Edison International
32 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Suppliers
Southern California Gas Company (SoCalGas)
depends onnamed as a riskSoCalGas is the primary provider of intrastate pipeline transportation service to the gas-fueled generation stations that SCE controls.Business (Item 1)
Partners and platforms
California Independent System Operator (CAISO)
depends onSCE has placed its transmission system under the operational control of the CAISO.Business (Item 1)
Other companies
Aliso Canyon natural gas storage facility
depends on · up to 79% of its maximum capacitynamed as a riskCurrently, Aliso Canyon is authorized to operate at up to 79% of its maximum capacity.Business (Item 1)
Also named by SRE
San Onofre Nuclear Generating Station
$560 millionnamed as a riskDecommissioning costs ultimately incurred could exceed the current estimates and cost increases resulting from contractual disputes, delays in performance by DGC, elevated levels of inflation, permitting delays, or force majeure events, among other things, could cause SCE to materially overrun current decommissioning cost estimates and could materially impact the sufficiency of trust funds.Risk factors (Item 1A)
Also named by SRE
Palo Verde Nuclear Generating Station
operates in · approximately $16.3 billionnamed as a riskFederal law limits public liability claims from a nuclear incident to the amount of available financial protection, which is currently approximately $16.3 billion for Palo Verde and $560 million for San Onofre.Risk factors (Item 1A)
International Brotherhood of Electrical Workers (IBEW)
Approximately 4,600 of SCE's employeesApproximately 4,600 of SCE's employees are represented by the International Brotherhood of Electrical Workers ("IBEW") under collective bargaining agreements that expire December 31, 2027.Business (Item 1)
Also named by AEE, ES, EVRG, FE, MYRG, NEE, PNW, SO and 2 more
Competitors
Community Choice Aggregators (CCAs)
competes with · approximately 21% of SCE's total service loadnamed as a riskAs of year-end 2025, SCE had twelve CCAs serving customers in its service area that represented approximately 21% of SCE's total service load.Business (Item 1)
Direct Access (Electric Service Providers)
competes with · approximately 15%named as a riskBased on recent load statistics, SCE anticipates that Direct Access and CCA load will be approximately 15% and 21% of its total service load by the end of 2026, respectively.Business (Item 1)
Places
Southern California
concentrated in · approximately 5 million customersnamed as a riskEdison International's principal subsidiary, SCE, serves customers only in southern and central California.Risk factors (Item 1A)
Catalina Island
operates innamed as a riskSCE owns and operates the water distribution system that serves Catalina Island, California and a propane gas distribution system that serves the City of Avalon on the island.Risk factors (Item 1A)
Hazards
Earthquakes
operates innamed as a riskWeather-related events, such as debris flows, flooding and melting of a significantly higher than normal snowpack, and earthquakes can cause over-topping or failure at an SCE dam resulting in a rapid release of water that could cause public safety issues, property damage and operational issues.Risk factors (Item 1A)
Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more
Southern California wildfires
concentrated innamed as a riskSevere wildfires and urban development in and near high fire risk areas in California have given rise to large damage claims against California utilities for fire-related losses alleged to be the result of utility practices and/or the failure of electric and other utility equipment.Risk factors (Item 1A)
Eaton Fire
named as a riskIf reimbursements from the Wildfire Fund for eligible claims related to the Eaton Fire are received later than projected, SCE could experience short‑term liquidity pressure, which may adversely affect SCE’s cash flows and liquidity position.Risk factors (Item 1A)
Commodities and inputs
Purchased power
depends on · approximately 15%SCE estimates that approximately 15% of power delivered to SCE's customers in 2025 came from SCE's own generating facilities.Business (Item 1)
Moody's Baa utility bond yield
exposed to its price · 5.94%The cost of capital adjustment mechanism's benchmark beginning January 1, 2026, is the 12-month, October 1, 2024 through September 30, 2025, average Moody's Baa utility bond yield of 5.94%.Business (Item 1)
Regulators
Federal Energy Regulatory Commission (FERC)
subject to · 10.3%The FERC ROE is currently fixed at 10.3% and does not separately reflect any adders.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
North American Electric Reliability Corporation (NERC)
subject to · approximately $1.6 million per violation, per dayAs of the date of this filing, the maximum penalty that may be levied for violating a NERC reliability or critical infrastructure protection standard is approximately $1.6 million per violation, per day.Business (Item 1)
Also named by BKH, DUK, EVRG, EXC, FE, HASI, MDU, NEE and 5 more
California Public Utilities Commission (CPUC)
subject tonamed as a riskSCE's ongoing financial results depend on its ability to recover its costs from its customers, including the costs of electricity purchased for its customers, through the rates it charges its customers as approved by the CPUC and FERC.Risk factors (Item 1A)
Office of Energy Infrastructure Safety (OEIS)
subject tonamed as a riskFurthermore, approval of a WMP by the OEIS does not ensure that the CPUC will authorize recovery of the associated costs.Risk factors (Item 1A)
Laws and programs
California AB 1054
subject to · $1.6 billionnamed as a riskApproximately $1.6 billion of spending on wildfire risk mitigation capital expenditures are not included in rate base under the terms of AB 1054.Business (Item 1)
California SB 254
subject to · $2.9 billionnamed as a riskFurther, SCE expects that it will be required to exclude $2.9 billion of wildfire risk mitigation capital expenditures approved on or after January 1, 2026 under the terms of SB 254.Business (Item 1)
SCE 2025 General Rate Case
subject to · $9.7 billion, $10.2 billion, $10.7 billion and $11.2 billionSCE's 2025 GRC authorized revenue requirements for 2025, 2026, 2027 and 2028 of $9.7 billion, $10.2 billion, $10.7 billion and $11.2 billion, respectively, with adjustments to the post-test years' revenue requirements, allowing the application of an attrition index to operation and maintenance expenses, tied to the Consumer Price Index and capped at five percent each year, along with budget-based wildfire mitigation capital additions and zero escalation for all of SCE's non-wildfire related capital additions in the attrition years.Business (Item 1)
Portfolio Allocation Balancing Account (PABA)
approximately $1.4 billionAs of December 31, 2025, the ERRA was overcollected by approximately $829 million, the PABA was undercollected by approximately $1.4 billion, and the NSGBA was overcollected by approximately $23 million.Business (Item 1)
CPUC Integrated Resource Planning procurement requirements
subject to · 5,421 MWSCE's allocation of the requirements is 705 MW by 2023, 2,114 MW by 2024, 529 MW by 2025, 684 MW by 2026, 684 MW by 2027, and 705 MW of long-lead time resources, comprised of 353 MW of long-duration storage and 352 MW of firm zero-emitting resources by 2028, for a total of 5,421 MW; 880 MW of the aggregate procurement requirement through 2025 must be through generation or generation paired with storage.Business (Item 1)
Net Energy Metering (NEM)
subject tonamed as a riskSCE is required to credit the NEM customer for most of the power they sell back to SCE at the retail rate.Business (Item 1)
California Wildfire Fund
depends onnamed as a riskCatastrophic wildfires could rapidly exhaust the Wildfire Fund and SCE will not be reimbursed by the Wildfire Fund or benefit from the Liability Cap if the fund has been exhausted as a result of damage claims previously incurred by SCE or the other participating utilities.Risk factors (Item 1A)
Also named by SRE
Inverse condemnation (California)
subject tonamed as a riskCalifornia courts have previously found utilities to be strictly liable for property damage, regardless of fault, by applying the theory of inverse condemnation when a utility's facilities were determined to be a substantial cause of a wildfire that caused the property damage.Risk factors (Item 1A)
Public Safety Power Shutoff (PSPS)
named as a riskIn addition, SCE has been and may be further subject to regulatory fines and penalties or claims for damages and reputational harm if it is determined that SCE has placed excessive or unreasonable reliance on PSPS or has failed to maintain compliance with notification and post event reporting requirements related to PSPS.Risk factors (Item 1A)
FERC transmission competition rules (Order 1000)
competes withnamed as a riskIn addition, the FERC has opened transmission development to competition from independent developers, allowing such developers to compete with incumbent utilities for the construction and operation of transmission facilities.Risk factors (Item 1A)
Technology
Lithium-ion battery storage
named as a riskFor example, utility owned storage facilities utilize lithium-ion battery technology that in certain circumstances can and have caused a thermal event that can ignite nearby materials, including other lithium-ion cells particularly when deployed in indoor facilities.Risk factors (Item 1A)