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UPDATE 1-Edison International posts Q1 loss on wildfire claims

(New throughout, adds details about wildfire-related claims and more comments from CEO)

April 30 (Reuters) -

California-based electric utility Edison International posted a first-quarter loss on Tuesday from a year-ago profit, due to claims related to a wildfire and other natural disasters several years ago.

Edison, based in Rosemead, California, said its net loss stood at $11 million, or 3 cents per share in the first quarter, versus a profit of $310 million, or 81 cents per share in the year-ago quarter.

The company said a $490 million increase in estimated losses was recorded after a first-quarter review of loss estimates for 2017 and 2018 wildfires and mudslides.

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The increase was primarily connected to the Woolsey Fire, which killed three people and destroyed hundreds of structures when it

burned

nearly 97,000 acres in Los Angeles and Ventura counties in late 2018.

Los Angeles County sued Southern California Edison Co, a unit of Edison International, in 2019, alleging the company's damaged electrical equipment may have sparked the fire. Some 86% of the Woolsey individual plaintiffs have settled. Some 97% of plaintiffs who sued for damages in other fires and mudslides have also settled.

"With wildfires now a national issue, litigation outcomes outside of California are impacting the costs to resolve claims everywhere," said Pedro Pizarro, CEO of Edison International.

"I reiterate that we strongly believe that cost recovery is warranted and in the public interest, and we conservatively have not reflected this significant potential in our financial projections."

Edison International, which is the parent company of Southern California Edison, has been hardening its electric infrastructure as a way to guard against natural disasters like wildfires.

"We know that in the years ahead, with climate change, we're going to see increased, not decreased climate-driven wildfire risk conditions," Pizarro said.

On an adjusted basis, Edison International posted a profit of $1.13 per share, missing analysts' average estimates of $1.15 per share, according to LSEG data. (Reporting by Vallari Srivastava and Arunima Kumar in Bengaluru and Laila Kearney in New York; Editing by Pooja Desai)