Company: SCE-PL
Filing Date: 2025-11-17
Form Type: 424B3
Source: 0001193125-25-283973
Chunk: 56

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-11-17
Form: 424B3
Chunk 56
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 Contract Clause analysis could be substantially in excess of what a bondholder would
consider material.

For a discussion of risks associated with potential judicial, legislation or regulatory actions, please read
“Risk Factors—Risks Associated with Potential Judicial, Legislative or Regulatory Actions” in this prospectus.

Exemptions from Fixed Recovery Charges

Under the Wildfire Financing Law, customers enrolled in the CARE or FERA programs are exempted from the
payment of fixed recovery charges. See “SCE’s Financing Order” in this prospectus.

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SCE’S FINANCING ORDER

SCE’s Financing Order

In April 2025, SCE filed an application with the California commission for a financing order seeking recovery of $1.398 billion of Thomas
Fire and Montecito debris flows WEMA costs that are subject to a prior settlement decision of the California commission, together with certain interim financing costs relating to these costs and financing costs relating to the issuance of the bonds.

On August 29, 2025, the California commission issued the financing order which authorized SCE to cause to be issued bonds in an
approximate aggregate principal amount of $1.629 billion, equal to the sum of $1.398 billion million in recovery costs, plus an estimated $219.8 million in pre-financing costs and an estimated
$11.6 million in bond-related financing costs relating to the issuance of the bonds (collectively, the Authorized Amount). The final principal amount of the bonds will be subject to the approval of the California commission in the
issuance advice letter described below. Please read “—Issuance Advice Letter” below.

Absent a request for
rehearing, the financing order will become final and not subject to further appeal 10 days after its issuance.

The financing order,
pursuant to the provisions of the Wildfire Financing Law, is irrevocable and is not subject to reduction, impairment or adjustment by further action of the California commission, except as contemplated by the periodic
true-up adjustments.

We have filed the financing order with the SEC as an exhibit to the
registration statement of which this prospectus forms a part. We have summarized portions of the financing order below.

Fixed Recovery Charges

The Financing Order Requires the Imposition and Collection of Fixed Recovery Charges

Under the financing order, the California commission
authorizes the owner of recovery property to impose, bill, collect and adjust from time to time a fixed recovery charge, to be collected on a per kWh basis from all customers (