8-KRegulation FDExhibits & Filings

EDISON INTERNATIONAL 8-K Report, Regulation FD Disclosure (Jul 1, 2015)

Filed July 1, 2015For Securities:EIX

Summary

Edison International, through its subsidiary Southern California Edison (SCE), has filed its Distribution Resources Plan (DRP) with the California Public Utilities Commission (CPUC). This filing is a critical step in modernizing the electric distribution system to support California's greenhouse gas reduction targets and to facilitate the integration of distributed energy resources (DERs) like solar, electric vehicles, and energy storage. The DRP outlines SCE's strategy and provides an indicative forecast of capital investments required to achieve these goals. Investors should note that the DRP forecasts significant capital expenditures through 2020, ranging from $1.405 billion to $2.585 billion for grid modernization and reinforcement, in addition to ongoing investments. The realization of these expenditures and the associated revenue recovery will be subject to CPUC review and approval in future general rate cases, starting with the 2018-2020 period. This filing represents a forward-looking plan that could lead to increased capital spending for Edison International.

Key Highlights

  • 1Southern California Edison (SCE) filed its Distribution Resources Plan (DRP) with the CPUC on July 1, 2015.
  • 2The DRP aims to modernize the grid to support California's greenhouse gas reduction targets and integrate Distributed Energy Resources (DERs).
  • 3DERs include solar, electric vehicles, energy storage, energy efficiency, and demand response.
  • 4SCE provided an indicative capital expenditure forecast through 2020, estimating a total of $1.405 billion to $2.585 billion for grid modernization and reinforcement.
  • 5Capital investments are planned for distribution automation, substation automation, communications systems, technology platforms, and grid reinforcement.
  • 6Recovery of these capital investments and operational expenses will be sought in future general rate cases, beginning with the 2018-2020 period.
  • 7Actual capital spending and timing are subject to CPUC review, approval, and implementation decisions.

Frequently Asked Questions

The Distribution Resources Plan (DRP) is a proposal filed by Southern California Edison (SCE) with the California Public Utilities Commission (CPUC) to guide the modernization of the electric distribution system. Its goals include supporting state greenhouse gas reduction targets, enabling two-way energy flows, and integrating customer-chosen technologies like solar power and electric vehicles.

Distributed Energy Resources (DERs) are energy resources that are connected to the distribution grid. The DRP includes categories such as distributed renewable generation (like rooftop solar), electric vehicle charging, energy storage systems, energy efficiency measures, and demand response programs.

SCE's DRP filing forecasts significant capital expenditures for grid modernization and reinforcement, estimated to be between $1.405 billion and $2.585 billion through 2020. This is in addition to ongoing investments in reliability, electric vehicles, and storage.

SCE anticipates seeking authorization for revenues to support the DRP's capital spending and operations and maintenance through future general rate cases (GRCs). The earliest general rate case where these costs might be integrated is for the 2018-2020 period, with a filing expected on September 1, 2016. All proposed investments are subject to CPUC review and approval.