Edison Intl Stock Price, News & Analysis

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.

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.

Edison International reported a third quarter 2022 net loss of $128 million, or $0.33 per share, an improvement from a loss of $341 million in Q3 2021. Core EPS decreased to $1.48 from $1.69 year-over-year, mainly due to a prior true-up adjustment. The utility is making progress in wildfire mitigation, set to complete 4,300 miles of covered conductor by year-end. Notably, a revision of estimates regarding past wildfire claims resulted in an after-tax charge of $598 million. The company has narrowed its 2022 EPS guidance to $4.48–4.68, maintaining a long-term growth target of 5–7%.

The Board of Directors of Southern California Edison has declared quarterly dividends for its preference stocks, payable on December 15, 2022. Shareholders on record as of December 14, 2022 will receive the following distributions:

• Series G: $0.31875 per share
• Series H: $0.359375 per share
• Series J: $0.3359375 per share
• Series K: $0.340625 per share
• Series L: $0.3125 per share

Southern California Edison, a subsidiary of Edison International (NYSE: EIX), serves approximately 15 million people in Southern California.