Edison International

Tariffs are set by regulators, so the company lacks discretionary pricing power. That said, cost recovery on prudently incurred spend and an allowed ROE near 10% function as a form of regulated pricing power on the rate base.

The 2025 GRC set a $9.664 billion revenue requirement that steps higher through 2028, and the 2026‑2028 cost‑of‑capital decision maintained a 10.03% ROE. Affordability policy (fixed monthly charges, rate design changes) can pressure near‑term headlines and create cross‑subsidy tensions that limit perceived latitude.

We see modest latent pricing leverage via persistent capex and load growth rather than tariff increases per se.