Edison International · NYSE:EIX
Edison International — Credit Suisse Global Leveraged Finance Conference 2006
19 slides from Edison International's conference presentation, Mar 29, 2006
Slide 1: Business Overview
Exhibit 99.1 Business Theodore Credit March Suisse 29,Overview F.2006 Craver, GlobalJr. Leveraged ChairmanFinance and Chief Conference Executive Officer Edison Mission Group
Slide 2: Forward-Looking Statements
Forward-Looking This expectations does “will,” necessarily to the timely actions; governmental, regulations operating insurance electric fuel differences energy conditions; Additional Commission. reports speak 1 differ, ability oil, presentation not only manner “could,” and filed capacity nuclear ma
Slide 3: Edison International Strategic Plan Foundation
Edison utility Balance Shareholder Dividends Growth Strong Returns Competitive Organic Produces Significant Business Upside 2 International earnings Growth Sheet flexibility Strength long-term Performance power operating potential generation for - earnings Strategic future in from a large growth bus
Slide 4: Financial Highlights
Financial Balance Shareholder Dividends Record Core Recourse Credit Growth Increased 2005 1. 2. 3 Seeearnings Includes Highlights total Appendix ratings high initiatives Sheet leverage Performance annual shareholder short-term Returns earnings improved 1Strength of -for common Year on ratio $3.13 no
Slide 5: SCE Value Drivers
Southern VALUE SDG&E LADWP SCE PG&E Among Major Strengthened Support Three Annual Timely Strategic 4 year capital recovery cost the for DRIVERS plan California rate fastest major ofregulatory investment capital capital setting ofcapital growing procurement Edison expenditures review framework: to in
Slide 6: SCE Targeted Performance
SCE 5 Targeted Growth Performance Plan Major Mountainview Completed -SONGS CPUC Devers-Palo ($ CA Balance Maintain Authorized Rating 1.SCE See 0.6 ISO - billion) Appendix share) 2005 project authorized increased approval Sheet Steam 2005 / improve -ROCE Strategic Verde January status Strength Infras
Slide 7: SCE Strategic Plan Capital Expenditures
SCE 6 -2005-2009 1.7 Strategic 2010 2009 2008 2007 2006 2005 2.2 2.3 2.1 Generation Transmission Distribution Current CPUC FERC Project Total 1. Major New Higher See 1 -12.8 Appendix Capital transmission Rate Rate Specific transmission Forecast system Plan 100 outlook 1.8 Cases Cases 8.3 2.7 Expendi
Slide 8: SCE Pending Growth
SCE 18.0 2003 15.8 14.4 12.9 11.9 11.0 10.2 Pending Growth Notes: 2010 9.7% 2009 11.6% 2008 8.4% 2007 8.2% 2006 7.8% 2005 from 2. 3. ALJ’s Forecast 16.0 -Oct. GRC Annual 1.Rate 2006 Proposed Includes 14.0 2004 rateGRC Rate 12.0 base plan: the Decision Base 10.0 (2006-2010) 2006: impact 8.0 Growth $0
Slide 9: General Rate Case Update
2006are ALJ Substantially Proposed (2006-2008) We Remaining Oral FinalProposed arguments General decision advocating decision Schedule and affirms Rate expected will Decision scheduled $100 would strengthening be Case our retroactive million in received Update infrastructure result for Q2 April 2006
Slide 10: Edison Mission Group Value Drivers
Edison Strong March Big San Iowa Misc. Midwest Homer Ambit Wildorado Value Low-cost, 7,545 447 9 4, Juan wind Storm Wind coal Drivers Sunrise, 40 Point operating City Mission Generation Mesa (5%) MW coal (100% 161 83 Lake 1,884 70MW generation Other -90 MW Group (including platform, 113 merchant) MW
Slide 11: EMG Strategic Plan Performance
EMG Manage Performance Plan Net EBITDA Reduce Organization Balance Debt Retired Generation Growth 1. 10 Called income reduction 2005 over G&A Sheet merchant in nearly development Strategic at 2004 $1.5 restructuring EMG Strength $1.1 and billion margin of Plan billion 2005. $441 of $194 Performance
Slide 12: Edison Mission Group Optimizing Generation
Edison Mission Optimizing Effective controlled Continued Developing Year-end 11 2005 management trading debt the a pipeline -value reduction Group $1.9 in the billion ofof of - the markets Focus renewable fuel and existing ofoperating and cash intransportation which generation available generation c
Slide 13: Merchant Portfolio Forward Costs
Merchant Forward Costs 2006 Contracted MWGen 100% NOx SO2 short Coal 10% prices 1. 2. 12 As SO2 Aggregate change Coal and Aggregate 2007 short of 91% 100% affects costs December Homer transportation Coal Transp. Coal 101% in 100% are earnings SO2 Portfolio Emissions Emissions dependent Transportatio
Slide 14: Merchant Coal Forward Hedge Program
Merchant Coal Forward Outputs Forecast Hedge Volume MWGen prices Midwest Basis 1. 2. retains Amount Assumes 13 As Hedge Coal of $/MWh Program the (TWh) December 2006 of Generation (TWh) Gen price Homer Coal Transp. risk, hedging Basis 2007 2is Portfolio 15.0 referred 130.0 $53.42 City atEmissions 31
Slide 15: Power Generation Growth Utilizing Renewables
Power Utilizing Renewables Commercial 161 $ Developing 14270MWmillion Generation Wildorado its projects development -operation: project; WindGrowth project inexpected Vermont, 261 expertise, MW (Texas) COD Maine, Investment EMG April Iowa is2007 building Pipeline and other a portfolio states support
Slide 16: California Thermal Generation Opportunities
Big Kern Other EMG New 2 EMG/BP Early Petroleum Approximately 15 recovery project 4natural River development projects California pursuing Bigproposals hydrogen 4coke -contracts gas-fired 5-year contract 1,500 90% fuel Thermal phase filed power contract ofMW expire: generation extension CO2 with -Gen
Slide 17: Edison International Dividend
Edison Longer-term, 2006 2005 2004 1. 2. 16 Dividend International paid. rate. targeting - Dividend dividend Per payout Share ratio $1.20 of 45%-55%, $0.90 $0.60 excluding $0.30 $0.00 MEHC$0.80 earnings 1 $1.002005 1 $1.08 core2payout ratio excluding MEHC earnings - 50%
Slide 18: Appendix: Leverage Ratio Calculation and Balance Sheet
Appendix termination balance The value comparable Slide Transmission, Capital 17 calculation 53: of&expenditures sheet The $1.5 6:value 2004 2005 calculation billion, classifications, Distribution forleverage ofthe $1.5 per short- 2004 for Statement billion, ratio & 2005 and recourse including Gener
Slide 19: Appendix: Consolidated Core Earnings
Year -Consolidated Appendix Core 2005 Southern Mission Edison Non-core SCE MEHC EIX 0.34 Total 18 parent 1.31 -Ended Earnings 2004 EIX Early Regulatory Capital -Energy Collins March Net Peaker Early Discontinued California (0.97) items Consolidated company December debt gain (Loss) debt 0.28 Point H
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