EIX » Topics » SCE

This excerpt taken from the EIX 10-Q filed May 8, 2009.

SCE

SCE's growth strategy includes improving reliability and expanding the capability of its distribution and transmission infrastructure, constructing and replacing generation assets, and deploying advanced metering infrastructure. SCE continues to implement its growth strategy and revised its 2009 – 2013 capital investment plan to be consistent with the revenue requirements authorized in its 2009 GRC final decision, as well as other CPUC and FERC proceedings. SCE's significant planned projects are as follows:

Transmission and Distribution Projects

Devers-Palo Verde II – A transmission project that will install a high voltage (500 kV) transmission line from the Valley substation in Romoland, California via the Devers substation near Palm Springs, California to a new substation to be constructed near Palo Verde, west of Phoenix, Arizona. SCE

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    continues its efforts to obtain the regulatory approvals necessary to construct the DPV2 project. The project is currently expected to be placed in service in 2013, subject to licensing and regulatory approvals. Over the period 2009 – 2013, SCE expects to spend $723 million for the California portion of the project. If SCE and the relevant regulatory agencies determine that construction of the Arizona portion is in the interest of California ratepayers, SCE will seek regulatory approvals for the Arizona portion, and would expect to spend $304 million.

Tehachapi Transmission Project – An eleven segment project consisting of new and upgraded transmission lines and associated substations built primarily to enable the development of renewable energy generated primarily by wind farms in remote areas of eastern Kern County, California. Tehachapi segments one through three are under construction and are expected to be placed in service at various dates over the next two years. SCE continues to seek the necessary licensing permits for Tehachapi segments four through eleven, which are expected to be placed in service between 2011 and 2013, subject to receipt of licensing and regulatory approvals. SCE expects to spend $2.1 billion over the period 2009 – 2013.

Rancho Vista Substation Project – A new 500 kV substation in the City of Rancho Cucamonga that is under construction and expected to be placed in service in 2009. SCE expects to spend $38 million in 2009.

Other non-project specific capital investments consist of $3.1 billion for transmission development and $9.7 billion for distribution projects to improve reliability and expand capability of its infrastructure over the period 2009 – 2013.

Generation Projects

San Onofre Steam Generator Replacement Project – Recently, SCE took delivery of the first two of four steam generators. The project is intended to enable San Onofre to operate until the end of its initial license period in 2022, and beyond if license renewal proves feasible. SCE expects to spend $456 million over the period 2009 – 2011.

Solar Photovoltaic Program – A program to develop up to 160 MW of utility-owned Solar PV generating facilities (generally ranging in size from 1 to 2 MW) each on commercial and industrial rooftop and other space in SCE's service territory. See "SCE: Liquidity—Capital Expenditures—Solar Photovoltaic Program" for further discussion.

Other Projects

EdisonSmartConnecttm – SCE's advanced metering project that will install state-of-the-art "smart" meters in approximately 5.3 million households and small businesses throughout its service territory. SCE expects to begin deploying meters in 2009, and anticipates completion of the deployment in 2012. SCE estimates capital costs of $1.2 billion over the period 2009 – 2012 and has obtained CPUC authorization to recover $1.6 billion of capital and operating costs related to this deployment phase.

SCE's 2009 – 2013 revised total capital investment plan includes capital spending in the range of $16.7 billion to $20.2 billion. See "SCE: Liquidity—Capital Expenditures" for further discussion.

This excerpt taken from the EIX DEF 14A filed Mar 13, 2009.

SCE

Financial Performance

 

   

Results of operations, including our reported earnings per share increasing before the effects of the decision described below are taken into account.

 

   

Reported earnings were adversely affected by the California Public Utilities Commission (“CPUC”) decision in the investigation of SCE’s Performance Based Ratemaking incentive mechanisms.

Regulatory Decisions

Results from three major CPUC proceedings set a strong platform for future earnings and growth.

 

   

General Rate Case: Although not yet concluded, SCE successfully managed a large and complicated request, resulting in the issuance of Proposed and Alternate Decisions.

 

   

Cost of Capital: The CPUC approved a multi-year cost of capital mechanism that maintains authorized return on equity for 2009 and 2010 at 11.5%, subject to automatic adjustment up or down based on changes in certain market indicia.

 

   

Smart Meters: SCE received a CPUC decision authorizing full deployment funding for “Edison Smart Connect,” SCE’s industry-leading advanced metering project.

Major Operational Goals

 

   

Positives include improved customer satisfaction with SCE and its services, exceeding energy efficiency goals, meeting all milestones for demand-side management initiatives, and increased energy procurement.

 

   

Negatives include delayed implementation of a San Onofre Nuclear Generating Station business plan, delays in securing transmission licensing/permitting, and less than 90% achievement of key performance indicators.

This excerpt taken from the EIX 8-K filed Sep 28, 2005.

SCE

1)

As of 2004.

2)

Peak on July 21, 2005.

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