Edison Notified of Tax ‘Deficiencies’
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Edison International, parent of Southern California Edison, said it had been notified by the Internal Revenue Service that its taxes contained “deficiencies” for tax years 1994 to 1996.
The Rosemead-based company said in a regulatory filing that it plans to challenge the IRS findings. Edison said it has “meritorious legal defenses” to the issues, most of which it dismissed as “timing deficiencies.”
Separately, Southern California Edison said it prepaid $300 million of a $1.6-billion credit line to help the unit secure investment-grade debt ratings.
The other half of a $600-million portion of the loan is scheduled to mature March 3. The credit line was secured in March after the utility reached an agreement with the Public Utilities Commission to use revenue from customers’ power bills to pay $3.6 billion in power-buying debt.
Shares of Edison International fell 20 cents to $12.35 on the New York Stock Exchange.
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