PAGE
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 15, 1995
Date of earliest event reported: August 11, 1995
SCEcorp
(Exact name of registrant as specified in its charter)
CALIFORNIA 1-9936 95-4137452
(State or other jurisdiction of (Commission (I.R.S. employer
incorporation or organization) file number) identification no.)
2244 Walnut Grove Avenue
(P.O. Box 800)
Rosemead, California 91770
(Address of principal executive offices, including zip code)
818-302-2222
(Registrant's telephone number, including area code)
PAGE
<PAGE>
Item 5. Other Events
On August 11, 1995, Southern California Edison Company
issued a press release announcing an agreement with several
key groups, including major customers and independent power
producers, principles for restructuring of California's
electric utility industry. The principles, which build upon
the California Public Utilities Commission's (CPUC) two policy
proposals issued on May 24, 1995, provide for creation of a
power exchange or pool and allow for the phase-in of direct
access as a voluntary feature simultaneously with the
initiation of the exchange. These principles will be jointly
recommended to the CPUC. A copy of the press release is filed
herewith as Exhibit 20.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(c) Exhibits
Exhibit
Number Description
- ------- -----------
20 News Release -- SCE and Coalition Reach Consensus
on Principles for Restructuring California's
Electric Utility Industry
- --------------
* Incorporated by reference pursuant to Rule 411.
PAGE
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
SCEcorp
KENNETH S. STEWART
----------------------------------
KENNETH S. STEWART
ASSISTANT GENERAL COUNSEL AND
CORPORATE SECRETARY
August 15, 1995
<PAGE>
EXHIBIT 20
SUBJECT: SCE and Coalition Reach Consensus on Principles
for Restructuring California's Electric Utility Industry
SACRAMENTO, Calif., August 11, 1995 -- in a joint announcement today,
Southern California Edison and a broad coalition, including electricity
customers and independent power producers, unveiled a set of principles
for the restructuring of California's electric utility industry. The
principles follow and build upon the California Public Utilities
Commission's (CPUC) two proposed policy decisions issued on May 24. The
agreement is the culmination of an ongoing set of negotiations prompted by
Governor Pete Wilson and key members of the California Legislature,
including Senator Steve Peace, Assemblyman Mickey Conroy and Assemblywoman
Diane Martinez.
The principles protect the interest of customers and provide for an
orderly transition to a fully competitive marketplace for California's
electric power needs. The principles affirm the creation of a power
exchange or pool, and allow for the phase in of direct access as a feature
simultaneously with the initiation of the exchange. These principles will
be jointly recommended to the CPUC.
"This is a great step forward to bringing about real competition in
California's electric utility industry," said Bill Campbell, president of
the California Manufacturers Association. We are encouraged by this
development and believe that it will be a boost to California's long-term
economic outlook."
John Bryson, chairman and CEO of SCEcorp also praised the agreement.
"These principles honor past commitments to utility shareholders and
provide a sound basis for a rapid transition to a competitive electric
marketplace with choice and reliability for all customers. They were made
possible through the pioneering leadership of the California Public
Utilities Commission. We at Edison are ready to work with customers and
stakeholders to complete this transition." Bryson said that nothing in
the agreement would adversely change SCE's previously announced goal of
reducing its rates by 25 percent by the year 2000 after adjusting for
inflation.
The main elements of the agreement are as follows:
o Simultaneously begin operation of the power exchange or pool and
physical direct access not later than 1/1/98.
o Direct access will phase in over a five-year period, including
aggregation of residential, small commercial, educational and agricultural
accounts in 1998.
o Market power issues to be resolved within five years of exchange
operation.
o Continued operation of QF resources under existing contracts and a
framework for transition to a competitive market.
o A transition mechanism for the recovery of costs for QF (qualified
facilities), utility contracts, utility generating assets and regulatory
assets.
o A modification of the SONGS settlement to link the utility's allowed
rate of return on investment to the continued operation of the plant.
o Continuation of public policy and environmental programs consistent
with California's existing policies.
PAGE
<PAGE>
Both Bryson and Campbell praised the efforts of the Governor's
Office, the CPUC, key legislators and other stakeholders for their efforts
to date in moving forward the process, and encouraged additional
participation in the effort to complete the restructuring of California's
electric utility industry.
