Edison International has been around the world, but its largest subsidiary is Southern California Edison (SCE), which distributes electricity to a population of almost 14 million people in central, coastal, and southern California; it is also the top purchaser of renewable energy in the US. The utility's system consists of more than 12,780 circuit miles of transmission lines and more than 90,400 circuit miles of distribution lines. SCE also has 6,310 MW of generating capacity from interests in nuclear, hydroelectric, and fossil-fueled power plants. Through Edison Energy the company owns and operates solar power projects.
Southern California Edison (SCE) is a regulated electric utility serving Southern California. SCE’s service territory includes about 430 cities and communities with a total customer base of about 5 million residential and business accounts.
SCE maintains a more than $20 billion grid, including 1.5 million power poles, 700,000 transformers, and 103,000 miles of distribution and transmission lines.
Sales and Marketing
In 2013 SCE got 41.6% of its revenues from commercial customers, 40.2% from residential customers, 7% from agricultural and other customers, 5.5% from industrial customers, 5.1% from public authorities, and 0.6% from resale sales.
Edison International's revenues jumped by 6% in 2013 thanks to higher rates and an a growth in sales related to authorized California Public Utility commission projects and higher rates.
The company reported net income of $1.02 billion in 3013 (compared to a net loss of $92 million in 2012) due to higher revenues and income from the discontinued operations.
In 2013 Edison International's operating cash inflow decreased to $3.20 billion (from $3.33 billion in 2012) thanks to net income growth and a change in operating assets and liabilities.
Edison International's strategy is to focus on the financially more secure US power market. It is investing in upgrading its traditional power infrastructure and expanding its portfolio of solar projects to make the company compliant with increasingly stringent state and federal carbon emission requirements.
In 2014 the company signed contracts for 2,221 MW of power from diverse new resources to meet its customers’ long-term electricity needs. The new contracts result from a plan recommended by SCE in response to state forecasts of local reliability needs due to the closure of the San Onofre Nuclear Generating Station and anticipated retirement of older, natural gas generation plants along the Southern California coastline that rely on ocean water for their cooling needs.
In 2014 Edison International announced that its Edison Mission Energy (EME) subsidiary's plan of reorganization was approved by the US Bankruptcy Court whereby all of Edison Mission Energy’s assets will be sold to NRG Energy. (EME marketed energy in the US and Turkey and had interests in more than 40 power plants in the US and one in Turkey that gave it a net physical generating capacity of about 10,780 MW. EME filed for bankruptcy protection in 2012 citing high operating losses due to low realized energy and capacity prices, high fuel costs, and low generation at its Midwest Generation plants).
In 2013 SCE decided to permanently retire Units 2 and 3 of its San Onofre Nuclear Generating Station. Unit 2 was taken out of service January 2012 for a planned routine outage. Unit 3 was also taken offline a few weeks later after station operators found a small leak in a tube inside a steam generator.
To compensate, SCE was taking measures in 2013 to make up for the power generation loss by making critical infrastructure improvements to its transmission systems.
Mergers and Acquisitions
In 2013 Edison Energy acquired SoCore Energy, a Chicago-based solar portfolio development and commercial rooftop installation company focusing on the solar energy needs of multisite retailers, REITs, and industrial clients, and bought a minority stake in Clean Power Finance, a financial services and software provider for the solar industry.
State Street Corporation owns 10% of Edison International.