Edison International is a regulated electric utility serving customers across Southern California through its Southern California Edison subsidiary, delivering electricity under rates approved by state utility regulators. As a regulated utility, its earnings are tied to a rate of return approved by regulators on the capital it invests in its electric grid infrastructure, providing predictable earnings in exchange for accepting limits on customer rates. The company has faced significant wildfire-related liability exposure in recent years, since utility equipment has been identified as a cause of several major California wildfires, leading to substantial litigation costs and increased spending on wildfire mitigation and grid hardening infrastructure. Edison International's growth is tied to the rate base expansion it can achieve through regulator-approved infrastructure investment, including substantial wildfire prevention spending, across its Southern California service territory.