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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: February 13, 1998
Date of earliest event reported: February 4, 1998
EDISON INTERNATIONAL
(Exact name of registrant as specified in its charter)
CALIFORNIA 1-9936 95-4137452
(State or other jurisdiction of (Commission (I.R.S. employer
incorporation or organization) file number) identification no.)
2244 Walnut Grove Avenue
(P.O. Box 800)
Rosemead, California 91770
(Address of principal executive offices, including zip code)
626-302-2222
(Registrant's telephone number, including area code)
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Item 5. Other Events
In the following, the word "expects," and other similar expressions,
are intended to identify forward-looking information that involves risks
and uncertainties. Actual results or outcomes could differ materially as
a result of such important potential factors as failure to obtain (or the
timing and terms of) the California Public Utilities Commission's ("CPUC")
approval of the sale of the generation plant described below, inability
to fulfill the terms of the various closing conditions governing such
sale, and identification of unforeseen environmental contamination and the
incurring of associated cleanup costs at the plant site.
On February 4, 1998, Southern California Edison Company ("SCE"), Edison
International's electric utility subsidiary, announced the sale of its
Long Beach gas-fired generating plant with a generating capacity of 530
megawatts for a total price of $29.8 million. The Long Beach plant was
sold to a consortium of NRG Energy, Inc., and Destec Energy, Inc.; the
same group that bought the El Segundo generating station last November.
The Long Beach plant was sold pursuant to an auction process conducted
as part of a voluntary divestiture plan previously reported by SCE and
Edison International. The Long Beach plant is the eleventh of twelve SCE
plants designated to be sold through this process. The CPUC approved the
previous sales of ten of the plants on December 16, 1997.
As previously reported by SCE and Edison International, legislation
adopted by the State of California in September 1996 ("restructuring
legislation") authorizes utilities to recover their costs made uneconomic
by electric utility restructuring ("stranded costs") through a non-
bypassable competition transition charge ("CTC") applicable to all
customers who were using or began using utility services on or after
December 20, 1995. The CPUC is to determine the amount of stranded costs
recoverable through this mechanism. The net proceeds from the Long Beach
and other plant sales described above will be used to reduce stranded
costs, which otherwise were expected to be collected through the CTC
mechanism.
SCE expects that the sale of the Long Beach plant, which is subject to
regulatory approval, and the sales of the other ten plants will close by
March 31, 1998.
As mandated by the restructuring legislation, any divested power plant
that remains in operation will continue to be operated and maintained by
SCE for at least two years following the sale pursuant to an operations
and maintenance agreement with the new owner.
As with the prior plant sales, SCE will retain liability for required
environmental remediation of any pre-closing soil or groundwater
contamination at the Long Beach plant site, except for any liabilities
arising due to decommissioning of the plant. Edison International and SCE
do not expect any material adverse impact on their respective financial
positions or results of operations as a result of retaining such
environmental remediation liability.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
EDISON INTERNATIONAL
KENNETH S. STEWART
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KENNETH S. STEWART
ASSISTANT GENERAL COUNSEL
February 13, 1998
