Southern California Edison Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Southern California Edison Company and its subsidiary SCE Recovery Funding LLC have filed their annual 10-K reports for the fiscal year ending December 31, 2023.</b>

AI Summary

SOUTHERN CALIFORNIA EDISON Co (SCE-PM) filed a Annual Report (10-K) with the SEC on March 28, 2024. SCE Recovery Funding LLC, an asset-backed securities entity, filed its 10-K report. Southern California Edison Company, an electric services provider, also filed its 10-K report. Both entities are incorporated in California. The filing covers the fiscal year ended December 31, 2023. Southern California Edison Company's principal executive offices are located at 2244 Walnut Grove Avenue, Rosemead, California.

Why It Matters

For investors and stakeholders tracking SOUTHERN CALIFORNIA EDISON Co, this filing contains several important signals. This filing provides a comprehensive overview of the financial performance and operational status of Southern California Edison Company for the fiscal year 2023. The inclusion of SCE Recovery Funding LLC highlights the company's structured finance activities and securitization efforts.

Risk Assessment

Risk Level: low — SOUTHERN CALIFORNIA EDISON Co shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures.

Analyst Insight

Review the full 10-K filings for Southern California Edison Company and SCE Recovery Funding LLC to understand their financial health, operational risks, and strategic initiatives for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-28 — Filing Date (Date of filing)
• 0000092103 — Central Index Key (Southern California Edison Co.)
• 0001826571 — Central Index Key (SCE Recovery Funding LLC)

Key Players & Entities

• SOUTHERN CALIFORNIA EDISON Co (company) — Filer and Depositor
• SCE Recovery Funding LLC (company) — Issuing Entity
• 2023-12-31 (date) — Fiscal year end date
• 2024-03-28 (date) — Filing date
• Rosemead, California (location) — Business address

FAQ

Industry Context

Southern California Edison Company operates within the regulated electric utility sector, providing power to a large customer base in Southern California.

Regulatory Implications

As a regulated utility, the company's operations and financial reporting are subject to oversight by state and federal regulatory bodies, including the SEC.

What Investors Should Do

1. Analyze the financial statements and management's discussion and analysis within the 10-K for detailed insights into SCE's performance.
2. Examine any disclosed risk factors and legal proceedings that could impact SCE's future operations.
3. Investigate the role and financial structure of SCE Recovery Funding LLC as detailed in its respective 10-K.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the financial performance for the entire year.
• 2024-03-28: Filing Date — Official date the 10-K report was submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following the previous year's reporting cycle.

Key Financial Figures

• $2,500 — n the annual independent manager fee of $2,500 paid to CT Corporation, SCE Recovery Fu

Filing Documents

• d86109d10k.htm (10-K) — 84KB
• d86109dex311.htm (EX-31.1) — 5KB
• d86109dex331.htm (EX-33.1) — 40KB
• d86109dex332.htm (EX-33.2) — 50KB
• d86109dex341.htm (EX-34.1) — 6KB
• d86109dex342.htm (EX-34.2) — 10KB
• d86109dex351.htm (EX-35.1) — 4KB
• g86109g0326101044673.jpg (GRAPHIC) — 2KB
• g86109page24a.jpg (GRAPHIC) — 3KB
• g86109page24b.jpg (GRAPHIC) — 3KB
• g86109page24c.jpg (GRAPHIC) — 2KB
• g86109page25a.jpg (GRAPHIC) — 2KB
• 0001193125-24-080580.txt (&nbsp;) — 443KB
• sce-20231231.xsd (EX-101.SCH) — 5KB
• sce-20231231_cal.xml (EX-101.CAL) — 1KB
• sce-20231231_def.xml (EX-101.DEF) — 17KB
• sce-20231231_lab.xml (EX-101.LAB) — 22KB
• sce-20231231_pre.xml (EX-101.PRE) — 18KB
• d86109d10k_htm.xml (XML) — 8KB

Selected Financial Data

Selected Financial Data. Not applicable. Item7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. Omitted pursuant to General Instruction J of Form 10-K. Item7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. Omitted pursuant to General Instruction J of Form 10-K. Item8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. Omitted pursuant to General Instruction J of Form 10-K. Item9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. Omitted pursuant to General Instruction J of Form 10-K. Item9A.

Controls and Procedures

Controls and Procedures. Omitted pursuant to General Instruction J of Form 10-K. Item9B. Other Information. None. PART III Item10. Directors, Executive Officers and Corporate Governance. The following are the managers of the Issuing Entity as of the date of this Annual Report on Form 10-K: Name Age Background Aaron D. Moss 53 President and Manager of the Issuing Entity and Senior Vice President and Chief Financial Officer, Southern California Edison Company ("SCE" or "Servicer") since April 2022. From October 2017 to July 2021, Aaron was Vice President and Controller of SCE. From March 2016 to April 2022, Aaron was Vice President and Controller of SCE's parent, Edison International. Natalia Woodward 55 Manager and Vice President and Treasurer of the Issuing Entity since September 2020 and Vice President and Treasurer, SCE since October 2019. From September 2014 to February 2016, Natalia Woodward was Director of Risk Management. She returned to SCE in October 2016 as Director of Financial Planning & Analysis. Sean L. Emerick 57 Independent Manager of the Issuing Entity since September 2020. Director, Special Services, CT Corporation System. From 2007 to 2011, Sean was the Vice President and General Manager of NRAI Corporate Services. From 2011 to 2014 he was Regional Service Manager, Special Services for CT Corporation. Sean has been a Director, Special Services for CT Corporation from 2014 to present. SCE Recovery Funding LLC is a wholly owned subsidiary of SCE, which in turn is a wholly owned subsidiary of Edison International. The Edison International Employee Code of Conduct is applicable to all officers and employees of Edison International and its subsidiaries. The Code is available on Edison International's Internet website at www.edisoninvestor.com at "Corporate Governance." Any amendments or waivers of Code provisions for the Company's principal executive officer, principal financial officer, principal accounting officer or

Executive Compensation

Executive Compensation. Other than the annual independent manager fee of $2,500 paid to CT Corporation, SCE Recovery Funding LLC does not pay any compensation to its managers or executive officers. Item12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. None. Item13. Certain Relationships and Related Transactions, and Director Independence. Manager Sean Emerick is an independent manager and an employee of CT Corporation Staffing, Inc. Item14. Principal Accounting Fees and Services. Omitted pursuant to General Instruction J of Form 10-K. PART IV Item15. Exhibits, Financial Statement Schedules. (a) Documents filed as a part of the report: (1)

Financial statements

Financial statements. Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. (2) Financial statement schedules. Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. (3) Exhibits required by Item 601 of Regulation S (exhibits marked with an asterisk are filed herewith and the others are incorporated by reference): 3.1 Certificate of Formation of SCE Recovery Funding LLC (incorporated by reference to exhibit 3.1 to SCE and SCE Recovery Funding LLC Form SF-1 dated October 26, 2020). 3.2 Amended and Restated Limited Liability Company Agreement of SCE Recovery Funding LLC executed as of September 10, 2020 (incorporated by reference to exhibit 3.2 to SCE and SCE Recovery Funding LLC Form SF-1/A dated January 19, 2021). 4.1 Indenture between SCE Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. (including the forms of the bonds) dated as of February 24, 2021 (incorporated by reference to exhibit 4.1 to the SCE and SCE Recovery Funding LLC Form 8-K dated February 24, 2021). 4.2 Indenture between SCE Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. (including the forms of the bonds) dated as of February 15, 2022 (incorporated by reference to exhibit 4.1 to the SCE and SCE Recovery Funding LLC Form 8-K dated February 15, 2022). 4.3 Indenture between SCE Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. (including the forms of the bonds) dated as of April 27, 2023 (incorporated by reference to exhibit 4.1 to the SCE and SCE Recovery Funding LLC Form 8-K dated April 28, 2023). 10.1 Recovery Property Purchase and Sale Agreement dated as of February 24, 2021, between SCE Recovery Funding LLC and Southern California Edison Company, as seller (incorporated by reference to exhibit 10.2 to the SCE and SCE Recovery Funding LLC Form 8-K dated February 24, 2021). 10.2 Recovery Property Purchase and Sal

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized . SCE Recovery Funding LLC, as Issuing Entity By: Southern California Edison Company, as servicer Date: March 28, 2024 By: /s/ Natalia Woodward Natalia Woodward Vice President and Treasurer (Senior officer in charge of the servicing function of the servicer) SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. No such annual report, proxy statement, form of proxy or other soliciting material has been sent to the registrant's security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form.

View Full Filing

View this 10-K filing on SEC EDGAR