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Board of Equalization denies Southern California Edison’s 2025 appeal, affirms $41.66 billion unitary value
Summary
After a multi-hour oral hearing focused on wildfire-related costs and valuation methodology, the Board of Equalization voted to deny Southern California Edison’s petition and affirm the board-adopted 2025 unitary value of $41,664,500,000. Petitioner had sought $35,821,100,000, arguing wildfire mitigation costs and insurance treatment distorted historical-cost valuation.
The California State Board of Equalization denied Southern California Edison’s (SCE) 2025 petition for reduction of its board-adopted unitary value, affirming the $41,664,500,000 figure the board set for tax year 2025. The board voted 4–1 after hearing 60-minute opening presentations from counsel for Edison and the State Assessed Properties Division (SAPD) and extended questioning by board members.
Edison’s counsel, led by appeals attorney Lou Ambrose and private counsel Marty Decassian, asked the board to reduce the 2025 unitary value to $35,821,100,000. They argued that several wildfire-related items should be excluded or adjusted from the historical-cost-less-depreciation (HCLD) indicator: (1) capital expenditures mandated by AB 1054 that do not generate an allowed return; (2) the company’s $2,400,000,000 initial contribution to the wildfire insurance fund, which counsel said should be annualized or treated as an intangible; and (3)…
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