Company: SCE-PL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000827052-25-000022
Chunk: 8

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 8
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 applied to the increase that was most recently triggered in 2023, effective on January 1, 2025. As a result, SCE's 2025 CPUC-authorized ROE was adjusted to 10.33%. The decision reduces SCE's updated 2025 GRC-related revenue requirement by approximately $117 million. For further information, see "—2025 General Rate Case." For additional information on cost of capital and the ratemaking process, see "Business—SCE—Overview of Ratemaking Process—CPUC."

SCE expects to file its regularly scheduled cost of capital application in March 2025 for rates effective for 2026 – 2028.

Capital Program

Capital Expenditures

Total capital expenditures (including accruals) were $5.7 billion in 2024 and $5.4 billion in 2023. 

In connection with the 2025 GRC, SCE forecasts capital expenditures of $26.6 billion to $31.5 billion for 2025 – 2028. In the absence of a 2025 GRC decision, SCE has developed, and is executing against, a capital expenditure plan that is expected to allow SCE to meet what is ultimately authorized in the 2025 GRC decision while minimizing the associated risk of unauthorized spending. 

The table below reflects forecast capital expenditures for 2025 – 2028 based on planned CPUC jurisdictional spending and current management expectations of FERC-jurisdictional spending. CPUC jurisdictional spending includes amounts requested in the 2025 GRC, and other approved non-GRC CPUC capital spending. The forecast CPUC jurisdictional capital spending will be dependent upon amounts approved in the 2025 GRC. Forecasted expenditures for FERC capital projects are subject to change due to factors such as timeliness of permitting, licensing, regulatory approvals, contractor bids, supply chain issues and other operational considerations.

Based on management's judgment of potential capital spending variability informed by historical precedent of previously authorized amounts, potential permitting delays, and other operational considerations, a range case was prepared reflecting reductions to GRC capital expenditures, CPUC non-GRC capital expenditures, and FERC capital expenditures. 

7

Table of Contents

The following table sets forth a summary of capital expenditures for 2024 actual spend and a forecast for 2025 – 2028 on the basis described above: 

(in billions)20242025202620272028Total2025 – 2028Traditional capital expenditures      Distribution