Welcome to our dedicated page for Edison International news (Ticker: EIX), a resource for investors and traders seeking the latest updates and insights on Edison International stock.
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.
Edison International (NYSE: EIX) has announced the pricing of a public offering of 1.25 million shares of its 5.375% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock. This transaction, expected to close on March 9, 2021, aims to generate approximately $1.24 billion in net proceeds. The offering addresses part of the company’s $1 billion equity content need, supporting its investment-grade ratings. Edison will utilize the funds to assist Southern California Edison with debt financing related to previous wildfire claims.
Edison International (NYSE: EIX) declared a quarterly common stock dividend of $0.6625 per share, to be paid on April 30, 2021, for shareholders of record on March 31, 2021.
Additionally, dividends were announced for various Series preference stocks:
- Series G: $0.31875
- Series H: $0.359375
- Series J: $0.3359375
- Series K: $0.340625
- Series L: $0.3125
All preference stock dividends will be paid on March 15, 2021, to holders of record on March 12, 2021.
Edison International (NYSE: EIX) reported a fourth quarter 2020 net income of $526 million ($1.39 per share), a significant increase from $143 million ($0.40 per share) in Q4 2019. Adjusted core earnings rose to $451 million ($1.19 per share) from $355 million ($0.99 per share) year-over-year. Key drivers included higher CPUC-related revenue and lower regulatory expenses. However, 2020 full-year earnings declined to $0.7 billion ($1.98 per share) from $1.3 billion ($3.78 per share) in 2019. The Board declared a dividend of $0.6625 per share, payable April 30, 2021.
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.
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