Sector: Utilities|Industry: Utilities - Regulated Electric|Market Cap: $30.30B|Employees: 14.4K
Edison International is the parent holding company of Southern California Edison (SCE), an investor-owned utility that supplies and delivers electricity to a 50,000 square mile area of southern California. SCE's competitive advantages include its established infrastructure and regulatory relationships. Key markets include residential, commercial, and industrial customers in Southern California.
Edison International's first quarter 2024 earnings decreased $321 million from the first quarter of 2023, resulting from a decrease in SCE's earnings of $305 million and an increase in Edison International Parent and Other's loss of $16 million.
SCE's core earnings increased $19 million YoY, primarily due to higher revenue authorized in Track 4 and an increase in the authorized rate of return. However, this was offset by a $324 million increase in non-core losses, primarily related to wildfire claims.
SCE's operating revenue increased by $216 million YoY, driven by higher CPUC-related revenue authorized in Track 4 and higher CPUC-related revenue due to higher wildfire mitigation expenses authorized for recovery in 2024.