Edison's SCE Unit Gets Report Draft, Believes 'Likely' That Equipment Was Associated With Woolsey Fire
October 29 2019 - 6:37PM
Dow Jones News
By Josh Beckerman
Edison International (EIX) utility unit Southern California
Edison believes "it is likely that its equipment was associated
with the ignition of the Woolsey Fire" in Nov. 2018.
The utility and other parties to Woolsey litigation received a
non-final redacted draft of an investigation report from the
Ventura County Fire Department, Edison International said. The
report said SCE equipment caused the fire.
Edison International said the report is subject to the court's
protective order, and the company isn't authorized to release more
information beyond comments included in prepared remarks for its
third-quarter conference call.
Chief Executive Pedro Pizarro said "our hearts go out to our
customers and community members, and our fellow Californians across
the rest of our State, who have lost loved ones, homes and
property, have been evacuated, and have otherwise been impacted by
devastating wildfires."
Edison International's third-quarter core earnings were $1.50 a
share, compared with $1.56 a share a year earlier.
In the fourth quarter of 2018, the company accrued a $1.8
billion after-tax charge for 2017 and 2018 wildfires and mudslides.
On Tuesday, it said it has determined no change to the reserve is
needed at this time, but this could change as more information
becomes available.
Shares fell 1.4% to $64.50 after hours.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 29, 2019 18:22 ET (22:22 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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