EDISON INTERNATIONAL

Capital Expenditures

Total capital expenditures (including accruals) were $4.7 billion and $4.0 billion for the nine months ended September 30, 2025 and 2024, respectively.

SCE's capital expenditure forecast has been updated since the filing of the 2024 Form 10-K to reflect planned CPUC-jurisdictional spending as informed by the 2025 GRC final decision (See"—2025 General Rate Case— Capital Expenditures" for further information)and expected FERC capital expenditures.

The table below reflects forecast capital expenditures for 2025 – 2028, based on authorized and planned CPUC-jurisdictional spending and current management expectations of FERC-jurisdictional spending. CPUC-jurisdictional spending includes amounts authorized in the 2025 GRC, and other planned non-GRC CPUC capital spending. Forecast expenditures for FERC capital projects are subject to change due to factors such as timeliness of permitting, licensing, regulatory approvals, contractor bids, supply chain issues, and other operational considerations.

Based on management's judgment of potential capital spending variability informed by historical precedent of previously authorized amounts, potential permitting delays, and other operational considerations, a range case was prepared reflecting reductions to CPUC non-GRC capital expenditures and FERC capital expenditures.

SCE's 2025 – 2028 forecast for major capital expenditures is set forth in the table below:

In addition to the amounts presented in the table above, SCE expects to make additional CPUC capital investments, the recovery of which will be subject to future regulatory approval. This includes non-GRC programs, such as additional spending on an advanced metering infrastructure program. SCE expects the total expenditures of these programs to be at least $2 billion, most of which will be incurred beyond 2028.

Furthermore, in May 2025, the CAISO approved its 2024–2025 Transmission Plan, which identified six transmission projects expected to be constructed by SCE with anticipated capital expenditures of approximately $300 million. As discussed in "Management Overview—Capital Program" in the 2024 MD&A, SCE also expects to construct projects associated with previously approved CAISO Transmission Plans requiring capital investment of at least $2 billion. Most of the capital expenditures are expected to be incurred beyond 2028.

Rate Base

SCE's authorized CPUC-jurisdictional rate base is determined through the GRC and other regulatory proceedings. Differences between actual and CPUC-authorized rate base are addressed in subsequent GRCs or other regulatory proceedings. FERC-jurisdictional rate base is determined based on actual capital expenditures.

Reflected below is SCE's weighted average annual rate base for 2025 – 2028, based on the capital expenditure forecasts discussed above. In addition, the table below does not reflect the SB 254 Excluded Capital Expenditures, which SCE plans to recover through the issuance of securitized bonds. For further information, see "—Southern California Wildfires and Mudslides—Senate Bill 254—SB 254 Excluded Capital Expenditures."