Company: SCE-PL
Filing Date: 2025-10-28
Form Type: SF-1/A
Source: 0001193125-25-253849
Chunk: 48

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-10-28
Form: SF-1/A
Chunk 48
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 finance these expenditures through the issuance of additional recovery bonds, and can recover any prudently incurred financing costs.

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The Financing Order and the Recovery Property The Wildfire Financing Law contains a number of provisions designed to facilitate the securitization of recovery costs, including the following: The Wildfire Financing Law Provides for the Creation of Recovery Property The Wildfire Financing Law authorizes the California commission, through issuance of a financing order, to provide for the creation of recovery property to secure repayment of recovery bonds. Recovery property is defined under the Wildfire Financing Law to include, without limitation, the right, title, and interest of the electrical corporation or its transferee:

| • |     | in and to the fixed recovery charges established pursuant to a financing order, including all rights to obtain                         
 adjustments to the fixed recovery charges in accordance with the provisions of the Wildfire Financing Law and the financing order; and |

| • |     | all revenues, collections, claims, payments, moneys, or proceeds of or arising from the fixed recovery charges 
 that are the subject of a financing order described in the bullet point immediately above.                     |

The Wildfire Financing Law provides that recovery property that is specified in a financing order shall constitute an existing, present property right, notwithstanding the fact that the imposition and collection of fixed recovery charges depend on the electrical corporation continuing to provide electricity service or continuing to perform its servicing functions relating to the collection of fixed recovery charges or on the level of future electricity consumption. Recovery property shall exist whether or not the fixed recovery charges have been billed, have accrued, or have been collected and notwithstanding the fact that the value for a security interest in the recovery property, or amount of the recovery property, is dependent on the future provision of service to customers. All recovery property specified in a financing order shall continue to exist until the recovery bonds issued pursuant to a financing order and all associated financing costs are paid in full. A Financing Order is Irrevocable, Commission Shall Not Impair Recovery Property The Wildfire Financing Law provides that the financing order is irrevocable. In addition to the State Pledge discussed below, under the Wildfire Financing Law, the California commission may not, either by rescinding, altering, or amending the financing order or otherwise, revalue or revise for ratemaking purposes the recovery costs or the costs of recovering, financing, or refinancing the recovery costs, in any way reduce or impair the value of recovery property either directly, or indirectly by taking fixed recovery charges into account