Edison Profit Falls on Low Power Prices at Generation Unit

Edison International, the owner of California’s second-largest electric utility, said quarterly profit fell as low power prices dragged down results at its generation unit and a rate case delay cut into utility earnings.

Net income fell to $103 million, or 23 cents a share, from $191 million, or 54 cents, a year earlier, the Rosemead, California-based company said today in a statement. Excluding results from a coal plant that the company intends to transfer to General Electric Co., per-share profit was 32 cents, more than the 28-cent average of nine analysts’ estimates compiled by Bloomberg.