| Southern California Edison (SCE) capital investments (including accruals) related to its 2009 capital plan was $2.9 billion. The capital investments for the next five years may vary from SCE's current forecast in a range of $18.0 billion to $21.5 billion. This will drive rate base growth and regulated earnings growth if regulation in California remains positive. The capital remains focused on smart meter deployment, rooftop solar programs, transmission expansion, and distribution infrastructure. The Company expects the capital investments for the next five years to vary in the range of: 2010 – $3.3 billion to $4.0 billion; 2011 – $3.7 billion to $4.4 billion; 2012 – $3.9 billion to $4.6 billion; 2013 – $3.6 billion to $4.3 billion; and 2014 – $3.5 billion to $4.2 billion.
Under SCE’s base case capital expenditure plan, one firm (BofA Merrill Lynch) expects an equity issuance need of $500.0 million per year.
Management indicated that it has no expectation of an equity issuance for the foreseeable future, despite the heavy capital expenditure to build out the CA regulated utility in both traditional and renewable/efficiency arenas.
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