3. Clarification of Authority

Edison's application seeks to correct an inconsistency between its current authority to borrow up to $1.55 billion and its authorized uses for borrowing which now total $2 billion. In D.07-12-052, the Commission approved an increased collateral capacity limit of $2 billion in the form of cash or letters of credit:

... approving [Edison's] request to increase its collateral exposure limit from $1.4 billion to $2.0 billion resulting from increased physical and financial transactions.

(D.07-12-052, p. 160.)

And,

... [Edison] seeks Commission approval to increase its collateral capacity limit up $2.0 billion. [Edison's] request is granted ... (Id., p. 195.)

And,

We find that [Edison's] request to increase its collateral exposure limit to $2.0 billion is reasonable. (Id., Finding of Fact 71.)

And finally,

[Edison's] request to increase its collateral exposure limit to $2.0 billion is approved. (Id., Conclusion of Law 29.)

The Commission did not, however, explicitly grant authority pursuant to § 816 to borrow up to $2 billion. We, therefore, need to clarify here that Edison has the requisite Commission authority pursuant to § 816 to borrow sufficient funds to satisfy its needs for balancing accounts and procurement-related collateral costs.