Company: SCE-PL
Filing Date: 2025-11-17
Form Type: 424B3
Source: 0001193125-25-283973
Chunk: 15

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-11-17
Form: 424B3
Chunk 15
---

In the Wildfire Financing Law, the State has pledged that it will neither limit nor alter the fixed recovery charges, recovery property,
financing orders of the California commission, or any rights thereunder until the bonds, together with the interest thereon, are fully paid and discharged. For a description of the State pledge, please read “The Recovery Property and the Wildfire Financing Law—The Financing Order and the Recovery Property—State Pledge” in this prospectus. However, the Wildfire Financing Law further provides that nothing in this pledge precludes the State from limiting or
altering the fixed recovery charges, recovery property or any financing order of the CPUC, if and when adequate provision is made by law for the protection of SCE, owners of recovery property and holders of bonds. It is unclear what “adequate
provision” would be afforded to holders of bonds by the State if such limitation or alteration were attempted. Accordingly, no assurance can be given that any such provision would not adversely affect the market value of the bonds, or the
timing of receipt of payments with respect to the bonds.

In addition, under Article II of the California Constitution, the electorate has
the right, through its initiative powers, to propose statutes as well as amendments to the California Constitution. Generally, any matter that is a proper subject of legislation can become the subject of an initiative. Among other procedural
requirements, in order for an initiative measure to qualify for an election, the initiative measure must be submitted to the California Attorney General and a petition signed by electors constituting five percent, in the case of a statutory
initiative, and eight percent, in the case of a constitutional initiative, of the votes cast at the immediately preceding gubernatorial election must be submitted to the California Secretary of State. To become effective, the initiative must then be
approved by a majority vote of the electors voting at the next general election.

As of the date of this prospectus, we are not aware of
any pending legislation in the California legislature or of any pending California voter initiative that would materially and adversely affect any of the provisions of the Wildfire Financing Law. Nevertheless, we cannot assure you that a repeal or
amendment of the Wildfire Financing Law will not be adopted or sought, either by the California legislature, or the electorate acting through its initiative powers, or that any action or refusal to act by the State of California will not occur, any
of which may constitute a violation of the State pledge with the holders. If a violation of