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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 (NYSE: EIX) reported first quarter 2022 net income of $84 million, or $0.22 per share, down from $259 million, or $0.68 per share, year-over-year. However, core EPS rose to $1.07 from $0.79, driven by the adoption of the 2021 General Rate Case. The company revised wildfire-related losses for 2017/2018, resulting in a net after-tax charge of $281 million. Edison maintains its 2022 EPS guidance of $4.40–4.70 and expects to file for cost recovery of approximately $5.2 billion related to the wildfire events by late 2023.
The Board of Directors of Southern California Edison has declared several quarterly dividends on various preference stocks. The dividends include:
- 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
These dividends are scheduled to be paid on June 15, 2022, to holders of record on June 14, 2022.
Edison International has announced the awarding of $1.2 million in scholarships to thirty high school seniors in Southern California, aiming to support their pursuit of STEM fields. Each recipient will receive $40,000, distributed over four years. Since 2006, the Edison Scholars Program has provided over $13.5 million in scholarships, funded entirely by EIX shareholders. The company emphasizes its ongoing commitment to fostering education and clean energy initiatives.
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Edison International (NYSE: EIX) will announce its First Quarter 2022 Financial Results on May 3, 2022, from 1:30 p.m. to 2:30 p.m. (Pacific Time). The earnings call can be accessed by dialing 1-888-673-9780 for domestic callers and 1-312-470-0178 for international callers, using the passcode Edison. A replay will be available until May 18, 2022. Don't miss the live webcast at www.edisoninvestor.com.
Edison International (NYSE:EIX) and Southern California Edison have opened applications for the 2022 Edison International Lineworker Scholarship Program, in partnership with IBEW Local 47. This initiative aims to enhance workforce diversity, particularly among Black individuals, who are underrepresented in SCE's workforce. The program offers up to $25,000 in scholarships, funded by $1 million from Edison shareholders and IBEW Local 47, covering tuition, tools, and support services. The application deadline is May 6, 2022.
Edison International (NYSE: EIX) has appointed Marcy L. Reed to its board of directors as of today. Reed brings over 30 years of experience in the electric utility sector, mainly from her tenure at National Grid plc, where she held significant roles, including president of the Massachusetts business. She has expertise in utility operations, energy policy, and sustainability. Her background is aligned with Edison International's clean energy strategy. Reed also serves on several boards, including Clean Harbors, Inc., and Blue Cross Blue Shield of Massachusetts.
The Board of Directors of Edison International (NYSE: EIX) has declared a quarterly common stock dividend of $0.70 per share, payable on April 30, 2022, to shareholders of record as of March 31, 2022. Additionally, a semi-annual dividend of $26.875 on Series A Preferred Stock and an initial dividend of $17.08333 on Series B Preferred Stock are to be paid on March 15, 2022. Other quarterly dividends include various amounts for Series G, H, J, K, L, and E preference stocks, all payable on March 15, 2022 and May 1, 2022.
Edison International (NYSE: EIX) reported its fourth quarter 2021 results, posting net income of $523 million, or $1.38 per share, slightly down from $526 million in 2020. Core EPS for the quarter was $1.16, down from $1.19, primarily due to increased operational costs. The company declared a quarterly dividend of $0.70 per share, maintaining a solid annualized rate of $2.80. For 2022, Edison International anticipates core EPS in the range of $4.40 to $4.70, with an expected long-term EPS growth rate of 5-7%. Full-year 2021 GAAP EPS reached $2.00.
Southern California Edison (EIX) has filed its 2022 update to the Wildfire Mitigation Plan with the California Office of Energy Infrastructure Safety. The plan aims to enhance grid safety and reliability against extreme weather exacerbated by climate change, with initiatives including the installation of insulated wiring. The company has reduced wildfire risks by 65-70% since 2018 and plans to spend approximately $1.66 billion in 2022 for continued improvements. SCE also explores innovative technologies like AI for wildfire detection and aims to support vulnerable communities during power shutoffs.