U.S.
Edison International said Tuesday it recorded net income of $345 million, or $1.06 per share, for the fourth quarter of 2016, compared to a net loss of $79 million, or $0.24 per share, in the same period for 2015.
Based in Rosemead, Calif., Edison International is the parent company of Southern California Edison (SCE), majority owner of the closed San Onofre Nuclear Generating Station (SONGS). SCE’s fourth-quarter 2016 net income increased by $419 million from the same time frame in 2015, from a $79 million loss in 2015 to $345 million, the company said.
SCE’s increase in net income included $49 million in higher core earnings and $370 million in higher non-core earnings. The core earnings increase resulted from an increase in revenue from an escalation mechanism included in the 2015 General Rate Case and lower operations and maintenance expenses, partially offset by higher net financing costs and tax expenses, according to the report.
Edison recorded full-year earnings of $1.3 billion, or $4.02 per share, compared to $1 billion, or $3.13 per share, in 2015. SCE’s 2016 net income increased by $378 million, or $1.16 per share, from $998 million in 2015 to $1.4 billion.
“Edison International delivered excellent fourth quarter and full-year results at the high end of our guidance range, led by SCE’s strong operating performance,” Edison International President and CEO Pedro Pizarro said in a statement. “Additionally, we have introduced 2017 earnings guidance with the midpoint above consensus analyst estimates.”
The company reported basic and core earnings guidance of $4.04 to $4.24 per share for 2017.
A group representing 13 employees at the shuttered Vermont Yankee Nuclear Power Plant has filed a motion to intervene in the Vermont Public Service Board’s review of Entergy’s pending sale of the facility to decommissioning specialist NorthStar Group Services.
The International Brotherhood of Electrical Workers Local Union 300 (IBEW) filed the motion on Monday with the Vermont Public Service Board. It’s unclear from the filing if the 13 employees support or oppose the potential sale, which Entergy agreed to in order to consolidate and expedite decommissioning of the plant. Vermont Yankee closed in 2014, and decommissioning under North Star is projected to be completed in the 2030s.
“This proceeding is the only opportunity for the IBEW Local 300 to provide input regarding these matters and how they affect the interests of the IBEW Local 300 members,” the filing states.
Monday’s filing states that the IBEW is an advocate for the safety and well-being of the member employees at the plant, as well as electrical trade personnel working for construction contractors hired by Entergy Nuclear Vermont Yankee to conduct maintenance and preliminary decommissioning activities.
Entergy agreed in November to sell the plant to New York-based NorthStar. The deal must be approved by both the Public Service Board and the Nuclear Regulatory Commission. The PSB plans to conduct public proceedings on the matter through October.
