Edison International

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Edison International
Type Public
Traded as NYSEEIX
S&P 500 Component
Industry utilities
Founded 1886
Headquarters Rosemead, California, U.S.
Key people Theodore F. Craver, Jr
(Chairman and CEO)
Products electricity, financial products
Revenue $12.361 billion (2009)Decrease12.4%[1]
Net income $849 million (2009)Decrease30%[1]
Total assets $41.44 billion (2009)
Employees 19,244 Sept 2010
Subsidiaries S.California Edison (SCE)
Edison Mission Energy
Edison Capital
Website www.edison.com

Edison International is a public utility holding company based in Rosemead, California. Its subsidiaries include Southern California Edison, and un-regulated non-utility assets Edison Mission Energy and Midwest Generation, power producers, and Edison Capital. Edison's roots trace back to Holt & Knupps, a company founded in 1886 as a provider of street lights in Visalia, California.

For the first nine months of 2010 power generation unit, Edison Mission Energy (EME) produced 22.091 GWh of electricity- a 2% increase over the corresponding period in 2009.[2]

History[edit]

The company was first incorporated in 1909 as Southern California Edison Company after Southern California acquired the assets of Edison Electric Company; it was known as Southern California Edison until 1996 when it adopted its current name in recognition of its growing business abroad and in other industry sectors. Edison first became a holding company in 1988 when it made a small change to its original name, becoming known as SCEcorp.

In 2001 Edison's main holding, Southern California Edison faced bankruptcy after a state senate bill regarding financial assistance came up short (by $1 billion).[3]

On August 6, 2002, Edison International recorded core earnings per share of 56 cents in the second quarter of 2002.[4]

Recent moves[edit]

In November 2010 Edison sold its 48% interest in the Four Corners coal-fired power plant in New Mexico (units 4 and 5 while units 1,2 and 3 will be closed because of being older) for $294 million to Pinnacle West Capital Corp (of Arizona Public Service). The move was the direct result of a new California law requiring utility companies to exit coal-fired power production (even the renewing of contracts is disallowed), and forces Edison to purchase more power from the market.[5]

Later that month, on the 24th of November the Environmental Protection Agency (Illinois) approved a request made by Edison's Midwest business (Edison Mission Energy) to install pollution control equipment to its coal-fired power plants (as a last resort to shutting down the plants; stricter rules and costly penalties related to air quality forced Edison into that position). The equipment makes use of a sodium based, dry scrubbing system intended to reduce SO
2
emissions (there's also the alternative, removing the sulfur components of coal before burning it as fuel). Edison hasn't made any final decisions but the EPA ruling gives Edison's Waukegan power plant (coal, unit 7) in Illinois an alternative to shutting down.[6]

San Onofre Nuclear Generating Station Unit 2 shut in early January 2012 for refueling and replacement of the reactor vessel head. Both reactors at San Onofre have been shut since January 2012 due to premature wear found on tubes in massive steam generators installed in 2010 and 2011. Plant officials have pledged not to restart the units until the cause of the tube leak and tube degradation are understood, and the units are expected to be offline during the summer.

In April 2012, in a sign of mounting concern over the shutdown, the top U.S. nuclear official, Gregory Jaczko, toured the facility with Senator Dianne Feinstein, a Democrat, and U.S. Representative Darrell Issa, a Republican.

Energy production mix[edit]

At least 34% of the fuel Southern California Edison uses to generate power comes from clean energy (half of that nuclear power, the other half renewable energy sources ranging from biomass to wind).[7] The group is a major player in Southern California where it provides 13 million people with electricity.[8]

Southern California Edison began to focus on renewable energy in 1980.

References[edit]

External links[edit]