Edison Shareholders are in the money!

Who needs to re-regulate California's energy markets when your Investor owned Utility is taking in the cash hand-over-fist:

Rosemead-based Edison, in a public filing and in a meeting with analysts in New York, raised its earnings forecast for 2004 by 3 cents a share. The parent of Southern California Edison also sees 2005 earnings topping expectations as it benefits from moves to cut back debt and expenses.

The company, which operates coal, oil and gas power plants in Pennsylvania, West Virginia, Illinois and Washington in addition to its Southern California utility, is selling off international assets and reducing debt.

Edison also said it planned to recommend a 2005 dividend of $1 a share to its board, up from its current annual dividend rate of 80 cents a share. The company aims to pay out 45% to 55% of its earnings, excluding those from its Mission Energy power plant unit.

Edison CEO John Bryson attributes the surge to improvements in the State's regulatory and political environment.