Slide 1: Third Quarter 2010 Financial Teleconference
Exhibit 99.2 Leading Third October EDISONQuarter 29, the INTERNATIONAL® 2010 Way 2010 in Financial ElectricityTeleconference SM
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements not differ them Analysis” www.edisoninvestor.com. October EDISON 1 purely to materially reflect 29, the INTERNATIONAL® in historical, contained 2010 Way Edison new from inStatements information, Electricity International’s are in current this forward-looking These
Slide 3: Third Quarter 2010 Earnings Summary
Leading Third Non-Core SCE EMG EIX and Total Diluted $477 Core $1.46 GAAP ($ $510 Basic $1.56 Q3 1 for October 2 See millions) the 09 other parent EDISON$0.92 $0.14 EPS Earnings1 EPS1 $358 $403 Non-Core Earnings Quarter EPS 0.19 — $1.09 $1.23 Q3 quarter Earnings EPS 29, the (0.03) $1.09 10 Items $1.
Slide 4: SCE Third Quarter Earnings Per Share
Leading SCE EPS Core1 Non-Core Basic attributable Key Higher Income Total •Recent 1 2010 October Rate Operating Receipt In $500 Small SeeOctober Core Q3 Third $0.16 Use EPS base $0.92 million AFUDC Developments operating depreciation Business taxes 09 29, the of Earnings Items of Quarter Q3 growth t
Slide 5: EMG Third Quarter Earnings Per Share
Leading EMG EPS Core1 Non-Core Basic attributable Key Merchant Renewable EMMT—trading Natural Edison Total •Recent 1 year 2 Settled Community Pinnacle Small SeeCore Q3 $0.18 OctoberUse Third EPS $0.19 Developments Capital Business Includes gas 09 the Mitsubishi coal2 Earnings Items of (WV) 29,projec
Slide 6: Year-to-Date Earnings Summary
Leading Year-to-Date Non-Core SCE EMG EIX and Total Diluted $950 Core $2.90 GAAP ($ $637 $1,090 Basic YTD $1.94 $3.33 1 $(0.01) October See millions) other parent $2.17 $1.06 EPS Earnings1 EPS1 $870 Non-Core 09 Earnings EPS 0.55 (1.93) $2.66 Earnings per EPS 29, YTD the $2.66 Items $1.94 0.49 $2.45
Slide 7: Midwest Generation Operational Statistics
Leading Midwest •Operational 5,471 All-in $51.44 $25.04 $44.61 $19.57 Q3 Average 1 3 Total 2 Forced Capacity Equivalent Load 09MW OctoberAverage Q3 Generation Factor $49.32 $33.36 $18.08 Includes the realized Outage Generation 10 Factor –Other Statistics Way Availability Six YTD Average See 29, 76.1
Slide 8: Homer City Operational Statistics
Leading Homer •Operational All-in $54.69 $32.63 $33.23 $21.46 Q3 Average 1,884 1 2 3 Total Forced Capacity Equivalent Load 09MW OctoberAverage Q3 Generation Factor $57.55 $35.00 $33.91 $24.92 City Includes the realized Outage 10 Factor –Other Statistics Way (Pennsylvania) Availability Three YTD Aver
Slide 9: EMG Hedge Program Status
Leading EMG September Remainder 2010 Midwest Homer Total Average Coal 1 2 3 average October As The MWh) In October of under 2011 estimated Hedge average City September price 29, the price for Generation1 2012 30, of contract 2010 Way the 2010, Program of ($/MWh)3 ($/MWh)2,3 price/MWh 2010 GWh Midwes
Slide 10: EMG Wind Portfolio
Leading EMG Portfolio Recent 5 24 Wind 75 July September Settled Estimated Investment MW Projects Total 1 2 October 9 Amounts projects project Data EDISON projects MW2010, Spend 760 Turbine Wind as Activities Mitsubishi available 29, under the in &of $1,192 under Capital completed 2010, exclude in I
Slide 11: Funding for Wind Projects
Leading Funding ($ 12/31/09 Estimated Spend (at October 10 $253 Bank/Vendor U.S. $92 1 2 September 3 due 4 5 EME’s Excludes Estimate In Including millions) EDISON 9/30/10) when million Q3 Treasury million Spend2 10, 29, the for turbine New grant Projects4 based 30, balance Community accruals. receiv
Slide 12: 2010 Earnings Guidance
Leading 2010 NEEDS Prior Earnings as Low Non-core legislation Tax Midpoint by SCE EMG EIX Total Southern Assumptions 48% Edison •Other 1 October Average Approved Potential Forward EMMT Normal No Excludes See of key settlement core basic parent changes Mid equity, –8/5/10 $2.80 2010 Earnings non-core
Slide 13: Appendix
Leading 29, October Appendixthe 2010 Way in 12Electricity EDISON INTERNATIONAL® SM
Slide 14: Updates Since Last Presentation
Leading •Updates October Q3 10Regulatory 2010 Global Liquidity Debt SCE EMG Maturity Earnings Wind Hedge Capital environmental results 29, the Since TaxProfile 2010 Way Settlement Energy Program Our and Expenditures Profiles Guidance in 13 Key (p. Last standard Electricity EDISON Business 17) compli
Slide 15: Delivering Superior Value
Leading Delivering A Southern growth Balance Decoupled Edison Achieve Our October diversified keyMission International electric 29, operating the durable California Superior regulatory 2010 Way andGroup reliability, coal in flexible 14 principles Electricity Edison and EDISON fleet model Sustained p
Slide 16: Financing and Dividend Policy
Leading Financing Southern Authorized 48% 43% 9% Periodic Retain Edison Current support Dividend Target Depending October preferred equity long-term payout cash Mission from wind 29, the debt California Policy Strategies upon capital at from 2010 Way or stock and construction ratio 11.5% debt Group
Slide 17: Global Tax Settlement
Leading Global September Edison EIX SCE Income Overall Net Cash3 of Taxes Estimated (payments)/receipts4 Cash 1 cross-border proceeds Capital flow October 2 3 settled Internal 4 Tax parent Includes Statement2 tax Includes See the Comprised the future expected 30, Settlement settlement Way & 1,170 fr
Slide 18: Liquidity Profile
1 Leading Liquidity September EME EMG & Sources Credit Cash Available Capital &Edison Facility Edison short-term SCE the 2 Excludes subsidiary October Profile Liquidity parent 29,30, ofWay EIX Subs the 2010 $2,894 (availability)2 2010Capital co. in Lehmaninvestments &$3,744 Electricity unused 17 ($
Slide 19: Debt Maturity Profile
Leading September Debt Short- SCE EMG1 EIX Expiration SCE2 EME MWG EIX2 1 2 Cedro —$— Maturity Profile — October$— and —19 — $98 Hill the —$— — 192 $— — Long-Term of 29,30, 600 — million Way 2010 construction 500 Credit $— —Profiles 49 2010 $— 1,426 2010— in —555 $— 2011 18$2,894 Electricity of ($ F
Slide 20: SCE Appendix
Leading SCE October Appendix 29, the 2010 Way in 19Electricity EDISON INTERNATIONAL® SM
Slide 21: SCE Highlights
Leading SCE One 4.9 50,000 Over 8-11% System Smart California October million of Highlights 13 110,000 grid five-year the square-mile reliability 29, million theRenewable nation’s technology customer 2010 Way miles residents average in 20 investments largest service Electricity ofEDISON accounts Por
Slide 22: SCE Forward-looking Regulatory Framework
Leading SCE Forward-looking Element Multi-year Decoupling Reliable Advance Procurement FERC Benefits Three-year Through during State Upfront Pre-established Return Regulatory October Constructive regulatory transmission economic on prudency 29, the electric to 2012, approval common cost-of-capital C
Slide 23: SCE Capital Investment Forecast
Leading SCE ($ $4.0 $4.4 $4.6 $2.9 $ Solar Edison Generation Transmission Distribution By 2009 $21.5 $18.0 Total Forecast 1 regulatory October %billions) Forecast Proceeding $4.3 Capital 2010 CPUC 21.5 2012 100 Photovoltaic Other FERC SmartConnect™ 29, the By $4.0 $4.2 100 approvals. includes 2011 C
Slide 24: SCE Rate Base Forecast
Leading SCE ($ 2009 $14.8 $16.2 $18.1 $20.8 $23.0 $25.2 5-Yr Forecast 1 approvals; Rate of 2 Forecast billions) recently Base Rate CAGR2 2010 October Rate the $14.8 Base forecast includes: (3) 29,2011 enacted Way Base FERC $16.2 Forecast 20102012 inrelated 23range bonus Electricity (1) construction
Slide 25: SCE Transmission Investment
Leading SCE Rector Antelope Santa Pardee Vincent Los San DCR 2010-2014 Tehachapi Engineering/Construction Grand Transmission 1 Angeles Joaquin Diego Transmission 500kV Clarita October 2 3 A Total SCE Devers FERC the IncludesEldorado portionSegment 29,Project Way Highwind new$5,543 Cross Alberhill Te
Slide 26: SCE Distribution Investment
Leading SCE Distribution infrastructure investment Investment 2010—2014 Load Other2 New Infrastructure 1 2 Distribution Service Growth October theoptions in Way investments Connections General replacement Replacement Distribution Includes 29, 2010 information in Investment 25Electricity Plant1 requi
Slide 27: SCE Steam Generator Replacement
Leading SCE Total $270 2009 Q4 Unit Replacement October outage Q12SONGS million 2010 approved Steam Q229, theQ3 2011 2010 Way remaining and Generator Steam Q4 investment in refueling 26 Q1 Electricity Generator EDISON investment Unit of Replacement 3$630 INTERNATIONAL® SM Steam Replacement million i
Slide 28: Master SCE Solar Programs
Leading 1-2 Master SCE-owned Remaining Annual Contracted Executed Online Next SCE completed 2009 CPUC June 1 October CPUC MW 2009 Solar authorized Construction Pilot RFO 2010 approval dates Supply Request 29, the decision average 36 Sites to anticipated and Photovoltaic 2011 ground 2010 Way solar fo
Slide 29: SCE Smart Meter Program
Leading SCE Five Promote Avoid Provide 2008 August approved remote customer out, (HAN) October dynamic million SmartConnectTM 2009 GHG service capabilities 2008 all capability 29, the energy move by2010 residential 2010 Way emissions electric CPUC program rate switch in/move efficiency 2011 in optio
Slide 30: California Renewable Resources Policy
Leading California Final •Targets: Use Compliance Cost Applicability SCE October Governor California Policy of is impacts regulation out-of-state taking debates 20% 29, theRenewable Schwarzenegger’s Air 2010 Way flexibility for in to a Resources proactive 2013; Municipal approved in customers in 29
Slide 31: SCE Renewable Portfolio
Leading Contracts to Renewable (billion Small Wind Geothermal 88% 28.2 10% 15.0 2010 2009 13.6 2020 SCE (forecast) October meet Increase 2010 Renewable 20% Potential 26% Hydro kWh) the 29, the are RPS 20% Resources 2010 57% 2010 Way 4% in33% Renewable place Portfolio Resource goal Solar in 30Electri
Slide 32: SCE Cost of Capital Mechanism
Leading SCE Moody’s 10 Rate Spot Average Sep-07 In Capital Triggers If At SCE’s 1 October period. Spot index 2008, 9 8(%) September rate1 Cost 7authorized rate Dec-07 mechanism exceeds 29, 6the for In based Baa of 5is CPUC 2010 measurement Way 4Capital daily Utility 2010, on Mar-08 ain 31 ROE 12-mon
Slide 33: SCE Residential Rates and Bills
Leading SCE 30% 11.6 15.0 Key •Costs Residential 2008 U.S. Lower 9% 90 100 1 SCE’s However, Factors Average Higher Rates Average forEIA’s October residential the renewables 29, and average usage Way SCE 2008 Residential Bills 2010 in isrates 32Electric Electricity monthly 30% Comparison are are high
Slide 34: SCE Notice of Intent GRC
Leading SCE Notice GRC Primarily Includes Excludes $903 Post System O&M 1 test 2012 million sets Octoberexpense of reliability expansion Attrition the year1 Solar fuel cost Intent covers base 29,CPUC Way increase and of Photovoltaic requested revenue primarily 2010 submitted capital SCE’s adjustment
Slide 35: SCE 2012 GRC Schedule
Leading SCE 2012 2010 Q1 July Notice Intent June Evidentiary October Hearings Q2 19 1-16 2012 GRC 2011 Filed of Q3 GRC 29, the Application ALJ CPUC Q4 application Reply Decision 2010 Way July Q1 Proposed in GRC 34 Q2 16-August Briefs Electricity EDISON Q3 Opening forecast Projected Q4 2INTERNATIONAL
Slide 36: SCE Transmission Key Events
Leading SCE Case Number September 2010 Tehachapi DCR 2010. Management Eldorado-Ivanpah Alberhill San Valley October Joaquin Regulatory Date FERC Transmission Loop 29, the Filing A.Transmission of 2009, 2010 Way Rate 09-09-022 Cross Convenience Next inStatus Q4 Key FERC in Case 35 Transmission A. A.
Slide 37: EMG Appendix
Leading EMG October Appendix 29, the 2010 Way in 36Electricity EDISON INTERNATIONAL® SM
Slide 38: EMG Operating Platform
Leading EMG Operating Coal Other Total Wind Pipeline2 Under Thermal Natural 1,884 141 145 190 1 311 2 Natural 114 7,395 10,002 October 3 another1,185 Development Business 145 153 Construction Owned Gas Gas3 15, the Pipeline gas ~3,700 DeliveriesPlatform1 67 174 12 Way 1,269 source 29, 100 53 479 inc
Slide 39: EMG Capital Expenditures
Leading EMG September 2009 Midwest Homer Plant Environmental Renewable Capital Turbine Other Total 1 begin installing conditions 2 3 Environmental been 4 20105 $548 capital to Capital capital City & Excludes commitment 5 Amounts commitments4 retrofit the Generation controls construction3 applicable
Slide 40: EMG Capacity Sales
Leading EMG September Installed Average Oct June Midwest Homer 1 RPM 2 3 auctions, 4 Capacity Excludes Other 1,1,auction. OctoberCapacity 2010 City 2011 2012 2013 Includes capacity the Price Capacity Generation and 29,30, not 25 to Way 1,884 to other per to May 2010 2010sold Sales May the sales 84 i
Slide 41: EMG Credit Covenant Status
Leading EMG Status 12/31/09 EME Funds Corporate-Debt-to-Capital Midwest Debt Homer Senior Covenant October to Credit Debt at Flow Rent City Capitalization 29, the Generation 3/31/10 Threshold threshold Covenant Available 2010 Way Lease Service Facility in 6/30/10 40 Agreement (not (less Electricity
Slide 42: EMG Illinois Compliance Timelines
Leading EMG Completed ACI 0.008 Mercury Compliance SO2 Construction (Cost $158 Waukegan 0.44 0.41 0.28 0.15 Up 0.11 0.13 NOx Unit-specific Fleet-wide 1 Unit October Simplified to($45 Waukegan Fisk 0.195 County 19 SO2 million included –$1.2 orIllinois at 29, the 90% Powerton, million) Mercury Fisk, 7
Slide 43: MWG Environmental Compliance Profile
Leading MWG Pollutant Mercury NO SO Hazardous 1 2XIllinois OctoberIllinois Environmental Includes the Illinois Regulations 29, Air Way CPS, CPS, Pollutant 2010 CPS, costs inEPA 42EPA Electricity Technology Compliance Future related CATR (HAP) CleanEPA EDISON toINTERNATIONAL® using SM Air Acid final
Slide 44: HC Environmental Compliance Profile
Leading HC Pollutant Mercury NO SO Hazardous October 2Environmental XEPA EPA 29, the Future Regulations CATR, Air CATR, 2010 Way Pollutant EPA in 43 Pennsylvania Future Compliance Electricity EDISON MACT Technology (HAP) Pennsylvania Wet INTERNATIONAL® SM Acid SIP Scenario Limestone Cost Wet Gases P
Slide 45: Edison Mission Marketing & Trading
Leading Edison Markets Typically Target merchant Primarily Largely Controls VaR; EMMT $195 2005 $49 October $164 2006 CFaR; approximately Mission Trading in 29, the energy on generation atransmission-related eastern $143 2007 rolling types 2010 Way stress and Marketing Revenue $130 2008 in 44 and ma
Slide 46: EMG Comparative Operating Information
Leading EMG Fav./(Unfav.) Q3 Midwest Total Energy Load Homer Generation Equivalent Performance Forced Pricing Average Flat October 09 energy 8,272 requirement Comparative Q3 City outage only Information 29, the realized cost Generation 10 availability (in price 8,449 2010 Way contracts of Variance F
Slide 47: Our Shareholder Value Proposition
Leading Our Among Supportive Leadership See Working •Current October Dual Southern Commitment Incentive Edison real Shareholder platform the wind equity 29, the Mission people coal California compensation regulatory in best 2010 Way construction fleet renewable to value operating committed domestic
Slide 48: EMG Adjusted EBITDA Reconciliation
Leading EMG September Reconciliation Earnings Addback Discontinued Interest Income Depreciation EBITDA2 Production Gain Addback: Lease Adjusted 1 2 on October–termination Adjusted Earnings from expense income taxes sale the $60 (Deduct): EBITDA See 29,208 30, tax Way of and continuing 7$110 Useopera
Slide 49: Reconciliation of Core Earnings
Leading ($ Reconciliation Attributable Earnings Core Non-core SCE health regulatory EMG Total EIX 1 2 millions) parent –Core GAAP –$300 OctoberEarnings1 non-core –61 tax care tax See tax discontinued the 120 Non-GAAP items Earnings settlement settlement $352 items legislation company settlement2 Ear
Slide 50: SCE Three Months Results
Leading SCE ($ Three Utility Earning Activities Fuel Operation Depreciation, Property Operating Income interest Dividends stock Net Core Non-Core Global Regulatory Total 1 millions) interest income and Results Earnings Octoberoperating SCE not Months Utility Cost- settlement — See before tax Recover
Slide 51: SCE Nine Months Results
Leading SCE ($ Operating Depreciation, taxes common 1 Nine Activities $3,951 897 38 300 — 46 October 50See millions) 2,688 (1) 90 — (39) —$1,053 EDISON 95Results Months Income Use 90 38 (1) $3,580 29, the stock 2,688 — 39 — Activities Revenue of2010 Way —INTERNATIONAL® $858 of (1) Non-GAAP Ended tax
Slide 52: EMG Midwest Generation Reconciliation
Leading EMG ($ Midwest other Corporate Three $69 52 13 27 30 — 4 7 Reconciliation AOI (expense), 1 October 2millions) — (3) See 848 33 27 —13 $150 737 (888) (AOL) (3) Other Adjusted Use 135 40 44 831 Months 41715 37 29, the 130 105 49 Generation $257 (1) administrative of 85 202 net (3) projects 201
Slide 53: EMG Q3 Reconciliation
Leading EMG ($ Q3 Generation Less: All-in Add Realized Average Reconciliation Operating Renewable Fuel Midwest Homer Other Segment October millions) 09back: costs Costs Unrealized Other revenues average Q3 City 29, the realized revenues fuel Generation 10 revenues $164 Unrealized (GWh) projects 2010
Slide 54: Use of Non-GAAP Financial Measures
Leading Use Edison Core per earnings the material EBITDA gain evaluating The and impact A referenced October reconciliation principal share Exchange EPS unrealized average of on earnings Non-GAAP of International’s the 29, to the refer by is excluding participating hedge EMG. in each sale defined pr