- Edison International (EI) 3Q 2014 net income increased to $508 million, or $1.47 per share, from $463 million, or $1.34 per share, in Q3 2013 on the strength of its Southern California Edison (SCE) regulated utility's rate-base growth that produced higher core earnings and more revenue.
- Core earnings—which were up to $496 million and $1.52 per share in Q3 2014 from Q3 2013’s $463 million and $1.42 per share—excluded the $96 million, and $0.29 per share, charge for SCE’s settlement of the San Onofre Nuclear Generating Station (SONGS) closure. It also excluded $146 million, or $0.45 per share, of income from other discontinued operations.
- On the Q3 growth and a 10% operating revenue increase to $4.36 billion, EI upped its 2014 core earnings projection to between $4.25 per share and $4.35 per share from the 2Q 2014 projection of $3.60 per share to $3.80 per share.
SCE’s share of the SONGS decommissioning is expected to be $3.3 billion, of which $3.1 billion will come from its nuclear trust fund.
SCE is on track to meet California’s 33% renewables by 2020 mandate, is preparing to add 290 megawatts of energy storage by 2024 to comply with the state mandate, and is continuing to install electric vehicle charging stations.
EI projects a 7% to 9% annual SCE rate base growth through 2017.
SCE’s $3.2 billion Tehachapi Renewable Transmission Project is scheduled to be in service by 2017, its $700 million Coolwater-Lugo transmission project by 2018, and its $1 billion West of Devers transmission project by 2020.
SCE’s 2015 General Rate Case will request $5.775 billion in revenue, excluding considerations for the SONGS and Four Corners coal facility closures, a $142 million increase over presently authorized base rates.