SOUTHERN CALIFORNIA EDISON Co

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

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FY2023 · Filed Feb 22, 2024

EIX$60.14+1.3%Stored close · as of Nov 9, 2026

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Contents

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
AB 1054		California Assembly Bill 1054, executed by the governor of California on July 12, 2019
AB 1054 Excluded Capital Expenditures		$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)
CAISO		California Independent System Operator
Capistrano Wind		a group of wind projects referred to as Capistrano Wind
Capital Structure Compliance Period		January 1, 2023 to December 31, 2025, 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
COVID-19		Coronavirus disease 2019
CPUC		California Public Utilities Commission
CSRP		Customer Service Re-platform, a customer service system implemented in April 2021
DART		a Days Away Restricted or Transferred incident, which is a work-related Occupational Safety and Health Administration recordable injury or illness that results in days away from work, restricted duty or transfer of duties
DERs		distributed energy resources
DGC		the decommissioning general contractor engaged by SCE to undertake a significant scope of decommissioning activities at San Onofre
ECS		SCE commercial telecommunications services operated under the name of Edison Carrier Solutions
Edison Energy		Edison Energy, LLC, an indirect wholly-owned non-utility subsidiary of Edison International, a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers
Edison International Proxy Statement		Proxy Statement to be filed with the SEC in connection with Edison International's Annual Meeting of Shareholders to be held on April 25, 2024
EEI Serious Injury		a work-related injury that is categorized as a "serious injury" by Edison Electric Institute
EEI SIF		a work-related fatality or an EEI Serious Injury
EIS		Edison Insurance Services, Inc., a wholly-owned subsidiary of Edison International licensed to provide insurance to Edison International and its subsidiaries
Electric Service Provider		an entity other than an investor-owned utility or CCA that provides electric power and ancillary services to retail customers
ERRA		Energy Resource Recovery Account
Fast curve settings		protective settings, used to mitigate the risk of wildfires in high fire risk areas, that enable SCE to more quickly shut off power when an electrical fault occurs than under traditional settings
FERC		Federal Energy Regulatory Commission
Fitch		Fitch Ratings, Inc.
GAAP		generally accepted accounting principles in the United States
GHG		greenhouse gas

GRC		general rate case
IRA		Inflation Reduction Act of 2022
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
MD&A		Management's Discussion and Analysis of Financial Condition and Results of Operations in this report
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.
MW		Megawatt(s)
NDCTP		Nuclear Decommissioning Cost Triennial Proceeding, a CPUC proceeding to review decommissioning costs
NEM		net energy metering
NERC		North American Electric Reliability Corporation
NRC		United States 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 has been or 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
Safety Tier 1 Contractors		individuals assigned to contracted work activities that may be high risk and, without implementation of appropriate safety measures, may be potentially hazardous or life threatening
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 Company
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 regarding the 2017/2018 Wildfire/Mudslide Events and three other 2017 wildfires
SoCalGas		Southern California Gas Company
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
Track 2		Track 2 of the 2021 GRC, which addressed the reasonableness of wildfire mitigation costs incurred in 2018 and 2019 that were incremental to amounts authorized in the 2018 GRC
Track 3		Track 3 of the 2021 GRC, which addressed the reasonableness of wildfire mitigation costs incurred in 2020 that were incremental to amounts authorized in the 2018 GRC
Track 4		Track 4 of the 2021 GRC, which addressed SCE's revenue requirement for 2024
Turnover Rate		the number of employees (other than interns) who leave Edison International Parent or SCE for voluntary or involuntary reasons, divided by the average number of employees during the relevant period

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WCCP		Wildfire Covered Conductor Program
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

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.