Edison International

Capital is channeled primarily to regulated grid investments with attractive allowed returns and customer need. The 2026‑2030 plan totals $38‑$41 billion, driving about 7% rate‑base CAGR. Management indicates no external equity through 2030 and uses securitization to align wildfire recoveries with customer affordability and credit metrics.

Dividends have grown 6% most recently, and modest buybacks are limited to offsetting dilution. We consider this a disciplined, utility‑appropriate playbook with sensible financing and prudent avoidance of noncore ventures.