Company: SCE-PL
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000827052-25-000043
Chunk: 22

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 8
Chunk 22
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71)Unrealized(23)(28)Notional Volumes of Derivative InstrumentsThe following table summarizes the notional volumes of derivatives used for SCE's economic hedging activities:

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CommodityUnit ofMeasureEconomic HedgesMarch 31, 2025December 31, 2024Electricity options, swaps and forwardsGigawatt hours4,5713,295Natural gas options, swaps and forwardsBillion cubic feet84Congestion revenue rightsGigawatt hours5,7518,141

Note 7.  RevenueThe following table is a summary of SCE's revenue:Three months ended March 31,(in millions)20252024Revenue from contracts with customers1 Commercial$1,548 $1,479  Residential1,579 1,562  Other642 729 Total revenue from contracts with customer23,769 3,770 Alternative revenue program and other333 294 Total operating revenue$3,802 $4,064 1Since January 1, 2025, and until a GRC decision is issued, SCE is recognizing revenue based on the 2024 authorized revenue requirements, adjusted to reflect the 2025 CPUC-authorized ROE. For further information, see Note 1.2At March 31, 2025 and December 31, 2024, SCE's receivables related to contracts from customers were $2.6 billion and $2.9 billion, respectively, which include accrued unbilled revenue of $804 million and $845 million, respectively.3Includes differences between revenues from contracts with customers and authorized levels for certain CPUC and FERC revenues.Deferred RevenueAs of March 31, 2025, SCE has deferred revenue of $351 million related to the sale of the use of transfer capability of West of Devers transmission line, of which $13 million and $338 million are included in "Other current liabilities" and "Other deferred credits and other long-term liabilities," respectively, on SCE's condensed consolidated balance sheets. The deferred revenue is amortized straight-line over the period of 30 years starting 2021.

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Note 8.  Income TaxesEffective Tax RateThe table below provides a reconciliation of income tax expense computed at the federal statutory income tax rate to the income tax provision:Three months ended March 31,(in millions)20252024Edison International:Income (loss) from operations before income taxes$1,940