Edison International · NYSE:EIX
Edison International — Q1 2010 Earnings Presentation
36 slides from Edison International's earnings presentation, May 7, 2010
Slide 1: First Quarter 2010 Financial Teleconference
Exhibit 99.2 Leading First May 7, Quarter 2010 the Way EDISON 2010inFinancial Electricity INTERNATIONAL® Teleconference SM
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements not differ them Analysis” www.edisoninvestor.com. May EDISON 1 purely 7, to materially 2010 reflect the INTERNATIONAL® in historical, contained Way Edison new from inStatements information, Electricity International’s are in current this forward-looking These prese
Slide 3: First Quarter 2010 Earnings Summary
Leading First EIX Core Non-Core SCE EMG Total Diluted ($ Earnings $258 Core1 EPS $0.79 $250 Basic $0.76 Q1 1 for May EDISON 2 See millions) the 09parent 7, Quarter $0.64 $— EPS1 EPS $269 $236 Non-Core Earnings EPS 0.17 (0.03) $0.82 $0.72 Q1 quarter 2010 EPS the $(0.12) INTERNATIONAL® $0.79 10 Items
Slide 4: SCE EPS Variance and Key Developments
Leading SCE EPS Core1 Non-Core Basic Recent Key Rate Operating Higher Income Total Federal San $500 1 May EDISON 3 SeeOnofre Core Q1 base 7, First million million, $(0.02) Use EPS $0.64 AFUDC Developments operating depreciation 2010 taxes healthcare 09 the INTERNATIONAL® growth Earnings Quarter reve
Slide 5: EMG EPS Variance and Key Developments
Leading EMG EPS Core1 Non-Core Basic Key Merchant Renewable EMMT—trading Natural Corporate Total Recent ?$160 •?Financing 1 2 4 EMMT Project U.S. March Doga SeeCore May Q1 EDISON$0.05 7,Use EPS First Treasury $0.17 million project Developments Includes gas 09 Point the finance improved 2010coal2 Ear
Slide 6: EMG Midwest Generation Operating Statistics
Leading EMG Midwest •Homer Total Forced Capacity Equivalent All-in $16.63 $28.62 $45.25 $18.55 $36.98 $55.53 $24.01 $37.72 $61.73 Q1 $23.57 $36.38 $59.95 Average 1 2 3 5 5,471 Powder Rail 1,884 Northern Coal Operational May 097, 10 EDISON Generation Coal-Fired under Average largely City Outage MW In
Slide 7: EMG Midwest Generation Hedge Status
Leading EMG March Remainder 2010 Midwest Homer Total Average Coal 1 MWh) 2 City May EDISON 6 As Theplant. of 7, under 2011 estimated Hedge amount 31, for City 2010 March the price Generation1 INTERNATIONAL® the 2010 2012 of contract Way Program of Midwest ($/MWh) 31, GWh 2013 coal in2010, Electricit
Slide 8: EMG Wind Portfolio and Development
Leading EMG Portfolio •Recent Estimated MW Projects Turbine Total Wind 1 2 agreements. May EDISON 7 424 31 302 199 102 In Received Amounts Data projects March projects Prior 7, 703 MW Turbine projects Wind as Activities1 2010 commitments/inventory2 pending the & INTERNATIONAL® of $777 Capital Spend
Slide 9: Wind Project Funding
Leading Funding ($ $1,125 Bank/Vendor U.S. 2010-2011 1 2 3 4 5 May EDISON 8 EME’s Includes Excludes Remaining Estimate millions) Treasury 7, $289 2010 the for turbine INTERNATIONAL® adjustments based Spend balance Way 2010-11 $104 available Financing Grants supply on in (at $732 of Electricity estim
Slide 10: EMG Capital Expenditures
Leading EMG March 2009 Midwest Homer Plant Environmental Renewable Capital Turbine Other Total 1 been 2 against 3 May EDISON 9 Amounts Turbine Environmental 7, determined. 2010 $548 capital Capital capital 31, City this 2010 & commitments2,3 the Generation INTERNATIONAL® commitment construction3 201
Slide 11: EMG Covenant Status
Leading EMG Status EME Funds Corporate-Debt-to-Capital Midwest Debt Homer Senior Covenant May EDISON 10 7, to Credit Debt at Flow Rent City 2010 Capitalization the 12/31/09 Generation INTERNATIONAL® Threshold threshold Covenant Available Way Lease Service Facility in3/31/10 Agreement (not (less Elec
Slide 12: 2010 Earnings Guidance
Leading 2010 Prior Revised Non-core Midpoint SCE EMG EIX Total Southern Assumptions Average Approved 48% Potential $0.05 Edison Forward EMMT Normal Other No Excludes 1 May EDISON 11See changes core basic parent equity, 7, –2010 $2.80 Earnings non-core $3.30 Use –per 0.62 tax Mission 2010 discontinue
Slide 13: Appendix
Leading May Appendix EDISON 12 7, 2010 the INTERNATIONAL® Way in Electricity SM
Slide 14: Updates Since Last Presentation
Leading •Updates May EDISON 13 Q1 10 EME Reaffirmed Financial SCE7,regulatory wind financial 2010 results the Since INTERNATIONAL® strategies Way funding core Our and covenant in information earnings Last standard Electricity (p. Presentation 8) 15) summary guidance information (p. SM22)(p. as 10) o
Slide 15: Delivering Southern California Edison Strategy
Leading Delivering Southern •Edison Our May EDISON 14 A Achieve Leverage Positioned Balance Focus Establish Decoupled Effectively Develop Emphasize diversified key 7, Mission International 2010 on operating the California INTERNATIONAL® electric durable wind grid foundation Superior regulated Way fo
Slide 16: Financing Strategies and Dividend Policy
Leading Financing Southern ??48% ??43% ??9% Edison •Dividend May EDISON 15 Authorized Periodic Retain Current Balance No Payout Depending distributions 7,preferred equity long-term Mission 2010 cash the ratio California wind INTERNATIONAL® Policy of debt Strategies Way capital upon capital from is a
Slide 17: SCE Highlights
Leading SCE ??4.9 ??50,000 ??Over ??System ??Smart •??California ??CPUC ??Energy ??Earnings May EDISON 16 One7, 8-11% Constructive Highlights million of2010 13 110,000 five-year the grid earnings square-mile INTERNATIONAL® cost reliability million model Way nation’s renewable technology customer cha
Slide 18: SCE Capital Investment Forecast
Leading SCE ($ $2.9 Low Base Solar Edison Generation Transmission Distribution By 2009 2012 Other FERC Total 1 2 May 17Subject Low billions) Proceeding $4.0 Case2 7, Capital Case1 Case 2010 CPUC 21.5 100 Rooftop CPUC Rate Case SmartConnect™ 2010 the to $4.4 100 Forecast 2010 3.0 $3.3 Cases $4.0 Way
Slide 19: SCE Rate Base Forecast
Leading SCE ($ 5-Yr $25.2 $23.0 $20.8 $18.1 $16.2 $14.8 Base Low 1 regulatory 2 program. 18Forecast Maybillions) EDISONCase2 Rate CAGR Case1 7, Reflects the Base approvals; includes: 2010 $15.8 $14.8 WayForecast Low in $17.2 $16.2 Electricity (1) (3) Case INTERNATIONAL® 2009 $19.0 $18.1 FERC from CP
Slide 20: SCE Major Transmission Projects 2010-2014
Leading SCE Project 2010-2014 Renewables Devers-Colorado Eldorado-Ivanpah San Reliability Alberhill Other Total Grand DCR Tehachapi Transmission 1 2 3 May EDISON 19A Subject Includes portion Joaquin Transmission 7, Renewables Reliability 500kV Projects Projects3 Total Name 2010 the Licensing INTERNA
Slide 21: Contracts to Meet Renewable Portfolio Standard
Leading Contracts to Renewable (billion Small Solar Biomass Wind Geothermal 9% 13.6 94% 2010 2009 14.8 28.7 2020 SCE (forecast) May 19+% 17% EDISON 20 meet Increase Increase 7, 2010 Renewable 20% Potential 6% 26% Hydro 2010 kWh) the the 7% INTERNATIONAL® are RPS 20% Resources 2010 57% Way 4% in33% R
Slide 22: SCE Cost of Capital Mechanism
10 Leading SCE Moody’s Rate 8 9 7 6 5 4 Sep-07 Spot (%) Cost •Average – 1 May period. EDISON 21As In Cost At Triggers If not Spot index 2008, of the Baa of September 7, rate1 of rate April Dec-07 2010 Way Capital Utility triggered, from Capital in Electricity INTERNATIONAL® exceeds –based isIn 2010,
Slide 23: SCE Regulatory Milestones
Leading SCE Case 2010 September 07/31/09 ER09-1534 Hearings Tehachapi 06/28/07 Record DCR November 04/11/05 CAISO Eldorado-Ivanpah December 05/28/09 during delivered Draft A. Alberhill Permit 09/30/09 May EDISON 22 07-06-031 05-04-015 09-05-027 09-09-022 7, Regulatory Date FERC Transmission EIR the
Slide 24: EMG Power Generation Portfolio
Leading EMG March Operating Coal Other Total Wind Pipeline2 Pending Thermal Natural 1 2 23 3 Natural 7,395 10,002 another May EDISON 1,185 Development Business 153 31, Owned Gas Gas3 the and/or Pipeline Deliveries 7, gas ~4,000 2010Platform1 12010 74 source12 Way 1,269 100 479 includes Platform Unde
Slide 25: EMG Capacity Sales
Leading EMG March Installed Unsold Capacity RPM Price Other Average MW Aggregate April June 1 2 auction. auctions, May EDISON 24Capacity Other 1, 7, per 1, Capacity Capacity 31, 2011 2012 2010 Capacity1 capacity 2010 the Price Capacity Sold MW-day1 and INTERNATIONAL® Average 2010 not Way to other to
Slide 26: EMG Mercury, NOx and SO2 Compliance Timelines
Leading EMG 2010 Mercury NOx SO2 Construction Compliance Fleet-wide 1 Unit-specific Joliet, May EDISON 25Simplified 7, 2011 –Units 2010 Illinois the INTERNATIONAL® 2012 average Way Deadlines deadlines scenario 5summary timelines technology deadlines and Compliance 2013 in6emission Electricity atand
Slide 27: Edison Mission Marketing & Trading
Leading Edison ?Typically ?Target ?Primarily •?Largely ?VaR; EMMT 2004 $47 $49 $164 $143 $130 $195 $23 May 2010 EDISON 26 Markets Manages Proprietary Controls 7, 2005 EaR; Mission 2010 Trading approximately the in INTERNATIONAL® energy on agross transmission-related 2006 eastern stress Way rolling t
Slide 28: Liquidity Profile
Leading Liquidity March EME SCE Sources Edison EMG EIX & Credit Cash Available 1 2 other parent &&Facility 31, Capital subsidiary 3 27Excludes May EDISON7, Edison short Subs the Profile Liquidity 2010 co. Way term Includes 2010of the $2,894 (availability)2 &Capital ($ in Lehmanother1 investments mil
Slide 29: Debt Maturity Profiles
Leading March Debt Short- EMG Expiration SCE EME MWG EIX May EDISON 28 97 —7, $180 $— Maturity Profile — 42 and —31, 2010 — the — 91 $— INTERNATIONAL® —$— 2010 — Long-Term of600 49 Way 2010 500 Credit $— — 1,426 Profiles $— 555 ($ —in —$2,894 2011 millions) $— Electricity Facilities Debt 2012Maturit
Slide 30: EMG Comparative Operating Information
Leading EMG Favorable/(Unfavorable) Q1 M % Variance Total Energy Load Homer Generation Equivalent Performance Forced Pricing Average Flat May EDISON 29idwest 09 10 energy 7, 6,642 requirement Comparative City outage 2010 only Information the realized cost Generation INTERNATIONAL® availability (in p
Slide 31: EMG EBITDA Reconciliation
Leading EMG March Reconciliation Earnings Addback Discontinued Interest Income Depreciation EBITDA2 Production Lease Addback: Adjusted 1 2 May EDISON 30Earnings See7,Use –termination 31, 2010 Adjusted from expense income taxes the $48 (Deduct): EBITDA INTERNATIONAL® of 2010 177 refer tax Way Non-GAA
Slide 32: Reconciliation of Core Earnings to Basic Earnings
Leading ($ Reconciliation Attributable Earnings Q1 Core Non-core SCE EMG Total EIX 1 31 Maymillions) 09 10 parent core Basic EDISON–$208 Earnings1 non-core 7,–56 tax See lease discontinued the 71 Non-GAAP earnings items 2010impact $203 Earnings company Use Way toterminations of items Edison ofin EIX
Slide 33: SCE Three Months Results
Leading SCE ($ Three Utility Fuel Operation Depreciation, Property Operating Income Dividends Net Core Non-Core Tax Total 1 EDISON May 32See millions) interest income impact and 7, Results Earnings operating SCE Use Months Earning 2010 before tax the taxes purchased INTERNATIONAL® Revenue and income
Slide 34: EMG Adjusted Operating Income Reconciliation
Leading EMG ($ Three Midwest Homer Renewable Energy Big Sunrise Doga March Westside Leveraged Lease Corporate Adjusted Reconciliation AOI Equity Less: Dividend Production Other Operating 1 May 33See millions) 4$137 7,— Adjusted Use projects operating income, Months termination Point in City 2010 tra
Slide 35: Generation Revenues and Fuel Costs Reconciliation
Leading ($ Q1 Generation All-in Less: Realized Average Reconciliation Operating Renewable Fuel Midwest Homer Other Segment May 34 millions) 09Costs expenses 7,Unrealized Non-GAAP revenues average Q1 City 2010 the realized revenues fuel Generation 10 revenues (GWh) projects Way 165 64EDISON Q1 expens
Slide 36: Use of Non-GAAP Financial Measures
Leading Use Edison EPS earnings to Core companies. shareholders attributable International’s options not from of The measure investors the May EDISON 35 period. debt information holding statistical of by 7, EMG’s andNon-GAAP International’s and 2010 that earnings the gains and as core INTERNATIONAL®