Edison International (EIX)
Edison CEO on California Wildfires, Lawsuit
Edison International Inc. President and CEO Pedro Pizarro says one set of transmission distribution lines near the origin point of the Eaton Wildfire in Los Angeles were "de-energized" before the reported start of the fire. He also says there have been no indications of any electrical anomaly ahead of the fires.
Edison International CEO on timeline for restoration of power in LA
Pedro Pizarro, Edison International CEO, discusses if a downed power line was a potential cause of the fires in California and a possible timeline for power restoration.
Edison utility's equipment blamed for helping start LA wildfires in property owners' suit
The lawsuit is on behalf of a group of homeowners, renters, business owners and others with properties destroyed by the Eaton Fire in the Pasadena area, Bloomberg reported.
Edison International CEO: Do not see anamolies pointing to power lines being the cause of CA fires
Pedro Pizarro, Edison International CEO, joins 'Money Movers' to discuss if a downed power line was a potential cause of the fires in California, the timeline for cause discovery, and much more.
Edison International: The Market May Be Overestimating The Risk From The LA Fires
Edison International, a major electric utility in Southern California, is one of the major suppliers of electricity to the disaster-ravaged Los Angeles area. The market has sold off the company's stock in the recent days, sending it down to levels last seen in October of 2023. However, the largest of the fires are not in Edison International's service territory, reducing the risk that the company will actually suffer long term damage from this event.
California wildfires send power company Edison International's stock falling
The company will likely face questions over whether any of its power lines may have contributed to the fires. No officials have made any statements on this issue.
Jefferies says market overestimating Edison wildfire exposure
Jefferies analyst Paul Zimbardo says shares of Edison International dropped 10% on Wednesday with the market effectively assuming full responsibility for the catastrophic Los Angeles fires at the damage liability cap, subject to fund availability. The firm, however, believes the market is overestimating Edison's exposure due to the Assembly Bill 1054 legislative protections. The bill established a liability cap at 20% of the electric equity rate base and a $21B claim paying fund for wildfires with reimbursement based on prudency, the analyst tells investors in a research note. Jefferies says Edison disclosed a $3.9B 2024 liability cap and it estimates $4.5B for 2025. On an after-tax basis this implies $3.2B liability, the firm points out. It believes the risk for shares is if liabilities for these and other fires breach the fund size, requiring incremental funding. "From an investor perspective, the most unfortunate part is that EIX and California broadly had a relatively quiet period without catastrophic wildfires that came to an end," Jefferies contends. Edison did not file an incident report to date which is a favorable data point, the firm adds. It keeps a Buy rating on the shares with a $93 price target.
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Edison International Stock Sinks as Los Angeles Wildfires Cause Power Shutoffs
Shares of Edison International (EIX) plunged Wednesday as its Southern California Edison subsidiary was forced to shut off power to nearly 70,000 customers because of the Los Angeles-area wildfires.
Shares of California utility Edison International drop more than 10% as wildfire rages
The decline comes as multiple large fires are burning around Los Angeles, with strong winds in the forecast that could make them difficult to contain.
Edison International Stock Tumbles. Wildfires Are Prompting Power Shutoffs.
Shares of the utility are on track for their largest daily percentage decrease since March 16, 2020.
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