thanks International's Edison was afternoon, lot, core quarter Sam, EPS Well, and XXXX good first $X.XX. the everybody. a for
our core are of start XXXX our to with and $X.XX. in affirming year the EPS We pleased are guidance to $X.XX confident
long-term XXXX. confident X% XXXX from We also our X% to delivering through of target EPS will performance in and growth financial discuss outlook. Maria remain our
today message number positives the we and California decarbonization sustain to by and the electric mitigate continue is to the grid, of for in make through see investment wildfires, needed opportunity. long-term, enable future. near-term a and us are these critically actions SCE’s that in and electrification excited key company’s My increasing our our and are strengthen
being regulators California. California a $XX continued to transmission estimating the and XX-year needed billion the longer-term, our analysis. our evolve by ISO needed investment highlights XXXX, Pathway in is in This plan Pathway the through XXXX consistent transmission XXXX, investment released about the with In analysis of In grid. distribution recognized
$X $X.X on FERC transmission with plan projects ago, years. of XXXX CAISO a that will for for projects XXXX XX the needs billion its to Plan, Transmission proposed competitive with cost weeks to projects current billion calls SCE few XX compete. Their represents Draft Over billion. its $X California draft XXXX of system represents published over Order which Southern thinking able be over a incumbent Only next total estimated and SCE, for within
person risk In again visited to its its reduced customers. to compared levels, actions. to who and say from electricity the diligent while the of from continues of that XX% near-term, Mitigation to headquarters achievements utility’s and mitigate our to heard from catastrophic directly predominantly want SCE Plan you of of by Wildfire us measures execution the our at grid I probability utility XX% in has flowing ongoing allow keeping hardening wildfires about losses the and our many thanks to the leaders several pre-XXXX
with Safety. XXXX the XXXX WMP SCE of on plan In shown are through Highlights of its Infrastructure Energy March, the filed Office Page X.
to areas, suppression continuing furthering ramping continuing reduce priority In impacts, undergrounding work fire areas: of to on the aerial safety the to one first customers, the up utility already focusing the severe public, number risk these are remains Our five year-round, on building XXXX, targeted and the work advancements. PSPS grid, while key funding harden is accomplished expanding in technological workers, responders. and
XXXX. certain a by the miles unique conductor. XXXX. to factors plans its covered risk flagship to SCE SCE with of by be will areas XXX key and risk also additional total More of XXXX, high between of expects address overhead complete plans the XXX conductor the distribution grid program, more conductor, installed replaced miles, X,XXX about than three covered hardening remains By fire quarters, high about miles X,XXX covered areas, to by underground have XXXX in miles end in undergrounding lines power SCE’s and of mitigation than of end or measure. to XXXX of presented
Additionally, to County protect and LA to utility capabilities. with the and SCE communities expand to County of the serves, they Fire continues Department firefighting the suppress Authority, quickly County partner Ventura Fire fires their how Fire start regardless Department, Orange
in expanded to Quick from made largest this been year-round world’s highlighted capabilities. of firefighting fire-suppression with the support WMP, aerial the has suppression helicopters night As unique the up Force, fire Reaction
make and The and to SCE energy new Current WMP intelligence advance with safer. ways artificial technological collaborating that focused with wildfire wildfire on Rapid to The as Earth communities advancements our with measures. WMP developing new the mitigate our risk. continue is suite other highlights adaptive of approaches technologies, will continuously furthering and Detection, is is find utilities, Early to to using mitigation sector Limiter, and such Fault academia, the
a long-term and in to view, back the is the driver key investment for electrification. affordability for transportation SCE’s enabling Going customer grid
here policies aren’t We regulatory just talking long-term forecasts. about or
and programs customers to operators an We fleets. today suite country’s $XXX an electrification utility, including the with today, million led and EVs of transportation heavy-duty vehicle aimed the include are programs, in and by adopt at and seeing Charge mover medium- a SCE segment. was over its really start for has embrace heavy-duty funding largest early program of approved which investor-owned Ready medium-
Momentum nearly approximately the increased, larger to heavy-duty are engage resulting available. support upgrades additional adequate understand see ready. currently system heavy-duty are vehicles to is will when vehicles. ensure more in and is available grid requesting and capacity XXX require medium- these customers to these distribution Customers is load continues to SCE higher-powered with operating that to where and with SCE with X,XXX to sites requests materialize customer working potentially may ensure chargers, vehicle to have the availability certainly segment, and improvements order. heavy-duty we beginning interest options in vehicles
building gas reviewed electric help that CPUC. another critical emissions. is opportunity reduce currently heat SCE $XXX proposed of million and electrification, the greenhouse is being has a electrification pumps, catalyze transportation to Beyond adoption by to the program
always and the and lowest rate culture long-standing the pursuing has track of state to I will decarbonization keep the cost productivity owned as have by makes top-of-mind. and improvement in is on investor and investment system SCE’s utility conclude the actively average SCE control measures for even enabled noting affordability efforts, maintaining California to that among utilities. substantial it grid electrification
Some pending which with customer-funded over recent include These move planning, and include the SCE’s program, capital agreement and shown Advocates procurement, Cal as operational to settlement Page excellence O&M self-insurance a employee-driven on ideas wildfire to benefits. TURN XXX examples includes and and X. model efficiency with work technology
XXXX generative constantly we progressively benefits for data artificial increase affordability opportunities these, beyond, benefiting further automation, quality, should will improvements to and The Beyond through for SCE's we accelerate customer intelligence interactions, expected pursue in digitization, as further drive customers. back-office efficiencies. and new asset and implementation
provide report. will Maria that, With her financial
Maria Rigatti
XXXX and plan, of today, with everyone. XXXX and Starting discuss first core first financial topics. I Pedro of quarter other In afternoon Thanks EPS $X.XX. good our guidance, quarter XXXX, reported my our results, EPS the comments EIX financing will
due expense, shown holding a escalation. payments. higher of see with and quarterly variance analysis This and first negative Page funding driven offset rates earnings attrition higher interest associated interest was claims higher by was $X.XX, the from expense. partially due you SCE’s variance As net year-over-year XXXX interest At quarter by can primarily there Parent XXXX on to increased Other, company GRC EIX wildfire X, year to
XXXX with to rate rate update mid-May capital will like projections and and XXXX last file forecasts, X disclosures. application capital its discuss will on and SCE extend GRC now shown are and quarter’s them time. that base base we X. Pages SCE’s our in would consistent I These through and at
the a to and in Over meet its wildfire building years, in needs of supporting will also economy. role while carbon-free mitigation SCE the grid increase California’s coming continue work invest its customers to leading
see for just $X spending, investment can XXXX increased billion. this in our under begin You projections which capital is
than CapEx billion. our six years As less reference, a $X point was of only ago, annual
provide me Wildfire XXXX on and update Events. a brief Let Mudslide and XXXX the
This million resolution, information. on outlined SCE in plaintiff full X, events. toward to continued first we we individual gain Naturally, these about $XXX more us along enables resolved continue As to progress more move the as further claims quarter, Page and in historical proceed resolving settling claims. in
estimate. Each best SCE into take the quarter estimate our experience million. by the adjusted upward best Consequently, we account $XX as cumulative we refine
with year. quarter cost the the utility importantly, the file it in TKM will this application third that progress, More remains this of confident recovery
Our Division public message cost agreement compelling recovered. recovery, CPUC that it case with seek operated already Enforcement that SCE prudently authorize its recovery. interest clear. under excluding or the the full foregone system Safety in its full amounts will the and is SCE is strong, cost very will show it to
key the Turning to shows modeling purposes. EPS our assumptions and XXXX X for guidance, guidance Page
XXXX our with start of affirming in year pleased $X.XX $X.XX. our core EPS are to confident and are to We guidance the
equity were offering, million notes, content. significantly March, this of which plan with company’s related is shown our which pleased on $XXX million transaction to provided and investor the of issued parent see we Progress in Page we for was support oversubscribed. financing subordinated strong expectations, junior $XXX line to The was XX. In XXXX
We to million approximately generate with internal in to equity equity $XXX million through $XXX programs, of of $XXX financing consistent our the plan. expect content
resulted very financing $X.X front, of XXXX SCE the saw the final To financing the highlight capital just its investor offering. an the allowed outstanding million credit $XXX and transaction loan, further a to engagement profile. This on week, SCE its on another last SCE’s for this add utility closed expenditures. securitization improving in customers for term cost-effective AB billion portion in repay robust for
Page to Please turn XX.
profile support, Moody’s reflected seeing decline by February, our the notch, investor SCE. In addition we the reflecting EIX credit in wildfire growing one rating agencies’ SCE’s to risk facing upgraded In and strengthening and business credit ratings outlooks. are in
reliance ratings Additionally, XXXX power SCE’s frequency equipment in last wildfire efforts wildfires XXXX, linked in meaningful in enhance week, and credit post-XXXX, mitigating EIX resilience decline one noting upgraded public system and activity Fitch and safety ongoing while to notch, elevated despite by California shutoffs. of to major and the on SCE’s
difference September, Moody’s bond exceeds the will a provides letter Tier capital advice CPUC of an end utility X to XX of average X.XX%. the update the to April Page The is XX, of at the average XXXX the adjustment Through The between adjustment around mechanism. and file Baa X.XX% X.X%. on debt XX-month preferred cost costs implement the SCE and updates of the average the If index measurement mechanism also be would equity. the to equal period the ROE. half authorized
capital continue mechanism, which significant We cost result to trigger. should upside it the monitoring earnings of in could XXXX will
XXXX, through translates guidance XXXX to of this management to Looking X% on ahead, $X.XX $X.XX. EPS we X% are rate delivering are XXXX our to fully to I team which and growth target. EPS committed from My reiterating
underlying to projections growth we an prospects, be earnings our coupled on optimistic both will grid, electric rate the investment growth XXXX update our QX our We strong as rate on in near with driver, company’s needed continue and the provide With EPS growth base through significant about the call. long-term.
That concludes Sam? remarks. my
