Latest news with #EdisonInternational
Reuters
23-05-2025
- Business
- Reuters
Southern California Edison to pay $82.5 million to settle claims over 2020 Bobcat Fire damages
May 23 (Reuters) - Southern California Edison (SCE), a unit of utility Edison International (EIX.N), opens new tab, agreed on Friday to pay $82.5 million to settle claims with the U.S. Forest Service for costs and damages resulting from the Bobcat Fire in 2020. The U.S. government had filed a lawsuit against SCE in 2023, alleging negligence that caused the wildfire, which burned nearly 180 square miles (466.2 square kilometers) in one of the largest wildfires in Los Angeles County. In a complaint filed in Los Angeles federal court, the government alleged that the wildfire began on September 6, 2020, when a poorly maintained tree contacted power lines, igniting vegetation on a branch, which then fell to the ground and spread the fire. "This record settlement against Southern California Edison provides meaningful compensation to taxpayers for the extensive costs of fighting the Bobcat Fire and for the widespread damage to public lands," said United States Attorney Bill Essayli. The company has agreed to pay the settlement within 60 days of the effective date of the settlement agreement, which was May 14, without admitting wrongdoing or fault, the U.S. attorney's office in Los Angeles said. The utility did not immediately respond to a Reuters request for comment.
Los Angeles Times
21-05-2025
- Business
- Los Angeles Times
Edison executives made false statements on wildfire risks, lawsuit claims
Edison International officers and directors misled the company's investors about the effectiveness of its efforts to reduce the risk of wildfire in the months and years before the devastating Eaton fire, a shareholder lawsuit claims. The lawsuit, filed last week in U.S. District Court in Los Angeles, points to repeated statements that the utility made in federal regulatory reports that said it had reduced the risk of a catastrophic wildfire by more than 85% since 2018 by increasing equipment inspections, tree trimming and other work aimed at stopping fires. The complaint also raises doubts about news releases and other statements that Edison made soon after the start of Eaton fire, which killed 18 people and destroyed thousands of homes and businesses in Altadena. 'We take all legal matters seriously,' said Jeff Monford, a spokesman for Edison. 'We will review this lawsuit and respond through the appropriate legal channels.' The lawsuit claims that Edison's early statements on the Eaton fire — in which it detailed why it believed its equipment was not involved in the fire's start — were wrong. 'Edison obfuscated the truth by making false and misleading statements concerning its role in the fire,' the lawsuit claims. More recently, Pedro Pizarro, the chief executive of Edison International, said the leading theory for the fire's start was the reenergization of an unused, decades-old transmission line in Eaton Canyon. The investigation by state and local fire investigators into the official cause of the deadly fire is continuing. The lawsuit was filed as a derivative action in which shareholders sue a company's officers and directors on behalf of the company, claiming they had breached their fiduciary duties. It seeks financial damages from Pizarro, Chief Financial Officer Maria Rigatti and members of the company's board of directors. Money recovered would go to the company. It also directs Edison 'to take all necessary actions' to reform its corporate governance procedures, comply with all laws and protect the company and its investors 'from a recurrence of the damaging events.' The lawsuit was brought by Charlotte Bark, a shareholder of Edison International, the parent company of Southern California Edison. 'Prior to the outbreak of the Eaton Fire, the Company had a long history of not prioritizing the safety of those who lived in the areas it serviced, and paying fines as a result,' the lawsuit states. Since 2000, it says, Edison has paid financial penalties of $1.3 billion for violating utility safety regulations. The complaint points to an October regulatory report that was the focus of a Times report. In the article, state regulators criticized some of Edison's wildfire mitigation efforts, including for falling behind in inspecting transmission lines in areas at high risk of fires. The lawsuit lists the major destructive wildfires that investigators said were sparked by Edison's equipment in recent years, including the Bobcat and Silverado fires in 2020, as well as the Coastal and Fairview fires in 2022. 'The recurring wildfire incidents connected to the Company display that the Board has repeatedly failed to mitigate a risk that materially threatens Edison,' the complaint states. The lawsuit accuses Pizarro, Rigatti and the company's board of directors of 'gross mismanagement' and claims that the defendants 'unjustly enriched' themselves. 'Because the Individual Defendants failed to carry out their respective duties, the compensation they received was excessive and undeserved,' the suit states. It asks the court for an order that would require the officers and directors to pay restitution, including returning the compensation they received that was tied to how well the company performed.
Yahoo
20-05-2025
- Business
- Yahoo
Tragic Wildfires in Southern California Affected Edison International (EIX) in Q1
ClearBridge Investments, an investment management company, released its 'ClearBridge Large Cap Value Strategy' first quarter 2025 investor letter. A copy of the letter can be downloaded here. The S&P 500 Index declined by -4.3% in Q1 2025 due to a tariff war and a shift away from AI-related tech stocks. Amid the tech-led sell-off, the benchmark, the Russell 1000 Value Index, outperformed its growth counterpart in the quarter. Against this backdrop, the strategy underperformed the benchmark in Q1. In addition, please check the fund's top five holdings to know its best picks in 2025. In its first-quarter 2025 investor letter, ClearBridge Large Cap Value Strategy highlighted stocks such as Edison International (NYSE:EIX). Edison International (NYSE:EIX) engages in the generation and distribution of electric power. The one-month return of Edison International (NYSE:EIX) was 0.31%, and its shares lost 24.45% of their value over the last 52 weeks. On May 19, 2025, Edison International (NYSE:EIX) stock closed at $58.00 per share with a market capitalization of $22.316 billion. ClearBridge Large Cap Value Strategy stated the following regarding Edison International (NYSE:EIX) in its Q1 2025 investor letter: "One area where we've increased exposure in recent years is the utilities sector, where the combination of rising electricity demand, highly stable cash flows and attractive valuations has made the space overlooked relative to higher-flying AI plays. While utilities typically perform well in volatile markets, our holdings in Edison International (NYSE:EIX) and Sempra were negatively impacted by the tragic wildfires in Southern California, which caused billions of dollars in damages. In particular, Edison materially de-rated on concerns about future liabilities, as one of the fires overlapped with its service footprint. However, we remain confident that California's Wildfire Fund and protective legislation will be sufficient to mitigate long-term financial impacts. While this negatively affects near-term earnings, we believe the decision is right for the long term. We maintained positions in both companies, as we believe their valuations have been overly discounted for businesses with defensive characteristics and high-single-digit earnings growth." A wide aerial view of an electric power transmission facility with lines, substations, and overhead wires. Edison International (NYSE:EIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Edison International (NYSE:EIX) at the end of the fourth quarter, compared to 29 in the third quarter. While we acknowledge the potential of Edison International (NYSE:EIX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the undervalued AI stock set for massive gains. In another article, we covered Edison International (NYSE:EIX) and shared the list of best dividend stocks with high yields. In addition, please check out our hedge fund investor letters Q1 2025 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
E&E News
19-05-2025
- Business
- E&E News
NRDC co-founder, Obama Commerce boss dies
John Bryson, who teamed up with Yale Law School classmates in 1970 to launch one of the nation's leading environmental organizations, died last week. He was 81. Bryson died May 13 at his home in San Marino, California, according to an obituary published by the California Institute of Technology, where Bryson served on the board of trustees. The cause of death was not specified. After co-founding the Natural Resources Defense Council with his law school classmates, Bryson went on to serve as chair of the California State Water Resources Control Board, president of the California Public Utilities Commission and as chair and CEO of Edison International. Advertisement Bryson served as President Barack Obama's Commerce secretary from October 2011 until June 2012. He resigned from his post after he was involved in two car accidents while suffering from a seizure. President Barack Obama meets with John Bryson, former secretary of Commerce, in the Oval Office of the White House on June 21, 2012. | Susan Walsh/AP 'NRDC is part of the vast legacy that John leaves behind,' the green group's president and CEO, Manish Bapna, said in a statement. 'We will honor his memory by continuing to pursue the vision that John and his friends shared in creating NRDC. The work we do to protect people and nature continues in no small part because of his generosity of spirit,' Bapna said. Gus Speth, another NRDC co-founder, described the group as a 'ragtag group of law students' who had 'entered college as the civil rights movement was in full swing.' They 'shared the 1960s' sense of hope and the desire to bring about serious change in American society,' Speth recounted in a 2014 article. Speth and other NRDC co-founders John Adams, Richard Ayres and Edward Strohbehn called Bryson a 'natural leader, innovator and a dedicated environmentalist,' in a statement this week. 'He possessed a perfect mix of brilliance, determination and charm. At NRDC and elsewhere he leaves behind a record of remarkable accomplishments,' they said. When Bryson took the helm of Edison International in 1990, the Los Angeles Times reported that the pick was 'widely viewed as an inspired public relations move for the image-conscious utility.' Bryson was confirmed in 2011 as Obama's second Commerce secretary, despite objections from Senate Republicans who criticized his environmental roots. Sen. John Barrasso (R-Wyo.) called Bryson an 'environmental extremist' as he sought to rally GOP opposition to the nomination. 'John is the rare nominee to present himself to Congress with endorsements from the [U.S.] Chamber [of Commerce], military suppliers, and the nation's leading environmental organizations,' then-Sen. Barbara Boxer (D-Calif.) said during Bryson's confirmation hearing. 'If ever there was a time for someone who can bring us all together, this is that moment in history.' Obama praised his outgoing Cabinet member when Bryson resigned in 2012, saying the Commerce secretary had 'fought tirelessly for our nation's businesses and workers, helping to bolster our exports and promote American manufacturing and products at home and abroad.' Prosecutors declined to file criminal charges against Bryson in relation to the traffic accidents, saying his seizure had been responsible for the incidents. Bryson was born in New York City and raised in Portland, Oregon. He graduated from Stanford University and Yale Law School. He is survived by his wife, Louise Henry Bryson, and four daughters.
Yahoo
19-05-2025
- Business
- Yahoo
Should Value Investors Buy Edison International (EIX) Stock?
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels. Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today. Edison International (EIX) is a stock many investors are watching right now. EIX is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 9.51, while its industry has an average P/E of 15.07. Over the past 52 weeks, EIX's Forward P/E has been as high as 16.23 and as low as 8.63, with a median of 14.14. EIX is also sporting a PEG ratio of 1.36. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. EIX's industry has an average PEG of 1.91 right now. Within the past year, EIX's PEG has been as high as 1.91 and as low as 1.02, with a median of 1.33. Another valuation metric that we should highlight is EIX's P/B ratio of 1.29. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.15. EIX's P/B has been as high as 2.09 and as low as 1.18, with a median of 1.80, over the past year. Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. EIX has a P/S ratio of 1.3. This compares to its industry's average P/S of 2.31. Finally, investors should note that EIX has a P/CF ratio of 3.59. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 8.91. Over the past 52 weeks, EIX's P/CF has been as high as 8.21 and as low as 3.27, with a median of 6.96. These are just a handful of the figures considered in Edison International's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that EIX is an impressive value stock right now. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Edison International (EIX) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
