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California

Edison Chief's Earnings Doubled to $3 Million

April 05, 2002|From Bloomberg News

Edison International Chief Executive John E. Bryson's pay nearly doubled to $3.12 million last year as the utility owner swung to a $1.03-billion profit.

Bryson's base salary remained unchanged at $950,000, according to a regulatory filing with the Securities and Exchange Commission. He received a $1.35-million bonus after forfeiting one in 2000 because of the California power crisis. Other compensation rose to $818,000 from $650,000 a year earlier.

Edison owns Southern California Edison, California's No. 2 electric utility, which incurred billions of dollars of costs in the fourth quarter of 2000 and the first half of last year after paying more for power than state law allowed the utility to charge customers. Electricity prices had soared, partly because of a regional drought and a lack of new generators.

The filing said the compensation committee considered Bryson's leadership during the power crisis and his successful effort to keep the management team in place and communicate with policymakers, shareholders, staff and customers.

The filing also cited the talks leading up to the utility's settlement with state regulators. Southern California Edison reached an agreement with the Public Utilities Commission in October to use a portion of customer bills to pay billions of dollars in debt. Last month, Edison paid $5.5 billion in debt using $1.8billion in loans and cash on hand.

Edison reported 2001 per-share earnings of $3.18. It posted a loss of $1.94 billion, or $5.84 a share, a year earlier.

Bryson didn't receive any stock options as compensation last year. In 2000, he got 1.27 million options.

Shares of Rosemead-based Edison rose 5 cents to $16.80 on the New York Stock Exchange.

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