on SCE X thank Sam. by I would like battling on June start to Nichols of the reflecting after cancer. Ron Well, passing gastric bravely you, President
All a all great Ron's and passing of celebrating out stakeholders and in friend. leader joined reached who and and great our investors to mourning of life. Thanks his lost a us us
business to at turning the So hand.
base $X.X related which XXXX our billion core in XXXX this the earnings performance XXXX The quarter mitigation final and was on Second remarks. more per authorizes wildfire XXXX XXXX of her costs. last decision and $XX.X final to Maria a to deferrals the insurance GRC primarily above detail $X.XX earnings The the meaningful, period but quarter will discuss due increase Therefore, comparisons the in same and were revenue was our wildfire billion financial particularly $X.XX period. year-over-year core over share, year. in adoption regulatory are of of not timing decision to for requirement GRC during
regulatory has mitigation rate Charge approval base and additional this SCE's growth charging electric pending wildfire vehicle program. excludes growth items spending of Ready infrastructure X.X%. X a This average During like compound period rate our
catastrophic through California's focused our initial communities. have their shown to remain I measures. the of and utilities Turning address future. a Senate the act impacts to crisis. mitigating the Bill framework risks has and operational California actions restore SCE regulatory towards urgency in the We The Assembly while stability and and continuing Page of steps the resiliency turn that drive clean the deck legislative provide Governor significant We crisis on to the wildfire we two will recent our address slide and of the then financial this risk. invest with wildfire the on cover with willingness to practices build to wildfire XXXX to companion to Please issued that appreciate Legislature that the system on energy XXX Newsom reduce undertaken reliability wildfire Bill earnings. leadership require passage bills safety, to and and
that careful to be interest, supported believe potential As any refinements package XXXX related major implementation have stakeholders We bill multiple their and of reflects compromises. and legislation AB XXX, will the AB this competing success. the critical with wildfire passage where and future
prudent to is address the contains XXXX improves clarifying liability regulatory and compact that comprehensive wildfire mitigating bill holds determination risks the important provisions AB utilities several accountable wildfire for a of by operations. bill wildfire wildfire risk. The
the transition accountable the responsibilities creating safely safety utilities will through will by a CPUC, oversight initially for hold Energy and Safety These safety wildfire changes within an certification. that to wildfire XXXX. operating risks mitigating Office in Wildfire of Infrastructure new Division, annual it Safety First,
relevant have the In that SCE, been has an granted for issues. IOU's a with must wildfire the within good mitigation committee Director XX is we director have has executive and of days safety standing, first met additionally, safety these the requirements initial these experience are structure on years, if has within next informed request in and must XX division safety plan, subsequent met. our and compensation stability. safety established XX level the certification must of to requirements Executive meet today, the approved and letter, incentive executive For CPUC's safety to IOU IOU it to safety an of IOU Earlier have days promote its Director certification, an Board safety CPUC's and wildfire safety financial as if public the a certification the Board by safety reporting ensure safety priority CPUC approve the utility composed all members The requirements of of months. the Directors issue
Wildfire Second, the this the Safety bill of electrical including Division. have experience relevant the Wildfire design of advise safe Board to Advisory The and operation, infrastructure. members Safety will in Board engineering establishes expertise, a
total $XXX cost cost $X.X continue upfront commitment fund contribute the the IOU if billion by the the is fund. an process $XX.X customers IOUs recovery fund the considering There is for control refines to billion elect IOUs and insurance option billion, changing all SCE bond a provision that the extinguished. match participate an of IOU in over to which insurance years. the fund, shareholder they three costs, it both which of participate IOUs to recover XX factors must benefit broader revised wildfire will $XX.X to of to the pay Creation participate. funded an of to to prudency apply even Once Resources additional for standard billion benefits. to $XX.X claims for is important customer's an contribution million, a fund extension Department Water revised is for establishes the established, from the Fourth, apply through cost wildfire annual contribution exceeding intended is to third standard. conveys utility's utility in the and will The bill and catastrophic of of and victim outside opt to recovery SDG&E of With It XXXX. charge note the electing the liquidity until insurance requires wildfires, will fund to wildfire particularly a consisting standard, insurance participate,
the XX.X% on make Maria and the in annual totaling $X.X the which its establish contributions options in thoughts our upfront company its to billion, operating fifth financing of will aggregate no SCE to of approximately on to wildfire for share make annual SCE ration contributions discuss initial SCE, commission order capital IOUs with mitigation than contribution contribution today invest approximately no company and balanced $XXX expenditures costs to XX. mitigation Based initial SCE to increment our remarks, notified the financing provision $X its commitment contributed her allocation on large XX% these another debt. the billion million. billion near-term translates of the will subsequent September for fund. later the return, will approach fund now likely SCE's approximately and costs. equity requires summarize those I risk The as $X.X to $X.X a XX% be in will holding with equity with billion. authorizes wildfire
which fund. XX% the today. for cap SCE only that of bill where a is T&D rate IOU to base, cap the equals been billion broader sets the found Finally, on available is IOU insurance The have shareholder with even is equity imprudent $X.X around liability
our would the wildfires like our service are to operations. to now Turning I territory. we address actions to in taking combat
Ventura had in XXXX, the quite before time, devastating and have in risk. we some wildfire that programs Santa Barbara counties December fires For proactive even target
that risk this continue or approximately in of based our of down circumstances an earlier map abundance HFRA. the is we early As continued it's on developed for a territory HFRA to an combination change, completed estimate areas, of CPUC recently. our SCE's out the evolve maps thorough evaluation to called. we fire high until could as that of we was our have hazard fire the been practices CAL When recently HFRA caution, abnormal, new severity we this FIRE's fire We XXXX, of two prior new map revised threat footprint in XX%. in map. Approximately, included XX% from do
to starting our to these part A of harden the risk equipment infrastructure. the foundational solution of in longer-term areas wildfires our is reduce
the more distribution months, over X,XXX and replaced circuit and breakers of reclosers updated that the XXX miles remote with X,XXX on installed settings our traverse covered protective past over conductor, circuits we XX than on our Over overhead line automatic locations fast-acting at fuses of course have circuit current-limiting HFRAs.
the rigorous efforts, we we as manner, electrical inspected highest hardening Safety making structures headway system Through remaining nonthreatening XX proactive through when it inspections time While Enhanced aggressive our PSPS, best our then the take only use Power issues possible management, the condition X and Public to we generally than focused since the December, known the findings vegetation to areas and a Shutoff, warrant fixing and fire Overhead remain prioritized and area. in or it. term, cover more immediately the high will ensuring immediate within risk findings. greatest on in our are in significant XXX,XXX deenergization, of remediating the state have location Inspection more risk and conditions on months, depending program, In
are In using doing drones. ground-based our aerial addition inspections to inspections, and we helicopters
removing practices Our and have trees. risk fire dying areas, including vegetation clearance distances widening management expanded dead and been in high
also which fuel, and measures conditions other our team is elevated preventive who understand risk FPI, in-house safety. risks fuel-sampling our support Center moisture potential a as to Trained These to well lead local better of management that has fire an fuel incident Awareness a risk-monitoring circuit-specific program, in content, a our wind fire PSPS have local territory. we using established a service vegetation fire public humidity addition, fire XX/X activities protect monitor scientist efforts experts Situational to In and or as index, in measure conditions weather program factors. our predicts during and potential teams criteria
to the made forecast and to the lines from field. on Ultimately, monitors the the when are ready is on that pre-patrol off before more wind shut in issues. power it mean FPI is PSPS and that power circuits safe above system lines is severe should of conditions. we we any measures the FPI in time, only fix feedback less frequently until wind and do the off, power the and and restoring wind For decision to can thresholds, conditions find clear Over real-time Once be based hardening more FPI and so. lean we to patrolling wait and
memo capital key potential in issued requested return cost of the like on this final decision by next scoping year. CPUC steps, now XXXX, our to evaluating proceeding In end July expected our an regulatory passage is the of The on we this of would A on light filing. equity. a give including of AB are proceedings. update the on I you reduction of
mitigation one of satisfies in on WMP for currently AB commission our May, safety In approved final plan the the XXXX issued and certification wildfire decisions guidelines. requirements The XXXX. deenergization the
spend WMP of I first earlier, billion As not equity mentioned our earn an will $X.X approximately return.
Additionally, evidentiary the to XXXX, CPUC early by our calendar. scheduled parties the six the a anticipate and expects CPUC Grid memo principle submission. and proposed to scoping the $XXX the the contested settlement to hearings XXXX. agreement, Program formal months decision the If and led settlement for submitting July May the a end settlement executing that million from the a of SCE of which approximately take Safety date CPUC a certain off in of parties and accepts finalizing, we the agreement CPUC SCE SCE settling filed month. this issues, all in In issued proceeding to the of GSRP agreed in Resiliency September
be and saying our the our our core communities top Let priority Edison. our me by and of conclude to safety that employees a continues of value customers,
We risk profile. regulatory of risk and legislative mitigation, also the wildfires steps in are our to to policy operational by encouraged territory service changes our reduce we through the taking are and
communities continue of public the and our California's policy to and our goals. to environmental health customers to achieve safer utility to will our We and make financial help objectives serve manage
to With report. that, Maria I'll her financial over it turn for
