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.
Southern California Edison has launched the Charge Ready program, a $436 million initiative aimed at expanding electric vehicle charging infrastructure in Southern California. Over the next five years, the program will install approximately 38,000 new chargers in various locations, including disadvantaged communities. This effort follows a successful pilot program that added more than 2,700 charge ports at nearly 150 sites. The initiative also includes a related program, Charge Ready Transport, designed to support medium- and heavy-duty EVs with an investment of $356 million.
Edison International (EIX) announced its Second Quarter 2021 Financial Results during a conference call on July 29, 2021. The company, which operates as one of the largest electric utility holding firms in the United States, serves 15 million customers across California. Through its subsidiaries, Southern California Edison and Edison Energy, Edison aims to provide sustainable energy solutions. Investors can access the earnings call replay until August 12, 2021, via specified telephone numbers. Detailed financial metrics were not disclosed in the PR.
The Board of Directors of Edison International (NYSE: EIX) declared a quarterly common stock dividend of $0.6625 per share. This dividend will be payable on July 31, 2021, to shareholders of record as of July 6, 2021. Edison International is one of the largest electric utility holding companies in the U.S., providing clean energy through its subsidiaries, including Southern California Edison, which serves approximately 15 million customers in California.
Southern California Edison (EIX) has completed upgrades to the West of Devers transmission lines, enhancing capacity to deliver over 7,000 MW of renewable energy to Southern California. The project, costing $740 million, increased power delivery capacity from 1,600 MW to 4,800 MW and is crucial for meeting peak summer demand. SCE partnered with Morongo Transmission for part of the funding, with $400 million expected post-regulatory approval. This project was completed ahead of schedule, emphasizing SCE’s commitment to advancing California’s clean energy goals.
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Southern California Edison is funding nearly $18 million to lease three helicopters for local firefighting agencies, enhancing wildfire response capabilities. The aircraft, which include two Coulson-Unical CH-47 helitankers and a Sikorsky-61 helitanker, will be operational from June 15 to year-end across a 50,000-square-mile service area. This initiative follows a significant 2020 fire season and marks an ongoing commitment to wildfire mitigation. The Los Angeles County, Orange County, and Ventura County Fire Departments will manage the helicopters upon board approval.
Edison International (NYSE: EIX) reported a net income of $259 million ($0.68 per share) for Q1 2021, up from $183 million ($0.50 per share) in Q1 2020. Core earnings also rose to $301 million ($0.79 per share) compared to $228 million ($0.63 per share) the previous year. The increase is attributed to lower wildfire mitigation expenses. SCE anticipates enhancing fire risk management and infrastructure investments amid the transition to a clean energy economy. 2021 earnings guidance will be provided post CPUC's decision on Southern California Edison’s rate case.
Southern California Edison is promoting its Medical Baseline program to assist eligible customers who depend on electricity for essential medical equipment. The program allows these customers to receive additional electricity at lower rates, ultimately helping them reduce their energy bills. Simplified online qualification processes due to COVID-19 will remain in effect until June 30, and existing participants are not required to recertify for another year. The program also offers backup battery solutions for those in high fire risk areas, ensuring critical support during outages.
The Board of Directors of Southern California Edison declared quarterly and semiannual dividends on various preference stocks. The quarterly dividends include:
- $0.31875 on Series G
- $0.359375 on Series H
- $0.3359375 on Series J
- $0.340625 on Series K
- $0.3125 on Series L
These are payable on June 15, 2021, to shareholders of record on June 14, 2021. Additionally, a semiannual dividend of $31.25 per share on Series E will be paid on August 1, 2021, to shareholders of record on July 2, 2021.
The Hershey Company (NYSE: HSY) has announced two significant clean energy partnerships aimed at transitioning to renewable energy. The first project, a 20 MW solar farm in Camden, North Carolina, will reduce CO2 emissions by 32,025 metric tons annually. The second project involves a 50 MW solar power agreement with National Grid Renewables for the Noble Project in Texas, projected to lower CO2 emissions by approximately 83,625 metric tons per year. Together, these projects will decrease Hershey's carbon footprint by 115,650 metric tons annually, aligning with their goals to cut greenhouse gas emissions by over 50% by 2030.