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Parent Reports Broker Will Be Close To Break-Even Target
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In reporting third quarter earnings, Edison International provided an update on its broker and energy consulting business, Edison Energy
In prepared remarks, Pedro Pizarro, President and Chief Executive Officer, Edison International, said, "Turning briefly to Edison Energy and our outlook for this business, two years ago we set
targets for a break-even earnings run rate by the end of this year as well as customer capture
goals. The business has succeeded in capturing sales while managing costs and will be close to
its year-end break-even target."
"Edison Energy has a number of high-quality clients, including 12
of the Fortune 50, several of whom have used its broader managed portfolio solutions to
reduce the client’s overall energy risk – although not as many clients as we originally targeted.
However, we continue to see strong and growing client interest, and we are gaining insights
from our work for these customers that we see as increasingly relevant to our clean energy,
electrification and sustainability efforts, and that will help inform our core strategies," Pizarro said
"While we
do not anticipate making significant investments in Edison Energy, we will be providing limited
support for this business to fund growth in key areas such as technology, renewables, and fleet
and building electrification. We expect the ongoing financial impact of this business to be
immaterial for the foreseeable future. The business has a strong leadership team within it,
requiring very limited focus from the EIX holding company team," Pizarro said
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Parent Does Not Anticipate Making Significant Investments In Broker, Will Provide "Limited" Support
Broker's Impact On Parent To Be Immaterial For Foreseeable Future
October 30, 2019
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Reporting by Paul Ring • ring@energychoicematters.com
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