Edison International is a holding company whose primary subsidiary, Southern California Edison (SCE), is one of the largest electric utilities in the U.S. SCE delivers electricity across a roughly 50,000 square mile service area in Southern, Central, and Coastal California, serving approximately 15 million people. SCE does not generate most of the power it sells — it procures power from independent producers under long-term contracts and delivers it over its own transmission and distribution grid. SCE sells electricity to residential, commercial, and industrial customers as a regulated monopoly; customers cannot choose a different delivery provider, though community choice aggregators can take over power procurement while SCE retains the distribution role. SCE earns its return as a regulated utility: it invests capital in grid infrastructure, and regulators allow SCE to earn an authorized return on that rate base. Rate base stood at $48.2B at year-end 2025 and is projected to grow to roughly $67.9B by 2030, driven by a $38B–$41B capital investment plan over 2026–2030. Earnings growth flows primarily from rate base expansion and cost management. The most consequential risk to Edison is wildfire liability — under California's inverse condemnation doctrine, SCE can be liable for wildfire damages if its equipment caused a fire, regardless of negligence. SCE faces ongoing exposure from prior wildfires and the January 2025 Eaton Fire. Management targets 5%–7% core EPS growth through 2030 and has stated no equity issuances are needed to fund the capital plan.