Company: SCE-PL
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000827052-25-000043
Chunk: 62

Company: SOUTHERN CALIFORNIA EDISON Co
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 7
Chunk 62
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 Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in this report.

7

RESULTS OF OPERATIONS

SCE

The table below shows SCE condensed consolidated statements of income for three months ended March 31, 2025 and 2024. In general, expenses SCE is authorized to pass through directly to customers (such as purchase power and fuel expense, flow-through taxes, as well as costs incurred for various programs and activities, such as public purpose programs and vegetation management activities) and the corresponding amount of revenues collected to recover those pass-through costs do not impact net income.

The following table is a summary of SCE's results of operations for the periods indicated.

Three months ended March 31, 2025 versus March 31, 2024

Three months ended March 31,Favorable (Unfavorable)(in millions)202520242025 to 2024Operating revenue$3,802 $4,064 $(262)Purchased power and fuel1,047 1,008 (39)Operation and maintenance962 1,291 329 Wildfire-related claims, net of (recoveries)(1,355)614 1,969 Wildfire Insurance Fund expense36 36 — Depreciation and amortization741 701 (40)Property and other taxes165 153 (12)Impairment8 — (8)Total operating expenses1,604 3,803 2,199 Operating income2,198 261 1,937 Interest expense(220)(374)154 Other income, net111 135 (24)Income before income taxes2,089 22 2,067 Income tax expense (benefit)488 (84)(572)Net income1,601 106 1,495 Less: Preference stock dividend requirements34 41 7 Net income available to common stock$1,567 $65 $1,502 

Operating Revenue

Lower operating revenue of $262 million was primarily related to net lower expenses of $268 million that were passed through to customers, which mainly included decreases in:

•Operation and maintenance expense of $305 million;

•Wildfire-related claims, net of recoveries of $34 million;

•Income tax expense of $11 million;

offset by increases in:

•Purchased power and fuel expense of $39 million;

•Depreciation and amortization expense