Company: SCE-PL
Filing Date: 2025-09-08
Form Type: SF-1
Source: 0001193125-25-198426
Chunk: 49

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-09-08
Form: SF-1
Chunk 49
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 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.                     |

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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
when setting other rates for the electrical corporation. Moreover, the amount of revenues generated by the fixed recovery charges shall not be subject to reduction, impairment, postponement, or termination.

Fixed Recovery Charges May Be Adjusted

The Wildfire Financing Law requires the California commission to provide in any financing order a procedure for periodic true-up adjustments to fixed recovery charges, which shall be made at least annually and may be made more frequently.