Edison International
SCE Files Settlement Agreement for TKM Events Cost Recovery
Summary
Southern California Edison Company (SCE), a subsidiary of Edison International, has filed a motion to seek approval from the California Public Utilities Commission (CPUC) for a settlement agreement regarding the cost recovery of losses and restoration costs from the Thomas Fire, the Koenigstein Fire, and the Montecito Mudslides (TKM Events). If approved, SCE will be authorized to recover 60% of approximately $2.7 billion in losses, which includes uninsured claims paid as of May 31, 2024, and costs, comprised of legal costs paid as of May 31, 2024, and estimated financing costs. Additionally, SCE will be authorized to recover approximately $55 million of approximately $65 million in restoration costs incurred. SCE has also agreed to $50 million of shareholder-funded wildfire- and public safety-related system enhancements. The settlement terms allow for the permanent exclusion of after-tax charges to equity and associated debt from SCE's CPUC regulatory capital structure. The terms and conditions of the settlement agreement are detailed in Exhibit 99.1, which is an Edison International Business Update Supplement. The settlement motion will be posted on www.edisoninvestor.com and used in meetings with institutional investors and analysts.
Profitelligence Alerts
Get alerts for EIX
Be first to know when Edison International files with the SEC.
Filing Categories
Exhibits (1)
Advertisement
About Edison International
Edison International is a leading energy holding company based in California, primarily engaged in the generation and distribution of electric power. It operates through its subsidiary, Southern California Edison, one of the largest electric utilities in the United States, serving millions of residential, commercial, and industrial customers across Southern California. The company's primary function is to provide reliable and sustainable electricity, focusing on infrastructure resilience and clean energy solutions, including solar and wind power projects. Edison International plays a crucial role in the energy sector by facilitating the transition towards renewable energy sources, aiming to reduce carbon emissions and enhance energy efficiency. Its operations significantly impact industries such as construction, manufacturing, and technology, which rely on consistent power supply. Additionally, the company actively invests in modernizing the electric grid, which is pivotal for supporting the increasing demand for electric vehicles and integrating alternative energy sources. In the financial market, Edison International is recognized for its commitment to sustainability and its pivotal role in supporting the California economy through its energy solutions.
Official SEC Documents
Advertisement