Southern California Edison’s first-quarter 2016 net income from continuing operations decreased by $18 million, or 5 cents per share, to $287 million and 88 cents per share, from the same period in 2015, parent company Edison International reported Monday.
Edison’s earnings report said the decrease was mainly due to the timing of revenue recognized in 2015 resulting from a delay in that year’s California Public Utilities Commission (CPUC) general rate case decision, which altered SCE’s electricity rates. The company also cited increased operation and maintenance costs, as well as lower incremental income tax benefits.
“First quarter results were consistent with our expectation leading us to reaffirm 2016 core earnings guidance,” Edison International Chairman and CEO Ted Craver said in a statement. “At SCE, we continue to see significant rate base growth driven by continued investment in infrastructure reliability and public safety and supporting California’s low-carbon policy objectives.”
Based in Rosemead, Calif., SCE is the primary electric provider for the region, supplying more than 14 million people in a 50,000 square-mile area of central, coastal, and Southern California. Edison International reported first-quarter 2016 core earnings of $268 million, or 82 cents per share, compared to $294 million, or 90 cents per share, in the first quarter of 2015.
