Edison International · NYSE:EIX
Edison International — Non-Deal Roadshow (May 2006)
26 slides from Edison International's roadshow presentation, May 30, 2006
Slide 1: Business Update May 30-31, 2006
Exhibit 99.1 Exhibit Business May 30-31, 99.1 Update 2006
Slide 2: Forward-Looking Statements
Forward-Looking This expectations does “will,” necessarily to on decisions activities; initiatives rate the emission collateral including changes Additional Exchange future statements 1 differ, its cost wholesale and presentation not common reports “could,” and output; in directly or credits in and
Slide 3: Edison International Strategic Plan
Edison utility Balance Performance Shareholder Dividends Growth Strong Competitive Organic Produces Significant 2 International Growth Sheet long-term Returns power operating Strength generation –earnings Strategic in a large business and Plan and cash Foundation rapidly with flow large growth growi
Slide 4: 2005-2006 Performance Highlights
2005-2006 2006 Performance businesses Balance Growth Increased Dividends Shareholder 2005 1 2 3 GRC recourse total See initiatives Sheet annual shareholder (40%) Decision Highlights: Appendix Returns Includesleverage Strength common onaffirms plan for return Effective ratio1 short-termnon-GAAP stock
Slide 5: Value Drivers: SCE Capital Investment
Southernthe VALUE SDG&E SCE LADWP PG&E Among Support Strategic 4 for DRIVERS plan California fastest major capital capital growing Edison expenditures investment U.S. (SCE)electric of Three $10.6 utilities year billion, rate Major nearly setting capital doubles Annual investment the cost spending of
Slide 6: SCE Growth: Major Project Status
SCE Plan Growth Major– 2005-2006 2006 Request Performance Infrastructure 2005 Target GRC significant project Mountainview Highlights: investment =status $1.6 Application ($0.6 billion capital GRC •billion) •Continued • $1.7 Completed billion1 Decision growth inGrowth –•January CPUC plant issued Appr
Slide 7: SCE GRC Decision
SCE increase Supports 97% Total 95% 2006 Increased Rate 6 of –authorized GRC Gross 2006 capital annual our total Decision Capital General power isrequest operating annual retroactive operating Additions: grid affirms Rate depreciation approved strengthening expense Case expense toSCE’s January $5.0
Slide 8: SCE Capital Expenditures 2005-2009
SCE 2005-2009 Major Strategic 1.7 2005 2.3 2.1 2.2 Current $ 1 –2006 transmission Capital Generation% Forecast Plan Transmission Distribution Total Current 2007 outlook 12.8 Period Expenditures 1.8 8.3 100 Forecast2008 by 14 2.7 65 exceeds projects 21 byClassification (Oct. 2009’04) 2010 the advance
Slide 9: SCE Annual Rate Base Growth
SCE 18.0 2003 15.8 14.4 12.6 11.7 10.9 10.2 3 2010 2009 2008 2007 2006 2005 8 3 16.0 –GRC Growth 1 2 2009 Annual 3Rate Includes14.0 1 6.9% 2 Expect Rate 12.0 impact increase 10.0 Base torelated file of7.3% 20068.0 Growth: 2009 7.7%6.014.3% GRC GRC primarily 4.0 to7-10% 2.0 Decision in July 0.0 9.7%
Slide 10: SCE Focus Areas and Summer Reliability
SCE – requirements Summer Reliability Southern Market Advanced evaluation Meter Suppliers Company-wide Targeting 9 Focus Redesign supply California providing productivity, Meter Areas Enterprise isInitiative Technology viewed completed is advanced expected asset as Resource management tight Upgrade
Slide 11: Edison Mission Group Value Drivers
Edison Strong March Misc. Midwest Big San Wildorado Ambit Homer Value Low-cost, 7,537 1 2 3 10 4, Juan Wind MW Drivers Sunrise 40 Point operating City Mission Owned Generation Mesa MW coal 161 Coal Storm 1,884 70& Includesgeneration MW 90 by MW Generation (80%) platform, Other MW 180 179Edison Lake
Slide 12: EMG Performance Highlights
EMG Balance Performance Plan •Growth –EBITDA Performance 2005-2006 Sheetbillion Manage Strength Highlights: merchant Exceeding margin Strategic Plan Goals 2005 •liquidity announced 1 11161 MW 500 Reduce Debt $1.0 inG&A Generation nearly reduction facilities—June Permitting Called Wildorado Carson tw
Slide 13: EMG Focus Areas
Optimizing Effective Forward Disciplined, Diversify Contracts Continued Refinancing Expanding EMG 12 – Focus year-end sales management merchant provide improvement MEHC value risk-controlled $1Areas to2005 billion stabilize of stable liquidity coal coal —of$1.9 portfolio sources in generation notes
Slide 14: EMG Commodity and Coal Strategy
EMG Coal 20061 Midwest– Commodity Coal Merchant 20071 Contracted Transportation Coal Gen 104%Coal and Portfolio Emissions Gross Generation Transportation Requirements 95% Margin ValueForward Chain Sales Basis Homer Contracted Midwest Homer Emissions City Gen City 102% Coal 100% 100% 90% Transportati
Slide 15: EMG Merchant Coal Performance
EMG—Merchant Coal 8% 9% 5% 6% 2% 3% 0% Homer 100% 2 10%7% 4% 1% 2003 25% Coal and 80% City Capacity EAF Forecast EFOR Homer20% 5% 2004 Midwest Superior 1 Gen CF 0% Transportation 60% Factor YTD15% Coal 40% Generation 2005 Gen City EFOR YTD (TWh) (TWh) performance through Portfolio 20% 2006 20061 28.
Slide 16: EMG Merchant Coal Hedging and Transportation
EMG—Merchant Coal MidwestCoal Remainder 20061 Hedge 2007 Transportation of Program Gen Coal Portfolio Emissions Gross Generation Margin ValueForward Chain Sales Basis Volume Percent Average Homer (TWh) expected hedge Percent City Volume (TWh) expected 13.2 6.6 15.0 generation prices7.6$/MWh generati
Slide 17: EMG Wind Portfolio
EMG In Under – service Wind Expertise Development 75 100 Projects turbines turbines Portfolio supported Size (2.1 RPS (2.1 252 constructionbyDevelopment Requirements pipeline (MW)1 MW) MW)179 Pipeline long-term acquired supported under Turbine option inPPAs by 2005 National Commitments exclusive agr
Slide 18: EMG Recontracting and Development Opportunities
EMG Recontracting Big Kern Other Natural New 2 4natural River—5-year projects –Big recovery EMG/BP IGCC Early project California Gas-Fired Petroleum 4coke Approximately 17 contracts gas-fired Projects contract permit development hydrogen 90%Generation Thermal fuel contract ofexpire: generation appli
Slide 19: Edison International Dividend
Edison International Longer-term, 2006 2005 1 2 18 targeting Dividend paid – Dividend rate dividend payout Per Share ratio $1.20 of 45%-55%, $0.90 $0.60 excluding $0.30 $0.00 MEHC $1.001 earnings $1.082 2005 core payout ratio excluding MEHC earnings – 50%
Slide 20: Appendix
19 Appendix
Slide 21: Edison International Organizational Structure
Total Edison Southern Credit OperatingInternational GenerationAssets Rating Mission(3)$34.7 CaliforniaBBB Statistics: (2) Group BBB+–BOrganizational 14,441 / MW Edison Baa3 Structure (1) Total Customers Mission Credit B+ Operating / Ba3 Total Coal Assets Debt Rating 4.8 Energy (EME) MWs $24.8 (4) M
Slide 22: Appendix Notes: Leverage Ratio
Appendix termination balance The value comparable Slide 21 calculation 3: of5sheet The $1.5 and Transmission, 2005 Nuclear Capital value 2004 calculation billion, classifications, 7:one-time fuel, forleverage ofthe $1.5 short- 2004 for Distribution expenditures billion, ratio 2005 and &recourse incl
Slide 23: Year Ended December 31 Core Earnings
Year Appendix Core 2005 Ended Earnings Edison 2004 Southern Mission December (Loss) Change California Mission Energy Group 31, Per Edison Holding Common Company Company Share 1.13$1.82 $1.80 (0.27) 1.40$0.02 Edison EIX Capital Mission parent and Group company core Consolidated other and Core 0.29 To
Slide 24: Quarter Ended March 31 Core Earnings
Quarter Appendix Core 2006 Earnings Ended Mission2005 Southern March (Loss) Change California 31,PerCompany Edison Common Company Share $0.37 0.13$0.40 Edison Edison EIX core Non- Mission Energy Capital Mission parent MEHC items: Group Holding and other Group company Consolidated Discontinued 0.05 T
Slide 25: Liquidity Profile
Available ($millions) EME MWG Cash and Sources Midwest Liquidity Pro-Forma 12/31/05 Revolver &Revolver Gen $98 325 – Liquidity 3/31/06 $98 495 3/31/06 $500 495 Profile term $1,753 Collateral 1,200 Credit 3/31/06 Potential 1 2 3 24Excludes 1,000$Short $2,049 Facilities Includes During 1,330 investmen
Slide 26: EMG Planned 2006 Capital Expenditures
EMG Planned 2Q Plant Growth 300 2006 $577 Potential Evaluating Expected Environmental 25 2006 250 BoY million Capex – Capital $millions Expenditures 200 to Expenditures $350 2007 FGDs 4Q 150 expenditures to 2008 Expenditures 2008 100 at $400 Homer 50million 0 City at Midwest total Units cost 1 Gen a