Pedro J. Pizarro
good and afternoon, Sam, Thanks, everyone.
we the to thoughts those reiterate all I are affected with the that across would like results As who the wildfire our are by crisis. for state XXXX, review
number to our our we of and continues the safety public, affected and supporting one remain events. our company’s employees, our to priority customers committed communities be these Our by
International’s Turning ago. year earnings to per for financial to results, $X.XX a core share our Edison XXXX compared were $X.XX
because SCE Case. received mentioned comparison Rate is not before, particularly of has have I meaningful decision results As XXXX in year-over-year a General its not
wildfires over lives. across property is of to range risk the determined and risk utilities related financial declaration of common charge XXXX in and financing dividend, substantial the service costs Board stock occurred mudslide California took that in more hundred In were the our taken of decision standpoint, requirements of existing International unrecovered service expected operate deploy and wildfire-related will my per cents electric risk SCE’s its dividend our has earnings Board later the are in conditions what the have rationale that territory For dollars billion a XXXX XXXX evident to items, outcomes Maria for the state evaluation per that Montecito XXXX, and the accounting share. a in in a share. Catastrophic I to have the $X.XX declare priority. wildfires XXXX. evaluated reduce this in in than including Directors in Board’s broad her in This and of of and accrued of the caused From an scenarios, after-tax non-core increased core broad the steps from and mainly events remarks. top making wildfire explain XXXX detail declared quarter the fourth taken arising as and comments, SCE changed performance charge cover met. all significantly. the EIX excludes the XXXX. damage operational will and worse billions of first $X.X be which our It California’s for law mudslides claims and reported again quarter, financial territory. into infrastructure continues pertaining Edison range reflected consideration of outcomes wildfire of quarter its $XX.XX in overall The potentially a potential in its Mitigating and our impacts to Today, fourth wildfires negative the potential of to related
These our is to Mitigation Grid near September, we Program recent and reduce November, to climate is in the detailed taking conditions Plan risk practices Assessment earlier address include industry facing. with that filed SCE long-term future regulatory Resiliency month. several reflected utility was starting, Safety and foundation are last our long-standing the GRC beyond filed which we going we filings. the system Commission the are of against The the laying effectively that fires XXXX filed our to of proposed are We change. mitigate the equipment-ignited and Risk significantly impacts this filings actions of risk Wildfire the Phase Mitigation fortify These and fires and of in
through data Plan expects XX-day are will timetable accelerate three including awareness practices, our Mitigation efforts reduce wildfire proposed May, where Wildfire by laid capabilities; second, the beyond SCE’s this enhancing seek and CPUC compliance operational Specifically, third mitigation power to hardening key in fire reviewing focuses by stakeholders bolstering SCE out SB to approval including XXXX goals is harnessing areas: opportunities first, the grid and situational The ignitions; potential and is workshops, significantly plan, plan analytics. the on possible. of SCE within the by XXX. is
inspections to public of us transmission company’s overhead areas. our distribution needed are enhance repairs to go checks, part compliance we Plan, on and and Mitigation maintenance the As and accelerating lines and inspections both risk-based all conduct Wildfire risks enhancing safety. in enabling high beyond risk of fire preventive make These reduce power
risk cameras X,XXX conductor than addition, stations. remove that micro threat and deploy to a trees plans lines; install in high XX at pose least company’s and current-limiting replace the fire SCE miles of weather definition fast-acting, with hazard high across areas, XXXX XXX X,XXX more fuses; In these covered circuit power bare XX and to conductor; identify
continue management evaluating to for technologies. We additional such new further solutions mitigation and as other vegetation look enhanced are measures and
purposes. situational proposing also in when customer We public wildfire for awareness shutoffs high a use safety warrants community risk areas shutdown grid power to are and safety
account, a like to wildfire In January, regulatory regulatory establishment CPUC. the the Commission and Program key our the memorandum to before while September brief in the the overall request. track expenditures million update CPUC of considers Grid Resiliency an effective approved Turning to $XXX interim would give in proceedings related on other Safety the you XXXX, I actions. our
those record $XXX in million wildfire-related incremental to GS&RP the Z-factor related costs our to that Mitigation XXXX our had February, and recover and also advice CPUC the SBXXX additional track GRC. are in We filed memo an have incremental approved our to Wildfire an advice establish letter to insurance. In included liability beyond letter account Plan
to We amount course this of XXXX. the collect through over rates expect
February the in the to a proposed Test. to the for and by on customers; harming establish narrow refer proceeding prudency costs this Finally, amount the Senate Stress recovery that wildfire-related related Commission of Customer to maximum the determining of beyond a assessing SCE a See recommended Threshold Bill disallowed test clear, the XXX repeatable the Financial and proceeding’s Harm implement opened before of expenses. XXth, filed utilities comments be wildfire the part stress or wildfire Commission may costs process some to that scope of We methodology. durable and establishing extend first timely operations as
objective for action cost is with cannot Commission prudent plans prudency compliance and expedited faith purposes, this of to We wildfire deem by on to recovery appropriate mitigation Bill which cannot This mitigation found We which see perfect IOU of XX, those a Remember, good wildfire but and decision to ensure to mean provide the We infallible. in not the to judge is energy reasonably have attempt expected it adopted utilities plans. asked process utility’s crisis to standard complied wildfire in utility an procurement plan. IOU’s is May if plans Substantial Commission-approved an was meet have the the WMP, compliance reasonable that year. approval does substantially every approved this asked the similar to its operations. mitigation Commission efforts. approved tied of the be energy as implemented for to approach that or California for June Assembly with after by be
asked to the more authority wildfire flow We we the bear. match timing of of Commission timely cash also needs have process adopt for utilities to better the claims a to and the capabilities financing damage the that financing may approval
to courts. continue condemnation application challenge the inverse We in of the
in to the inverse In We Liberty counter an have directly principle of the of IOU the underlying these socialize arising broadly application out the inverse all costs pending Fire. two runs that cases motions fact cases, cannot condemnation. challenging
in front, since actions assuming office legislative has by the are On taken Gavin we Governor that the encouraged January. Newsom
the XX created to did a regulations and The clean first within by afford climate in for these least emphasize and proposed Governor July full current of and policies a requested presented we the He is Commission that Commissioner issue of increase on two day who meetings sooner, on these advisors created executive and Cost out issue change ensure each of issued in public State at his are wildfire challenges. to has increased moving five-member He Governor in office, and of administration. appointed damages. ago least to be a recommendations includes way February made Catastrophic state energy risk future the and he adaptation convened for a with the days. to called significant than clear orders and the was to it. priority During practices the energy including his to as bankruptcy members XXth is the of able on Commission work This The in map four his suppression. having distribution by SBXXX utilities utility the cost dedicated energy equitable change will CPUC these wildfire acknowledged address Overall, more policies. his the not these the In new has State change is report sector of to the and healthy importance nXt State will quickly those meet interest Governor on anticipate Governor prevention resources changes. commission, the indicated financially Wildfire tasked of encouraged by demonstrated a and also from longer-term , The Governor. climate the California’s and to first also not submit fall ambitious that address decades expected comments This the climate to chamber State’s strongly specifically Governor’s of which issues wildfire strategies State’s and stand Governor the California’s XXXX strategy and hold lawyers costs that noted with to and from or its a making insurance that comprehensive appointees Team three Legislature, develop Strike the financial staff the the Recovery. by catastrophic
February public XXth . The held was meeting on first
status recommendations Former of the the will Peterman on as assessment meeting, selected unanimously of an CPUC was liabilities, Based the of scope on utility Carla work and the the wildfire include a Chair. distribution on wildfire impact mechanism commercial the recommendations equitable and costs on of for and markets, insurance communities. residential will evaluate Commission of and damages. the of payment fund these these Commissioner The
over with addition with are the addresses a to legislative on goal State to wildfire and goals. the State’s engage the reforming and dozen response bills Californians in legislature the protecting was how leaders policies energy wildfire for bills of Governor’s related to that the Clean introduced. we essential In of State deadline on continue these policy two and were February office, issues introduction the prevention XXnd
these through know, of legislative end the before see session. we many we the of bills process, As the amended may
the no SCE’s decision be on the The We and impact the proposed stakeholders, and recovery of cost of are to and of legislation award senior-most individuals. our regarding communities a with our structure agreement, the the colleagues. fully need our four Committee’s on or my through of would in that support within myself other wildfires on the Like management risk SCE’s for service for paid uncertain was reflection engaged our Compensation communities. utilities five for legislators healthy annual the performance at not is advocating territory, CPUC. In full and light mitigation wildfire consultation these the decided, current Committee reforms are Directors Board on executive company focus efforts and of with incentive
have impact to prevention Edison the challenging addition, our approved doing the this donation Fund of and and on communities to and agree hope in is our this that in resiliency will wildfire exceptional full use positive Assistance resources history. mitigation. Wildfire your will period enhance In $X We Board International our community million shareholders worth a and a region’s
determinations including events. final the of and wildfires whether determinations litigation on require causes an in wildfire settlement XXXX complex and Even XXXX, outcomes, expect may and Therefore, on the in fires Investigations and risks mudslide liability, litigation, EIX I incur liability facts ongoing events a with and the under associated December these XX, a was would to give of into is based like during internal investigations when you accrued standards. accounting disputed XXXX circumstances through SCE’s and of lengthy consideration update the of into XXXX will pending of XXXX, as connection be be the and the Now and with review probable charge material SCE negligent, the the an of made loss are disputed, possible mudslide. only and to including SCE claims, assessment are of and process. to still of
expected of and have We losses to recoverable lower a of change corresponds net believe $X.X that end as rates. be non-core, to from the may additional is insurance reasonably We This and expected accrued that information the in costs incurred potential billion. electric should of be after-tax of recoveries charge, charge incurred available. FERC estimated becomes prudently customers, subject range
However, history given by a FERC recorded Based Diego SDG&E’s in uninsured regulatory created have a decision asset. deny not flawed regulatory we the on substantial costs to WEMA regulatory we asset. CPUC’s of decision, corresponding uncertainty the have San recorded the practice, CPUC wildfire XXXX and all
ability actions, to regulatory continue our potential and legislative As we recognize information a we it CPUC additional through will get framework, future evaluate CPUC’s or to to CPUC asset. the regarding changes
investments to ambitious significant including Electrification we ahead, continues in necessary policies. California’s Looking are Transportation believe electric to infrastructure support SCE environmental make which
Commission to program. additional December, our the related Ready pilot until CPUC existing Charge approved an Ready to X the funding levels approves at in Specifically funding through $XX requested in vehicles, bridge Phase continue the Charge electric million additional
in that an spend includes this This over infrastructure recall quarter the third ports funding filed we years. million capital Charge for X $XXX and We support and charging proposed of in year. in outreach. requesting application million XXXX, or education Ready marketing, second a will XX,XXX You anticipate in to EV increased new four $XXX the decision additional
translates Operational into on the level, issued XXXX Rate a request Case, values. service provide update excellence few metrics our on decision X.X% growth our of XXXX, CPUC. $XX.X base is performance. I uses and operational the be exact cannot decision measuring communities. our once GRC our updated priority get will At service an a with period. should This rate to the to major safety and would forecasted continues a non-financial over the average the the to company base speculate proposed billion soon which Moving and a of starts General forecast the is rate in now and key to Board core like cumulative excellence but top workers of timing. we the our is to by across our at in a our and This rate be our X-year efforts grow
did to injuries safety transferred leading culture. meet short on focus employee of field particularly, who our our continue -- of away, Nonetheless, higher we on risk especially on duty, training, rate today's fell rate XXXX, “DART” our performance safety XXXX target. our jobs. expectations; employees on on improving In Our -- us we restricted for enhanced not our or known as the our work efforts
in ranks first ranking measure, customer of goals and Turning SCE the SCE for year. in achievable. to first and improved improved excellence XXXX and operational key reduce repair is satisfaction, SCE exceeded our residential its system business already actions implemented number believe several the another we operational that satisfaction, customer We reliability customer to duration significantly Furthering for satisfaction. in performance quartile outages. quartile goals, the its
to a We business, More in top-quartile achieve and be processes significant this XXXX deploy XXXX are performance digital and we beyond. this technologies in broadly, in aiming took major to our to to steps across transform thrust expect area.
cost top our support goal exceeded in in cost within We group. of performance is of peer its its improved Finally, our measured also rates. controlling customer, efficiency O&M believe costs quartile of performance, per in SCE of cost XXXX customer the terms and affordable
the insurance we will our costs maintain risk experience. states in but business, beyond this add other pressure recognize peers of We our what performance and wildfire-related to of will mitigation significant bulk that across level strive
as to that goals. the and programs State hardening will Maria our it ambitious as focused energy policies report. in We financial support wildfire and resiliency provide turn capital continue At same while clean her over with to With leaders SCE the that, statewide actively time, mitigation. improving will remain on culture invest continue risk on we operational excellence, comprehensive to grid well safety state’s to broader address the other engage to