The state of California reached a tentative agreement to pay
$2.76 billion to buy
Southern California Edison's
share of the state's power grid.
Edison International will transfer $420 million to its utility unit. Additionally, the lenders for Edison International and Southern California Edison agreed not to take action on the companies' credit line defaults until March 14. In January, Southern California Edison said 23 banks
agreed to delay taking action until Feb. 13 on a credit line default. Then, in February, the companies were granted extensions, but the timetable wasn't disclosed.
Shares of Edison International fell 26 cents, or 1.7%, to $14.69 in
New York Stock Exchange
In related news,
agreed to supply 750
megawatts of power to California in March. Financial terms of the deal weren't disclosed.
signed a 10-year deal to supply power at a fixed rate to California. Earlier this month
signed a $4.6 billion
agreement to sell electricity to the state.