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 91,800 circuit miles of distribution lines. SCE also has 6,287 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 has facilities in Catalina Island, and Redlands in California, and in Phoenix, Arizona.
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.
Subsidiary Edison Energy provides new products and services in the fast-changing energy marketplace, and invests in and partners with technology leaders in the energy market.
Its SoCore Energy unit is a market leader in commercial and industrial solar portfolio development. With hundreds of solar solutions designed and installed across 19 states, SoCore offers multisite retailers, REITs and industrial companies portfolio-wide solar systems.
Edison Transmission, a subsidiary of Edison Energy, pursues competitive electric transmission projects across the US.
Sales and Marketing
In 2014 SCE got 42.4% of its revenues from commercial customers, 36.1% from residential customers, 5.7% from agricultural and other customers, 5.6% from industrial customers, 5.1% from public authorities, and 5.1% from resale sales.
The company’s net revenues increased between 2010 and 2014. Edison International’s net revenue increased by 7% due to increase in California Public Utilities Commission-related revenues related to the higher rates.
In 2014 Edison International’s net income increased by 76% due to higher net revenues and decrease in impairment and other charges associated with the San Onofre OII Settlement Agreement (nuclear plant closure).
The company's cash inflow increased by 9% in 2014.
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 2015 the company signed a commercial agreement with Tesla as part of its launch of a new line of Tesla Energy products. SCE and SoCore Energy are developing energy storage projects (battery systems) that feature Tesla Powerpacks.
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.