Edison International
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| Type | Public (NYSE: EIX) S&P 500 Component |
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| Industry | utilities |
| Founded | 1886 |
| Headquarters | Rosemead, California, U.S. |
| Key people | Theodore F. Craver Jr. chair,ceo |
| Products | electricity, financial products |
| Revenue | $12.361 billion (2009) 12.4%[1] |
| Net income | $849 million (2009)30%[1] |
| Total assets | $41.44 billion (2009) |
| Employees | 19,244 Sept 2010 |
| Subsidiaries | S.California Edison (SCE) Edison Mission Energy Edison Capital |
| Website | http://www.edison.com/ |
Edison International (NYSE: EIX) 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 (EMG) produced 22.091 GWh of electricity a 2% increase over the corresponding period in 2009.[2]
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[edit] History
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]
[edit] Recent moves
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.[4]
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 SO2 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.[5]
[edit] Energy production mix
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).[6] The group is a major player in Southern California where it provides 13 million people with electricity.[7]
Southern California Edison didn't focus on renewable energy until 1980.
[edit] External links
[edit] References
- ^ a b "Financial Statements for Edison International". http://www.google.com/finance?q=NYSE:EIX&fstype=ii. Retrieved 2011-02-01.
- ^ "Edison International 2010 Third Quarter Financial Teleconference". 2010-10-29. http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDAxNTYwfENoaWxkSUQ9NDA5MDUyfFR5cGU9MQ==&t=1.
- ^ "Downgrading Edison International". 2001-08-09. http://www.businessweek.com/investor/content/aug2001/pi2001089_713.htm.
- ^ "Edison International To Sell Its Share Of Four Corners Plant". 2010-11-09. http://online.wsj.com/article/BT-CO-20101109-715689.html.[dead link]
- ^ "Ill EPA Approves Edison International Unit's Pollution Control Plan". 2010-11-24. http://www.automatedtrader.net/real-time-dow-jones/32451/ill-epa-approves-edison-international-unit039s-pollution-control-plan.
- ^ SCE-Renewable Energy
- ^ "Edison International". http://finance.yahoo.com/q/pr?s=eix. Retrieved 2011-02-02.
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