Edison International
SCE Settles Woolsey Fire Cost Recovery with CPUC
Summary
Southern California Edison Company (SCE) has filed a motion to approve a settlement agreement with the California Public Utilities Commission (CPUC) to recover approximately $2.0 billion of losses related to the 2018 Woolsey Fire. If approved by the CPUC, SCE will be authorized to recover 35% of approximately $5.6 billion of losses, including uninsured claims and restoration costs. The settlement also includes waiving the right to seek recovery of certain uninsured losses. This settlement marks a significant milestone in resolving the 2017/2018 Wildfire/Mudslide Events, helping reduce excess financing costs to customers and improving credit metrics.
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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.
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