Regulatory Assets and Liabilities

Regulatory Assets

SCE's regulatory assets included on the consolidated balance sheets are:



(in millions)	March 31, 2015		December 31, 2014
Current:
Regulatory balancing accounts	$	957	$	1,088
Energy derivatives	167		159
Other	28		7
Total current	1,152		1,254
Long-term:
Deferred income taxes, net	3,506		3,405
Pensions and other postretirement benefits	1,214		1,218
Energy derivatives	910		850
Unamortized investments, net	235		255
San Onofre	1,246		1,288
Unamortized loss on reacquired debt	214		201
Regulatory balancing accounts	49		44
Other	363		351
Total long-term	7,737		7,612
Total regulatory assets	$	8,889	$	8,866

Regulatory Liabilities

SCE's regulatory liabilities included on the consolidated balance sheets are:



(in millions)	March 31, 2015		December 31, 2014
Current:
Regulatory balancing accounts	$	384	$	380
Other¹	51		21
Total current	435		401
Long-term:
Costs of removal	2,810		2,826
Recoveries in excess of ARO liabilities²	2,013		1,956
Regulatory balancing accounts	1,091		1,083
Other	58		24
Total long-term	5,972		5,889
Total regulatory liabilities	$	6,407	$	6,290


¹	During the first quarter of 2015, SCE recognized revenue from CPUC activities largely based on 2014 authorized base revenue requirements included in customer rates. SCE deferred $36 million of the 2014 authorized base revenue requirement allocated to the first quarter related to incremental repair deductions pending the outcome of the 2015 GRC.

Represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of the SCE's nuclear generation facilities. Decommissioning costs recovered through rates are primarily placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on the nuclear decommissioning trust investments (see Note 9).

Net Regulatory Balancing Accounts

The following table summarizes the significant components of regulatory balancing accounts included in the above tables of regulatory assets and liabilities:



(in millions)	March 31, 2015			December 31, 2014
Asset (liability)
Energy resource recovery account	$	683		$	1,028
New system generation balancing account	(63		)	35
Public purpose programs and energy efficiency programs	(851		)	(874		)
Base rate recovery balancing account	67			(5		)
Greenhouse gas auction revenue	(218		)	(182		)
FERC balancing accounts	(9		)	(32		)
Generator settlements	—			(197		)
Other	(78		)	(104		)
Liability	$	(469	)	$	(331	)