Edison International · NYSE:EIX
Edison International — Investor Presentation (May 2009)
32 slides from Edison International's investor presentation, May 8, 2009
Slide 1: Edison International Business Update
Exhibit 99.1 Exhibit Leading Edison Business May EDISON 2009 8, International 2009 99.1 the Update INTERNATIONAL® Way in Electricity SM
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements not differ International’s represent May purely 8,materially 2009 the our historical, contained Way 1expectations 2008 EDISON from inStatements Electricity Form are in current this INTERNATIONAL® forward-looking 10-K only presentation expectations. SM as and ofothe
Slide 3: What's Updated Since Last Business Update
Leading What’s Updated Q1 2009 SCE May2009 8, capital Regulatory Earnings New 2009 the Information results Way expenditures Since 2 Guidance EDISON and Key inOur Electricity standard Events Last INTERNATIONAL® (p. and4) Business (p. information rate SM 27) baseUpdate forecast updated (pp. 7-9)
Slide 4: Edison International Value Proposition
Leading Value Southern Rate 3-year Decoupled Pass Growth Strong Edison Option Renewables 5,000 Solar Current No Structurally Disciplined Flexible May significant through base 8,development MW Drivers Cost financial public Mission for 2009 stable options: the business California growth commodity wind
Slide 5: Revised 2009 Earnings Guidance
Leading Reconciliation Revised Low Non-Core Midpoint EIX SCE Includes Assumes 2009 48% 11.5% Potential Forward EMMT Increased Pre-tax Prior EMG Other Normal No Excludes 1 of May See participating Edison changes core GAAP parent Midpoint Equity 8, $2.49 Approved EMG Earnings GAAP Guidance average Use
Slide 6: Southern California Edison (SCE)
Leading Southern May E 5 DISON 8, 2009 the California INTERNATIONAL® Way in Electricity Edison (SCE) SM
Slide 7: SCE Key Highlights
Leading One 13 4.9 50,000 Key California Federal CPUC Energy Earnings SCE May E 6 DISON million million of regulators 8, Highlights Service jurisdictional the square-mile 2009 cost Energy the model driven INTERNATIONAL® and Public residents nation’s customer Way changes Territory SCE Regulatory by i
Slide 8: SCE Capital Investment Forecast
Leading SCE $ 20092 20102 20112 2013 Solar Edison Generation Transmission Distribution 5-Yr 2009 2012 Other FERC Total 1 2 3 experienced May Billions Subject Based Low 8, Capital Base $4.4 $4.3 CPUC 20.2 100 Rooftop CPUC $4.2 $3.4 $3.9 Rate Case SmartConnectTM 2009 on the to $5 $3.7 $3.6 100 Case 2.
Slide 9: SCE Base Case Rate Base Forecast
Leading SCE $ 2008 Base Low 1 construction See 2 May Billions Forecast Reflects the Case2 8, Rate Case 2009 2009 “Business the Base $25 Low as $12.5 2010 $14.2 Way work 8of$20 EDISON Case Forecast April 2011 $14.5 in $15.8 Development in $15 Electricity progress from 2009 2012 $16.2 $10 $17.2 (2008-
Slide 10: Additional Transmission Projects
Leading Additional Transmission SCE CALIFORNIA NEVADA involved Vincent Palmdale Antelope Windhub ARIZONA Mira Pardee Santa Devers Los Phoenix Verde PalmSprings Valley San 1 2 3 4 5 Project 2009-2013 ($ In-Service Phase Renewables Tehachapi 656 1,411 1,157 Licensing Rancho Reliability 3,224 Other 38
Slide 11: SCE SmartConnect Program
Leading SCE CPUC Total Full Provide Reduce Integrate May Edison 8, SmartConnectTM project approved 2009 GHG energy the Homes Smart SmartConnectTM Way cost: 10 emissions efficiency Appliances EDISON deployment with in$1.7 Electricity the billion Program byUtility INTERNATIONAL® benefits, 365,000 with
Slide 12: SCE Solar Rooftop Program
Leading SCE Install 1-2 $0.6 Subject 5 2 Third CPUC SCE’s 1 original May ALJ MWMW billion 8, Solar site proposed 160 Program in granted 2009 to request the average Fontana Chino planned CPUC Rooftop MW capital Way 11authority was launch started EDISON of decision rooftop project in approval complete
Slide 13: Edison Mission Group (EMG)
Leading Edison May 8, Mission 2009 the Way 12 Group EDISON in Electricity (EMG) INTERNATIONAL® SM
Slide 14: EMG Status
Leading EMG Status States 241 100 114 90 964 40 19 305 5,471 53 67 1,884 141 145 70 1 December 2 3 favorably Operating Coal Other 9,902 Wind Under Pipeline Turbines Thermal Natural MW May Natural Owned Deliveries 8, 7,395 1,015 Development Business 100 153 where at Construction 2009 Gas the ~5,000 P
Slide 15: EMG Midwest Generation
Leading EMG Midwest 5,471 Powder Rail Homer 1,884 Northern Coal Operational 1 PJM and 2 All-in May Average Thesales under 8, fees largely Coal-Fired MW all-in Average City 2009 River the Generation Appalachian under and realized contract –average Statistics: Way (Pennsylvania) sourced Three Six 14 a
Slide 16: EMG Midwest Generation Capacity Status
Leading EMG Status Apr Midwest Installed Less: Fixed RPM Non-unit Net Price Variable Third Capacity Expected Total Average 1 2 amounts 3 May Actual The Load Capacity 1,8, Capacity per Auction Net Party Capacity Price original at 2009 requirements 2009 the Price Capacity contract at March Capacity Ge
Slide 17: EMG Midwest Generation Hedge Status
Leading EMG Status 2009 Midwest Energy Load Northern Rail Homer Total Average Coal 1 2 million May At Seecost March 8, under 2010 estimated Requirements the Hedge atCity1 2009 Only tons the price March Generation1 under Illinois “EMG: 2011 contract 31, Way in Program 16 Contracts NiHub ($/MWh) 2010
Slide 18: MWG Mercury and Environmental Compliance Plan
Leading MWG Mercury Installation Estimated NOX SO2 Emissions Firm Homer Use Additional Next Selective Reagent EMG 1 made materials EIX 2 May The Except of 10-Q Reductions 8, Steps deadlines Reductions Environmental continues is MWG Compliance existing City 2009 also evaluating the based Reductions W
Slide 19: Edison Mission Marketing & Trading
Leading Edison Markets Hedges Typically Target Proprietary Primarily Largely Enters Controls VaR; EMMT $ 1 20092 YTD 2008 2007 2006 2005 2004 $10 $164 $142 $130 $195 $23 $0 $50 $100 $150 $200 $250 2 May Year-to-date Millions Income 8, EaR; hedge-neutral into Mission 2009 Trading key in the energy on
Slide 20: EMG Strategic Objective: Growing Wind Portfolio
Leading EMG Strategic Contributes Objective Growing Production Mainly Wind No. Projects1 Under 1,015 23 In-Service Total Development 1,185 25 Purchased ~5,000 39 MW 942 Projects Turbines Zond109 Siemens Vestas Suzlon GE300 Clipper Mitsubishi 1 2 3 May EDISON 1970 Data Development Commitments ofby 8,
Slide 21: Large-scale Ground Mounted Solar
Leading Large-scale Ground Connected Identified Processing Formed Focus EMG May 8,is Solar on 2009 mounted strategic seeking the high over to interconnection Program (20-100 Way 20 transmission solar 30 EDISON torelationship insites deploy Electricity insolation MW forper INTERNATIONAL® commercial p
Slide 22: EMG Estimated Capital Expenditures
Leading EMG Estimated Apr (in MWG Homer Plant Environmental Growth Projects Turbine Other Total (a) Capital including wind 1 pipeline no INTERNATIONAL® EMG assurance See Millions) - turbines $803 capital Dec Capital capital City the Expenditure expects projects commitments represents under the the •
Slide 23: Appendix
Leading May Appendix EDISON 22 8, 2009 the INTERNATIONAL® Way in Electricity SM
Slide 24: First Quarter Core Earnings Reconciliation
Leading First Reconciliation Core SCE EIX and Non-Core Receipt effective the capacity maintenance New Higher corporate Lower EMG – $0.01 1 March 2 Q1 See EMMT delay favorable other parent $Quarter wind Earnings 09: Use 0.49 –Midwest from 0.46 power results 31, net Q1 of the prices January ($0.04) in
Slide 25: Full-Year Core Earnings Reconciliation
Leading Full-Year Reconciliation and Non-core Total Basic Diluted Core SCE rewards Midwest EMG Higher buy-out ($0.05) Homer New Natural EMMT2 Corporate Edison Lower partially EIX Non-Core mechanism remediation 2007: 1 for 2 May See EMMT 2007. other -8, $wind $0.18 Earnings EPS Non-Core Use EPS 1.72
Slide 26: EIX Third-Party Obligations and Legal Structure
Leading EIX Third-Party No Intercompany Ordinary Long-standing Unregulated Southern Edison 1 10-K May Mission EIX and is 8, for aCapital International Mission 2009 guarantees cross-default obligation the focused EMG acourse California Energy complete Obligations Way investment 25 Relationships Legal
Slide 27: Liquidity Profile
Leading Liquidity Parent EIX Sources Credit Cash Available 1 2 amount 3 May Total Excludes SCE8, &Facility Co. amounts amounts 2009 from short (in the Profile Liquidity the Millions) Way 26 subsidiaries term $unused (availability)2 include EDISON do 3,000 ininvestments3 not at $ Electricity SCE 2,40
Slide 28: SCE Key Regulatory Events
Leading Case 2006-08 participate expected Tehachapi August A. DPV2 portion SCE 1 2009 May CPUC 04-12-007/8 05-04-015 8, Regulatory Solar Number FERC –2009 is 2009. Transmission1 the EE has 2nd in Transmission Rooftop with Way Rate Earnings the approved 27 quarter 04/11/05 Certificate Date (Segments
Slide 29: EMG Q1 Comparative Operating Information
Leading EMG Q1 Midwest Total Energy Load Homer Generation Equivalent Performance Forced Pricing Average Flat May 08 Energy 8, 8,383 Requirements Comparative Q1 City Outage 2009 Only Information the Realized Cost Generation 09 Availability (in 6,642 Price Way 28 contracts Contracts Variance ofGwh) GW
Slide 30: EMG Q1 EBITDA Reconciliation
Leading EMG Reconciliation Q1 Earnings1 Addback (Discontinued 45 159 Interest 76 73 Income (6) (11) D 5 83 Production 177 350 EBITDA2 57 46 9 Loss Addback: — Adjusted $ 1 2 3 May 3) 86epreciation 154 48 359 211 Earnings See Production 088, 09on Use – 2009 First from expense income taxes lease the (D
Slide 31: EMG Full-Year EBITDA Reconciliation
Leading EMG Reconciliation Net 2008 2007 Addback IDiscontinued 561 412 Interest 288 323 Income (37) (101) Depreciation 272 170 Production 1,281 976 EBITDA1 197 172 Discrete 44 28 Gain Loss (49) (1) C 241 — Adjusted $ 1 2 May ncome 3harge 410 561 1,244 1,299 See Production income 8, on Use – 2009 to
Slide 32: Use of Non-GAAP Financial Measures
Leading Use Edison and accurately EPS share. common operating company EBITDA gain evaluating A referenced May reconciliation Exchange EPS of on by 8, Non-GAAP International’s 2009 the principal the by shares. is and subsidiary compare EMG. in sale defined principal Way 31 this other. Commission. of
Edison International — Investor Presentation (May 2009) on 6ix