Edison International · NYSE:EIX
Edison International — Investor Presentation (August 2008)
34 slides from Edison International's investor presentation, Aug 29, 2008
Slide 1: Business Update, August 29, 2008
Exhibit 99.1 Leading29, Business September August EDISON the Update INTERNATIONAL® 2008 2008 Way in Electricity SM
Slide 2: Forward-Looking Statements
Forward-Looking Statements not differ International’s represent Leading August EDISON 1 purely materially 29, the our INTERNATIONAL® historical, contained 2008 Way expectations 2007 from inStatements Electricity Form are in current this forward-looking 10-K only presentation expectations. SM as and
Slide 3: What's New Since May 2008
Leading What’s 2Q Updated EMMT EMG – Additional Strategic August EDISON 2 Wind Solar Natural 2008 environmental development New (p. 29, (pp. scope the Information SCE results overview: INTERNATIONAL® gas 27) Topics 2008 Way 24-26) Since (p. customer (p.and 28) in 23) Our five Electricity forward com
Slide 4: Strategic Overview
Leading29, Strategic August EDISON 3 the Overview INTERNATIONAL® 2008 Way in Electricity SM
Slide 5: Edison International (EIX) Value Drivers
Leading Edison EIX SCE Proposed 10%—SmartConnect™ 13%—Generation 28%—Transmission 49%—Distribution Energy Strong Three-year Multi-year Procurement Earning EMG Low-cost Adjusted Favorable Operational Experienced Long-term Prudent Hedging Financial Diversify Emphasize Focus 1 2 August EDISON 4 Subject
Slide 6: Focus on Our Business Priorities
Leading Execute Focus 5 Obtain ManageonMain Diversify Meet Deliver Realizing August EDISON on the Superior Business Way Business Environmental Good 29, On Our inExecution Electricity Priorities INTERNATIONAL® EMG’s our 2008 Our Large Priorities Regulatory substantial Wind Coal ofSM Construction Chal
Slide 7: Financial Objectives and Funding Strategies
Leading Financial Funding Operating Cash Southern Objectives1 Credit A Edison BB Targeting Policy Dividend Parent 1 6 rating rating August EDISONonfinancing Mission Senior metrics hand, the Growth California Strategies increases annual 29,metrics cash Way operating unsecured flow Energy (current: ca
Slide 8: 2008 Guidance
Leading 2008 Guidance Non-core Core 8/8/2008 Total Note: Updated Continue EIX 11.5% SCE Includes Forward EMG EMMT Lower Excluded Discontinued Potential Possible 1 GAAP August EDISON 7 Seeparent core GAAP $and Earnings guidance Use Guidance $Return 2.18 pre-tax earnings 29, 1.57 pre-tax the impairmen
Slide 9: Southern California Edison (SCE)
Leading Southern An August EDISON 8 Investor-Owned 29, the California INTERNATIONAL® 2008 Way in Electricity Edison Electric(SCE) Utility SM
Slide 10: SCE Service Territory and Customers
Leading Largest 13 4.8 50,000 Earnings Cost Customer 2008 California SCE August EDISON 9 million million System earnings Service inflation new peak square-mile 29, electric the model driven INTERNATIONAL® and connections and demand residents customer 2008 Way Territory are forecast load SCE utility
Slide 11: SCE Capital Investment Forecast
Leading SCE $19.9 $4 2008 $3.8 $4.6 $4.5 $4.1 $2.9 Solar Edison Generation Transmission Distribution By $ CPUC FERC Total1 In 1 occur and August EDISON 10Billions % Subject 2008, $3 Classification Proceeding continues Capital 2009 Rooftop in Billion $2 Rate 19.90 Rate Project SmartConnect™ 29, 2009
Slide 12: SCE Rate Base Growth
Leading SCE $ $20 11Billions 2007$15 $23.6 $21.3 $18.3 $15.5 $12.7 $11.7Rate Superior 1 and Stimulus2$10 the Commission work August EDISON Includes +Base $25 regulatory 2008 with 29, % Way $5 Compound Forecast $0 execution Act inofof Electricity INTERNATIONAL® the impact 2009 2008 (ACC) of ACC appro
Slide 13: SCE New Transmission Projects
Leading SCE New NEVADA Antelope Territory Windhub Vincent San 2008-2012 Project Renewables Tehachapi Rancho Reliability Other Total DPV2 Economics Grand FERC 1 12 2 Diego here. August EDISONTransmission transmission Renewables Reliability Projects Total Licensing2 earning Name Subject Vista ARIZONA
Slide 14: SmartConnect Meter Program
Leading Meter 2008 Annual Cumulative Application On Estimated Edison Integrate SCE 1 13 August SmartConnectTM is August EDISON2009 Installation leading SmartConnectTM Capital Subject the 29,Homes Smart total 2010 19, Meters filed Way received the project Spending Appliances to2011 with in July Timel
Slide 15: SCE Energy Efficiency Earnings Opportunity
Leading SCE CPUC 2006-2008 Year 2009-2011 2009 Potential 65% 35% SCE, 1 range 2 3 draft August EDISON 14Assumes The Based of Energy 2006 CPUC 2010 the of $146 Approved 29, 2006-2007 2008 2006-2008 2009-2010 2011 2009-2011 upon the $41-$49 Earnings national INTERNATIONAL® 2007 2011 EE SCE 2008 millio
Slide 16: SCE Solar Rooftop Program
Leading Install Initial – SCE SCE’s 1 151-2requested $875 Expected First August EDISONSolar MW 2250 proposed Solar million Subject MW the 29, average Rooftop MW operational Way awarded start-up 1authority to of rooftop capital inCPUC thin-film project INTERNATIONAL® 2008 Program Electricity in PVSep
Slide 17: Constructive Regulatory Environment
Leading Constructive What’s Advance Trigger Forward-looking State Benefits Upfront Better Three-year Regulatory California’s investment) August EDISON 16 support matching Changed 29, mechanism review the to approval INTERNATIONAL® Customers process 2008 decisions regulatory Way Regulatory forof of S
Slide 18: Edison Mission Group (EMG)
Leading Edison A August EDISON 17Competitive Mission 29, the INTERNATIONAL® 2008 Way Power Group in Electricity Generation (EMG) SMCompany
Slide 19: EMG's Current Status
Leading EMG’s Status 95 70 258 89 90 241 Current 85 Coal Renewables 9,582 Under Natural MW EMG 1 2 3 18 180 305 299 241 470 % 7,395 August EDISON is 100 at Construction 100 192 1,140 Business Other Gas Gas2 Operating focusing 145 the June 77 964 Way /695 1,884 Contract Owned 29, 1,070 479 Other1 inc
Slide 20: EMG Midwest Generation
Leading EMG Midwest 5,776 Rail Homer 1,884 Burns Coal Operational Total Load Equivalent $34 $12 All-in $60 $46 $40 $/MWh $21 $20 Average 1 PJM and 2 3 19Thesales $47 $13 $56 $49 $34 $23 August EDISONunder fees largely Generation Factor Coal-Fired MW all-in Average Powder Northern City Average $20 $2
Slide 21: EMG Midwest Generation Hedge Status
Leading EMG Status Remainder 2008 Midwest Energy Load Northern Homer Total Average Coal Hedges 1 estimate, 2 Generation represents 3 been 4 August EDISON 20At The Power June lower under 2009 estimated Requirement Hedge average atCity Only 29, Added the sold Price June Generation and Illinois INTERNA
Slide 22: EMG Midwest Capacity Sales Status
Leading EMG Status July Midwest Megawatts Installed Less: requirement and Fixed RPM Non-unit Net Price Variable Third Capacity Expected Total Average 1 21 2 retained Capacity 1,Capacity amounts 3 through August EDISON per Auction Actual The Net Party Capacity Price at2008 Load the Price Capacity Jun
Slide 23: MWG Environmental Compliance Plan
Leading MWG 90% Completed Installation Phase Emissions Flue Estimated PA Homer & Clean In We EMG 1 22 2 2July State are August EDISON The Gas mercury Environmental is Air ICompliance II III 2008, City evaluating –Cost in –the Implementation –Desulfurization Mercury Illinois 29, Interstate cost NOx o
Slide 24: Edison Mission Marketing & Trading
Leading Edison Markets Hedges Typically Target Trades Primarily Largely Enters Controls VaR; $ $200 $143 $195 $34 $92 2003 EMMT 1 August EDISON 23Millions Income $23 $150 $130 2004 EaR; hedge-neutral into aMission 29, Trading provides key in the energy proprietary on INTERNATIONAL® from atransmissio
Slide 25: Strategic Objective: Growing Wind Portfolio
Leading Strategic Contributes Objective Growing Production Mainly Wind Projects1 In-Service Under Total Development Purchased 1 2 24 MW Projects Energy energy Project Projects Zond Suzlon Siemens Vestas 86 Turbines 300 Clipper August EDISON 240 GE byConstruction long-term Data the importance RPS No.
Slide 26: Diversifying EMG with Wind Portfolio
Leading Arizona Wyoming Utah Oklahoma Nevada Texas Iowa Minnesota Nebraska Illinois Maryland Wisconsin New West Pennsylvania EMG Operating MW Construction Pipeline 1,085 Turbines 1 25 August EDISONYork Mexico Virginia Wind Diversifying Owned the 1,140 70 280 515 1,070 400 200 130 520 85 100 258 192
Slide 27: Wind Project Highlights and Milestones
Leading Wind Project Recently Spanish Mountain Lookout Elkhorn Buffalo In-Service Goat High August EDISON 26 Mountain Lonesome Construction State 29, Bear Fork Ridge the Pennsylvania Completed INTERNATIONAL® Wind 2008 2009 2008 Way MW Oklahoma Utah Nebraska Phase I(Target) II New in Wyoming PPA Wyom
Slide 28: EMG Large-Scale Solar Program
Leading EMG Large-scale Ground Connected Primary New Arizona Nevada California Have Focus August EDISON 27 Mexico identified Solar is on29, mounted seeking search the high INTERNATIONAL® to 2008 Program (20-500 Way transmission solar area: over toindeploy Electricity insolation MW 30 sites per comme
Slide 29: EMG Natural Gas Growth Opportunity
Leading EMG Size Name Kern Midway-Sunset Sycamore Watson Coalinga Mid-Set Salinas Sargent March Sunrise Current 1,034 Walnut Sun Potential Will Complement August EDISON 28 Valley, (MW) be River U.S. EMG Point Creek, River 29, selective 189 286 Canyon growth the 19 acquisitions 19 INTERNATIONAL® 150
Slide 30: EMG Projected Capital Expenditures
Leading EMG Projects $786 Jul.—Dec. $0 $200 $400 Total Balance Homer Estimated Midwest Evaluating Additional 1 installed these completion August EDISON 29EMG $800 $2,133 projects Capital City 29, expects of Under the capacity Generation INTERNATIONAL® Expenditures1 Expenditures $713 2009 wind growth
Slide 31: Liquidity Profile
Leading Liquidity EIX Sources Credit Cash Available 1 2 30 Parent &Facility August EDISON Total short ($ the Profile SCE 29,Liquidity inWay amounts Millions) term $ 2,500 (availability) ininvestments2 amount at $ Electricity INTERNATIONAL® 2008 1,690 June do $SCE 1,100 not includes30, $$EMG imply 1,
Slide 32: Our Attractive Shareholder Value Proposition
Leading Our Attractive Southern Demonstrated Among Leadership Favorable Strong Commitment Incentive Edison August EDISON 31 Shareholder growth Mission people 29, the the California INTERNATIONAL® compensation business market 2008 in best Way to environmental need committed pipeline Group long-term d
Slide 33: EMG EBITDA Reconciliation
Leading EMG Reconciliation Net Addback Discontinued Interest Income Depreciation EBITDA1 Production Discrete Gain Loss Adjusted 1 2 32 income August EDISONon Adjusted See from expense income taxes early sale the items: (Deduct): EBITDA 937 tax $Use Way of and continuing 154 operations 432 extinguish
Slide 34: Use of Non-GAAP Financial Measures
Leading Use Edison and accurately EPS share. securities principal operating EBITDA gain evaluating A referenced August EDISON 33reconciliation Exchange EPS of on byNon-GAAP International’s 29, the principal the by operating is INTERNATIONAL® subsidiary (vested compare EMG. in 2008 sale defined princ
Edison International — Investor Presentation (August 2008) on 6ix