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
1 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 statements. These forward-looki
Slide 3: GRC Final Decision provides visibility to establish 2021 earnings guidance and long-term EPS growth rate target
2 GRC Final Decision provides visibility to establish 2021 earnings guidance and long-term EPS growth rate target SCE received a final decision in track 1 of its 2021 GRC Favorable decision provides foundation for 2021–20231 EIX establishes 2021 EPS guidance $4.42–4.62 2021 Core EPS2 EIX has quantif
Slide 4: 2021 GRC track 1: CPUC's final decision supports critical investments and provides foundation through 2023
3 2021 GRC track 1: CPUC’s final decision supports critical investments and provides foundation through 2023 September 16, 2021 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 fir
Slide 5: SCE has significant capital expenditure opportunities driven by investments in safety and reliability of the grid
4 Range Case2 5.2 5.2 5.2 5.2 5.2 5.3 5.3 5.3–5.8 6.1 7.0 2021 2022 2023 2024 2025 SCE has significant capital expenditure opportunities driven by investments in the safety and reliability of the grid September 16, 2021 Capital deployment expected to increase beyond the current GRC cycle and will be
Slide 6: 2021 GRC track decision provides rate base visibility through 2023
5 Range Case2 35.5 37.7 40.3 43.0 45.9 2021 GRC track 1 decision provides rate base visibility through 2023; future applications expected to extend growth September 16, 2021 1. Weighted-average year basis. Excludes rate base associated with ~$1.6 billion of wildfire mitigation-related spend that sha
Slide 7: EIX establishes 2021 core EPS guidance of $4.42–4.62, driven by strong operational results YTD
6 EIX establishes 2021 core EPS guidance of $4.42–4.62, driven by strong operational results September 16, 2021 YTD Recorded1 2021 Guidance1 SCE 2021 Rate Base EPS $2.30 $4.93 SCE Operational Variances (0.24) 0.30–0.48 SCE Operational Results 2.06 5.23–5.41 EIX Parent and Other (0.21)(0.56)–(0.54) E
Slide 8: 2021 EIX Core Earnings Guidance Assumptions and Preliminary 2022 Considerations
7 2021 EIX Core Earnings Guidance Assumptions and Preliminary 2022 Considerations September 16, 2021 1. Beginning in 2023, Intervenors have an annual opportunity to terminate the TO2019A Formula Rate. The earliest any new rate could become effective is January 1, 2024 2. During the six months ended
Slide 9: EIX expects to achieve a 5–7% EPS CAGR from 2021 to 2025
8 EIX expects to achieve a 5–7% EPS CAGR1 from 2021 to 2025 September 16, 2021 Rate base and dividend growth expected to be financed with: • Utility cash from operations and financings • Holding company debt issuances • Equity need of up to $250 million per year for 2022–20254 – Internal programs an
Slide 10: Appendix
Appendix EDISON INTERNATIONAL®
Slide 11: SCE's 2021 General Rate Case will be approved in four tracks over 2021–2023
10 SCE’s 2021 General Rate Case will be approved in four tracks over 2021–2023 SCE Testimony Intervenor Testimony SCE Rebuttal Opening & Reply Briefs CPUC Proposed Decision Track 1: 2021–2023 GRC Revenue Requirement ✓ ✓ ✓ ✓ ✓ (Approved) Track 2: 2018–2019 FMA Update1 ✓ ✓ ✓ N/A due to settlement ✓ (A
Slide 12: SCE Key Regulatory Proceedings
11 SCE Key Regulatory Proceedings Proceeding Description and Next Steps Base Rates 2021 GRC Track 4 (A.19-08-013) Set CPUC base revenue requirement for third attrition year (2024) Track 4 to be filed Q2 2022 2022 Cost of Capital (A.21-08-013) Establish cost of capital for 2022 and reset cost of capi
Slide 13: Earnings Per Share Non-GAAP Reconciliations
12 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 calculated on the assumed weighted-average share count for 2021 of 379.7 million 2. There were ($80) million, or ($0.21) per share of non-core items recorded for the six months ended June 30,
Slide 14: Use of Non-GAAP Financial Measures
13 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 also used when communicating wit
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