Edison International · NYSE:EIX
Edison International — Investor Presentation (April 2008)
38 slides from Edison International's investor presentation, Apr 1, 2008
Slide 1: Business Update, April 1, 2008
Exhibit 99.1 Leading Business April EDISON2008 1, 2008 the Update INTERNATIONAL® Way in Electricity SM
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements not differ International’s statements April EDISON 1 purely 1, materially 2008 the INTERNATIONAL® historical, represent contained Way 2007 from inStatements Electricity Form our are in current this expectations forward-looking 10-K presentation expectations. SMand
Slide 3: What's Revised: Key Highlights
Leading What’s Revised Key Highlights Expanded Includes Updated SCE April EDISON 2 business Solar solar 1,New 2008 SCE the 2007 SCE INTERNATIONAL® SCE initiative Initiative most Way Since statistics System capital renewable Renewable transmission inOur Electricity summary expenditures Summary March
Slide 4: Strategic Overview
Leading Strategic April EDISON 3 1, 2008 the Overview INTERNATIONAL® Way in Electricity SM
Slide 5: Edison International Value Drivers
Leading Edison EIX SCE Strong Proposed 49%—Expand 28%—New 13%—San 6%—Edison 4%—Solar Strengthened Three-year Cost Procurement FERC Earning EMG Low-cost Adjusted Improving Experienced Hedging Diversify Emphasize Focus 1 2 4 Subject AprilIntegrated Value EDISONof Value on transmission 1,focus Internat
Slide 6: Our Business and Financial Profile
Leading Our Financial Market Southern Population Edison Revenue Operating Generation Wind 1 5 Note:Business Pipeline includes April EDISON1,International Mission Capitalization Reflects the $13.1 $10.5 $2.6 California data Cash Served Capacity Capacity 2008 Way EdisonPortfolio is (MW) Flow1 Flow Gro
Slide 7: Financial and Funding Objectives
Leading Financial Funding Operating Cash Credit Southern A BB Targeting Dividend 1 6 rating rating April EDISONon 1,Objectives1 Senior metrics hand, the Growth California Strategies Policy increases annual metrics cash 2008 Way operating unsecured flow (current: Investments dividend in(current: bala
Slide 8: 2008 Core Earnings Guidance Reconciliation
Leading 2008 Reconciliation Core Non-Core Southern Edison Total EIX Key 11.5% SCE Energy Forward EMG EMMT Lower No Other Excludes 1 share April EDISON 7 See changes parent core reported Factors/Assumptions EPS1 Earnings Non-Core for 1, use Return pre-tax Mission Efficiency pre-tax 2008 the hedge 200
Slide 9: Southern California Edison (SCE)
Leading Southern An April EDISON 8 Investor-Owned 1, 2008 the California INTERNATIONAL® Way in Electricity Edison Electric(SCE) Utility SM
Slide 10: SCE: Largest Investor-Owned Electric Utility in California
Leading Largest 13 4.8 50,000 Earnings Cost Almost 2008 California SCE April EDISON 9 million million System earnings Service inflation new peak 1,square-mile 400,000 85% electric 2008 the driven INTERNATIONAL® connections and demand residents customer Way of Territory decoupled forecast SCE transmi
Slide 11: SCE Power Supply and Demand Balance
Leading SCE Power Increased 1,874 Supply 4,790 Anticipated Other 4,176 830 New Potential 1,339 System 319 Price Environmental Balance Energy Demand Renewable Distributed Clean Load ~6,700 ~1,350 ~350 1 2 10Relative April EDISONLong-Term Distribution Renewables Demand-Side MW growth, Stability Projec
Slide 12: SCE Renewable Energy Procurement
Leading Biomass Wind Solar Small Geothermal 16% ~1/8 Over Renewable 2007 2010 12.5 28% 16 Contracts Transmission SCE April EDISON 11 of Increase Renewable 2007 2010 will Actual 90% Renewable Goal 5% 1, 21% Hydro all SCE 2008 the 8% demonstrate INTERNATIONAL® are of Renewable US Resources 62% Way Pro
Slide 13: SCE Proposed Capital Investment Forecast
Leading SCE Proposed 2008 2009 2010 2011 2012 Solar Edison Generation Transmission Distribution Forecast $% CPUC FERC Total1 In 1 to pre-filing April EDISON 12Subject occur 2008 Capital $4.6 $2.9 $4.1 $4.5 $3.8 Initiative 1, Rate 19.90 19.9 Rate Project SmartConnectTM SCE 2008 in the by INTERNATIONA
Slide 14: SCE Rate Base Growth Forecast
Leading SCE Forecast 2007 2008 2009 2010 2011 2012 12+% Effective 1 and Stimulus Commission to April EDISON 13Includes work regulatory Earnings $21.3 $11.7 $12.7 $15.5 $18.3 $23.6 1,Compound with 2008 the SCE Act execution INTERNATIONAL® impact Way ACC (ACC) of Rate Asset approvals; 2008. in Annual
Slide 15: New Transmission Projects
Leading New Midway CALIFORNIA NEVADA SCE Vincent Palmdale Antelope Las Lugo Mohave Eldorado Los Pardee San Santa Serrano Mira Palm Palo Phoenix Valley Existing ARIZONA Project Renewables Tehachapi Rancho Reliability Other DPV2 Economics Total Grand FERC 1 14 2 in 3 a Vegas AprilAngeles Diego EDISON
Slide 16: SmartConnect Phase Highlights
Leading 2008 $100 – Phase Highlights $1.25 respectively Integrate SCE 1 151.4 leadership April EDISONEdison 2009 Mbillion IIISubject 1, $450 3.0 the Homes Smart Meter application 2010 2008 M Way Edison SmartConnectTM isM 4.6 capital Appliances in to Installation 2011 $800 with inadvanced CPUC MElect
Slide 17: Nation's Leader in Energy Efficiency
Leading Nation’s 1992 10,000 GWh EE 4,041 NSP 7,090 PG&E 9,031 SCE 7 2 Milestones customers has to Alliance American Potential SCE’s 1 16 9,000 United 2006 the Leader 69 reduced Environment April EDISON1,strong USto energy Way 8,000 National States have in Earnings Council 2008Save in greenhouse Ene
Slide 18: SCE Energy Efficiency Earnings Opportunity (CPUC)
Leading SCE CPUC 2006-2008 2006 Year 2009-2011 2009 65% 35% SCE, 1 2 to September the 3 earnings 4 form, decrease April EDISON 17Assumes There The Based $49 fourth of Energy 2007 2010 the 1, the January million Approved 2006-2007 2008 2006-2008 2009-2010 2011 2009-2011 is 2008 upon the are to nation
Slide 19: SCE Rooftop Solar Installation Initiative
Leading SCE Install – approval general SCE’s 1 181-2Rooftop May 100 April EDISONSolar MWb.p. 250 1,proposed seek rate Subject the process premium average Initiative MW 2008future cases Way Solar to of rooftop to inCPUC authority solar installations INTERNATIONAL®Program1 facilitate Electricity for u
Slide 20: Constructive Regulatory Environment
Leading Constructive Element Forward GRC and State Procurement mechanisms Advanced Cost Energy 2008 California’s April EDISON 19 benefits of support with Expected 1,Efficiency Capital 2008 the Regulatory looking INTERNATIONAL® second approval regulatory Way for Trigger Regulatory forcost-inflation E
Slide 21: Edison Mission Group (EMG)
Leading Edison A April EDISON 20Competitive 1,Mission 2008 the INTERNATIONAL® Way Power Group in Electricity Generation (EMG) SMCompany
Slide 22: EMG Generation Platform
Leading EMG Washington California Arizona Wyoming Utah Oklahoma Nevada Texas Iowa Minnesota Nebraska Illinois Maryland Wisconsin New West Pennsylvania Operating Coal Other 9,453 Wind Under Pipeline2 Turbines Thermal Natural MW 1 Data 2 3 21 Natural April EDISON% York as Mexico 5,471 40 1,884 7,395 V
Slide 23: Midwest Generation Operating Statistics
Leading Midwest 2007 Generation Operating Total Equivalent Capacity Load Forced All-in 4Q Average 1 2 22 07vs. April EDISONGeneration Factor Average average 4Q 1,Outage Includes the realized 2006 Generation Factor 06 Statistics Availability up Way 80.4 2007 Average 2008 3.7% realized Realized Rate 6
Slide 24: Homer City Generation Operating Statistics
Leading Homer 2007 Generation Strong Operating Total Equivalent Capacity Load Forced All-in 4Q $21.56 $27.05 Average $23.06 $26.14 1 2 23 07vs. April EDISONGeneration Factor Average average 4Q 1,operating $56.52 City Outage Includes the realized 2006 Factor 06 Statistics Availability up Way –92.4 Av
Slide 25: EMG Hedge Status
Leading EMG Status 2008 Energy Megawatt Load Estimated Homer Total 1 the affect 2 Midwest per 3 during 4 been April EDISON 24The Homer time MWh lower 2009 estimated Requirement 1, Hedge retail amount average at the City Only 2008 of the December Generation City INTERNATIONAL® represents hours GWh1 f
Slide 26: EMG Capacity Sales Status
Leading EMG Status Jan. Megawatts INSTALLED Less: NET Fixed RPM Non-unit Net Price Variable Third Capacity Expected TOTAL AVERAGE 1 25 2 April 2007.Capacity 1,CAPACITY EDISON per Auction Net Party Capacity ActualPrice at 1,2008 Load CAPACITY the Capacity December — MW-day Specific price capacity 200
Slide 27: Edison Mission Marketing & Trading: Optimize Value
Leading Edison Optimize Extending Reducing Leverages Trading Entering Allowed VaR, 2003 EMMT 1 April EDISON 26Income volumetric, 2004 1,Mission Trading provides 2008 primarily the California products INTERNATIONAL® forward from collateral knowledge hedge 2005 Wayenergy Marketing Margin 2006 opportun
Slide 28: MWG Environmental Installation Plan
Leading MWG 90% Installation Phase Emissions Flue Estimated Homer PA EMG Based Note: April EDISON 27 State Gas removed 1, Cost Environmental is Ion II III Compliance City –2008 conducting –the Implementation –Desulfurization Mercury INTERNATIONAL® this cost NOx of estimates SO2 of Way Compliance .11
Slide 29: Strategic Objective: Growing Wind Portfolio
Leading Strategic Contributes Objective Leverages Growing Production Accelerated Mainly Wind Projects1 In-Service Under Total Purchased Turbines Development with 1 28 AprilSuzlon EDISONProjects Energy energy Project Construction 1, long-term Data the importance RPS No. issuccessful and 200813 tax to
Slide 30: Other Growth Opportunities
Leading Other Natural Walnut engineering Will Complement Evaluating Solar Clean-Coal Continuing Carbon Post-combustion April EDISON 29 be 1, EMGCreek, selective capture Gas-Fired 2008 the INTERNATIONAL® investment to Technologies stage Way Growth marketing investigate CAand options in Potential Gene
Slide 31: Appendix
Leading April Appendix EDISON 30 1, 2008 the INTERNATIONAL® Way in Electricity SM
Slide 32: SCE Regulatory Case Update
Leading SCE Case GRC Dec. Cost (COC) COC Program annual A. Tehachapi Pre-hearing Transmission 2007. (segments DPV May Transmission1 Edison 0295-00130 SmartConnectTM Awaiting Capacity R. 2005 due Long-Term December Procurement 2006 Plan2 1 2 31CPUC 05-12-013 07-05-003 04-12-007/8 March AprilFERC. Reg
Slide 33: Fourth Quarter EIX Reconciliation
Leading Fourth Reconciliation EIX Non-core Total Basic Diluted Core Settlement Midwest Lower Homer Higher EMMT2 Corporate Edison 2006 Non-Core SCE EMG 1 December 2 32Seeparent April EDISON$0.37 $? 4Q EPS1 Earnings infrastructure Non-Core use EPS 0.30 (0.01) 4Q interest Quarter 1,City energy trading
Slide 34: Full-Year EIX Reconciliation
Leading Full-Year Reconciliation EIX Non-core Total Basic Diluted Core Midwest Homer Income EMMT2 Corporate Higher Edison 2006 Non-Core SCE $0.02 EMG 1 December 2 33Seeparent April EDISON$2.07 $0.10 2007: EPS1 Earnings infrastructure Non-Core use EPS 1.72 (0.46) 2007 (0.39) 1,operating City energy t
Slide 35: EMG Adjusted EBITDA Reconciliation
Leading EMG Reconciliation Net Addback Cumulative Discontinued Interest Income Depreciation EBITDA Production Discrete Impairment Gain Loss Adjusted Note: from 1 34 Income April EDISONon gain Adjusted EBITDA 1, Production from expense income taxes lease early sale the items: (Deduct): 976 EBITDA 200
Slide 36: EMG Growth Capital Expenditures
Leading EMG Growth $800 2008 Total Balance Homer Estimated Midwest Evaluating Additional 1 installed projects necessary currently April EDISON 35EMG –$1,970 $600 2009 1, Capital 2010 City expects Commitments 2008 is of the capacity Generation or INTERNATIONAL® to Expenditures1 Expenditures dependent
Slide 37: Liquidity Profile
Leading Liquidity Sources Credit Cash Available 1 April entities. EDISON 36SCE& 1,Facility and short 2008 ($ the INTERNATIONAL® Profile Liquidity Millions) EMG Way term $2,500 (availability) amounts ininvestments1 at $2,023 Electricity SCE December $1,100 EMG exclude $2,234 $1,771 $1,500 SMEIX 252 3
Slide 38: Use of Non-GAAP Financial Measures
Leading Use Edison and accurately EPS share. securities principal operating A referenced April EDISON 37reconciliation Exchange EPS of by1,Non-GAAP International’s principal 2008 the by operating INTERNATIONAL® subsidiary (vested compare inprincipal Way the Commission. of presentation. operating in
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