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2006 Annual Report Southern California Edison Company

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2006 Annual Report Southern California Edison Company 2006 Annual Report Southern California Edison Company Southern California Edison Company (SCE) is one of the nation’s largest investor-owned electric utilities. Headquartered in Rosemead, California, SCE is a subsidiary of Edison International. SCE, a 121-year-old electric utility, serves a 50,000-square-mile area of central, coastal and southern California. Table of Contents 01 Glossary 03 Management’s Discussion and Analysis of Financial Condition and Results of Operations 40 Report of Independent Registered Public Accounting Firm 41 Consolidated Statements of Income 41 Consolidated Statements of Comprehensive Income 42 Consolidated Balance Sheets 44 Consolidated Statements of Cash Flows 45 Consolidated Statements of Changes in Common Shareholder’s Equity 46 Notes to Consolidated Financial Statements 87 Quarterly Financial Data 88 Selected Financial Data: 2002 – 2006 91 Board of Directors 92 Management Team IBC Shareholder Information Glossary When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below. AFUDC allowance for funds used during construction ARO(s) asset retirement obligation(s) CDWR California Department of Water Resources CEC California Energy Commission CEMA catastrophic event memorandum account CPSD Consumer Protection and Safety Division CPUC California Public Utilities Commission District Court U.S. District Court for the District of Columbia DOE United States Department of Energy Duke Duke Energy Trading and Marketing, LLC DWP Los Angeles Department of Water & Power EITF Emerging Issues Task Force EITF No. 01-8 EITF Issue No. 01-8, Determining Whether an Arrangement Contains a Lease EME Edison Mission Energy ERRA energy resource recovery account FASB Financial Accounting Standards Board FERC Federal Energy Regulatory Commission FIN 46(R)-6 Financial Accounting Standards Interpretation No. 46(R)-6, Determining Variability to be Considered in Applying FIN 46(R) FIN 46(R) Financial Accounting Standards Interpretation No. 46, Consolidation of Variable Interest Entities FIN 47 Financial Accounting Standards Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations FIN 48 Financial Accounting Standards Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an interpretation of FAS 109 FSP FASB Staff Position GRC General Rate Case IRS Internal Revenue Service ISO California Independent System Operator kWh(s) kilowatt-hour(s) MD&A Management’s Discussion and Analysis of Financial Condition and Results of Operations Midway-Sunset Midway-Sunset Cogeneration Company Mohave Mohave Generating Station MW megawatts 1 Glossary (continued) MWh megawatt-hours Ninth Circuit United States Court of Appeals for the Ninth Circuit NRC Nuclear Regulatory Commission Palo Verde Palo Verde Nuclear Generating Station PBOP postretirement benefits other than pension(s) PBR performance-based ratemaking PG&E Pacific Gas & Electric Company PX California Power Exchange QF(s) qualifying facility(ies) SAB Staff Accounting Bulletin San Onofre San Onofre Nuclear Generating Station SCE Southern California Edison Company SDG&E San Diego Gas & Electric SFAS Statement of Financial Accounting Standards issued by the FASB SFAS No. 71 Statement of Financial Accounting Standards No. 71, Accounting for the Effects of Certain Types of Regulation SFAS No. 123(R) Statement of Financial Accounting Standards No. 123(R), Share-Based Payment (revised 2004) SFAS No. 133 Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and hedging Activities SFAS No. 143 Statement of Financial Accounting Standards No. 143, Accounting for Asset Retirement Obligations SFAS No. 157 Statement of Financial Accounting Standards No. 157, Fair Value Measurements SFAS No. 158 Statement of Financial Accounting Standards No. 158, Employers’ Accounting for Defined Benefit Pension and Other Post-Retirement Plans SRP Salt River Project Agricultural Improvement and Power District The Tribes Navajo Nation and Hopi Tribe VIE(s) variable interest entity(ies) 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations INTRODUCTION This MD&A contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect SCE’s current expectations and projections about future events based on SCE’s knowledge of present facts and circumstances and assumptions about future events and include any statement that does not directly relate to a historical or current fact. Other information distributed by SCE that is incorporated in this report, or that refers to or incorporates this report, may also contain forward-looking statements. In this report and elsewhere, the words “expects,” “believes,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “probable,” “may,” “will,” “could,” “would,” “should,” and variations of such words and similar expressions, or discussions of strategy or of plans, are intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could impact SCE, include, but are not limited to: • the ability of SCE to recover its costs in a timely manner from its customers through regulated rates; • decisions and other actions by the CPUC, the FERC and other regulatory authorities and delays in regulatory actions; • market risks affecting SCE’s energy procurement activities; • access to capital markets and the cost of capital; • changes in interest rates and rates of inflation; • governmental, statutory, regulatory or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market; • environmental regulations that could require additional expenditures or otherwise affect the cost and manner of doing business; • risks associated with operating nuclear and other power generating facilities, including operating risks, nuclear fuel storage, equipment failure, availability, heat rate, output, and availability and cost of spare parts and repairs; • the availability of labor, equipment and materials; • the ability to obtain sufficient insurance, including insurance relating to SCE’s nuclear facilities; • effects of legal proceedings, changes in or interpretations of tax laws, rates or policies, and changes in accounting standards; • the cost and availability of coal, natural gas, fuel oil, nuclear fuel, and associated transportation; • the ability to provide sufficient collateral in support of hedging activities and purchased power and fuel; • the risk of counter-party default in hedging transactions or fuel contracts; • general political, economic and business conditions; • weather conditions, natural disasters and other unforeseen events; and • changes in the fair value of investments and other assets. Additional information about risks and uncertainties, including more detail about the factors described above, are discussed throughout this MD&A and in the “Risk Factors” section included in Part I, Item 1A of SCE’s Annual Report on Form 10-K. Readers are urged to read this entire report, including the information incorporated by reference, and carefully consider the risks, uncertainties and other 3 Management’s Discussion and Analysis of Financial Condition and Results of Operations factors that affect SCE’s business. Forward-looking statements speak only as of the date they are made and SCE is not obligated to publicly update or revise forward-looking statements. Readers should review future reports filed by SCE with the Securities & Exchange Commission. This MD&A is presented in 10 major sections: (1) Management overview; (2) Liquidity; (3) Regulatory Matters; (4) Other Developments; (5) Market Risk Exposures; (6) Results of Operations and Historical Cash Flow Analysis; (7) Acquisitions; (8) Critical Accounting Estimates; (9) New Accounting Pronouncements; and (10) Commitments and Indemnities. MANAGEMENT OVERVIEW In 2006, SCE continued effective execution of Edison International’s strategic plan, with a focus on implementation of its capital investment plan to meet system growth and ensure reliability and progression toward a set of market rules that permit SCE to procure power efficiently. SCE met and in some cases exceeded what was set out in its 2006 goals associated with the strategic plan as it related to SCE. Principal objectives achieved in 2006 are summarized below: • Implementation of SCE’s capital investment plan to meet system growth and ensure reliability – During 2006, the CPUC authorized, through the 2006 GRC proceeding, a net increase of $134 million in SCE’s 2006 base rate revenue and supported SCE’s capital investment plan to ensure system reliability. In 2006, SCE undertook new projects to expand its generation, transmission and distribution systems, including pursuing the permitting and construction of five combustion turbine peaker plants, each with a capacity of approximately 45 MW and made continued progress in permitting the expansion of SCE’s transmission system, which will result in the interconnection of renewable generation as well as increased transfer capacity. See “Regulatory Matters—Current Regulatory Developments—2006 General Rate Case Proceeding” and “—Peaker Plant Generation Projects” for further discussion of these
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