Welcome to our dedicated page for Edison Intl news (Ticker: EIX), a resource for investors and traders seeking the latest updates and insights on Edison Intl stock.
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 has named 30 high school seniors as the 2023 Edison Scholars, awarding a total of $1.5 million in scholarships. The scholarship amount has increased from $40,000 to $50,000, distributed over four years. In addition, scholars can gain access to a paid summer internship with Southern California Edison after their first year of college. This initiative aims to support students pursuing degrees in STEM, cybersecurity, or data analytics. Since 2006, Edison International has contributed over $15 million to 760 students through the Scholars Program, emphasizing its commitment to community investment and fostering future leaders in clean energy.
Edison International (NYSE: EIX) announced its First Quarter 2023 Financial Results on May 2, 2023. The conference call will take place from 1:30 to 2:30 p.m. Pacific Time, accessible via phone or webcast. Investors can call 1-888-673-9780 for U.S. participants or 1-312-470-0178 for international callers, with the passcode Edison. A replay will be available until May 17, 2023. Edison International is a leading electric utility holding company, serving around 15 million people in California through its subsidiary, Southern California Edison Company.
Southern California Edison (EIX) announced its 2023-25 Wildfire Mitigation Plan, aimed at decreasing the risk of wildfires linked to its equipment. The company reports a 75%-80% reduction in probability since 2018. The plan outlines continued grid hardening through covered conductor installation, enhancing vegetation management, and deploying advanced monitoring systems. SCE aims to install 2,850 miles of covered conductor by 2025, contributing to replacing 7,200 miles of overhead lines in high-risk areas. SCE is also expanding its aerial firefighting resources, emphasizing safety for vulnerable communities.
Edison International showcased its commitment to clean energy at the World Ag Expo in Tulare, California, emphasizing electrification for agriculture. With over 100,000 attendees, SCE engaged customers about integrating clean energy into daily life. Highlighting the importance of electric appliances, the company aims for 30% electrification of space and water heating by 2030, increasing to 70% by 2045, aligning with California's zero-carbon emissions goal. Visitors learned about the benefits of electric technology for sustainability and potential cost savings through Time-of-Use rates and other incentives.
Edison International CEO Pedro Pizarro presented a vision for a clean energy future at the 2023 South by Southwest (SXSW) conference, highlighting significant advancements towards net-zero greenhouse gas emissions in California by 2045. He noted that California has reduced per-capita GHG emissions by over 33% since 2001. Pizarro emphasized the need for a $250 billion investment in clean power generation and infrastructure, as well as policies to support low-income customers, to ensure equitable access to clean energy. While he stated that electric bills may rise, overall energy costs will decrease for many customers by one-third by 2045.
Edison International engineers recently visited students at Cesar Chavez Academy in Corona, coinciding with National Engineers Week. During the event, the engineers engaged first graders in a hands-on activity to promote awareness of science, technology, engineering, and math (STEM) careers. The outreach aims to inspire young students, particularly underrepresented minorities in STEM fields, to consider engineering as a viable career path. SCE executives shared personal stories and emphasized the importance of early exposure to STEM education to foster future innovation and diversity in engineering.
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.