8-KOther Events

EDISON INTERNATIONAL 8-K Report, Corporate Update (Aug 22, 2005)

Filed August 22, 2005For Securities:EIX

Summary

Edison International, through its subsidiary Edison Mission Energy (EME), has entered into an agreement to sell its 80% stake in the Doga Project, a gas-fired cogeneration plant near Istanbul, Turkey. The sale is structured such that EME's existing co-investor will acquire an additional 30% interest, and The Kansai Electric Power Co., Inc. will acquire the remaining 50%. This divestiture aligns with EME's prior strategy of selling international energy assets, with terms similar to a previous auction process. Investors should note that the sale is contingent upon meeting certain closing conditions, including lender consent, and is anticipated to be completed by the fourth quarter of 2005. This transaction represents a move by Edison International to potentially streamline its international operations and focus on core domestic markets, though the financial impact (purchase price) is not disclosed in this filing.

Key Highlights

  • 1Edison International subsidiary, Edison Mission Energy (EME), selling its 80% interest in the Doga Project.
  • 2The Doga Project is a 180 MW gas-fired cogeneration plant located near Istanbul, Turkey.
  • 3The sale is to EME's co-investor (acquiring 30% additional) and The Kansai Electric Power Co., Inc. (acquiring 50%).
  • 4Transaction terms are similar to those established in a 2004 auction for EME's international assets.
  • 5Sale is subject to closing conditions, including lender consent.
  • 6Expected closing date for the transaction is the fourth quarter of 2005.

Frequently Asked Questions

The Doga Project is a 180-megawatt gas-fired cogeneration plant located near Istanbul, Turkey. Edison International, through its subsidiary EME, is selling its 80% interest as part of a strategy to divest international energy assets, following a similar process conducted in 2004.

The stake is being sold to EME's co-investor in the Doga Project, who will acquire an additional 30% interest. The Kansai Electric Power Co., Inc. will acquire the remaining 50% interest.

The sale is expected to close in the fourth quarter of 2005, subject to the satisfaction of several closing conditions, including obtaining the consent of the project's lenders.

No, the purchase price and other specific financial terms are not disclosed in this particular 8-K filing. The filing states that the terms are based upon and substantially similar to those established in a prior auction process.