Company: SCE-PL
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000827052-25-000100
Chunk: 154

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 7
Chunk 154
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 proceedings for fires ignited prior to July 12, 2019, SCE did not record a regulatory asset for recoveries related to the Woolsey Fire or Creek Fire, both pre-AB 1054 events, in connection with the approval of the TKM Settlement Agreement.In October 2024, SCE filed an application (the "Woolsey Application") to seek CPUC-jurisdictional rate recovery of prudently incurred losses related to the Woolsey Fire, consisting of uninsured claims and associated costs, including legal and financing costs. In September 2025, SCE, Cal Advocates, the Energy Producers and Users Coalition, and Small Business Utility Advocates filed a joint motion in the proceeding seeking approval of a settlement agreement between such parties (the “Woolsey Settlement Agreement”). One party to the proceeding, the Wild Tree Foundation, has opposed the Woolsey Settlement Agreement. If approved by the CPUC, the impacts of the Woolsey Settlement Agreement will be recorded in the period in which a CPUC final decision approving the settlement is received.Under the Woolsey Settlement Agreement, if approved by the CPUC, SCE will be authorized to recover 35%, or approximately $2.0 billion, of approximately $5.6 billion of losses, consisting of approximately $1.6 billion of uninsured claims paid as of May 31, 2025, and $0.4 billion of costs, comprised of legal costs paid as of May 31, 2025, and estimated ongoing financing costs. SCE will also be authorized to recover 35% of losses paid after May 31, 2025. SCE’s requests for recovery exclude $250 million of uninsured claims and related financing costs which SCE waived its right to seek recovery of under the SED Agreement. Further, SCE will also be authorized to recover approximately $71 million of approximately $84 million in incremental restoration costs, inclusive of operations and maintenance expenses, incurred related to the Woolsey Fire.In the Woolsey Settlement Agreement, SCE also waived its right to seek recovery of uninsured losses tracked in a Wildfire Expense Memorandum Account and incurred in connection with fires that ignited prior to July 12, 2019, the date AB 1054 was adopted, including the Creek Fire. SCE estimates that the waived pre-AB 1054 losses are approximately $157 million. CPUC recoveries post-AB 1054Under accounting standards for rate-regulated enterprises, SCE defers costs as regulatory assets in