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.
SCE maintains a more than $20 billion grid, including 1.4 million power poles, 700,000 transformers, and 103,000 miles of distribution and transmission lines. SCE's distribution system, which takes power from substations to customers, includes more than 53,000 miles of overhead lines, 38,000 miles of underground lines, and 800 distribution substations.
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 multi-site retailers, REITs and industrial companies portfolio-wide solar systems.
Edison Transmission, a subsidiary of Edison Energy, pursues competitive electric transmission projects across the US.
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, as well as in Nevada.
Sales and Marketing
In 2015 SCE got 43.4% of its revenues from commercial customers, 37.8% from residential customers, 2.1% from agricultural and other customers, 5.3% from industrial customers, 5.0% from public authorities, and 6.5% from resale sales.
The company's net revenues in 2015 of $11.52 billion was 14% down on 2014. The decline was due to lower authorized revenues for operation and maintenance expenses and for flow-through items for income tax benefits (related to repair and cost of removal deductions). In addition, revenues were negatively impacted by $300 million of tax benefits in excess of amounts authorized.
In 2015 net income was $1.02 billion (a decrease of 37%) due to a drop in net sales and an increase in depreciation, decommissioning and amortization related to San Onofre expenses; transmission and distribution investments; and regulatory assets.
Cash from operating activities of $4.5 billion was an increase of $1.3 billion on 2014's results due to changes in regulatory assets and liabilities, net.
Edison International's strategy is to focus on the 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.
The company is focused on its core business - modernizing the electric grid at SCE. Among other green strategies, SCE plans to install infrastructure supporting 1,500 electric vehicle charging stations, provide rebates to offset the cost of qualified customer-owned charging stations, and implement a supporting market education effort.
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 were sold to NRG Energy.