Edison International · NYSE:EIX
Edison International — Corporate Update (November 2008)
37 slides from Edison International's corporate update, Nov 10, 2008
Slide 1: Leading the Way in Electricity: November 2008 Update
Exhibit 99.1 Leading the Business November Update 2008 7,Way 2008inEDISON Electricity INTERNATIONAL® SM
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements under These November the forward-looking the headings 7, contained Way 2008inStatements 1“Risk Electricity EDISON instatements this Factors” presentation INTERNATIONAL® SMrepresent reflect and “Management’s about ourour current future expectations expectations; per
Slide 3: What's Updated Since Last Business Update
Leading What’s Updated 3Q Strategy SCE EMG Additional Liquidity, November 2008 rate SmartConnectTM Energy rooftop update New the and Information results base bank 7, Topics Way Efficiency Since investor solar on 2008 forecast relationships and renewable inprogram Our 2Electricity 2008 EDISON value (
Slide 4: Edison International: One Mission, Two Businesses
Leading Business One Unregulated Growth Strong Excellence 2007 Southern Edison 1 impact November Seeof Assets Core Non-GAAP financial of the International Mission opportunities enablers: the Model California participating Earnings best 7, inWay By power 2008 execution U.S. Business1 Group position L
Slide 5: Southern California Edison Business Strategy
Leading Southern Business Strong Decoupled California’s Finance Credit Funding Key Reliable Renewable Less Rooftop Transmission Distribution Nuclear Natural Edison Energy 1 2 November Forecast Current Public Carbon objectives: rate SmartConnectTM efficiency Efficiency Gas Steam Strategy the Solar In
Slide 6: Edison Mission Group Business Strategy
Leading Edison Business Finance Credit Funding Portfolio 76% 100% Current Long-Term Natural Coal 1/3 Renewable 1 2 3 1/3 15% fleet: objectives: Mission 1/3 gas Gas Generation Strategy the sources: Long-term November diversification Diversification Strategy 9% Source portfolio: Portfolio portfolio: W
Slide 7: Our Priorities: Excellence in Execution
Leading Excellence Obtain Deliver Focus 5 on Good November Manage Meet On the Diversify Realizing Superior Main in Our Way Regulatory Execution Business Wind Environmental Our EMG’s our 7, in Large 2008 Execution Electricity Development substantial Coal Decisions Priorities ofINTERNATIONAL® 6Constru
Slide 8: 2008 Guidance and Core Earnings
Leading 2008 Guidance Core Non-Core SCE—PBR EMG Total Note: Updated EIX Expect earnings 11.5% SCE Includes Forward EMMT Lower Excluded Potential CAIR Discontinued 1 November SeeConsolidated parent core GAAP $EPS1 Earnings Non-Core Use Guidance 1.57 —allowances Return 2.18 pre-tax to pre-tax the Guid
Slide 9: Southern California Edison (SCE)
Leading the Southern November California 7,Way 2008in8Electricity Edison EDISON (SCE) INTERNATIONAL® SM
Slide 10: California's Largest Electric Utility: Highlights
Leading California Largest 13 4.8 50,000 SCE Energy Earnings Cost Customer 2008 November million million Service Highlights earnings inflation new square-mile cost electric the model driven and connections and residents 7, customer Way changes Territory 2008 decoupled forecast load SCE utility by in
Slide 11: SCE Superior Execution and Rate Base Forecast
Leading SCE $ $25 2007 $11.7 Superior 1 are accelerated Arizona with general November Billions Forecast based $20 the Rate 2008 $12.7 rate ACC Corporation $15 the execution in Base is 7, 2009 depreciation case $15.0 Way part $10 as 2008 onForecast of2010 on decision. $5 acceptable in$18.0 October 10
Slide 12: SCE Capital Expenditure Forecast
Leading SCE $19.9 2008 $2.9 $ Solar Edison Generation Transmission Distribution By 2 % Other CPUC FERC Total1 In 1 Commission forecasts November 009-2011 Billions % Subject 2008 Classification Proceeding $4.1 Capital 2009 Rooftop Year Billion Rate 19.90 100 Project SmartConnect™ SCE the could to $4.
Slide 13: Constructive Regulatory Environment
Leading Constructive What’s Advance Trigger Forward-looking State Multi-year Benefits Upfront Better Three-year Regulatory Provides November support matching Changed mechanism review the to three-year approval 7, cost Customers process decisions Way Regulatory 2008 forof of Since reliable rate-makin
Slide 14: SCE SmartConnect Program Update
Leading SCE CPUC Total Full Enable reduce Integrate 1 November SCEEdison SmartConnectTM project expects approved GHG higher the Homes Smart 7,SmartConnectTM Way cost emissions 2008 energy toAppliances deployment with in update is13 Electricity $1.7 efficiency the EDISON by Program its billion Utilit
Slide 15: SCE Energy Efficiency Earnings Opportunity
65% of Leading SCE CPUC Potential Year 2006-2008 2006 2009-2011 2009 Energy 2007 2010 Approved 2006-2007 the Earnings 2008 2011 EE Way Efficiency Cycle 2012 in Energy Profile1 earnings Electricity 2013 Opportunity Efficiency opportunity SM (EE) Shareholder Incentive Mechanism SCE 1 petition proposed
Slide 16: SCE Rooftop Solar Program
Leading SCE Install 1-2 $875 Subject First Up CPUC SCE’s 1 to MW2Solar million November3250 proposed MW granted to MW the average Direct CPUC Rooftop MW projected Way 7, of capital authority additional of 2008rooftop capital project in approval thin-film Program Electricity 15spending completed fore
Slide 17: SCE New Transmission Projects
Leading SCE New Transmission Project Renewables Reliability Other Total Economics Grand FERC 1 2 2009, CALIFORNIA ARIZONA NEVADA Service Verde San DPV2 PalmSprings Rancho Tehachapi November Subject Petitions Diego Transmission transmission Renewables Reliability with Projects Palo Total Licensing2 5
Slide 18: SCE Renewable Energy Purchases
Leading Renewable 12.5 28% Biomass Geothermal Wind Solar 2007 2020 ~16% ~1/8 Purchased SCE Contracts California Sources: November 16 of Increase Renewable 2007 2010 Actual Renewable Potential 5% 21% ofall TBD the Energy 8% SCE’s Small in public Renewable over US 7, Resources 62% Way 2010 place 2008
Slide 19: Edison Mission Group (EMG)
LeadingMission Edison Novemberthe7,Way 2008 Group in18 Electricity EDISON (EMG) SM INTERNATIONAL®
Slide 20: EMG Midwest Generation Operating Statistics
Leading EMG Midwest 5,776 Rail Homer 1,884 Burns Coal Operational Total Load Equivalent $47 $53 $58 All-in $49 $56 $61 $60 2006 Average 1 dividing 2 3 Average The$43 $26 $34 $38 $40 under largely 2007 Generation Factor Coal-Fired MW all-in NovemberAverage Powder Northern City $13 $16 $22 $23 $20 the
Slide 21: EMG Hedge Status
Leading EMG Status Remainder Midwest Energy Load Northern Homer Total Average Coal 1 2 new amount 3 load-serving 4 5 November At Theand September under estimated Requirement Hedge energy amount average atCity Only of the price continuing September Generation Illinois variation 7, of contract Way ent
Slide 22: EMG Capacity Sales Status
November Leading EMG Status Oct Megawatts Installed Less: requirement and Net Fixed RPM Non-unit Variable •Third Total Average 1 3 2 Net Price Capacity Expected 1,Capacity retained Capacity Auction Net Party Capacity Price 2008 at per aggregate Actual The the Price Capacity September Capacity Specif
Slide 23: MWG Environmental Compliance Plan
November Leading MWG 90% Completed Estimated Installation Phase Emissions Flue ?Estimated Homer PA Clean In issuing EMG 1 2 July State TheGas mercury Environmental is Air ICompliance II III 2008, City a–in –the Implementation mandate, –Desulfurization Mercury Cost Interstate Illinoiscost NOx of the
Slide 24: Edison Mission Marketing & Trading
Leading Edison Markets Hedges ?T Trades ?Primarily ?Largely Enters Controls ?VaR; EMMT $ $250 2003 $143 $130 $195 $23 $34 2008 1 November ypically arget Millions Income $200 2004 $138 EaR; hedge-neutral into aMission Trading key the energy proprietary on in from a7, transmission-related $150 2005 lo
Slide 25: EMG Strategic Wind Development
Leading EMG Strategic ??Contributes Growing ??Objective Production Mainly Wind MW Projects Projects1 In-Service Under Total Development Purchased Turbines Zond Siemens GE Clipper Suzlon Mitsubishi 1 300 by Projects 109 Energy energy Project Wind November 2 Construction 539 286 long-term 50 28 Manufa
Slide 26: Diversifying the Portfolio With Wind
Leading Arizona Wyoming Utah Oklahoma Nevada Texas Iowa Minnesota Nebraska Illinois Maryland Wisconsin New West Pennsylvania EMG Operating MW Construction Pipeline 1,185 1 York Mexico Virginia Wind Diversifying November the 1,000 40 580 515 970 400 221 131 80 520 85 100 258 60 5,060 Data 141 19 90 2
Slide 27: EMG Project Construction Update
November Leading EMG Project Recently Mountain Lookout Jeffers Elkhorn Buffalo In-Service Goat High delays Data as Mountain Lonesome Wind Minnesota State of Bear Ridge the Pennsylvania Completed Wind October 2008 2009 7,Construction Way MW Oklahoma 2008 Nebraska Phase II (Target) New in50 PPA Wyomin
Slide 28: EMG Large-Scale Solar Program
November Leading EMG Large-scale ??New ??Arizona ??Nevada ??California Have Focusidentified Solar is on Mexico Seeking the high 7,Program (20-500 Way 2008 solar over to in27 Deploy Electricity insolation MW 30EDISON sites per Commercial for site) areas SM INTERNATIONAL® potential GroundSolar solar m
Slide 29: EMG Natural Gas Fired Plants
Name U.S. Leading EMG theNatural Way inGas Electricity Fired Plants SM Kern River Customer (MW)1 Size Midway-Sunset SCE 150 Sycamore SCE 113 Watson SCE 150 Coalinga SCE 189 Mid-Set PG&E 19 Salinas River PG&E 19 Sargent Canyon PG&E 19 March Point PG&E 19 Sunrise Puget Sound Energy 70 Total CA DWR 286
Slide 30: EMG Projects Capital Expenditures Update
Leading EMG Projects Millions $1,000 Oct $278 $709 $1,039 Capital Pending Completion Development Use Estimated 2008 1 development the November EMG development -cash –Dec Capital 2010 $800 Expenditure expects Under the recovery $1,200 and 2009 Expenditures1 capital 7,of Way $600 pipeline 2008 future
Slide 31: Our Attractive Shareholder Value Proposition
November Leading Our Attractive Southern ?Among ?Demonstrated ?Leadership ?Portfolio Commitment Edison Shareholder Mission people the the California business diversification 7,Way in best 2008 tocommitted environmental need Group long-term Value domestic in30 portfolio Electricity Edison for EDISON
Slide 32: Appendix
November Leading Appendixthe7,Way 2008in31 Electricity EDISONSM INTERNATIONAL®
Slide 33: Liquidity Profile
November Leading Liquidity June Sources Credit Cash Available Edison 1 4 2 30, &Facility million 3 International short ($ Excludes EMG SCE the 2008 Profile Liquidity Total 7, in amounts for Way 2008 Millions) term September available SCE, the $unused (availability)2 amounts 2,500 ininvestments4 32 a
Slide 34: Financial Status: Bank Credit Lines
November Leading Financial Status Bank/Institution ($ Royal JPMorgan CSFB Merrill Citigroup Deutsche Wells Lehman Goldman Union All Bank Edison 1 million 2 The inOthers Millions) of Line Fargo unused Bank at 124 Bank International Lynch for America New Brothers1 the September Bank Institutions Sachs
Slide 35: Credit Risk Exposure
November Leading Credit Status Edison S&P A A— BBB BBB— Below Total 1 support 2 3 credit representing 4 For EME Exposure Includes or 56 higher Credit + 87 $power risk at Risk investment Mission 391 56 and — hedging 31(6) the September exposure (1) total 7, 56 —excludes $SCE Exposure Rating2 81 Way a
Slide 36: Non-GAAP Reconciliation
November Leading Non-GAAP Reconciliation Non-core SCE—tax -EMG—early Total 2007 Southern Edison EIX 1 2 discontinued SeeBasic parent Core Basic Non-core Use Mission the California Items Percentages of and Earnings 7, company Earnings Way Reconciliation Non-GAAP 2008 debt operations regulatory of Ite
Slide 37: Use of Non-GAAP Financial Measures
[Graphic Leading Use Edison earnings analysts to EPS equivalents company, EBITDA of A reconciliation basic debt of byNon-GAAP International’s and principal earnings and the and Appears iswhich leases, defined that Way investors EPSmay of we per operating in by Here] and Non-GAAP Financial as Electri
Edison International — Corporate Update (November 2008) on 6ix