8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

FORM 8-K

________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2013

Commission File Number	Exact Name of Registrant as specified in its charter	State or Other Jurisdiction of Incorporation or Organization	IRS Employer Identification Number
1-9936	EDISON INTERNATIONAL	California	95-4137452
1-2313	SOUTHERN CALIFORNIA EDISON COMPANY	California	95-1240335

2244 Walnut Grove Avenue (P.O. Box 976) Rosemead, California 91770 (Address of principal executive offices)	2244 Walnut Grove Avenue (P.O. Box 800) Rosemead, California 91770 (Address of principal executive offices)
(626) 302-2222 (Registrant's telephone number, including area code)	(626) 302-1212 (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

This current report and its exhibits include forward-looking statements. Edison International and Southern California Edison Company based these forward-looking statements on its current expectations and projections about future events in light of their knowledge of facts as of the date of this current report and their assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Edison International and Southern California Edison Company. Edison International and Southern California Edison Company have no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. This current report should be read with Edison International's and Southern California Edison Company's combined Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent Quarterly Reports on Form 10-Q.

Item  2.02 Results of Operations and Financial Condition

On February 26, 2013, Edison International issued a press release reporting its financial results and the financial results for its subsidiary, Southern California Edison Company, for the year ended December 31, 2012. A copy of the press release is attached as Exhibit 99.1. On the same day, members of Edison International's management will speak to investors via a financial teleconference. The presentation attached as Exhibit 99.2 will accompany management's comments on the financial teleconference. Prepared senior management remarks that will be made on the financial teleconference are attached as Exhibit 99.3. The information furnished in this Item 2.02 and Exhibits 99.1, 99.2, and 99.3 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933.

Item  7.01 Regulation FD Disclosure

Members of Edison International management will use the information in the presentation attached hereto as Exhibit 99.2 in meetings with institutional investors and analysts and at investor conference presentations. The attached presentation will also be posted on Edison International's website.

Item  9.01 Financial Statements and Exhibits

(c) Exhibits

See the Exhibit Index below.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EDISON INTERNATIONAL

(Registrant)

/s/ Mark C. Clarke

Mark C. Clarke

Vice President and Controller

Date: February 26, 2013

SOUTHERN CALIFORNIA EDISON COMPANY

(Registrant)

/s/ Mark C. Clarke

Mark C. Clarke

Vice President and Controller

Date: February 26, 2013

EXHIBIT INDEX

Exhibit No.	Description
99.1	Edison International Press Release dated February 26, 2013
99.2	Edison International Fourth Quarter 2012 Financial Teleconference Presentation dated February 26, 2013
99.3	Prepared Senior Management Remarks, Fourth Quarter 2012 Financial Teleconference, February 26, 2013

EX-99.1

NEWS

FOR IMMEDIATE RELEASE Media relations contact:

Charles Coleman, (626) 302-7982

Investor relations contact:

Scott Cunningham, (626) 302-2540

Edison International Reports Fourth Quarter and Full Year 2012 Results

ROSEMEAD, Calif., Feb. 26, 2013 – Edison International (NYSE: EIX) today reported fourth quarter and full-year results, as summarized below.

Fourth Quarter and Full-Year Results Summary

	Quarter Ended December 31,		Year Ended December 31,
Per Share	2012	2011	2012	2011
Basic earnings from continuing operations	$2.42	$0.68	$4.61	$3.20
Basic earnings (loss) from discontinued operations	(4.07)	(3.25)	(5.17)	(3.31)
Basic earnings (loss)	$(1.65)	$(2.57)	$(0.56)	$(0.11)
Core earnings	$1.79	$0.79	$3.92	$3.31

Note: Basic losses include results from Edison Mission Energy.

Core Earnings Summary

The increase in core earnings in the fourth quarter and full-year was driven by the implementation of Southern California Edison’s (SCE) 2012 General Rate Case, which was approved by the California Public Utilities Commission in November 2012.

“These strong results demonstrate Southern California Edison's ongoing ability to deliver rate base growth and cost management during an extended period of rate case uncertainty,” said Ted Craver, chairman and chief executive officer of Edison International. “Looking ahead, success in providing our customers with safe, reliable and affordable electricity provides the foundation for sustainable growth in earnings and dividends.”

Fourth Quarter Earnings Detail

Southern California Edison’s (SCE) fourth quarter 2012 basic earnings were $2.56 per share compared to $0.76 per share in the fourth quarter of 2011. Core earnings were $1.85 per share compared to fourth quarter 2011 core earnings of $0.76 per share. The core earnings increase was primarily due to implementation of SCE’s 2012 General Rate Case which allowed SCE to recover its revenue requirement retroactive to January 1, 2012, and record certain tax benefits. The fourth quarter 2012 results also include rate base growth and solid operating results, offset by severance costs as SCE continues to optimize its cost structure and minimize impacts on customer rates. Non-core items included a benefit from regulatory treatment of repair deductions for tax purposes during 2009 – 2011 as adopted in the 2012 General Rate Case.

-more-

Note: Basic earnings and losses refer to net income or losses attributable to Edison International common shareholders throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to Basic Earnings.

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Effective December 17, 2012, Edison International no longer consolidates the earnings and losses of Edison Mission Energy (EME) or its subsidiaries due to EME and certain of its subsidiaries filing voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. EME and those subsidiaries in Chapter 11 proceedings retain control of their assets and are authorized to operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court. Edison International has recorded a full impairment of the investment in EME as a result of the deconsolidation of EME, recognition of losses previously deferred in accumulated other comprehensive income, a provision for losses from the EME bankruptcy, and estimated tax impacts related to the expected future tax deconsolidation and separation of EME from Edison International. The aggregate impact of these matters resulted in an after tax charge of $3.86 per share during the fourth quarter of 2012. Including EME quarterly earnings through the date of bankruptcy filing, the fourth quarter loss was $4.07 per share.

Edison International parent company and other reported a fourth quarter 2012 basic loss from continuing operations of $(0.14) per share compared to a $(0.08) per share loss from continuing operations in the fourth quarter of 2011. Core losses were $(0.06) per share compared to core earnings of $0.03 per in the same period last year. The decrease in core earnings was primarily due to changes in income taxes and higher operating expenses.

Full-Year Earnings Detail

SCE’s basic earnings in 2012 were $4.81 per share compared to $3.33 per share in 2011. Core earnings were $4.10 per share compared to $3.33 per share in 2011. The increase in core earnings was primarily due to rate base growth, solid operating results and lower income taxes, offset by inspection and repair costs related to outages at the San Onofre Nuclear Generating Station and severance costs, as SCE continues to optimize its cost structure and minimize impacts on customer rates.

Edison International parent company and other reported 2012 basic losses from continuing operations of $(0.20) per share compared to basic losses from continuing operations of $(0.13) per share in 2011. Core losses were $(0.18) per share compared to ($0.02) per share last year. The increase in core losses was due to changes in income taxes and higher operating expenses in 2012.

2013 Earnings Guidance

The company announced 2013 basic and core earnings guidance of $3.45 to $3.65 per share. It has assumed no non-core items in its guidance. There is no expected impact of participating securities. See the risk disclosure statement in the Appendix and the presentation accompanying the company’s conference call for further information.

About Edison International

Edison International (NYSE:EIX), through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities.

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Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to net income, basic EPS, core earnings, or core EPS also applies to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in EIX parent & other.

Risk Disclosure Statement

Forward-looking statements about the financial outlook for Edison International and its subsidiaries are included in this news release. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Edison International’s 2012 Form 10-K, and other reports and other reports and presentations filed with the Securities and Exchange Commission which are available at: www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.

Reminder: Edison International Will Hold a Conference Call Today

When:            Tuesday, February 26, 2013, 2:00 p.m. (Pacific Standard Time)

Telephone Numbers:    1-800-369-2198 (US) and 1-773-756-4618 (Int'l) - Passcode: Edison

Telephone Replay:    1-866-489-8055 (US) and 1-203-369-1680 (Int’l) - Passcode: 468529

Telephone replay available through March 6, 2013

Webcast:        www.edisoninvestor.com

The prepared remarks made on the conference call by Ted Craver, chairman and chief executive officer of Edison International will be available at www.edisoninvestor.com.

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Summary Financial Schedules

Fourth Quarter Basic Earnings (Loss) Per Share

		Quarter Ended December 31,
Earnings (Loss) Per Share Attributable to Edison International		2012	2011	Change
	SCE	$2.56	$0.76	$1.80
	EIX parent & other	(0.14)	(0.08)	(0.06)
Earnings (loss) from continuing operations		2.42	0.68	1.74
Earnings (loss) from discontinued operations1		(4.07)	(3.25)	(0.82)
Basic earnings (loss)2		$(1.65)	$(2.57)	$0.92
Diluted earnings (loss)		$(1.64)	$(2.56)	$0.92

1 Results for Edison Mission Energy reported as non-core discontinued operations for both periods.

2 The impact of participating securities on the per share amounts is included in EIX parent & other and was zero per share for both quarters.

Fourth Quarter Reconciliation of Core Earnings (Loss) Per Share

to Basic Earnings (Loss) Per Share

			Quarter Ended December 31,
Earnings (Loss) Per Share Attributable to Edison International			2012	2011	Change
Core earnings (loss)1,2
		SCE	$1.85	$0.76	$1.09
		EIX parent & other	(0.06)	0.03	(0.09)
Core earnings			1.79	0.79	1.00
Non-core items
		SCE – Income tax repair deduction (2009-2011) EIX parent & other – Consolidated deferred tax impacts related to EME changes EIX parent & other – Write-down of net investment in aircraft leases	0.71 (0.08) —	— (0.06) (0.05)	0.71 (0.02) 0.05
Earnings (loss) from discontinued operations
	EIX parent & other		(4.07)	(3.25)	(0.82)
Total non-core items			(3.44)	(3.36)	(0.08)
Basic earnings (loss)1			$(1.65)	$(2.57)	$0.92

1 See Use of Non-GAAP Financial Measures in Appendix. The impact of participating securities on the per share amounts is included in EIX parent & other and was zero per share for both periods.

2 Results for Edison Mission Energy reported as non-core discontinued operations for both periods.

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Fourth Quarter Basic Earnings (Loss)

		Quarter Ended December 31,
Earnings (Loss) (in millions) Attributable to Edison International		2012	2011	Change
	SCE	$833	$247	$586
	EIX parent & other	(46)	(26)	(20)
Earnings (loss) from continuing operations		787	221	566
Earnings (loss) from discontinued operations1		(1,326)	(1,060)	(266)
Basic earnings (loss)		$(539)	$(839)	$300

1 Results for Edison Mission Energy reported as non-core discontinued operations for both periods.

Fourth Quarter Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)

		Quarter Ended December 31,
Earnings (Loss) (in millions) Attributable to Edison International		2012	2011	Change
Core earnings (loss)1,2
	SCE	$602	$247	$355
	EIX parent & other	(20)	9	(29)
Core earnings		582	256	326
Non-core items
	SCE – Income tax repair deduction (2009-2011) EIX parent & other – Consolidated deferred tax related to EME changes EIX parent & other – Write-down of net investment in aircraft leases	231 (26) —	— (19) (16)	231 (7) 16
Earnings (loss) from discontinued operations
	EIX parent & other	(1,326)	(1,060)	(266)
Total non-core items		(1,121)	(1,095)	(26)
Basic earnings (loss)		$(539)	$(839)	$300

1 See Use of Non-GAAP Financial Measures in Appendix.

2 Results for Edison Mission Energy reported as non-core discontinued operations for both periods.

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Full-Year Basic Earnings (Loss) Per Share

		Year Ended December 31,
Earnings (Loss) Per Share Attributable to Edison International		2012	2011	Change
	SCE	$4.81	$3.33	$1.48
	EIX parent & other	(0.20)	(0.13)	(0.07)
Earnings (loss) from continuing operations		4.61	3.20	1.41
Earnings (loss) from discontinued operations1		(5.17)	(3.31)	(1.86)
Basic earnings (loss)2		$(0.56)	$(0.11)	$(0.45)
Diluted earnings (loss)		$(0.56)	$(0.11)	$(0.45)

1 Results for Edison Mission Energy reported as non-core discontinued operations for both periods.

2 The impact of participating securities is included in EIX parent & other and was zero per share for both periods.

Full-Year Reconciliation of Core Earnings (Loss) Per Share

to Basic Earnings (Loss) Per Share

		Year Ended December 31,
Earnings (Loss) Per Share Attributable to Edison International		2012	2011	Change
Core earnings (loss)1,2
	SCE	$4.10	$3.33	$0.77
	EIX parent & other	(0.18)	(0.02)	(0.16)
Core earnings		3.92	3.31	0.61
Non-core items
	SCE – Income tax repair deduction (2009-2011) EIX parent & other – Consolidated deferred tax related to EME changes EIX parent & other – Gain on sale of Beaver Valley lease interest EIX parent & other – Write-down of net investment in aircraft leases	0.71 (0.11) 0.09 —	— (0.06) — (0.05)	0.71 (0.05) 0.09 0.05
Earnings (loss) from discontinued operations
	EIX parent & other	(5.17)	(3.31)	(1.86)
Total non-core items		(4.48)	(3.42)	(1.06)
Basic earnings (loss)1		$(0.56)	$(0.11)	$(0.45)

1 See Use of Non-GAAP Financial Measures in Appendix. The impact of participating securities is included in EIX parent & other and was zero per share for both periods.

2 Results for Edison Mission Energy reported as non-core discontinued operations for both periods.

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Full-Year Basic Earnings (Loss)

		Year Ended December 31,
Earnings (Loss) (in millions) Attributable to Edison International		2012	2011	Change
	SCE	$1,569	$1,085	$484
	EIX parent & other	(66)	(44)	(22)
Earnings (loss) from continuing operations		1,503	1,041	462
Earnings (loss) from discontinued operations1		(1,686)	(1,078)	(608)
Basic earnings (loss)		$(183)	$(37)	$(146)

1 Results for Edison Mission Energy reported as non-core discontinued operations for both periods.

Full-Year Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)

		Year Ended December 31,
Earnings (Loss) (in millions) Attributable to Edison International		2012	2011	Change
Core earnings (loss)1,2
	SCE	$1,338	$1,085	$253
	EIX parent & other	(60)	(9)	(51)
Core earnings		1,278	1,076	202
Non-core items
	SCE – Income tax repair deduction (2009-2011) EIX parent & other – Consolidated deferred tax related to EME changes EIX parent & other – Gain on sale of Beaver Valley lease interest EIX parent & other – Write-down of net investment in aircraft leases	231 (37) 31 —	— (19) — (16)	231 (18) 31 16
Earnings (loss) from discontinued operations
	EIX parent & other	(1,686)	(1,078)	(608)
Total non-core items		(1,461)	(1,113)	(348)
Basic earnings (loss)		$(183)	$(37)	$(146)

1 See Use of Non-GAAP Financial Measures on in Appendix.

2 Results for Edison Mission Energy reported as non-core discontinued operations for both periods.

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Consolidated Statements of Income							Edison International
	Quarter ended December 31,						Year ended December 31,
(in millions, except per-share amounts)	2012			2011			2012			2011
Electric utility	$	3,057		$	2,513		$	11,848		$	10,574
Other	3			4			14			14
Total operating revenue	3,060			2,517			11,862			10,588
Fuel	88			98			308			367
Purchased power	782			568			3,831			2,989
Operation and maintenance	1,013			1,017			3,904			3,718
Depreciation, decommissioning and amortization	375			368			1,562			1,427
(Gain) loss on sale of assets, disallowances and other	37			26			(28		)	26
Total operating expenses	2,295			2,077			9,577			8,527
Operating income	765			440			2,285			2,061
Interest and dividend income	4			(2		)	10			6
Equity in income from unconsolidated affiliates, net	1			1			1			—
Other income	34			35			138			141
Interest expense	(131		)	(125		)	(521		)	(485		)
Other expenses	(15		)	(18		)	(52		)	(55		)
Income from continuing operations before income taxes	658			331			1,861			1,668
Income tax expense	(154		)	95			267			568
Income from continuing operations	812			236			1,594			1,100
Income (loss) from discontinued operations, net of tax	(1,326		)	(1,060		)	(1,686		)	(1,078		)
Net income (loss)	(514		)	(824		)	(92		)	22
Dividends on preferred and preference stock of utility	25			15			91			59
Net income (loss) attributable to Edison International common shareholders	$	(539	)	$	(839	)	$	(183	)	$	(37	)
Amounts attributable to Edison International common shareholders:
Income from continuing operations, net of tax	$	787		$	221		$	1,503		$	1,041
Income (loss) from discontinued operations, net of tax	(1,326		)	(1,060		)	(1,686		)	(1,078		)
Net income (loss) attributable to Edison International common shareholders	(539		)	(839		)	$	(183	)	$	(37	)
Basic earnings (loss) per common share attributable to Edison International common shareholders:
Weighted-average shares of common stock outstanding	326			326			326			326
Continuing operations	$	2.42		$	0.68		$	4.61		$	3.20
Discontinued operations	(4.07		)	(3.25		)	(5.17		)	(3.31		)
Total	$	(1.65	)	$	(2.57	)	$	(0.56	)	$	(0.11	)
Diluted earnings (loss) per common share attributable to Edison International common shareholders:
Weighted-average shares of common stock outstanding, including effect of dilutive securities	329			329			330			329
Continuing operations	$	2.39		$	0.66		$	4.55		$	3.17
Discontinued operations	(4.03		)	(3.22		)	(5.11		)	(3.28		)
Total	$	(1.64	)	$	(2.56	)	$	(0.56	)	$	(0.11	)
Dividends declared per common share	$	0.3375		$	0.325		$	1.3125		$	1.285

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Consolidated Balance Sheets	Edison International
	December 31,
(in millions)	2012		2011
ASSETS
Cash and cash equivalents	$	170	$	169
Receivables, less allowances of $75 for uncollectible accounts at both dates	762		768
Accrued unbilled revenue	550		519
Inventory	340		350
Prepaid taxes	22		88
Derivative assets	129		65
Margin and collateral deposits	8		17
Regulatory assets	572		494
Other current assets	119		73
Assets of discontinued operations	—		1,941
Total current assets	2,672		4,484
Nuclear decommissioning trusts	4,048		3,592
Investments in unconsolidated affiliates	2		2
Other investments	184		211
Total investments	4,234		3,805
Utility property, plant and equipment, less accumulated depreciation of $7,424 and $6,894 at respective dates	30,200		27,569
Nonutility property, plant and equipment, less accumulated depreciation of $123 and $113 at respective dates	73		75
Total property, plant and equipment	30,273		27,644
Derivative assets	85		70
Restricted deposits	4		3
Regulatory assets	6,422		5,466
Other long-term assets	704		486
Total long-term assets	7,215		6,025
Assets of discontinued operations	—		6,081
Total assets	$	44,394	$	48,039

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Consolidated Balance Sheets	Edison International
	December 31,
(in millions, except share amounts)	2012			2011
LIABILITIES AND EQUITY
Short-term debt	$	175		$	429
Accounts payable	1,423			1,321
Accrued taxes	61			49
Accrued interest	176			172
Customer deposits	193			199
Derivative liabilities	126			266
Regulatory liabilities	536			670
Deferred income taxes	64			89
Other current liabilities	990			794
Liabilities of discontinued operations	—			359
Total current liabilities	3,744			4,348
Long-term debt	9,231			8,834
Deferred income taxes	6,127			5,065
Deferred investment tax credits	104			84
Customer advances	149			138
Derivative liabilities	939			456
Pensions and benefits	2,614			2,715
Asset retirement obligations	2,782			2,610
Regulatory liabilities	5,214			4,670
Other deferred credits and other long-term liabilities	2,299			1,839
Total deferred credits and other liabilities	20,228			17,577
Liabilities of discontinued operations	—			6,194
Total liabilities	33,203			36,953
Commitments and contingencies
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date)	2,373			2,360
Accumulated other comprehensive loss	(87		)	(139		)
Retained earnings	7,146			7,834
Total Edison International's common shareholders' equity	9,432			10,055
Preferred and preference stock of utility	1,759			1,029
Other noncontrolling interests	—			2
Total noncontrolling interests	1,759			1,031
Total equity	11,191			11,086
Total liabilities and equity	$	44,394		$	48,039

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

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Consolidated Statements of Cash Flows	Edison International
	Years ended December 31,
(in millions)	2012			2011			2010
Cash flows from operating activities:
Net income (loss)	$	(92	)	$	22		$	1,308
Less: Income (loss) from discontinued operations	(1,686		)	(1,078		)	164
Income from continuing operations	1,594			1,100			1,144
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, decommissioning and amortization	1,562			1,427			1,274
Regulatory impacts of net nuclear decommissioning trust earnings	192			146			189
Other amortization	72			133			106
(Gain) loss on sale of assets, disallowances and other	(29		)	21			2
Stock-based compensation	33			26			24
Equity in income from unconsolidated affiliates	(1		)	—			(2		)
Distributions from unconsolidated affiliates	—			—			1
Deferred income taxes and investment tax credits	141			708			966
Income from leveraged leases	(5		)	(5		)	(5		)
Proceeds from U.S. treasury grants	68			—			—
Changes in operating assets and liabilities:
Receivables	(13		)	(46		)	(195		)
Inventory	10			(18		)	(11		)
Margin and collateral deposits, net of collateral received	38			7			2
Prepaid taxes	156			29			(251		)
Other current assets	(76		)	(88		)	(98		)
Accounts payable	14			45			2
Accrued taxes	33			5			(127		)
Other current liabilities	152			(32		)	125
Derivative assets and liabilities, net	262			382			(62		)
Regulatory assets and liabilities, net	(314		)	(1,080		)	278
Other assets	(222		)	(128		)	(62		)
Other liabilities	304			649			(427		)
Operating cash flows from continuing operations	3,971			3,281			2,873
Operating cash flows from discontinued operations, net	(637		)	625			604
Net cash provided by operating activities	3,334			3,906			3,477
Cash flows from financing activities:
Long-term debt issued	395			896			1,535
Long-term debt issuance costs	(4		)	(9		)	(19		)
Long-term debt repaid	(6		)	(14		)	(348		)
Bonds purchased	—			(86		)	—
Preference stock issued, net	804			123			—
Preference stock redeemed	(75		)	—			—
Short-term debt financing, net	(264		)	410			(66		)
Settlements of stock-based compensation, net	(68		)	(15		)	(13		)
Dividends to noncontrolling interests	(82		)	(59		)	(52		)
Dividends paid	(424		)	(417		)	(411		)
Financing cash flows from continuing operations	276			829			626
Financing cash flows from discontinued operations, net	374			278			427
Net cash provided by financing activities	$	650		$	1,107		$	1,053

Edison International Reports Fourth Quarter and Full-Year 2012 Financial Results

Page 12 of 12

Consolidated Statements of Cash Flows	Edison International
	Years ended December 31,
(in millions)	2012			2011			2010
Cash flows from investing activities:
Capital expenditures	$	(4,149	)	$	(4,122	)	$	(3,780	)
Proceeds from sale of nuclear decommissioning trust investments	2,122			2,773			1,432
Purchases of nuclear decommissioning trust investments and other	(2,337		)	(2,940		)	(1,651		)
Proceeds from sale of interest in project, net	114			—			—
Proceeds from partnerships and unconsolidated subsidiaries, net of investment	(4		)	5			18
Customer advances for construction and other investments	8			29			10
Effect of deconsolidation of variable interest entities	—			—			(92		)
Investing cash flows from continuing operations	(4,246		)	(4,255		)	(4,063		)
Investing cash flows from discontinued operations, net	(1,037		)	(678		)	(751		)
Net cash used by investing activities	(5,283		)	(4,933		)	(4,814		)
Net (decrease) increase in cash and cash equivalents	(1,299		)	80			(284		)
Cash and cash equivalents at beginning of year	1,469			1,389			1,673
Cash and cash equivalents at end of year	170			1,469			1,389
Cash and cash equivalents from discontinued operations	—			1,300			1,075
Cash and cash equivalents from continuing operations	$	170		$	169		$	314

EX-99.2

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 0 Fourth Quarter 2012 Financial Teleconference

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 1 Statements contained in this presentation about future performance, including, without limitation, operating results, asset and rate base growth, capital expenditures, San Onofre Nuclear Generating Station (SONGS), EME bankruptcy and restructuring activities, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results are discussed under the headings “Risk Factors,” and “Management’s Discussion and Analysis” in Edison International’s 2012 Form 10-K and other reports filed with the Securities and Exchange Commission, which are available on our website: www.edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this presentation. Forward-Looking Statements

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 2 Changes in Financial Reporting Financial Reporting • On December 17, 2012, Edison Mission Energy (EME) filed for relief under Chapter 11 of the U.S. Bankruptcy Code resulting in the following changes:  For 2012, Edison International (EIX) reports results of EME as Discontinued Operations under “Parent Company and Other”  Beginning Q1 2013, EME’s financial results will no longer be consolidated with EIX • Edison Mission Group (EMG) included in EIX Parent & Other Continuing Operations  Includes remaining immaterial investments of EMG other than EME and other new business activity Presentation • All segment operating and financial information for EME removed from this presentation Further EME Information • EME’s restructuring: www.edisonmissionrestructuring.com • EME’s business: www.edisonmissionenergy.com

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 3 Fourth Quarter Earnings Summary Note: See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. SCE Key Core Earnings Drivers 2012 CPUC GRC true-up $0.82 Higher operating revenue 0.09 Rate base growth Operating revenue O&M reductions 0.07 Severance costs (0.15) Net SONGS inspection and repair 0.05 Higher depreciation (0.02) Higher net financing costs (0.03) Income taxes – repair deduction 0.19 Income taxes – other 0.07 Total $1.09 Q4 2012 Q4 2011 Variance Core EPS SCE $1.85 $0.76 $1.09 EIX Parent & Other (0.06) 0.03 (0.09) Core EPS $1.79 $0.79 $1.00 Non-Core Items SCE $0.71 $— $0.71 EIX Parent & Other Continuing Operations (0.08) (0.11) 0.03 Discontinued Operations (4.07) (3.25) (0.82) Total Non-Core $(3.44) $(3.36) $(0.08) Basic EPS $(1.65) $(2.57) $0.92 Diluted EPS $(1.64) $(2.56) $0.92 EIX Key Core Earnings Drivers EIX parent Higher G&A $(0.03) Higher state income taxes (0.02) Edison Capital – tax reserves (0.02) Capistrano Wind write down (0.01) Other (0.01) Total $(0.09)

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 4 Full-Year Earnings Summary Note: See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. 2012 2011 Variance Core EPS SCE $4.10 $3.33 $0.77 EIX Parent & Other (0.18) (0.02) (0.16) Core EPS $3.92 $3.31 $0.61 Non-Core Items SCE $0.71 $— $0.71 EIX Parent & Other Continuing Operations (0.02) (0.11) 0.09 Discontinued Operations (5.17) (3.31) (1.86) Total Non-Core $(4.48) $(3.42) $(1.06) Basic EPS $(0.56) $(0.11) $(0.45) Diluted EPS $(0.56) $(0.11) $(0.45) SCE Key Core Earnings Drivers Higher operating revenue $0.63 Rate base growth Operating revenue O&M reductions 0.21 Severance costs (0.20) Net SONGS inspection and repair (0.12) GRC cost disallowance (0.10) Higher depreciation (0.18) Higher net financing costs (0.15) Income taxes – repair deductions 0.54 Income taxes – other 0.14 Total $0.77 EIX Key Core Earnings Drivers EIX parent Higher state income taxes $(0.07) Higher G&A (0.03) Edison Capital (0.04) Capistrano Wind write down (0.01) Other (0.01) Total $(0.16)

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 5 $12.5 $13.1 $15.0 $16.8 $18.8 $21.0 2007 2008 2009 2010 2011 2012 Rate Base Core Earnings 11% 15% 2007 – 2012 CAGR Note: Recorded rate base, year-end basis. See Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. Core Earnings $2.07 $2.25 $2.68 $3.01 $3.33 SCE Historical Rate Base and Core Earnings ($ billions) $4.10

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 6 $3.9 $4.2 $4.0 2012 2013 2014 2015 2016 2017 Forecast pending GRC Notice of Intent filing Q3 2013 Note: 2013-14 forecasted capital spending subject to timely receipt of permitting, licensing, and regulatory approvals. Forecast range reflects an 10% variability based on average level of actual variability experienced from 2009 through 2012. Forecast updated for final 2012 GRC decision and FERC jurisdiction transmission construction schedules. Capital Expenditures Forecast ($ billions) Forecast Range 2013-14 Total Base $4.2 $4.0 $8.2 Low $3.8 $3.6 $7.4 By Jurisdiction % CPUC 73 FERC 27 Total 100 2013 – 14 Forecast by Classification $ % Generation 1.0 12 Transmission 2.2 27 Distribution 5.0 61 Total 8.2 100

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 7 ($ billions) Rate Base Forecast $21.4 $22.8 $21.8 $23.6 2013 2014 2015 2016 2017 Note: Weighted-average year basis, including: (1) forecasted 2012-2014 FERC rate base requests; (2) SCE Solar PV program including CPUC approved Petition for Modification; (3) consolidation of CWIP projects; (4) estimated impact of bonus depreciation provisions. Rate Base forecast range reflects capital expenditure forecast range from capital expenditure forecast. Forecasted rate base and related earnings per share growth may vary depending on authorized revenues and cost of capital, including financing costs, operating expenses, taxes, and other revenue activities. Smart Grid Forecast pending GRC Notice of Intent filing 3Q 2013 • Driven by infrastructure replacement, reliability investments, and public policy requirements • FERC rate base includes CWIP and is approximately 20% of 2013 and 2014 rate base forecasts 7 – 8% Projected Rate Base Growth from 2013 – 14

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 8 SONGS Cost Recovery Tracker ERRA Steam Generator Replacement Project NRC Confirmatory Action Letter MHI Warranty Items Covered Key Issues Status SONGS OII • Revenue requirement • Repair & maintenance costs Opening Briefs issues: • CPUC legal authority to reduce rates • Date that rates are subject to refund • Date when rate adjustments can be made • Phase 1 reasonableness evidentiary hearings May 13-17; Proposed Decision expected Q3 2013 • Authorized project costs (2004$) • Joined with OII – subject to refund and review • Final costs submitted and reasonableness review in Phase 3 of OII • Fuel & purchased power • Joined with OII – subject to refund and review • 2012 costs filed for review April 1, 2013 • Re-start plans • Re-start Unit 2• Map process for Unit 3 options • Unit 2 re-start plan currently under review • SGR repair or replacement • Generators subject to 20 year warranty and damages • SCE has notified MHI that liability limitations do not apply – MHI disagrees • Total warranty billings – $106 million • Property damage & outage • Recover a portion of market power purchases through third party claims, including insurance, to extent possible • NEIL insurance proofs of loss submitted NEIL Insurance CP UC December 31, 2012

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 9 SONGS – Supplemental Data 1 In 2005 the CPUC authorized expenditures of approximately $525 million ($665 million based on SCE's estimate after adjustment for inflation using the Handy-Whitman Index) for SCE's 78.21% share of SONGS. Subject to CPUC reasonableness review. 2 Includes direct operations and maintenance costs, depreciation, and return on investment. 3 Net of accumulated depreciation. December 31, 2012 ($ millions) Outage Impacts (SCE share) Inspection & Repair Costs – Incurred $102 Net Market Costs – Incurred $300 Net Market Costs Incurred % of Total Purchased Power 8% Regulatory (SCE share) Steam Generator Replacement (SGRP) – Approved1 $665 SGRP – Incurred $601 2012 Annual Revenue Requirement2 $613 Physical (Total) SCE Ownership 78.21% Capacity (MW) 2,150 2011 Generation (million kWh) 18,097 Unit 2 Unit 3 Common Plant Total Rate Base Net Plant in Service3 $638 $461 $233 $1,332 Materials and Supplies — — 101 101 Accumulated Deferred Income Taxes (118) (75) (58) (251) Total Rate Base $520 $386 $276 $1,182 Add: Acc. Deferred Income Taxes 118 75 58 251 Add: Construction Work in Progress 24 105 94 223 Add: Nuclear Fuel 153 213 101 467 Total Net Investment $815 $779 $529 $2,123

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 10 3 4 5 6 7 8 9 Sep-08 Sep-12 Ra te (% ) Cost of Capital Mechanism • Phase 1 decision approved capital structure and cost of capital for 2013  Approved capital structure – 48% equity, 43% long-term debt, 9% preferred equity  Approved cost of capital – 10.45% equity, 5.49% long-term debt, 5.79% preferred equity • Phase 2 Proposed Decision continues existing adjustment mechanism through 2015  ROE adjustment based on 12-month average of Moody’s Baa utility bond rates, measured from Oct. 1 to Sept. 30  If index exceeds 100 basis point deadband from starting index value, authorized ROE changes by half the difference  Starting index value based on trailing 12 months of Moody’s Baa index as of September 30, 2012 – 5.00%  Final decision expected in late March or April 2013 7.63% 6.05% 5.75% 5.00% Prior Starting Index = 6.26% Sep-15 Proposed Moody’s Baa Utility Index Spot Rate Moving Average (10/1/2012 – 1/31/2013 = 4.55%) 100 basis point +/- Deadband Proposed Starting Index = 5.00%

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 11 FERC Return on Equity FERC Formula Rates • August 2011 – FERC accepted SCE’s formula rates effective January 1, 2012 • Rates remain subject to refund and settlement • Next settlement conference February 27-28, 2013 • September 2012 – Formula Rate update filed for 2013; $178 million increase in transmission rates implemented on October 1, 2012, subject to pending FERC order FERC ROE • 2013 proposed 11.1% ROE:  Proposed 9.93% base ROE – using median of SCE proxy group  +50 bps CAISO participation  +65 bps weighted average for project incentives 2008 CWIP ROE Appeal • FERC policy on median vs. midpoint of proxy group:  Median – utilities filing individually  Midpoint – ISO members filing as a group • December 2011 – SCE appealed 2008 ROE in CWIP proceeding based on median vs. midpoint issue to D.C. Circuit of the U.S. Court of Appeals • Oral arguments scheduled for March 25, 2013, with court decision expected by Q4 2013

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 12 $3.39 0.31 (0.15) $3.55 SCE 2013 EPS from Rate Base Forecast SCE 2013 Positive Variances EIX Parent & Other 2013 Midpoint Guidance 2013 Core and Basic Earnings Guidance Note: See Use of Non-GAAP Financial Measures in Appendix. There is no expected impact of participating securities. 2013 EPS from Rate Base Forecast: • Average rate base $21.8 billion – 80/20% CPUC/FERC • Approved capital structure – 48% equity, 10.45% CPUC ROE, 11.1% FERC ROE • 325.8 million common shares outstanding (no change) Other Assumptions: • EME results no longer consolidated • No changes in tax policy • O&M cost savings flow through to ratepayers in 2015 GRC • No SONGS disallowances • No non-core items assumed in guidance 2013 Earnings Guidance as of 2/26/13 Low $3.45 Mid $3.55 High $3.65 • Income tax repair deduction • O&M cost savings/other • Energy efficiency earnings

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 13 Creating Shareholder Value Resolve Uncertainties Create Sustainable Earnings and Dividend Growth Position for Transformative Sector Change • EME bankruptcy filing • SCE 2012 GRC • SCE 2013 cost of capital • 5-year rate base CAGR of 11% • 15% Core EPS growth • 9 consecutive dividend increases • Flat share count since 2000 • Leadership and development • Advanced technologies • New business development / strategic planning • Resolve SONGS uncertainty • Wires-focused investment program:  Infrastructure investments  Meet 33% renewables mandate by 2020 • Optimize cost structure through operational excellence • Growth through investments • Balance dividend increases with SCE capex needs • Return to target dividend range over time • Legislative and regulatory advocacy • Listen to customer needs • Evaluate new power sector business opportunities Note: See Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. W ha t W e’v e D on e W ha t R em ain s

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 14 Appendix

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 15 What’s New Since Our Last Presentation • SONGS Cost Recovery Tracker (p. 8) • FERC Return on Equity (p. 11) • 2013 Core and Basic Earnings Guidance (p. 12) • Creating Shareholder Value (p. 13) • SCE Historical Capital Expenditures (p. 17) • SCE Key Regulatory Events Calendar (p. 20) • SCE Decoupled Regulatory Model (p. 21) • SCE Energy Efficiency Programs (p. 27) • SCE Operational Excellence Framework (p. 32) • EIX Transaction Support Agreement (p. 33)

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 16 • One of the nation’s largest electric utilities  Nearly 14 million residents in service territory  Approximately 5 million customer accounts  50,000 square-mile service area  Over 103,000 miles of distribution and transmission lines • 7 – 8% projected average annual rate base growth through 2014 driven by $7.4 billion – $8.2 billion capital program  System reliability  California Renewables Portfolio Standard  Technology improvements SCE Highlights SCE Service Territory

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 17 $2.2 $2.4 $2.9 $3.8 $3.9 $3.9 2007 2008 2009 2010 2011 2012 SCE Historical Capital Expenditures ($ billions)

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 18 SONGS – Warranty and Insurance MHI Warranty • 20-year warranty with Mitsubishi Heavy Industries  Repair or replace defective items  Specified damages for certain repairs  $138 million liability limit and excludes consequential damages (e.g., replacement power)  Limits subject to applicable exceptions in the contract and under law • December 2012, SCE received $45 million MHI warranty payment ($36 million SCE share), subject to audit, reservation of rights regarding documentation, and dispute of $5.5 million • January 2013, SCE and MHI disagreement about applicability of limitations on liability NEIL Insurance • Property damage and outage insurance through Nuclear Electric Insurance Limited (“NEIL”)  Property Damage Policy – $2.5 million deductible; $2.75 billion liability limit  Outage Policy – up to $3.5 million per week for each unit after 12-week deductible period ($2.8 million per unit per week if both are out due to same “accident”); $490 million limit per unit ($392 million each if both units are out due to the same “accident”)  Exclusions and limitations may reduce or eliminate coverage  Proof of loss must be submitted within 12 months of damage or outage • SONGS filed separate proofs of loss for Unit 2 and Unit 3 under NEIL outage policy

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 19 SCE Large Transmission Projects December 31, 2012 Project Name Total Project Costs In Service Date FERC Incentives 2013 – 2014 Forecast Status Tehachapi 1-11 $2,500 million 2015 125 bpsROE adder $455 million • Cost estimates for potential Chino Hills undergrounding to be filed with the CPUC Q1 2013 • Proposed Decision on undergrounding expected Q3 2013 Devers- Colorado River $860 million Q3 2013 125 bps ROE adder $337 million • Revised costs forecast submitted to CPUC Q4 2012 Eldorado- Ivanpah $385 million Q3 2013 100 bps ROE adder $227 million • Cost forecast reduced from $444 million Transmission expenditures are needed to maintain system reliability and increase access to renewable energy Note :Total Project Costs are nominal direct expenditures, subject to CPUC and FERC cost recovery approval..

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 20 SCE Key Regulatory Events Calendar 2008 FERC CWIP ROE Appeal 2012 FERC Formula Rate Filing CPUC Cost of Capital Phase 2 2015 GRC Q1 2013 Q2 2013 Q3 2013 Q4 2013 2014 Settlement Conference (2/27-28/13) Proposed Decision (February) Final Decision (March) NOI Application Filed Proposed Decision (Q4) Oral Arguments (3/25/13) SONGS OII Phase 1 Opening Briefs (2/25/13) Proposed Decision (July) Evidentiary Hearings (5/13-17/13)

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 21 SCE Decoupled Regulatory Model Decoupling of Regulated Revenues from Sales Balancing Accounts • Fuel • Purchased power • Energy efficiency • Pension and PBOP contributions Advanced Long Term Procurement Planning • SCE earnings are not affected by changes in retail electricity sales • Differences between amounts collected and authorized levels are either billed or refunded to customers • Promotes energy conservation • Stabilizes revenues during economic cycles • Trigger mechanism for fuel and purchased power adjustments at 5% variance level • Utility cost-recovery via balancing accounts represented over 50% of 2012 costs • Sets prudent upfront standards allowing greater certainty of cost recovery (subject to reasonableness review) Regulatory Model Elements Key Benefits

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 22 California Renewables Policy • On April 12, 2011, Governor Brown signed SB X 1 2, which codifies a 33% Renewables Portfolio Standard (RPS) for California by 2020  Allows use of Renewable Energy Credits (RECs) for up to 25% of target with decreasing percentages over time  Applies similar RPS rules to all electricity providers (investor- and publicly-owned utilities, as well as Electric Service Providers) • Renewable resources provided an estimated 20% of SCE’s portfolio in 2012 While SCE is on target to meet the 33% renewables mandate by 2020, the requirement will put pressure on customer rates.

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 23 SCE Renewable Portfolio Solar 6% Small Hydro 6% Geothermal 47% Biomass 6% Wind 35% Renewable Resources (billion kWh) 15.5 28.1 2011 Actual Deliveries 2020 33% RPS Goal 81% Increase Actual 2011 Renewable Resources: 21.1% of SCE’s portfolio In order to meet the 33% RPS requirement, SCE will need to increase its renewable purchases by more than 80%.

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 24 Market Source Coal Natural Gas Nuclear Large Hydro Wind Solar Small Hydro Geothermal Biomass & Waste 2011 SCE Energy Portfolio1 12.2 6.3 21.4 19.2 5.5 5.3 1.0 0.9 7.2 1.1 27% 1% 1% 9% 1% Renewables 19% (21.1% of retail sales) Carbon Neutral 50% 7% 7% 24% 2 Low Carbon77% 3 15% 8% 80.1 (Billion kWh – Generation Level) 1 Based on SCE June 2012 filing for CEC Power Source Disclosure Program. 2 Accounts for non-technology specific energy procured from market. 3 SCE’s actual 2011 renewable resources provided 15.5 billion kWh, or 21.1% of SCE’s retail sales. SCE’s energy portfolio consists of nearly 80% low-carbon resources, including renewables, hydro, nuclear, and natural gas.

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 25 California Climate Change Policy • Assembly Bill 32 (2006) – reduces State GHG emissions to 1990 levels by 2020 (~16% reduction) • Cap and trade program basics:  State-wide cap in 2013 – decreases over time  Compliance met through allowances, offsets, or emissions reductions  Excess allowances sold, or “banked” for future use • 32.3 million 2013 allowances vs. 10.4 million metric tons 2012 GHG emissions reported to the State  Allowances sold into auction and bought back for compliance  Auction every 3 months  First auction Nov. 14, 2012 – $10.09/ton clearing price  SB 1018 (2012) – auction revenues used for rate relief for residential (~93%), small business, and large industrial customers • GHG costs will increase rates in the long term  Revenue allocation to residential customers will put downward pressure on those customers' rates in the near term Other 30% Cap & Trade 20%Fuel Efficiency 18% RPS 12% Energy Efficiency 11% Low Carbon Fuel 9% AB32 Emissions Reduction Programs

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 26 Coastal Power Plants Local Reliability Areas (generalized) California Transmission System (partial, generalized) Legend Name & Permit Holder MW Nuclear Plants Diablo Canyon – PG&E 2,240 San Onofre – SCE 2,150 Independent Generators Alamitos – AES 2,010 Redondo Beach – AES 1,343 Huntington Beach – AES 904 Moss Landing – DYN 2,530 South Bay – DYN 693 Morro Bay – DYN 673 Ormond Beach – GEN 1,516 Pittsburg – GEN 1,311 Contra Costa – GEN 674 Mandalay – GEN 430 Potrero – GEN 206 Encina – NRG 950 El Segundo – NRG 670 LADWP Haynes 1,611 Harbor 240 Scattergood 803 Area MW CAISO 18,505 LADWP 2,654 Total 21,159 California Once-Through Cooling Policy California once-through cooling restrictions will impact 6,873 MW of coastal gas-fired generation in SCE's service territory by 2020.

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 27 SCE Energy Efficiency Programs 1.7 1.9 1.7 1.6 0.9 0.9 2009 2010 2011 2012 2013 2014 Energy efficiency programs updated for 2013 – 2014 • SCE is a national leader  2011 energy savings = 2% of retail sales1 • 2013 budget of $347 million2 – all balancing account based • Target 0.9 billion kWh average annual savings for 2013-14 cycle3 – Reduced goals reflect CPUC-identified market potential for EE Energy efficiency earnings incentive mechanism modified • December 2012 – $15 million awarded for 2010 program year • New earnings formula based on expenditures: 5% management fee + up to 1% performance bonus • Earnings opportunity in 2013 (for 2011 program year) and 2014 (for 2012 program year) subject to CPUC audit – similar potential magnitude 1 Does not include resale sales. 2 Excludes income qualified energy efficiency and integrated demand-side management program funding authorizations for 2013. 3 Based on CPUC goals established for SCE. Market potential changes in response to program funding levels, customer participation assumptions, market influences and the implementation of new building codes and minimum appliance efficiency standards Annual kWh Savings (billions)

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 28 SCE Distribution Program • Distribution expenditures required to meet customer and load growth, infrastructure needs, information technology and related general plant • Demonstrated operational capability to execute infrastructure replacement programs • Slow growth in California economy, resulting in less customer growth, allows for increased infrastructure replacement expenditures • Smart Grid technology to provide increasing long term investment options • Expenditures to be approved in pending 2012 GRC 2013 – 2014 GRC Expenditures in Distribution Assets $5.0 Billion 1 Includes information technology, facilities/buildings, corporate center, etc. 2 Includes underground conversions, customer requests/relocations, claims, customer meters, etc. Load Growth New Service Connections Infrastructure Replacement General Plant1 Other2

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 29 12.3 15.9 US Average SCE 29% Higher $120 $94 US Average SCE 21% Lower SCE Rates and Bills Comparison • SCE’s residential rates are above national average due, in part, to a cleaner fuel mix – cost for renewables are higher than high carbon sources • Average monthly residential bills are lower than national average – higher rate levels offset by lower usage  39% lower SCE residential customer usage than national average, from mild climate and higher energy efficiency building standards • Public policy mandates (33% RPS, AB32 GHG, Once-through Cooling) and electric system requirements will drive rates and bills higher Source: EIA's Form 826 Data Monthly Electric Utility Sales and Revenue Data (December 2011 – November 2012). 2012 Average Residential Rates (¢/kWh) 2012 Average Residential Bills ($ per Month) Key Factors ¢ ¢ SCE’s average residential rates are above national average, but residential bills are below national average due to lower energy usage.

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 30 SCE Rate Design 2012 Sales by Class of Service 2012 Revenue Requirement by Source Note: Other CPUC includes items such as energy efficiency, SONGS steam generator replacement, Solar PV, SmartConnect®, and other. 2012 Systemwide Average Rate was 14.3¢/kWh Public Authorities 6% Agricultural, Resale & Other 4% Residential 35% Industrial 9% Commercial 46% Total Sales (millions kWh): 88,215 FERC 7% Fuel & Purchased Power 33% CPUC GRC Base Rates 48% Other CPUC 12%

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 31 SCE Residential Net Metering Rate Structure 12.6¢ 15.5¢ 23.8¢ 27.3¢ 30.8¢ 0 5 10 15 20 25 30 35 0 200 400 600 800 1,000 1,200 1,400 ¢/ kW h kWh/month Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 2012 SCE Residential Rate Structure1,2 8.2¢ 26.7¢18.5¢ 0 5 10 15 20 25 30 ¢/ kW h Solar Subsidies3,4 Generation Rate Subsidy Paid by Other Ratepayers Equivalent Solar Rate 1 Based on a daily baseline of 342 kWh/month, which is a customer weighted average of baseline allocations of each region SCE serves. Tier 5 does not have a kWh limit. 2 Tier 1 and 2 rates are subject to rate caps established in 2001, as modified by SB695 in 2009. 3 Based on average home usage of 1,150 kwh/month, a 5-tier rate structure, and a 4.8kW solar system with a 18% capacity factor that generates 620 kWh per month of electricity. 4 Net metering limited to approximately 10% of load – currently represents 1%. Residential solar customers’ generation offsets their total retail rate at an average of 26.7¢/kWh while the retail generation component is 8.2¢/kWh. The difference is a subsidy funded by all other non-solar customers in Tiers 3 – 5

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 32 SCE Operational Excellence Framework 2013 SCE GOALS STRATEGIC OBJECTIVES DART INJURY RATE GENERATION RELIABILITY INDEX J.D. POWER CUSTOMER SAT* SAFETY CUSTOMER SERVICE EXCELLENCE & RELIABILITY AFFORDABILITY VISION To be an industry pacesetter providing safe, reliable, and affordable electric service to our customers MISSION Safely delivering reliable, affordable electricity to our customers. VALUES Integrity, Excellence, Respect, Continuous Improvement, Teamwork DART INJURY RATE DBE SPEND GENERATIO N RELIABILITY INDEX SAIDI / SAIFIPUBLIC SAFETY WORKPLACE IMPROVEMENT PLANS CORE EARNINGS PER SHARE SYSTEM AVERAGE RATE MAJOR CAPITAL PROJECTS O&M PER CUSTOMER COST EFFICIENCY METRIC ENERGY COST PER MWh DIVERSE WORKFORCE POLE LOADING PEOPLE G NERATION RELIABILITY INDEX J.D. POWER CUSTOMER SAT WORKPLACE IMPROVEMENT PLANS MAJOR CAPITAL PROJECTS O&M PER CUSTOMER COST EFF CIENCY METRIC Operational & Service Excellence is the foundation for serving our customers, adapting to industry change, and providing sustainable earnings and dividend growth for our shareholders.

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 33 EIX Transaction Support Agreement Summary Term Description Equity • Creditors get 100% of EME. Ownership change at end of bankruptcy. Tax Sharing Agreement (TSA) • Extended through 2014 or earlier emergence from bankruptcy, with no prior deconsolidation or amendments adverse to EME. Payments continue consistent with historical practice; no adjustments for termination or deconsolidation, gains, losses, etc. • EME remains obligated for TSA payments and Taupo and other audit risks, net of EIX benefits actually realized from EME paying any audit adjustment (e.g., basis changes). • No EIX guarantees of amount of TSA payments. Retiree Liabilities • At end of bankruptcy, EIX assumes qualified retirement plan liabilities and non-qualified retirement plan and PBOP benefits for retiree and retiree eligible participants (other than Homer City), subject to ability to modify same. EME continues to fund contributions during bankruptcy consistent with past practices. Transition/ Shared Services • EME pays costs during bankruptcy, consistent with past practices, subject to future service reductions it requests with reasonable notice. • EIX allocations of designated overhead amounts to cease (~$6 million). Cross Indemnities • EME indemnifies EIX, and EIX indemnifies EME, from their separate business activities. Release • EME and EIX exchange releases excluding continuing transaction obligations and commercial transactions between SCE and EME subsidiaries. EIX also receives releases from bondholders. Structure • Bankruptcy Rule 9019 settlement, subject to court approval. • Parties executed transaction support agreement with detailed term sheet attached. Final documents to be filed with court by mid-May, with court decision by mid-July. The agreement between EIX, EME, and a majority of EME bondholders defines the terms under which EIX is to transition its ownership position in EME at the end of the bankruptcy process

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 34 $1.16 $1.22 $1.24 $1.26 $1.28 $1.30 $1.35 $2.07 $2.25 $2.68 $3.01 $3.33 $4.10 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 2007 2008 2009 2010 2011 2012 2013 SCE Core EPS EIX Dividend Paid EIX Dividend Rate EIX Dividend Growth EIX increased its dividend for the 9th consecutive year to an annual rate of $1.35 per share for 2013 • EIX targets paying out 45 – 55% of SCE earnings • Dividend not growing at same rate as SCE core earnings and is below target payout ratio due to large utility capital program • EIX plans to return to target dividend range over time as SCE capital spending program declines from its 2013 peak SCE Core EPS EIX Dividend 15% 2% 2007 – 2012 CAGR (38%) (42%) (46%) (54%) (56%) Note: See Use of Non-GAAP Financial Measures in Appendix for reconciliation of core earnings per share to basic earnings per share. (32%)

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 35 Non-GAAP Reconciliations ($ millions) Note: See Use of Non-GAAP Financial Measures. EME’s financial results are reported as non-core for all periods. Q4 2011 $247 9 $256 $– (19) – (16) (1,060) (1,095) $(839) Q4 2012 $602 (20) $582 $231 (26) – – (1,326) (1,121) $(539) Reconciliation of EIX Core Earnings to EIX GAAP Earnings 2011 $1,085 (9) $1,076 $– (19) – (16) (1,078) (1,113) $(37) 2012 $1,338 (60) $1,278 $231 (37) 31 – (1,686) (1,461) $(183) Earnings Attributable to Edison International Core Earnings SCE EIX Parent and Other Core Earnings Non-Core Items SCE – 2012 GRC Repair deductions (2009 – 2011) EIX Parent & Other– Consolidated State deferred tax impacts related to EME EIX Parent & Other – Gain on sale of Beaver Valley lease interest EIX Parent & Other – Write-down of net investment in aircraft leases EIX Parent & Other– Discontinued operations Total Non-Core Basic Earnings

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 36 Quarterly Earnings Per Share Highlights Q1 Q2 Q3 Q4 2011 SCE $0.68 $0.65 $1.25 $0.76 $3.33 EIX – Parent and Other (0.03) (0.02) (0.01) 0.03 (0.02) Core EPS $0.65 $0.63 $1.24 $0.79 $3.31 Non-core items 0.02 0.01 (0.03) (0.11) (0.11) EIX Parent and Other – Discontinued Operations (0.06) (0.10) 0.10 (3.25) (3.31) Basic EPS $0.61 $0.54 $1.31 $(2.57) $(0.11) Note: See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. Q1 Q2 Q3 Q4 2012 SCE $0.56 $0.59 $1.11 $1.85 $4.10 EIX – Parent and Other (0.03) (0.02) (0.07) (0.06) (0.18) Core EPS $0.53 $0.57 $1.04 $1.79 $3.92 Non-core items 0.01 — 0.05 0.63 0.69 EIX Parent and Other – Discontinued Operations (0.26) (0.34) (0.51) (4.07) (5.17) Basic EPS $0.28 $0.23 $0.58 $(1.65) $(0.56) 2011 2012

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 37 $6,682 — 2,518 1,562 296 32 4,408 2,274 (400) 1,874 214 1,660 91 $1,569 $5,169 4,139 1,026 — (1) — 5,164 5 (5) — — — — $— $6,257 — 2,423 1,426 285 — 4,134 2,123 (378) 1,745 601 1,144 59 $1,085 $4,320 3,356 964 — — — 4,320 — — — — — — $— $10,577 3,356 3,387 1,426 285 — 8,454 2,123 (378) 1,745 601 1,144 59 $1,085 $1,085 — $1,085 SCE Results of Operations ($ millions) Note: See Use of Non-GAAP Financial Measures. Utility Earning Activities Utility Cost- Recovery Activities Total Consolidated 2011 Utility Earning Activities Utility Cost- Recovery Activities Total Consolidated 2012 Operating Revenue Fuel and purchased power Operation and maintenance Depreciation, decommissioning and amortization Property and other taxes Disallowances and other Total operating expenses Operating income Net interest expense and other Income before income taxes Income tax expense Net income Dividends on preferred and preference stock not subject to mandatory redemption Net income available for common stock Core Earnings Non-Core Items Total SCE Basic Earnings $11,851 4,139 3,544 1,562 295 32 9,572 2,279 (405) 1,874 214 1,660 91 $1,569 $1,338 231 $1,569

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 38 Earnings Per Share Attributable to SCE Core EPS Non-Core Items Tax settlement Health care legislation Regulatory and tax items Total Non-Core Items Basic EPS SCE Core EPS Non-GAAP Reconciliations Note: See Use of Non-GAAP Financial Measures. Reconciliation of SCE Core Earnings Per Share to SCE Basic Earnings Per Share 2007 $2.07 — — 0.10 0.10 $2.17 2008 $2.25 — — (0.15) (0.15) $2.10 2009 $2.68 0.94 — 0.14 1.08 $3.76 2010 $3.01 0.30 (0.12) — 0.18 $3.19 CAGR 15% 17% 2011 $3.33 — — — — $3.33 2012 $4.10 — — 0.71 0.71 $4.81

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 39 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 (losses) are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the Company's performance from period to period. Core earnings (losses) are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (losses) are defined as earnings attributable to Edison International shareholders less income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as: exit activities, including lease terminations, sale of certain assets, early debt extinguishment costs and other activities that are no longer continuing; asset impairments and certain tax, regulatory or legal settlements or proceedings. On December 17, 2012, EME and certain of its wholly-owned subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division. Edison International considers EME to be an abandoned asset under generally accepted accounting principles, and, as a result, the operations of EME prior to December 17, 2012 and for all prior years, are reflected as discontinued operations. A reconciliation of Non-GAAP information to GAAP information is included either on the slide where the information appears or on another slide referenced in this presentation. Use of Non-GAAP Financial Measures

Exhibit 99.2 EDISON INTERNATIONAL® Leading the Way in Electricity SM February 26, 2013 40 Investor Relations Contacts Scott Cunningham, Vice President (626) 302-2540 scott.cunningham@edisonintl.com Felicia Williams, Senior Manager (626) 302-5493 felicia.williams@edisonintl.com

EX-99.3

Prepared Remarks of Ted Craver

Chairman and Chief Executive Officer, Edison International

Fourth Quarter 2012 Financial Teleconference

February 26, 2013, 2:00 p.m. (PST)

Today, Edison International reported full-year Core Earnings of $3.92 per share, an 18% increase over 2011. These strong results demonstrate Southern California Edison's ongoing ability to deliver rate base growth and cost management even during an extended period of rate case uncertainty.

On a GAAP basis, we reported a loss of 56 cents per share. This loss reflects the previously announced write-down of our interest in Edison Mission Energy following its bankruptcy filing last December. Although EME will no longer be part of our business portfolio going forward, I want to commend the leadership and employees of EME for their contributions to Edison International over more than 25 years, and their professionalism during some very difficult times. We wish them every success in the future.

Most of my remarks today will concentrate on how we have been, and will be, working to serve our customers and thereby produce long-term value for our shareholders at Edison International. We group this work into three strategic efforts. One, resolving uncertainties and reducing business risk. Two, creating sustainable growth in earnings and dividends. And three, preparing the company for transformative change in our industry. We made notable progress in 2012, although this will be a multi-year effort.

Let me address how we have been resolving uncertainties and reducing business risk. We anticipated 2012 would be a year in which key decisions would be made. Perhaps most important was the need to find the best path for stabilizing EME and determining its future role in the EIX portfolio. The direction for EME is now clear. We reached agreement in December with EME and a majority of the EME bond holders that set forth the terms and conditions under which Edison International will turn over its equity interest in EME to the creditors when EME emerges from bankruptcy. This agreement, referred to as the Transaction Support Agreement, is subject to the bankruptcy court's approval. EME is scheduled to bring the agreement before the court for approval this summer.

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For investors, our core business remains Southern California Edison, which continues to have excellent growth prospects. We started last year with two major regulatory uncertainties-SCE's 2012-2014 General Rate Case and its 2013 Cost of Capital. The General Rate Case was decided late last year. Also, the California Public Utilities Commission approved SCE's cost of capital for 2013. And, early this year, a tentative agreement was reached among the major parties in the Cost of Capital proceeding to retain the existing adjustment mechanism through 2015, updated for recent interest rates. This agreement is consistent with what SCE had originally proposed. A Proposed Decision has now been issued, and we expect a final decision by April, if not before.

The remaining significant uncertainty we face involves our San Onofre Nuclear Generating Station, or SONGS. It's worth reviewing what our objectives have been since the tube leak was discovered over a year ago.

First and foremost, nuclear safety is our paramount goal. We do not say this lightly. We mean it. This is why we bristle so when elected officials issue press releases suggesting that SCE was aware of design problems with the replacement steam generators when they were installed at San Onofre. This is just not accurate. And it injects politics into a process that should be free from it. We would NEVER, and DID NOT, install steam generators that we thought were unsafe. Mitsubishi Heavy Industries, the vendor who designed and fabricated the replacement steam generators, even warranted them to us for 20 years.

Our second objective has been to ensure reliability of electric service to our customers. Last summer the co-owners of SONGS, along with several California governmental agencies, implemented several temporary contingencies to avoid interruptions to electric service. We were fortunate to have a relatively cool summer. We are now taking other actions for this coming summer in the event SONGS Unit 2 isn't yet approved to restart. However, we will again need to rely on Mother Nature to be cooperative and the western electric grid to be trouble-free. Longer-term, it would become increasingly difficult to meet reliability requirements without SONGS. Replacement generation and transmission would be necessary, expensive, and take a long time to permit and build.

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Our third objective is to receive fair recovery of our costs. We have a proceeding beginning at the CPUC which will determine the ratemaking for the three buckets of costs-replacement power, plant O&M expenses, and the return of, and on, our investment in the plant. There are a few scattered precedents that we can look to for clues as to what fair recovery might look like, including SONGS Unit 1, but these situations are case specific.

As we have previously stated, we are seeking cost recovery from MHI and the nuclear industry insurance provider, NEIL. We provided some updates on our efforts with both entities in our 10K, but let me touch on one aspect related to MHI. There are applicable exceptions both in the MHI contract, and in law, to the MHI warranty cap of $138 million. SCE has notified MHI that it believes one or more of these exceptions now apply and that MHI's liability is not limited to $138 million. MHI has advised SCE that it disagrees. If the disagreement can't be resolved, it may ultimately become subject to dispute resolution procedures set forth in the contract, including international arbitration.

The fourth objective recognizes the importance of timing. Of course, we would like to have the uncertainty surrounding SONGS resolved as quickly as possible. However, given the importance of nuclear safety here, all of us directly involved must spend as much time as is necessary to ensure safety. This is why we spent as much time and money working with MHI and several other independent experts before coming to the conclusion that it is, in fact, safe to restart Unit 2 under the operating parameters we submitted to the NRC. We are convinced it is safe to run the unit. Now the NRC must make its decision.

One more comment about timing. The old adage of “time is money” certainly applies here. It is costly both in dollars and in risk to reliability to have Unit 2 remain idle. Let's be clear, the anti-nuclear interests involved here know that the longer they can tie up SCE and the NRC in process, the more expensive and uncertain the proposition to restart SONGS. San Onofre has been a crucial component of grid stability and electric service reliability for Southern California for many years. Furthermore, nuclear power is an ultra-low carbon power generation source, and helps California meet its ambitious clean energy goals. We would very much like to get the unit operational in time for the summer. Our sincere hope is the technical safety evaluation can occur, and other necessary NRC procedures completed without unnecessary delay, in time to accommodate these reliability and clean energy goals.

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The second prong of producing long term shareholder value is creating sustainable growth in earnings and dividends.

Since 2007, SCE has increased rate base by $8.5 billion, or 11% annually. The main drivers of this growth have been implementing state policy mandates, such as 33% renewables and advanced meter technology, along with replacing aging electrical infrastructure. Looking ahead through the balance of the decade, we see solid growth in rate base continuing - even without new policy mandates. SCE will continue to focus its investment in the wires side of the business, and largely leave construction of conventional and renewable power generation to the competitive marketplace.

While we waited for a Rate Case decision that would determine authorized capital spending, SCE managed 2012 capital investment at the existing 2011 authorized levels. Since the Rate Case uncertainty is now behind us, we are moving to increase capital spending in 2013 and 2014 such that we are investing at authorized levels over the three-year rate case cycle.

One of the ways we are ensuring reliable and affordable service for our customers is through operational excellence and cost control. It also is part of creating sustainable growth in grid reliability investments and hence rate base and earnings. We made decisions in 2012 to address SCE's organizational and cost structure to make it more efficient for the future, while effectively managing costs during the extended general rate case review process. This had some positive impacts on costs in 2012, largely through managed attrition, and will contribute to 2013. In the fourth quarter of 2012, SCE recorded severance charges for reductions in force.

SCE is working on other ways to control rates and improve service. We are working with our regulators to address rate design issues, including substantial cross-subsidizations imbedded in current rates. We are also optimizing power procurement, which accounts for about 40% of our total electric rate, to meet policy goals on a least-cost basis. During 2012, SCE also completed its installation of 5 million smart-meters on schedule and ahead of budget. These smart meters provide cost efficiencies to ratepayers and enhanced system reliability; and they allow customers to better manage their energy use and electric bills.

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In December, we announced our ninth consecutive yearly dividend increase, to an annual rate of $1.35 per share. We anticipate SCE's capital spending to peak this year, allowing its operating cash flow to expand. This will provide the basis to move our common stock dividend, in steps over time, to our target range of 45 to 55% of utility earnings. This is a payout we consider appropriate given SCE's potential rate base growth. We believe this provides a significant total shareholder return opportunity for Edison International shareholders.

The third, and final, strategic element for creating long-term value is positioning the company for transformative change in the electric power industry. We don't need to go much further than hydraulic fracking, and the impact it's had on reordering the electric generation dispatch stack and gas-price sensitive industries, to understand the potential for transformative change in our industry. There are also the clean tech start-up companies that are so much a part of California's business culture, and of which the State is so proud. While very few of these companies are actually profitable today, they continue to enjoy substantial public policy and venture capital support. We believe these trends require our careful attention, especially given the long-lived nature of our assets.

The question is what is actionable and practical? It starts with exploring the feasibility of developing businesses that capitalize on industry change and leveraging our own knowledge and strengths. Edison International sees merit in the ownership and operation of competitive businesses as a matter of corporate strategy and is exploring areas related to the provision of electric power and infrastructure, including distributed generation, electrification of transportation, water purification, and power management services to the commercial and industrial sector. I don't expect these new initiatives will distract us, nor should they distract investors, from our SCE-focused value proposition. However, I believe it would be foolish to dismiss the potential for substantive change in our industry or in the utility business model. So, we will continue to look for ways to build strategic flexibility and leadership at the right pace that could provide new avenues of growth in a rapidly changing world.

Let's come back to this year. I will finish by talking about our 2013 earnings outlook. Today we are introducing earnings guidance of $3.45 to $3.65 per share. This outlook largely reflects our operational excellence efforts and significant investment in our core wires business.

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