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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 supported the One Spade Youth Packers program, which empowers underprivileged youths in Kernville, California, through hands-on training in mule handling. Operating from February to May, this initiative pairs children aged 9 to 17 with mules, teaching them responsibility and essential life skills. Since 2018, Edison has donated $20,000 to this nonprofit, facilitating free participation for families. The program aims to cultivate traits like honesty and teamwork, ultimately fostering productive citizenship among participants. The historical significance of mules in the Sierra Nevada ties into Edison's own legacy, further enriching this educational experience.
Edison International (NYSE: EIX) is set to release its Fourth Quarter and Full-Year 2022 Financial Results on February 23, 2023, from 1:30 to 2:30 p.m. PT. Investors can join via the live conference call or webcast at www.edisoninvestor.com. A replay will be available until March 10, 2023. Edison International, headquartered in Rosemead, California, delivers electricity to 15 million people across California through its Southern California Edison Company. It also offers energy solutions globally via Edison Energy LLC.
Edison International announced key advancements in its fleet electrification goals through its subsidiary, Southern California Edison (SCE). After acquiring 15 all-electric Ford F-150 Lightning trucks, SCE aims to electrify 100% of its light-duty vehicles by 2030. Additionally, it plans to electrify 30% of medium-duty and 8% of heavy-duty trucks. The company expects to save over 620,000 gallons of fuel and reduce greenhouse gas emissions by nearly 6,000 metric tons annually. With existing infrastructure and future installations, SCE is set to enhance its electric vehicle charger network significantly.
Edison International commends the $4,000 federal tax credit for pre-owned electric vehicles (EVs) from the Inflation Reduction Act, inspired by its own Pre-Owned EV Rebate Program. The federal initiative supports EV adoption with income limits of $75,000 for individuals and $150,000 for couples. Additionally, it includes $20 billion for clean vehicle manufacturing and funds for zero-emission technologies. Edison International advocates substantial investments—$175 billion in clean energy and $75 billion in infrastructure—to meet California’s 2045 electrification goals, which could create jobs and save customers on fuel costs.
Southern California Edison has launched the 2022 Catalina Island Clean Energy All-Source Request for Offers, seeking bids for renewable resources and energy solutions. This initiative is part of the company's Pathway 2045 vision to achieve carbon neutrality by 2045, focusing on resources available by 2027. The solicitation aims to support the Catalina Island Repower Project, essential for meeting future energy needs and enhancing clean energy goals. Interested parties can submit offers by May 1, as SCE celebrates 60 years of utility service on Catalina Island.
Edison International is addressing the challenges of electrification in Southern California to prepare the grid for increased demand driven by clean energy initiatives. Jun Wen, a key advisor, focuses on enhancing grid capacity while reducing carbon emissions. Recently nominated to a global team by CIGRE, Wen aims to empower women in the energy sector. The CIGRE group plans to produce articles addressing climate change issues such as cyclones and wildfires. Edison emphasizes that investing in climate adaptation is crucial for sustainable energy development.
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Element Energy has successfully closed the first phase of its Series B financing, securing $28 million to advance its battery management technology. The funding round is co-led by a major clean energy company and includes investments from existing backers like Edison International (NYSE: EIX). Matt Murphy, CEO of Marvell Technology (NASDAQ: MRVL), joins Element's Board of Directors. Element's technology enhances the efficiency of second-life EV batteries, with deployments starting in 2023 and 2024, aiming for significant environmental benefits.
Edison International (NYSE: EIX) has declared a quarterly common stock dividend of $0.7375 per share, payable on Jan. 31, 2023, to shareholders of record on Dec. 30, 2022. This increases the annual dividend to $2.95 per share, a rise of 5.4% from $2.80. This marks the 19th consecutive annual increase, showcasing management's confidence in achieving a 5% to 7% long-term EPS growth target. Additionally, a quarterly dividend of $22.0764 per share on Series E preference stock will be payable on Feb. 1, 2023.
On November 2, 2022, SunPower Corp. (SPWR) announced a collaboration with KB Home (KBH), University of California, Irvine, Schneider Electric, and Southern California Edison to develop energy-smart connected communities in Menifee, California. This project involves over 200 all-electric homes featuring solar power and battery storage systems, creating self-supporting microgrids. Funded by a $6.65 million Department of Energy grant, these homes aim to reduce energy costs and greenhouse gas emissions by meeting Zero Energy Ready Home standards, thus providing a model for sustainable home development.