SCE Recovery Funding LLC (SCE-PG) is a special-purpose financing entity that is a wholly-owned subsidiary of Southern California Edison Company (SCE), which is itself a wholly-owned subsidiary of Edison International. The entity was formed to issue recovery bonds secured by recovery property, with SCE serving as the servicer under Recovery Property Servicing Agreements dated February 24, 2021, February 15, 2022, and April 27, 2023. The Bank of New York Mellon Trust Company, N.A. serves as indenture trustee across multiple bond issuances. SCE Recovery Funding LLC does not operate an independent business, employ staff, or pay executive compensation beyond an annual independent manager fee of $2,500 paid to CT Corporation, as disclosed in the 10-K filed March 24, 2026. Its sole purpose is to hold recovery property and service the associated bond obligations, with all operational functions performed by SCE as servicer.
- Revenue model
- SCE Recovery Funding LLC generates cash flows through recovery property, a regulatory asset securitized via bond issuances. Collections on the recovery property, serviced by Southern California Edison Company, are used to service and repay the recovery bonds. The entity does not have independent revenue in the conventional sense.
- Products and services
- Recovery bonds issued under indentures with The Bank of New York Mellon Trust Company, N.A., dated February 24, 2021, February 15, 2022, and April 27, 2023. Recovery property held as the underlying collateral asset.
- Customers and end markets
- The filing excerpts do not disclose specific customers or end markets for SCE Recovery Funding LLC.
- Value-chain role
- Special-purpose securitization vehicle. Holds recovery property and issues asset-backed bonds. Southern California Edison Company acts as servicer under Recovery Property Servicing Agreements.
- Geographic exposure
- The filing excerpts do not specify geographic exposure beyond the entity's relationship with Southern California Edison Company.
Source: SEC 10-K, filed 2026-03-24
Industry:
Electric Services