Edison International · NYSE:EIX
Edison International — Corporate Update (November 2007)
43 slides from Edison International's corporate update, Nov 5, 2007
Slide 1: Business Update, November 2, 2007
Exhibit 99.1 Leading the Business November EDISON Update INTERNATIONAL® 2007 2,Way 2007in Electricity SM
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements not differ International’s represent November EDISON 1 purely materially the our INTERNATIONAL® historical, 2, contained Way 2007 expectations 2006 from inStatements Electricity Form are in current this forward-looking 10-K only presentation expectations. SM as and
Slide 3: Strategic Overview
Leading the Strategic November EDISON 2 Overview INTERNATIONAL® 2,Way 2007in Electricity SM
Slide 4: Edison International (EIX) Value Drivers
Leading Edison EIX SCE Strong Tight 51%—Expand 25%—New 16%—San 8%—Edison Strengthened Three-year Cost Procurement Earning EMG Low-cost Adjusted Experienced/value-added New Hedging Phased Focus Emphasize 1 2 November EDISON 3 Subject SeeIntegrated Value of generation system Edison Value on customer I
Slide 5: Our Business Portfolio
Revenue1 Leading Our Edison Business International the Way Portfolio in Electricity SM Operating Cash Flow1 $12.6 Generation Capacity (MW) $3.6 Market Capitalization 14,799 Southern California Edison Revenue $18.5 Operating Cash Flow $ 10.3 Generation Capacity (MW) $2.6 Population Served (MM) 5,299
Slide 6: Our Value Proposition
Leading Our Strong Competitive Visible Increasing Attractive November EDISON 5 Value utility earnings the INTERNATIONAL® and Proposition capacity 2,Way generation 2007 platform sustainable and in values Electricity cash with business flow growth for earning coal-fired SM growth with investment asset
Slide 7: Growth Strategies
Leadingprincipally Growth Southern Driven Transmission efficiency Edison Optimize Advanced November EDISON 6 Mission Strategies the California INTERNATIONAL® business –fossil 2,e.g. Way 2007 – system Group Edison fuel inby financial Electricity Edison technologies rate reliability, SmartConnectTM ba
Slide 8: Financial Objectives and Funding Strategies
Leading Financial Funding Operating Cash Focus Credit Southern A BB Targeting Dividend 1 7 rating rating on on Objectives1 November EDISON Senior metrics hand, the Growth California organic Strategies Policy increases annual metrics cash 2,Way operating unsecured flow (current: Investments dividend
Slide 9: Guidance Reconciliation: Core Earnings to Total Earnings
Leading the Earnings Reconciliation Guidance Wayof in Core Electricity EarningsSM Guidance to Total Earnings Guidance Guidance 2007 Core EPS1 reaffirmed as Southern California Edison 11/02/07 of Edison Mission Group $ 1.972.07-$ EIX parent company and other 1.40 1.65- EIX core earnings per share (0.
Slide 10: Southern California Edison (SCE)
Leading Southern An November EDISON 9 Investor-Owned the California INTERNATIONAL® 2,Way 2007in Electricity Edison Electric(SCE) Utility SM
Slide 11: SCE Value Driver: Strong System Load Growth
Leading SCE SCE’s 4 5 10 2 3 LA,Value Expect 385,791 August Strong 1 service November EDISON Moreno the of Driver Way the customer to 2007 meters be Riverside, 10 territory 25 in 75,626 demand– Electricity figures added and System fastest in INTERNATIONAL® Valley, 2, 2007San Rancho has projected loa
Slide 12: SCE Value Driver: Expanded Renewable Power Procurement
Leading State current Renewable Represents 08 Agreement Secures The Projects Expanded SCE 1 eligible November EDISON 11CPUC wind Value –law expanded entered the renewable renewable at to the allows INTERNATIONAL® requires project, Geothermal nation’s least 2, be Driver ~17% with resources Way into 2
Slide 13: SCE Value Driver: All-Source Generation Procurement
Leading SCE All-Source Contracts New Solicited Summer NRG Fast Blythe Standard On-line Notification In CPUC November EDISON 12 December Track Value all-source Generation received has Energy by the 2007 Track up INTERNATIONAL® cover totaling provided 2, August Driver RFO Way to of2007 Track aand 1,50
Slide 14: SCE Capital Investment Plan Forecast
Forecast Leading SCE Proposed 2007 Growth 2008 the by Five-Year 2009 Classification Way Driver 2010 in Electricity Capital – Investment 2011 $2.4 Spending SM $2.8 $3.9 Plan $4.2 $ Billions $4.0 $5 $4 $3 $2 $1 $0 Edison SmartConnectTM $ % Generation 1.3 8 Transmission 2.8 16 Distribution 4.3 25 Total
Slide 15: SCE Rate Base Growth Forecast
Leading SCE Forecast 2006 Future Approved 14 C % + R Growth Annual Rate 1 and Growth 2007 Regulatory 2the Corporation November EDISON ompound Includes a te SCE2008 regulatory base $10.9 Way Driver Rate 2009 inProceedings Base Electricity –2006 INTERNATIONAL® growth impact 2,Commission $11.7 2007 Inv
Slide 16: SCE New Transmission Capital Investment
San Vegas Leading SCE New NEVADA Las Tehachapi Midway (PG&E) Palmdale Antelope Territory Windhub Vincent Mira Serrano Los Ana Santa Valley Angeles Diego Palo Value transmission Devers Clarita Mohave Palm the Service Verde Lugo CALIFORNIA transmission SCE Driver Way Springs Loma Rancho Phoenix Eldora
Slide 17: SCE Peakers and Generation Capital Investment
Leading SCE Five Initiated line •San November EDISON 16 2,150 Unit in Onofre “Black Value 32August MW SGR the inINTERNATIONAL® 2, August Driver Nuclear Way Start” total 2007 inOxnard service in (SCE –Peakers 2006 Electricity Capital Generation peaker share 2010 2011 at the Investment 78.21%) permit
Slide 18: Edison SmartConnect Deployment Schedule
Leading 2005 Current Design Pre-Deployment Deployment Pre-deployment, Schedule 2007 SmartConnectTM Vendor eMeter serve Cellnet, SCE 1 17 Value leadership 2006 to asto November EDISON Phase Candidates Subject deploy Schedule1 Itron theprovide 2007 Driver system Way Phase Meter to in to2008 Phase whic
Slide 19: SCE Energy Efficiency and Carbon Reduction
Leading Continue where During More Reduction SCE Our periods SCE, Increase Reduce Create ?Recent 1 18OnCurrent Goal Past Value has September along than energy aDevelopments November EDISON the Represents carbon the national total been consistently Accomplishments toin 4B past Driver with strengthen
Slide 20: SCE Energy Efficiency Incentive Mechanism
Leading SCE Under year 3.1 More energy are approximately November EDISON 19 capped billion energy Energy than the efficiency the INTERNATIONAL® final kilowatt-hours $2 2, atefficiency Way Efficiency 2007 $200 billion $146 decision, in targets million Electricity million insavings gross Program and S
Slide 21: Constructive Rate-Setting Framework
Leading Constructive Rate General 2006 twice Tendered Investors’ 11.6% approval) CPUC Procurement Energy Customer Increases California’s November EDISON 20 Base GRC return adopted Efficiency Resources Rate the INTERNATIONAL® 2009 in Rates Return 2, Decision regulatory Way base Cost Regulatory on 200
Slide 22: Edison Mission Group (EMG)
Leading Edison A November EDISON 21Competitive Mission the INTERNATIONAL® 2,Way 2007 Power Group in Electricity Generation (EMG) SMCompany
Slide 23: EMG Operating Business Platform
Leading EMG Washington Natural California Nebraska Wyoming Utah Oklahoma Nevada Texas Iowa Minnesota Illinois Pennsylvania Wisconsin Maine New Maryland West Coal Wind Operating York Mexico 5,613 1,884 40 Virginia (UC) 90 161 145 75 (Pipeline) – Business Gas MW the MW MW Platform1 MW 141 95 Way Natur
Slide 24: EMG Value Drivers
Leading Low-cost Effective More Experienced/value-adding Long-term EMG Recent Larger Greater Bias Focus 1 2 23Seetowards efficient Edison –areas adjusted liquidity2 November EDISON scale financing See Key diversification the management coal environmental EMG –Way Value and development, Mission renew
Slide 25: Midwest Generation Operating Performance
Forced07Outage Leading Midwest YTD Generation Capacity the vs. Generation and up YTD Way Load about Rate in 06Factors Electricity was 9.5% – Operating higher increased SM due Performance toonunplanned higher off-peak boiler tube salesleaks and coal-related equipment failures Operating Statistics YTD
Slide 26: Homer City Operating Performance
2006 Availability Leading Homer YTD Generation 07City the vs.up YTD Way – Operating about in and 06Electricity 12.8% Forced Performance Outage SM Rates impacted by the Unit 3 transformer failure Operating Statistics YTD YTD Total Generation (GWh) 07 06 Equivalent Availability 10,211 9,052 Capacity F
Slide 27: EMG Hedge Program Status
Leading EMG Status Hedge at the September Way Program in Electricity 30,Status 2007 SM Remainder of Midwest Generation 2007 2008 2009 2010 Energy Only Contracts Megawatt hours (in GWh) Average Price ($/MWh) 4,132 10,838 7,487 3,472 Load Requirement Services Contracts $ 48.18 $ 61.36 $62.28 $62.62 Es
Slide 28: EMG Capacity Sales Status
Leading EMG Status Capacity at the September Way Sales in Electricity 30, 2007 SM October May 1, 31,2007 2008- June May 1, 31,2008 2009- June May 1, 31,2009 2010- Megawatts except price per MW-day Midwest Homer Midwest Homer Midwest Homer INSTALLED CAPACITY Generation City Generation City Generation
Slide 29: EMG Optimize Trading Capabilities
Leading EMG Optimize Extending RPM •June City Leverage Trading Controls Allowed VaR, EMMT ($ 200 2004 Edison November EDISON 28Clearing Homer Sold MM150 1, volumetric, 2005 Auctions –net Mission 2009 pre-tax) Trading Operational, provides primarily 100 the City products on INTERNATIONAL® knowledge f
Slide 30: EMG Recapitalization and Refinancing
Leading EMG Moves Tender 2007 1 29 Edison Growth refinancing premium November EDISON See the 2,Year-to-Date Way Mission Driver and inrisk Electricity other –Energy INTERNATIONAL® 2007 Recapitalization past Financial non-core1 environmental Debt SM Financing Results costs: $2.7spending in $0.45 billi
Slide 31: EMG Comprehensive Illinois Environmental Agreement
Leading EMG Comprehensive Achieves Mercury NOx SO2 (78% Helps Agreement Illinois Provides November EDISON 30 ––reduction) –continue emissions emissions EPA Midwest the –reasonable INTERNATIONAL® specified 90% 2, supported Way assistance 2007 good removal agreement Gen of in ofemission 0.11 Electrici
Slide 32: MWG Environmental Compliance Installation Plan
Leading MWG Installation Phase Flue Estimated Waukegan Will Homer PA for EMG Note: November EDISON 31 State 2015 County Gas Cost –321Compliance environmental City Environmental –the Implementation phase Desulfurization INTERNATIONAL® Reduction cost 62, estimates of Way Compliance 1(100 2007 Activate
Slide 33: EMG Wind Energy Project Development
Projects1 Leading EMG Strategic Contributes Growing Wind Energy energy Project – Wind the importance RPSto Way provides Portfolio Development Energy requirements portfolio in Electricity to Development attractive &growth diversification Development Strategy andSM plan national opportunities Strategy
Slide 34: EMG Natural Gas and Other Growth Opportunities
Leading EMG Natural Thermal Walnut Will Some Assets Advanced Carson Joint petroleum oil Confirming Other November EDISON 33 recovery be Venture –opportunities regions complement Hydrogen Creek selective Thermal Gas-Fired the development INTERNATIONAL® Fossil-Fuel coke 2,project Way (EOR) 2007 with s
Slide 35: Appendix
Leading the November Appendix EDISON 34 INTERNATIONAL® 2,Way 2007in Electricity SM
Slide 36: What's New Since Our Last Update
Leading What’s New Updated SCE EMG Third November EDISON 35 Energy New Information Quarter wind New the Information INTERNATIONAL® All-Source 2,development Way Efficiency Since 2007 andinYTD Our Electricity RFO Last incentive 2007 (see generation Update earnings page SMmechanism 32)timeline and fina
Slide 37: Third Quarter Core Earnings Reconciliation
Core Earnings Leading Third Reconciliation Quarter the Way Financial of in Core Electricity Earnings ResultsSM to Reported Earnings SCE 3Q 07 3Q 06 Var. EMG $ 0.80 $ 0.74 $ 0.06 EIX Holding Co. 0.64 0.62 0.02 Core EPS1 (0.03) (0.04) 0.01 Non-Core Items $ 1.41 $ 1.32 $ 0.09 SCE EMG $ – $ 0.07 $(0.07)
Slide 38: Year-to-Date Core Earnings Reconciliation
Reconciliation Leading Year-to-Date the Way Financial of in Core Electricity Earnings Results SM to Reported Earnings Core Earnings SCE YTD07 YTD06 Var. EMG $ 1.70 $ 1.58 $ 0.12 EIX Holding Co. 1.41 0.95 0.46 Core EPS1 (0.07) (0.10) 0.03 Non-Core Items $ 3.04 $ 2.43 $ 0.61 SCE EMG $ 0.10 $ 0.32 $(0.
Slide 39: EMG Adjusted EBITDA Reconciliation 2005-2007E
EMG—2005-2007E Leading the Way in Electricity Adjusted EBIDTA SM Reconciliation to Net Income ($ Millions) 2005 2006 2007 Net Income Actual Actual Forecast Add back (Deduct): $ 443 $ 432 $ 3541 Cumulative effect of change in accounting, net of tax 1 (1) ? Discontinued operations Income (loss) from c
Slide 40: EMG Liquidity Profile
Sources Leading EMG Available – Liquidity ($ the Liquidity Millions) Way inProfile Electricity SM EME Revolver 12/31/06 9/30/07 MWG Revolver $ 473 $ 508 Cash & Short term investments1 495 497 Total 2,181 1,517 $1.1 1 November EDISON 39Excludes billion INTERNATIONAL® 2, $73 of2007 credit million faci
Slide 41: EMG Planned Capital Expenditures
Leading EMG Planned October Plant/Corporate 900 2007 Total 1 installed these agreements pipeline Additional Balance Potential Midwest November EDISON 40EME450 2008 $1,904 projects – expects Capital of 2007 currently Expenditures1 0the capacity Generation Expenditures INTERNATIONAL® 2, 2009 growth pl
Slide 42: SCE Regulatory Update
Leading SCE Edison Cost GRC Tehachapi DPV FERC Case –of 2Transmission Regulatory –Transmission SmartConnectTM Capital theTransmission Way inUpdate Electricity Incentives SM Filing Date of Next Number Filing Status Milestone Phase III A. 07-07-026 July 31, 2007 Phases II III Phase for capital B 2008-
Slide 43: Use of Non-GAAP Financial Measures
Leading Use Edison and accurately EPS share. securities principal operating A referenced November EDISON 42reconciliation Exchange EPS of byNon-GAAP International’s principal the by operating INTERNATIONAL® subsidiary (vested compare in 2,principal Way 2007 the Commission. of presentation. operating
Edison International — Corporate Update (November 2007) on 6ix