January 18, 2001
ROSEMEAD, Calif., Jan. 18, 2001-Edison International's (NYSE:EIX) electric utility subsidiary Southern California Edison today announced that its board of directors had decided not to declare the quarterly dividends on SCE's 4.08% series, 4.24% series, and 4.78% series of cumulative preferred stock, normally payable February 28.
This cash-conservation measure comes on the heels of the utility's recently announced suspension of payments on some debt and purchased-power obligations plus a reduction in operating costs by $465 million annually including the elimination of approximately 2,000 positions and other measures made necessary by the financial circumstances created by California's ongoing energy crisis.
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An Edison International company, Southern California Edison is one of the nation's largest electric utilities, serving a population of more than 11 million via 4.3 million customer accounts in a 50,000-square-mile service area within central, coastal and Southern California.