Company: SCE-PL
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000827052-25-000043
Chunk: 53

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 7
Chunk 53
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1)(38)Total non-core items908 (449)1,357 Core earnings (loss)SCE620 513 107 Edison International Parent and Other(92)(75)(17)Edison International$528 $438 $90 

1SCE and Edison International Parent and Other non-core items are tax-effected at an estimated statutory rate of approximately 28%; wildfire claims insured by EIS are tax-effected at the federal statutory rate of 21%.

In the absence of a 2025 GRC decision, since January 1, 2025, and until a GRC decision is issued, SCE is recognizing revenue based on the 2024 authorized revenue requirement, adjusted to reflect the 2025 CPUC-authorized ROE. (For further information, see "—2025 General Rate Case" below.) Edison International's first quarter 2025 earnings increased $1,447 million from the first quarter of 2024, resulting from an increase in SCE's earnings of $1,502 million, partially offset by an increase in Edison International Parent and Other's loss of $55 million. SCE's higher net income consisted of 

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$107 million of higher core earnings and $1,395 million of higher non-core earnings. Edison International Parent and Other's loss increased $55 million due to $17 million of higher core loss and $38 million of higher non-core loss. 

As discussed in the 2024 Form 10-K, the CPUC approved the TKM Settlement Agreement in January 2025. As a result, in the first quarter of 2025, SCE recorded cost recoveries through CPUC electric rates authorized under the TKM Settlement Agreement. These cost recoveries are reflected either as core earnings or non-core items, as discussed below. This classification is consistent with the original classification when the respective costs were incurred.

The increase in SCE's core earnings for the three months ended March 31, 2025, from the same periods in 2024, was primarily due to a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement. 

The increase in Edison International Parent and Other's core loss for the three months ended March 31, 2025, was primarily due to higher interest expense.

Consolidated non-core items for the three months ended March 31, 2025 and 2024 for Edison International included:

•2017/2018 Wildfire/Mud