Summary
This 8-K filing by Edison International (EIX) on November 5, 2015, primarily concerns a procedural request made by its subsidiary, Southern California Edison (SCE), and other California investor-owned utilities. They have jointly petitioned the California Public Utilities Commission (CPUC) for a one-year extension to file their next cost of capital applications. The current due date is April 20, 2016, and the requested extension would push this to April 20, 2017. This request has the support of key stakeholder groups, including the CPUC's Office of Ratepayer Advocates and The Utility Reform Network, suggesting a potentially favorable reception.
Key Highlights
- 1Southern California Edison (SCE), a subsidiary of EIX, has requested a one-year extension for its cost of capital application filing.
- 2The request was submitted jointly with other major California investor-owned utilities.
- 3The due date for the application is proposed to be moved from April 20, 2016, to April 20, 2017.
- 4The request has received support from the CPUC's Office of Ratepayer Advocates and The Utility Reform Network.
- 5The existing automatic adjustment mechanism for costs of capital remains in place.
- 6The Joint Investor-Owned Utilities have agreed not to implement any changes to their costs of capital until the end of 2017, regardless of the application filing date.
Frequently Asked Questions
The main purpose of this 8-K filing is to inform investors that Southern California Edison (SCE), a subsidiary of Edison International, has joined other investor-owned utilities in California to request a one-year delay in filing their next cost of capital applications with the California Public Utilities Commission (CPUC).
The request itself does not immediately change the costs of capital. However, the utilities have agreed that no changes to their respective costs of capital will be implemented until the end of 2017. This provides a period of stability regarding capital costs, even with the delayed application filing.
The filing does not explicitly state the reasons for the requested extension. However, such requests are often related to strategic planning, anticipated regulatory changes, or the need for additional time to gather and present data for the cost of capital applications.
The filing notes that the request has the support of the CPUC's Office of Ratepayer Advocates and The Utility Reform Network. This dual support from a ratepayer advocate and a consumer advocacy group suggests a higher probability of the CPUC granting the extension.