Summary
Edison International, through its subsidiary Southern California Edison (SCE), has filed an application with the California Public Utilities Commission (CPUC) seeking to recover approximately $2.4 billion in prudently incurred losses stemming from the Thomas Fire, Koenigstein Fire, and Montecito Mudslides. This amount includes $2.0 billion for uninsured claims and $0.4 billion for associated costs like legal and financing expenses. Additionally, SCE is requesting recovery of about $65 million in restoration costs.
Key Highlights
- 1SCE seeks CPUC approval to recover $2.4 billion for fire and mudslide-related losses.
- 2The requested recovery includes $2.0 billion in uninsured claims.
- 3Associated costs, such as legal and financing fees, amount to $0.4 billion.
- 4SCE is also requesting capital recovery for approximately $65 million in restoration costs.
- 5The application was filed with the CPUC on August 22, 2023.
- 6SCE has requested a proposed decision from the CPUC by February 2025.
Frequently Asked Questions
The primary purpose of this filing is to inform investors that Southern California Edison (SCE), a subsidiary of Edison International, has submitted an application to the California Public Utilities Commission (CPUC) to recover significant financial losses incurred due to past wildfires and mudslides.
SCE is seeking to recover approximately $2.4 billion for losses related to the Thomas Fire, the Koenigstein Fire, and the Montecito Mudslides. This amount covers uninsured claims and associated costs.
SCE has requested that the CPUC issue a proposed decision on this application by February 2025.
This filing is a request for future rate recovery, not an immediate financial impact. The actual recovery of these funds is subject to the CPUC's approval, which is not guaranteed and is expected to take time, with a decision anticipated in February 2025 at the earliest. Investors should monitor the CPUC's proceedings for further developments.