Edison International · NYSE:EIX
Edison International — Corporate Update (March 2008)
37 slides from Edison International's corporate update, Mar 14, 2008
Slide 1: March 2008 Business Update
Exhibit 99.1 Leading2008 [Graphic Business March EDISON the Appears Update INTERNATIONAL® Way inHere] Electricity SM Exhibit 99.1
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements not differ International’s statements E 1 DISON purely materially the INTERNATIONAL® historical, represent contained Way2007 from inStatements Electricity Form our are in current this expectations forward-looking 10-K presentation expectations. SMand subsequent onl
Slide 3: What's Updated
Leading What’s Updated •Major E 2 2007 2008 Demand Power Capital FERC Regulatory Expanded EME DISONSCE EMG results earnings awarded New investment procurement the Information expansion INTERNATIONAL® and Topics disclosure wind Way Topics Since update and meter guidance 10-year in pipeline forward-lo
Slide 4: Strategic Overview
Leading Strategic E 3 DISONtheOverview INTERNATIONAL® Way in Electricity SM
Slide 5: Edison International (EIX) Value Drivers
Leading Edison EIX SCE 52% 29% 13% 6% Three-year Cost Procurement FERC Earning EMG Adjusted Improving Experienced/value-added •Hedging Emphasize 1 2 E 4 Tight Strong Energy Proposed Strengthened Low-cost Favorable Operational Long-term Financial Diversify DISON Subject See -Integrated Value -of Edis
Slide 6: Edison International Portfolio
Edison Leading Our Financial Business International the data Way Portfolio is for in Electricity the year ended SM December 31, 2007 Revenue Operating Cash Flow $ 13.1 Generation Capacity (MW) $ 3.2 Market Capitalization 14,955 Southern California $ 16.6 Edison Revenue Operating Cash Flow $ 10.5 Gen
Slide 7: Financial Objectives and Funding Strategies
Leading Financial Funding Operating Cash Focus Credit A BB •Dividend 1 E 6 Targeting Southern Edison Dividend Parent DISON Senior rating rating on on Objectives1 financing metrics hand, the Growth unsecured Mission organic INTERNATIONAL® Strategies Policy metrics cash California increases annual Way
Slide 8: 2008 Earnings Guidance Reconciliation
Reconciliation Leading 2008 Earnings the Way Guidance of in Core Electricity EarningsSM Guidance to Reported Earnings Guidance Core EPS1 2008 Guidance as of Southern California Edison Results 2007 2/27/2008 Edison Mission Group $ 2.07 $2.18 — $2.28 EIX parent company and other 1.72 1.57 — 1.87 EIX c
Slide 9: Southern California Edison (SCE)
Leading Southern [Graphic An E 8 DISON Investor-Owned the Appears California INTERNATIONAL® Way inHere] Electricity Edison Electric(SCE) Utility SM
Slide 10: SCE Demand Growth Drivers
Leading 100,000 80,000 73,204 77,437 83,979 63,463 2 0 20,000 40,000 60,000 25,000 22,889 23,000 MW 20,762 2002 15,000 17,000 19,000 18,821 New Forecast ~453,000 Slower KWh SCE Peak August ~2.5% Customer 1 E 9 002 DISON 2008 21,000 System Growth1 earnings Meter meter Demand 2003 Sales peak 67,002 61
Slide 11: SCE Power Supply and Resource Needs
Leading SCE Power Supply Other 830 1,874 4,176 4,790 Underway Increased 319 Anticipated New Potential System Price Environmental Balance •Load 1 2 EDISON 10Energy Demand Renewable Distributed Clean ~6,700 ~1,350 ~350 This Relative Long-Term Renewables Demand-Side growth, Stability 1,339 Projects num
Slide 12: SCE Renewable Energy Procurement
Leading SCE Billion [Graphic 23% 2006 13 16 2010 It Key Unexpectedly Transmission Demonstrate Continued, Use EDISON 11 is unlikely of challenges Increase Renewable Actual Goal flexible kWh the Appears INTERNATIONAL® aggressive Way Procurement that RPS high compliance include Energy in SCE Here] comp
Slide 13: SCE Proposed Five-Year Capital Spending Plan
Leading SCE Proposed $ Forecast 2012 2011 2010 2009 2008 5Billions 4.3 012343.9 $ Capital $ 4.4 3.6 2.8 the by $19Classification Way Investment Billion in Electricity Five-YearSM Capital Spending Plan Edison SmartConnectTM $ % Generation 1.2 6 Transmission 2.5 13 Distribution 5.5 29 Total1 9.8 52 Cu
Slide 14: SCE Rate Base Forecast
Leading SCE Forecast 12+% $ [Graphic 2012 2011 2010 2009 2008 2007 With 1 and Stimulus Commission to EDISON 13Billions 23.0 24 20.8 21 18.0 18 15.4 15 11.7 036912 Includes work regulatory $Earnings effective Compound 12.7 with the SCE Appears Act INTERNATIONAL® impact Way ACC (ACC) of Rate Asset exe
Slide 15: SCE Transmission Investment
MiraLoma Leading New Las CALIFORNIA NEVADA SCE Tehachapi Midway Palmdale Antelope Windhub (PG&E) Eldorado Vincent Santa Pardee Devers Vegas Growth Service transmission Clarita Serrano Los Vista Mohave the Lugo PalmSprings San PaloVerde SantaAna Valley Existing Angeles Diego transmission Way Territor
Slide 16: Edison SmartConnect Meter Installation
2008 Growth Leading SCE Phase IIIthe Meter Way Driver Installation in Electricity – Edison Timeline SmartConnectTM SM Cumulative Capital Spending & Meter Installations $100 M 2009 2010 2011 2012 – $ 450M $ 800 M $1,100 M $1,245 M Phase Highlights Estimated SmartConnectTM Edison Integrate SCE 1 EDISO
Slide 17: SCE Energy Efficiency Leadership
Leading 1992 GWh 6,000 7,000 8,000 9,000 10,000 2,000 3,000 7,090 4,000 9,031 1,000 S 0 EE During SCE 7 2 Alliance American SCE’s 1 EDISON 16CE United Environment USMilestones Growth PG&E customers has to Department 5,000 4,041 2,226 strong the 2006 the to 69 reduced consistently States INTERNATIONA
Slide 18: Energy Efficiency Shareholder Incentive Mechanism
CPUC Approved Leading Energy Efficiency the Way in Energy Earnings Electricity Efficiency Opportunity SM (EE) Shareholder Incentive Mechanism1 Year 2006-2008 EE Cycle 2009-2011 EE Cycle 2006 2007 2008 2009 2010 2011 2012 2013 Potential 65% of 65% of 35% of 65% of 65% of 35% of Earnings 2006- 2008 20
Slide 19: Constructive Regulatory Environment
Leading the Way Constructive Regulatory in Electricity Environment SM Element Regulatory Details Forward looking rate-making GRC provides three-year forward-looking rate-setting mechanism based forecast spending GRC Expected cost-inflation provided for in rate-making process Adopted for principal op
Slide 20: Edison Mission Group
Leading Edison [Graphic A EDISON 19Competitive Mission the Appears INTERNATIONAL® Way Power Group inHere] Electricity Generation (EMG) SMCompany
Slide 21: EMG Operating Business Platform
Operating Leading EMG Washington Natural California Arizona Wyoming Utah Oklahoma Nevada Texas Iowa Minnesota Nebraska Illinois Maryland Wisconsin New West Wind Coal Pennsylvania York Mexico 5,471 40 1,884 Virginia (UC) 95 90 161 145 75 (Pipeline) Business Gas MW the MW MW Platform1 MW 141 Way 70Win
Slide 22: Midwest Generation Operating Performance
Operating Leading Midwest •2007 Generation Forced vs. the Outage 2006 Generation Statistics Way up 3.7% Rate in Electricity –impacted OperatingSM byPerformance unplanned maintenance outages at Powerton Station (1,538 MW) during 4Q 07. Total Generation (GWh) 2007 2006 Equivalent Availability 29,961 2
Slide 23: Homer City Operating Performance
Operating Leading Homer •2007 Generation Strong vs.City operating the 2006 Statistics Way –Operating up 11.1% inperformance Electricity Performance SMacross the board in 2007 Total Generation (GWh) 2007 2006 Equivalent Availability 13,649 12,286 Capacity Factor 89.4% 81.9% Load Factor 82.5% 74.3% Fo
Slide 24: EMG Hedge Status
StatusHedge Leading EMG at the December Way Program in 31, Electricity Status 2007 SM Midwest Generation 2008 2009 2010 Energy Only Contracts Megawatt hours (in GWh) Average Price ($/MWh) 10,838 7,692 3,472 Load Requirement Services Contracts $ 61.27 $ 62.38 $62.62 Estimated GWh1 Average Price ($/MW
Slide 25: EMG Capacity Sales Status
Leading EMG Status Capacity at the December Way Sales in 31, Electricity 2007 SM Jan. May 1,31, 20082008 — June May1,31, 2008 2009 — June May1,31, 2009 2010 — June May1, 31, 20102011 — Megawatts except price per MW-day Midwest Homer Midwest Homer Midwest Homer Midwest Homer INSTALLED CAPACITY Genera
Slide 26: Edison Mission Marketing and Trading
VaR, Leading Edison Extending Reducing Leverage Trading •Entering Allowed Optimize EMMT Controls volumetric, Mission primarily the California products provides knowledge collateral on hedge forward Way types Marketing program in duration transmission and opportunistic and sales requirements Electric
Slide 27: Midwest Generation Environmental Compliance Plan
Leading MWG 90% Installation Phase Emissions Flue Estimated PA Homer EMG Note: EDISON 26 State Gas removed Cost Environmental expects ICompliance II III City ––the Implementation –Desulfurization Mercury INTERNATIONAL® cost NOx of estimates SO2 of Way Compliance will .11 to Activated by primarily of
Slide 28: Wind Project Development and Portfolio
Projects1 Leading Strategic Contributes Objective •Leverages Growing Production Accelerated Mainly Wind WindProject Energy energy long-term the importance RPS issuccessful tax to Way depreciation toPortfolio Development requirements portfolio provides attain credits incontracts Electricity to nation
Slide 29: Other EMG Growth Opportunities
Leading Other •Natural Will Assets Solar Longer-Term Advanced EDISON 28 Walnut Sunbe Potential power Valley, EMG complement selective Gas-Fired the Creek, INTERNATIONAL® fossil acquisitions Way Growth generation CACAfuel and opportunity inGeneration marketing Electricity –Opportunities technologies
Slide 30: Appendix
Leading the EDISON 29 Appendix INTERNATIONAL® Way in Electricity SM
Slide 31: SCE Regulatory Update
Leading SCE Regulatory the WayUpdate in Electricity SM Case Number Date Filing of Status Next Milestone Evidentiary Hearings begin GRC GRC Application filed and May 29, 2008 A.07-11-011 November 2007 Proposed decision expected Nov. 4, 2008 CPUC schedule approved Cost of Capital Final decision expect
Slide 32: Fourth Quarter Core Earnings Reconciliation
Core Earnings Leading Fourth Reconciliation Quarter the Wayof Financial in Core Electricity Earnings ResultsSM to Reported Earnings SCE 4Q 07 4Q 06 Var. EMG $ 0.37 $ 0.32 $ 0.05 EIX parent company 0.30 0.36 (0.06) and other (0.02) (0.03) 0.01 Core EPS1 Non-core Items $ 0.65 $ 0.65 $ ? SCE EMG $ ? $
Slide 33: Full-Year Core Earnings Reconciliation
Core Earnings Leading Full-Year Reconciliation the Financial Wayof in Core Results Electricity EarningsSMto Reported Earnings SCE 2007 2006 Var. EMG $ 2.07 $ 1.89 $ 0.18 EIX parent company 1.72 1.30 0.42 and other (0.10) (0.12) 0.02 Core EPS1 Non-core Items $ 3.69 $ 3.07 $ 0.62 SCE EMG $ 0.10 $ 0.49
Slide 34: EMG Net Income to Adjusted EBITDA Reconciliation
Reconciliation Leading EMG 2006-2007 the Wayto Adjusted in NetElectricity IncomeEBITDA ($SM Millions) Net Income 2007 2006 Addback (Deduct): $ 410 $ 432 Cumulative change in accounting, net of tax Discontinued operations — — Income from continuing operations 2 (97) Interest expense 412 335 Interest
Slide 35: EMG Liquidity Profile
Sources Leading EMG Available Liquidity ($ the Liquidity Millions) WayProfile in Electricity SM EME Revolver 2007 2006 MWG Revolver $ 507 $ 473 Cash & Short term investments1 497 495 Total 1,230 2,181 $1.1 1 EDISON 34Excludes billion INTERNATIONAL® $121 of credit million facilities and $73between mi
Slide 36: EMG Capital Expenditures and Growth
Leading EMG 2008 Growth Environmental Plant/Corporate $ 1000 800 400 600 2 0 200 Total turbines mercury Estimated •plan 1 installed projects necessary currently EDISON 36008 Additional Balance Homer Midwest Evaluating Millions 861 EMG $2009 –$1,970 Capital 729 380 2010 expects Commitments is the req
Slide 37: Use of Non-GAAP Financial Measures
Leading Use Edison and accurately EPS share. securities principal operating A referenced EDISON 37reconciliation Exchange EPS of byNon-GAAP International’s principal the by operating INTERNATIONAL® subsidiary (vested compare inprincipal Way the Commission. of presentation. operating in stock Non-GAA