Edison International · NYSE:EIX
Edison International — Corporate Update (September 2021)
14 slides from Edison International's corporate update, Sep 16, 2021
Slide 1: Business Update Supplement — SCE 2021 General Rate Case Decision and 2021 Earnings Guidance
Business Update Supplement — SCE 2021 General Rate Case Decision and 2021 Earnings Guidance September 16, 2021
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statem
Slide 3: GRC Final Decision provides visibility to establish 2021 earnings guidance and long-term EPS growth rate target
GRC Final Decision provides visibility to establish 2021 earnings guidance and long-term EPS growth rate target SCE received a final decision in Favorable decision provides track 1 of its 2021 GRC foundation for 2021–20231 $4.42–4.62 EIX establishes 2021 EPS guidance 2021 Core EPS2 EIX has quantifie
Slide 4: 2021 GRC track 1: CPUC's final decision supports critical investments and provides foundation through 2023
2021 GRC track 1: CPUC’s final decision supports critical investments and provides foundation through 2023 On August 19, CPUC issued a final decision in track 1 of SCE’s 2021 GRC, focused on balancing necessary spending on safety and reliability with affordability One of the first rate cases to cons
Slide 5: SCE has significant capital expenditure opportunities driven by investments in the safety and reliability of the grid
SCE has significant capital expenditure opportunities driven by investments in the safety and reliability of the grid Capital deployment expected to increase beyond the current 2021 GRC track 1 final decision GRC cycle and will be proposed in future applications supports $5.3 billion of annual Capit
Slide 6: 2021 GRC track 1 decision provides rate base visibility through 2023; future applications expected to extend growth
2021 GRC track 1 decision provides rate base visibility through 2023; future applications expected to extend growth From a 2021 base, rate base growth forecast of 6–8% 2021 GRC track 1 final decision through 2025, reflecting future incremental investment supports solid rate base growth Rate Base1 $
Slide 7: EIX establishes 2021 core EPS guidance of $4.42–4.62, driven by strong operational results
EIX establishes 2021 core EPS guidance of $4.42–4.62, driven by strong operational results EIX 2021 Core Earnings Per Share Guidance Range Key components of variances Building from SCE Rate Base from SCE rate base EPS1 YTD 2021 SCE Operational Variances Recorded1 Guidance1 Financial, operating, and
Slide 8: 2021 EIX Core Earnings Guidance Assumptions and Preliminary 2022 Considerations
2021 EIX Core Earnings Guidance Assumptions and Preliminary 2022 Considerations 2021 2022 Assumption Preliminary Considerations CPUC Rate Base ($ in Billions) $28.4 Rate base growth as projected Return on Equity (ROE) 10.30% 2022 ROE subject to CPUC decision on SCE’s Equity in Capital Structure 52.0
Slide 9: EIX expects to achieve a 5–7% EPS CAGR from 2021 to 2025
EIX expects to achieve a 5–7% EPS CAGR1 from 2021 to 2025 5–7% Driven by rate base Rate base and dividend growth 2021–2025 expected to be financed with: growth of ~6–8% Core EPS CAGR1 • Utility cash from operations and financings ~4.5% Target dividend • Holding company debt issuances Current payout
Slide 10: Appendix
Appendix
Slide 11: SCE's 2021 General Rate Case will be approved in four tracks over 2021–2023
SCE’s 2021 General Rate Case will be approved in four tracks over 2021–2023 Estimated timeline for 2021 General Rate Case tracks and milestones Opening CPUC SCE Intervenor SCE & Reply Proposed Testimony Testimony Rebuttal Briefs Decision Track 1: 2021–2023 GRC Revenue Requirement (Approved
Slide 12: SCE Key Regulatory Proceedings
SCE Key Regulatory Proceedings Proceeding Description and Next Steps Base 2021 GRC Track 4 Set CPUC base revenue requirement for third attrition year (2024) Rates (A.19-08-013) Track 4 to be filed Q2 2022 2022 Cost of Capital Establish cost of capital for 2022 and reset cost of capital mechanism (A.
Slide 13: Earnings Per Share Non-GAAP Reconciliations
Earnings Per Share Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance1 2021 EPS Attributable to Edison International Low High Basic EIX EPS2 $4.21 $4.41 Total Non-Core Items2 (0.21) (0.21) Core EIX EPS $4.42 $4.62 1. EPS is calcul
Slide 14: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings (losses) internally for financial planning and for analysis of performance. Core earnings (losses) are
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