Edison International · NYSE:EIX
Edison International — Corporate Update (November 2009)
35 slides from Edison International's corporate update, Nov 6, 2009
Slide 1: Edison International November 2009 Business Update
Exhibit 99.1 Exhibit 99.1 Leading Business November EDISON the Update INTERNATIONAL® 2009 6,Way 2009in Electricity SM
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements not differ them Analysis” www.edisoninvestor.com. November 1 purely EDISON to materially reflect the in historical, 6, contained Way Edison 2009 new from inStatements information, Electricity International’s INTERNATIONAL®are in current this forward-looking These p
Slide 3: What's in the Update
Leading What’s •Updated November EDISON 2 Q3 2009 Earnings Updated California SCE EE Key New the Information INTERNATIONAL® & Transmission SCE results Guidance 6, Regulatory 33% Way DSM Since 2009 Capital RPS in and Plan Our Electricity asstandard Policy Events Investment Last of through Investment
Slide 4: Delivering Sustained Value: Our Mission
Leading Delivering A Southern growth Balance Decoupled Edison Diversify Enhance Our November 3 diversified keyMission International EDISON electric operating the liquidity California generation 6, Superior regulatory Way and 2009 Group reliability, in INTERNATIONAL® flexible by principles Electricit
Slide 5: Third Quarter Reconciliation
Leading Third Reconciliation EIX and Total GAAP Diluted Core nonoperating partially Midwest prices, Homer Renewable prices Higher mild Natural Primarily of EMMT Corporate Edison Lower Non-Core SCE EMG Q3 1 September 2 See Big 09: 08: other parent wind $EPS 0.05 0.29 EPS1 Non-Core Use Quarter 0.64 0.
Slide 6: Year-to-Date Reconciliation
Leading Year-to-Date Reconciliation Total GAAP Diluted Core nonoperating partially Midwest and Homer capacity Renewable mild Natural EMMT Corporate Higher Edison Lower Q2 of Non-Core SCE EMG EIX YTD 1 ended 2 See $0.03 Big interest 09 other the parent 0.15 wind $EPS 0.36 1.21 EPS1 Non-Core 08: 09: U
Slide 7: Reconciliation of 2009 Guidance
Leading Reconciliation 2009 Guidance 08/07/09 Low Non-core Global Midpoint by SCE EMG EIX Total Southern Assumptions Includes solar 48% Edison •Other 1 of November 2009 $9/30/09 forward. Normal No non See participating key Potential Pre Increased core 0.15 GAAP parent changes Mid Equity, –0.92 $2.49
Slide 8: Southern California Edison (SCE)
Leading the Southern November California 6,Way 2009in7Electricity Edison EDISON (SCE) INTERNATIONAL® SM
Slide 9: Use of Non-GAAP Financial Measures note
1 See Use of Non-GAAP Financial Measures in Appendix and Third Quarter Earnings Summary slide for reconciliation of core earnings per share to GAAP earnings per share.
Slide 10: SCE Base Case Capital Investment Forecast
Leading SCE $4 $0 Base Low $ Solar Edison Generation Transmission Distribution 5-Yr By 2009 2012 Other FERC Total 1 Billions %$3 Proceeding Case2 Capital Base Case1 2010 CPUC 19.8 100 Rooftop $2 CPUC November 2 Business Low Rate SmartConnect™ Subject the $1 Case$5 100 Case 2011 2.8 $2.6 Cases $3.1 W
Slide 11: SCE Rate Base Forecast
Leading SCE $ $0 $5 $10 $15 $20 $25 2008 Base Low 1 permitting, (5) 2 Billions Forecast 5-Yr CPUC Case2 Rate Case1 2009 November Reflects the Base approved as 2010 licensing $14.7 $12.6 Way 6, of Forecast October 2009Low 2011 in $15.8 $14.8 Electricity solar 10and Case 2012 $17.2 $16.1 2009 regulato
Slide 12: SCE Cross-Transmission Projects
Leading SCE Cross Rector Windhub Whirlwind Santa Antelope Vincent MiraLoma Pardee Vista Los River DPV2 Eldorado * 4 Angeles Diego Transmission ProjectClarita Valley 500kV NovemberSCE 2009-2013New Rancho Renewables Tehachapi the Ivanpah Service CPCN Devers Territory Devers-ColoradoWay Eldorado-Ivanpa
Slide 13: California 33% RPS Policy
Leading •California Timeline: CPUC (billions New Total SCE Significant Option Balance Source: November The Summary opportunity Transmission Renewable Conventional Capital CPUC Forecast to CPUC direct the ofAchieving participate 33% 6, percentage 2008 of Way developed Investment 2009 key investment,
Slide 14: SCE Energy Efficiency and Demand Side Management
Leading SCE Energy Enough Over •Demand Earnings $409 $250 2006-2008 $192 $39 November Approves Authorizes Allows Estimated Party EE 1.5 million/yr $277 million Efficiency power the & Response for million opportunity Contracts 6, million/yr 2009 DSM SCE’s 4.7 Way $43 total $140 2009 to billion 2010-2
Slide 15: The Smart Grid
Leading The Grid Smart Energy Historical •Future For $54 November Artificial Improving Increased Grid Integration Robust Sends Manages Optimizes Improves Support the million Traditional Control, Metering control management Grid last Smart price the customer for Grid intelligence aggregate 6, generat
Slide 16: SCE Key Regulatory Events
Leading SCE Case Number 2006-2008 EE On testimony 2010 Rate March Tehachapi (Seg. Impact DCR Transmission1 Eldorado- Ivanpah EL Transmission A. extend Cost Capital CPUC 2009. 1 04-12-007/8 09-05-027 07-05-003 10-1-000 Earnings July Case Regulatory of Date FERC A. 1-3) 4-11) (See November1, conferenc
Slide 17: Edison Mission Group (EMG)
LeadingMission Edison Novemberthe6,Way 2009 Group in16 Electricity EDISON (EMG) SM INTERNATIONAL®
Slide 18: EMG's EPS and Recent Developments
Leading EMG’s EPS Core1 Non-Core GAAP Recent Turbine •New Key Merchant EMMT Natural Corporate Total 1 November Additional Progress MWG SeeCore Q3 wind $Use $EPS Developments (0.45) Third (0.05) gas commitment New 0.64 08 the coal Earnings expense Items of with projects 6, Q3 projects attributable Wa
Slide 19: EMG Projects
Leading EMG Projects Operating C % 73 7,395 153 Other 12 1,185 13 1,339 Wind 100 Under ~5,000 Pipeline2 Thermal 390 Natural MW 1 479 2 0,072 oal Natural Development Business November 3 another Construction Owned Gas in the Pipeline3 gas DeliveriesPlatform1 development, source 6,Way includes Platform
Slide 20: EMG Midwest Generation Statistics
Leading EMG Midwest •Homer All-in $42.54 $15.51 $60 $38.42 $23.02 $30 YTD $0 Average 1 2 3 5,471 Powder Rail 1,884 Northern Coal Operational $58.05 $61.44 08 Coal-Fired under NovemberAverage largely $30.50 $18.82 $33.91 $22.05 City MW Includes YTD the realized Generation River Appalachian 6,$55.96 $
Slide 21: EMG Midwest Generation Capacity Status
Leading EMG Status Installed Capacity Price Aggregate MW October June Midwest EME 1 November SeeMW 1, per Homer the Capacity at2012 2010 2011 1, the September Unsold Generation Average Capacity1 MD&A MW 2009 6, Way to City 2009 MW Sales May to Capacity in “Market Price 1,884 20 May Electricity Sold
Slide 22: Midwest Generation Hedge Position
1 At 6 3 Midwest MMBtu September to Generation 1 MWh) 30, 2009, to GWh hedge there hedged Midwest are options and Generation average to purchase price energy data additional for price 2010 risks coal asduring of of0.3 October million the remainder 31,tons 2009 forof and 2011, 2009 includes 0.5 andmi
Slide 23: Environmental Spending and Key Comments
Leading Environmental Key •Mercury Testing Comments Spending In November Testing Installed Preliminary Evaluating 2006, Elements alternative the Midwest (90% of sodium capital Dry 6,Selective Way particulate impact 2009 results Sorbent removal Agreement on based inGeneration environmental 22 Electri
Slide 24: Edison Mission Marketing & Trading
Leading Edison Typically Target Primarily •Largely VaR; EMMT $ $200 $250 $150 $164 $50 $100 $130 2004 $0 $23 1 20092 2 November Markets Hedges Proprietary Enters Controls Year-to-date Millions Income $40 $195 $142 2005 EaR; hedge-neutral Mission Trading in into the key from atransmission-related ene
Slide 25: EMG Strategic Portfolio and Wind Development
Leading EMG Strategic Portfolio Portfolio Favorable Increasing 25 •Recent $206 150 $586 Data 2009Wind Estimated November 22010 06/30/2009 Remainder of Projects Turbine Total 1 storage 2 Turbines 39 the importance &projects projects $651 MW diversification million as 6,Development cash Energy Way nee
Slide 26: EMG Solar Focus
•Leading Focus EMG November Large-scale Ground Connected Identified Processing Formed Solar is onseeking the high mounted strategic 6,over Program Way to transmission 2009 (20-100 solar transmission to 30 inrelationship 25 deploy sites Electricity insolation MW EDISON for and utility per potential g
Slide 27: Appendix
Leading the6,Way November Appendix 2009in26 Electricity EDISONSM INTERNATIONAL®
Slide 28: EIX Third-Party and Intercompany Relationships
Leading EIX Third-Party •Intercompany Southern Mission Edison No Ordinary Long-standing Unregulated and is EIX November 1 10-K aInternational Mission for Capital the focused EMG aEdison guarantees cross-default obligation course 6,Obligations Way investment Relationships Legal/Structural EnergyEnerg
Slide 29: Global Tax Settlement and Cash Flow
Leading Global Year-to-date Income Overall Edison EIX Net of Taxes Estimated Cash 1 2 See cross-border proceeds ($ flow the settled NovemberTax parent Includes Statement global millions)1 the “EIX: future expected Settlement Way 6,status through from co. tax leases 2009Liquidity, all net in EIX sett
Slide 30: EMG Estimated Capital Expenditures
Leading EMG Estimated Remainder (in MWG Homer Plant Environmental Renewable Projects Turbine Other Total (a) Millions) $170 capital Capital capital November •Capital storage 1 City See commitments2 under theExpenditures Commitments” 2 EME’s Continuing Evaluation Includes For 2010, $1,081 of Projects
Slide 31: EMG Liquidity
Leading Liquidity June EMG EME & Sources Credit Cash Available •Recent 1 Return Project Capital 30, & Edison EMG Facility November 2 developments Edison short (in subsidiary 3 Excludes SCE the to 2009 finance Profile Liquidity parent amountsnormal ofMillions) Way 6, theEIX term September $unused (av
Slide 32: EMG Reconciliation
Leading EMG Reconciliation Earnings Addback Discontinued Interest Income Depreciation EBITDA2 Production Gain Addback: Loss Charge Adjusted 1 2 3 on – to November Adjusted Earnings (loss) expense income taxes early sale the (Loss) (Deduct): EBITDA1 Seecancel 446 tax Way of and Use125 operations exti
Slide 33: Reconciliation of Core Earnings
Leading Reconciliation Earnings Attributable Core Non-core Global SCE EMG Total EIX 1 core parent GAAP –$Earnings1 — Novembernon-core 208 –— 284 regulatory tax See discontinued —the — Non-GAAP (Loss) earnings items 61 settlement: $company —Earnings 6,Use — Way to 300 479 300 of items Edison (624) 20
Slide 34: Generation All-in Realized Price Reconciliation
Leading Generation All-in Less: Realized Average 3,354 $236 (14) $222 -$66.21 $78 $23.30 Reconciliation Q3 Operating Wind Fuel Midwest Homer Other November Segment 33 - -(1) 08 -$65 (6) expenses Costs $170 $164 Unrealized projects 2,994 Non-GAAP revenues -Average Q3 $54.69 $21.46 City (7) $202 the r
Slide 35: Use of Non-GAAP Financial Measures
Leading Use Edison EPS internally measurements allows per earnings respectively, of International EBITDA and evaluating The believes impact A referenced November reconciliation earnings International projects average of byCore Non-GAAP of International’s earnings the or by ishedge for EMG. in 6, los
Edison International — Corporate Update (November 2009) on 6ix