Findings of Fact

1. Edison has the need for authority to borrow up to $2,000,000,000 to finance its short-term borrowing needs.

2. Exemptions from the competitive bidding rule for a transaction that (i) exceeds a principal amount of $200 million, and, or (ii) utilizes a variable-rate debt may reduce Edison's costs.

3. Securitizing the debt with (i) a mortgage on Edison's real property, or (ii) a pledge of Edison's accounts receivable, may reduce Edison's costs.

4. Quarterly reports pursuant to General Order 24-B will provide adequate and timely information to the Commission.