Obbligazione SouthCal Edison 1.845% ( US842400GF40 ) in USD

Emittente SouthCal Edison
Prezzo di mercato 100 USD  ⇌ 
Paese  Stati Uniti
Codice isin  US842400GF40 ( in USD )
Tasso d'interesse 1.845% per anno ( pagato 2 volte l'anno)
Scadenza 01/02/2022 - Obbligazione č scaduto



Prospetto opuscolo dell'obbligazione Southern California Edison US842400GF40 in USD 1.845%, scaduta


Importo minimo 1 000 USD
Importo totale 550 000 000 USD
Cusip 842400GF4
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata Southern California Edison č una delle maggiori compagnie di fornitura di elettricitā negli Stati Uniti, operante principalmente nel sud della California.

L'obbligazione Southern California Edison (ISIN: US842400GF40, CUSIP: 842400GF4), emessa negli Stati Uniti per un ammontare totale di 550.000.000 USD, con cedola del 1,845% e scadenza il 01/02/2022, č stata rimborsata a valore nominale (100%) con frequenza di pagamento semestrale e taglio minimo di 1.000 USD.







424B5
424B5 1 d850018d424b5.htm 424B5
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-183045
CALCULATION OF REGISTRATION FEE


Maximum
Title of Each Class of
Aggregate
Amount of
Securities Offered

Offering Price
Registration Fee(1)
$550,000,000 1.845% Amortizing First and Refunding Mortgage Bonds, Series 2015A, Due 2022

$550,000,000

$63,910.00
$325,000,000 2.400% First and Refunding Mortgage Bonds, Series 2015B, Due 2022

$324,977,250

$37,762.36
$425,000,000 3.600% First and Refunding Mortgage Bonds, Series 2015C, Due 2045

$423,368,000

$49,195.36


(1)
Calculated in accordance with Rule 457(r) of the Securities Act of 1933.
Table of Contents
PROSPECTUS SUPPLEMENT
(To Prospectus dated August 3, 2012)


Southern California Edison Company
$550,000,000 1.845% Amortizing First and Refunding Mortgage Bonds,
Series 2015A, Due 2022
$325,000,000 2.400% First and Refunding Mortgage Bonds,
Series 2015B, Due 2022
$425,000,000 3.600% First and Refunding Mortgage Bonds,
Series 2015C, Due 2045



The Series 2015A Bonds will bear interest at the rate of 1.845% per year. Interest on the outstanding principal amount of the Series 2015A Bonds is payable semi-annually on
February 1 and August 1 of each year (each, a "Payment Date"), beginning on August 1, 2015. Principal on the Series 2015A Bonds will be repaid in fourteen equal installments of
$39,285,714.29 on each Payment Date, subject to reduction upon a partial redemption, as discussed under the caption "Certain Terms of the Bonds--Optional Redemption." The Series
2015A Bonds will mature on February 1, 2022.

The Series 2015B Bonds will bear interest at the rate of 2.400% per year. Interest on the Series 2015B Bonds is payable semi-annually on each Payment Date, beginning on
August 1, 2015. The Series 2015B Bonds will mature on February 1, 2022.

The Series 2015C Bonds will bear interest at the rate of 3.600% per year. Interest on the Series 2015C Bonds is payable semi-annually on each Payment Date, beginning on
August 1, 2015. The Series 2015C Bonds will mature on February 1, 2045.

We may at our option redeem some or all of the Series 2015A Bonds, the Series 2015B Bonds or the Series 2015C Bonds at any time. The redemption prices are discussed under
the caption "Certain Terms of the Bonds--Optional Redemption."

The bonds will be senior secured obligations of our company and will rank equally with all of our other senior secured indebtedness from time to time outstanding.

Investing in the bonds involves risks. See "Risk Factors" beginning on page S-7.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or
the related prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Per Series
Per Series
Per Series


2015A Bond
Total

2015B Bond
Total

2015C Bond
Total

Public offering price


100.000%
$550,000,000

99.993%
$324,977,250

99.616%
$423,368,000
Underwriting discount


0.625%
$
3,437,500

0.625%
$
2,031,250

0.875%
$
3,718,750
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Proceeds to us before expenses


99.375%
$546,562,500

99.368%
$322,946,000

98.741%
$419,649,250

Interest on the bonds will accrue from January 16, 2015.

The bonds are expected to be delivered in global form through the book-entry delivery system of The Depository Trust Company on or about January 16, 2015.

Joint Book-Running Managers
Citigroup
J.P. Morgan
Barclays
UBS Investment Bank
MUFG

RBS

Wells Fargo Securities



Co-Managers
SunTrust Robinson Humphrey

US Bancorp

The Williams Capital Group, L.P.
Apto Partners, LLC

Drexel Hamilton

Great Pacific Securities

Guzman & Company

Lebenthal & Co., LLC
MFR Securities, Inc.

Mischler Financial Group, Inc.

SL Hare Capital, Inc.

January 13, 2015
Table of Contents
We are responsible for the information contained and incorporated by reference in this prospectus supplement and the
accompanying prospectus and in any related free writing prospectus that we prepare or authorize. We have not, and the underwriters
have not, authorized anyone to provide you with any other information, and neither we nor the underwriters, take any responsibility for
any other information that others may provide you. Neither we nor the underwriters are making an offer to sell the bonds in any
jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus supplement, the
accompanying prospectus, any such free writing prospectus and the documents incorporated by reference herein and therein is accurate
only as of their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates.

TABLE OF CONTENTS

Prospectus Supplement



Page
About This Prospectus Supplement
S-1
Forward-Looking Statements
S-1
Summary
S-3
Risk Factors
S-7
Use of Proceeds
S-9
Ratio of Earnings to Fixed Charges
S-9
Certain Terms of the Bonds
S-10
Underwriting
S-15
Legal Matters
S-17
Prospectus

About This Prospectus

1
Forward-Looking Statements

1
Southern California Edison Company

1
Use of Proceeds

2
Ratio of Earnings to Fixed Charges and Preferred Equity Dividends

2
Description of the Securities

2
Description of the First Mortgage Bonds

3
Description of the Debt Securities

7
Description of the Preferred Stock and Preference Stock

17
Experts

20
Validity of the Securities

20
Where You Can Find More Information

21
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
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This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of the bonds we are offering
and certain other matters about us and our financial condition. The second part, the base prospectus, provides general information about the first
mortgage bonds and other securities that we may offer from time to time, some of which may not apply to the bonds we are offering hereby.
Generally, when we refer to the prospectus, we are referring to both parts of this document combined. If the description of the bonds varies
between this prospectus supplement and the accompanying base prospectus, you should rely on the information in this prospectus supplement.

References in this prospectus to "Southern California Edison," "we," "us," and "our" mean Southern California Edison Company, a
California corporation. In this prospectus, we refer to our First and Refunding Mortgage Bonds, Series 2015A, Series 2015B and Series 2015C,
which are offered hereby, collectively as the "bonds." We refer to all of our outstanding First and Refunding Mortgage Bonds as our "first
mortgage bonds."

FORWARD-LOOKING STATEMENTS

This prospectus and the documents they incorporate by reference contain "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current expectations and projections about future events based on
our knowledge of present facts and circumstances and assumptions about future events and include any statement that does not directly relate to a
historical or current fact. In this prospectus and elsewhere, the words "expects," "believes," "anticipates," "estimates," "projects," "intends,"
"plans," "probable," "may," "will," "could," "would," "should," and variations of such words and similar expressions, or discussions of strategy or
of plans, are intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties that could cause actual
results to differ materially from those anticipated. Some of the risks, uncertainties and other important factors that could cause results to differ from
those currently expected, or that otherwise could impact us, include, but are not limited to:

·
our ability to recover costs in a timely manner from our customers through regulated rates, including regulatory assets relating to the

San Onofre Nuclear Generating Station ("San Onofre") and undercollection of fuel and purchased power costs;

·
decisions and other actions by the California Public Utilities Commission ("CPUC"), the Federal Energy Regulatory Commission, the

Nuclear Regulatory Commission and other regulatory authorities and delays in regulatory actions;

·
physical security of our critical assets and personnel and the cyber security of our critical information technology systems for grid

control, and business and customer data;

·
possible customer bypass or departure due to technological advancements, federal and state subsidies, or cumulative rate impacts that

make self-generation or use of alternative energy sources economically viable;

·
risks associated with the operation of transmission and distribution assets and power generating facilities including: public safety issues,

the failure, availability, efficiency and output of equipment and availability and cost of spare parts;

·
risks associated with the retirement and decommissioning of nuclear generating facilities;

·
the risks inherent in the construction of transmission and distribution infrastructure replacement and expansion projects, including those
related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs

(payments due under power contracts in the event there is insufficient transmission to enable the acceptance of power delivery) and
governmental approvals;

·
the cost of capital and our ability to borrow funds and access capital markets on reasonable terms;

S-1
Table of Contents

·
risk that the costs incurred in connection with San Onofre may not be recoverable from our supplier or insurance coverage;

·
the cost and availability of electricity, including the ability to procure sufficient resources to meet expected customer needs in the event

of power plant outages or significant counterparty defaults under power-purchase agreements;

·
environmental laws and regulations, both at the state and federal levels, or changes in the application of those laws, that could require

additional expenditures or otherwise affect the cost and manner of doing business;

·
risks that competing transmission systems will be built by merchant transmission providers in our service area;

·
changes in the fair value of investments and other assets;

·
changes in interest rates and rates of inflation, including escalation rates, which may be adjusted by public utility regulators;

·
governmental, statutory, regulatory or administrative changes or initiatives affecting the electricity industry, including the market

structure rules applicable to each market and price mitigation strategies adopted by the California Independent System Operator,
Regional Transmission Organizations and adjoining regions;

·
availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability
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of counterparties to pay amounts owed in excess of collateral provided in support of their obligations;

·
the cost and availability of labor, equipment and materials;

·
our ability to obtain sufficient insurance, including insurance relating to our nuclear facilities and wildfire-related liability, and to

recover the costs of such insurance or in the absence of insurance the ability to recover uninsured losses;

·
effects of legal proceedings, changes in or interpretations of tax laws, rates or policies;

·
potential for penalties or disallowances caused by non-compliance with applicable laws and regulations;

·
the cost and availability of fuel for generating facilities and related transportation to the extent not recovered through regulated rate cost

escalation provisions or balancing accounts;

·
the cost and availability of emission credits or allowances for emission credits;

·
the extent of technological change in the generation, storage, transmission, distribution and use of electricity; and

·
weather conditions and natural disasters.

Additional information about risks and uncertainties, including more detail about the factors described above, is included in our Annual
Report on Form 10-K for the year ended December 31, 2013 and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed
subsequent to that date. Forward-looking statements speak only as of the date they are made and we are not obligated to publicly update or revise
forward-looking statements.

S-2
Table of Contents
SUMMARY

The following summary is qualified in its entirety by and should be read together with the more detailed information and audited
financial statements, including the related notes, contained or incorporated by reference in this prospectus supplement and the accompanying
base prospectus.

Southern California Edison Company

Southern California Edison is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity
to an approximately 50,000 square mile area of southern California, excluding the City of Los Angeles and certain other cities. We own and
operate transmission and distribution facilities and generation assets for the purpose of serving our customers' electricity needs. In addition to
power provided from our own generating resources, we procure power from a variety of sources including other utilities, merchant generators,
and other non-utility generators. Based in Rosemead, California, Southern California Edison was incorporated in California in 1909.

Southern California Edison is a subsidiary of Edison International. The mailing address and telephone number of our principal executive
offices are P.O. Box 800, Rosemead, CA 91770 and (626) 302-1212.

Recent Developments

On November 20, 2014, the CPUC approved the settlement of the San Onofre Nuclear Generating Station Units 2 and 3 Order Instituting
Investigation proceeding ("OII"). The CPUC approval did not change the Amended OII Settlement Agreement that was summarized in a
Current Report on Form 8-K filed on September 24, 2014.


S-3
Table of Contents
The Offering

Issuer
Southern California Edison Company, a California corporation

Bonds Offered
$550,000,000 1.845% Amortizing First and Refunding Mortgage Bonds, Series 2015A,
Due 2022
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$325,000,000 2.400% First and Refunding Mortgage Bonds, Series 2015B, Due 2022


$425,000,000 3.600% First and Refunding Mortgage Bonds, Series 2015C, Due 2045

Use of Proceeds
We intend to use a portion of the net proceeds from the offering of the bonds to redeem
outstanding first mortgage bonds, and the remainder to repay commercial paper
borrowings and/or for general corporate purposes. See "Use of Proceeds."

Payment Dates
February 1 and August 1 of each year, beginning on August 1, 2015.

Principal Repayments
Series 2015A Bonds: Principal will be repaid in fourteen equal installments of
$39,285,714.29 on each Payment Date, beginning on August 1, 2015, subject to
reduction upon a partial redemption, as discussed under the caption "Certain Terms of
the Bonds--Optional Redemption." The Series 2015A Bonds will mature on
February 1, 2022.


Series 2015B Bonds: The Series 2015B Bonds will mature on February 1, 2022.


Series 2015C Bonds: The Series 2015C Bonds will mature on February 1, 2045.

Interest on the Series 2015A Bonds
1.845% per annum.

Interest on the outstanding principal amount of the Series 2015A Bonds will accrue from

January 16, 2015, and will be payable semi-annually on each Payment Date, beginning
on August 1, 2015.

Interest on the Series 2015B Bonds
2.400% per annum.

Interest will accrue from January 16, 2015, and will be payable semi-annually on each

Payment Date, beginning on August 1, 2015.

Interest on the Series 2015C Bonds
3.600% per annum.

Interest will accrue from January 16, 2015, and will be payable semi-annually on each

Payment Date, beginning on August 1, 2015.

Further Issues
We may, without the consent of the holders of the bonds, issue additional first mortgage
bonds in the future, including additional Series 2015A Bonds, Series 2015B Bonds and
Series 2015C Bonds. The bonds offered by this prospectus supplement and any
additional first mortgage bonds would rank equally and ratably under the first mortgage
bond indenture. No additional first mortgage bonds may be


S-4
Table of Contents
issued if any event of default has occurred with respect to the bonds. Additional first
mortgage bonds may not be issued unless net earnings for twelve months shall have
been at least two and one-half times our total annual first mortgage bond interest charge
and other conditions are met. As of September 30, 2014, we could issue approximately

$17.1 billion of additional first mortgage bonds (not taking into account the issuance of
the bonds or the $100 million of first mortgage bonds we issued in November 2014).
See "Certain Terms of the Bonds--Further Issues" below in this prospectus supplement
and "Description of the First Mortgage Bonds--Issue of Additional Bonds" in the base
prospectus.

Optional Redemption
At any time in the case of the Series 2015A Bonds, or at any time prior to December 1,
2021 in the case of the 2015B Bonds, and August 1, 2044 in the case of the Series
2015C Bonds, we may at our option redeem the Series 2015A Bonds, the Series 2015B
Bonds and/or the Series 2015C Bonds, as applicable, at any time, in whole or in part, at
the applicable "make whole" redemption price described under "Certain Terms of the
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Bonds--Optional Redemption." A partial redemption of the Series 2015A Bonds will
result in each remaining principal payment being reduced in the same proportion as the
aggregate unpaid principal amount of the Series 2015A Bonds has been reduced by such
partial redemption.

At any time on or after December 1, 2021 in the case of the Series 2015B Bonds, and
August 1, 2044 in the case of the Series 2015C Bonds, we may at our option redeem the
Series 2015B Bonds and/or the Series 2015C Bonds, as applicable, in whole or in part,
at 100% of the principal amount of the bonds being redeemed plus accrued and unpaid
interest thereon to but excluding the date of redemption.

Security
The bonds will be secured equally and ratably by a lien on substantially all of our
property and franchises with all other first mortgage bonds outstanding now or issued in
the future under our first mortgage bond indenture. The liens will constitute first priority
liens, subject to permitted exceptions.

Ranking
The bonds will be our senior secured obligations ranking pari passu in right of payment
with all of our other senior secured indebtedness from time to time outstanding, and
prior to all other senior indebtedness from time to time outstanding to the extent of the
value of the collateral available to the holders of the bonds, which collateral is shared by
such holders on a ratable basis with the holders of our other first mortgage bonds
outstanding from time to time. As of September 30, 2014, we had $10.2 billion of our
first mortgage bonds outstanding (including $939 million of first mortgage bonds issued
to secure pollution control bonds and such amount includes $161 million of pollution
control bonds that we repurchased but which remain outstanding). We issued $100
million of first mortgage bonds in November 2014.


S-5
Table of Contents
Special Trust Fund
We are required to deposit in a special trust fund with the indenture trustee, on each
May 1 and November 1, cash equal to 1 1/2% (subject to redetermination from time to
time) of the aggregate principal amount of first mortgage bonds then outstanding. Under
the first mortgage bond indenture, we are able to withdraw cash from the special trust
fund as long as we have sufficient additional property. There are currently no funds on
deposit in the special trust fund.

Events of Default
For a discussion of events that will permit acceleration of the payment of the principal of
and accrued interest on the bonds, see "Description of the First Mortgage Bonds--
Defaults and Other Provisions" in the base prospectus.

Trading
The bonds will not be listed on any securities exchange or included in any quotation
system.

Trustee, Transfer Agent and Book Entry
The Bank of New York Mellon Trust Company, N.A.
Depositary

Paying Agent
The Bank of New York Mellon Trust Company, N.A.


S-6
Table of Contents
RISK FACTORS

Investing in the bonds involves risk. You should be aware of and carefully consider the following risk factors and the risk factors included in
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our Annual Report on Form 10-K for the year ended December 31, 2013 and our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2014. You should also read and consider all of the other information provided or incorporated by reference in this prospectus
supplement and the related base prospectus before deciding whether or not to purchase any of the bonds. See "Forward-Looking Statements" in
this prospectus supplement and "Where You Can Find More Information" in the base prospectus.

You may be unable to sell your bonds if a trading market for the bonds does not develop.

The bonds will be new securities for which there is currently no established trading market, and none may develop. We do not intend to
apply for listing of the bonds on any securities exchange or for quotation on any automated dealer quotation system. The liquidity of any market
for the bonds will depend on the number of holders of the bonds, the interest of securities dealers in making a market in the bonds, and other
factors. Accordingly, we cannot assure you as to the development or liquidity of any market for the bonds. If an active trading market does not
develop, the market price and liquidity of the bonds may be adversely affected. If the bonds are traded, they may trade at a discount from their
initial offering price depending upon prevailing interest rates, the market for similar securities, general economic conditions, our performance and
business prospects, and certain other factors.

You might not be able to fully realize the value of the liens securing the bonds.
The security for the benefit of the holders of the bonds can be released without their consent.

Any part of the property that is subject to the lien of the first mortgage bond indenture for the benefit of the bonds may be released at any
time with the consent of holders of 80% in amount of all first mortgage bonds issued and outstanding under the indenture (excluding any bonds
owned or controlled by us). A class vote or consent of the holders of the bonds would not be required.

You may have only limited ability to control remedies with respect to the collateral.

Upon the occurrence of an event of default under the first mortgage bond indenture, the trustees have the right to exercise remedies against
the collateral securing the bonds. The trustees shall take any action if requested to do so by the holders of a majority in interest of the first mortgage
bonds then outstanding under the first mortgage bond indenture and if indemnified to the trustees' reasonable satisfaction. Thus, you may not be
able to exercise any control over the trustees' exercise of remedies unless you can obtain the consent of holders of a majority of the total amount of
first mortgage bonds outstanding.

The collateral might not be valuable enough to satisfy all the obligations secured by the collateral.

Our obligations under the bonds are secured by the pledge of substantially all of our property and franchises. This pledge is also for the
benefit of the lenders under our senior secured credit facility and all holders of other series of our first mortgage bonds. The value of the pledged
assets in the event of a liquidation will depend upon market and economic conditions, the availability of buyers, and similar factors. No
independent appraisals of any of the pledged property have been prepared by us or on our behalf in connection with this offering. Although our
first mortgage bond indenture only allows us to issue first mortgage bonds with an aggregate principal amount at any time outstanding in an
amount no greater than 66 2/3% of the aggregate value of our bondable assets, because no appraisals have been performed in connection with this
offering, we cannot assure you that the proceeds of any sale of the pledged assets following an acceleration of maturity of the bonds would be
sufficient to satisfy amounts due on the bonds and the other debt secured by the pledged assets.

To the extent the proceeds of any sale of the pledged assets were not sufficient to repay all amounts due on your bonds, you would have only
an unsecured claim against our remaining assets. By their nature, some or all

S-7
Table of Contents
the pledged assets might be illiquid and might have no readily ascertainable market value. Likewise, we cannot assure you that the pledged assets
would be saleable or that there would not be substantial delays in their liquidation.

In addition, the first mortgage bond indenture permits us to issue additional secured debt, including debt secured equally and ratably by the
same assets pledged to secure your bonds. This could reduce amounts payable to you from the proceeds of any sale of the collateral.

Bankruptcy laws could limit your ability to realize value from the collateral.

The right of the indenture trustees to repossess and dispose of the pledged assets upon the occurrence of an event of default under the first
mortgage bond indenture is likely to be significantly impaired by applicable bankruptcy law if a bankruptcy case were to be commenced by or
against us before the indenture trustees repossessed and disposed of the pledged assets. Under Title 11 of the United States Code (the "Bankruptcy
Code"), a secured creditor is prohibited from repossessing its security from a debtor in a bankruptcy case, or from disposing of security
repossessed from such debtor, without bankruptcy court approval. Moreover, the Bankruptcy Code permits the debtor to continue to retain and to
use collateral, including capital stock, even though the debtor is in default under the applicable debt instruments, provided that the secured creditor
is given "adequate protection." In view of the lack of a precise definition of the term "adequate protection" and the broad discretionary powers of a
bankruptcy court, it is impossible to predict (1) how long payments under the bonds could be delayed following commencement of a bankruptcy
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case, (2) whether or when the indenture trustee could repossess or dispose of the pledged assets or (3) whether or to what extent holders of the
bonds would be compensated for any delay in payment or loss of value of the pledged assets through the requirement of "adequate protection."

The ability of the indenture trustees to effectively liquidate the collateral and the value received could be impaired or impeded by the need to
obtain regulatory consents.

While we have all necessary consents to grant the security interests created by the first mortgage bond indenture, any foreclosure thereon
could require additional approvals that have not been obtained from California or federal regulators. We cannot assure you that these approvals
could be obtained by the indenture trustees on a timely basis or at all.

S-8
Table of Contents
USE OF PROCEEDS

We intend to use approximately $400 million of the net proceeds from the offering of the bonds to redeem all of SCE's outstanding 5.00%
Series 2005A First and Refunding Mortgage Bonds, and the remainder to repay commercial paper borrowings and/or for general corporate
purposes. For regulatory accounting purposes, the Series 2015A Bonds will finance a regulatory asset which we expect will be reduced over time
in a manner similar to the principal amount of the Series 2015A Bonds. The current weighted average interest rate of our commercial paper
borrowings is 0.37%.

RATIO OF EARNINGS TO FIXED CHARGES

The information in this section adds to the information in the "Ratio of Earnings to Fixed Charges and Preferred Equity Dividends" section of
the accompanying base prospectus, and you should read these two sections together. The following table sets forth the ratio of earnings to fixed
charges for the twelve-month periods ended December 31, 2012 and 2013 and the nine-month period ended September 30, 2014.

Year Ended


December 31,

Nine Months Ended


2012
2013
September 30, 2014
Ratio of Earnings to Fixed Charges

4.31
3.20

4.36

S-9
Table of Contents
CERTAIN TERMS OF THE BONDS

The following description of the particular terms of the bonds supplements the description of the general terms and provisions of the first
mortgage bonds set forth in the accompanying prospectus.

General

The bonds will be issued as additional series of our secured debt securities issued under a Trust Indenture, dated as of October 1, 1923,
between us and The Bank of New York Mellon Trust Company, N.A. and D. G. Donovan, as trustees, as amended and supplemented by
supplemental indentures, including the One Hundred Thirty-Fourth Supplemental Indenture, to be dated as of January 14, 2015 (which we refer to,
collectively, as the "first mortgage bond indenture"). The following summary of the first mortgage bond indenture is subject to all of the provisions
of the first mortgage bond indenture.

Payments of principal and interest on the bonds issued in book-entry form will be made as described under the caption "Book-Entry,
Delivery, and Form" below.

The bonds will be issued only in fully registered form, without coupons, in denominations of $1,000 or any integral multiple of $1,000.

Interest and Principal Payments
Series 2015A Bonds

The Series 2015A Bonds are initially limited to $550 million in principal amount and will bear interest on the outstanding principal balance
of the Series 2015A Bonds from January 16, 2015 at 1.845% per annum, payable semi-annually on February 1 and August 1 of each year (each, a "
Payment Date"), beginning on August 1, 2015. The amount of interest payable for any period will be computed on the basis of a 360-day year
consisting of twelve 30-day months.

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Principal on the Series 2015A Bonds will be repaid in fourteen equal installments of $39,285,714.29 on each Payment Date, beginning on
August 1, 2015, subject to reduction upon a partial redemption as discussed in this section under the caption "--Optional Redemption." The final
installment of principal will be paid at maturity on February 1, 2022.

Any payment of less than the full amount of principal and interest due on a Payment Date will first be applied to pay accrued and unpaid
interest and second to pay principal.

Series 2015B Bonds

The Series 2015B Bonds are initially limited to $325 million in principal amount and will bear interest from January 16, 2015 at 2.400% per
annum, payable semi-annually on each Payment Date, beginning on August 1, 2015. The amount of interest payable for any period will be
computed on the basis of a 360-day year consisting of twelve 30-day months.

The Series 2015B Bonds will mature on February 1, 2022.

Series 2015C Bonds

The Series 2015C Bonds are initially limited to $425 million in principal amount and will bear interest from January 16, 2015 at 3.600% per
annum, payable semi-annually on each Payment Date, beginning on August 1, 2015. The amount of interest payable for any period will be
computed on the basis of a 360-day year consisting of twelve 30-day months.

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The Series 2015C Bonds will mature on February 1, 2045.

Record Dates

The record date for interest payable on the bonds, and principal payable on the Series 2015A Bonds, on any Payment Date will be the close
of business on the business day immediately preceding the Payment Date so long as the bonds remain in book-entry only form, or on the 15th
calendar day before each Payment Date if bonds do not remain in book-entry only form. See "--Book-Entry, Delivery, and Form" below.

Further Issues

No additional first mortgage bonds may be issued if any event of default has occurred with respect to such series of first mortgage bonds. We
may from time to time, without notice to or the consent of the holders of the bonds, issue additional first mortgage bonds in the future. Further, we
may from time to time, without notice to or the consent of the holders of the relevant series of bonds, create and issue further bonds equal in rank
and having the same maturity, payment terms, redemption features, CUSIP numbers and other terms as the relevant series of bonds offered by this
prospectus supplement, except for public offering price, payment of interest accruing prior to the issue date of the further bonds, and under some
circumstances, for the first payment of interest following the issue date of the further bonds. These further bonds may be consolidated and form a
single series with the bonds offered by this prospectus supplement.

As of September 30, 2014, we had $10.2 billion of first mortgage bonds outstanding (including $939 million of first mortgage bonds issued
to secure pollution control bonds and such amount includes $161 million of pollution control bonds that we repurchased but which remain
outstanding). We issued $100 million of first mortgage bonds in November 2014. As of September 30, 2014, we had the capacity to issue
approximately $17.1 billion of additional first mortgage bonds on the basis of first mortgage bonds previously acquired, redeemed, or otherwise
retired and the net amount of additional property acquired by us and not previously used for the issuance of first mortgage bonds or other purposes
under the first mortgage bond indenture. Under the first mortgage bond indenture's net earnings coverage test, the amount of additional first
mortgage bonds we could issue is limited to $24.7 billion (based on net earnings as of September 30, 2014, and not taking into account the
issuance of the bonds or the first mortgage bonds we issued in November 2014). See "Description of the First Mortgage Bonds--Issue of
Additional Bonds" in the base prospectus.

Optional Redemption

At any time we may at our option redeem the Series 2015A Bonds, in whole or in part, at a "make whole" redemption price equal to the
greater of (1) the remaining principal amount redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and
interest (excluding any interest accrued from the immediately preceding Payment Date to the date fixed for redemption) on the bonds being
redeemed, discounted to the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Yield plus 15 basis points, plus accrued and unpaid interest to the date fixed for redemption. A partial redemption of the Series 2015A
Bonds will result in each remaining principal payment being reduced in the same proportion as the aggregate unpaid principal amount of the
Series 2015A Bonds has been reduced by such partial redemption.

At any time prior to December 1, 2021, we may at our option redeem the Series 2015B Bonds, in whole or in part, at a "make whole"
redemption price equal to the greater of (1) the principal amount redeemed or (2) the sum of the present values of the remaining scheduled
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payments of principal and interest (excluding any interest accrued from the immediately preceding Payment Date to the date fixed for redemption)
on the bonds being redeemed, discounted to the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Yield plus 15 basis points, plus accrued and unpaid interest to the date fixed for redemption. At any time on or after
December 1, 2021, we may at our option redeem the

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Series 2015B Bonds, in whole or in part, at 100% of the principal amount of the bonds being redeemed plus accrued and unpaid interest thereon to
but excluding the date of redemption.

At any time prior to August 1, 2044, we may at our option redeem the Series 2015C Bonds, in whole or in part, at a "make whole"
redemption price equal to the greater of (1) the principal amount redeemed or (2) the sum of the present values of the remaining scheduled
payments of principal and interest (excluding any interest accrued from the immediately preceding Payment Date to the date fixed for redemption)
on the bonds being redeemed, discounted to the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Yield plus 20 basis points, plus accrued and unpaid interest to the date fixed for redemption. At any time on or after
August 1, 2044, we may at our option redeem the Series 2015C Bonds, in whole or in part, at 100% of the principal amount of the bonds being
redeemed plus accrued and unpaid interest thereon to but excluding the date of redemption.

"Treasury Yield" means, for any date fixed for redemption, the rate per year equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for the date fixed for redemption.

"Comparable Treasury Issue" means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term to stated maturity of the bonds to be redeemed that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the bonds to be redeemed.

"Comparable Treasury Price" means, for any date fixed for redemption, the average of four Reference Treasury Dealer Quotations for the
date fixed for redemption, after excluding the highest and lowest such Reference Treasury Dealer Quotations.

"Independent Investment Banker" means Citigroup Global Markets Inc. or its successor or, if such firm or its successor, as applicable, is
unwilling or unable to select the Comparable Treasury Issue, one of the remaining Reference Treasury Dealers appointed by us.

"Reference Treasury Dealer" means (1) Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays Capital Inc. and UBS
Securities LLC or, and any other primary U.S. Government securities dealer in the United States of America (a "Primary Treasury Dealer")
designated by, and not affiliated with, any of the foregoing or their successors, provided, however, that if any of the foregoing, or any of their
designees, ceases to be a Primary Treasury Dealer, we will appoint another Primary Treasury Dealer as a substitute, and (2) any other Primary
Treasury Dealer selected by us.

"Reference Treasury Dealer Quotations" means, for each Reference Treasury Dealer and any date fixed for redemption, the average, as
determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m. New
York City time on the third business day preceding the date fixed for redemption.

To exercise our option to redeem any bonds, we will give you a notice in writing (including by facsimile transmission) of redemption at least
30 days but not more than 60 days prior to the date fixed for redemption. If we elect to redeem fewer than all the bonds, The Bank of New York
Mellon Trust Company, N.A., as trustee, will select the particular bonds to be redeemed on a pro rata basis, by lot or by such other method of
random selection, if any, that The Bank of New York Mellon Trust Company, N.A., as trustee, deems fair and appropriate; provided, however, that
as long as the bonds are held with a depositary, any such selection shall be in accordance with such depositary's applicable procedures.

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Any notice of redemption, at our option, may state that the redemption will be conditional upon receipt by the paying agent, on or prior to the
date fixed for the redemption, of money sufficient to pay the principal, premium, if any, and interest, if any, on the bonds and that if the money has
not been so received, the notice will be of no force and effect and we will not be required to redeem the bonds.

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