The California Public Utility Commission manages them on the basis of profit margin.

The state Utility Commission basically operates on a fancy Cost Plus basis, limiting them all to 10% profits. I personally think this is crazy and drives up electricity costs. The higher the cost of delivering power the more they make. In fact is the only way to increase profit.

Anyways, SCE is indeed highly profitable making billions per year of profit. They all continually run up against the profit limit.

You can easily look up SCE financials. It made over $4 billion in profit in 2025.

https://www.businesswire.com/news/home/20260218378299/en/Edi...