Edison International · NYSE:EIX
Edison International — Q1 2008 Earnings Presentation
15 slides from Edison International's earnings presentation, May 8, 2008
Slide 1: First Quarter 2008 Financial Teleconference
Exhibit 99.2 Leading First Financial May EDISON8, Quarter 2008 the INTERNATIONAL® Teleconference Way 2008in ElectricitySM
Slide 2: Forward-Looking Statements
Leading Forward-Looking Statements not differ International’s represent EDISON 1 purely materially the our INTERNATIONAL® historical, contained Way expectations 2007 from inStatements ElectricitySM Form are in current this forward-looking 10-K only presentation expectations. as and ofother the date
Slide 3: First Quarter Earnings Summary
Leading First GAAP Reported $0.91 $1.01 $333 Net Core1 ($ $0.92 $0.90 $304 $299 EPS 1Q 1 operations EDISON 2 GAAP millions) 07 Income Quarter 1Qthe earnings EPS INTERNATIONAL® 08 and Way Earnings other inper ElectricitySM non-core share Summary refers items. to basic earnings per share. See slide 3
Slide 4: EIX Core EPS Variances 1Q08 vs 1Q07
Leading EIX Non-core Total Basic Diluted Core Midwest EMG EMMT2 Homer Edison Lower Income Higher Non-Core SCE 1 ($0.01) March 2 3 Seeparent EDISON$Earnings 1Q EPS1 Non-Core Use EPS 0.48 0.01 0.45 0.10 net generation gains 31, gross income City EME Capital EMMT from EPS the 07: Generation Items Varia
Slide 5: Midwest Generation Operating Performance
Leading •Midwest Operating Total Equivalent Capacity Load Forced All-in 1Q $14.08 $42.16 $56.24 $12.63 $39.68 $52.31 $0 $20 $40 $60 $/MWh Average 1 2 4 Generation Higher 07Generation EDISONFactor Average average vs. 1Q Outage Includes the realized load Generation Factor 1Q 08 Statistics Availability
Slide 6: Homer City Operating Performance
Leading •Homer Operating Total Equivalent Capacity Load Forced All-in 1Q $58.42 $35.85 $22.57 $59.72 $37.91 $21.81 $60 $40 $20 $0 $/MWh Average 1 2 5 Generation 07Generation EDISONFactor Average average vs. 1Q City Outage Includes the realized Factor 1Q 08 Statistics Availability Way –93.3 Averagelo
Slide 7: EMG Hedge Status
Leading EMG Status Energy Remainder 2008 Megawatt Load Estimated Homer Total Average Coal 1 the affect 2 Midwest per 3 been EDISON 6 The time MWh lower under 2009 estimated Requirement Hedge retail amount average atCity Only of the Price March Generation INTERNATIONAL® represents Hours MWh1 2010 day
Slide 8: EIX Liquidity Profile
Leading Liquidity EIX Sources Credit Cash Available 1 2 7 Parent &Facility EDISON Total short ($ the Profile SCELiquidity inWay amounts Millions) term $ 2,500 (availability) ininvestments2 amount at $ Electricity 2,166 March do $SCE 1,100 not$$EMG includes INTERNATIONAL® 31, imply 2,159 1,883 SM $ 2
Slide 9: Reconciliation of Core Earnings and 2008 Guidance
Leading Reconciliation Core Non-Core Southern Edison Total EIX The 2008 the Assumptions 11.5% Forward prices EMMT Lower $75M EMG’s Excludes Other projects and 1 share EDISON 8 See high non-core current parent core GAAP EPS1 Earnings Guidance Core Non-Core for Use as Return pre-tax Mission Sycamore p
Slide 10: Appendix
Leading the EDISON Appendix 9 INTERNATIONAL® Way in ElectricitySM
Slide 11: EMG 1Q Comparative Information
Leading EMG 1Q Midwest Total Energy Load Homer Generation Equivalent Performance Forced Pricing Average Flat EDISON 10 07 Energy 8,630 Requirement Comparative 1Q City Outage Only Information the Realized Cost Generation INTERNATIONAL® 08 Availability (in 8,383 Price Way contracts Contracts Variance
Slide 12: EMG Capacity Status
Leading EMG Status Apr Midwest Installed Less: Net Fixed Non-unit •Variable Total Average 1 2 3 megawatt purchasing EDISON 2008. 11Net Price Capacity Expected Actual Load During Capacity 1,Capacity Net Capacity Price at 2008 per requirements the Price Capacity contract March Capacity Homer 1Q Specif
Slide 13: EMG Wind Development Platform
Leading Washington Wyoming Iowa Minnesota Coal New Operating Wind Under Pipeline Natural MW 1 2 3 EDISON 12Natural Owned Contract York Mexico 5,471 Wind (Pipeline) (UC) 566 Development Construction Gas the 4,992 or INTERNATIONAL® gas Wind 5Platform1 Wind award Wind MW 145 19 150 70 67 Other under Wa
Slide 14: EMG Reconciliation of EBITDA
Leading EMG Reconciliation Net Addback Discontinued Interest Income Depreciation EBITDA1 Production Adjusted 1 2 13 income EDISON– Production See First from expense income taxes the (Deduct): EBITDA1 331 tax $Use Way Quarter and continuing 77 operations 159 to credits2 350 (30) of 91 83 in amortizat
Slide 15: Use of Non-GAAP Financial Measures
Leading Use Edison and accurately EPS share. securities principal operating EBITDA gain evaluating A referenced EDISON 14reconciliation Exchange EPS of on byNon-GAAP International’s the principal the by operating is INTERNATIONAL® subsidiary (vested compare EMG. in sale defined principal Way the Com