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 about 12,000 circuit miles of transmission lines and more than 103,500 circuit miles of distribution lines. SCE also has 5,574 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.
Edison International revenues jumped by 12% in 2012 thanks higher rates and an increase in sales related to authorized California Public Utility commission projects, including the EdisonSmartConnect® project and the Solar Photovoltaic project.
The company reported a net loss of $183 million as the result of increased operating expenses, higher depreciation, decommissioning and amortization costs and lower other income.
With the exception for a revenue slump in 2009 (as the result of weak demand and prices during the global economic recession) the company has reported an upward trend in revenues from 2008 to 2012.
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 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 and is bringing online 1,900 MW of generation capacity from Walnut Creek Energy Park (City of Industry), CPV Sentinel Energy Project (Coachella Valley), and the El Segundo Generating Station.
Former subsidiary Edison Mission 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 (the Doga project) that give 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.
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.