Edison International · NYSE:EIX
Edison International — Q4 2009 Earnings Presentation
36 slides from Edison International's earnings presentation, Mar 1, 2010
Slide 1: Fourth Quarter Financial Teleconference 2009
Exhibit 99.2 Fourth Quarter Financial Teleconference 2009
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements not differ them Analysis” also March purely provide to materially 1,reflect the 2010 in historical, contained Way additional Edison new from in 1Statements information, Electricity International’s are EDISON in current information this forward-looking presentation
Slide 3: Fourth Quarter Earnings Summary
Fourth Reconciliation (0.12) 0.13 0.25 EMG3 $0.08 $0.51 $0.43 Variance 2009 2008 Core (0.03) (0.05) (0.02) Non-Core ($0.07) $0.59 EIX 0.04 EMG $0.02 SCE Total — Basic $0.06 $— Diluted Earnings ($0.01) $0.65 $0.66 Core1 EPS $217 Basic2 Q4 1 2 3 4 December March The See Basic Includes 08 parent EPS EP
Slide 4: SCE Fourth Quarter EPS
Leading SCE EPS Q4 Non-Core $0.51 Core1 Variance Basic 0.02 — Recent $0.10 $0.53 •$0.43 Key Rate Recovery $0.09 Income 0.04 1 $0.08 Total (0.01) Other (0.04) 2 March $21.5 Progress Installed See HECA 08 09 Core base Fourth Use EPSattributable 1, Developments billion taxes the is2010 of growth Earnin
Slide 5: EMG Fourth Quarter EPS
Leading EMG EPS Q4 Non-Core $0.13 Core1 Variance Basic — Recent ($0.08) $0.17 $0.25 •?First Key Merchant Renewable ($0.10) Natural (0.01) Corporate (0.03) EMMT3—Trading 0.02 Edison 0.04 1 ($0.12) Total (0.04) 2 3 March Modest MWG Began See Includes EMMT 08 09 Core Use EPSattributable Fourth construc
Slide 6: Full-Year Earnings Summary
Leading Full-Year Reconciliation (1.04) 0.68 1.72 EMG2 $0.43 $2.68 $2.25 Variance 2009 Core 0.02 (0.11) (0.13) Non-Core ($0.59) $3.25 $3.84 EIX (1.89) EMG $1.23 $1.08 SCE Total 0.15 — ($0.51) ($0.66) ($0.15) Diluted $2.59 $3.69 Earnings ($1.10) $2.58 $3.68 ($ $1,264 Core1 $1,215 Basic $849 2008 1 2
Slide 7: Full-Year Southern California Edison EPS
Leading Full-Year Southern $2.68 $2.25 1.23 1.08 (0.15) $1.66 $3.76 $2.10 Non-Core $0.68 Core1 Variance 2009 EPS Basic (1.89) ($2.93) ($1.21) $1.72 Rate Impact $0.39 0.14 2008 Income Other refunds 0.05 Key $0.43 (0.25) Merchant Renewable ($0.68) Natural Corporate (0.19) EMMT3—Trading (0.06) Edison —
Slide 8: EMG Midwest Generation Operational Statistics
Leading EMG Midwest 30,310 31,100 8,588 7,484 5.8% 8.3% 5.4% 6.3% 63.3% 64.8% 71.2% 62.0% Homer 85.3% 81.0% 89.8% •81.5% Q4 Total 2009 2008 Forced 11,446 11,334 2,769 2,538 Capacity 9.4% 9.8% 14.8% 14.6% Equivalent 69.2% 68.3% 66.4% 60.7% All-in 84.7% 80.7% 78.6% 80.1% $44.54 $15.41 $58.86 $60 $31 $
Slide 9: EMG Midwest Generation and Homer City Hedge Status
Leading EMG Status Midwest Homer Total 1.2 2.3 4.6 $54.47 $79.25 29 3,673 9.8 17.3 $— $59.64 $42.66 — 1,428 19,717 2012 2011 2010 1 2 3 February 4 City March As The MWh) In January facilities. of estimated Hedge amount at 1, City3,4 December the for December Generation1,2,4 2010, 2010 Way the and 20
Slide 10: SCE Capital Investment Forecast
Leading SCE $4 2009 2010-2014 S $ E 4 1.0 G 5 1.1 By 21.5 51 10.9 Distribution 5.5 Transmission 14 3.0 % CPUC 2012 22 Other 41 FERC 11 Base 2010-14 100 Total 26 Low $21.5 $4.2 $4.3 $4.6 $4.4 $4.0 $2.9 1 $18.0 $3.5 $3.6 $3.9 $3.7 $3.3 2 009 olar dison eneration Billions $3 Proceeding MarchSubject Cas
Slide 11: SCE Rate Base Forecast
Leading SCE $ $20 Base CAGR 2014 2013 2012 2011 2010 2009 5-Yr Low 11% $25.2 $23.0 $20.8 $18.1 $16.2 $14.8 1 8% $22.2 $20.5 $19.0 $17.2 $15.8 permitting, (5) March Billions Forecast CPUC $15 Case Rate Case1 1,$10 the 2010 Base $25 approved as licensing Way $5 of10 Forecast $0 February inEDISON Elect
Slide 12: EMG Capital Expenditures and Commitments
Leading EMG Status ($ MWG 2012 2011 2010 2009 $10 $79 $72 $54 Homer 70 98 Plant Environmental 24 52 31 19 5 7 Renewable Capital Turbine expenditures2,4 746 171 Other — 22 357 265 8 T 9 17 1 $65 $243 $1,329 $548 2 3 arranged. 2010. project 4 March 02otal Turbine Environmental Includes For in Millions
Slide 13: EMG Wind Portfolio and Development Pipeline
Leading EMG Portfolio 24 March •Wind Recent 130 80DataWind 4Laredo Estimated Prior MW the Investment Projects Turbine $1,353 $746 $607 600 EMG’s $1,853 $1,124 $729 902 Total 500 378 122 302 1 2 3 Includes MWMW & projects construction 31 512 210 302 Amounts projects Spend MW Turbine 1, as Development
Slide 14: 2010 Earnings Guidance
Leading Reconciliation 2009 2010 High Mid Low Non-core — (0.66) Actual/Midpoint $3.45 $3.15 $2.59 EIX 0.62 0.68 EMG $2.80 $2.68 SCE Southern Assumptions $3.30 $3.25 Total (0.12) (0.11) 48% Edison •Other 1 company March 2010 Energy Forward EMMT March Continuation Normal No Excludes Seeparent core bas
Slide 15: 2009 to 2010 Core EPS Guidance Bridge
Leading Reconciliation SCE EMG & 2009 (0.12) $3.25 $3.30 (0.01) (0.08) 0.06 (0.10) 0.24 Rate Generation Edison EMMT Corporate EIX 2010 1 March See Other Parent base +$0.12 Core Positive Guidance1 Use ($0.06) 1, Capital the ($0.01) 2010 Growth Expense of Guidance—Midpoint Fleet Co. Company Way Non-GA
Slide 16: PJM NiHub Forward Power Curves
Leading 2010 PJM $45 $50 $55 NiHub $25 $30 Jan Balance Source: $31.86 $23.70 $41.09 $45.05 Flat $37.57 Off-peak $53.51 On-peak 1/31/2010 MarchFeb /MWh West Forward 1, Flat Broker Mar of the 2010 Flat Year $40 1/31/2010 Way Apr Curves 1/31/2010 15 quotes $(Feb May in $35 EDISON Electricity –June Dec)
Slide 17: Appendix
Leading1,the March Appendix 2010 Way 16inEDISON Electricity INTERNATIONAL® SM
Slide 18: Delivering Sustained Value Creation
Leading Delivering Southern Edison A Balance growth Decoupled Diversify Our March diversified key1, International Mission electric operating the 2010 California generation Superior regulatory Way and 17 Group reliability, in flexible EDISON principles Electricity Edison and platform model Sustained
Slide 19: SCE Cross-Valley and Transmission Projects
Leading SCE Cross Santa Antelope Windhub Whirlwind Highwind Rector MiraLoma Pardee Vincent Ivanpah Los River Colorado Valley DCR Alberhill Eldorado * Project 2010 In-Service Phase Tehachapi Renewables 2009 Complete/Construction Devers-Colorado $1,742 469 Eldorado-Ivanpah4 658 2013 794 San Reliabilit
Slide 20: SCE Renewable Energy Portfolio
Leading Small Geothermal Wind Renewable 9% 13.6 28.7 14.8 2010 2009 2020 •SCE Sources: March 16% 10% Over Contracts Increase 94% Renewable 2008 2010 Est. 20% Potential 26% Hydro of 65% half 1,the Energy SCE’s all 2010 Renewable Increase Goal Renewable of are Resources of 57% Way U.S. 4% U.S. U.S. 33
Slide 21: The Smart Grid
Leading The Grid Smart Energy Historical •Future For $54 March Artificial Improved Increased Grid Integration Robust Sends Manages Optimizes Improves Support the million Traditional Control, Metering control management 1, Grid last Smart price the customer 2010 for Grid intelligence aggregate genera
Slide 22: SCE Cost of Capital Mechanism
Leading SCE Moody’s 8 9 10 (%) 5 4 Cost 7of period. Spot Average •Sep-07 – 1 March As In Cost At Rate Triggers If not Spot index 2008, the Baa of September rate of rate 1, January Dec-07 Way Capital 6isInUtility triggered, from Capital 2010 exceeds –based dailyin Electricity Mechanism Index beginnin
Slide 23: SCE Key Regulatory Cases
Leading SCE Case Date Next Status 2010 On 07/31/09 ER09-1534 Proposed Tehachapi A. 06/28/07 Record DCR A.05— 04/11/05 CAISO Eldorado- In 05/28/09 adders of A.09— Alberhill Filed 09/30/09 Draft 1 March Devers-Colorado November December delivered 07-06-031 September Regulatory of Milestone Number FERC
Slide 24: EMG Status: Projects and Pipeline
Leading EMG Status Projects Operating C % MW 73 7,395 T 153 Other 12 1,185 13 1,339 Wind 100 10,072 Pending ~4,000 Pipeline Thermal 600 Natural 1 479 2 3 otal oalsource MarchNatural Development Business at 1,Gas Ownedin the and/or Pipeline3 January Platform1 operation gas Way or Deliveries of 2010 P
Slide 25: EMG Capacity Sales and Prices
Leading EMG Status Installed Unsold Capacity RPM Other Price Average MW Aggregate January $102.29 $99.23 (431) $102.04 5,329 4,898 (878) 5,776 $ 8 1,670 1,678 (206) $191.32 4,929 (548) $174.29 1,813 (71) $107.99 $85.00 400 4,582 4,982 (495) June $110.00 1,771 (113) Midwest Homer $16.46 4,704 (773) 5
Slide 26: EMG Mercury and Emissions Compliance Timelines
Leading EMG Mercury 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 0.008 SO2 Compliance Waukegan 0.44 Crawford 0.195 0.28 Powerton, Fisk 0.41 Joliet, Construction 0.11 0.13 County 0.15 Will Unit-specific Fleet-wide NOx 1 deadlines March Simplified County SO2 –or1,Illinois the 90% 2010 as 8Mercury
Slide 27: Edison Mission Marketing and Trading
Leading Edison ?Typically ?Target ?Primarily •?Largely ?VaR; EMMT $ March 2009 2008 2007 2006 2005 2004 $0 $23 $49 $50 $100 $130 $142 $150 $164 $195 $200 $250 Markets Manages Proprietary Controls Millions EaR; 1, Mission Trading approximately the in 2010 energy on agross transmission-related eastern
Slide 28: Status of Liquidity and Debt Maturities
Leading Status Liquidity Credit $1,426 $1,100 $2,894 Cash 1,341 960 2,882 Available 26 390 796 471 Debt $1,367 $390 $1,756 $3,353 Short 2013 2012 2011 2010 Edison 85 545 40 36 37 EMG $250 Expiration 90 1 1,426 EIX 500 MWG 600 — EME $2,394 $— $500 SCE 2 subsidiary 3 4 March Edison Excludes SCE Redeem
Slide 29: Global Tax Settlement Cash Impact
Leading Global Status Income Edison SCE EIX Overall ($254) $54 ($614) $306 Net of $1,385 — Taxes Estimated (343) (149) (1,069) 875 Cash (642) 189 (602) (229) 1 $400 $40 ($286) $646 2 3 Internal March Includes See cross-border proceeds parent consolidated ($ flow the settled at 1, Tax Capital Stateme
Slide 30: EMG Fourth Quarter Comparative Information
Leading EMG 4Q 2 % Variance 2009 28,977 26,010 6,606 -3% (790) 30,310 31,100 15% 1,104 8,588 7,484 Total 1,333 5,090 878 4.3% 85.3% 81.0% 89.8% 81.5% -2.5% 5.8% 8.3% -0.9% 5.4% 6.3% Energy Load -21% ($10.65) $41.17 $51.82 -17% ($8.13) $38.94 $47.07 ($0.12) $62.52 $62.64 — $62.60 20% $3.05 $18.54 $15
Slide 31: EMG Earnings Reconciliation and Adjusted EBITDA
Leading EMG Reconciliation Q4 Earnings 2009 2008 Addback ($395) $561 $55 $82 IDiscontinued (388) 561 57 82 Interest 306 288 74 77 Income (23) (37) (8) (10) 7 Depreciation (284) 272 Production ($149) $1,281 $164 $210 EBITDA2 240 197 62 54 Gain Addback: 56 44 16 (15 4 and 889 Write-off Adjusted — 23 1
Slide 32: Fourth Quarter Earnings Reconciliation
Leading Fourth Reconcilation (0.12) 0.13 0.25 EMG3,4 $0.08 $0.51 $0.43 Variance 2009 2008 and (0.05) (0.02) ($0.07) $0.59 EIX $0.02 Total Basic $0.06 $— Diluted Core ($0.01) $0.65 $0.66 FERC 0.08 Midwest (0.10) Homer — Renewable Higher (0.01) Natural Primarily (0.03) EMMT—Trading Corporate Edison Lo
Slide 33: Full-Year Earnings Reconciliation
Leading Full-Year Reconcilation (1.04) 0.68 1.72 EMG3,4 $0.43 $2.68 $2.25 Variance 2009 2008 0.02 (0.13) ($0.59) $3.25 $3.84 EIX $1.23 $1.08 Total 0.15 Basic ($0.51) ($0.66) ($0.15) Diluted $2.59 $3.69 Core ($1.10) $2.58 $3.68 primarily Midwest 0.43 (0.65) Homer charge (0.03) Renewable Higher Natura
Slide 34: Reconciliation of Core Earnings to GAAP Earnings
Lea Reconciliation Earnings Quarter Year-Ended Attributable Core 2009 2008 222 561 42 81 $874 $732 $167 $141 (32) (29) (15) (5) Non-core $1,064 $1,264 $194 (SCE—regulatory 5 Global 46 (610) 14 EMG 306 SCE EMG—discontinued 50 Total (7) (1) EIX ($215) ($49) $18 — 1 $849 $1,215 $212 $217 March 49) SeeG
Slide 35: Generation Operating Revenues and All-in Margin Reconciliation
Leading Generation 11,446 11,334 2,769 2,538 30,310 31,100 8,588 7,484 $663 $717 $167 ($169 6 (8) (9) (15) (21) (4) (14) (13) (12) (3) (6) All-in $648 $683 $163 $143 $1,454 $382 $407 $56.66 $60.26 $58.86 $56.21 $47.97 $57.18 $44.54 $54.41 Less: Realized 15 3 Average $251 $270 $59 $68 $562 $153 Recon
Slide 36: Use of Non-GAAP Financial Measures
Leading Use Edison also Company’s Core loss based common operating company EBITDA gain evaluating The and impact A referenced March reconciliation Exchange unrealized average of from use on earnings on 1, Non-GAAP of International’s the core the shares. the 2010 is and discontinued subsidiary hedge