Parent Reports Broker Will Be Close To Break-Even Target

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