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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.
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.
Edison International (NYSE: EIX) is set to announce its Third Quarter 2021 Financial Results on November 2, 2021. The results will be discussed during a conference call from 1:30 to 2:30 p.m. (Pacific Time). Interested parties can access the call by dialing 1-888-673-9780 for U.S. callers or 1-312-470-0178 for international callers. The call will also be available via a webcast. A replay will be accessible until November 16, 2021. Edison International is a leading electric utility company serving millions in California.
PG&E and Southern California Edison have announced a partnership to enhance emergency preparedness services during Public Safety Power Shutoffs (PSPS), coinciding with National Preparedness Month. Through the 211 California Network, customers can access 24/7 support connecting them to local resources for transportation, shelter, and meal delivery. This initiative aims to assist vulnerable communities, including those with disabilities. The agreement seeks to extend resource availability statewide, ensuring critical support to affected customers during power shutoffs.
Edison International emphasizes the urgent need for California to enhance its greenhouse gas (GHG) reduction efforts to meet 2030 decarbonization goals. A new policy paper, Mind the Gap, outlines the necessity for a 4.1% annual reduction in GHG emissions, quadrupling the current pace. The report identifies critical policy recommendations to decarbonize various sectors, amplifying the role of renewable energy and electrification to achieve state goals.
The Board of Directors of Edison International (NYSE: EIX) declared a quarterly common stock dividend of $0.6625 per share, payable on October 31, 2021, to shareholders of record on September 30, 2021. Additionally, an initial semi-annual dividend of $27.77083 per share was announced for the 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A, payable on September 15, 2021. Southern California Edison also declared quarterly dividends on various preference stocks.
Edison International (NYSE: EIX) reported a second quarter 2021 net income of $318 million, or $0.84 per share, compared to $318 million, or $0.85 per share, in Q2 2020. Adjusted core earnings were $356 million, or $0.94 per share, down from $375 million, or $1.00 per share, in the prior year. The decrease in core earnings is attributed to higher depreciation, despite increased FERC revenue and reduced wildfire mitigation expenses. The company is focused on grid resiliency and sustainability investments, including over $800 million for vehicle electrification.