UTILITY EXPANDING WITH NEW NAME\SCEcorp now Edison International; global markets sought.

Byline: Gregory J. Wilcox Daily News Staff Writer

Facing new competition because of deregulation, SCEcorp changes its name to Edison International today and will start seeking global markets for a variety of energy products.

As part of its new strategy the Rosemead-based holding company, parent of the big electric utility Southern California Edison, is forming a new subsidiary called Edison Source. It will market various energy- and environmental-related services.

This will be the company's fifth subsidiary and all will now incorporate Edison in the name.

Mission Energy, which develops independent power production facilities, will become Edison Mission.

Mission First Financial, which provides capital and financial services for energy infrastructure projects, becomes Edison Capital.

The size of Edison's 16,000-plus work force will not change, the company said.

Edison International's new corporate structure is its response to the California Public Utilities Commission decision in December to deregulate the power generation sector of the state's $20 billion electric industry starting in January 1998.

The goal is a more competitive, market-driven system.

The ruling puts lucrative sections of Edison's customer base at risk because consumers will be able to buy power from a variety of sources.

In preparation for that, Edison initially will look for new markets throughout North America.

"We will compete globally in the energy, environmental and infrastructure markets," Edison International chairman John E. Bryson said in a statement. "In the future, we will establish additional companies under the Edison International umbrella as opportunities in the marketplace emerge."

It will cost a little less than $5 million to complete the conversion.

Analysts were divided in their assessment of the name change's significance. It's a process several utility companies recently have undergone.

Douglas Christopher at Crowell Weedon in Los Angeles would have liked to see more substantive changes.

"I wish companies would concentrate more on creating shareholder value rather than changing their names," he said. "I have yet to see major aggressive operating changes in the industry."

But Ronald Tanner, an analyst at Baltimore-based Legg Mason Wood Walker, thinks Edison's move makes strategic sense, especially since many utilities have been distancing themselves from the Edison name.

"It sounds good and they are leveraging worldwide off the Edison name," he said. "I think that's a good idea."

Toward Utility Rate Normalization, the San Francisco-based consumer advocacy group, would like Edison to stick to the business of providing electricity.

"I think it's a troubling indication of where their interests lie in the future," said TURN attorney Bob Finkelstein.

Edison Source is the energy conglomerate's second new subsidiary this year. Initially it will be staffed by workers already working at subsidiary companies.

It will focus on three areas:

Energy efficiency: Company experts will work with customers like government agencies, school districts and businesses to help them save energy and modernize their facilities.

Environmental services will market plans and products to help customers improve air and water quality and meet government regulations.

Energy marketing will help customers implement gas and electric power purchasing strategies.

The business is changing fairly rapidly, said Stephen Frank, Southern California Edison's president and chief operating officer. "It makes sense to have the name of the parent reflect the breadth of our product offerings in the marketplace."