Edison International reports developments tied to its role as the parent company of Southern California Edison, a regulated electric utility serving approximately 15 million people through 5 million customer accounts across Central, Coastal and Southern California. Recurring news covers utility operations, financial results, customer affordability, grid resilience, wildfire mitigation and rebuilding efforts.
Company updates also include Southern California Edison wildfire recovery compensation programs, dividends on SCE preference stock and related trust preference securities, board and executive governance changes, and workforce initiatives such as lineworker training scholarships. The news flow centers on the regulated utility business, capital-provider communications, community recovery programs and service-area obligations.
Edison International recently hosted its 21st Black History Month Celebration, highlighting diversity, equity, and inclusion (DEI) initiatives. Keynote speaker Stacey Gordon emphasized the importance of action in making impactful changes in workplaces. The company continues to support diversity through programs like the Lineworker Scholarship Program, aimed at increasing Black participation in skilled trades. Edison also awarded a $10,000 grant to the Los Angeles Urban League for workforce training. Musical performances and cooking demonstrations were featured during the livestream event, showcasing energy-efficient technologies.
Edison International (NYSE: EIX) has priced its offering of $500 million in 8.125% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2053. The transaction, which is scheduled to close on March 6, is expected to incur an annualized after-tax interest expense of $29 million. This offering is part of the company’s strategy to maintain its investment-grade credit ratings, with expected equity content of approximately $250 million. The offering was oversubscribed, indicating strong investor interest. The notes are issued under an effective shelf registration statement with the SEC.
Edison International's President and CEO, Pedro Pizarro, will speak at the 2023 South By Southwest (SXSW) Conference on March 11 in Austin, Texas. Pizarro's session, titled Making Energy Clean, Reliable and Equitable, will address the urgent need for equity and affordability in the clean energy transition. He will discuss the role of electric power companies and share insights on challenges and innovations related to decarbonizing the economy and enhancing grid resilience. This session aims to highlight the impact of clean energy initiatives on all communities, advocating for immediate action against climate change.
The board of directors of Edison International (NYSE: EIX) has declared a quarterly common stock dividend of $0.7375 per share, payable on April 30, 2023, to shareholders of record on March 31, 2023.
Additionally, the board announced several other dividends, including a $26.875 semiannual dividend for Series A preferred stock and a $25.00 semiannual dividend for Series B preferred stock, both payable on March 15, 2023. Other quarterly dividends for Southern California Edison preference stocks were also declared, with payment dates ranging from March 15 to May 1, 2023.
Edison International (NYSE: EIX) reported a fourth quarter 2022 net income of $415 million, translating to $1.09 per share, down from $523 million or $1.38 per share year-over-year. Core earnings for the quarter were $437 million, or $1.15 per share, slightly lower than $440 million or $1.16 per share in 2021. For the full year, net income was $612 million, or $1.61 per share, compared to $759 million or $2.00 per share in 2021. The company declared a dividend of $0.7375 per share, effective April 30, 2023. EIX also initiated its 2023 EPS guidance of $4.55–4.85 and maintains a long-term growth target of 5%-7% through 2025.
Edison International released a press statement emphasizing the benefits of switching from gas to electric appliances in residential and commercial buildings. The transition is aimed at reducing greenhouse gas emissions, which account for about 14% of California's emissions. By 2045, average households could save one-third on total energy costs. Notably, the company has proposed a $667.2 million plan to install 250,000 heat pumps over four years, targeting low-income communities impacted by pollution. California's new building code encourages all-electric designs as part of Governor Newsom's goal for 3 million climate-ready homes by 2030.
Edison International emphasizes the growing momentum in transportation electrification, addressing concerns about California's electric grid capacity amidst rising electric vehicle (EV) adoption. CEO Steven Powell highlighted that the grid can currently handle most EV demand, but significant investments are needed to meet the forecasted 60% load increase due to the electrification of transportation. Powell stated that these investments, while initially increasing electric bills, are projected to reduce overall consumer energy costs by 25-33%. Furthermore, EV models available in the U.S. surged from 29 in 2021 to 89 in the current model year, with projections estimating 170 by 2025.
Edison International has shared energy efficiency tips for hosting gatherings during the big game. The company suggests using LED bulbs which consume up to 90% less energy and last significantly longer than traditional bulbs. To protect electronics and reduce energy waste, it's recommended to use surge protectors. In the kitchen, substituting energy-intensive appliances with countertop devices like air fryers can lower energy consumption. The press release emphasizes that smart energy practices can help manage costs during social events. For more tips, consumers can visit their energy savings website.
Southern California Edison (EIX) has announced significant energy bill credits for its customers in response to rising natural gas prices. Over 5 million residential and small business customers will receive California Climate Credits amounting to $142, distributed across two credits this year. The first credit will be issued in March, a month earlier than usual. Additionally, 1.9 million customers will benefit from $40-$60 credits for participating in energy-saving programs. The total credits for Demand Response program participants reach $111 million, supporting efforts to stabilize the electric grid during peak demand.
Edison International celebrates Vikki Appel, a senior advisor in IT Services and a reigning world champion cyclist. Appel achieved remarkable success at the 2022 Masters Track World Championships, winning three gold medals. Her journey included overcoming a broken pelvis injury, showcasing resilience and determination. Appel's achievements in cycling parallel the core values of Edison International, emphasizing excellence, teamwork, and continuous improvement. Her focus on collaborative success both in sports and at work highlights the company's commitment to a performance-driven culture.