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The AT&T of electricity for Southern California.

Like Con Edison, but serving Southern California.

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• Electricity Generation, Transmission, and Distribution: Provides electricity to residential, commercial, industrial, and governmental customers across a vast service territory in Southern California.
• Energy Advisory Services: Offers energy strategy, procurement, and optimization services to large commercial, industrial, and institutional clients globally.

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Edison International (EIX), primarily through its subsidiary Southern California Edison (SCE), is an electric utility that sells electricity directly to end-users within its service territory in Southern California. Therefore, it serves a diverse base of individuals and businesses rather than a few major corporate customers.

The company serves the following categories of customers:

• Residential Customers: Individual households and apartment complexes using electricity for their homes.
• Commercial Customers: Various businesses, including offices, retail establishments, restaurants, and other commercial enterprises.
• Industrial Customers: Manufacturing plants, factories, and other large industrial facilities with significant electricity consumption.

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Pedro J. Pizarro, President and Chief Executive Officer

Pedro J. Pizarro was elected chief executive officer of Edison International in October 2016. He previously served as president of Edison Mission Energy (EME), a subsidiary of Edison International, and chaired its board of directors from 2011 until the sale of its assets to NRG Energy in April 2014. Before joining Edison International in 1999, Pizarro was a senior engagement manager with McKinsey & Company, where he provided management consulting services, developed corporate strategy, and handled mergers and acquisitions. He holds a Ph.D. in chemistry from the California Institute of Technology and a bachelor's degree in chemistry from Harvard University.

Maria Rigatti, Executive Vice President and Chief Financial Officer

Maria Rigatti has served as Executive Vice President and Chief Financial Officer of Edison International since September 2016. She was actively involved in the sale of substantially all the assets of Edison Mission Energy (EME), a competitive generation subsidiary of Edison International at the time, to NRG Energy in 2014. Prior to her role at EME, where she was senior vice president and CFO, Rigatti held positions at PIRA Energy Group, an energy consulting firm, Gas Energy Inc., a subsidiary of the former KeySpan Corp., and The Chase Manhattan Bank. She earned a bachelor's degree in finance from Manhattan College and an MBA in finance from New York University.

Steven D. Powell, President and Chief Executive Officer, Southern California Edison

Steven D. Powell became President and Chief Executive Officer of Southern California Edison (SCE), Edison International's utility subsidiary, in December 2021. Since joining SCE in 2000, he has held various leadership roles, including executive vice president of Operations and senior vice president of Strategy, Planning and Operational Performance. His responsibilities have encompassed overseeing the company's Transmission & Distribution, Customer Service, Safety, Security, Business Resiliency, and resource planning efforts. Powell holds a bachelor's degree in chemical engineering from the University of California, Los Angeles, and an MBA from UCLA Anderson School of Management.

Caroline Choi, Executive Vice President, Public Policy & Corporate Affairs

Caroline Choi serves as Executive Vice President of Public Policy and Corporate Affairs for Edison International and Southern California Edison. In this role, she leads policy development, regulatory affairs, communications, and philanthropy.

Adam S. Umanoff, Executive Vice President and General Counsel

Adam S. Umanoff is Executive Vice President and General Counsel of Edison International. He has held this position since January 2015.

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The primary risks to Edison International's (EIX) business operations are predominantly centered around its exposure to wildfires and associated liabilities, followed by regulatory and legislative challenges, and the financial pressures from high capital expenditures, inflation, and interest rates.

1. Wildfire Risks and Liabilities: Edison International faces substantial financial and operational risks due to wildfires in its service territory in California. The company's equipment has been linked to past wildfire ignitions, leading to significant liabilities and numerous class-action lawsuits. Events like the Eaton Fire in early 2025 resulted in considerable wildfire-related costs and potential liabilities that could exceed the state's Wildfire Fund (AB 1054). This ongoing threat necessitates massive capital investments in grid hardening and mitigation efforts, which further strain the company's finances and can lead to credit downgrades. The unpredictable nature of wildfires and California's strict inverse condemnation liability standard mean that Edison International can be held responsible for damages even without negligence.
2. Regulatory and Legislative Challenges: As a regulated electric utility, Edison International's financial health and operational strategy are heavily influenced by decisions from regulatory bodies and changes in legislation. These include approvals for rate cases, the ability to recover costs (including those related to wildfires), and mandates for clean energy and grid modernization. Uncertainties persist regarding the long-term sustainability of the wildfire fund and the potential for additional shareholder contributions under AB 1054. Political pressure to manage customer bill impacts can also limit the company's ability to secure regulatory approvals for necessary investments or cost recovery.
3. High Capital Expenditures, Inflation, and Interest Rates: Edison International has extensive capital expenditure programs planned, estimated between $28 billion and $29 billion for 2025-2028, primarily for grid modernization, wildfire mitigation, and clean energy integration. These investments are largely debt-funded, making the company vulnerable to rising interest rates, which directly increase its cost of capital and overall project costs. Additionally, inflationary pressures on material and labor costs for infrastructure projects contribute to elevated expenses, impacting the company's ability to execute its strategy and recover costs through regulated rates. The company is currently "cash flow negative" on a free cash flow basis due to this heavy investment phase, requiring reliance on capital markets for funding.

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1. Accelerated Adoption of Distributed Energy Resources (DERs): The rapidly decreasing costs and increasing efficiency of rooftop solar panels combined with battery storage systems pose a growing threat. As residential, commercial, and industrial customers generate and store more of their own electricity, their reliance on grid-supplied power from Southern California Edison (SCE) diminishes. This trend can lead to reduced electricity sales, impact peak demand, and potentially underutilize existing transmission and distribution infrastructure, thereby threatening the traditional utility revenue model.

2. Escalating Wildfire Liability and Climate Change Impacts: For a California-based utility like SCE, the increasing frequency, intensity, and destructiveness of wildfires, exacerbated by climate change, represent a significant and expanding threat. The potential for immense financial liabilities from ignitions, coupled with substantial ongoing costs for grid hardening, vegetation management, Public Safety Power Shutoffs (PSPS), and difficulty securing affordable insurance, can severely impact the company's financial stability, profitability, and operational flexibility. This risk fundamentally challenges the viability of operating a utility in a high-fire-risk environment.

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Edison International (symbol: EIX) operates primarily through two main business segments: Southern California Edison (SCE) and Trio (formerly Edison Energy).

Southern California Edison (SCE)

SCE is a regulated electric utility primarily engaged in the generation, transmission, and distribution of electricity. It serves approximately 15 million people across a 50,000-square-mile area in Central, Coastal, and Southern California.

• Addressable Market Size: The addressable market size for the Electric Power Transmission industry in California is estimated at $51.4 billion in 2025.
• Region: California, specifically Southern California.

Trio (formerly Edison Energy)

Trio is a global energy advisory company that provides integrated sustainability and energy advisory services, including renewables, energy procurement, energy optimization, and transportation electrification. It serves large commercial, industrial, and institutional clients.

• Addressable Market Size: null
• Region: Global, with operations in North America and Europe.

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Edison International (EIX) is poised for future revenue growth over the next 2-3 years, driven by several key factors stemming from its regulated utility operations and strategic investments.

Here are the expected drivers:

1. Favorable Regulatory Outcomes and General Rate Case (GRC) Decisions: A primary driver of revenue growth for Edison International is the impact of constructive regulatory decisions, particularly the outcomes of General Rate Cases. The 2025 GRC final decision has already authorized higher revenue and an increased rate of return for Southern California Edison (SCE), Edison International's utility subsidiary. This decision approved 91% of SCE's proposed capital investments, which directly translates to higher authorized revenue. Additionally, the GRC decision authorizes average revenue increases of approximately $500 million per year from 2026 to 2028, subject to inflation adjustments.
2. Significant Capital Investments in Grid Modernization and Wildfire Mitigation: Edison International plans substantial capital expenditures, with a four-year capital plan totaling $28 billion to $29 billion from 2025 through 2028. These investments are focused on grid modernization, enhancing safety and reliability, and critical wildfire mitigation efforts, including the deployment of covered conductors and hardening distribution lines. These capital investments are expected to drive a projected 7-8% rate base growth through 2028, which is a fundamental component of revenue generation for a regulated utility.
3. Electrification Initiatives and Increased Load Growth: Policy-driven increases in electrification, particularly the accelerated adoption of electric vehicles and grid-dependent building decarbonization in California, are anticipated to lead to sustained long-term load growth within SCE's service area. This increased demand for electricity is projected to result in a near-term load growth of up to 3% and will support higher grid usage and long-term revenue expansion.
4. Growth in Sustainability and Energy Advisory Services: Edison International's non-regulated subsidiary, Trio (formerly Edison Energy), focuses on providing integrated sustainability and energy advisory services to large commercial, industrial, and institutional organizations in North America and Europe. This segment operates in a growing market where businesses are increasingly seeking to reduce their carbon footprint and optimize energy consumption, presenting an opportunity for continued revenue growth through expanded service offerings and client base.

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