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: September 20, 1995
Date of earliest event reported: September 11, 1995
SOUTHERN CALIFORNIA EDISON COMPANY
(Exact name of registrant as specified in its charter)
CALIFORNIA 1-2313 95-1240335
(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)
818-302-1212
(Registrant's telephone number, including area code)
PAGE
<PAGE>
Item 5. Other Events
Industry Restructuring
On September 11, 1995, Southern California Edison
Company (Edison) and a coalition of independent power
producers and customers jointly announced that they had
reached a consensus in the restructuring of California's
electric utility industry. Terms of the consensus are
contained in a Memorandum of Understanding (MOU) submitted to
the California Public Utilities Commission (CPUC) as a joint
recommendation. A copy of a press release issued by Edison on
September 11, 1995, concerning the MOU is filed herewith as
Exhibit 20.
Proposed General Rate Case Decision
On September 14, 1995, the administrative law judge
(ALJ) in Edison's General Rate Case (GRC) issued a proposed
decision recommending that 1995 revenues be reduced by
approximately $105 million, compared to a $67 million
reduction specified in a settlement between Edison, San Diego
Gas & Electric Company and the Division of Ratepayer Advocates
reached in November of 1994. The ALJ also recommended that
the GRC settlement be rejected, including the portion relating
to San Onofre Nuclear Generating Station Units 2 and 3, which
was viewed as being premature in light of California's
restructuring proceeding.
The ALJ's recommendation can be accepted, modified or
rejected by the CPUC, which will hold oral arguments on the
matter on October 18. A final decision is on the CPUC's
November 8 agenda.
If the CPUC adopts the ALJ's proposed decision without
modification, the impact would be to reduce 1995 earnings by
approximately $50 million or 7 cents per SCEcorp share.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(c) Exhibits
Exhibit
Number Description
- ------- -----------
20 News Release -- Edison and Coalition Submit
Memorandum of Understanding to CPUC<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.
SOUTHERN CALIFORNIA EDISON COMPANY
KENNETH S. STEWART
----------------------------------
KENNETH S. STEWART
ASSISTANT GENERAL COUNSEL AND
CORPORATE SECRETARY
September 20, 1995
PAGE
<PAGE>
EXHIBIT 20
Thomas Higgins
Southern California Edison
(818) 302-7933
Martha Alcott
California Manufacturers
Association
(916) 441-5420
FOR IMMEDIATE RELEASE
Edison and Coalition Submit Memorandum
of Understanding to CPUC
SAN FRANCISCO, Calif., September 11, 1995 -- Southern
California Edison and a coalition of independent power
producers and customers including the California Manufacturers
Association (CMA) jointly announced today they have reached a
consensus in the restructuring of the electric utility
industry into a competitive marketplace.
Terms of the consensus are contained in a Memorandum of
Understanding (MOU) submitted to the California Public
Utilities Commission (CPUC) today. As a joint recommendation
to the CPUC, the MOU outlines implementation details that are
based on a statement of principles for electric utility
restructuring announced August 11, 1995.
John Fielder, SCE's vice president for Regulatory Policy
and Affairs, said the MOU provides for the simultaneous
beginning of a power exchange and phased-in direct access by
January 1, 1998. "We believe that the MOU allows for an
orderly transition to a competitive marketplace. Customers
will be able to choose a market mechanism that best suits
their needs while maintaining the reliability of California's
electric system and allowing for small customers to benefit
from the exchange. It is a consensus, not any one party's
wish list. It is time now to move forward," he said.
William Campbell, president of the CMA, said the proposed
arrangement provides value for everyone. "Under this MOU,
customers in California now have an absolute date they can
look forward to the introduction of a competitive electric
marketplace," he said. "If enacted by the CPUC, California
will be the first to provide all its citizens choice of
electric services beginning in 1998 and phased in through
2003."
PAGE
<PAGE>
According to the MOU:
* An independent system operator will control the
scheduling and dispatch of all electricity on the state's
power grid.
* A separate independent power exchange will manage an
economic auction to balance electricity supply and
demand. The auction will provide a visible market
clearing price.
* Physical direct access will be phased in over a five-year
schedule, allowing for individual contracts and
aggregation of smaller customers.
* A non-bypassable competitive transition charge will be
collected to pay for past regulatory commitments.
* California's social and environmental public policy
programs will be funded through a separate charge during
the transition period. The parties emphasized their
continued support for funding these programs.
Edison and the coalition members who signed the MOU
pledge to support the proposal and to work for its efficient
implementation. The signators include: California
Manufacturers Association, California Large Energy Consumers
Association, Southern California Edison Company and
Independent Energy Producers.
Edison reiterated its goal to reduce system-wide rates by
25 percent by the year 2000, in inflation-adjusted dollars.
The parties expressed strong appreciation for the leadership
shown by the Governor's Office and key legislators in their
effort to achieve consensus and praised the CPUC members for
their pioneering work on the issue. The CPUC has scheduled
public hearings on the proposal on September 13 and 14, with
a final decision on restructuring the electric utility
industry expected in October.
-SCE-
