By Jason Fordney
Edison International says its grid will help California meet its clean energy goals, but infrastructure and market improvements are still needed.
The company, parent of utility Southern California Edison (SCE), “must be a key enabler of California’s ambitious renewable policies,” CEO Pedro Pizarro said during an earnings call Monday. He mentioned renewable integration, customer technology choice, adoption of distributed energy, vehicle electrification and energy efficiency. Achieving those goals will require strengthening the existing electricity grid, he said.
Edison said it would soon issue a whitepaper on a framework for the state to meet its energy goals, building on existing policies and summary results of different scenarios. The paper will discuss carbon-free electricity with storage, increased electric vehicle integration and improved building efficiency.
The company earned $470 million ($1.44/share) during the third quarter, compared to $421 million ($1.29/share) a year earlier. Net income for the nine months ending Sept. 30 came in at $1.1 billion ($3.41/share), compared to $982 million ($3.01/share) during the same period last year.
SCE’s net income through Sept. 30 increased by $73 million, or 23 cents/share, from the same period in 2016, primarily because of an earlier rate case decision, the company said.
The utility is in the midst of its 2018 rate case with the California Public Utilities Commission, having recently filed reply briefs, with public hearings slated for November. It does not expect a decision from the commission this year. Another proceeding with the PUC regarding electric vehicles and energy storage could increase SCE’s investment forecast by $1 billion, Edison said during the earnings release.
Company executives said Monday they continue to support the existing settlement over the San Onofre Nuclear Generating Station. SCE has been unable to reach agreement with settling parties and recently urged the PUC to support the existing settlement. (See CPUC Orders Renegotiation of San Onofre Settlement.)
“Folks have different ideas as we walk down the pathway here,” Pizzaro said of the proceeding.