SoCal Edison Reports Loss
Southern California Edison´s parent, Edison International, reports a loss of 413 million dollars.
The loss is mainly the result of a one billion, 150 million-dollar write down related to the sale of two money-losing coal power plants in the United Kingdom.
The loss of $3.47 per share compares to net income of 360 million dollars, or $1.81 per share, in the same quarter last year.
Without the one-time cost, Edison reports third quarter income of 741 million dollars, or $2.28 per share.
SoCal Edison recently settled a federal lawsuit it had brought against the California Public Utilities Commission, seeking to pass along higher energy costs to ratepayers. The settlement provides that state will allow a temporary rate hike for three years.