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Edison International (EIX), headquartered in Rosemead, California, is a premier energy company with a primary focus on generating and distributing electric power. As the parent company of Southern California Edison (SCE), it serves over 5 million customers across 50,000 square miles of Southern California, excluding Los Angeles. Southern California Edison is among the nation's largest electric utilities, providing reliable and affordable electricity to millions.
In addition to its utility operations, Edison International invests in infrastructure and energy assets, with a significant emphasis on renewable energy. The company’s non-utility subsidiary, Edison Energy, engages in energy-related products and services, further diversifying its portfolio.
Recently, Edison International has been at the forefront of efforts to combat climate change and advance clean energy solutions. Notable achievements include the installation of a 646-kilowatt solar system at The Knolls, an affordable apartment complex, significantly reducing its residents' carbon footprint and energy costs. The company has also been active in publishing influential policy recommendations, such as the 'Mind the Gap' report, which outlines strategies to achieve California's 2045 net-zero emissions target.
Edison International is committed to transforming California's electric system to support the integration of clean energy resources. This involves innovative planning across generation, transmission, distribution, and local resources. Challenges like interconnection bottlenecks and the need for advanced transmission infrastructure are being addressed through collaborative efforts with state agencies and stakeholders.
The company is also focusing on de-risking the development of emerging clean technologies, such as offshore wind and clean firm generation, to ensure a reliable and flexible power supply. Initiatives like the Solar on Multifamily Affordable Housing program exemplify Edison International's dedication to promoting sustainability and cost savings for all customers.
Financially, Edison International remains robust, with strategic investments and partnerships driving its growth. The company continues to advocate for regulatory reforms to expedite the deployment of essential clean energy infrastructure, aligning with its long-term vision of a resilient, cost-effective, and environmentally sustainable energy system.
As a leader in the energy sector, Edison International plays a critical role in shaping a cleaner, more sustainable future, making significant strides towards achieving California's ambitious climate goals while ensuring the reliability and affordability of electricity for its customers.
Southern California Edison has updated its 2020-22 Wildfire Mitigation Plan, emphasizing adaptive measures to reduce fire risks from utility infrastructure. The plan promises to decrease the frequency of Public Safety Power Shutoffs (PSPS) affecting customers. Key initiatives include enhancing fire risk inspections, expanding system hardening activities, and improving response capabilities for emerging fires. SCE aims to invest approximately $3.8 billion, with $1.3 billion spent in the last year alone. The company reports successful outcomes in 2020, including the replacement of over 960 miles of power lines and the removal of over 12,200 hazard trees.
Edison International (NYSE: EIX) announced its Fourth Quarter and Full-Year 2020 financial results, scheduled for February 25, 2021. The company, a leading electric utility, supplies energy to 15 million customers in California through its subsidiary, Southern California Edison. Edison International also operates Edison Energy, providing energy solutions globally. Investors can access the live conference call and webcast via their investor website. A replay will be available until March 12, 2021, ensuring stakeholders stay informed on the company's performance.
Southern California Edison (SCE) has settled all subrogation claims related to the 2018 Woolsey Fire, agreeing to pay $2.2 billion to insurance holders within 90 days. This settlement resolves pending litigation involving approximately 1,000 plaintiffs from various wildfire events, including the 2017 Thomas Fire. With this agreement, SCE's total estimated losses for the 2017/2018 Wildfire/Mudslide Events remain at $4.6 billion, with $700 million expected from insurance recoveries. Additionally, Edison International plans to issue $1 billion in equity to support these claims, subject to regulatory approval.
Edison International (NYSE: EIX) has announced a quarterly dividend of $0.6625 per share, payable on January 31, 2021, to shareholders on record as of December 31, 2020. This marks a $0.10 increase in the annual dividend, raising it to $2.65 per share, a 3.92% increase from the previous rate of $2.55. This is the seventeenth consecutive year of dividend growth, reflecting confidence in the company's financial stability and commitment to substantial capital investments to enhance a reliable power grid.
Southern California Edison (SCE) emphasizes the need for significant changes in the planning and operation of the electric power grid to meet future demands. The Reimagining the Grid white paper outlines challenges posed by the increased use of electric vehicles and renewable energy sources. SCE plans to adopt a modular, region-specific grid design, incorporating advanced technologies like AI and predictive analytics. The company aims to enhance collaboration with stakeholders to ensure the grid can support California's greenhouse gas reduction goals and adapt to changing energy needs.
Southern California Edison has announced the signing of long-term contracts for four projects totaling 590 megawatts of battery energy storage, enhancing regional electric system reliability. This addition, alongside a previous procurement of 770 megawatts, raises the company's total battery capacity to approximately 2,050 megawatts. The projects aim to support California's transition to 100% clean renewable energy and are expected to come online by August 2022 and 2023. Approval from the California Public Utilities Commission is required before implementation.
Southern California Edison (SCE) issues a warning about rising utility bill phone scams, especially during the holiday season. Customers have reported losses nearing $300,000 in 2023 from such scams, which have proliferated since the onset of the COVID-19 pandemic. The top-10 cities affected include Fontana and Hemet. SCE advises customers against immediate payment demands and fraudulent practices. It emphasizes that it does not have a 'disconnection department' and will not request sensitive information over the phone. For assistance or to report scams, customers can contact SCE's customer service.
Edison International (NYSE: EIX) reported a third quarter 2020 net loss of $288 million, or $0.76 per share, down from a net income of $471 million, or $1.36 per share, in Q3 2019. However, adjusted core earnings increased to $632 million ($1.67 per share) from $519 million ($1.50 per share) in the previous year. The decline in net income was driven by higher operational expenses and non-core losses related to wildfire claims. Despite this, the company narrowed its 2020 earnings guidance range to $4.47 to $4.62, reflecting confidence in performance amid ongoing wildfire mitigation efforts.
Edison International has announced a significant donation of $520,000 to the California Bridging the Digital Divide (BDD) Fund, aimed at enhancing educational access during the COVID-19 pandemic. The contribution includes 600 refurbished laptops, valued at $270,000, alongside $250,000 in cash grants. This initiative will benefit school districts across Los Angeles, Riverside, San Bernardino, and Tulare counties by providing crucial resources for distance learning. Notably, the funds were sourced from Edison International's shareholder dollars, not from customer funds.
Edison International, alongside Southern California Edison, has partnered with the American Association of Blacks in Energy (AABE) to enhance the representation of African Americans in the energy sector. The initiative aims to improve diversity, equity, and inclusion through specific actions in employment and leadership. Currently, nearly 70% of the workforce reflects gender or racial diversity. Edison plans to increase data transparency and implement various programs to support Black employees. AABE's leadership welcomes this initiative, emphasizing the need for equitable workplace conditions.
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