Edison International(EIX) - 2024 Q4 - Annual Report

Financial Performance - Edison International reported a loss from operations of $X million for the year ended December 31, 2024, compared to a loss of$Y million in 2023, indicating a Z% change year-over-year[12] - Edison International's net income for 2024 was $1,284 million, an increase of$87 million compared to $1,197 million in 2023[26] - SCE's core earnings increased by$97 million to $2,232 million in 2024, driven by higher revenue authorized in Track 4 and an increase in the authorized rate of return[27] - Edison International's core earnings for 2024 were$1,900 million, up from $1,825 million in 2023, reflecting a$75 million increase[26] - SCE's net income for 2024 was $1,619 million, an increase of$145 million from $1,474 million in 2023[26] - Operating income rose by$356 million to $2,996 million in 2024, compared to$2,640 million in 2023[81] - Net income available for common stock increased by $145 million to$1,619 million in 2024, compared to $1,474 million in 2023[81] Capital Expenditures and Investments - The company has excluded$1.6 billion in wildfire risk mitigation capital expenditures from the equity portion of SCE's rate base as required under California Assembly Bill 1054[12] - Edison International's capital investment plan includes a projected investment of $X billion over the next five years to enhance infrastructure and support growth initiatives[18] - Total capital expenditures for SCE were$5.7 billion in 2024, with forecasts of $26.6 billion to$31.5 billion for 2025-2028[43][44] - SCE plans to invest approximately $13 billion in infrastructure replacement between 2023 and 2028, representing about 30$2.0 billion in transmission projects by 2032, with an additional $80 million anticipated for projects by 2030[49][50] - SCE expects capital expenditures of$1.0 billion for storage projects, with approximately $800 million incurred as of December 31, 2024[132] Regulatory and Legislative Matters - The company is actively engaged in regulatory proceedings related to its 2025 General Rate Case, which aims to adjust rates based on updated cost structures and service demands[6] - Edison International is facing regulatory and legislative risks, particularly related to wildfire mitigation and compliance with environmental regulations[34] - SCE's 2025 General Rate Case (GRC) application requests a revenue requirement of approximately$10.3 billion, representing a 23% increase from the 2024 revenue requirement of $8.4 billion[37] - The CPUC approved SCE's request for interim rate recovery of$210 million, subject to refund, for wildfire-related costs[114] Wildfire Mitigation and Environmental Impact - The implementation of a customer-funded wildfire self-insurance program began on July 1, 2023, changing the treatment of wildfire claims-related losses[24] - Climate-related disasters have cost California tens of billions of dollars since 2018, with the 2025 wildfires being particularly devastating[29] - Edison International aims to achieve net-zero GHG emissions by 2045, with 46% of SCE's customer deliveries coming from carbon-free resources in 2024[31] - SCE's wildfire mitigation-related capital expenditures are forecasted to be $5.6 billion for 2025-2028, with$1.1 billion planned for 2025[47] Customer and Market Growth - The company reported a significant increase in customer accounts, with a growth rate of X% year-over-year, reflecting its expanding market presence[12] - Edison International is focusing on expanding its renewable energy portfolio, with a target of increasing renewable energy capacity by X% by 2025[5] Debt and Liquidity - The available liquidity for Southern California Edison Company is $X billion, which reflects a Y$800 million of debt maturities arising in the next 12 months[153] Operational Efficiency and Cost Management - The company has implemented a new customer service system, CSRP, which aims to improve customer engagement and operational efficiency[12] - Total operating expenses decreased by $916 million to$14,551 million in 2024, compared to $13,635 million in 2023[81] - The decrease in purchased power and fuel costs was$277 million, primarily due to lower prices, partially offset by increased purchased power volume[82] Risk Management - The company faced risks related to the operation and maintenance of electrical facilities, including safety issues and the risk of wildfires[17] - SCE's ongoing internal review of the Eaton Fire is complex and may take significant time to resolve[58] - SCE believes it is probable to recover its FERC-jurisdictional wildfire and mudslide-related costs, having recorded total expected recoveries within the FERC balancing account[205] Decommissioning and Trust Funds - SCE's share of decommissioning costs for San Onofre Units 2 and 3 was recorded at $218 million in 2024 dollars and$226 million in 2023 dollars[140] - At December 31, 2024, SCE had nuclear decommissioning trust funds of $2.1 billion[145] - The updated decommissioning cost estimate for San Onofre Units 2 and 3 is$3.0 billion, with SCE's share being $2.3 billion[142]