EDISON INTERNATIONAL (EIX)

Edison International, incorporated in 1987, is the parent holding company of Southern California Edison (SCE), a public utility established in 1909, and Trio, a global energy advisory firm providing sustainability and energy solutions to commercial, industrial, and institutional customers, both headquartered in Rosemead, California. SCE is an investor-owned utility delivering electricity to roughly 5 million customers across a 50,000-square-mile service area in southern California, with revenue decoupled from sales volume under CPUC and FERC rate structures. As a public utility holding company, Edison International is subject to Public Utility Holding Company Act oversight and CPUC affiliate transaction rules, with SCE's dividend policy and capital priorities governed independently of the parent.

As of December 31, 2025, the company employed 13,725 people (13,235 at SCE and subsidiaries), supplemented by roughly 9,151 full-time equivalent Safety Tier 1 contractors, with about 4,600 employees represented by IBEW and 1,100 by ESC 20 under collective bargaining agreements. The company emphasizes workforce safety through its Safety Management System, contractor oversight programs, and safety culture assessments, reporting zero employee and contractor fatalities in 2025, alongside diversity, equity, and inclusion initiatives and workforce development programs including training, competitive benefits, and succession planning. SCE operates under extensive regulation from the CPUC, FERC, NRC (for nuclear facilities including the retired San Onofre plant and Palo Verde), NERC, CAISO, and OEIS, covering rates, capital structure, wildfire mitigation, transmission planning, and safety compliance.

SCE's 2025 General Rate Case authorized revenue requirements rising from $9.7 billion in 2025 to $11.2 billion by 2028, with an authorized capital structure of 43% long-term debt, 5% preferred equity, and 52% common equity, and a 2026 authorized ROE of 10.03%. The company recovers costs through various balancing and memorandum accounts, including mechanisms for fuel and purchased power (ERRA, PABA, NSGBA), wildfire mitigation, and FERC transmission formula rates with a fixed 10.3% ROE. SCE sources about 15% of delivered power from its own generation, relying otherwise on external purchases and natural gas for its Mountainview and peaker plants, and has been affected by capacity constraints at the Aliso Canyon gas storage facility.

SCE also participates in the CAISO wholesale energy market and is subject to CPUC resource adequacy requirements mandating procurement of significant renewable and zero-emitting capacity through 2028. The company faces retail competition from Community Choice Aggregators and Direct Access providers, though this does not affect earnings due to revenue decoupling, and maintains insurance programs for property, casualty, nuclear, wildfire, and cybersecurity risks.