EIX - Earnings call transcript Q2 2020

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Operator

Good afternoon and welcome to the Edison International Second Quarter 2020 Financial Teleconference. My name is Ted, and I will be your operator today. [Operator Instructions] Today's call is being recorded. I would now like to turn the call over to Mr. Sam Ramraj, Vice President of Investor Relations. Mr. your begin may you conference. Ramraj,

Sam Ramraj

and Thank everyone. you, Ted, welcome,

are and Officer, and locations. team. Pedro speakers the Financial today are and I different Executive this President are call on mention Also President Our would Pizarro; like the that in Chief Executive call Maria with Rigatti. members executives to other of Officer, we management Chief doing Vice our

experience These any are So, our technical our Materials we if please presentation. bear remarks call www.edisoninvestor.com. with will update supporting Maria, teleconference prepared available XX-K, we at and and include us Form today's distribute Pedro presentation. business difficulties. from regular the Tomorrow,

call, different filings. Please International certain well expectations. forth from this outlook current outlook SEC make subsidiaries. results the measure. in factors as of our differ GAAP about for the and non-GAAP could that presentation are materially During Important Edison The includes nearest assumptions, set measures reconciliation to cause forward-looking Actual we’ll read statements its results carefully. these as could

session, During I over yourself follow-up. question one the and turn now will Pedro. limit the to please to one question-and-answer call

Pedro Pizarro

second $X.XX O&M year. expenses. safe and recent decision Well, for loved we that all wildfire-related $X period for the Today, by equity Edison today final Sam, GRC earnings last was to share by were in due ones core results start certain deferrals of the share same per spend the year. timing primarily hoping expenses, compared to down higher thank dilution, to you decline the second our of listening for of and quarter are quarters, the Consistent way The and O&M true-up you the of this world EPS as last and in XXXX through COVID-XX. impacted with of recorded year-over-year let me and period quarter staying continues its healthy your work International XXXX, reported

improve narrowing performance we should by $X.XX and $X.XX. wildfire-related her financial in discuss EPS guidance for Therefore, to EPS the raising remain confident XXXX year-over-year outlook of in more our low are report. we half, our the our will detail $X.XX our Maria year. in in However, by end expenses impact to range second full the

coordination pleased On front, funding budget, and the budget Governor the legislative billion its we deficit in are resiliency prioritized and million $XXX of pandemic. provides due community the that preparedness, and governments and State the utilities. and projected with recently wildfire personnel to and local equipment, funding in one-time firefighting State’s enhancement Legislature $XX despite adopted over ongoing for agencies, response the The preparedness, additional emergency

encouraged mitigation are also by State’s prepare wildfire capabilities for as this the enhanced wildfire year’s We we season.

reported in XX,XXX CAL emergency safer season it of making that wildfire protecting and planned FIRE ahead For management May, completed of instance, the XX projects vulnerable fuels all XXX acres communities.

Some firefighting located of with SCE of capabilities. substantial these or night new investments helicopters including territory. support adjacent airplanes and capabilities, C-XXX made better in, has addition the service FIRE its to projects also to, firefighting were CAL

of remains for and beginning we and to the customers. SCE practices moved focusing pandemic, Labor steadfast safety operations of aimed earliest recently COVID-XX to Turning in re-entry our at continue to from telework, next employees of this thirds the health employees XX,XXX during date Day after on our Two and them year.

on our drones, of fire high facilitate covered combination nearly than is and inspections has miles weather practices, risk and benefit, helicopters definition ground-based through making infrastructure, additional areas. to a SCE’s the This XXX capabilities SCE are and more progress the has not harden approved improve SCE’s awareness June Safety paving situational XXX infrastructure plan renewal a possible XXX,XXX of XXth, of installed from conductor, also implementing stations enhanced the Wildfire in Fund. laid Plan for operations of customers’ those the XXXX prerequisite in on to Mitigation Certification SCE of access also Mitigation for imagery, continue completed over analytics sharp data while SCE including Importantly, and maintaining to operational calls bolster beginning through Plan. Wildfire in the the ground. The way acquiring Since XXXX technology. more out the annual assessments good for SCE year, for high CPUC critical completed focus additional that as XXXX-XXXX the Wildfire to

ahead, another lower driven than active California. dry expected across and mainly anticipate we by fire conditions Looking precipitation season, very

period prepared entering active is SCE better the than ever. However, fire more

mitigation In Power advancing Shutoff, since made or last protocols PSPS, Safety company improvements has the measures, wildfire to addition to Public year.

wind of While customers affected has by and temperature, that a in year. year, conditions, as largely fuel we SCE reduction expect is to of use improvements the the PSPS events since see on conditions made would dependent the number XX% same last last under with the PSPS

that a playbooks a many weather providing customers circuits high high switching fire our for smallest fire care battery areas, circuit surgical the for of given each qualified systems in for our area more isolate of backup risk includes customer pre-established care customers. rebates also facets traverse to our generator approximately It includes condition. of the approach critical possible preparedness and as program such Our for enabling X,XXX portion risk

culture remain safety on in XX proceedings effect. a a initial The to until how of certification then, July requirements, we received certification linking on request; the act the request risk June approved minimizing focus to outlining mitigate CPUC, Among will company XXXX remain safety wildfire. conduct the and implementing SCE’s to tool its impacts, at submitted PSPS catastrophic on Plan safety has safety. SCE last including and the key to compensation continue will XXth, days We meets but customer Wildfire our Mitigation CPUC executive wildfire-related

entities. with settlement on individual would to with last that events. settle has update wildfire public and like XXXX utility agreement I front, legal XX mudslide numerous you Since give the XXXX to plaintiffs. the announced opportunities and to time, On an an SCE explore continued November the claims

new are and has confidential SCE quarter, in settled the some like first to date they transformation the of During vision the claims XX, has court these agreements power now the Fire and thousands of of set with to January this plaintiffs, is for wildfire SCE, to all has reached do the bellwether electric with and utility There parties Court settlements and and industry. impacted central XXXX leading the committed I yet company the wish the but our so. by date. against July a sustainability discuss start reasonable exploring The how to would briefly that cases. be XXXX the represent set vacated to XXXX similar the claims individual of COVID-XX. Fire as XXXX further bellwether trial, who trial individual mudslide Thomas settlement Woolsey The may is for the

the Californians vision to as from Our with aligns COVID-XX to as equitable, safely recession is State future. shape California’s possible help recover efforts, prosperous green an working fast and recovery as COVID-XX-induced the and

came XXXX, carbon fleet, XXXX area published would towards increased light XX% note report own goals. SCE’s power recently long-term I to delivered XXX% International’s Edison from our They SCE’s carbon-free infrastructure by electrifying delivering duty sustainability vehicle meeting support of at free that XXXX. by SCE progress and end the to in of service that include of resources. highlights vehicles the electricity XXXX, customers Our expanding XXX% including SCE electrification

Corridor our SCE In advancing XXX We energy energy will the focused strategy. of megawatts announced help clean electric Clean one utilities, and the system storage remain Transit the with heavy-duty on partnership and local May, largest nation Initiative study, needs last also infrastructure medium enhance at trucks. electric other month, electrification in Also, of which procurement, West published to reliability needs. Coast SCE, this looks in serve

Additionally, that zero-emission, we proceeding. will electrification electric commitment SCE’s Ready comment truck adopting rule. the proposed the in issued Air the California nation’s by just state’s first were the Charge Board X on pleased initial to yesterday decision furthered Resources Maria

Edison that, are me Maria provide greenhouse to it we a to International, Let in communities. XXXX achieve address economy. by XXXX of all and California’s energy play enabling a her electrification let objective a over clean committed also the to and me gases lower and for in saying its conclude recovery. to just commitment economic clean energy equitable goals efforts report. State’s can financial With Investments climate affordably that critical At change to and role turn can climate change the California

Maria Rigatti

quarter Thank second the the decrease quarter you, from the for last This we Pedro. Edison the decline $X.XX to International year. for GRC true-up decision share of per dilution, share second XXXX, reported in and core the a of was due $X equity final higher earnings last share period per year. recorded O&M expenses, XXXX primarily of same

guidance you half narrowing by variance. improve would and the EPS year-over-year mentioned, highlight As items impact our SCE’s range. can impacted that EPS year the the XXXX key full page the EPS we side. the X, Pedro end to of in low had see are four like right-hand On negatively we second of wildfire-related the expenses raising to drivers on I expect

by receipt final First, upon of of $X.XX decision. the true-up declined recorded second due the quarter XXXX in to the EPS XXXX GRC

costs. related regulatory and variance of the had wildfire COVID-XX of from including costs. well vegetation expenses variance balancing and to increased of O&M to by that mitigation expenses inspection offset the are as $X.XX, due as deferrals revenue and management for is wildfire maintenance related preventative to Second, a negative timing timing to The treatment, account expenses both, mitigation related due deferrals

the the wildfire quarter, per variance share. negative from $X.XX For was expenses mitigation

the GRC in accounts. we certain and began the During to approved total costs the memorandum defer reached amount quarter, wildfire-related authorized through expenses incremental

timing in other in expenses of uncollectibles, will GRC will from a expenses levels. second Therefore, variances exceed of also COVID-XX We the defer costs be the begin impacted the third when to and negatively it. customer pandemic driver categories half. to other O&M by were quarter of less the response year-over-year resulting labor wildfire-related SCE's and authorized the these of expenses

for tracking levels, COVID-related them. quarter noted are of have the accounts previously, similar these costs example we full-year are GRC to expenses. was defer levels authorized the we authorized in they reach these GRC, until some EPS The we $X.XX. begin there Since reached authorized items, to expenses As must impact for the before uncollectibles, for in

However, do an impact not due earnings the expenses. for year, full expect we COVID-related to

As two for accounts. $XX in COVID-related recorded deferrals, million XXth, memo through June have we

in the impacted amortization as well XXXX negatively higher This by that due second was year GRC quarter were following rates and EPS recorded $X.XX. in as to decision changes last QX plant. primarily the depreciation depreciation Third,

X, because dilution capital from EPS increase shares by the quarter in lower base Finally, page of and in outstanding. was rate $X.XX On SCE’s forecast. you find will the expenditure

annual billion $XX program of in the requested $XX.X robust results case XXXX request compound Based in increase This rate X.X% other periods. over reflected of FERC-jurisdictional SCE’s a XX% of previously forecast, capital $XX.X We by on Applying reflect experience level CPUC amounts request GRC which growth XXXX total expenditure billion X.X%. to GRC, the reduction a base XXXX. in levels two and represents and operational will total capital a rebuttal. to have includes considerations, rate rate growth revised authorized our capital capital billion, rate the to weighted-average annual base the compound a of to

done Please X X, the total are not projects budget the on the million. been programs we meeting. expected Ready decision a program past, including Yesterday Charge received capital GRC. a at is by a $XXX budget the authorize As would not forecast. voted as the XX in X page PD and update CPUC, It million, included turn on in have of in proceeding. yet XXXX Commission’s an base be approved Ready $XXX have such business rate evening, the we for August proposed to that to Charge of The

rebuttal the positions SCE their including quarter, intervenors’ the conductor the filed to and recommendations, During covered on testimony of focusing program a number its depreciation. reductions on

term increase While make GRCs, to and to our XX is to deliver of required request that clean the increasingly than we safe, more longer is the magnitude for investments million revenue underscore electricity higher necessary reliable, than continue affordable, prior the Californians.

July completed oral As scheduled arguments and briefs for for GRC, the next the and are in evidentiary on XXnd hearings fall. were steps

update schedule during X. to on issue while other the decision the you is in We expected financial XXXX. on has for proceeding a now would COVID-XX even that pandemic. I turn QX CPUC key are page to working kept final topics. encouraged to The Track X Please like CPUC remotely this

plan equity with existing our of million XXXX EIX the placement in First, financing of long-term direct May $XXX with investors. several we completed

XXXX. beyond We have ongoing our to program equity needs minimal expenditures fund capital

events. requested noted on on cost As also accounts timely the mudslide level previously, this predicated and XXXX XXXX of memorandum and our of sheet is the and for current balance the wildfire liabilities recovery

insurance gross $XXX is from June wildfire $X billion have net coverage of to and which coverage, insurance secured self Turning XXXX, co-insurance. of July we XXXX to million

coverage insurance coverage policy gross in of had effect, the to insurance to that You believe year. of that approximately previous insurance and billion optimizes be in risk mitigation $X currently the on cost insurance the for is based the premiums, continues We we requirements recall tight cost The this policies $XXX about expense million. customers. $X XXXX. XXXX AB on will net of billion coverage the and meets Based market wildfire

an our a higher Formula will XX.X%. Moving is filed to of this FERC, its a and June. of formula beginning ROE layer case provide XXXX actual SCE rates new XX.X% rate equity all-in case, If FERC by in XXXX. can SCE settlement in the Rate with on settlement file an approved SCE that January and

million capital CPUC from SCE’s driving to included to XXXX be capital in range. allow several to wildfire-related positive a range $X.XX of raising share the guidance and securitize with This the the $XXX X application an application of $X.XX. midpoint of This of The rate to increases filed also the us the to I’ll revision. will range authority Program spending. recently and SCE rate by of portion to for show $X.X end the portion Grid allows spending, we our X CPUC-approved mitigation of EPS narrowing Safety Resiliency securitize we which wildfire-related Pages billion month, this base. earlier $X.XX requests the bonds costs There assumptions component. by repaid key equity can’t XXXX that guidance variables AB wildfire securitize a the EPS are are be expenditures. start per low Lastly, to including dedicated this modeling highlighting and purposes. approved

influenced of SCE’s with resolution tax-related higher contribution of base are SCE operating now financial Rate the estimate. be of now number and begin is our a we result We FERC Formula to also case the of operational than variances. timing activities our by Building $X.XX well a previous and as net EPS rate of a outlook forecasting XXXX Let’s base is This $X.XX $X.XX this, expect other regulatory financing as earnings. proceeding. increase settlement the from items. on higher a SCE’s rate as This

the to the EPS As $X.XX XXXX Parent quarter COVID-XX expense, these from of and year interest another the these share confidence in estimate primarily outlook the this offset increases $X.XX for of us We next all That with in chart, anticipated. EPS range us our business at remarks. you to our you environment, in two the earlier just note from narrowed behind outstanding gives Taking my variables higher changes, on described consideration, of are combined be related increased into look the of per three guidance EPS concludes forecast financing I higher drag will the the by these of originally items completion plan and from EIX bars at some combined impact costs primarily net EIX that the with than count. this share. and previous now $X.XX dilution to is than our Other,

Sam Ramraj

Ted, please open the questions. call for

reminder, you yourself a to one in and to the we ask so limit question questions. has request one As everyone follow-up, opportunity line to

Operator

Thank is Vertical Research. you. Arnold from question [Operator Instructions] Jonathan with First

line Your open. is now

Jonathan Arnold

plaintiffs have in certainly mentioned the thousands of I think But, XXXX fires. obviously, And you've should is some point? in additional that update a of there settlements just others. read an ask some initial have accrual, of your change despite it some with settlements you 'XX really of good described could to you you didn't I still Pedro, sort the estimate, that obviously, as don't settling sign just about have you've we enough claims that at you or -- reached and in these feel this that are experience reaching the your fact

Pedro Pizarro

Yes. really Hey, a that's good Jonathan, question.

of think, just the to we here a that answer the dozen a compared simple settlements, is settlements few thousands I of did handful plaintiffs.

that in material low of for enough have impact range. So, evidence just our not the assessment end simply estimable sort of to any is

we So, just a we low number input that settled, cases very into range we before, But and every change. that's we the material just the quarter. based again, sort not of any sufficient to of small we as did reassess would look end, on provide mentioned that the lead at at go that to

Jonathan Arnold

line then, this booked of could the And caused core similar below the you. I what that quarter one if and and booked related that -- sort and Thank Okay. What a to on just follow was just small you one up I to in the see, that's quarter? get $X million. a topic. charge XXXX XXXX,

Maria Rigatti

Sure.

can process, Prior associated legal was costs. imagine, Because you with this not costs and well. through accumulating the those non-core that we expert expert quarter, Jonathan, as we're those as as number So, the significant. this charge, non-core to and are booking move legal we're are really

Jonathan Arnold

Okay.

So, maybe that's ramping fair? that up. sort -- your Is of sort of a activities your of sign settlement

Pedro Pizarro

would of continuing litigation activities, say, I our it’s Jonathan. a just sign

Jonathan Arnold

very let Thank much. All it right. you I'll go.

Pedro Pizarro

Hey, thanks.

take You care.

Operator

next from of America. from is Our question Julien Bank Dumoulin-Smith

line Your is open. now

Pedro Pizarro

Hello, Julien.

Julien Dumoulin-Smith

Hey. expect individuals about just obviously, and expectations you Can worldly said, it, obviously is I to parties talk with? you settle think then, the seeking as on with? you on follow-up And question, to you Can of bit be about this is a little you'd for a I potential of shifted know the parties if set basically what of follow-up, settle Good kinds guys it's might is talk potential I that difficult just the think handful clarify about my various here. you time. to groups on afternoon And just the expectations, little how a Perhaps out. timeline Thanks Jonathan's you will. this

given for vacated you is the how one January do for bellwether still established in and versus trial think other timeline one? Just, about cadence the the

Pedro Pizarro

as timeline think noted date Thomas timelines for as start just has some Thomas the around they're been COVID-XX a and course that, And you dates I the set bellwether Julien There's I and trial the postponed. sense again saying that. impacts being didn't a there's -- earlier, that the do me that's could timelines, and where of separate on And the for Yes. normal although because obviously move litigation know new date of Woolsey almost two in by related. think mentioned uncertainty date relevant. are still side, the that We we let that

tracks A a is being multiple And, track. on separate reasonable on reasonable life of of really has that plaintiff's on track whether, that the are in there depends settlements. interested are with classes is parties its that really a that's plaintiffs. And So of track multiple and achieving the reality discussions both and own. sides, parties it side,

can't And to relates a we're business and specific point into who that it's for get or to Frankly, want to open parties discussions timeline? a of say. for head reasonable the reasonable trial they and not really view a How have linkage may not. open so, folks less the I to whether hard to have business parties date of trial we’re that view.

In those classes around, the question your the and and how the the are you two of the about do various settled really are class public On individual entities, last for of we insurance fall interests, as company think parties that plaintiffs. we and majority terms subrogation one other other the representing of vast recall, part the with large here? classes

open to we announce with parties, plaintiffs at of that the on continue settlement regional saw parties. to with we've several to a that had we'll point And a the nothing be individual entered. discussions so, handful we this And again,

each because the parties. the or of timing, really world down you give longest to So any groups is of again, in answer really that hard those of probably that comes parties to sense or timeline it’s

Julien Dumoulin-Smith

I a Maria, On Excellent. guidance, back you here follow-up again think And my of clarification your as here. commented COVID. going light a quarter quick 'XX in

number You COVID, in a introducing of obviously uncertainty a bridge, have, didn't you now there light show et and were of cetera. items

specific here volatility? right I pieces guidance you for introduce any that that it confidence. low raising are items -- not that want the you that outstanding end make could a sign earlier, at of are clarity sure make showing is sure last about key some still And hearing to to after the you just of know least looking I were quarter. indeed we're Just

Maria Rigatti

the as And bridge, the now we Sure. quarter, little quarter, last well. parts what saying reaffirm didn't and Julien. bridge. last Thanks, Obviously, move provide were we’re was, But, of we did the we raising could that's why guidance. we range a end low really provide while piece a bit around didn't

process, accounts those have I are. what think, have our continued provide more the the we parts California have that that with to things all confidence. through we we to Obviously, team set have on COVID those related as clarity we memo of in up pieces move we us decoupling, expenses,

point than being with that that more So, to granularity us. to apparent of passage wouldn't the other I time anything is necessarily different

Operator

next from is Fleishman Steve Research. Our Wolfe with

line now Your open. is

Steve Fleishman

So, two questions are related ones.

standpoint, on just back and like. the trackers cash there's I the is First moves and through the know forth of flow a lot

year? you for are targeted within year how this agency about just rating next So, feeling staying the ranges

Maria Rigatti

you’re lot So, accounts. mitigation have particularly wildfire up We in tied of right. do cash memo a those

think, this we billion. on the is I quarter have regulatory more than asset the that just $X.X books

So, it's amount. a fair

the decision from [ph] and in the we’re September. been year. proceedings. We approved. process WEMO The last has expecting one has proceeds have [ph] about been through moving approved that insurance That's the on various settlements GSNIP of been the those

are moving those -- on of financing that those through do through our predicated think plan moving of flow. that's process. the requested our So, some that to that's assumptions It’s amounts. And on. we're that one was cash We the timely maintaining important XXXX

we have the very have that rating they the COVID-related trackers decoupling. well agency perspective, think I as as well items, California, that understand supports from the strong both in that we a

sales as cover that will vary well. we as that So,

So, familiar highly of, that is think something frankly. they're that very I and think with

will was will demonstrating look wildfire accounts year. memo decisions We'll behind important can plan of one think we cash financing that important. And to that that continue get other the we as in the really this that assumptions mitigation, improve. we to of And our think obviously that at next I our door, On be I for this metrics in made get for year. the

Steve Fleishman

Okay. a And clarification... I'm going to ask

Maria Rigatti

I agree you. a is with really important It element.

Steve Fleishman

Thank Okay. you.

Just of question. someone a clarification else's

So, just and back the keep settlements. and -- potential to 'XX we looking 'XX

actually as don't has I 'XX, up that like, I did One any that of wrong fires. ultimately come again, do did to imprudent? the in remember recall, anything is things Because, has 'XX investigation far that you as actually anything the you found

So, fires? the just and us reviewed prudency would 'XX could you like when 'XX, remind how be for

Pedro Pizarro

Happy their these take continuing for the standard be process and pretty that that. settlement seeking of you've any is the right? Yes. any seem for look CPUC, basis the recovery away period track liability. fire, there's safety and around And for Fire. Woolsey final settlements, and investigation events really discussed the in exposure right a proceeding basis related cases at mitigation the although a of at whole to looking stab track the by in they for to for at review engages determining and separate quick amounts potential we past these track is there's of events. California again [Ph] General any that just any liability this real meat So Edison, we course now prior to potential the or then, the take can see there filing case, office, which time, remind has potency a There calls is which a enforcement would any General's the Attorney that division where you litigation not don't but obviously would that we In bones in Attorney is whether at If litigation And outcomes. be the CPUC's around kinds seen the start to a that outcomes or of cetera, facts Southern begun yet. fires after et of

in piece We we that have still evidence of have full every cetera. visibility inspect, et prior we There's well have equipment this yet at out there. that as don't to still to shared calls point,

Woolsey we the the Koenigstein works events the had finalized Thomas, this separately mudslide is once litigation way the event. for XXXX So, and outcome that for XXXX, Fire

would up insurance understanding at of the would right, on that final would end seek process cost or CPUC we understand is, that we our our or coverage, from whether go settlement, to liability court prudency, the customers review we on is, start SCE that our decide that understanding proceeding. amount do through beyond recovery then what our As based the what site complete point, then SCE that outstanding review, to and

at this pretty that have tell of see of don't General. But, led for recovery. you prudency for So, our investigatory be the cost this point, basis by we part can case and any place criminal understand pieces we felony all what degree and Attorney the we don't liability criminal definitively the in would the to

reminder, Diego from our not reserve, San final the precedent, case. Just in accounting have we assumed any recovery the CPUC given

precedent. would seeking cost different will we from concluded of expect to we assumed the shown. recovery on FERC I because we some amount, of dependent had had that recovery degree they But, be We a likely be prudency that have ultimately

this Steve? because So, make sense, that lots of Does complex pieces to is the process. answer a

Steve Fleishman

Pedro. really Thank you, Yes. good No, that review. was

Pedro Pizarro

Thanks.

care. take You

Operator

is Michael from Sachs. from question Goldman Next Lapides

is line Your open.

Michael Lapides

up actually handful you they're probably for California are? Thank taking a California more directed questions. the at court a potential have parent the both, guys. Edison Hey, Can to you. I have payment corporate and regarding you the my little Maria, comfort CPUC what relative you dividend and leeway, the zone requirements requirement to bit the talk Southern about

Maria Rigatti

Sure.

dividend some forever payment part I’ll standard, of payments, ability an following in got that around of been to I evaluating we've et meet it time. before long dividend are because been think well, some for of largely know rules around, due. a you earnings as this that there the as course And has are obligations come the But them they wildfires levels So, say that's been tested, cetera. very California, little which more the And wide And also the and XXXX-XXXX EIX outcomes question. their we've position of in SCE that timing after a We each between the and negative of the range bit cash quarter about events. looking look ascertain then to potentially to common that, shareholders and to also at in the SCE flows exact answer really second is attention think also like EIX. at a at both of but financing. then,

management little say, comes day-to-day make accounts just parent well, the there's routinely but of company. dividend the So, as they bit with a upto cash that I'll

looking able far well capital like. to structure as CPUC as is own we've within to always living be and able to that. do their are and they goes, do And I that As been obviously that CPUC we’ll the think ascertain

Michael Lapides

you. Thank the with can of utility, what is even thinking are and the relative you at how coupon realize to debt right current interest, holdco in balance about little broadly though cost up market if financing other Got opco? kind about you're really able to the meaning talk Also, the and rates And now, the rates, balance, rate seeing relative total you're debt, short-term, you're you the a lower, interest for higher down to companies? of other that. top you bit want debt long-term the the versus

Maria Rigatti

Sure.

[indiscernible] that's of year for now. call, we And a than the surprising has on other now, or lot prior ago of to obviously what of happened to light $XXX holdco -- been entities. of of ago XXXX. think passed. even I last And trading anyone couple a EIX reflection did what we that mean, million months completed what more had I announced So, months couple Not of

So, we underlying right I'm have time that with now. treasuries we deal the are Obviously low as change. passes, also will pretty do do that hoping that. to

So, you benefit that's coupon. the total a about think when

the rates from be forward Michael, short decision I market long-term would and based just the to like. see trying and to like as short-term and I go forward we’ll any the interest company. long-term a to position on to we on into think time, us basis, in move a what’s making in timing that balance company market, a working move going position

the thinking of at relative going the Obviously on be debt looking the they're holding In about agencies. debt that holdco eye terms company of the versus to total complex, overall to also rating keep terms obviously, debt. we're in at an

well. guidelines within staying as be we'll so, And those

process. So that's kind of the thought

Operator

the call turn Mr. now back will I Sam question. to last the Ramraj. was That

Sam Ramraj

you So, please concludes have us And that any today. conference you the follow-up call if us for call. joining questions. Thank

disconnect. now may You

Edison International (EIX) 28 Jul 202020 Q2 Earnings call transcript