|Bid||0.00 x 1300|
|Ask||0.00 x 1100|
|Day's Range||63.47 - 65.84|
|52 Week Range||45.50 - 71.00|
|Beta (3Y Monthly)||-0.01|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 24, 2019 - Jul 29, 2019|
|Forward Dividend & Yield||2.45 (3.75%)|
|1y Target Est||71.25|
(Bloomberg) -- California’s governor and bankrupt power giant PG&E Corp. agree on one thing: The state needs a fund to deal with the liabilities utilities are facing because their equipment keeps igniting catastrophic wildfires.Both Governor Gavin Newsom and PG&E are floating plans that would establish a wildfire fund for utilities to tap to pay out fire claims. But it’s Newsom’s proposal in particular that comes with a deadline fast approaching.The governor is rushing to sell his idea to California lawmakers before a July 12 recess. If he can’t, the state’s two other major utilities - Edison International’s Southern California Edison and Sempra Energy’s San Diego Gas & Electric - may wind up with junk credit ratings. And with the state heading into another wildfire season, any one of them may be a power line-sparked blaze away from financial ruin. PG&E, the state’s largest power company, has already filed for Chapter 11 to deal with an estimated $30 billion in liabilities from fires its equipment ignited in 2017 and 2018.Newsom told reporters at an event in San Francisco on Friday that he has “hope and confidence” that California’s policy makers can get legislation passed in time -- that is, he said, “if they’re committed to this issue.”The governor is proposing two alternatives for a fund. One would be a $10.5 billion liquidity fund that would serve as a line of credit for utilities. The state would fund it by extending a charge on utility bills and securitizing the revenue through state-issued bonds, according to the governor’s aides. The other option is a $21 billion insurance-like fund. Utilities would kick in an additional $10.5 billion of their own money for that one, with PG&E shelling out the most because of its higher fire risk. SoCalEd and San Diego Gas & Electric would get to decide which kind of fund to form, with PG&E bound to the decision.PG&E, meanwhile, is floating the idea of a fund that would be financed with $14 billion in state bonds. The company would stick $3 billion in it, and the rest of California’s utility owners would contribute another $3 billion. That proposal is a part of a $31 billion reorganization plan that the company hopes will have it exiting bankruptcy in March, according to a document reviewed by Bloomberg.$3 Billion InvestmentNewsom’s proposal comes with strings attached, including $3 billion in shareholder money that the governor wants the state’s utilities to pony up for safety measures before tapping the fund. Under his proposal, PG&E would have to spend the most. The companies would also have to earn an annual certificate by tying executive compensation to safety performance; pass a “safety culture assessment” and comply with approved fire plans, among other things.There are parts of PG&E’s and Newsom’s proposals that appear to be perfectly aligned. PG&E is proposing to emerge from bankruptcy by March, and Newsom is calling for an exit by June. He also wants the company to settle its existing wildfire claims before gaining access to the fund, and PG&E’s bankruptcy plan would create a $14 billion fund to do just that.“That, to me, says they’re talking,” said Kit Konolige, a Bloomberg Intelligence utilities analyst.But if it’s any indication of how far along PG&E is in the settlement process, the company has only reached one major settlement from the last two fire seasons -- an agreement to pay $1 billion to 14 cities, counties and other local government agencies.Newsom said Friday that he remains concerned about the credit ratings of SoCalGas and SDG&E. S&P Global Ratings has warned that they both face downgrades below investment grade should California legislators fail to act. San Diego Gas & Electric said it’s working with the governor and lawmakers to get legislation passed by July 12, and Edison said it appreciates Newsom’s “continued sense of urgency.”PG&E said it’s “looking at all options when it comes to working with the governor and legislature.” On Friday, the company’s shareholders approved a new board crafted by hedge-fund investors that will now be responsible for steering the company through the largest utility restructuring in U.S. history.As for the legislature itself, Bill Dodd -- the California senator who has taken lead on wildfire issues -- stopped short of saying whether he would back Newsom’s plan on Friday. He instead offered up in a statement, “We look forward to carefully vetting the details of his draft and engaging in a collaborative process to develop a solution.”To contact the reporters on this story: David R. Baker in San Francisco at firstname.lastname@example.org;Mark Chediak in San Francisco at email@example.com;Jeffrey Taylor in San Francisco at firstname.lastname@example.orgTo contact the editor responsible for this story: Lynn Doan at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
California Governor Gavin Newsom has proposed a fund of up to $21 billion to help utilities pay for future wildfire damage, according to media reports on Friday. The proposal by the state's Democratic governor follows the bankruptcy filing of San Francisco-based utility PG&E Corp, which anticipates $30 billion in liabilities from wildfires in 2017 and 2018 that have been blamed on its equipment. Newsom has proposed two models for the fund, according to media reports.
(Bloomberg) -- California Governor Gavin Newsom is pressing lawmakers on a wildfire fund that may be financed through bonds to help utilities pay for the catastrophic blazes their power lines keep igniting, according to people familiar with the proposal.Newsom is proposing a so-called liquidity fund that could be seeded by at least $10 billion in Department of Water Resources bonds, said the people, who asked not to be named because the discussions are private. The administration may also ask utilities to contribute about $7.5 billion in equity, the people said.The bonds would be backed by a charge that utility customers have been paying since the 2000-2001 energy crisis, they said. The fund is part of a larger plan to address the mounting costs of intensifying wildfires that may be presented as soon as this week and is subject to change, the people said.Newsom has been pressing for lawmakers to act since utility giant PG&E Corp. went bankrupt in January to deal with an estimated $30 billion in wildfire liabilities -- stemming largely from the November Camp Fire that was ignited by one of its power lines. The blaze, the state’s deadliest, killed 85 people and destroyed the Northern California town of Paradise. The governor has called on the legislature to pass a bill by July 12 as ratings companies threaten to downgrade Edison International’s Southern California Edison and Sempra Energy’s San Diego Gas & Electric.Nathan Click, a spokesman for the governor, declined to comment, saying details of the proposal will be released in the coming days.PG&E surged as much as 16%, the most intraday since April 12. Edison was up as much as 2.6%.As part of the larger plan, Newsom is also pressing for regulatory changes that would make it easier for utilities to recover the costs of wildfire damages from their customers. Based on the changes that have been discussed, companies may be allowed to charge ratepayers for their expenses unless they’re proven to have acted imprudently, people with direct knowledge said.Meanwhile, Edison on Thursday warned that it may need to shut service to 6,500 customers across the high desert as gusty winds, hot temperatures and dry conditions raised the risk of wildfires in its territory. PG&E similarly shut power to hundreds of homes and businesses earlier this month to keep its own lines from sparking fires.Former state assembly member Mike Gatto said Newsom has the potential to push the legislation through by mid-July. “I can’t imagine the legislature would want to break for the recess in the height of the summer wildfire season and not solve this issue,” said Gatto, who led the utility committee while in office.It’s possible a second, larger catastrophic wildfire fund that power companies could tap to pay damages to victims may be established, but utilities would have to be willing to contribute to it, they said.PG&E, Edison and Sempra have all supported the idea of a fund, but PG&E has largely blamed a state legal doctrine known as inverse condemnation for its collapse. The doctrine holds power companies liable for claims from fires sparked by their lines, even if they weren’t negligent. A California commission recommended that the doctrine be changed, but Newsom and legislative leaders have signaled that they won’t immediately take up the issue.“The governor has been signaling maybe we should expect a fund instead of changes to inverse condemnation,” said Kit Konolige, a utility analyst with Bloomberg Intelligence.“The idea of having state-backed bonds has been raised as a way to deal with what are hopefully relatively rare and big exposures like the liabilities from the wildfires,” Konolige said.(Adds Edison warning of shutoffs in eighth paragraph.)To contact the reporters on this story: Mark Chediak in San Francisco at firstname.lastname@example.org;Romy Varghese in San Francisco at email@example.comTo contact the editor responsible for this story: Lynn Doan at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
We at Insider Monkey have gone over 738 13F filings that hedge funds and famous value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st. In this article we look at what those investors think of Edison International (NYSE:EIX). Edison International (NYSE:EIX) […]
Southern California Edison today awarded a consulting contract to North Wind, Inc. to develop a strategic plan that will assess the feasibility of relocating spent nuclear fuel at the San Onofre nuclear plant to a commercially reasonable, off-site facility. SCE is committed to the safe, secure storage of spent nuclear fuel, recognizing that efforts to relocate San Onofre’s spent nuclear fuel off-site must proceed in a thoughtful, forward-thinking and responsible way, ensuring that relevant interests are recognized and heard. Moving San Onofre’s spent nuclear fuel off-site is a top priority for SCE, as is safely managing the fuel while it is on-site.
The entire Edison International and Southern California Edison community is profoundly saddened to learn of the passing today of SCE President Ron Nichols.
Edison International has released its 2018 Sustainability Report reflecting its sustainability strategy and 2018 sustainability performance. The report shows how the company is leading the transformation of the electric power industry and operating its business with excellence by focusing on customers, communities and employees, with safety as its top value.
The efforts include a controversial plan to cut power to potentially millions of homes and businesses when winds are strong and may knock down power lines this summer. The move comes after PG&E Corp.'s equipment ignited the deadliest fire in California history, killing 85 people and destroying an entire town in November. The commission also cleared shut-off plans for Edison International’s Southern California Edison and Sempra Energy’s San Diego Gas & Electric.
The San Onofre Community Engagement Panel (CEP) will receive an update from Southern California Edison regarding the status of spent fuel transfer operations and discuss the process for resuming fuel loading at the San Onofre nuclear plant. Fuel transfers have been on hold since the Aug. 3 canister-loading incident. The CEP quarterly meeting is scheduled for Wednesday in Oceanside.
Edison International (EIX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Edison International (EIX) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front.
A look at the shareholders of Edison International (NYSE:EIX) can tell us which group is most powerful. Large...
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Today California’s three largest energy companies announced a coordinated wildfire safety and awareness campaign to prepare Californians for the threat of extreme weather and power outages during times of increased wildfire danger. The statewide Power of Being Prepared campaign is being led jointly by Southern California Edison (SCE), San Diego Gas & Electric (SDG&E) and Pacific Gas and Electric Company (PG&E), at the direction of the California Public Utilities Commission (CPUC).
How Edison International Stock Looks after Its Q1 Earnings(Continued from Prior Part)Analysts’ recommendations Edison International (EIX) stock offers one of the highest potential upsides among the top utility stocks. Based on consensus estimates,
How Edison International Stock Looks after Its Q1 EarningsEdison International Edison International (EIX) stock fell more than 5% on May 1 due to its weak first-quarter earnings. The company reported its first-quarter earnings after the markets
The Rosemead, California-based company said it had profit of 85 cents per share. Earnings, adjusted for non-recurring gains, came to 63 cents per share. The results did not meet Wall Street expectations. ...
Edison International today reported first quarter 2019 net income of $278 million, or $0.85 per share, compared to net income of $218 million, or $0.67 per share, in the first quarter 2018.
The Edison International community is deeply saddened to learn of the passing of Edison International board member Ellen Tauscher. Her death is a loss to our country, our state and all who were touched by her professionally and personally.
NEW YORK, NY / ACCESSWIRE / April 30, 2019 / Edison International (NYSE: EIX ) will be discussing their earnings results in their 2019 First Quarter Earnings to be held on April 30, 2019 at 4:30 PM Eastern ...
How Utility Stocks Played Out Last Week(Continued from Prior Part)Analyst price targetsVery few utility (XLU) stocks offer a handsome potential upside due to their recent rally. Merchant power stock NRG Energy (NRG) is one of them. It offers an