Edison International’s (EIX - Free Report) unit, Southern California Edison (“SCE”), appealed to the California Public Utilities Commission ("CPUC") for the expansion of Charge Ready 2. It is a program that will expand the installation of electric vehicle (“EV”) charging infrastructure in California. This $760-million, four-year program will allow the company to install 48,000 charging ports.
Recently, SCE installed the 1000th EV charging point to increase the availability of in transportation. The Transportation sector is one of the largest source of air pollution in California, contributing nearly 45% of the greenhouse gas emission. Higher usage of EVs will lower carbon emission and for that reason deployment of electric refueling ports has become a necessity.
More Electric Charging Ports
The success of the pilot program has prompted Edison to further expand its Charge Ready program through introduction of new charging ports across California. Post the approval of the program’s second phase, SCE will launch a marketing and customer education campaign to increase EV awareness.
Per an estimate, nearly 7 million electric cars are required to be introduced in California by 2030 to put a check on emission levels. The new electric ports will be an integral part of the entire EV system.
Apart from Charge Ready, SCE is also launching a number of other approved programs that support charging for medium- and heavy-duty trucks, transit buses, port equipment, other industrial vehicles as well as public and home-based cars.
In the past year, Edison’s shares have lost 19.8% compared with the industry’s decline of 3.3%.
Zacks Rank & Key Picks
Edison International currently has a Zacks Rank #4 (Sell).
A few better-ranked stocks in the same industry are Ameren Corporation (AEE - Free Report) , Avangrid, Inc (AGR - Free Report) and Otter Tail Corporation (OTTR - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ameren delivered an average positive surprise of 7.69% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has moved up 0.7% to $3.04 in the last 90 days.
Avangrid delivered an average positive surprise of 7.79% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has moved up 0.4% to $2.38 in the last 90 days.
Otter Tail delivered an average positive surprise of 14% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has moved up by a penny to $2.00 in the last 90 days.
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