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SCE Recovery Funding LLC Issues Recovery Bonds
SCE-PG
Debt Issuance
New Projects/Investments
- SCE Recovery Funding LLC entered into an Indenture dated December 1, 2025, with The Bank of New York Mellon Trust Company, N.A. for the issuance of Recovery Bonds.
- Southern California Edison Company will act as the Administrator for SCE Recovery Funding LLC under an Administration Agreement dated December 1, 2025, providing corporate management and administrative services.
- The Recovery Bonds are non-recourse obligations, secured by and payable solely from the proceeds of Recovery Property and other collateral, with holders waiving claims against the Issuer or Indenture Trustee if proceeds are insufficient.
- The expected amortization schedule details an issuance amount of $442,716,000.00 for Tranche A-1, and $600,000,000.00 each for Tranche A-2 and Tranche A-3, with the final payment for Tranche A-3 scheduled for September 15, 2050.
Dec 1, 2025, 9:06 PM
Southern California Edison Files for Approval of Woolsey Fire Settlement Agreement
SCE-PG
Legal Proceedings
Debt Issuance
Guidance Update
- On September 19, 2025, Southern California Edison (SCE) filed a motion for approval of a Woolsey Settlement Agreement with the California Public Utilities Commission (CPUC) to recover costs related to the 2018 Woolsey Fire.
- If approved, SCE will be authorized to recover 35%, or approximately $2.0 billion, of approximately $5.6 billion in losses, and 85%, or approximately $71 million, of approximately $84 million in restoration costs.
- The settlement is expected to improve credit metrics (~90bps FFO-to-Debt benefit) and provide an annualized interest expense benefit of ~18\u00a2/share. A one-time Core EPS benefit of ~44\u00a2 is anticipated upon the CPUC's final decision.
- SCE plans to finance the authorized amounts through the issuance of securitized bonds, with proceeds anticipated by the end of 2026 if approved.
Sep 19, 2025, 10:58 AM
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