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Table of Contents

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, 2021

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 22, 2021:

Edison International

379,704,799 Shares

Southern California Edison Company

434,888,104 Shares

Table of Contents

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

2021 General Rate Case

5

Capital Program

7

Southern California Wildfires and Mudslides

8

CSRP

11

COVID-19

11

Wildfire Mitigation, Wildfire Insurance and Restoration Expenses

11

RESULTS OF OPERATIONS

12

Southern California Edison Company

12

Three months ended June 30, 2021 versus June 30, 2020

13

Earning Activities

13

Cost-Recovery Activities

14

Six months ended June 30, 2021 versus June 30, 2020

15

Earnings Activities

15

Cost-Recovery Activities

16

Supplemental Operating Revenue Information

16

Income Taxes

17

Edison International Parent and Other

17

Loss from Operations

17

LIQUIDITY AND CAPITAL RESOURCES

18

Southern California Edison Company

18

Available Liquidity

20

Regulatory Proceedings

20

Capital Investment Plan

22

Margin and Collateral Deposits

22

Edison International Parent and Other

23

Historical Cash Flows

24

Southern California Edison Company

24

Edison International Parent and Other

28

i

Table of Contents

Contingencies

28

MARKET RISK EXPOSURES

28

Commodity Price Risk

28

Credit Risk

29

CRITICAL ACCOUNTING ESTIMATES AND POLICIES

29

NEW ACCOUNTING GUIDANCE

29

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

29

Part I, Item 3

FINANCIAL STATEMENTS

30

Part I, Item 1

Edison International Consolidated Statements of Income

30

Edison International Consolidated Statements of Comprehensive Income

31

Edison International Consolidated Balance Sheets

32

Edison International Consolidated Statements of Cash Flows

34

SCE Consolidated Statements of Income

35

SCE Consolidated Statements of Comprehensive Income

35

SCE Consolidated Balance Sheets

36

SCE Consolidated Statements of Cash Flows

38

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

39

Note 1. Summary of Significant Accounting Policies

39

Note 2. Consolidated Statements of Changes in Equity

43

Note 3. Variable Interest Entities

46

Note 4. Fair Value Measurements

48

Note 5. Debt and Credit Agreements

51

Note 6. Derivative Instruments

53

Note 7. Revenue

55

Note 8. Income Taxes

57

Note 9. Compensation and Benefit Plans

58

Note 10. Investments

59

Note 11. Regulatory Assets and Liabilities

60

Note 12. Commitments and Contingencies

62

Note 13. Equity

76

Note 14. Accumulated Other Comprehensive Loss

77

Note 15. Other Income

78

Note 16. Supplemental Cash Flows Information

78

Note 17. Related-Party Transactions

79

CONTROLS AND PROCEDURES

80

Part I, Item 4

Disclosure Controls and Procedures

80

ii

Table of Contents

Changes in Internal Control Over Financial Reporting

80

Jointly Owned Utility Plant

80

LEGAL PROCEEDINGS

80

Part II, Item 1

2017/2018/Wildfire/Mudslide Events

80

Environmental Proceedings

80

RISK FACTORS

80

Part II, Item 1A

EXHIBITS

82

Part II, Item 6

SIGNATURES

84

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

Table of 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

2019/2020 Wildfires

wildfires that originated in Southern California in 2019 and 2020 where SCE's equipment may be alleged to be associated with the fire's ignition

2020 Form 10-K

Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2020

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 will exclude 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

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

DERs

distributed energy resources

Edison Energy

 

Edison Energy, LLC, a wholly-owned subsidiary of Edison Energy Group that is engaged in the competitive business of providing data-driven energy solutions to commercial, institutional and industrial customers

Edison Energy Group

 

Edison Energy Group, Inc., an indirect wholly-owned subsidiary of Edison International, that is a holding company for subsidiaries engaged in competitive businesses

Edison International Proxy Statement

Proxy Statement filed with the SEC in connection with Edison International's Annual Meeting of Shareholders' held on April 22, 2021

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

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kV

unit of electrical potential equal to 1000 volts

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 (previously, the OEIS was the Wildfire Safety Division (or WSD) of the CPUC)

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 Shutoffs

ROE

return on common equity

RPS

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

SDG&E

San Diego Gas & Electric

SEC

U.S. Securities and Exchange Commission

SED

Safety and Enforcement Division of the CPUC

Tax Reform

Tax Cuts and Jobs Act signed into law on December 22, 2017

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

VCFD

Ventura County Fire Department

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

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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 to implement SCE's new customer service system and costs incurred as a result of the COVID-19 pandemic;
ability of SCE to implement its WMP;
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 SCE's nuclear facilities and 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;
risks associated with AB 1054 effectively mitigating the significant risk 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 new prudency standard established under AB 1054;
ability of SCE to effectively manage its 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, and delays in executive, regulatory and legislative actions;
ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;

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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, 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 transmission and distribution infrastructure investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), changes in the CAISO's transmission plans, and governmental approvals;
risks associated with the operation of transmission and distribution assets and power generating 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;
cost and availability of labor, equipment and materials;
potential for penalties or disallowance for non-compliance with applicable laws and regulations; and
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.

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Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2020 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 2020 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" 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, 2021 discusses material changes in the consolidated financial condition, results of operations and other developments of Edison International and SCE since December 31, 2020 and as compared to the six months ended June 30, 2020. This discussion presumes that the reader has read or has access to Edison International's and SCE's MD&A for the calendar year 2020 (the "2020 MD&A"), which was included in the 2020 Form 10-K.

Except when otherwise stated, references to each of Edison International, SCE, or Edison Energy Group mean each such company with its subsidiaries on a consolidated basis. References to "Edison International Parent and Other" mean Edison International Parent and its consolidated competitive 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.

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT OVERVIEW

Highlights of Operating Results

Edison International is the parent holding company of SCE and Edison Energy Group. 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 Group is a holding company for Edison Energy which is engaged in the competitive business of providing data-driven 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)

    

2021

    

2020

    

 Change

    

2021

    

2020

    

 Change

Net income (loss) attributable to Edison International

 

  

 

  

 

  

 

  

 

  

 

  

SCE

$

359

$

381

$

(22)

$

655

$

600

$

55

Edison International Parent and Other

 

(41)

 

(63)

 

22

 

(78)

 

(99)

 

21

Edison International

 

318

 

318

 

 

577

 

501

 

76

Less: Non-core items

 

  

 

  

 

  

 

  

 

  

 

  

SCE

 

  

 

  

 

  

 

 

 

  

2017/2018 Wildfire/Mudslide Events expenses

(6)

(9)

3

(10)

(9)

(1)

Wildfire Insurance Fund expense

 

(39)

 

(60)

 

21

 

(77)

 

(120)

 

43

Sale of San Onofre nuclear fuel

7

37

(30)

7

37

(30)

Re-measurement of tax liabilities

18

(18)

Edison International Parent and Other

 

  

 

  

 

 

 

 

Goodwill impairment

 

 

(25)

 

25

 

 

(25)

 

25

Re-measurement of tax liabilities

(3)

3

Total non-core items

 

(38)

 

(57)

 

19

 

(80)

 

(102)

 

22

Core earnings (losses)

 

  

 

  

 

  

 

  

 

  

 

  

SCE

 

397

 

413

 

(16)

 

735

 

674

 

61

Edison International Parent and Other

 

(41)

 

(38)

 

(3)

 

(78)

 

(71)

 

(7)

Edison International

$

356

$

375

$

(19)

$

657

$

603

$

54

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 2021 earnings remained unchanged from the second quarter of 2020, resulting from a decrease in SCE's earnings of $22 million and a decrease in Edison International Parent and Other's losses of $22 million. SCE's lower earnings consisted of $16 million of lower core earnings and $6 million of higher non-core losses. Edison International's earnings for the six months ended June 30, 2021 increased $76 million from the six months ended June 30, 2020, resulting from an increase in SCE's earnings of $55 million and a decrease in Edison International Parent and Other's

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losses of $21 million. SCE's higher earnings consisted of $61 million of higher core earnings and $6 million of higher non-core losses.

The decrease in SCE's core earnings for the second quarter 2021 from the same period in 2020 was primarily due to higher depreciation, partially offset by higher FERC revenue and lower expenses related to wildfire mitigation activities.

The increase in SCE's core earnings for the six months ended June 30, 2021 from the same period in 2020 was primarily due to lower expenses related to wildfire mitigation activities, employee benefits and lower customer uncollectibles as well as higher FERC revenue, partially offset by higher depreciation.

The decrease in Edison International Parent and Other's net loss for the three months and six months ended June 30, 2021 was due to higher core losses of $3 million and $7 million, respectively, and lower non-core losses of $25 million and $28 million, respectively. Edison International's increase in core losses was primarily due to higher preferred dividends as a result of the preferred equity issuance in 2021, partially offset by the recognition of unrealized gains from the increase in fair value of an investment in Proterra Inc, an electric vehicle technology manufacturer, and lower corporate expenses.

Consolidated non-core items for the six months ended June 30, 2021 and 2020 primarily included:

Charges of $107 million ($77 million after-tax) recorded in 2021 and $167 million ($120 million after-tax) recorded in 2020 from the amortization of SCE's contributions to the Wildfire Insurance Fund. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.
Charges of $14 million ($10 million after-tax) recorded in 2021 and $12 million ($9 million after-tax) recorded in 2020 for 2017/2018 Wildfire/Mudslide Events expenses.
Gains of $10 million ($7 million after-tax) recorded in 2021 and $52 million ($37 million after-tax) recorded in 2020 for SCE's sale of San Onofre nuclear fuel.
An impairment charge of $34 million ($25 million after-tax) recorded in 2020 for Edison International Parent and Other related to Edison Energy's goodwill.
An income tax benefit of $18 million and income tax expense of $3 million recorded in 2020 for SCE and Edison International Parent and Other, respectively, due to re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit.

See "Results of Operations" for discussion of SCE and Edison International Parent and Other results of operations.

2021 General Rate Case

The 2021 GRC consists of four separate tracks. Track 1 is similar to previous GRCs and addresses revenue requirements for the three-year period of 20212023. Tracks 2 and 3 address the reasonableness of 20182019 and 2020 wildfire mitigation costs that were incremental to amounts authorized in the 2018 GRC, respectively. In January 2020, a CPUC decision introduced a third attrition year in current and future GRCs. As a result, track 4 will address the revenue requirement for 2024. SCE is scheduled to submit its testimony for track 4 in May 2022.

In July 2021, the CPUC issued a proposed decision on track 1 of the 2021 GRC, which if adopted, would result in a base rate revenue requirement of $6.9 billion in 2021, an increase of $342 million over revenue requirements authorized for 2020. This is a decrease of $744 million from SCE's requested revenue requirement primarily related to lower authorized expenses for wildfire insurance, vegetation management, employee benefits and depreciation. The proposed decision, if adopted, would provide a balancing account for cost recovery of up to 115% of authorized vegetation management expenses. The proposed decision would also provide regulatory mechanisms to seek recovery of vegetation management expenses above 115% of authorized levels and incremental wildfire insurance expenses through reasonableness review applications. SCE expects

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vegetation management costs to exceed authorized levels due to increased labor rates required by state legislation in October 2019. If adopted, the proposed decision would lead to a non-core impairment of utility property, plant and equipment of up to $78 million ($56 million after-tax) related to disallowed historical capital expenditures of pole replacements the CPUC determined were performed prematurely.

The proposed decision would allow escalation of wildfire capital additions based on forecast spending for both 2022 and 2023. It would also allow operation and maintenance expenses to be escalated for 2022 and 2023 through the use of various escalation factors for labor, non-labor and medical expenses. The methodology set forth in the proposed decision would, if adopted by the CPUC, result in a revenue requirement of $7.2 billion in 2022 and $7.6 billion in 2023.

The CPUC has approved the establishment of a memorandum account making the authorized revenue requirement changes effective January 1, 2021. Under the proposed decision the increase in January 2021 to September 2021 authorized revenues would be collected over a 27-month period beginning October 1, 2021.

SCE cannot predict the revenue requirement the CPUC will ultimately authorize. SCE is recognizing revenue based on the 2020 authorized revenue requirement until a final GRC decision is issued. SCE expects a final decision on the track 1 GRC application for the 2021 test year in the third quarter of 2021. A final decision could result in material changes to the proposed decision.

This table sets out the authorized revenue and costs of service under the 2018 GRC and the 2021 GRC proposed decision:

(in millions)

    

2020 Authorized
Revenue

    

Adjustments1

    

2020 Adjusted Authorized
Revenue

    

2021 Proposed
Decision Authorized Revenue

Increase
(Decrease)

  

Authorized revenue

$

5,898

$

645

$

6,543

$

6,885

$

342

Cost of service:

 

  

 

 

  

 

  

 

  

Operation and maintenance

 

1,676

 

595

 

2,271

 

2,216

 

(55)

Depreciation

 

1,759

 

17

 

1,776

 

1,906

 

130

Property and payroll taxes

 

360

 

2

 

362

 

397

 

35

 

Income taxes

 

138

 

 

138

 

215

 

77

 

Authorized return

 

1,965

 

31

 

1,996

 

2,151

 

155

 

Total

$

5,898

$

645

$

6,543

$

6,885

$

342

 

1Adjustments to 2020 GRC authorized revenue to include authorized Grid Safety and Resiliency Program Memorandum Account ("GSRPMA") and authorized WEMA revenue requirements for costs from 2018 to 2020 which were recorded in 2020. The adjustment includes revenue requirements of $37 million and $344 million which relate to 2018 and 2019 for GSRPMA and WEMA, respectively. Revenue requirements of $497 million for operation and maintenance expense and depreciation incurred in 2020 are subject to reasonableness review in track 3 of the 2021 GRC and are not reflected above.

The proposed decision, if adopted, would authorize total capital expenditures of $4.6 billion for 2021, $577 million lower than SCE's request. The most significant reduction to SCE's request is related to SCE's Wildfire Covered Conductor Program ("WCCP"), SCE's largest wildfire risk mitigation program. SCE had requested $3.4 billion of capital expenditures to install 6,272 miles from 2019 to 2023. If approved, the proposed decision would authorize $1.5 billion of capital expenditures for SCE to install 2,750 miles of covered conductor from 2019 to 2023 and a balancing account to track the difference between actual WCCP costs and amounts authorized. If spending is less than authorized, SCE would refund those amounts to customers. If spending exceeds authorized, SCE would recover spending up to 110% of the authorized amount from customers. SCE would be eligible to submit a subsequent reasonableness review application if spending is in excess of 110% of authorized amounts.

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This table sets out SCE's authorized capital expenditures, net of amounts collectible for customer requested modifications, under the 2021 GRC proposed decision, as well as SCE's forecast of CPUC jurisdictional non-GRC capital expenditures and FERC jurisdictional capital expenditures:

Total

(in billions)

    

2021

    

2022

    

2023

    

2021 – 2023

Total company capital expenditure as described above

$

4.71

$

4.7

$

4.6

$

14.0

1SCE is currently continuing to execute a capital spending plan for 2021 in line with previous projections, for additional information see "—Capital Program."

Reflected below is SCE's estimated weighted average annual rate base for 2021 – 2023 incorporating the 2021 GRC proposed decision, expected rate base from CSRP if approved, other CPUC non-GRC projects or programs that have been approved and forecast FERC capital expenditures. The table below does not reflect the $1.6 billion of AB 1054 Excluded Capital Expenditures, or approximately $350 million of rate base associated with 2020 wildfire restoration capital expenditures which SCE anticipates will be included in future CEMA applications. The table below reflects the July 2021 reduction in rate base from a $400 million payment from a third party for the 30-year use of a portion of the West of Devers transmission project.

In July 2021, the CPUC issued a proposed decision which, if adopted, would deny without prejudice SCE's application to recover all restoration costs related to six 2017 wildfires. The proposed decision, if adopted, could lead to a $165 million reduction in forecast rate base in 2021. For additional information see "Liquidity and Capital Resources—SCE—Regulatory Proceedings—Wildfire Related Regulatory Proceedings—2019 CEMA Application" and "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingences."

(in billions)

    

2021

    

2022

    

2023

Total company rate base as described above

$

35.7

$

38.0

$

40.0

For more information on tracks 2 and 3 of the 2021 GRC, see "Liquidity and Capital Resources—SCE—Regulatory Proceedings—Wildfire Related Regulatory Proceedings—2021 General Rate Case Wildfire Mitigation Memorandum Account Balances."

Capital Program

Total capital expenditures (including accruals) were $2.3 billion for the first six months of both 2021 and 2020.

In the absence of a 2021 GRC final decision, SCE continues to execute a capital spending plan for 2021 that would result in spending in the range of $5.4 billion to $5.5 billion.

SCE will adjust spending for what is ultimately authorized in the 2021 GRC final decision while minimizing the risk of disallowed spending. If the 2021 GRC proposed decision is adopted, recovery of any wildfire mitigation spending above authorized amounts would be subject to subsequent reasonableness review.

In addition to a final GRC decision, actual capital spending may be affected by changes in regulatory, environmental and engineering design requirements, permitting and project delays, cost and availability of labor, equipment and materials and other factors. For further information regarding the capital program see "Liquidity and Capital Resources—SCE—Capital Investment Plan" in this filing and "Management Overview—Capital Program" in the 2020 MD&A.

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Southern California Wildfires and Mudslides

California has experienced unprecedented weather conditions in recent years and SCE's service territory remains susceptible to additional wildfire activity in 2021 and beyond. The worsening conditions across California increase the likelihood of wildfires, including those where SCE's equipment may be alleged to be associated with the fire's ignition. In response to worsening weather and fuel conditions and increased wildfire activity over the past several years, SCE has developed and is implementing its 2020 – 2022 WMP to reduce the risk of SCE equipment contributing to the ignition of wildfires. In addition, California has increased its investment in wildfire prevention and fire suppression capabilities.

In addition to the investments SCE is making as part of its WMP, SCE also uses its PSPS program to proactively de-energize power lines to mitigate the risk of catastrophic wildfires during extreme weather events. SCE may be subject to mandated changes to, or restrictions on, its operational PSPS practices, regulatory fines and penalties, claims for damages and reputational harm if SCE does not execute PSPS in compliance with applicable rules and regulations or if it is determined that SCE has placed excessive or unreasonable reliance on PSPS. In June 2021, the CPUC issued a final decision which, among other things, will reduce future authorized revenue for the volumetric reductions in electricity sales resulting from PSPS events initiated after June 2021 until the CPUC determines that improvements in the PSPS program have been made.

Wildfires in SCE's territory in December 2017 and November 2018 caused loss of life, substantial damage to both residential and business properties, and service outages for SCE customers. Edison International and SCE have incurred material losses in connection with the 2017/2018 Wildfire/Mudslide Events.

SCE's equipment has been, and may further be, alleged to be associated with several wildfires that have originated in Southern California subsequent to 2018. Edison International and SCE expect that any losses incurred in connection with those fires will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such losses after insurance recoveries will not be material.

2017/2018 Wildfire/Mudslide Events

As discussed in the 2020 Form 10-K, multiple lawsuits related to the 2017/2018 Wildfire/Mudslide Events have been initiated against SCE and Edison International.

Through June 30, 2021, Edison International and SCE have recorded total pre-tax charges of $6.2 billion, expected recoveries from insurance of $2.0 billion and expected recoveries through FERC electric rates of $233 million related to the 2017/2018 Wildfire/Mudslide Events. The after-tax net charges to earnings recorded through June 30, 2021 have been $2.9 billion.

As of June 30, 2021, SCE had paid $4.7 billion under executed settlements and had $141 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 $139 million through FERC-jurisdictional electric rates.

After giving effect to all settlements entered into through June 30, 2021, Edison International and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events was $1.4 billion. The remaining estimated losses for the 2017/2018 Wildfire/Mudslide Events do not include an estimate of any potential fines or penalties that could be levied against SCE in connection with the 2017/2018 Wildfire/Mudslide Events. Edison International and SCE are currently unable to reasonably estimate the magnitude of any such fines or penalties, or the associated timing if they were to be imposed. Estimated losses for the 2017/2018 Wildfire/Mudslide Events litigation are based on a number of assumptions and are subject to change as additional information becomes available. Actual losses incurred may be higher or lower than estimated based on several factors, including: the uncertainty as to the legal and factual determinations to be made during litigation, including uncertainty as to the contributing causes of the 2017/2018 Wildfire/Mudslide Events, the complexities associated with fires that merge, whether inverse condemnation will be held applicable to SCE with respect to damages caused by the Montecito Mudslides, uncertainties related to the litigation

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processes, the uncertainty in estimating damages that may be alleged, and the uncertainty as to how these factors impact future settlements.

SCE will seek CPUC-jurisdictional rate recovery of prudently-incurred, actual losses realized in connection with the 2017/2018 Wildfire/Mudslide Events in excess of available insurance. 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 future 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.

Current Wildfire Insurance Coverage

SCE has approximately $1.0 billion of wildfire-specific insurance coverage for events that may occur during the period July 1, 2021 through June 30, 2022, subject to $50 million of self-insured retention and up to approximately $75 million of co-insurance, which results in net coverage of approximately $875 million. Various coverage limitations within the policies that make up SCE's wildfire insurance coverage could result in additional material self-insured costs, for instance in the event of multiple wildfire occurrences during a policy period or with a single wildfire with damages in excess of the policy limits. SCE believes that its insurance coverage for the July 1, 2021 through June 30, 2022 period meets its obligation to maintain reasonable insurance coverage under AB 1054.

2019 Wildfire Legislation

In July 2019, AB 1054 was signed by the governor of California and became effective immediately. The summary of the wildfire legislation in this report is based on SCE's interpretation of the legislation and is qualified in its entirety by, and should be read together with, AB 1054 and companion Assembly Bill 111.

AB 1054 Prudency Standard

Under AB 1054, the CPUC must apply a new standard when assessing the prudency of a utility in connection with a request for recovery of wildfire costs for wildfires ignited after July 12, 2019. Utilities with a valid safety certification will be presumed to have acted prudently related to a wildfire ignition unless a party in the cost recovery proceeding creates serious doubt as to the reasonableness of the utility's conduct, at which time, the burden shifts back to the utility to prove its conduct was prudent. If a utility does not have a valid safety certification, it will have the burden to prove, based on a preponderance of evidence, that its conduct was prudent.

Wildfire Insurance Fund

AB 1054 also provided for the Wildfire Insurance Fund to reimburse a utility for payment of certain third-party damage claims arising from certain wildfires that exceed, in aggregate in a calendar year, the greater of $1.0 billion or the insurance coverage required to be maintained under AB 1054. Through June 30, 2021, the participating investor-owned utilities, PG&E, SCE and SDG&E, have collectively contributed approximately $8.1 billion to the Wildfire Insurance Fund and have not sought reimbursement of wildfire claims from the fund.

Participating investor-owned utilities will be reimbursed from the Wildfire Insurance Fund for eligible claims, subject to the fund administrator's review. Utilities participating in the Wildfire Insurance Fund are not required to reimburse the fund for amounts withdrawn from the fund that the CPUC finds were prudently incurred and can recover such prudently incurred wildfire costs through electric rates if the fund has been exhausted. SCE will reimburse the fund for any withdrawn amounts if SCE receives payment of such amounts under an indemnification agreement or from an insurance provider or other third-party. SCE will also be required to reimburse the fund for withdrawn amounts that the CPUC disallows subject to the AB

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1054 Liability Cap. A utility will not be eligible for the AB 1054 Liability Cap if it does not maintain a valid safety certification or its actions or inactions that resulted in the wildfire are found to constitute conscious or willful disregard of the rights and safety of others. Based on SCE's forecasted weighted-average 2021 transmission and distribution rate base, excluding general plant and intangibles, and using the equity portion of SCE's CPUC authorized capital structure of 52%, SCE's requirement to reimburse the Wildfire Insurance Fund for eligible claims disallowed in 2021 would be capped at approximately $3.2 billion. SCE will not be allowed to recover borrowing costs incurred to reimburse the fund for amounts that the CPUC disallows. The Wildfire Insurance Fund and, consequently, the AB 1054 Liability Cap, will terminate when the administrator determines that the fund has been exhausted.

Safety Certification and Wildfire Mitigation Plan

Under AB 1054, SCE can obtain an annual safety certification upon the submission of certain required safety information, including an approved WMP. On September 17, 2020, SCE obtained a safety certification that will be valid for 12 months. Notwithstanding its 12-month term, if SCE requests a new safety certification by September 13, 2021, then its current safety certification will remain valid until the OEIS acts on SCE's request for a new safety certification. SCE expects to request a new safety certification by September 13, 2021 and expects the OEIS to act on its request by December 13, 2021.

SCE submitted its 2020 – 2022 WMP in February 2020. In June 2020, the CPUC ratified the OEIS's conditional approval of SCE's 2020 – 2022 WMP. The approval was conditioned on SCE providing requested information to the OEIS, including additional descriptions of how SCE is implementing, and will implement, certain requirements imposed by the OEIS. SCE submitted updates to its 2020 – 2022 WMP in February 2021 to, among other things, report on implementation of its plan in 2020 and describe new and ongoing wildfire mitigation activities. In June 2021, SCE submitted revised updates to its 2020 – 2022 WMP in response to a revision notice received from the OEIS. In July 2021, the OEIS issued a draft resolution approving SCE's updates, and a draft action statement requiring SCE to remedy certain specified issues, including by reevaluating the scope and pace of its covered conductor program and providing additional clarity and consistency on risk mitigation analysis. If the draft action statement is approved, SCE will be required to submit a report regarding its progress on remedying these issues on November 1, 2021 and in its 2022 WMP update. Final approval of the draft resolution and the draft action statement is expected in August 2021.

Capital Expenditure Requirement

Under AB 1054, approximately $1.6 billion of spending by SCE on wildfire risk mitigation capital expenditures made after August 1, 2019, cannot be included in the equity portion of SCE's rate base. SCE can apply for irrevocable orders from the CPUC to finance these AB 1054 Excluded Capital Expenditures, including through the issuance of securitized bonds, and can recover any prudently incurred financing costs. In November 2020, the CPUC issued an irrevocable order permitting SCE to finance approximately $340 million, comprised of AB 1054 Excluded Capital Expenditures incurred in connection with GS&RP and prudently incurred financing costs, through the issuance of securitized bonds. As of June 30, 2021, SCE has spent all of the approximately $1.6 billion in AB 1054 Excluded Capital Expenditures.

SCE issued securitized bonds in the amount of $338 million in February 2021. In June 2021, SCE filed an application with the CPUC requesting to finance up to $1.0 billion of wildfire mitigation and customer uncollectible costs and associated financing costs through the issuance of securitized bonds. The $1.0 billion request included approximately $518 million of AB 1054 Excluded Capital Expenditures. SCE expects to seek additional irrevocable orders from the CPUC to finance the remaining AB 1054 Excluded Capital Expenditures. See "Liquidity and Capital Resources—SCE—Regulatory Proceedings—Financing Order" for further details.

For further information, see "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 2020 Form 10-K and "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in this report.

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CSRP

In April 2021, SCE implemented a new customer service system, which replaced a majority of SCE's customer systems. The project is referred to as the Customer Service Re-Platform (CSRP). SCE has tracked the cost of the CSRP system implementation in a previously approved memorandum account. Forecasted expenditures for the CSRP project are approximately $540 million in capital and $90 million in operations and maintenance expenses from inception through 2021.

In July 2021, SCE filed an application with the CPUC requesting approval of $483 million of capital expenditures and $40 million of operations and maintenance expenses recorded in the CSRP memorandum account through April 2021 resulting in revenue requirements of $411 million from 2021 to 2024. SCE expects to seek recovery of costs incurred from May 2021 through December 2021 in a future application anticipated to be filed in 2022.

COVID-19

As discussed in the 2020 Form 10-K, the COVID-19 pandemic is having a significant impact on global society and economies. As a result of the pandemic, Edison International and SCE have experienced increased costs, but the pandemic has not had a pervasive impact on SCE's or Edison International's ability to operate their business.

As a result of the pandemic and increased estimates of uncollectible expenses, largely related to the economic impacts of the pandemic on SCE's customers, SCE has recognized $250 million of incremental costs as of June 30, 2021, of which $78 million has been deferred to memorandum accounts for future CPUC reasonableness review and $172 million has been transferred to balancing accounts pending recovery. In addition to the increases in expected uncollectible accounts, SCE has incurred incremental costs associated with sequestering certain SCE employees at essential work locations and coordination of SCE's response to the emergency.

In April 2021, the CPUC issued a decision to adopt a COVID-19 disconnection moratorium for medium-large commercial and industrial electric customers and established a memorandum account to track, and seek recovery of, the resulting costs.

SCE has requested an irrevocable financing order to securitize up to $78 million of incremental uncollectible expenses. SCE plans to recover a further $34 million of incremental residential uncollectible expenses associated with the economic effects of the COVID-19 pandemic and eligible for securitization through the ERRA balancing account.

California's state assembly is considering legislation to authorize, fund and implement the CAPP, which could reduce SCE's 2020 and 2021 customer arrearages for certain residential customers. To the extent SCE's total uncollectible expenses are offset by the CAPP, no recovery will be sought through other mechanisms. See "Liquidity and Capital Resources—SCE—Regulatory Proceedings—Financing Order" for further details.

For further information see "Notes to the Consolidated Financial Statements—Note 11. Regulatory Assets and Liabilities" in this filing and "Management Overview—COVID-19" and "Risk Factors" in the 2020 MD&A.

Wildfire Mitigation, Wildfire Insurance and Restoration Expenses

As discussed in the 2020 Form 10-K, in response to the increase in wildfire activity, and faster progression of and increased damage from wildfires across SCE's service territory and throughout California, SCE is currently incurring wildfire mitigation, wildfire insurance and wildfire and drought restoration related spending at levels significantly exceeding amounts authorized in its 2018 GRC.

As of June 30, 2021, SCE has recognized approximately $1.1 billion of regulatory assets related to incremental wildfire mitigation expenses, including depreciation expense from $2.0 billion of total incremental wildfire mitigation capital expenditures. The regulatory assets include $401 million of operations and maintenance expense authorized for recovery in the GRC track 2 proceeding in January 2021. SCE expects to securitize this amount, subject to approval of a financing order by the CPUC. See "Liquidity and Capital Resources—SCE—Regulatory Proceedings—Financing Order" for further details.

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In the event these costs are not authorized for securitization, SCE will include the costs in customer rates as soon as practicable. In February 2021, the AB 1054 Excluded Capital Expenditures incurred in connection with GS&RP and prudently incurred financing costs previously deferred to memorandum accounts were recovered through a previous securitization.

Additionally, SCE has recognized $396 million of regulatory assets associated with drought and wildfire restoration and $342 million of regulatory assets related to incremental wildfire insurance expenses. While SCE believes such costs are probable of future recovery, there is no assurance that SCE will collect all amounts currently deferred as regulatory assets.

In July 2021, the CPUC issued a proposed decision which, if approved, would authorize full recovery of requested drought restoration costs and approve a revenue requirement of $81 million. However, the proposed decision, if adopted, would reject recovery of the $8 million revenue requirement associated with all $60 million of requested wildfire restoration costs related to 2017 wildfires, but would allow SCE to submit a subsequent cost recovery application for those costs. For additional information, see "Liquidity and Capital Resources—SCE—Regulatory Proceedings— Wildfire Related Regulatory Proceedings—2019 CEMA Application."

For additional information, see "Liquidity and Capital Resources—SCE" and "Liquidity and Capital Resources—SCE—Regulatory Proceedings—Wildfire Related Regulatory Proceedings."

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, and repayment of bonds and financing costs of SCE Recovery Funding LLC. SCE earns no return on these activities.

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The following table is a summary of SCE's results of operations for the periods indicated.

Three months ended June 30, 2021 versus June 30, 2020

    

Three months ended June 30, 2021

Three months ended June 30, 2020

Cost-

Cost-

Earning

Recovery

Total

Earning

 Recovery

Total

(in millions)

    

 Activities

    

  Activities

    

 Consolidated

  

  

 Activities

    

 Activities

    

 Consolidated

Operating revenue

$

1,830

$

1,476

$

3,306

$

1,775

$

1,205

$

2,980

Purchased power and fuel

1,283

 

1,283

1,068

 

1,068

Operation and maintenance

512

223

 

735

575

166

 

741

Wildfire Insurance Fund expense

54

 

54

83

 

83

Depreciation and amortization

532

1

 

533

489

 

489

Property and other taxes

117

 

117

103

 

103

Other operating income, net of impairment

(11)

 

(11)

(52)

 

(52)

Total operating expenses

 

1,204

 

1,507

2,711

 

1,198

 

1,234

2,432

Operating income (loss)

 

626

 

(31)

595

 

577

 

(29)

548

Interest expense

 

(196)

(2)

(198)

 

(193)

 

(193)

Other income

 

31

33

64

 

53

 

29

82

Income before taxes

 

461

 

461

 

437

 

437

Income tax expense

 

76

76

 

26

 

26

Net income

 

385

 

385

 

411

 

411

Less: Preferred and preference stock dividend requirements

 

26

26

 

30

 

30

Net income available for common stock

$

359

$

$

359

$

381

$

$

381

Net income available for common stock

$

359

$

381

Less: Non-core expense

 

  

 

  

 

(38)

 

  

 

  

 

(32)

Core earnings1

  

 

  

$

397

 

  

 

  

$

413

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 $55 million primarily due to the following:
An increase in CPUC-related revenue of $30 million primarily due to lower incremental tax benefits (offset in income taxes as discussed below).
An increase in FERC-related revenue and other operating revenue of $25 million primarily due to FERC rate base growth and a $10 million increase in 2021 due to a change in estimate under the FERC formula rate mechanism.
Lower operation and maintenance costs of $63 million primarily due to the following:
Lower expenses of $7 million related to wildfire-mitigation costs including inspections and preventive maintenance.
Lower expenses of $23 million subject to balancing account treatment.
Decreased other expenses of $33 million primarily due to lower legal expenses, environmental remediation and customer uncollectible costs. Customer uncollectible costs were lower as a result of CPUC authorized cost recovery of residential uncollectible costs.

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Lower Wildfire Insurance Fund expense of $29 million due to the change in the estimated life of the Wildfire Insurance Fund which increased the amortization period of SCE contributions in 2021. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingences" for further information.
Higher depreciation and amortization expense of $43 million primarily due to increased plant balances in 2021.
Higher property and other taxes of $14 million primarily due to higher property assessed values in 2021.
Lower other operating income, net of impairment of $41 million primarily consisting of gains of $10 million and $52 million related to the sale of San Onofre nuclear fuel in 2021 and 2020, respectively. As a result of the January 2018 Revised San Onofre Order Instituting Investigation ("OII") Settlement Agreement among OII Parties, the proceeds from the sale of nuclear fuel will not be returned to customers.
Lower other income of $22 million primarily due to lower insurance benefits and AFUDC equity income.
Higher income tax expense of $50 million primarily due to lower income tax benefits related to the flow-through of property-related items refunded to customers through balancing accounts (as discussed above) and higher pre-tax income.
Lower preferred and preference stock dividends of $4 million due to the redemption of preferred securities in 2020.

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 $215 million primarily due to higher power and gas prices and higher capacity costs.
Higher operation and maintenance costs of $57 million due to the authorization to recover uncollectible costs through the RUBA and higher spending on customer service programs.

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Six months ended June 30, 2021 versus June 30, 2020

    

Six months ended June 30, 2021

Six months ended June 30, 2020

Cost-

Cost-

Earning

Recovery

Total

Earning

Recovery

Total

(in millions)

    

 Activities

    

  Activities

    

 Consolidated

  

  

 Activities

    

  Activities

    

 Consolidated

Operating revenue

$

3,597

$

2,662

$

6,259

$

3,516

$

2,244

$

5,760

Purchased power and fuel

 

2,296

 

2,296

2

1,994

 

1,996

Operation and maintenance

 

1,133

429

 

1,562

1,292

308

 

1,600

Wildfire Insurance Fund expense

 

107

 

107

167

 

167

Depreciation and amortization

 

1,056

1

 

1,057