Edison International · NYSE:EIX
Edison International — Q1 2009 Earnings Presentation
16 slides from Edison International's earnings presentation, May 8, 2009
Slide 1: First Quarter 2009 Financial Teleconference
Exhibit 99.2 Leading First INTERNATIONAL EDISON Financial May 8, Quarter 2009 the Teleconference Way EDISON 2009in Electricity INTERNATIONAL® 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: First Quarter Earnings Summary
Leading First GAAP Earnings ($ $299 $258 Q1 1 shareholders. core May GAAP millions) 08items. 8, Quarter $0.91 $0.79 Q1 Core1 2009 the earnings Reported 09$250 $304 ($ Way 2Earnings Q1 See millions) EDISON 08 $0.92 $0.76 in First refers EPS Electricity Q1Summary Quarter 09 Earnings to INTERNATIONAL®
Slide 4: First Quarter Reconciliation of Core Earnings
Leading First Reconciliation Core receiving SCE Midwest 133 EIX New EMMT2 Higher Total Lower Basic Non-Core EMG 1 March 2 May Seegains EMMTparent 8, Quarter $$0.18 wind Earnings Non-Core Use EPS –$0.49 0.46 power results 31, net 2009 (0.01) Q1 the –Generation the overhead Variance of 2008 projects $
Slide 5: Midwest Generation Operating Statistics
Leading Midwest Operating Total Capacity Generation, All-in $60 Gross $42.15 $30 $/MWh Average 1 2 May Average Includes $56.23 $15 8, Generation Average margin $36.99 2009 $14.08 the realized Generation Factor Statistics realized the $55.54 capacity Way 4declined price EDISON Realized $18.55 70.3% g
Slide 6: Homer City Operating Statistics
Leading Homer Operating Total $64 $48 $16 $0 Average Q1 Decline Forced All-in Higher 1 2 May Average Includes 08 09 $61.73 $35.85 $22.57 8, Generation Average average Q1 vs. City outage annual 2009 in the realized Q1 09 Statistics realized market the $58.42 $37.72 $24.01 Way –508 Operating price rat
Slide 7: EMG Status: Capacity Sales
Leading EMG Status Apr except Less: Net Fixed Non-unit •Variable Total Average 1 2 amounts 3 May Net Price Capacity Expected Actual The Load Capacity 1,8, Capacity Net Capacity Price original at 2009 price per requirements 2009 the Price Capacity contract at March Specific capacity — MW-day price aC
Slide 8: EMG Status: Hedge Program and Energy Contracts
Leading EMG Status 2009 Energy Load Northern cost Homer Total 1 2 1.2 May At See million under March 8, 2010 estimated Requirements the Hedge atCity1 2009 Only the March Illinois “EMG: contract 2011 tons 31, Way Program 7Contracts EDISON 2009, GWh 31, in Midwest & Hub in Market 2010 100% AEP/Dayton
Slide 9: Liquidity
Leading Liquidity EIX Sources Credit Available 1 2 amount 3 May Total Excludes SCEParent 8,Facility amounts amounts 2009 from (in the Profile Liquidity the Co. Millions) Way 8subsidiaries $EDISON unused include do 3,000 in not at $ Electricity SCE 2,405 March and/or $imply $83 INTERNATIONAL® 1,100 o
Slide 10: 2009 Earnings Guidance and Reconciliation Items
Leading Reconciliation 2009 items company SCE Includes Assumes FERC 48% •11.5% provided 1 of May 2009 Pre-tax Potential Prior See participating Equity 8, EMG Earnings GAAP — Use rate Approved Return EMG average 2009 the 2009 — earnings March timely and of energy case EMG — Way Guidance core Non-GAAP
Slide 11: Appendix
Leading May Appendix 8, 2009 the Way 10 EDISON in Electricity INTERNATIONAL® SM
Slide 12: Credit Status
Leading Credit Status Edison A A—114 Total 1 NYISO, 2 credit 3 May Additional For EME or higher 8, $power ratings. at Risk Mission 806 2009 and (70) the MISO, March $SCE Exposure Way and information 11 44 (373) 461 Energy 31, EDISON clearing 476 gas assign in $ $2009 (295) Electricity — trading 433
Slide 13: EMG Q1 Comparative Operating Information
Leading EMG Q1 Total Energy Nihub Homer Generation Equivalent Performance Pricing Average (28)% May 088, 8,383 Comparative Q1 Flat ($/MWh) City 2009 Only Information the Realized 09 Availability Energy (in 6,642 Way 12 contracts Contracts Variance Gwh) EDISON $53.38 in (1,741) Energy Price—HC Operat
Slide 14: EMG Status: Generation Platform and Pipeline
Leading EMG Status 1,884 141 145 53 5,471 19 90 Wind MW 100 70 Thermal States 1 December 2 3 favorably May Natural Owned Deliveries Turbines Operating 40 114 Under 8,Development Business 145 MW Coal where at2009 the Pipeline3 March or gas resolved 67 31, % 7,395 Construction under Way 942 under EME
Slide 15: EMG Reconciliation of Earnings to Adjusted EBITDA
Leading EMG Reconciliation Earnings1 amortization EBITDA2 Production Adjusted 1 2 3 May Earnings See Production 8,Use – 2009 First the EBITDA2 of $350 refers tax Way 154 46 Quarter Non-GAAP 14 tax to credits3 177 57 EDISON $credits in to Earnings1 48Electricity net $Adjusted Addback 359 9income (PTC
Slide 16: Use of Non-GAAP Financial Measures
Leading Use Edison and accurately EPS share. weighted stock) we EBITDA gain evaluating A referenced May reconciliation refer Exchange EPS of on by 8,for Non-GAAP International’s 2009 the principal the to by is average each compare EMG. in as sale defined principal Way 15 this EIX Commission. princip