Edison International is an international electric power generator, distributor and structured finance provider. Edison International is one of the industry leaders in privatized, deregulated and incentive-regulated markets and power generation. It is the parent company of Edison Mission Energy, Southern California Edison, Edison Capita, Edison Enterprises and Edison O&M Services. (Company Press Release)
2244 WALNUT GROVE AVE P O BOX 800 ROSEMEAD, CA 91770, USA Phone: (626) 302-2222 Fax: 626-302-2117 Web: http://www.edison.com Email: nvrel@sce.com
Industry:UTIL-ELEC PWR Sector: Utilities Fiscal Year End:December Last Reported Quarter:03/31/12 Next EPS Date:08/09/12
Capital Structure Solvency and Cash Flow
Southern California Edison (SCE) capital investments (including accruals) related to its 2009 capital plan was $2.9 billion. The capital investments for the next five years may vary from SCE's current forecast in a range of $18.0 billion to $21.5 billion. This will drive rate base growth and regulated earnings growth if regulation in California remains positive. The capital remains focused on smart meter deployment, rooftop solar programs, transmission expansion, and distribution infrastructure. The Company expects the capital investments for the next five years to vary in the range of: 2010 – $3.3 billion to $4.0 billion; 2011 – $3.7 billion to $4.4 billion; 2012 – $3.9 billion to $4.6 billion; 2013 – $3.6 billion to $4.3 billion; and 2014 – $3.5 billion to $4.2 billion.
Under SCE’s base case capital expenditure plan, one firm (BofA Merrill Lynch) expects an equity issuance need of $500.0 million per year.
Management indicated that it has no expectation of an equity issuance for the foreseeable future, despite the heavy capital expenditure to build out the CA regulated utility in both traditional and renewable/efficiency arenas.
Last edited Thu Apr 22, 2010 01:22 AM by BipashaChowdhury (Zacks Investment Research)
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Governance Social Responsibility and Employee Relations
• Regulatory uncertainty regarding approval of the capital expenditure program may impact the Company’s operating performance.
• EMG’s large portfolio of coal-fired plants is exposed to gas price volatility.
• Old generation fleet increases the risk of unplanned outages.
• Increasing environmental compliance leading to increasing cost for project and potential delay for project completion would impact the profitability at EMG.
Last edited Thu Apr 22, 2010 01:22 AM by BipashaChowdhury (Zacks Investment Research)
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Last Modification: Thursday 03 of June, 2010 07:00:57 CDT by WikiMigrationBot.
