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):

October 13, 2004

EDISON INTERNATIONAL

(Exact name of registrant as specified in its charter)

CALIFORNIA	001-9936	95-4137452
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2244 Walnut Grove Avenue

(P.O. Box 800)

Rosemead, California 91770

(Address of principal executive offices, including zip code)

(Registrant’s telephone number, including area code)

626-302-2222

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 includes forward-looking statements. These forward looking statements are based on current expectations and projections about future events based on knowledge of facts as of the date of this current report and assumptions about future events. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Edison International and its subsidiaries. Edison International has no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Section 7 – Regulation FD

Item 7.01 Regulation FD Disclosure.

Edison International will host an Analyst Conference on Wednesday, October 13, 2004, to update the financial community on Edison International’s strategic business outlook. Presentations will be made at the meeting by (i) John E. Bryson, Chairman, President and Chief Executive Officer and (ii) Theodore F. Craver, Jr., Executive Vice President and Chief Financial Officer. A copy of each presentation is attached hereto as Exhibit 99.1 and 99.2, respectively.

On October 8, 2004, Edison International issued a press release announcing the October 13, 2004 Analyst Conference. A copy of the press release is attached as Exhibit 99.3.

The information furnished in this Item 7.01 and Exhibits 99.1, 99.2, and 99.3 shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Section 9 – Financial Statements and Exhibits

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 registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EDISON INTERNATIONAL

              (Registrant)

/s/ Kenneth S. Stewart

KENNETH S. STEWART

Assistant General Counsel and Assistant Secretary

Date: October 13, 2004

EXHIBIT INDEX

Exhibit No.	Description
99.1	Edison International Business Overview and Strategy Presentation by John E. Bryson, Chairman, President and Chief Executive Officer, dated October 13, 2004.
99.2	Edison International Financial Outlook Presentation by Theodore F. Craver, Jr., Executive Vice President and Chief Financial Officer, dated October 13, 2004.
99.3	Press Release of Edison International, dated October 8, 2004.

EX-99.1

EXHIBIT 99.1

Edison International Business Overview and Strategy

John E. Bryson

Chairman, President and Chief Executive Officer Edison International

October 13, 2004

Forward-Looking Statements

This presentation contains forward-looking information. The words “expect,” “forecast,” “potential,” “projected,” “anticipated,” “predict,” “targeted,” and similar expressions identify forward-looking information that involves risks and uncertainties. Actual results or outcomes could differ materially because of important factors such as:

actions of the California Public Utilities Commission, Federal Energy Regulatory Commission, and other regulatory bodies regarding market structure, customer rates, cost recovery, capital expenditures, and other matters; changes in prices of electricity, natural gas, coal, and other fuels and in other operating costs; the operation on a merchant basis of Mission Energy Holding Company’s plants that do not have long-term contracts for the sale of their output; actions of securities rating agencies affecting the credit ratings of Edison International or its subsidiaries; the ability of Edison International and its subsidiaries to refinance existing obligations and obtain new financing on reasonable terms as needed; the continued operation of Edison International’s tax allocation arrangements as contemplated; the possibility of future state or federal legislation changing the structure or operation of electricity markets or otherwise affecting Edison International’s subsidiaries; the effects of environmental laws and regulations that may require capital expenditures, increased operating costs, or limitations on the operation of power generating facilities; the effects of increased competition in energy-related businesses; and the risks of constructing and operating nuclear-, coal-, and gas-fired generating plants and other large and complex energy facilities.

Additional details and factors are set forth in this presentation and reports filed by Edison International, Southern California Edison, and Mission Energy Holding Company on Forms 10-K, 10-Q, and 8-K.

Certain non-GAAP information appears in this presentation. The reconciliations to GAAP that are required by SEC Regulation G are located in the appendix at the end of this presentation.

2

Edison International — Organizational Structure

Edison International

Southern California Edison

Operating Statistics:

(as of 6/30/04)

Total Assets $19.8 B

Customers 4.6 M

2004 Est. Rate Base $9.7 B

Mission Energy Holding Company

Operating Statistics:

(pro-forma)¹

Total Assets $6.8 B

Total MWs Owned 8,579

Coal Generation 88%

Edison Capital

Operating Statistics:

(as of 6/30/04)

Total Assets $3.7 B

Total Investments $3.1 B

1. Includes the effect of the international sales. Total MW excludes international assets (6,657 MWs) subject to sale agreements, and excludes Collins Station (2,698 MW) and Illinois peakers (899 MW) which will be decommissioned.

3

Edison International — Balanced Business Mix

Strong utility operating in a large and rapidly growing service territory

Unregulated business platform with large base of low-cost coal assets

Produces

Stable and predictable earnings and cash flow Significant long-term earnings and cash flow growth from regulated investments Further upside earnings potential from power market recovery Business flexibility for future growth

4

Edison International — Strategy

Our strategy seeks to create a balance among

Growth Dividends

Balance sheet strength

We expect to produce total returns above peer averages

5

Edison International — Growth

Substantial growth in rate base anticipated at Southern California Edison through the remainder of the decade Earnings improvements from reduction of debt and G&A expense Additional investment opportunities in the unregulated businesses EIX core earnings expected to increase substantially both near-term and long-term versus 2004 core earnings

2005 Core EPS of $2.14¹, an increase of over 20%¹

Long-term compound annual growth rate of 8-12%¹

1. See Appendix for GAAP reconciliation.

6

Edison International —

Long-Term Earnings Growth Rate

Contribution by Business to EIX Long-Term Growth Rate

MEHC

EIX Parent & EC SCE

8% – 12%¹ 0 – 5% 1.5% – 2.0%

6.5% – 7.5%¹

SOURCES OF GROWTH

MORE CERTAIN

LESS CERTAIN

Reduction in G&A and debt-service costs Utility rate base investments Investments in renewable energy at Edison Capital Recovery of capacity values in MAIN and PJM later in the decade

If no earnings assumed for MEHC,

EIX long-term EPS growth rate is projected to be 8-10%¹

1. See Appendix for GAAP reconciliation.

7

Edison International — Dividends

Dividend philosophy is centered around:

Maintaining a competitive dividend

Balancing dividends with the cash needed to fund robust growth

Maintaining a strong balance sheet

Current annual dividend rate of $0.80/share

Payout ratio is 46% of projected 2004 core earnings¹ Expect to maintain a similar payout ratio for 2005

Plan to recommend a 2005 dividend of $1.00/share to the Board Longer-term, targeting a payout ratio range of 45–55% excluding MEHC earnings

With projected earnings, the target range can provide steady increases in the dividend after 2005

1. See Appendix for GAAP reconciliation.

8

Edison International — Balance Sheet Strength

Sufficient cash generation to support a large investment program producing substantial earnings growth, and a competitive and growing dividend

The projected long-term growth rate does not assume additional equity

MEHC will continue to reduce debt over the long-term to address excess leverage

Expect to maintain SCE capital structure of 48% equity

Edison Capital and the EIX Parent will focus on reducing their cost of debt, improving financing flexibility and reducing overall debt levels while providing for the projected growth at Edison Capital Over the long term, EIX consolidated debt-to-capital is targeted to decline from approximately 60% to 50%¹

Excluding MEHC, debt to capital is targeted to stay in the range of 45–50%¹

1. See Appendix for GAAP reconciliation.

9

Southern California Edison — Overview

One of the largest U.S. electric utilities Service Area

50,000 square miles including 800 cities and communities Population Served

More than 13 million

Over 4.6 million customers $8 billion operating revenues¹ 82 billion Kilowatt-hour Sales¹ (Bundled Service and Direct Access) $9.7 billion Rate Base¹

10

Southern California Edison

Southern California Edison provides substantial value for EIX shareholders

SCE provides a large base of stable earnings and cash flow

Expected to grow at a rate above the utility industry average from rate base investments

Investments across the distribution, transmission, and generation segments

Equity component for planned expenditures can be funded from utility generated cash

California’s regulatory and political environment has improved

CPUC decisions supportive of the restoration of SCE’s creditworthiness

AB57 provides important procurement and credit protections

11

Southern California Edison

Capital Expenditures

(Nominal $ in Billions)

Actual¹ Forecast

Generation Transmission Distribution² $2.5 $2.0 $1.5 $1.0 $0.5 $0.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

1.0

0.6

0.8

1.1

1.9

1.6

1.8

1.9

1.9

2.2

2004 – 2009 Forecast = $11.3 Billion

Generation: $2.1 Billion

Transmission: $1.6 Billion

Distribution: $7.6 Billion

Rate Base

(Nominal $            in Billions)

Actual Forecast $16 $14 $12 $10 $8 $6 $4 $2 $0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

5-year CAGR = 8%

Generation Transmission Distribution²

9.0 8.8

9.1 9.2

9.7

10.2

11.4

12.3

13.1

14.2

Projections subject to appropriate regulatory approvals and support

1. See Appendix for GAAP reconciliation.

2. Information Technology, CSBU, Carrier Solutions, and overheads are included in Distribution.

12

Southern California Edison —

Major Components of Projected Rate Base Growth

($ Millions)

Transmission 6-Year Transmission 6-Year 6-Year

& Distribution Spend Expansion Spend Generation Spend

Infrastructure Replacements 2,725 Series Capacitors-DPV1 150 Mountainview 625

Load Growth 1,600 Tehachapi Renewable Generation Interconnection 125 SONGS Steam Generator Replacement 375

New Service Connection 1,100 Other Renewable Generation Interconnection 125 Nuclear, Other 675

Non-Nuclear, Other 375

Maintenance and Other 2,850 Other Transmission Expansion 550

Among the conditions supporting the growth in rate base are:

significant customer and load growth pressuring reserve margins

aging infrastructure needing replacement to maintain grid reliability

13

Southern California Edison —

Outlook for System Average Rate (SAR)

A risk to the forecast is the upward pressure capital expenditures have on already high California customer rates…

¢/kWh

15 14 13 12 11 10 9 8

2004 SAR

Gen GRC

Trans GRC

Dist GRC

Fuel & PP – Net

CDWR

RRB

2008 SAR

12.2

0.2

0.1

0.9

1.0

(1.4)

(0.3)

12.7

…but the roll-off of high cost CDWR contracts and the rate reduction bonds appear to largely mitigate the impact.

14

Southern California Edison — Regulatory Environment

Reasonable regulatory decisions are essential to SCE achieving its targeted growth

CPUC decisions since the Energy Crisis demonstrate an understanding of the importance of financially healthy IOUs in solving the State’s energy problems 2003 GRC approved 98% of capital forecast and established attrition mechanisms to meet planned capital investments and cost escalation Pending cases

2005 Cost of Capital

2006 General Rate Case

Procurement

Long-term solicitation

Future customer load

Reliability and cost responsibility

15

Mission Energy Holding Company — Overview

Before After

Asset Profile Restructuring Restructuring ¹

MWs 18,833 8,579

Fuel Mix

Coal 9,035 MW / 48% 7,545 MW / 88%

Gas/Oil 6,530 MW / 34% 1,034 MW / 12%

Hydro 2,950 MW / 16%

Other 318 MW / 2%

Percent Merchant 2 72% 87%

Assets $ 12.1 billion $6.8 billion

Recourse and Non-Recourse Debt $8.1 billion $4.8 billion

Net Debt to Recourse Capital 86% 72%

Midwest Generation 5,621 MW’s

Homer City 1,884 MW’s

964 MW’s

1. After sales of international assets (6,657 MW), and decommissioning Collins Station (2,698 MW) and Illinois peakers (899 MW).

2. Pro forma January 2005 with Exelon contracts expired.

16

Mission Energy Holding Company —MEHC Contribution to EIX

Successful execution of the Restructuring Plan substantially addresses MEHC’s survivability. Execution of the strategic plan and solid performance at MEHC will add value for EIX shareholders.

MEHC can contribute meaningfully to EIX earnings growth with reasonable confidence

Continued reduction in high cost debt and G&A expense contributes to earnings

Low cost coal portfolio takes advantage of favorable gas/coal spread

Significant growth in earnings probable from recovery in capacity markets

Current long-term forecasts do not assume or rely on new project investments

Given the hybrid system of electricity regulation in the U.S., EIX benefits from having both a utility and a competitive generator

MEHC provides EIX with a potentially valuable option as a vehicle for discretionary investments and growth

17

Mission Energy Holding Company — Strategy

Reduce business and financial risk by improving financial strength, operating efficiency, and predictability of cash flow and earnings

Complete the Restructuring Plan

Close the sale of the international generation facilities maximizing net after-tax proceeds

Pay off the “BV” bridge loan

Continually reduce leverage using cash flow from operations

Manage fuel supply, emissions, and environmental controls to protect operating margins

Reduce overhead expenses in the aftermath of the asset sales Build a laddered, diversified portfolio of power and fuel supply contracts and hedges to lock in margins and reduce earnings and cash flow volatility

18

Mission Energy Holding Company – Value Drivers

Even without the international projects, MEHC core earnings are expected to increase in 2005 over 2004, and show significant double-digit compound annual growth in the longer term

Earnings Drivers Estimates of Contribution (pre-tax earnings)

COST REDUCTION

Elimination of restructuring costs and overheads directly associated with international assets $45 – $50 million (annually)

Further reductions in overhead costs $30 million (annually)

DEBT REDUCTION

Reduction of callable high-cost debt from net restructuring proceeds $105 – $145 million (multi-year)

POWER MARKET METRICS

Energy prices: for every $ 1/MWh increase $47 million

Capacity prices: for every $10/kWyr increase $75 million

19

Mission Energy Holding Company —Potential Upsides and Risks

Additional future upside potential from:

Contracting for cash and earnings stabilization

New generation investments

Consolidations, providing cost reduction opportunities

Risks

Collapse in gas prices, or a spike in coal and emissions prices

Homer City coal supply contracts progressively rolling off post 2006

Illinois coal plants (78% of MEHC’s coal burn) insulated due to use of abundant Powder River Basin coal and transportation contracted for remainder of decade

Credit and collateral requirements to support hedging and contracting

Competes with ability to retire debt early

Environmental regulations requiring additional capex

Approximately $300 million in environmental capex at Homer City in the 5-year outlook for mercury control and SO2

Potential future mercury controls expenditures at MWG plants, but expenditures more likely to be in the next decade

New Source Review

20

Edison Capital — Overview

Edison Capital is a provider of capital and financial services for global power and infrastructure projects and affordable housing

$3.1 Billion

Affordable Housing

Renewables/Infrastructure

Other Leases¹

Leases Collateralized by U.S. Treasuries

Leases Collateralized by AA or Better L/C’s

45%

7%

13%

8%

27%

1. American Airlines, MCV, Huntington Waste-to-Energy, Vidalia

21

Edison Capital — Value Drivers

Flexible growth vehicle

Focus is building on the existing 226 MW Renewables portfolio

Resumed investing in 2004

Targeting investments building to $250 million annually

22

EIX Parent — Contributes to Improving Earnings

Reduction of debt at the Parent lowers earnings drag

Actions to improve financial efficiency and liquidity are in process

The earnings drag of $0.25 in 2003 and $0.23 in 2004 is forecast to be reduced to $0.03 in 2005

23

Edison International — Value Highlights

A balanced business mix…

SCE – a leading U.S. growth utility MEHC – a stabilized competitive generator with low cost coal EDISON CAPITAL-investment opportunities in renewables EIX – debt and overhead cost reductions across the company providing…

Substantial and reliable earnings and cash flow Above average EPS growth A competitive dividend with opportunities for steady increases

Above average total returns

Balanced between growth and dividends

24

Appendix

Reconciliation of Core Earnings to GAAP

2004 2005 Outlook EPS Forecast EPS

SCE $1.75 $1.75

MEHC 0.03 – 0.13 (a) 0.34

EC 0.14 0.08

EIX Holding Co. (0.23) (0.03)

Core EPS $1.69 – $1.79 $2.14

Non Recurring Items

SCE $0.48 (b) $0.11 (e)

MEHC 0 (c) (0.05) (d)

EIX – QUIPS Retirement (0.04) (d) —

Reported EPS $2.13 – $2.23 $2.20

a) Includes earnings from EME’s international assets expected to be sold and reported as discontinued operations in 2004. b) Includes one-time items primarily associated with the 2003 GRC Decision. c) Includes a loss from the termination of the Collins lease, loss from the small peaker impairment, gain on sale of EME’s interest in Four Star, and an expected net gain on sales of the international assets. The international asset sale gain will be reported as Discontinued Operations. d) Write-off of unamortized costs upon retirement of debt e) Anticipated tax audit settlements

Slide 6: 2005 reported EPS is forecast to be $2.20 and would represent an increase of about 1% from prior year’s midpoint due to the inclusion of non-recurring items. The long-term CAGR based on reported earnings would be 4%–12%. The lower range reflects the 2004 non-recurring items which include positive one-time regulatory adjustments at SCE totaling $157 million, partially offset by a $14 million charge due to the retirement of the EIX QUIPS.

Slide 7: CAGR ranges are presented based on core earnings. Based on reported earnings, the CAGRs are projected to be 4%–12% for EIX, 1%–3% for SCE and 4%–5% for EIX assuming no earnings from MEHC. The lower ranges reflect the 2004 non-recurring items which include positive one-time regulatory adjustments at SCE totaling $157 million, partially offset by a $14 million charge due to the retirement of the EIX QUIPS.

Slide 8: Ratios presented are based on core earnings. Based on reported earnings per share, the 2004 payout ratio is expected to be 37%.

Note: GAAP Measurements that equal or fall into the non-GAAP measurement range are not reconciled in the footnotes above.

25

Appendix

Slide 9: The calculations for the targeted debt to capital ratios presented exclude non-recourse debt. The calculations also include EME’s guarantee of the off-balance sheet Powerton-Joliet Lease of about $1.5 billion as debt and classify redeemable preferred securities as preferred securities. The comparable, expected debt to capital ratio ranges based on the GAAP classifications for the projected capital components, including non-recourse debt, excluding EME guaranty of the Powerton-Joliet Lease and classifying redeemable preferred securities as debt are 55%–70% for EIX consolidated and 50%–55% for EIX consolidated excluding MEHC.

Slide 12: 2000 2001 2002 2003

Transmission, Distribution & Generation, per presentation 1.0 0.6 0.8 1.1

Nuclear fuel, one-time decommissioning items & other 0.1 0.1 0.2 0.1

Additions to property and plant – net, 1.1 0.7 1.0 1.2

per Statements of Cash Flows

26

EX-99.2

EXHIBIT 99.2

Edison International Financial Outlook

Theodore F. Craver, Jr.

Executive Vice President and Chief Financial Officer Edison International

October 13, 2004

Forward-Looking Statements

This presentation contains forward-looking information. The words “expect,” “forecast,” “potential,” “projected,” “anticipated,” “predict,” “targeted,” and similar expressions identify forward-looking information that involves risks and uncertainties. Actual results or outcomes could differ materially because of important factors such as:

actions of the California Public Utilities Commission, Federal Energy Regulatory Commission, and other regulatory bodies regarding market structure, customer rates, cost recovery, capital expenditures, and other matters; changes in prices of electricity, natural gas, coal, and other fuels and in other operating costs; the operation on a merchant basis of Mission Energy Holding Company’s plants that do not have long-term contracts for the sale of their output; actions of securities rating agencies affecting the credit ratings of Edison International or its subsidiaries; the ability of Edison International and its subsidiaries to refinance existing obligations and obtain new financing on reasonable terms as needed; the continued operation of Edison International’s tax allocation arrangements as contemplated; the possibility of future state or federal legislation changing the structure or operation of electricity markets or otherwise affecting Edison International’s subsidiaries ; the effects of environmental laws and regulations that may require capital expenditures, increased operating costs, or limitations on the operation of power generating facilities ; the effects of increased competition in energy-related businesses; and the risks of constructing and operating nuclear-, coal-, and gas-fired generating plants and other large and complex energy facilities.

Additional details and factors are set forth in this presentation and reports filed by Edison International, Southern California Edison, and Mission Energy Holding Company on Forms 10-K, 10-Q, and 8-K.

Certain non-GAAP information appears in this presentation. The reconciliations to GAAP that are required by SEC Regulation G are located in the appendix at the end of this presentation.

2

Edison International —

Key Milestones Achieved in the Last Year

SCE achieved investment grade ratings by Moody’s and S&P in late 2003, and Moody’s further upgraded in 2004 MEHC completed a number of critical restructuring steps

Refinanced Midwest Generation debt

Entered into sale agreements for the international assets

Contact Energy sale closed

Edison Capital resumed investing

Moody’s upgraded EIX to investment grade EIX resumed a common stock dividend

3

Edison International — 2004 Outlook

Original Revised

2004 Guidance 2004 Estimate

SCE $1.66 $1.75

MEHC 0.03 – 0.13 0.03 – 0.13

EC 0.14 0.14

EIX Holding Co. (0.23) (0.23)

Core EPS $1.60 – $1.70 $1.69 – $1.79

Non Recurring Items

SCE $0.50 $0.48 (a)

MEHC — 0 (b)

EIX – QUIPS Retirement — (0.04) (c)

Reported EPS $2.10 – $2.20 $2.13 – $2.23

Total EIX core EPS up $0.09 due to SCE improvement

Significant GAAP items to be recorded in 3rd Qtr at MEHC relating to Discontinued Business

Total EIX reported EPS up $0.03

Potential for SCE’s reported EPS to increase further depending on resolution of pending regulatory decisions

EXPLANATION OF NON RECURRING ITEMS a) One-time items expected to be $157 million b) Estimated net impact of one-time items at MEHC is zero. One-time items include loss on Collins lease, impairment charges, and gains on sales of international assets and Four Star Oil & Gas c) Write-off of QUIPS unamortized costs when called

4

Edison International — 2004 and 2005 Outlook

2004 2005 Variance

Outlook EPS Forecast EPS (to Midpoint)

SCE $1.75 $1.75 —

MEHC 0.03 – 0.13(a) 0.34 0.26

EC 0.14 0.08 (0.06)

EIX Holding Co. (0.23) (0.03) 0.20

Core EPS $1.69 – $1.79 $2.14 $0.40

Non Recurring Items

SCE $0.48 (b) $0.11 (e)

MEHC 0 (c) (0.05) (d)

EIX – QUIPS Retirement (0.04) (d) —

Reported EPS $2.13 – $2.23 $2.20 $0.02

a) Includes earnings from EME’s international assets expected to be sold and reported as discontinued operations in 2004. b) Includes one-time items primarily associated with the 2003 GRC Decision. c) Includes a loss from the termination of the Collins lease, loss from the small peaker impairment, gain on sale of EME’s interest in Four Star, and an expected net gain on sales of the international assets. The international asset sale gain will be reported as Discontinued Operations. d) Write-off of unamortized costs upon retirement of callable debt e) Anticipated tax settlement

1. See Appendix for GAAP reconciliation.

Using midpoints, EIX core EPS increases 23% in 2005 over 2004¹

SCE flat

MEHC increases as benefits of debt and G&A reductions plus stronger power prices (9/30/04) overcome loss of international income

Net debt reduction at EIX and EC taken together Small increase in reported EPS due to fewer one-time items

5

Edison International — Long Term Growth Rates

Several scenarios were modeled for each company to develop management’s view of the more likely ranges of long-term earnings growth rates. (Some scenarios produced results outside of the ranges listed below.)

Individual Company Long-term Core EPS Growth Rate Ranges

(Compound Annual Growth Rates)

Southern California Edison 7—10%¹ Mission Energy Holding Company 7 – 48% Edison Capital 4 – 7%

EIX Consolidated Core EPS Growth 8 – 12%¹

1. See Appendix for GAAP reconciliation.

6

Southern California Edison — 2004/2005 Assumptions

($ Millions)

2004 2005

Projected Rate Base $ 9,700 $ 10,200

Equity Ratio 48% 48%

Authorized ROE 11.60% 11.60%

Rate Base Earnings $ 540 $ 568

RRB Credit (20) (14)

Other 50 16

Core Operating $ 570 $ 570

Core EPS $ 1.75 $ 1.75

One-Time Items 157 36

Total $ 727 $ 606

Total EPS $ 2.23 $ 1.86

Core earnings are flat year-over-year

Core earnings from rate base growth increases $28 million in 2005

True-up of embedded cost of debt and RRB amortization reduces core earnings by $28 million Reported earnings decline year-over-year.

Fewer one-time items forecast for 2005 than 2004 as the backlog of regulatory decisions is resolved

Note: 2005 authorized equity and ROE subject to 2005 Cost of Capital decision; expected by YE 2004

7

Southern California Edison —

Long-Term Assumptions and Sensitivities

Rate base growth is the primary driver of SCE’s earnings growth

Distribution business represents 2/3 of 2004-09 capex

If approved by the appropriate regulators, the proposed level of capital spending should increase rate base from $9.7 billion in 2004 to $14.2 billion in 2009

Much of the capex is subject to 2006 and 2009 CPUC GRC’s

Capital structure and ROE subject to annual Cost of Capital decisions

The current 48% equity and 11.6% ROE assumed to continue

2005 2009 Potential Sources of Earnings Variability Impact Impact Rate base projection $10.2 B $14.2 B

± 100 million in rate base $ 6 M $ 6 M

± 100 bp change in authorized ROE $48 M $68 M

1% change in authorized equity level $12 M $17 M

8

Southern California Edison — Other Long-Term Assumptions

Other long-term assumptions

Rate Reduction Bond amortization charges will be $8 million in 2006, $2 million in 2007, and $0 from 2008 and beyond

Other core earnings items assumed to offset RRB impacts

e.g.- disallowances, rewards and incentives, financing and tax

One-time regulatory items (part of reported earnings; excluded from core earnings) e.g.- backlogged prior-period events resolved by CPUC decisions

None assumed

Influences other than rate base on core earnings are assumed to net to zero

9

Mission Energy Holding Co — Restructuring Plan Update

Sale of Contact Energy closed September 30, 2004

Received $739 million in proceeds plus a $24 million special dividend

$600 million used to pay down $800 million “BV” bridge loan Sale of remaining international assets expected to close by year end Peaker write-off

Same restructuring rationale as with the Collins lease termination

Approximately $30 million pre-tax write-off

Approximately $60 million tax benefit expected to be realized in 2005

Over $5 billion of on- and off-balance sheet debt will be removed directly with the closing of the sales of international assets Cash generated from restructuring activities (international asset sales and tax benefit from Collins lease termination and peaker writedown) estimated to be $2.9 billion

$ 2.1 billion after repayment of “BV” loan

10

Mission Energy Holding Co — 2004/2005 Assumptions

($ Millions)

2004 2005

Midwest Gen Revenue $1,045 $1,253

All In Realized Price($/MWh) (a) $31.23 $36.71

Generation (TWh) 30.4 34.0

Homer City Revenue $494 $632

All In Realized Price($/MWh) (a) $38.08 $45.22

Generation (TWh) 13.2 14.0

Core Operating (After-Tax) $10 – $42 $111

Core EPS $0.03 – $0.13 $0.34

One-Time Impacts ($15)

EPS ($0.05)

Reported EPS $0.03 – $0.13 $0.29

a) Weighted average realized price for energy and capacity

Employing a different approach for communicating the 2005 earnings forecast. Using point estimates based on current forward prices. No ranges. 2005 revenue determined by using September 30 forward prices for unhedged MWs; actual prices for hedged amounts Increased TWh at MWG with Will County 1 & 2 returning to service, and higher dispatch due to higher gas prices and expanded PJM market. TWh increase at Homer City closer to 2003 levels.

Interest expense reduced from payoff of callable debt. 2005 one-time items related to premiums on callable debt. $75 M lower G&A and restructuring costs

a) Weighted average realized price for energy and capacity

11

Mission Energy Holding Co — 2005 Hedges and Earnings Variability

Midwest Gen. Homer City

TWh Energy Price ($/MWh) TWh Energy Price ($/MWh)

Hedged (as of 9/30) 4.7 $34.29 ¹ 6.3 $44.26 ¹

Unhedged 29.3 $32.82 ² 7.7 $46.19 ²

Total 34.0 14.0

11 TWh, or 23%, of forecasted 48 TWh for 2005 were hedged as of 9/30/04

Price Movement Earnings Impact ($M After-Tax)

Midwest Gen. $1/MWh $17.9

Homer City $1/MWh $4.2

2005 Adjustment Metrics

Based on hedge position at 9/30/04

Additional hedges will reduce the sensitivity to price movements

Earnings At Risk ($M After-Tax)

25% Hedged 50% Hedged 75% Hedged

1 Std. Dev. 142 115 82

95% 204 163 121

Earnings at Risk Assumptions

25% Hedged: 12 TWh

50% Hedged: 24 TWh

75% Hedged: 36 TWh

1. Flat price equivalent at Northern Illinois Hub and PJM West.

2. September 30 Cal strip ‘05 flat price forward at Northern Illinois Hub and PJM West.

12

Mission Energy Holding Co — Long-Term Forecast Assumptions

2004 2005 2006 2007 2008 2009

Henry Hub Gas ($/MMBtu) $5.90 $6.89 $6.20 $4.73 $4.67 $4.64

Midwest Generation – Coal Plants

Flat Energy Price—NIHub ($/MWh) $28.17 $32.82 $32.85 $31.32 $31.36 $32.49

Merchant Capacity ($/KW-yr) $- $7.70 $7.95 $20.00 $30.08 $40.00

All-in Realized Energy and Capacity ($/MWh) $31.23 $36.71 $36.70 $35.63 $37.70 $40.33

Generation (TWh) 30.4 34.0 33.9 34.0 34.0 34.0

Homer City

Flat Energy Price—PJMWest ($/MWh) $41.76 $46.19 $44.78 $33.84 $35.40 $36.09

Merchant Capacity ($/KW-yr) $14.65 $10.75 $9.09 $48.16 $66.96 $68.69

All-in Realized Energy and Capacity ($/MWh) $38.08 $45.22 $45.28 $37.70 $44.23 $45.30

Generation (TWh) 13.2 14.0 13.5 13.3 13.3 13.3

Fuel Supply

MWGen Coal Price (average including transportation ($/MMBtu)) $1.04 $1.05 $1.07 $1.05 $1.09 $1.10

MWGen Tons Burned (million tons) 18.5 20.5 20.5 20.4 20.5 20.4

% Contracted (commodity portion) 99% 88% 68% 39% 15% 0%

Homer City Coal Price (average including transportation ($/MMBtu)) $1.23 $1.25 $1.56 $1.50 $1.46 $1.59

Homer City Tons Burned (million tons) 5.4 5.6 5.4 5.4 5.4 5.4

% Contracted 99% 100% 48% 46% 30% 0%

Emissions

NOX ($/ton) $2,185 $3,400 $2,656 $2,527 $2,730 $2,783

SO2 ($/ton) $376 $534 $530 $441 $499 $540

CAPEX ($ millions) $51 $74 $71 $164 $136 $62

13

Mission Energy Holding Company —

Summary of Price Assumption Methodologies

Commodity Year MWG Homer City

Energy 2004 – 2006 NI Hub Forward curve PJM West Forward curve including basis adjustment

2007 – beyond PA Consulting Model output based on natural gas forward curves PA Consulting Model output based on natural gas forward curves

Capacity 2004 – 2006 Forward curve Forward curve

2007 – beyond Management forecast of $20/$30/$40/kW-yr PA Consulting Model output

Fuel & Emissions 2004 – 2006 Emissions prices based on forward curve; fuel based on contracts and fundamental forecast for PRB coal Emissions prices based on forward curve; fuel based on contracts and internal view of HC coal

2007 – beyond PA June 2004 Forecast PA Consulting Model and internal view of HC coal

All references to the forward curve relate to 9/30/04 forward prices

14

Mission Energy Holding Co —

Other Long-Term Forecast Assumptions

“Big 4” Projects

PPA extensions at market

Sunrise per contract

Callable debt redeemed:

Bridge Loan $800 million

MIPS $150 million

MEHC Term Loan $285 million

15

Edison Capital – 2004/2005 Assumptions

$Millions 2004 2005

Total Assets $3,622 $3,643

New Investment $72 $180

After-tax Earnings $45 $26

EPS $0.14 $0.08

An increase in interest expense lowers 2005 earnings due to an assumption that target capital structure of 80% debt to total capital achieved in 2005

The growth plan at Edison Capital calls for new investment of $265 million per year beginning in 2006

16

Edison Capital — Long-Term Forecast Assumptions

Credit Risk

The majority of the Lease Portfolio is supported by high quality collateral to mitigate credit risk

The forecast assumes two “watchlist” credits - American Airlines (AMR) and Midland Cogeneration Venture (MCV) - continue to meet their contractual obligations

Tax Risk

Primary risk within the Lease Portfolio is the outcome of tax audits involving the timing of tax payments on certain cross border structures the Company has utilized

The forecast reflects the Company will be successful in defending its position

Reinvestment Risk

17

EIX Holding Company — 2004/2005 Assumptions

$Millions

2004 2005

(Pre-Tax)

O&M Expense $31 $29

Net Interest Expense (Income) $86 ($11)

Core Operating (After-Tax) ($73) ($11)

Core EPS ($0.23) ($0.03)

One-Time Impacts ($14) 0

Reported Earnings ($87) ($11)

Reported EPS ($0.27) ($0.03)

QUIPS redeemed year-end 2004 No debt remaining

Long-Term Forecast Assumptions

No equity issuances

No share repurchases

Share count remains at 325.8 million for EPS calculations

18

Edison International — Holding Company Cash Flow

EIX businesses expected to generate substantial cash for investing in growth, debt retirement, and dividends during the 2004-2009 period

Investing $13.2 billion in projects and capex at SCE, EC and MEHC Retiring $4.1 billion in debt at EIX, MEHC and EC net of borrowings

2004 2005 2006 2007 2008 2009

EIX Debt Ratio¹ 60% 57% 56% 55% 51% 50% EIX Debt Ratio w/o MEHC¹ 48% 46% 46% 46% 46% 47%

EIX PARENT CASH FLOW ($ Billions) 2003 2004-2009 Beginning Cash $0.3 $1.1 + Dividends from Subsidiaries 1.2 2.5

Distributable Cash $1.5 $3.6

Debt Retirement 0.2 1.4

Other (Interest, O&M Expenses) 0.2 0.2

Net Available Cash $1.1 $2.0

1. See Appendix for GAAP reconciliation.

19

Edison International – IBES Long-Term Growth Rates Philadelphia Utility Index

20% 15% 10% 5% 0%

(b)

AES EIX TXU D DTE ETR EXC FPL PCG SO FE NU AEP PGN PEG CNP XEL DUK AEE ED

Philadelphia Utility Index Average = 5.1% (a)

a) The Philadelphia Utility Index average includes the IBES estimate for EIX of 5% b) Company estimate of 8-12%

20

Appendix

Slide 5: 2005 reported EPS is forecast to be $2.20 and would represent an increase of about 1% from the prior year’s midpoint due to the inclusion of non-recurring items.

Slide 6: Based on reported earnings, the individual company long-term CAGR ranges are from 2%–3% for SCE and 4%–12% for EIX consolidated. The lower ranges reflect the 2004 non-recurring items which include positive one-time regulatory adjustments at SCE totaling $157 million, partially offset by a $14 million charge due to the retirement of the EIX QUIPS.

Slide 19: The calculations for the targeted debt to capital ratios presented exclude non-recourse debt. The calculations also include EME’s guarantee of the off-balance sheet Powerton-Joliet Lease of about $1.5 billion as debt and classify redeemable preferred securities as preferred securities. The comparable, expected debt to capital ratios based on the GAAP classifications for the projected capital components, including non-recourse debt, excluding EME guarantee of the Powerton-Joliet Lease and classifying redeemable preferred securities as debt are for the EIX debt ratio 69% for 2004, 63% for 2005, 61% for 2006, 2007, and 2008, and 58% for 2009. For the EIX debt ratio without MEHC the ratios are 52% for 2004, 51% for 2005, 52% for 2006, 2007, and 2008, and 53% for 2009.

Note: GAAP Measurements that equal or fall into the non-GAAP measurement range are not reconciled in the footnotes above.

21

EX-99.3

EXHIBIT 99.3

News Release

FOR IMMEDIATE RELEASE

Contact: Kevin Kelley, (626) 302-1033

www.edisonnews.com

Edison International to Host an Analyst Conference

ROSEMEAD, Calif., Oct. 8, 2004 -- Edison International will be hosting an Analyst Conference on Wednesday, October 13 to update the financial community on Edison International’s strategic business outlook. Attendance at the 2004 Analyst Conference is limited to financial analysts and investors. Edison International plans to file a report on Form 8-K at the time of the meeting containing the material new information that will be presented during the meeting.

The conference will be held from 8:00 a.m. - 11:00 a.m. at The Metropolitan Club in New York City, One East 60th Street. Contact Jo Ann Newton at (626) 302-2515 or Nanette Leoni at (626) 302-3680 if you have any questions

# # #

Based in Rosemead, Calif., Edison International is the parent company of Southern California Edison, Edison Mission Energy, and Edison Capital.