Company: SCE-PL
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000827052-25-000100
Chunk: 24

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 8
Chunk 24
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30, 2025 and December 31, 2024, respectively.3Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $61 million and $94 million at September 30, 2025 and December 31, 2024, respectively.4Excludes net payables of $216 million and $105 million at September 30, 2025 and December 31, 2024, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases.

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Table of Contents

SCE Fair Value of Level 3The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities:Three months ended September 30,Nine months ended September 30,(in millions)2025202420252024Fair value of net assets at beginning of period$179 $79 $212 $91 Sales— (1)— (1)Settlements(16)8 (30)12 Total realized/unrealized gains (losses)1(26)(49)(45)(65)Fair value of net assets at end of period$137 $37 $137 $37 1Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.There were no material transfers into or out of Level 3 during 2025 and 2024.The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 assets and liabilities:Fair Value(in millions)SignificantUnobservableInputRange($ per MWh)WeightedAverage($ per MWh)AssetsLiabilitiesSeptember 30, 2025CRRs$135 $3 CAISO CRR auction prices$(19.88) - $28,322.72$27.79 Fin Toll arrangements5 — Hourly Forecast Power Prices0.00 - 89.9533.40 December 31, 2024CRRs$212 $— CAISO CRR auction prices$(4.64) - $50,048.16$27.20 Level 3 Fair Value UncertaintyFor CRRs, increases or decreases in CAISO auction prices would result in higher or lower fair value, respectively.For Fin Toll arrangements, the fair value measurements are sensitive to the spread between daily