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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   June 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 July 21, 2022:

Edison International

381,431,985 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

5

Capital Program

6

Southern California Wildfires and Mudslides

7

RESULTS OF OPERATIONS

9

Southern California Edison Company

9

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

10

Earning Activities

10

Cost-Recovery Activities

11

Six months ended June 30, 2022 versus June 30, 2021

12

Earning Activities

12

Cost-Recovery Activities

14

Supplemental Operating Revenue Information

14

Income Taxes

14

Edison International Parent and Other

15

Loss from Operations

15

LIQUIDITY AND CAPITAL RESOURCES

15

Southern California Edison Company

15

Available Liquidity

16

Regulatory Proceedings

16

Capital Investment Plan

18

SCE Dividends

18

Margin and Collateral Deposits

18

Edison International Parent and Other

19

Net Operating Loss and Tax Credit Carryforwards

20

Historical Cash Flows

20

Southern California Edison Company

20

Edison International Parent and Other

24

Contingencies

24

MARKET RISK EXPOSURES

24

Commodity Price Risk

24

i

Credit Risk

25

CRITICAL ACCOUNTING ESTIMATES AND POLICIES

25

NEW ACCOUNTING GUIDANCE

25

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

25

Part I, Item 3

FINANCIAL STATEMENTS

26

Part I, Item 1

Edison International Consolidated Statements of Income

26

Edison International Consolidated Statements of Comprehensive Income

27

Edison International Consolidated Balance Sheets

28

Edison International Consolidated Statements of Cash Flows

30

SCE Consolidated Statements of Income

31

SCE Consolidated Statements of Comprehensive Income

31

SCE Consolidated Balance Sheets

32

SCE Consolidated Statements of Cash Flows

34

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

35

Note 1. Summary of Significant Accounting Policies

35

Note 2. Consolidated Statements of Changes in Equity

39

Note 3. Variable Interest Entities

42

Note 4. Fair Value Measurements

44

Note 5. Debt and Credit Agreements

47

Note 6. Derivative Instruments

49

Note 7. Revenue

51

Note 8. Income Taxes

52

Note 9. Compensation and Benefit Plans

54

Note 10. Investments

55

Note 11. Regulatory Assets and Liabilities

56

Note 12. Commitments and Contingencies

59

Note 13. Equity

69

Note 14. Accumulated Other Comprehensive Loss

69

Note 15. Other Income

70

Note 16. Supplemental Cash Flows Information

70

Note 17. Related-Party Transactions

71

CONTROLS AND PROCEDURES

72

Part I, Item 4

Disclosure Controls and Procedures

72

Changes in Internal Control Over Financial Reporting

72

Jointly Owned Utility Plant

72

LEGAL PROCEEDINGS

72

Part II, Item 1

2017/2018 Wildfire/Mudslide Events

72

Environmental Proceedings

73

ii

EXHIBITS

74

Part II, Item 6

SIGNATURES

76

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

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 PSPS when conditions warrant or would otherwise limit SCE's operational PSPS practices;
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, operational issues (such as rotating outages and 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 six months ended June 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 six months ended June 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

Six months ended

June 30, 

June 30, 

(in millions)

    

2022

    

2021

    

 Change

    

2022

    

2021

    

 Change

Net income (loss) attributable to Edison International

 

  

 

  

 

  

 

  

 

  

 

  

SCE

$

302

$

359

$

(57)

$

449

$

655

$

(206)

Edison International Parent and Other

 

(61)

 

(41)

 

(20)

 

(124)

 

(78)

 

(46)

Edison International

 

241

 

318

 

(77)

 

325

 

577

 

(252)

Less: Non-core items

 

  

 

  

 

  

 

  

 

  

 

  

SCE

 

  

 

  

 

  

 

 

 

  

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

(6)

(6)

(291)

(10)

(281)

Wildfire Insurance Fund expense

 

(38)

 

(39)

 

1

 

(76)

 

(77)

 

1

CSRP impairment

(34)

(34)

(34)

(34)

Employment litigation matter, net of recoveries

(16)

(16)

(16)

(16)

GRC track 3 impairment

(12)

(12)

(12)

(12)

Organizational realignment charge

(10)

(10)

(10)

(10)

Sale of San Onofre nuclear fuel

7

(7)

7

(7)

Total non-core items

 

(116)

 

(38)

 

(78)

 

(439)

 

(80)

 

(359)

Core earnings (losses)

 

  

 

  

 

  

 

  

 

  

 

  

SCE

 

418

 

397

 

21

 

888

 

735

 

153

Edison International Parent and Other

 

(61)

 

(41)

 

(20)

 

(124)

 

(78)

 

(46)

Edison International

$

357

$

356

$

1

$

764

$

657

$

107

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.

Edison International's second quarter 2022 earnings decreased $77 million from the second quarter of 2021, resulting from a decrease in SCE's earnings of $57 million and an increase in Edison International Parent and Other's losses of $20 million. SCE's lower net income consisted of $78 million of higher non-core losses and $21 million of higher core earnings. Edison International's earnings for the six months ended June 30, 2022 decreased $252 million from the six months ended June 30, 2021, resulting from a decrease in SCE's earnings of $206 million and an increase in Edison International Parent and Other's

4

losses of $46 million. SCE's lower earnings consisted of $359 million of higher non-core losses and $153 million of higher core earnings.

The increase in SCE's core earnings for the three and six months ended June 30, 2022 from the same periods in 2021 was primarily due to the adoption of the 2021 GRC final decision in the third quarter of 2021, partially offset by higher operation and maintenance expenses. The year-to-date variance was also due to higher interest expense from increased borrowings.

The increase in Edison International Parent and Other's core losses for the three months and six months ended June 30, 2022 was primarily due to higher preferred dividends and unrealized losses on investment in 2022 compared to unrealized gains in 2021.

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

Charges of $404 million ($291 million after-tax) recorded in 2022 and $14 million ($10 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 $106 million ($76 million after-tax) recorded in 2022 and $107 million ($77 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.
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 EIX 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.
Gains of $10 million ($7 million after-tax) recorded in 2021 for SCE's sale of San Onofre nuclear fuel.

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. 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. If the CPUC ultimately finds that the cost of capital mechanism

5

adjustment should have been implemented effective January 1, 2022, revenue recorded in the first six months of 2022 would be reduced by approximately $85 million.

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 its application, SCE seeks 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 4.27%, and a cost of preferred equity of 5.72%. 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 7.60% 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 $13 million compared to the cost of capital currently in rates. In July 2022, 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 $2.6 billion and $2.3 billion for the first six months ended June 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, 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

$

4.5

$

3.7

$

3.9

$

12.1

Transmission

 

0.5

0.6

0.5

 

1.6

Generation

 

0.1

0.2

0.2

 

0.5

Subtotal

 

5.1

 

4.5

 

4.6

 

14.2

Wildfire mitigation-related capital expenditures

 

1.1

 

1.1

 

1.1

 

3.3

Total capital expenditures

$

6.2

$

5.6

$

5.7

$

17.5

Total capital expenditures using range case discussed above

$

6.0

$

5.2

$

5.2

$

16.4

1Includes forecast expenditures for utility owned storage described below.

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 $5.2 billion to $6.8 billion between 2024 and 2025.

6

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

$

38.7

$

42.1

$

44.5

Rate base for expected capital expenditures using range case discussed above

$

38.5

$

41.5

$

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 $44.8 billion in 2024 and is expected to be between $46.6 billion and $49.4 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.

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. SCE is continuing to evaluate the force majeure event notice. 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.

Supply chain issues, permitting delays and engineering issues are impacting the projects, and the most recent project schedules provided by Ameresco show delays to the projects' anticipated in-service dates. Ameresco has advised SCE that it currently expects between 200 MW and 300 MW of capacity could be in-service in September 2022 and the remaining capacity will likely be in-service by the end of 2022.

SCE is entitled to liquidated damages under the terms of the contracts if, subject to any relief provided under the contracts, including any relief for a valid force majeure event, Ameresco does not achieve an in-service date of August 1, 2022. Once triggered, liquidated damages accrue daily for up to 60 days up to a maximum of $89 million in aggregate for all three projects.

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 June 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 8,000 individual plaintiffs in the 2017/2018 Wildfire/Mudslide Events litigation. In addition, while SCE and the SED executed the SED Agreement in October 2021, SCE's obligations under the SED Agreement will only commence after CPUC approval of the SED Agreement is final and non-appealable.

7

Through June 30, 2022, Edison International and SCE have recorded total pre-tax charges of $7.9 billion, expected recoveries from insurance of $2.0 billion and expected recoveries through FERC electric rates of $326 million related to the 2017/2018 Wildfire/Mudslide Events. The after-tax net charges to earnings recorded through June 30, 2022 have been $4.0 billion.

As of June 30, 2022, SCE had paid $6.9 billion under executed settlements and had $86 million to be paid under executed settlements related to the 2017/2018 Wildfire/Mudslide Events. As of the same date, SCE had recovered $2.0 billion through insurance and approximately $192 million through FERC-jurisdictional electric rates.

After giving effect to all payment obligations under settlements entered into through June 30, 2022, 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 and for the SED Agreement was $0.9 billion. As of the same date, Edison International and SCE had assets for expected recoveries through FERC electric rates of $134 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 actual 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 over $5 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 are probable of recovery through electric rates.

PSPS

As discussed in the 2020 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 against SCE proposing penalties of $10 million for noncompliance with customer notification requirements related to PSPS events in 2020. In July 2022, SCE filed a request for a hearing to challenge the penalty, at which time the requirement to pay the penalty was stayed pending the hearing and rehearing process. SCE has made and continues to make significant investments and progress in improving its PSPS protocols, including through increased automation of customer notifications.

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.

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

8

Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in this report.

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 June 30, 2022 versus June 30, 2021

    

Three months ended June 30, 2022

Three months ended June 30, 2021

Cost-

Cost-

Earning

Recovery

Total

Earning

 Recovery

Total

(in millions)

    

 Activities

    

  Activities

    

 Consolidated

  

  

 Activities

    

 Activities

    

 Consolidated

Operating revenue

$

2,164

$

1,832

$

3,996

$

1,830

$

1,476

$

3,306

Purchased power and fuel

1,304

 

1,304

1,283

 

1,283

Operation and maintenance

790

549

 

1,339

512

223

 

735

Wildfire-related claims, net of insurance recoveries

2

 

2

 

Wildfire Insurance Fund expense

53

 

53

54

 

54

Depreciation and amortization

596

4

 

600

532

1

 

533

Property and other taxes

117

2

 

119

117

 

117

Impairment, net of other operating income

64

 

64

(11)

 

(11)

Total operating expenses

 

1,622

 

1,859

3,481

 

1,204

 

1,507

2,711

Operating income (loss)

 

542

 

(27)

515

 

626

 

(31)

595

Interest expense

 

(227)

(7)

(234)

 

(196)

 

(2)

(198)

Other income

 

34

34

68

 

31

 

33

64

Income before taxes

 

349

 

349

 

461

 

461

Income tax expense

 

22

22

 

76

 

76

Net income

 

327

 

327

 

385

 

385

Less: Preference stock dividend requirements

 

25

25

 

26

 

26

Net income available for common stock

$

302

$

$

302

$

359

$

$

359

Net income available for common stock

$

302

$

359

Less: Non-core expense

 

  

 

  

 

(116)

 

  

 

  

 

(38)

Core earnings1

  

 

  

$

418

 

  

 

  

$

397

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 $334 million primarily due to the following:
An increase of CPUC-related revenue of approximately $177 million from the implementation of the 2021 GRC final decision and the escalation mechanism set forth in the 2021 GRC decision. SCE's results of operations for the three months ended June 30, 2021 were based on the 2020 authorized revenue. SCE recorded the final 2021 GRC decision in the third quarter of 2021 which included authorized revenue attributable to the second quarter of 2021 of approximately $85 million.
SCE also recognized $300 million of revenue for wildfire-related expenses that had been deferred prior to 2021 and were authorized for recovery in the GRC track 3 in June 2022 ($175 million included in earnings activities, $125 million included in cost-recovery activities). See "Liquidity and Capital Resources—Regulatory Proceedings" for more information.
A decrease of other CPUC-related revenue of $32 million primarily related to tax balancing account activities (offset in income tax below).

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An increase in FERC-related revenue and other operating revenue of $14 million primarily due to rate base growth including the completion of the West of Devers project in May 2021, partially offset by the impact of a change in estimate under the FERC formula rate mechanism in 2021.
Higher operation and maintenance costs of $278 million primarily due to the following:
Higher expenses of $163 million subject to balancing account treatment due to the approval in the GRC track 3 to recover wildfire-related expenses that had been deferred as regulatory assets prior to 2021 (offset in revenue above).
Higher expenses of $37 million primarily related to supporting the PSPS program. The 2021 GRC final decision approved authorized revenue for the PSPS program costs, which had been deferred in the same period of 2021.
A charge of $23 million related to settlement of an employment litigation matter, net of estimated insurance recoveries. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Employment Litigation Matter " for further information.
Higher expenses of $18 million of wildfire mitigation expenses that were disallowed in the GRC track 3 decision.
A charge of $14 million related to organizational realignment services.
A $10 million proposed penalty from the CPUC for SCE's operation of PSPS in 2020. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.
Higher expenses of $9 million related to inspections and preventive maintenance.
Higher other expenses of $4 million including uncollectibles expense for non-residential customers.
Higher depreciation and amortization expense of $64 million primarily due to increased plant balances in 2022 and the change in depreciation rates from the adoption of the 2021 GRC final decision.
Higher impairment and other operating income of $75 million primarily due to impairments in 2022 of $17 million related to the CPUC decision in the GRC track 3 proceeding and a $47 million impairment charge related to a settlement agreement between SCE and The Utility Reform Network ("TURN") in the CSRP proceeding. See "Liquidity and Capital Resources—Regulatory Proceedings" for more information.
Higher interest expense of $31 million primarily due to a higher interest rate on balancing account overcollections and increased borrowings.
See "Income Taxes" below for the explanation of $54 million decrease in income tax expense.

Cost-Recovery Activities

Operating revenue and the corresponding operating expenses in cost-recovery activities were primarily affected by the following:

Higher purchased power and fuel costs of $21 million primarily due to higher power and gas prices, higher capacity and GHG costs and higher CAISO settlement costs, partially offset by lower purchase power volume and net realized gains on gas hedging activities related to higher gas prices.
Higher operation and maintenance costs of $326 million primarily due to:
Higher expenses of $204 million in 2022 related to wildfire insurance and vegetation management costs which were reported in cost recovery activities due to the balancing accounts approved in the 2021 GRC decision. In 2021, these costs were reported above in Earnings Activities.

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Higher expenses of $125 million of GRC track 3 wildfire mitigation expenses that had been deferred prior to 2021 and were authorized for recovery in June 2022. See "Earnings Activities" above.

Six months ended June 30, 2022 versus June 30, 2021

    

Six months ended June 30, 2022

Six months ended June 30, 2021

Cost-

Cost-

Earning

Recovery

Total

Earning

Recovery

Total

(in millions)

    

 Activities

    

  Activities

    

 Consolidated

  

  

 Activities

    

  Activities

    

 Consolidated

Operating revenue

$

4,431

$

3,526

$

7,957

$

3,597

$

2,662

$

6,259

Purchased power and fuel

 

2,341

 

2,341

2,296

 

2,296

Operation and maintenance

 

1,580

1,225

 

2,805

1,130

429

 

1,559

Wildfire-related claims, net of insurance recoveries

 

427

 

427

3

 

3

Wildfire Insurance Fund expense

 

106

 

106

107

 

107

Depreciation and amortization

 

1,175

8

 

1,183

1,056

1

 

1,057

Property and other taxes

 

233

10

 

243

241

1

 

242

Impairment, net of other operating income

 

62

 

62

(11)

 

(11)

Total operating expenses

 

3,583

 

3,584

7,167

 

2,526

 

2,727

5,253

Operating income

 

848

 

(58)

790

 

1,071

 

(65)

1,006

Interest expense

 

(437)

(10)

(447)

 

(380)

(2)

(382)

Other income

 

71

68

139

 

69

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