligations under the SED Agreement. Based on Edison International's and SCE's current best estimate of expected losses for the 2017/2018 Wildfire/Mudslide Events, SCE currently expects to seek CPUC-jurisdictional rate recovery of approximately $6 billion by filing multiple future applications with the CPUC, the first of which SCE anticipates filing in 2023. These filings may be delayed if proceedings related to the 2017/2018 Wildfire/Mudslide Events do not progress as anticipated. SCE believes that, in light of the CPUC's decision in a cost recovery proceeding involving SDG&E arising from several 2007 wildfires in SDG&E's service area, there is substantial uncertainty regarding how the CPUC will interpret and apply its prudency standard to an investor-owned utility in wildfire cost-recovery proceedings for fires ignited prior to July 12, 2019. Accordingly, while the CPUC has not made a determination regarding SCE's prudency relative to any of the 2017/2018 Wildfire/Mudslide Events, SCE is unable to conclude, at this time, that uninsured CPUC-jurisdictional wildfire-related costs related to the 2017/2018 Wildfire/Mudslide Events are probable of recovery through electric rates.

Post-2018 Wildfires

Several wildfires, including the 2019 Saddle Ridge Fire, the 2020 Bobcat Fire, the 2022 Coastal Fire and the 2022 Fairview Fire, have significantly impacted portions of SCE's service territory after 2018.

At September 30, 2022, SCE recorded a $415 million increase in estimated losses for the Post-2018 Wildfires and recorded $253 million in expected insurance recoveries against the charge. In light of the prudency standard the CPUC is required to apply under AB 1054 to utilities holding a safety certificate at the time a wildfire ignited after July 12, 2019, SCE has concluded, at this time, that both uninsured CPUC-jurisdictional and uninsured FERC-jurisdictional wildfire-related costs related to the Post-2018 Wildfires, other than for those already authorized for inclusion in electric rates, are probable of recovery through electric rates. As a result, SCE also recorded total expected recoveries through electric rates of $162 million against the charge accrued at September 30, 2022 related to the Post-2018 Wildfires, resulting in no net charge to earnings.

Through September 30, 2022, SCE has recorded total estimated losses (established at the lower end of the estimated range of reasonably possible losses) of $689 million, expected recoveries from insurance of $467 million and expected recoveries through electric rates of $166 million related to the Post-2018 Wildfires. The after-tax net charges to earnings recorded for the Post-2018 Wildfires through September 30, 2022 have been $40 million. Expected recoveries from insurance recorded for

9

the Post-2018 Wildfires are supported by SCE's insurance coverage for multiple policy years. While Edison International and SCE may incur material losses in excess of the amounts accrued for each of the Post-2018 Wildfires, Edison International and SCE expect that any losses incurred in connection with any such fire will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such losses after expected recoveries from insurance will not be material.

PSPS

As discussed in the 2021 Form 10-K, SCE uses PSPS to proactively de-energize power lines as a last resort to mitigate the risk of catastrophic wildfires during extreme weather events. The CPUC may assess penalties on SCE if it finds that SCE has not executed PSPS in compliance with applicable rules and regulations. In June 2022, the SED issued an Administrative Enforcement Order ("AEO") against SCE proposing penalties of $10 million for alleged noncompliance with customer notification requirements related to PSPS events in 2020. In July 2022, SCE filed a request for a hearing to challenge the allegations of noncompliance and penalty, at which time the requirement to pay the penalty was stayed pending the hearing process. In October 2022, the SED and SCE reached a settlement agreement to resolve the AEO under which SCE agreed to pay $7 million to resolve the AEO. SCE did not admit wrongdoing or liability as part of the settlement. SCE's obligations under the settlement agreement will commence after CPUC approval of the agreement is final and non-appealable. SCE has made and continues to make significant investments and progress in improving its PSPS protocols, including through increased automation of customer notifications.

Safety Certification and Wildfire Mitigation Plan

As discussed in the 2021 Form 10-K, SCE most recently submitted updates to its 2020 – 2022 WMP in February 2022 to, among other things, report on implementation of its plan, describe new and ongoing wildfire mitigation activities and report on its progress on remedying issues identified in an action statement issued by the OEIS in August 2021. In July 2022, the OEIS approved SCE's 2022 updates to its 2020 – 2022 WMP and the CPUC ratified the OEIS approval in August 2022. Consequently, SCE requested a new safety certification in September 2022 and expects a decision on its request in December 2022. SCE's current safety certification will remain valid until OEIS acts on SCE's request for a new safety certification.

For further information, see "Business— Southern California Wildfires," "Risk Factors," "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—Initial and annual contributions to the wildfire insurance fund established pursuant to California Assembly Bill 1054" in the 2021 Form 10-K and "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in this report.

Upstream Lighting Program

From 2017 – 2019, SCE administered the Upstream Lighting Program, part of a statewide program administered by investor-owned utilities that offered discounted energy efficient light bulbs to customers through incentives to lighting manufacturers. The CPUC began investigating the programs administered by the investor-owned utilities based on reports that investor-owned utilities, including SCE, shipped a significant number of bulbs under the program that could not be tracked to customers.

In May 2022, the CPUC issued an order directing SCE to show cause as to why SCE should not be required to: (i) refund ratepayer funding for the portion of the program budget associated with light bulbs that were unaccounted for, (ii) refund energy efficiency incentive mechanism ("ESPI") awards associated with unaccounted-for light bulbs, and (iii) pay penalties for misrepresenting program progress and results to the CPUC. In September 2022, a Presiding Officer’s Decision ("POD") was issued in the proceeding finding that SCE mismanaged its Upstream Lighting Program from 2017 through 2019 and failed to ensure that efficient light bulbs were tracked and sold as intended by the program design. The POD requires SCE to (i) refund to ratepayers $76.1 million, representing the portion of the program budget associated with light bulbs that could not be accounted for, (ii) refund to ratepayers $6.8 million, representing ESPI awards associated with light bulbs that could

10

not be accounted for, (iii) pay $19.06 million in fines; and (iv) bear the cost of SCE's investigation, approximately $900,000. SCE filed an appeal of the POD in October 2022. The POD will become the final decision of the CPUC when the CPUC makes a decision on the appeal. As of September 30, 2022, SCE has accrued liabilities of $102 million for losses relating to the Upstream Lighting Program.

RESULTS OF OPERATIONS

SCE

SCE's results of operations are derived mainly through two sources:

Earning activities – representing revenue authorized by the CPUC and the FERC, which is intended to provide SCE a reasonable opportunity to recover its costs and earn a return on its net investment in generation, transmission and distribution assets. The annual revenue requirements are comprised of authorized operation and maintenance costs, depreciation, taxes and a return consistent with the capital structure. Also, included in earnings activities are revenue or penalties related to incentive mechanisms, other operating revenue, and regulatory charges or disallowances.
Cost-recovery activities – representing CPUC- and FERC- authorized balancing accounts, which allow for recovery of specific project or program costs, subject to reasonableness review or compliance with upfront standards, as well as non-bypassable rates collected for SCE Recovery Funding LLC. Cost-recovery activities include rates which provide recovery, subject to reasonableness review of, among other things, fuel costs, purchased power costs, public purpose related-program costs (including energy efficiency and demand-side management programs), certain operation and maintenance expenses (including vegetation management and wildfire insurance), and repayment of bonds and financing costs of SCE Recovery Funding LLC. SCE earns no return on these activities.

The following table is a summary of SCE's results of operations for the periods indicated.

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Three months ended September 30, 2022 versus September 30, 2021

    

Three months ended September 30, 2022

Three months ended September 30, 2021

Cost-

Cost-

Earning

Recovery

Total

Earning

 Recovery

Total

(in millions)

    

 Activities

    

  Activities

    

 Consolidated

  

  

 Activities

    

 Activities

    

 Consolidated

Operating revenue

$

2,450

$

2,767

$

5,217

$

2,395

$

2,898

$

5,293

Purchased power and fuel

2,485

 

2,485

2,088

 

2,088

Operation and maintenance

673

304

 

977

363

837

 

1,200

Wildfire-related claims, net of insurance recoveries

880

 

880

1,273

 

1,273

Wildfire Insurance Fund expense

54

 

54

54

 

54

Depreciation and amortization

732

5

 

737

595

3

 

598

Property and other taxes

126

2

 

128

110

1

 

111

Impairment, net of other operating income

(1)

 

(1)

79

 

79

Total operating expenses

 

2,464

 

2,796

5,260

 

2,474

 

2,929

5,403

Operating loss

 

(14)

 

(29)

(43)

 

(79)

 

(31)

(110)

Interest expense

 

(253)

(5)

(258)

 

(208)

 

(3)

(211)

Other income

 

37

34

71

 

19

 

34

53

Loss before taxes

 

(230)

 

(230)

 

(268)

 

(268)

Income tax benefit

 

(177)

(177)

 

(11)

 

(11)

Net loss

 

(53)

 

(53)

 

(257)

 

(257)

Less: Preference stock dividend requirements

 

27

27

 

27

 

27

Net income available for common stock

$

(80)

$

$

(80)

$

(284)

$

$

(284)

Net income available for common stock

$

(80)

$

(284)

Less: Non-core expense

 

  

 

  

 

(703)

 

  

 

  

 

(985)

Core earnings1

  

 

  

$

623

 

  

 

  

$

701

1See use of non-GAAP financial measures in "Management Overview—Highlights of Operating Results."

Earning Activities

Earning activities were primarily affected by the following:

Higher operating revenue of $55 million primarily due to the following:
SCE recognized $156 million of revenue on CPUC approval of recovery for CSRP-related costs in September 2022 ("the CSRP Decision"). The revenue comprised recovery of $174 million of previously deferred expenses and $48 million of previously unrecognized return on rate base and taxes, offset by $66 million of income tax benefits returned to customers through a balancing account. See "Liquidity and Capital Resources—Regulatory Proceedings" for more information.
A decrease of CPUC-related revenue of approximately $6 million from the implementation of the 2021 GRC final decision in the third quarter of 2021, offset by an increase in revenue from the escalation mechanism set forth in the 2021 GRC decision. Upon receipt of the 2021 GRC final decision in August 2021, SCE recorded the retroactive increase to revenues from the first and second quarter, which increased CPUC-related revenue by $102 million in the third quarter of 2021. SCE's authorized revenue attributable to the third quarter increased $96 million in 2022 compared to 2021.
A decrease of CPUC-related revenue of $168 million related to higher income tax benefits returned to customers through a balancing account.

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An increase of other CPUC-related revenue of $78 million related to higher return on rate base included in balancing accounts, franchise fees and uncollectibles due to higher billed revenue and operating expenses recovered through balancing accounts.
A decrease in FERC-related revenue and other operating revenue of $5 million primarily due to a lower wildfire-related claims and expenses to be recovered in FERC revenues compared to 2021.
Higher operation and maintenance costs of $310 million is primarily due to:
Higher expenses of $122 million primarily due to wildfire insurance and vegetation management expenses being presented in cost recovery activities as a result of balancing accounts authorized in the 2021 GRC final decision. In the third quarter of 2021 this included reclassification of expenses from the first and second quarter of 2021.
Higher expenses of $95 million related to the POD in September 2022 on SCE's Upstream Lighting Program. This consisted of $76 million of disallowed costs reclassified from cost recovery activities and $19 million of fines. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.
Higher expenses of $27 million previously deferred and expensed on approval for recovery in the CSRP Decision.
Higher uncollectibles expenses of $20 million primarily related to prior period expenses not subject to cost recovery, following a CPUC decision requiring SCE to change its methodology for calculating the portion of uncollectibles expenses incremental to GRC authorized revenues.
Higher inspection and maintenance expenses of $13 million.
Increased other expenses of $33 million primarily due to franchise fees related to higher billed revenue, higher IT costs and power plant maintenance costs.
Lower wildfire-related claims and expenses of $393 million primarily due to a $385 million change in estimated losses related to wildfire claims from the 2017/2018 Wildfire/Mudslide Events in 2021. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."
Higher depreciation and amortization expense of $137 million primarily due to $134 million of previously deferred expenses expensed on approval for recovery in the CSRP Decision.
Lower impairment and other operating income of $80 million primarily due to an impairment charge of $79 million recorded in 2021 related to disallowed historical capital expenditures in SCE's 2021 GRC final decision.
Higher interest expense of $45 million primarily due to:
Higher expense of $19 million primarily due to increased long-term borrowing, including $13 million subject to regulatory cost recovery.
Higher expense of $12 million previously deferred and expensed on the CSRP Decision.
Higher other interest expense of $14 million primarily due to higher interest rates on short-term debt.
Higher other income of $18 million primarily due to a higher interest rate on balancing account undercollections.
See "Income Taxes" below for the explanation of $166 million increase in income tax benefits.