Edison International (EIX) will raise its quarterly dividend by 1.2 percent to $0.6125 per share in the fourth quarter of 2018. This marks the 15th consecutive annual dividend increase by electric power company.

The increased dividend is payable on January 31, 2019, to shareholders of record on December 31, 2018.

“The company’s top priority continues to be the safety of our customers, communities and employees, particularly given the tragic consequences of recent wildfires,” said Pedro Pizarro, president and CEO of Edison International. “We will continue to make the investments necessary to deliver safe, reliable and affordable electricity. Over the long term, providing value in the form of earnings growth and dividends, like the one announced today, helps us maintain a lower cost of capital to manage customer rates. In declaring this dividend, the Board considered the likely ability of the company to meet its liabilities as they mature, as well as a broad range of potential negative outcomes related to the Thomas and Woolsey fires. Our dividend rate is within our targeted payout ratio of 45 to 55 percent of Southern California Edison’s earnings.”

The 2019 annual dividend rate will be $2.45 per share and yields 4.2% at a stock price of $58.51.

Edison International, through its subsidiaries, is a generator and distributor of electric power, as well as a provider of energy services and technologies, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of electric utility Southern California Edison. EIX provides commercial and industrial customers with energy management and procurement services and distributed solar generation.  Edison Energy is independent from Southern California Edison. California Electric Power Company merged with and into Southern California Edison Company as of January 1, 1964. Southern California Edison Common Stock automatically became SCEcorp Common Stock on July 1, 1988. SCEcorp Common Stock automatically became Edison International Common Stock and began trading under the symbol "EIX" on February 5, 1996. The company restarted quarterly dividends in 2004 with a dividend history originally dating back to 1910.