8-KRegulation FDOther EventsExhibits & Filings

EDISON INTERNATIONAL 8-K Report, Regulation FD Disclosure (Nov 3, 2020)

Filed November 3, 2020For Securities:EIX

Summary

Edison International (EIX) filed an 8-K on November 3, 2020, primarily disclosing a significant settlement related to its 2021 General Rate Case proceeding. Southern California Edison (SCE), a subsidiary of EIX, along with other parties in the "Track 2" of the proceeding, filed a motion with the California Public Utilities Commission (CPUC) seeking approval for a settlement covering all Track 2 issues. This settlement, if approved, would recognize approximately $401 million in operations and maintenance expenditures and all requested capital expenditures as reasonably incurred. The proposed settlement outlines a revenue requirement of $391 million, excluding revenue related to specific wildfire mitigation capital expenditures mandated by Assembly Bill 1054. Notably, SCE anticipates no negative impact on its results of operations from this settlement. The company has also furnished a presentation to institutional investors and analysts detailing this settlement, which will be available on the company's website.

Key Highlights

  • 1Edison International's subsidiary, SCE, has reached a settlement with parties in the 2021 General Rate Case "Track 2" proceeding.
  • 2The settlement covers all issues within Track 2 of the proceeding.
  • 3If approved by the CPUC, the settlement would deem $401 million in operations and maintenance expenditures and all requested capital expenditures as reasonably incurred.
  • 4The proposed revenue requirement under the settlement is $391 million, excluding certain wildfire mitigation capital expenditures.
  • 5SCE does not anticipate a negative impact on its results of operations from the proposed settlement.
  • 6Edison International is using investor presentations to communicate details of this settlement to the market.

Frequently Asked Questions

The main event is the filing of a motion by Southern California Edison (SCE) and other parties with the California Public Utilities Commission (CPUC) to approve a settlement regarding all issues in "Track 2" of the 2021 General Rate Case proceeding.

If approved, the settlement would recognize approximately $401 million in operations and maintenance expenditures and all requested capital expenditures as reasonably incurred. The revenue requirement is set at $391 million. Crucially, SCE stated they do not expect the settlement to have a negative impact on their results of operations.

Yes, the revenue requirement excludes the revenue associated with "AB 1054 Excluded Capital Expenditures," which are approximately $1.6 billion in wildfire risk mitigation capital expenditures that SCE must exclude from the equity portion of its rate base as required by California Assembly Bill 1054.

Edison International is using investor presentations, as included in Exhibit 99.1 of this 8-K filing, for discussions with institutional investors and analysts, and at investor conferences. These presentations will also be posted on the company's website.