Edison International · NYSE:EIX
Edison International — Corporate Update (March 2014)
10 slides from Edison International's corporate update, Mar 27, 2014
Slide 1: Proposed SONGS Settlement
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 0 Proposed SONGS Settlement
Slide 2: Forward-Looking Statements
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 1 Statements contained in this presentation about future performance that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such st
Slide 3: SONGS Settlement - Material Economic Terms
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 2 SONGS Settlement - Material Economic Terms Term Description Steam Generators • Steam Generator Replacement Project (“SGRP”) removed from rates as of February 1, 2012, with book value balance disallowed. Revenues re
Slide 4: Asset Impairment (February Business Update)
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 3 Asset Impairment (February Business Update) Exposure to refunds for amounts collected from customers Exposure to recovery of net investment from future rates Revenue Subject to Refund Since 1/1/12 Since 11/1/12 Aut
Slide 5: Settlement Accounting
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 4 Settlement Accounting • In Q2 2013, SCE recorded a $575 million (pre-tax) impairment based on management’s judgment of the recoverability of its SONGS investment Developed based on a range of possible outcomes
Slide 6: SONGS Regulatory Asset
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 5 SONGS Regulatory Asset Category December 31, 20131 March 31, 2014 Authorized Return Base Plant $492 2.62% SGRP - n/a CWIP2 $2,166 408 2.62% Materials and Supplies 78 2.62% Nuclear Fuel 400 Commercial Paper Asset Im
Slide 7: Cash Flow Impact of Settlement
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 6 Cash Flow Impact of Settlement • With SONGS shutdown, SCE has purchased significant amounts of replacement power Energy Resource Recovery Account (ERRA) balance $1 billion under collected as of December 31, 2013
Slide 8: Forecasted ERRA Recovery
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 7 1,005 264 195 1,464 (186) (267) (517) (61) (213) 220 ERRA 2013 End of Year Jan - April 2014 May 2014 due to ERRA delay May 31, 2014 ERRA Decom. Trust (June '13 - May '14) SONGS Settlement - May 31, 2014 Refund June
Slide 9: 2014 Core and Basic Earnings Guidance
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 8 2014 Core and Basic Earnings Guidance Note: See Use of Non-GAAP Financial Measures in Appendix Key Assumptions: • Midpoint rate base of $22.1 billion • Approved capital structure – 48% equity, 10.45% CPUC & FERC RO
Slide 10: Use of Non-GAAP Financial Measures
Exhibit 99.1 EDISON INTERNATIONAL® Leading the Way in Electricity SM March 27, 2014 9 Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings internally for financial planning and for analysis o