53.93 0.00 (0.00%)
After hours: 7:40PM EDT
|Bid||51.36 x 800|
|Ask||54.00 x 900|
|Day's range||52.56 - 54.33|
|52-week range||43.63 - 78.93|
|Beta (5Y monthly)||0.50|
|PE ratio (TTM)||15.88|
|Earnings date||28 Jul 2020|
|Forward dividend & yield||2.55 (4.68%)|
|Ex-dividend date||02 Jul 2020|
|1y target est||69.86|
The Board of Directors of Edison International today declared quarterly common stock and preferred stock dividends.
(Bloomberg) -- The coronavirus-related economic shutdowns have led to one arcane consequence: delaying California’s sale of $10.5 billion in bonds to finance future wildfire costs.Power customers are using less electricity with shops and businesses closed, and that has slowed the efforts to pay down bonds sold in the last energy crisis that must be defeased before the new debt is offered.The delay means the state can’t take advantage of the current rally in the $3.9 trillion municipal market. While investors in need of tax-havens generally seek California bonds, the market now is seeing even greater demand for such securities. Bondholders are set to receive a wall of debt payments this summer that’s expected to exceed the amount of new securities on tap.“It’s hard to anticipate what the fall is going to look like,” said James Dearborn, director of municipal credit research at DWS. “If they were issuing bonds today, I think they would be well received.”Last year, California Governor Gavin Newsom and state legislators agreed to establish a $21 billion fund to help utility giants including PG&E Corp. and Edison International cover future liabilities when their equipment ignites catastrophic blazes. Such exposure led to PG&E Corp.’s bankruptcy last year, and its incipient exit will allow it to tap the fund.The fund was part of legislation needed to keep investor-owned power companies operating as wildfires increase in number and severity. An unusual California doctrine holds utilities liable for wildfires that their equipment sparks, even if they aren’t proven negligent, leaving officials worried about the reliability of power in the most-populous U.S. state.Helping finance the fund is $10.5 billion to be raised through the sale of municipal revenue bonds. The bonds will be backed by a charge customers are already seeing on their bills from the $11.2 billion in bonds the state sold starting in 2002. That issuance reimbursed California from buying electricity for insolvent utilities hobbled by rising prices and manipulation by Enron Corp. and other companies in the deregulated market.The catch: California officials have to wait until they can defease those bonds, of which $1.5 billion is outstanding. The amount collected by the $.005 per kilowatt hour charge depends on usage. With the state mandating residents to shelter in place at the end of March, electricity demand dropped. Since the first full week of the statewide stay-at-home order through June 7, homes, businesses and manufacturers used 3.7% less in electricity on an average weekday, according to California ISO, which manages the state’s power grid.Originally, the bonds were to be retired around the third week of August. Due to lower than projected revenue, the estimate is now mid- to late-September, with the new bonds potentially being sold in October, according to the state treasurer’s office. It’s likely the new bonds would pay back the $2 billion in loans to the fund from the state’s general fund, said H.D. Palmer, a spokesman for Newsom’s finance department.Contributions from the utilities make up the rest of the fund. PG&E’s share is $4.8 billion. Southern California Edison made its initial contribution to the fund of $2.4 billion in September 2019 and made the first of its 10 annual payments of $95 million in December. SDG&E made its first initial contribution of $322.5 million and its first of its ten annual payments of $12.9 million.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Electric utilities in three West Coast states have announced the results of a study that could lead to significant reductions of pollution from freight transportation up and down the Pacific Coast and create jobs in an economy hit hard by the novel coronavirus.
Two years ago, Elon Musk's Tesla (NASDAQ: TSLA) made a big splash on the world stage with his plan to link 50,000 solar-panel-equipped homes in South Australia to create a 250-megawatt "virtual power plant" that could both convert solar power into electricity, and also store it for use when it was needed. Two years later, Sunrun (NASDAQ: RUN) -- a rival to Tesla in the field of solar energy, if not in electric cars -- is planning to make a (much smaller) splash of its own ... in California. As Sunrun announced today, the self-proclaimed "nation's leading home solar, battery storage and energy services company" is teaming up with Southern California Edison (SCE), "the largest utility in Southern California and one of the largest in the country," to launch "one of the first residential energy storage virtual power plants in operation in the United States."
(Bloomberg) -- Blackouts that hit millions of Californians in 2019 could be doubly calamitous this year with tech giants Google, Twitter Inc. and Facebook Inc. among the many companies keeping offices closed until the fall or later in response to the global Covid-19 pandemic.If utilities cut power again, home offices set up during the pandemic could go dark and stay dark for days, and they’ll have no corporate offices to flee to for power. In October 2019, more than 3 million people were affected by a series of rolling blackouts over more than a week as PG&E Corp. and Edison International tried to prevent live wires from sparking wildfires.Call it a collision of crises. Blackouts could limit California’s push to revive an economy largely paralyzed by stay-at-home orders this spring. The state, utilities and individual companies are all seeking ways to deal with blackouts before a wildfire season forecast to be worse than normal. Hewlett Packard Enterprise Co., for one, has “long contemplated this type of scenario,” according to spokesman Adam Bauer.The San Jose-based tech company is building in geographic redundancies, he said, with “the ability to shift work among distributed teams to maintain service to our customers and partners.”Neither Google, Twitter nor Facebook would comment on their plans. The state’s utilities and government officials, though, have said they’re working to minimize the threat.California regulators last month adopted new shutoff rules that will require the companies to restore electricity within 24 hours after the weather clears, although the state’s wind storms can last several days. PG&E, the state’s largest utility, has set its own goal of 12 daylight hours after the winds ease, and has nearly doubled the number of helicopters it will use to look for downed lines.Troublesome SignsStill, there are troublesome signs leading into this year’s wildfire season. A year ago at this time, the state was drought free. Now, almost 50% of California is gripped by drought, with the driest areas occurring across the northern part of the state, according to a June 2 assessment by the U.S. Drought Monitor.The result: an “above normal significant large fire potential,” according to the National Interagency Fire Center in Boise, Idaho. Already this year, more than 6,600 acres have been burned in the state. Small blazes are already cropping up on an almost daily basisAt the same time, the coronavirus has killed more than 4,900 people in California, forcing companies to allow employees to work at home, closing schools and restricting travel.“The reality is Mother Nature hasn’t changed her mind with respect to wildfires because of covid,” said Don Daigler, director of business resiliency for Edison’s Southern California Edison utility. “We still face the same fire risk as communities as we did last year.”Sheltered in Place“We’re going to have people sheltered in place and without power,” said Carl Guardino, chief executive officer of the Silicon Valley Leadership Group lobbying organization, which represents many of the region’s biggest companies.Guardino’s own home lost electricity for 5 days last year, he said. He ended up moving his family into a hotel. he said. Now, though, even that solution is unlikely given the coronavirus shutdowns.To be sure, many Californians have already turned to back-up power generators. Generac Holdings Inc. saw its sales in the state surge 300%, its chief executive officer told Bloomberg a month after the blackouts. And this spring, the Silicon Valley Leadership Group successfully lobbied state officials to let solar installers return to work months before many other businesses opened.But solar panels with a battery to store the power, can cost $30,000 to buy the hardware for a robust home system and have it installed, so it’s not for everyone.Utility ViewThe utilities, whose use of intentional blackouts last year provoked fierce criticism, are aware of the issue. But they don’t want the number of people working from home to affect their decision to shut off power, if weather conditions demand it.Those conditions -- high winds, hot temperatures, low humidity and dry vegetation -- should still be the determining factors, the utilities say.“The approach we take is different, but the calculus really hasn’t changed,” Edison’s Daigler said. Instead, they’re trying to reduce the need for shutoffs, and ensure that when they occur they are smaller and shorter than last year’s.“We want to reduce the impact of public safety power shutoffs on customers whether they are working from home or not,” said Matt Pender, director of the community wildfire safety program at PG&E.Forced Into BankruptcyPG&E, which was forced into bankruptcy last year after its equipment sparked deadly fires, is installing switches and other devices to isolate power cuts, making them more targeted than last year’s mass blackouts. The company has also secured mobile diesel generators that can be located at as many as 48 substations.Both PG&E and Edison are also hardening their field equipment, running some lines underground and installing stronger poles. Edison, for example, is installing 600 miles of power lines with coating that prevents sparks when touched by tree branches.PG&E estimates these steps should cut the number of customers affected in each potential blackout by one-third.Pop-Up CentersBoth companies are also planning to open more pop-up community resource centers during blackouts to allow for more social distancing between people who show up to cool down and charge phones and other devices.They’ll send vans equipped with charging stations into darkened neighborhoods to help customers who don’t go to the centers, potentially a large number of people at a time when gathering with strangers brings risks.Some county governments, along with the city of San Jose, asked state utility regulators in April to impose new rules on the shutoff program. The commission, though, said the final decision should stay with the utilities.“Based on these rules and standards, it is appropriate for the utilities to have the final say over shutting down power and for the CPUC to hold them accountable,” spokeswoman Terrie Prosper said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Edison International’s 2019 Sustainability Report catalogues the company’s achievements toward a sweeping set of measurable goals.
Edison International (EIX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Edison International (NYSE: EIX) today announced it has completed an $800 million common stock offering in a registered direct placement. This new equity capital is being provided by a number of existing investors. The shares will be sold at a price of $56.41 per share, which was the closing price on May 12, 2020, the last trading day prior to entering into this transaction. The transaction is expected to close on May 15, 2020, subject to customary closing conditions, and is expected to result in net proceeds of $785 million.
As you might know, Edison International (NYSE:EIX) last week released its latest quarterly, and things did not turn...
SCE announced that it has signed seven contracts totaling 770 megawatts of battery-based energy storage resources.
Edison International (EIX) reports an operating income of $302 million in the first quarter compared with $352 million in the year-ago quarter.
Media Advisory for EIX 2020 Q1 Earnings Conference Call - April 30, 2020
Edison International's Annual Meeting of Shareholders on April 23, 2020, has been changed to a virtual format accessible via the Internet
SCE crews are installing insulated power lines, work by Southern California Edison that is considered critical during the COVID-19 pandemic.
Thirty high school seniors in SCE’s service area have been named 2020 Edison Scholars and will be awarded $1.2 million in STEM scholarships.
To help Californians who are facing hardships because of COVID-19, EIX pledged $1 million to local nonprofits who provide critical services.
SCE will continue to deliver safe and reliable service to the communities it serves during emergency restrictions related to COVID-19.
SCE announced that it is suspending service disconnections for nonpayment and waiving late fees for customers impacted by the COVID-19 emergency.