Company: SCE-PL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000827052-25-000022
Chunk: 160

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 160
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 for the Other Wildfire Events are supported by SCE's insurance coverage for multiple policy years. Edison International and SCE record a receivable for insurance recoveries when recovery of a recorded loss is determined to be probable.Recovery of SCE's losses realized in connection with the Woolsey Fire and the Other Wildfire Events in excess of available insurance is subject to approval by regulators. The CPUC and FERC may not allow SCE to recover uninsured losses through electric rates, including by requiring refund of amounts recovered, if it is determined that such losses were not prudently incurred. Under accounting standards for rate-regulated enterprises, SCE defers costs as regulatory assets in the period it concludes that such costs are probable of future recovery in electric rates. SCE utilizes objectively determinable evidence to form its view on the probability of future recovery. While Edison International and SCE may incur material losses in excess of the amounts accrued for certain of the Other Wildfire Events, Edison International and SCE expect that additional losses incurred in connection with any such fire, other than for the Creek Fire, will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such additional losses after expected recoveries from insurance and through electric rates will not be material. As of December 31, 2024, SCE has recorded total expected recoveries of $2.7 billion from insurance, of $152 million within the WEMA and RMBA and $465 million within the FERC related balancing account related to the 2017/2018 Wildfire/Mudslide Events and the Other Wildfire Events.

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The following table sets forth total expected recoveries SCE has recorded since inception through December 31, 2024:(in millions)2017/2018 Wildfire/Mudslide EventsOther Wildfire EventsTotalInsurance recoveries$2,000 $718 $2,718 FERC recoveries44025465CPUC- RMBA recoveries— 12 12CPUC-WEMA deferral— 140 140 Total$2,440 $895 $3,335 The following tables summarize expected recoveries from insurance and through electric rates as of December 31, 2024 and 2023:December 31, 2024(in millions)2017/2018 Wildfire/Mudslide EventsOther Wildfire EventsTotalLong-term insurance receivables$— $434 $434 FERC related balancing accounts64973CPUC-WEMA—