Edison International · NYSE:EIX
Edison International — Corporate Update (November 2015)
12 slides from Edison International's corporate update, Nov 9, 2015
Slide 1: Business Update Supplement: SCE 2015 General Rate Case Decision
November 9, 2015 Business Update Supplement SCE 2015 General Rate Case Decision
Slide 2: Forward-Looking Statements
November 9, 2015 1 Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, asset and rate base growth, capital expenditures, financial outlook, and other statements that are not purely historical, are forward-lo
Slide 3: 2015 General Rate Case Final Decision
November 9, 2015 2 On November 5, 2015, the CPUC issued a final decision supportive of SCE strategy to increase infrastructure reliability and safety investment while mitigating customer rate impacts through productivity and operating efficiency • 2015 authorized revenue requirement of $5.182 billio
Slide 4: Resolution of GRC Open Items
November 9, 2015 3 Rate Base • Adjustment revised to amortize over 27 years - see “Tax Repair Ratemaking and Accounting” • $180 million exclusion of customer deposits – no change • $73 million pole loading reduction – no change Expenses • $71 million incentive compensation reduction – reduced by $10
Slide 5: Tax Repair Ratemaking and Accounting
November 9, 2015 4 Tax Repair Ratemaking and Accounting Tax Repair Ratemaking • In SCE’s 2015 GRC final decision, the CPUC adopted a rate base offset associated with forecasted tax repair deductions during 2012-2014 – In 2015, the CPUC rate base offset is $324 million1 and amortizes on a straight li
Slide 6: SCE 2015-2017 Capital Expenditure Forecast
November 9, 2015 5 • No changes in capital spending outlook based on GRC final decision SCE 2015-2017 Capital Expenditure Forecast Note: Forecasted capital spending subject to timely receipt of permitting, licensing, and regulatory approvals. Forecasted capital spending includes CPUC, FERC and other
Slide 7: SCE 2015-2017 Rate Base Forecast
November 9, 2015 6 SCE 2015-2017 Rate Base Forecast • Incorporates 2015 GRC final decision, except “rate base offset” • GRC “rate base offset” excluded because of write off of regulatory asset related to 2012-2014 incremental tax repairs • Changes to forecast due to reconciliation of decision langua
Slide 8: SCE Distribution System Investments
November 9, 2015 7 SCE Distribution System Investments Distribution Trends • Aging system reaching equilibrium replacement rate • 2015 GRC includes 94% increase in infrastructure replacement • Distribution spending will be sustained by: - Public safety and reliability - Distribution Resources Plan (
Slide 9: 2015 Core and Basic Earnings Guidance
November 9, 2015 8 • Revenues based on GRC final decision • Weighted-average 2015 rate base of $23.0 billion (see Rate Base Forecast) • Energy efficiency earnings of $0.05 per share • Includes proposed ex-parte penalty • Includes disallowance of $10 million solar termination payment – ($0.02) per sh
Slide 10: System Average Rate expected to decline in early 2016
November 9, 2015 9 (0.3¢) (0.7¢) (1.2¢) 0.3¢ 0.4¢ 0.2¢ 5.30 4.00 Current 2015 SAR 2015 ERRA Settlement 2015 GRC Expiration of Prior Refunds Other CPUC 2016 FERC 2016 ERRA Changes March 2016 SAR 2016 Forecast System Average Rate SCE’s system average rate is expected to decline from 16.3¢/kWh to 15.0¢
Slide 11: Earnings Per Share Non-GAAP Reconciliations
November 9, 2015 10 Earnings Per Share Non-GAAP Reconciliations Reconciliation of EIX Core Earnings Per Share to EIX GAAP Earnings Per Share 1. See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix of the October 2015 Business Update 2. Refer to “Management Overvie
Slide 12: Use of Non-GAAP Financial Measures
November 9, 2015 11 Use of Non-GAAP Financial Measures 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 of performance. Core earnings ar
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