edison international (EIX) Key Developments
Edison International Teams Up with Tesla for Battery Storage Projects
May 1 15
Edison International announced that it has established commercial agreements with Tesla as part of its launch of a new line of Tesla Energy products. Southern California Edison (SCE), the regulated utility subsidiary of Edison International, and SoCore Energy, a subsidiary of Edison Energy that provides rooftop solar systems, are implementing energy storage projects that feature Tesla Powerpacks. SCE is working with Tesla on two demonstration projects that can help reduce the cost of battery storage systems for residential and business customers. These demand response demonstration projects will test communication capabilities and explore rebates to customers who allow SCE to manage their battery charging in order to increase the use of renewable energy while ensuring continued grid reliability. The first demonstration project is related to residential customers, targeting homeowners in SCE’s service territory who have solar panels already installed with battery storage capability. The second demonstration project focuses on commercial and industrial customers who require a larger energy storage capacity. These two projects are expected to be in place and operational in 2015.
Edison International Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
Apr 28 15
Edison International reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total operating revenues were $2,512 million against $2,926 million a year ago. Operating income was $538 million against $331 million a year ago. Income from continuing operations before income taxes was $424 million against $205 million a year ago. Income from continuing operations was $318 million against $224 million a year ago. Net income attributable to Edison International common shareholders was $299 million or $0.91 diluted per share against $176 million or $0.54 basic and diluted per share a year ago. Income from continuing operations, net of tax attributable to Edison International common shareholders was $299 million or $0.91 diluted per share against $198 million or $0.61 basic and diluted per share a year ago. Net cash provided by operating activities was $964 million against $565 million a year ago. Capital expenditures were $1,268 million against $940 million a year ago. First quarter 2015 core earnings exclude income of $5 million, or $0.02 per share, related to losses allocated to tax equity investors under the hypothetical liquidation at book value accounting method. Core earnings were $294 million or $0.90 per share against $294 million or $0.90 per share a year ago. Core earnings are unchanged year-over-year and GAAP, or basic earnings per share is higher primarily due to noncore items last year related to the SONGS OII settlement of $0.29 per share and $0.07 per share related to EME.
Edison International and Southern California Edison Company Appoint William P. Sullivan as Director
Apr 23 15
Edison International and Southern California Edison announced that William P. Sullivan has been elected to the board of directors of each company, effective April 23, 2015. Sullivan, 65, served as chief executive officer of Agilent Technologies from 2005 to March 2015. Sullivan was the company’s executive vice president and chief operating officer from 2002 to 2005 before he assumed the chief executive officer role. Previously, Sullivan was senior vice president and general manager of Agilent’s Semiconductor Products group from 1999 to 2002. He initially joined Hewlett-Packard Company in 1976, and was promoted to a variety of management positions during the course of his career. Hewlett-Packard eventually spun off Agilent in 1999 as an independent company in what was the initial public offering in Silicon Valley history at the time.
Edison International Presents at Sanford C. Bernstein Thirty-First Annual Strategic Decisions Conference 2015, May-27-2015 02:00 PM
Apr 8 15
Edison International Presents at Sanford C. Bernstein Thirty-First Annual Strategic Decisions Conference 2015, May-27-2015 02:00 PM. Venue: The Waldorf Astoria Hotel, 301 Park Avenue (between 49th and 50th Street), New York, New York, United States. Speakers: Theodore F. Craver, Chairman, Chief Executive Officer and President.
Edison International Presents at Deutsche Bank Clean Tech, Utilities and Power Conference, May-11-2015
Apr 7 15
Edison International Presents at Deutsche Bank Clean Tech, Utilities and Power Conference, May-11-2015 . Venue: The New York Palace, 455 Madison Avenue (at 50th Street), New York, United States.