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Home Services Utilities Energy Water Civil Edison International Completes $800
Million Offering
 * Utilities Energy Water Civil


EDISON INTERNATIONAL COMPLETES $800 MILLION OFFERING

Howard Fine
-
May 31, 2020
0
Edison workers perform maintenance.



Rosemead-based Edison International recently completed a private placement of
common shares worth $800 million, with proceeds destined for the company’s
mandated wildfire fund contribution and other infrastructure investments for its
Southern California Edison utility subsidiary.

The stock sold for $56.41 per share, which was the closing price on May 12, the
last trading day prior to the transaction on May 13. Net proceeds for Edison
from the sale were expected to total $785 million.

This transaction adds to $100 million of equity raised in the first quarter to
complete Edison’s disclosed 2020 financing plan. That plan also included the
issuance of $400 million of debt earlier this year.

Pedro Pizarro

“This equity investment supports substantial investment opportunities at our
subsidiary, Southern California Edison, including its ongoing wildfire
mitigation efforts and its role in creating a clean energy future,” Edison Chief
Executive Pedro Pizarro said in the announcement.

“SCE has a robust capital program over the next few years that, if approved by
its regulator, will invest more than $5 billion annually on infrastructure
replacement, transportation electrification, transmission infrastructure and
wildfire mitigation,” he added.

According to Edison’s 2019 annual report issued last month, Southern California
Edison last year paid $2.4 billion into a new wildfire insurance fund
established by state law in July after more than a year of negotiations between
utilities, consumer groups, and fire and other public officials. The statewide
fund is expected to total $21 billion — money that can be used to pay damage
claims from fires that may be caused by downed power lines or other utility
equipment.

Half the fund, or $10.5 billion, is to come from the state’s three
investor-owned utilities, including SCE. The other $10.5 billion is being
charged to ratepayers of those utilities over a 15-year period.

Edison disclosed in filings last year that through the end of 2018 its Southern
California Edison utility had accrued $4.7 billion in liability from the
December 2017 Thomas Fire and subsequent January 2018 mudslide, as well as the
November 2018 Woolsey Fire.

Last November, Southern California Edison agreed to pay $360 million to settle
wildfire and mudslide claims stemming from these fires filed by public agencies
in Los Angeles, Ventura and Santa Barbara counties.

Southern California Edison’s ongoing commitment to this wildfire insurance fund
requires it to pay $95 million a year for each of the next 10 years. Some of the
proceeds from the May 13 share sale went toward this annual commitment.

The rest of the proceeds will be used to meet Southern California Edison’s
commitment to invest more than $5 billion a year to upgrade and maintain its
transmission grid. This investment includes covering transmission wires to
enable them to withstand high winds and heat from wildfires; replacing poles and
other aging equipment; and upgrading the system to handle two-way flows of
electricity as more customers sign up for solar power and have the ability to
transmit electricity back onto the grid.

Moelis & Co., Citigroup Inc., JPMorgan Chase & Co. and Barclays served as
placement agents for Edison in the private placement.



Previous article Manned Mission Opens Opportunities for SpaceX

Next article TrueCar Lays Off 30% of Staff
Howard Fine
Howard Fine is a 23-year veteran of the Los Angeles Business Journal. He covers
stories pertaining to healthcare, biomedicine, energy, engineering,
construction, and infrastructure. He has won several awards, including Best Body
of Work for a single reporter from the Alliance of Area Business Publishers and
Distinguished Journalist of the Year from the Society of Professional
Journalists.



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