good you, everyone. Thank afternoon, and Sam,
in often Let a all me start with too that we feeling California. sadly are here sentiment
and our loved Our Californians ones, hearts lost by evacuated, to property, rest out homes, have across and go community and customers been have our our who devastating impacted otherwise the been fellow of state, have members, wildfires. and
a once to we I my managing of I again how after financial significant touch wildfire comments risks performance. our will are on dedicate part
XXXX core as Today, dilution. in revenue settlement a higher count $X.XX earnings third per rate partially share was below higher FERC Edison the $X.XX due expense year. quarter were the was and decrease International primarily result reported share, pending offset the last from which case. core of earnings of The same O&M These period of by formula to
her timing the our final Maria particularly XXXX of mentioned meaningful adoption during in have remarks. before, discuss are general I year-over-year rate due to performance will detail not the of more As case financial decision. the comparisons
wildfire California's XXXX ended last application XXXX September, filed and legislative to quarter late session California call, has our in you begun. August, season in second on Since peak its earnings GRC we spoke the SCE
winds proactive flag" very State using requiring PSPS. safety – public – of the and high "red or has heat, experienced de-energization Much shutoffs, conditions strong low humidity, power
of On wildfire to state range reflecting into and AB span resiliency, prevention including regulation, and a vegetation a mitigation, response were to legislative California's enacted management. risk approach These matters, efforts. law and wildfire-related management, of CPUC improve in wide bills XXXX, number bills California's prevention, that issues addition comprehensive community safety
last same noted the our initial has been elements XXXX. At that received implementing safety Edison earnings of we CPUC. the time, from AB SCE its call, On certification
$X.X our XX fund for on to made September of SCE of X will approximately contribute years. Xth. wildfire on initial billion contribution the year SCE then, each million Since fund January $XX
wildfire non-bypassable week, important Resources fund approved several wildfire created These the a by fund continuation AB used conditions of legislative Last CPUC fund. charge, contributions Department the satisfied to Water which will to customer establish have actions to be of statewide XXXX. the
elevate the continues that the fire We in areas. are fuels. season, a Such wet led high wildfire and efforts fire state's This threat conditions. to build-up in conditions risk a follows backdrop SCE's be to operational severe for winter the weather of the peak
Our and responders. first number be the one priority safety public, of continues our customers, the to employees,
reduce last will in an several the we Since our have ignition. the weeks, protocols PSPS of that the increasingly cause exercised July and to be system our possibility
catastrophic our lightly, and protect PSPS action this communities. strive we do Californians impact not We minimize and recognize it is that hardship, wildfires. customers on to We is from the necessary a disruptive but to take
a events PSPS lines fire. several after conducted instances and damage of patrols have have fact, found could which tree power branches equipment ignited In contacting
wildfire shutoffs, these for we against our threats. utilize system our continue enhance PSPS to but the will power as need to expect We minimize harden continue system to safety to
sectionalizing many has in remotely We using several have average of sectionalizing an invested points. and distribution operated number to of of over circuits for the isolation in switches switches SCE increase HFRAs our HFRA years circuit. X reclosers past the each
This, granular models enabled and have targeted circuit of on us a more modeling, to be risk our stations, sub-circuit PSPS. level, along and at the weather work with more in application all weather
We ultimate short-term monitor not that so forecasts. of we based sections on each a – conditions – circuit to can threatened individual and combination deenergize the make decision or real-time
even will more isolation HFRAs, of customers will sharpening twin events and our points, PSPS deployment of benefits of further awareness, our impacted to power to computing in situational invest advanced which of have granular the to We during more the continue more risk-informed and number analysis continuing investments. reduce provide grid-hardening
protocol, PSPS notify a requires utilities potential CPUC's de-energization. in the follow of investor-owned customers to We which advance
protocol XX-hour follows Services, affected with providers. of to CPUC, OES, Cal and Our PSPS essential or governments, notifications Emergency service county Office California's this process the
de-energization We then and possible. whenever provide and XX-hour, communities to XX-hour, imminent notifications customers
and are when there occasions to advance us sufficient notification. provide safety volatile conditions certain Unfortunately, pose do threat allow not and rapidly public weather an to immediate changing
I want particularly Governor by Newsom impacts, events vulnerable be when his to state's concerns considered customer comments that are to the and populations, PSPS necessary. acknowledge the made impacts
We notifications. OES with impacts and PSPS customers effective, providing of improvements are the goal engaged and with process, the on to further to limiting timely the governor's CPUC the Cal Office,
Plan and in on Mitigation SCE Resiliency outlined implementing the Program. remains focused the its Wildfire and Safety mitigation Grid activities
the through monitor more to weather ignitions. We to awareness quickly detect approximately speeds, stations wind high-definition situational levels, to temperature, improve deployment XXX cameras than more fire and our and XXX of continue humidity
enabled limit are the circuits, modeling de-energizations assess of to weather affected. customers of us capabilities minimize fire sectionalize also prior better scope along forecasting sophisticated threat. number advancing Our fire to These, potential the distribution our to to with and have work
today miles as continues Our more at conductor, having grid. even more understand of acting covered XX,XXX grid locations. in fast work our hardening importance the and fuses the installed and We of customers the and XXX includes also future approximately electrification circuit than economy of on new rely the
attention a of comment fires. these while garnered California in A evaluations have are like briefly would Southern I and, number few of on continuing, recent to wildfires
we caution an had filed fire. to or the an an event Safety system start Incident Electric on filed Report, its to SCE time We abundance in the because the ESIR, this close Saddle fire. of in related First, Ridge of
will report website. week report investor We a a posted be next – to – will our XXX that file more detailed also
an did to We to fire. reported file have near of incident been fire. An yet ESIR the hours had a origin. start several SCE of location Tick location, not prior not the de-energized the related incident the but Fire an distribution line authorities point identified
prior de-energization start of mile this any and protocols trigger the the PSPS quarter of SCE's an the did line to incident reported transmission fire. from location, not about register events a not line SCE did
began facilities of vicinity fire Getty has reported a yesterday, This not an have of by and authorities Finally, a Angeles Power's point Los SCE media Angeles. the Museum Local in identified and is determination closest miles Water origin. service fire but the over official away. Department, this Fire is the of the territory in Los that Department X the in Angeles are Los
to of County operated electrical on I a litigation, by non-final the Fire. the the SCE an Ventura would cause the investigation stating Woolsey equipment of from Department Woolsey to Parties including the redacted owned that an report Fire update and Fire. like give draft Woolsey was SCE, received
release other what public authorized protective at to order The the are or court's time. you and, we are the to contents, disclosing to we report, today, this the report than to is its subject not
its and likely and believes with Woolsey associated additional determination the causation litigation. made of it Absent ignition is Fire. lengthy SCE was would only of evidence, that complex be equipment Final the legal liability during
XXXX we expected of quarter recall that the corresponds with the to the the XXXX, charge billion mudslide in to will accrued of $X.X and of fourth losses. You earnings events. lower XXXX and end potential range wildfire estimated of an in connection reasonably This after-tax
to time, that although determined change needed is the have becomes it is to this information change no available. as reserve We subject additional at
of separate the SCE the also Fire not purpose are for the Office Fire of occurred. of any Attorney SCE have whether Thomas felony Woolsey regard of these criminal California aware and any with by to violations aware the is fires. and basis EIX for investigations liability General's determining ongoing
filed of August of XX% presently application next authorized the XXXX XXth SCE's revenue the increase rates. GRC, test-year billion, a requests approximately for Moving requirement now above XXXX period three-year we to $X.X an to on
of of take helping following SCE this over catastrophic rate local request below balance kept growth inflation. work do and size the reducing across California SCE's goals, lightly, core which a the its This clean improving the of electric a its strikes wildfires. three-decade service, period reliability average risk of We energy not and request funding security meet
filings of Maria discuss will the on decision of late Capital SCE's and cost her SCE Application, November. later in proposed a Cost in XXXX expects GRC currently more remarks. capital Regarding
capture run earnings managing succeeded business, this we year, Energy while as of a as our The costs ago, sales Edison to breakeven will breakeven end rate capturing for and for to close set business briefly goals. by has Turning well customer its and two year-end target. this targets be years the outlook in
energy has clients portfolio targeted. Energy reduce managed XX solutions its client's high-quality to have several including a not of Edison although the Fortune many used broader originally of clients, as risk, number of whom the as XX, overall we
from interest, we sustainability are and to However, gaining will core our increasingly see inform we and and for and these growing our see clean we our efforts, client as strong that energy, insights customers that electrification to help continue relevant strategies. work
support investments in for we fleet will business Edison building to in not areas fund electrification. providing do significant While and key this technology, we such be limited anticipate growth Energy, renewables, and as making
business the requiring EIX The ongoing it, a team. impact financial expect We company the of has limited for focus business immaterial foreseeable team be from future. strong the within leadership holding very to this
state wildfires, to is extreme that accompanied degree that risk our a by PSPS more days, California, of is large events to significant to it climate a back change. and experiencing clear Turning due weather and is
safe, on While communities SCE needed must and on focused near-term longer-term our also solutions. to with is policymakers primarily we state customers its keep actions engage
part must longer-term act as to earnest, which in awareness change Adaptation SCE must begin in we but is with well. and doing grid our hardening, changes, on situational solutions operational climate
damage. but further immediate has remain California detail much established to need successful and needed reduction has urgent The clear an hard ensure for climate to state targets, actions gas work greenhouse mitigate implementation. change
efforts, paper which on focused energy the and Electrification ago, Clean two XXXX. white To Pathway support clean years to transition California's released SCE our Power
release by will XXXX, SCE with a which goals outlining meet gas soon ambitious emissions have We we reducing Pathway paper, this a important white its how greenhouse continued call California to for our new blueprint view for XXXX. longer-term can and XXXX, work
along include of Pathway efficiency; low implications XXXX of long-term These carbon hard continued carbon of achieving through the neutrality of pillars. energy transportation a use decarbonization are significant buildings, and and three deep to sectors that electric electrify. fuels electrification sector; focus California's with analyzes the of goal on for
economy will of light-duty one-third profound. vehicles California's of across that and by electric required believe be Three vehicles We of medium-duty be the will changes heavy-duty XXXX. vehicles, two-thirds quarters to need
In heating by addition, electric be nearly to water will XX% space of building, XXXX. need and
will result approximately greater XXXX. on and load in This a storage XXX clean in reliance XX% require electricity additional gigawatts by of will grid-served and generation increase electricity
will this building required investment storage generation capacity, the to transportation grid growth with be electrification. substantial serve load integrate and Significant renewable and associated new and
types fossil inherently While all energy by fuel greater by electric across of bills due over to increase should electricity one-third technologies decrease household an will over machines. the XXXX, for time, average overall cost combustion the of efficiency
the need on utilities state grid and ensure dependence financially to healthy. the underscores its the electricity increased are resilient is The for
intend XX approach we years customer the and and policy affordability. near-term our While areas supply, development, in technology paper for clean the reliable to power and, goals look including technology future, state's systems, resilient in adoption, support our actions therefore,
our like long-term we reiterate at I that the wildfire would progress the addressing strategy, to immediate on continue to closing, challenge. same In while time make
will maintaining sustainable and our operational we vision while and on hard-earned in the We and continuing transformation, energy move transportation to customer future, gains forward recent, satisfaction. for clean have digital achieved electrification focus a with and reliability excellence
it over let With report. for Maria that, to me turn her financial
