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Edison International: A Leader in Electric Power and Clean Energy Solutions
Edison International (NYSE: EIX), headquartered in Rosemead, California, is a prominent player in the U.S. energy sector, serving as the parent company of Southern California Edison (SCE) and Edison Energy. With a robust focus on providing clean, reliable, and sustainable energy, Edison International operates at the intersection of traditional utility services and innovative energy solutions, making it a critical contributor to the nation’s energy infrastructure.
Core Operations: Southern California Edison (SCE)
Southern California Edison, a subsidiary of Edison International, is one of the largest electric utilities in the United States. SCE delivers electricity to approximately 15 million people across a 50,000-square-mile service area in Southern, Central, and Coastal California, excluding Los Angeles. The utility’s operations are heavily regulated, providing a stable revenue stream through electricity distribution and infrastructure maintenance. SCE plays a pivotal role in supporting California’s ambitious clean energy goals, integrating renewable energy sources like solar and wind into its grid while maintaining reliability and affordability for its customers.
Non-Regulated Ventures: Edison Energy
Beyond its utility business, Edison International diversifies its portfolio through Edison Energy, a non-regulated subsidiary that offers integrated sustainability and energy advisory services to large commercial, industrial, and institutional organizations. Edison Energy helps its clients navigate the complexities of energy procurement, efficiency, and decarbonization, positioning itself as a trusted partner in achieving sustainability goals. This segment underscores Edison International’s commitment to innovation and its proactive approach to addressing the evolving needs of the energy market.
Market Position and Competitive Landscape
As a major utility holding company, Edison International operates in a competitive landscape that includes other significant players like Exelon Corporation and Southern Company. Its focus on clean energy and infrastructure investment differentiates it from competitors, aligning with the increasing demand for renewable energy solutions. The company’s strategic initiatives, such as its participation in the Economic Opportunity Coalition, highlight its dedication to fostering economic inclusion and supporting diverse suppliers, further solidifying its reputation as a socially responsible entity.
Challenges and Opportunities
Edison International faces challenges inherent to the utilities industry, including regulatory compliance, wildfire risks in its service areas, and the need for continuous infrastructure upgrades. However, its strategic focus on clean energy and sustainability positions it to capitalize on opportunities in the growing renewable energy market. By leveraging its expertise in both regulated and non-regulated sectors, Edison International aims to meet the evolving energy needs of its customers while contributing to a more sustainable future.
Conclusion
Edison International stands out as a key player in the energy sector, combining the stability of its regulated utility operations with the innovation of its non-regulated ventures. Through its subsidiaries, the company not only delivers essential electricity services but also drives progress in renewable energy and sustainability. Its strategic initiatives and market positioning make it a significant contributor to the clean energy transition, underscoring its importance in the U.S. energy landscape.
Edison International (NYSE: EIX) has announced its quarterly dividend declarations. The company will pay a quarterly common stock dividend of $0.8275 per share on April 30, 2025, to shareholders of record on April 7, 2025.
The board also declared semiannual dividends on preferred stocks: $26.875 per share on Series A (5.375% Fixed-Rate Reset) and $25.00 per share on Series B (5.00% Fixed-Rate Reset), both payable March 15, 2025.
Southern California Edison announced quarterly dividends on multiple preference stock series (G through N), with distributions ranging from $0.31875 to $0.46875 per security, all payable on March 15, 2025, to holders of record on March 14, 2025.
Edison International (EIX) reported fourth-quarter 2024 net income of $340 million, or $0.88 per share, compared to $378 million ($0.99/share) in Q4 2023. Core earnings were $405 million ($1.05/share) versus $490 million ($1.28/share) last year.
For full-year 2024, EIX posted net income of $1,284 million ($3.33/share) compared to $1,197 million ($3.12/share) in 2023. Core earnings reached $1,900 million ($4.93/share) versus $1,825 million ($4.76/share) in 2023.
The company's TKM settlement was approved, authorizing $1.6 billion of cost recovery for pre-AB 1054 wildfire. EIX revised its 2025 Core EPS guidance to $5.94-$6.34 and maintains confidence in delivering 5-7% Core EPS growth from $5.84 (2025) to $6.74-$7.14 (2028).
Edison International (NYSE: EIX) and Southern California Edison have announced the appointment of Jennifer Granholm to their boards of directors, effective April 1.
Granholm, a former U.S. Secretary of Energy and Governor of Michigan, brings extensive experience in advancing clean energy solutions and deploying zero-carbon technologies. She has a strong background in cybersecurity and the protection of power grids and electric utilities.
During her tenure as Secretary of Energy, Granholm oversaw significant investments in cybersecurity tools and technologies to enhance the resilience of U.S. energy infrastructure. She also worked on solutions for spent nuclear fuel, which could drive industry growth. Under her leadership, the DOE invested over $200 billion in clean energy projects, creating more than 400,000 jobs in the U.S.
Peter J. Taylor, Edison International board chair, emphasized her expertise in cybersecurity, physical security, and clean energy resources. Pedro J. Pizarro, president and CEO of Edison International, highlighted her background in energy technology, policy, and sustainability.
Granholm has also diversified Michigan's economy towards clean energy during her governorship and has taught law and public policy at UC Berkeley, specializing in clean energy and public leadership.
Southern California Edison (SCE), a subsidiary of Edison International, submitted reports to California regulators regarding the Eaton and Hurst wildfires that began on January 7, 2025. For the Eaton Fire, while videos suggest possible links to SCE's equipment, the company hasn't found typical indicators like broken conductors or fault evidence. The investigation remains ongoing.
Regarding the Hurst Fire, which burned 799 acres and was contained on January 16, 2025, SCE acknowledges its equipment may be associated with the ignition, though investigations continue. In response to these emergencies, SCE has deployed over 3,500 crew members who have installed 400,000 feet of power lines, set 1,265 poles, and replaced 380 transformers. Edison International has committed $1 million to support relief efforts, including $350,000 in initial distributions to various organizations.
Edison International (NYSE: EIX) has announced it will host a conference call to discuss its Fourth Quarter and Full-Year 2024 Financial Results. The call will take place from 1:30-2:30 p.m. (PST). Investors can access the call through U.S. toll-free number (1-888-673-9780) or international number (1-312-470-0178) using the passcode 'Edison'. A live webcast will be available at www.edisoninvestor.com. A telephone replay will be accessible through March 12 at 6 p.m. (PST) via dedicated U.S. and international numbers.
Edison International and Southern California Edison (SCE) are managing widespread power outages and wildfire impacts across Southern California. As of January 12, SCE has restored power to over 500,000 customers (90% of outages), with 62,662 customers still affected. Restoration times may extend from days to weeks due to severe equipment damage and access restrictions.
The company filed two Electric Safety Incident Reports (ESIR) with the California Public Utilities Commission for the Eaton Fire and Hurst Fire. For the Eaton Fire, preliminary analysis showed no electrical anomalies. Regarding the Hurst Fire, a downed powerline was discovered, though its relation to the fire's ignition remains unclear.
Edison International has pledged $1 million in wildfire relief efforts, including $350,000 in immediate support to various organizations. Dangerous weather conditions are expected through January 15, with some customers potentially facing continued Public Safety Power Shutoffs (PSPS).
Edison International reports on severe wildfire conditions affecting Southern California, with three major fires: Palisades, Eaton, and Hurst. The company's subsidiary, Southern California Edison (SCE), is managing power outages affecting 413,639 customers as of 4 p.m. PST on January 8, with 183,186 due to Public Safety Power Shutoffs (PSPS) and 230,453 from windstorm-related issues.
The Eaton Fire started in SCE's service area, where distribution lines were preventively de-energized before the fire's start. While the Palisades and Hurst fires originated outside SCE's service territory, the company has transmission facilities near the Hurst Fire's ignition site. Both incidents are under review.
The extreme weather event is expected to continue through early weekend, potentially causing extended outages. SCE will receive support from other utilities through the industry's mutual assistance program to restore power once conditions are safe.
Edison International (NYSE: EIX) has announced a 6.1% increase in its annual dividend rate, raising it from $3.12 to $3.31 per share. The company declared a quarterly dividend of $0.8275 per share, payable on Jan. 31, 2025, to shareholders of record on Jan. 7, 2025. This marks the 21st consecutive year of dividend increases for Edison International. The company's CEO, Pedro Pizarro, stated that this increase reflects confidence in the company's financial future and aligns with their long-term EPS growth target of 5% to 7%.
Southern California Edison has announced the redemption of all outstanding shares of its Series H Preference Stock, triggering the redemption of SCE Trust III's 5.75% Fixed to Floating Rate Trust Preference Securities. The redemption is scheduled for November 28, 2024, at $25.00 per Trust Preference Security, plus accrued and unpaid dividends of $0.426992 per security. After the redemption date, all dividends will cease to accrue, and all rights will terminate except for the right to receive the redemption price upon surrender of securities.
Edison International (EIX) reported third-quarter 2024 net income of $516 million, or $1.33 per share, compared to $155 million ($0.40 per share) in Q3 2023. Core earnings were $582 million ($1.51 per share), up from $531 million ($1.38 per share) last year. The increase was primarily driven by higher revenue authorized in Track 4 of Southern California Edison's 2021 General Rate Case and an increased authorized rate of return. The company narrowed its 2024 core EPS guidance to $4.80-$5.00 and reaffirmed long-term core EPS growth rate targets of 5%-7% for both 2021-2025 and 2025-2028 periods.
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