Maria C. Rigatti
updates everyone. rate cover and and financial Pedro, SCE base afternoon, other EIX. in today on quarter compared our you, first Rate the XXXX for expenditure results comments to good same year-ago, My decision period Thank plus and and capital comments will proposed for our General a updated forecasts, the Case,
CPUC XXXX SCE GRC. from on GRC base reserves we’ve As will revenue in X. comparisons we based for account turn the capital recognize known impacts decision with the cost XXXX largely items decision the quarter, said, in XXXX continued the which taken are for first timing is year-over-year the requirements revenue activities and period the that given of Please of difficult including to final the in authorized decision Page the tax of reform. received. to Through
and revenues To base $X.XX and over‐collections, for recorded positive customer begin, revenues primarily at we pole our operating higher balancing of impact due and refunds XXXX FERC to wildfire due account. will costs. the CPUC overhead revenues rate were and total the inspections costs will quarter $X.XX, in speak expenditures right‐hand of in a program relate this enhanced mitigation safety $X.XX wildfire variance and and of table begin impact For but I negative year. of preventative SCE resiliency a recovery There including wildfire $X.XX $X.XX International reported variance. a the variances. this the a items had same in earnings Through From will to few Edison on bulk filings, higher core the the loading the timing you mitigation incurred deferrals a had through from year‐over‐year. share, and the $X.XX including was last to that side, the prior The of per return the mechanisms the about XXXX mitigation, higher FERC. decline XXXX, begin of course core authorized at year‐ of at incremental first CPUC account period in few for see due will of There EPS to to the higher are primarily the primarily to that defer plan on incremental O&M year, more increased occur maintenance costs. minutes. we’ve Through not costs over‐year regulatory costs the the other drives associated exceed costs, grid negative request until place with these point track $X.XX which GRC. a Higher this
financing we had to higher and a from $X.XX negative on borrowings increased over‐collections. interest account expense Finally, costs impact of due balancing higher
For had and corporate Other lower variance Page lower the to $X.XX due the to turn earnings losses core X. Parent and at business. EIX quarter, expenses Please competitive positive a
proposed a mentioned or on significant our Pedro April or revenue we million, PD, X.X% reduction, received expense. about associated lower request. recovery requirement, billion depreciation -- $XXX As of decision is adopted, authorize portion than would XXXX is which million if lower $XXX our on earlier, A the XXth. $X.X GRC the XXXX recover The in of with
in million employees reduction $XXX for as reductions in approximately Additionally, that prior GRCs well. to and executives, is incentive compensation we’ve a O&M experienced related our
impacts an CPUC, is certain revenue the The related in identifies XXXX. If lower increase will adopted XXXX the third including The in capital by PD PD. reduction authorized $XXX requirement additional million the $XXX by is to revenue balancing of SCE’s the the the spending and PD certain driver all accounts, by a I disallow tax changes to and also to requirement and million Memo PD infrastructure corporate to programs in spending, rate or Accounting Tax a forecast also related of will The the largely of capital historical between recorded TAMA, estate. address base differences and expense. number real moment. expansion of replacement the include Account, would
will filing formal We be May comments on X.
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programs discussed of related We GRC, also as of particularly outside the have million XXXX, we’ve capital wildfire‐related spending significant In to $XXX last approximately mitigation. wildfire quarter.
to $XXX we XXXX, $XXX range mitigation million For of in capital expenditures wildfire million. a expect
We to requested spending these accounts for balancing wildfire and To extent through decision. we CPUC future have XXXX GRC‐jurisdictional will spend. in to This that The rate $XX.X approved base our our GRC Page base base to billion. expect the the have proposes updated costs rate recovered of corresponds be accounts, account proposed mitigation not memo GRCs. On XXXX balancing addressed X, GS&RP PD reflect a rate $XX.X track billion. forecast XXXX we’ve total of
we see X, of would does decision. wildfire mitigation‐related spending. when final not you our expect our base a receive forecast On update will Page forecast our assumptions We that current the to for any note financial XXXX. rate I capital include
in the GRC. for includes on bottom information some we the you guidance side. rate considerations simplified laid of will reflect final hand get are We In Items” XXXX model and additional beyond. “Other provide consideration that your the have the we base a XXXX This as some right noted earnings out after meantime, and decision outside model
expects coverage to current to of period self‐insured SCE of its SCE $XX million per These the retention self‐insured is coverage $X.X bringing on co‐insurance. subject period billion XXXX. $XXX SCE items. insurance, has policies in and subject of are for subject million also approximately co‐insurance XXXX occurrence. secured retention, $X of for quarter, levels to self‐insured the coverage currently initial During place, per $XX million June on after Based adjusting this billion additional an of these SCE total retention wildfire policies the based may time but, this the be for to policies insurance to to to insurance the June effect period Based for and occurrence, the cost wildfire deferral, currently XXXX is any obtain additional period in regulatory for future. in prior on in $XXX million. SCE's
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and we are need of that something technologies, utilities including differentiators. as risks regulatory exist distributed replacing include manage aggressive consisting a the of filing. the April this and overall these April must investment XXth, We These use proliferation wildfire other issues, an compensate also and addressing filing SCE submitted a goals efforts this lag. owned of of scale aging increasingly them arise to Cost California of SCE earlier, in submitted at of on energy Application. of capital FERC future. and on stage In ROE CAISO equity the The the As owner expensive and introduced earlier the pollution, FERC. accommodate needs, our with understanding revisions still and requested X% is to SCE toward support equity the XX.X%, a change Pedro but jurisdictions base risks XX.X% infrastructure. conventional an wildfire‐associated risk. return XXnd, overall deliberate but the SCE on find which Capital climate reflects is by ROE and nature energy approximately these related a to grid to varied, more enable given risks more the design and ROE these be to the additional challenges advancing various return in the and XX.XX% unique not experience adders of recently, the X.XX% clean objectives, this, clean Investor of that its CPUC similar has do in for of X% noted reflected the project‐based with tariff California. leader filing, component transmission in can process incentive its on of a XX.XX%, State’s and such and CPUC to to is manage a cost requesting the regulatory legislature effort ROE risks given resources air this of the energy both related of and More
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will cost to equity XX% XX% equity, and approved. In we in capital and capital aligned to equity X% capital requested common other This preferred change more California debt, capital changes, is This change equity, authorized and have X% our structures structure jurisdictions. Currently with change also of a reflects across common structure. authorized debt. XX% addition to our preferred if XX%
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and that unique needs these environmental meet as make the this However, objectives. support to its risks address customers’ help in we investments California necessary is to continue order our
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cash change to internally capital rate decades of as benefits highlights through rate to earnings, capital of The in structure than equity flow, a such bonus grown annual financings for our and additional equity base authorized X% base retained need a at a to combination Pedro cost rate The of noted, SCE. $X.X depreciation. the requested a at XXXX debt has significantly drives ongoing billion items over other XXXX. more XX% and from compound generated growth As two application SCE up layer PD from of
expenditures resiliency transportation and XXXX capital the additional GRC see We beyond electrification. also grid including needs
term been our outstanding at financing flexibility includes number commercial approach equity developing and are requirements needs. was utilizes balanced the plan debt a takes in EIX authorized capital increase or split while in loan financing. and our to million, million $X proceeds of to options contribution to flexibility This of status million proceeding. financing billion greater at‐the‐market, program will efficiently portion loan with part to and closed capital SCE. This the plan. and of term equity of repaid at billion were a holding will in Last ATM, finance the combination evaluated fund term process bridge requested through has of Overall, pay to layer. programs. that the loan current associated GRC internal a provides plan. Friday, needs, to issuances equity corporate $X.X We loan of SCE funding have of order file need and anticipate equity investments The including We of make in financing to at The last EIX’s and the with the SCE, to debt meet and the requirements and through timing SCE’s September. of an be plan longer‐term purposes. us our increase the equity, cost XXXX equity SCE These repaid sized of the use SCE’s repay equity up in capital EIX term equity be with programs equity authorized layer contributed a related or capital to our both maintain EIX and XXXX $XXX common program we our meet between equity week, potential a and general to expect to outstanding equity requested are $XXX off retained balance, regulatory company we offerings timing execute the to EIX paper issuing $XXX which will The a used proceeds financing for of components: range
cash loan, any tools term other the capital utilize debt the maturity will billion utility anticipated holding fund the and This holding to company finance including at and long‐term on other the requirements. based In to includes efficiently $X remaining an company long-term needs on additional repay financing business, needs flow balance short‐term and to addition, at EIX other financing requirements. continue debt
needs capital and significant growth have and this. SCE We at opportunities plan our supports financing
file in this XXXX concludes our GRC That extend when remarks. and we forecast September. update my will We
