SoCal Edison Earnings Hit Record $966.1 Million

Southern California Edison increased net income in the first quarter to $966.1 million, up from $864 million for the same quarter last year, on revenue of $1.22 billion.

Edison President H. Frederick Christie attributed the record earnings to a $184-million rate increase, a 4% boost, that took effect Jan. 1 and to continuing cost controls. Edison continued to earn the 16% return on common equity authorized by the California Public Utilities Commission, he said, and the company’s common stock is trading at an all-time high.

All three units of the company’s San Onofre Nuclear Generating Station in northern San Diego County are now operating and are expected to produce 15% of the utility’s electrical supply this year, Christie told shareholders at the utility’s annual meeting at its Rosemead headquarters.

While construction costs of the huge plant are now reflected in customer rates, he added, the PUC has yet to review the costs, now being audited by consultants hired by the commission. Christie said the company expects the consultants to recommend that the PUC disallow some construction expenses. “We are preparing to challenge vigorously any such recommendations,” he said.