2. Background

Edison is currently authorized to issue many types of debt securities, including commercial paper, unsecured and secured debt securities, medium-term notes and direct loans, for up to $1.55 billion. The purposes of the debt, pursuant to Pub. Util. Code § 816¹ include financing its ongoing authorized regulatory balancing accounts and procurement-related collateral costs. This authority has been modified over time to increase and decrease the borrowing limits, and to impose various allowances or limitations on that authority. No one disputes the current need for this authority.

¹ Unless otherwise noted, all citations are to the California Public Utilities Code.