Edison Intl Stock Price, News & Analysis

Southern California Edison introduces a $4,000 rebate for income-qualified residential customers purchasing or leasing pre-owned electric vehicles (EVs), significantly increasing the previous amount of $1,000. The initiative aims to enhance EV adoption and meet California's climate goals. The program is available to first, second, and third owners or lessors of pre-owned EVs. Customers can apply online, and the rebate is funded by the California Air Resources Board. This program is part of SCE's broader strategy to promote clean transportation and reduce harmful vehicle emissions.

Utility Scam Awareness Day is on November 17, as Southern California Edison (SCE) alerts customers to a rise in phone scams during the holiday season. Reports of attempted scams increased by over 40% last November and December compared to 2019, with customers losing over $590,000 this year alone. SCE emphasizes skepticism towards unsolicited calls demanding payments and encourages reporting suspicious activity to their hotline or local law enforcement.

Edison International (NYSE: EIX), headquartered in Rosemead, California, announced the pricing of a public offering for 750,000 shares of its 5.00% Series B Fixed-Rate Reset Cumulative Perpetual Preferred Stock. This offering is expected to close on November 12, 2021, with net proceeds of approximately $742 million. The transaction completes Edison International's 2021 financing plan, which targeted up to $1 billion in equity content. Previous offerings included a $1.25 billion preferred stock issuance in March 2021.

Edison International (NYSE: EIX) reported a third quarter 2021 net loss of $341 million, or $0.90 per share, compared to a loss of $288 million, or $0.76 per share, in Q3 2020. However, adjusted core earnings rose to $1.69 per share from $1.67 year-over-year, driven by higher revenue from the 2021 General Rate Case and regulatory deferrals. The company revised potential losses from the 2017/2018 Wildfire Events to $7.5 billion, with $2.2 billion still unresolved. They narrowed EPS guidance for 2021 to $4.42–4.52 while maintaining a long-term growth target of 5–7%.

Southern California Edison (SCE) announced executive changes to ensure a smooth transition in leadership. After 35 years, Kevin Payne will retire as CEO on Dec. 1, with Steven Powell succeeding him. Other key appointments include Jill Anderson as Executive Vice President of Operations and Lisa Cagnolatti as Senior Vice President of Customer Service. These leaders bring extensive experience in managing clean energy initiatives. The company's focus remains on delivering reliable electric service and advancing sustainability goals.

The Board of Directors of Southern California Edison has declared quarterly dividends for various series of preference stock, payable on December 15, 2021. Shareholders of record on December 14, 2021 will receive:

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

The dividends highlight the company's ongoing commitment to returning income to its shareholders.

Southern California Edison (SCE) is set to enhance grid reliability by adding 535 megawatts (MW) of battery energy storage at three substations in response to an emergency proclamation by California Governor Gavin Newsom. This initiative aims to prepare for potential customer outages during extreme heat in the summers of 2021 and 2022. The new installations will increase SCE's total energy storage capacity to approximately 2,810 MW, contributing to California's clean energy goals and reducing reliance on natural gas. Ameresco has been contracted to implement the battery systems by next August.

Southern California Edison’s 2020 Supplier Diversity efforts resulted in $2.4 billion spent with over 600 small and diverse businesses, generating an economic impact exceeding $3.5 billion and supporting more than 23,000 jobs. The company's commitment to minority, women, disabled veteran, and LGBT-owned businesses includes providing technical assistance to enhance their capabilities. This economic impact reflects direct purchases, indirect activities within these suppliers' chains, and the induced spending by employees, significantly benefiting local economies.

Edison International is offering $1.2 million in scholarships through its Edison Scholars Program, awarding $40,000 to 30 high school seniors pursuing STEM fields at accredited U.S. colleges. Applications are open until Dec. 13, 2022. Since its launch in 2006, the program has provided approximately $12.3 million in scholarships to 700 students. The initiative aims to support students from diverse backgrounds, encouraging their contributions to the energy industry and promoting a clean, equitable energy future.