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): March 2, 2009

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)

626-302-2222

(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 exhibit include forward-looking statements. Edison International based these forward-looking statements on its current expectations and projections about future events in light of its knowledge of facts as of the date of this current report and its assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Edison International. Edison International has 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 current Annual Report on Form 10-K.

Item 2.02 Results of Operations and Financial Condition

On March 2, 2009, Edison International issued a press release reporting its financial results for the year ended December 31, 2008. A copy of the press release is attached as Exhibit 99.1. On the same day, members of Edison International’s management spoke to investors via a financial teleconference. The presentation attached as Exhibit 99.2 accompanied management’s comments on the financial teleconference. The information furnished in this Item 2.02 and Exhibits 99.1 and 99.2 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 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/ Linda G. Sullivan

Linda G. Sullivan

Vice President and Controller

Date: March 2, 2009

EXHIBIT INDEX

Exhibit No.	Description
99.1	Edison International Press Release dated March 2, 2009
99.2	Edison International Fourth Quarter 2008 Financial Teleconference dated March 2, 2009

EX-99.1

Exhibit 99.1

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 2008 Earnings

• 2008 GAAP earnings were $3.69 per share compared to $3.33 per share in 2007.

• Core earnings increased 4 percent in 2008 to $3.84 per share from $3.69 per share last year.

• Fourth quarter 2008 GAAP earnings were $0.66 per share compared to $0.64 per share in the same quarter last year.

• Core earnings in the fourth quarter were $0.66 per share compared to $0.65 per share in the same quarter last year.

• Edison International will provide 2009 earnings guidance after Southern California Edison Company has received a California Public Utilities Commission (CPUC) decision on its 2009 General Rate Case.

ROSEMEAD, Calif., March 2, 2009 – Edison International (NYSE: EIX) today reported fourth quarter and full year 2008 results.

“Edison International had solid performance in 2008 amidst the dramatic decline in both the economy and financial markets,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.

Fourth Quarter Earnings Detail

Southern California Edison Company’s (SCE) fourth quarter 2008 GAAP and core earnings were $0.43 per share, compared to $0.37 per share in the same quarter last year. This increase was primarily due to higher operating income related to rate base growth, including $0.05 per share of energy efficiency rewards.

-more-

Note: GAAP earnings refer to net income and GAAP earnings per share refer to basic earnings per share throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to GAAP Earnings.

Edison International Reports Fourth Quarter 2008 Financial Results

Page 2 of 11

Edison Mission Group’s (EMG) GAAP earnings were $0.25 per share in the fourth quarter of 2008 compared to $0.29 per share in the fourth quarter of 2007. Excluding a $0.01 per share charge for discontinued operations in the 2007 period, EMG’s core earnings decreased $0.05 per share. A loss arising from the termination of a natural gas turbine supply agreement, lower results from the Big 4 projects, lower interest income, and lower trading income at Edison Mission Marketing & Trading (EMMT) were partially offset by higher operating income at Midwest Generation, positive results from new wind projects in operation, and lower corporate expenses.

Full-Year Earnings Detail

SCE’s GAAP earnings in 2008 were $2.10 per share, a decrease of $0.07 per share compared to $2.17 per share in 2007. SCE’s 2008 results include a non-core charge of $0.15 per share associated with the CPUC decision on SCE’s performance-based ratemaking mechanism. SCE’s 2007 results include a non-core tax benefit of $0.10 per share from the resolution of the income tax treatment of certain environmental remediation costs. Excluding these non-core items, SCE’s 2008 core earnings were $2.25 per share compared to $2.07 per share in 2007. This $0.18 per share core earnings increase is primarily attributable to higher operating income related to rate base growth, including authorized energy efficiency rewards, and lower net interest expense.

EMG’s GAAP earnings in 2008 were $1.72 per share compared to $1.26 per share in 2007. EMG’s 2007 results include non-core charges of $0.46 per share, mainly due to $0.45 per share for early debt extinguishment costs. EMG’s 2008 core earnings remained at the 2007 level of $1.72 per share. Higher operating income at Midwest Generation, positive results from new wind projects in operation, and higher trading income at EMMT were offset by lower results from the Big 4 projects, lower interest income, a loss arising from the termination of a natural gas turbine supply agreement, and lower results at Homer City and Edison Capital.

Edison International parent company and other GAAP earnings were down from the prior year due to higher net interest expense.

About Edison International

Edison International, 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, California, Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.

# # #

Edison International Reports Fourth Quarter 2008 Financial Results

Page 3 of 11

Appendix

Use of Non-GAAP Financial Measures, Conference Call Information,

Risk Disclosure Statement and Financial Schedules

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 EPS by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and EPS by principal operating subsidiary as primary performance measurements when communicating with analysts and investors regarding our earnings results and outlook, as it allows us to more accurately compare the company’s ongoing performance across periods. Core earnings exclude discontinued operations and other non-core items and are reconciled to GAAP earnings.

EPS by principal operating subsidiary is based on the principal operating subsidiary net income and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company and other. EPS and core EPS by principal operating subsidiary are reconciled to GAAP earnings per share.

Reminder: Edison International Will Hold a Conference Call Today

Today, Edison International will hold a conference call to discuss its fourth quarter and full year 2008 financial results at 8 a.m. (Pacific Standard Time). Two-way participation in the telephone call is limited to financial analysts and investors, while all other interested parties are invited to participate in a simultaneous webcast at www.edisoninvestor.com. A presentation accompanying management’s comments on the conference call will be available on the web site as well at www.edisoninvestor.com. The domestic call-in number is (866) 392-9199 and the number for international callers is (973) 532-4945. The ID# is 83736743. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through March 9, 2009, at the following numbers: (800) 642-1687 for callers in the United States and (706) 645-9291 for international callers.

Risk Disclosure Statement

Statements contained in this news release about future performance, including, without limitation, earnings, asset and rate base growth, load growth, capital investments 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. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s 2008 Form 10-K and other reports filed with the Securities and Exchange Commission and are available on our web site 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.

Edison International Reports Fourth Quarter 2008 Financial Results

Page 4 of 11

Summary Financial Schedules

Fourth Quarter GAAP Earnings Per Share

	Quarter Ended December 31,
Earnings (Loss) Per Share (Unaudited)1	2008			2007			Change
SCE	$	0.43		$	0.37		$	0.06
EMG		0.25			0.30			(0.05	)
EIX parent company and other		(0.02	)		(0.02	)		—
EIX GAAP earnings from continuing operations		0.66			0.65			0.01
EIX GAAP loss from discontinued operations		—			(0.01	)		0.01
EIX GAAP earnings	$	0.66		$	0.64		$	0.02
EIX diluted earnings	$	0.66		$	0.64		$	0.02

¹ The impact of participating securities on the per share amounts is included in EIX parent company and other and was $(0.01) per share for the quarters ended December 31, 2008 and 2007.

Fourth Quarter Reconciliation of Core Earnings Per Share to GAAP Earnings Per Share

	Quarter Ended December 31,
Earnings (Loss) Per Share (Unaudited)	2008			2007			Change
Core Earnings1
SCE	$	0.43		$	0.37		$	0.06
EMG		0.25			0.30			(0.05	)
EIX parent company and other		(0.02	)		(0.02	)		—
EIX core earnings		0.66			0.65			0.01
Non-core items
EMG – discontinued operations		—			(0.01	)		0.01
Total non-core items		—			(0.01	)		0.01
EIX GAAP earnings1	$	0.66		$	0.64		$	0.02

¹ See Use of Non-GAAP Financial Measures on page 3. The impact of participating securities on the per share amounts is included in EIX parent company and other and was $(0.01) per share for the quarters ended December 31, 2008 and 2007.

Fourth Quarter GAAP Earnings

	Quarter Ended December 31,
Earnings (Loss) (in millions) (Unaudited)	2008			2007			Change
SCE	$	141		$	120		$	21
EMG		81			99			(18	)
EIX parent company and other		(5	)		(5	)		—
EIX GAAP earnings from continuing operations		217			214			3
EIX GAAP loss from discontinued operations		—			(3	)		3
EIX GAAP earnings	$	217		$	211		$	6

Edison International Reports Fourth Quarter 2008 Financial Results

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Fourth Quarter Reconciliation of Core Earnings to GAAP Earnings

	Quarter Ended December 31,
Earnings (Loss) (in millions) (Unaudited)	2008			2007			Change
Core Earnings1
SCE	$	141		$	120		$	21
EMG		81			99			(18	)
EIX parent company and other		(5	)		(5	)		—
EIX core earnings		217			214			3
Non-core items
EMG – discontinued operations		—			(3	)		3
Total non-core items		—			(3	)		3
EIX GAAP earnings1	$	217		$	211		$	6

¹ See Use of Non-GAAP Financial Measures on page 3.

Full-Year GAAP Earnings Per Share

	Full Year
Earnings (Loss) Per Share (Unaudited)1	2008			2007			Change
SCE	$	2.10		$	2.17		$	(0.07	)
EMG		1.72			1.27			0.45
EIX parent company and other		(0.13	)		(0.10	)		(0.03	)
EIX GAAP earnings from continuing operations		3.69			3.34			0.35
EIX GAAP loss from discontinued operations		—			(0.01	)		0.01
EIX GAAP earnings	$	3.69		$	3.33		$	0.36
EIX diluted earnings	$	3.68		$	3.31		$	0.37

¹ The impact of participating securities on the per share amounts is included in EIX parent company and other and was $(0.05) per share for 2008 and $(0.04) per share for 2007.

Full-Year Reconciliation of Core Earnings Per Share to GAAP Earnings Per Share

	Full Year
Earnings (Loss) Per Share (Unaudited)1	2008			2007			Change
Core Earnings1
SCE	$	2.25		$	2.07		$	0.18
EMG		1.72			1.72			—
EIX parent company and other		(0.13	)		(0.10	)		(0.03	)
EIX core earnings		3.84			3.69			0.15
Non-core items
SCE – regulatory/tax items		(0.15	)		0.10			(0.25	)
EMG – early debt retirement		—			(0.45	)		0.45
Discontinued operations		—			(0.01	)		0.01
Total non-core items		(0.15	)		(0.36	)		0.21
EIX GAAP earnings1	$	3.69		$	3.33		$	0.36

¹ See Use of Non-GAAP Financial Measures on page 3. The impact of participating securities on the per share amounts is included in EIX parent company and other and was $(0.05) per share for 2008 and $(0.04) per share for 2007.

Edison International Reports Fourth Quarter 2008 Financial Results

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Full-Year GAAP Earnings

	Full Year
Earnings (Loss) (in millions) (Unaudited)	2008			2007			Change
SCE	$	683		$	707		$	(24	)
EMG		561			412			149
EIX parent company and other		(29	)		(19	)		(10	)
EIX GAAP earnings from continuing operations		1,215			1,100			115
EIX GAAP loss from discontinued operations		—			(2	)		2
EIX GAAP earnings	$	1,215		$	1,098		$	117

Full-Year Reconciliation of Core Earnings to GAAP Earnings

	Full Year
Earnings (Loss) (in millions) (Unaudited)	2008			2007			Change
Core Earnings1
SCE	$	732		$	676		$	56
EMG		561			560			1
EIX parent company and other		(29	)		(19	)		(10	)
EIX core earnings		1,264			1,217			47
Non-core items
SCE – regulatory/tax items		(49	)		31			(80	)
EMG – early debt retirement		—			(148	)		148
EMG – discontinued operations		—			(2	)		2
Total non-core items		(49	)		(119	)		70
EIX GAAP earnings	$	1,215		$	1,098		$	117

¹ See Use of Non-GAAP Financial Measures on page 3.

Edison International Reports Fourth Quarter 2008 Financial Results

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Edison International

Consolidated Statements of Income

	Quarter Ended December 31,						Year Ended December 31,
In millions, except per-share amounts	2008			2007			2008			2007
Electric utility	$	2,551		$	2,514		$	11,246		$	10,231
Nonutility power generation		664			623			2,808			2,575
Financial services and other		13			7			58			62
Total operating revenue		3,228			3,144			14,112			12,868
Fuel		421			449			2,147			1,875
Purchased power		793			731			3,845			3,235
Other operation and maintenance		1,180			1,175			4,288			4,065
Depreciation, decommissioning and amortization		338			306			1,313			1,181
Contract buyout/termination and other		30			2			(44	)		3
Total operating expenses		2,762			2,663			11,549			10,359
Operating income		466			481			2,563			2,509
Interest and dividend income		18			29			62			154
Equity in income from partnerships and unconsolidated subsidiaries – net		(9	)		7			31			79
Other nonoperating income		35			21			113			95
Interest expense – net of amounts capitalized		(190	)		(175	)		(700	)		(752	)
Other nonoperating deductions		(10	)		(13	)		(125	)		(45	)
Loss on early extinguishment of debt		—			—			—			(241	)
Income from continuing operations before tax and minority interest		310			350			1,944			1,799
Income tax expense		75			100			596			492
Dividends on preferred and preference stock of utility not subject to mandatory redemption		13			13			51			51
Minority interest		5			23			82			156
Income from continuing operations		217			214			1,215			1,100
Income (loss) from discontinued operations – net of tax		—			(3	)		—			(2	)
Income before accounting change		217			211			1,215			1,098
Cumulative effect of accounting change – net of tax		—			—			—			—
Net income	$	217		$	211		$	1,215		$	1,098
Weighted-average shares of common stock outstanding		326			326			326			326
Basic earnings (loss) per share:
Continuing operations	$	0.66		$	0.65		$	3.69		$	3.34
Discontinued operations		—			(0.01	)		—			(0.01	)
Total	$	0.66		$	0.64		$	3.69		$	3.33
Weighted-average shares, including effect of dilutive securities		328			330			329			331
Diluted earnings (loss) per share:
Continuing operations	$	0.66		$	0.65		$	3.68		$	3.32
Discontinued operations		—			(0.01	)		—			(0.01	)
Total	$	0.66		$	0.64		$	3.68		$	3.31
Dividends declared per common share	$	0.310		$	0.305		$	1.225		$	1.175

Edison International Reports Fourth Quarter 2008 Financial Results

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Edison International

Consolidated Balance Sheets

In millions	December 31, 2008			December 31, 2007
ASSETS
Cash and equivalents	$	3,916		$	1,441
Short-term investments		7			81
Receivables, less allowances of $39 and $34 for uncollectible accounts at respective dates		1,006			1,033
Accrued unbilled revenue		328			370
Fuel inventory		163			116
Materials and supplies		390			316
Derivative assets		327			109
Restricted cash		3			3
Margin and collateral deposits		105			121
Regulatory assets		605			197
Accumulated deferred income taxes – net		104			167
Other current assets		399			290
Total current assets		7,353			4,244
Nonutility property – less accumulated provision for depreciation of $2,019 and $1,765 at respective dates		5,374			4,906
Nuclear decommissioning trusts		2,524			3,378
Investments in partnerships and unconsolidated subsidiaries		229			272
Investments in leveraged leases		2,467			2,473
Other investments		89			96
Total investments and other assets		10,683			11,125
Utility plant, at original cost:
Transmission and distribution		20,006			18,940
Generation		1,819			1,767
Accumulated provision for depreciation		(5,570	)		(5,174	)
Construction work in progress		2,454			1,693
Nuclear fuel, at amortized cost		260			177
Total utility plant		18,969			17,403
Derivative assets		244			122
Restricted cash		43			48
Rent payments in excess of levelized rent expense under plant operating leases		878			716
Regulatory assets		5,414			2,721
Other long-term assets		1,031			1,144
Total long-term assets		7,610			4,751
Total assets	$	44,615		$	37,523

Edison International Reports Fourth Quarter 2008 Financial Results

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Edison International

Consolidated Balance Sheets

In millions, except share amounts	December 31, 2008		December 31, 2007
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt	$	2,143	$	500
Long-term debt due within one year		174		18
Accounts payable		1,031		979
Accrued taxes		590		49
Accrued interest		187		160
Counterparty collateral		8		42
Customer deposits		228		219
Book overdrafts		224		212
Derivative liabilities		178		125
Regulatory liabilities		1,111		1,019
Other current liabilities		823		933
Total current liabilities		6,697		4,256
Long-term debt		10,950		9,016
Accumulated deferred income taxes – net		5,717		5,196
Accumulated deferred investment tax credits		109		114
Customer advances		137		155
Derivative liabilities		776		101
Accumulated provision for pensions and benefits		2,860		1,089
Asset retirement obligations		3,042		2,892
Regulatory liabilities		2,481		3,433
Other deferred credits and other long-term liabilities		1,137		1,617
Total deferred credits and other liabilities		16,259		14,597
Total liabilities		33,906		27,869
Commitments and contingencies
Minority interest		285		295
Preferred and preference stock of utility not subject to mandatory redemption		907		915
Common stock, no par value (325,811,206 shares outstanding at each date)		2,272		2,225
Accumulated other comprehensive income (loss)		167		(92	)
Retained earnings		7,078		6,311
Total common shareholders’ equity		9,517		8,444
Total liabilities and shareholders’ equity	$	44,615	$	37,523

Edison International Reports Fourth Quarter 2008 Financial Results

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Edison International

Consolidated Statements of Cash Flows

	Year Ended December 31,
In millions	2008			2007			2006
Cash flows from operating activities:
Net income	$	1,215		$	1,098		$	1,181
Less: income (loss) from discontinued operations		—			(2	)		97
Income from continuing operations		1,215			1,100			1,084
Adjustments to reconcile to net cash provided by operating activities:
Cumulative effect of accounting change – net of tax		—			—			(1	)
Depreciation, decommissioning and amortization		1,313			1,181			1,105
Net earnings in nuclear ARO regulatory assets and liabilities		(10	)		143			130
Other amortization		106			111			99
Contract buyout/termination and other		(44	)		3			(2	)
Stock-based compensation		34			37			47
Minority interest		82			156			139
Deferred income taxes and investment tax credits		207			(39	)		(136	)
Equity in income from partnerships and unconsolidated subsidiaries-net		(31	)		(75	)		(76	)
Income from leveraged leases		(51	)		(49	)		(67	)
Regulatory assets		(2,725	)		503			74
Regulatory liabilities		(221	)		176			336
Loss on early extinguishment of debt		—			241			146
Levelized rent expense		(162	)		(160	)		(161	)
Derivative assets		41			(9	)		260
Derivative liabilities		808			(184	)		285
Other assets		224			(180	)		(231	)
Other liabilities		1,344			195			309
Margin and collateral deposits – net of collateral received		(19	)		75			193
Receivables and accrued unbilled revenue		170			(59	)		208
Inventory and other current assets		(204	)		(121	)		(68	)
Book overdrafts		16			72			—
Accrued interest and taxes		367			12			(123	)
Accounts payable and other current liabilities		(242	)		33			(137	)
Distributions and dividends from unconsolidated entities		(8	)		33			61
Operating cash flows from discontinued operations		—			(2	)		94
Net cash provided by operating activities		2,210			3,193			3,568
Cash flows from financing activities:
Long-term debt issued		2,632			2,930			2,350
Premiums paid on extinguishment of debt and long-term debt issuance costs		(21	)		(241	)		(181	)
Long-term debt repaid		(295	)		(3,215	)		(2,110	)
Bonds repurchased		(212	)		(37	)		—
Issuance of preference stock		—			—			196
Preferred stock redeemed		(7	)		—			—
Rate reduction notes repaid		—			(246	)		(246	)
Book overdrafts		—			—			(118	)
Short-term debt financing – net		1,643			500			—
Contribution from minority shareholders		12			—			—
Shares purchased for stock-based compensation		(66	)		(215	)		(173	)
Proceeds from stock option exercises		30			86			66
Excess tax benefits related to stock-based awards		10			45			27
Dividends to minority shareholders		(119	)		(106	)		(162	)
Dividends paid		(397	)		(378	)		(352	)
Net cash provided (used) by financing activities	$	3,210		$	(877	)	$	(703	)

Edison International Reports Fourth Quarter 2008 Financial Results

Page 11 of 11

Edison International

Consolidated Statements of Cash Flows

	Year Ended December 31,
In millions	2008			2007			2006
Cash flows from investing activities:
Capital expenditures	$	(2,824	)	$	(2,826	)	$	(2,536	)
Purchase of interest of acquired companies		(19	)		(33	)		(18	)
Proceeds from sale of property and interest in projects		113			2			89
Proceeds from nuclear decommissioning trust sales		3,130			3,697			3,010
Purchases of nuclear decommissioning trusts investments and other		(3,137	)		(3,830	)		(3,150	)
Proceeds from partnerships and unconsolidated subsidiaries, net of investment		65			42			25
Maturities and sales of short-term investments		96			9,953			7,128
Purchases of short-term investments		(22	)		(9,476	)		(7,474	)
Restricted cash		4			99			13
Customer advances for construction and other investments		(351	)		(298	)		(50	)
Net cash used by investing activities		(2,945	)		(2,670	)		(2,963	)
Net increase (decrease) in cash and equivalents		2,475			(354	)		(98	)
Cash and equivalents, beginning of year		1,441			1,795			1,893
Cash and equivalents – end of year	$	3,916		$	1,441		$	1,795

EX-99.1

Exhibit 99.2

Leading the Way in Electricity SM

Exhibit 99.2

Fourth Quarter 2008 Financial Teleconference

March 2, 2008

EDISON INTERNATIONAL®

Leading the Way in Electricity SM

Forward-Looking Statements

Statements contained in this presentation about future performance, including, without limitation, earnings, asset and rate base growth, load growth, capital investments, 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. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s 2008 Form 10-K and other reports filed with the Securities and Exchange Commission and are available on our website: www.edisoninvestor.com. 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.

1 EDISON INTERNATIONAL®

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Full-Year Earnings Summary

GAAP

Net Income

($ millions)

Reported EPS

$1,215 $3.69 $1,098 $3.33

2007 2008 2007 2008

Core1

Net Income

($ millions)

EPS

$1,264 $3.84 $1,217 $3.69

2007 2008 2007 2008

1 GAAP earnings per share refers to basic earnings per share. See Full-Year Financial Results slide for reconciliation of core earnings to GAAP earnings. Core earnings is defined as GAAP earnings less discontinued operations and other non-core items.

2 EDISON INTERNATIONAL®

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Full-Year Financial Results

Reconciliation of Core EPS to GAAP EPS

Core Earnings 2007 2008 Variance

SCE $ 2.07 $ 2.25 $ 0.18

EMG 1.72 1.72 —

EIX parent company (0.10) (0.13) (0.03) and other

Core EPS1 $ 3.69 $ 3.84 $ 0.15

Non-core Items

SCE $ 0.10 $ (0.15) $ (0.25)

EMG (0.46) — 0.46

Total Non-Core $ (0.36) $ (0.15) $ 0.21 Basic EPS $ 3.33 $ 3.69 $ 0.36 Diluted EPS $ 3.31 $ 3.68 $ 0.37

Core EPS Variances

SCE $0.18

Higher operating income related to rate base growth and energy efficiency rewards ($0.05), combined with lower net interest and tax expense

EMG

Midwest Generation 0.19

Higher energy and capacity revenue, SFAS 133 gains, and a gain on the buy-out of a coal contract; partially offset by Lehman hedge contract charge

($0.05) and higher coal, coal transportation and plant operating costs

Homer City (0.04)

Lower energy revenue from lower generation and higher plant operating costs; partially offset by SFAS 133 gains, higher capacity revenue and excess coal sales

New wind projects in operation 0.07 Natural gas and other projects (0.14)

Lower income due to expiration of Sycamore and Watson Big 4 contracts

EMMT2 – Higher trading income 0.04

Corporate expense, interest and other items (0.09)

Lower interest income and a ($0.04) charge to cancel gas turbine order

Edison Capital and other (0.03)

Lower results from global infrastructure funds and higher income taxes, partially offset by gain on sale of Beaver Valley lease interest

EIX—Higher net interest expense and taxes (0.03)

Non-Core Variances

SCE—Q3 08: ($0.15) for decision on performance-based ratemaking (0.25) mechanism Q1 07: $0.10 for resolution of tax treatment of certain environmental remediation costs EMG—Q2 07: ($0.45) for early debt extinguishment charges 0.46 2007: ($0.01) from discontinued operations

1 See Use of Non-GAAP Financial Measures in appendix. The impact of participating securities is included in EIX parent company and other, and was $(0.05) per share for 2008 and $(0.04) per share for 2007.

2 EMMT overhead is included in Corporate expense, interest and other items.

3 EDISON INTERNATIONAL®

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Fourth Quarter Earnings Summary

GAAP Core1

Net Income

($ millions)

Reported EPS

$211 $217 $0.64 $0.66

Q4 07 Q4 08 Q4 07 Q4 08

Net Income

($ millions)

EPS

$214 $217 $0.65 $0.66

Q4 07 Q4 08 Q4 07 Q4 08

1 GAAP earnings per share refers to basic earnings per share. See Fourth Quarter Financial Results slide for reconciliation of core earnings to GAAP earnings. Core earnings is defined as GAAP earnings less discontinued operations and other non-core items.

4 EDISON INTERNATIONAL®

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Fourth Quarter Financial Results

Reconciliation of Core EPS to GAAP EPS

Core Earnings Q4 07 Q4 08 Variance

SCE $ 0.37 $ 0.43 $ 0.06

EMG 0.30 0.25 (0.05)

EIX parent company (0.02) (0.02) —and other

Core EPS1 $ 0.65 $ 0.66 $ 0.01

Non-core Items

EMG $ (0.01) $ — 0.01

Total Non-Core $ (0.01) $ — $ 0.01 Basic EPS $ 0.64 $ 0.66 $ 0.02 Diluted EPS $ 0.64 $ 0.66 $ 0.02

Core EPS Variances

SCE $0.06

Higher operating income related to rate base growth and energy efficiency rewards ($0.05)

EMG

Midwest Generation 0.03

Higher energy and capacity revenue partially offset by higher fuel costs

Homer City —

Lower energy revenue offset by SFAS 133 gains, higher capacity revenue and lower fuel costs

New Wind Projects in Operation 0.02 Natural gas and other projects (0.05)

Lower contributions due to expiration of Sycamore and Watson Big 4 contracts at the end of 2007 and lower results from other natural gas projects EMMT2 – Lower trading income (0.02)

Corporate expense, interest and other items (0.02)

Lower net interest income and a ($0.04) charge to cancel gas turbine order; partially offset by lower corporate expense

Edison Capital and Other (0.01)

Lower results from affordable housing and global infrastructure funds

Non-Core Variance

EMG—Q4 07: ($0.01) from discontinued operations 0.01

1 See Use of Non-GAAP Financial Measures in appendix. The impact of participating securities is included in EIX parent company and other, and was $(0.01) per share for the quarters ended December 31, 2007 and 2008.

2 EMMT overhead is included in Corporate expense, interest and other items.

5 EDISON INTERNATIONAL®

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Midwest Generation – Operating Performance

Operating Statistics Q4 07 Q4 08 2007 2008

Total Generation (GWh) 6,792 7,484 29,961 31,100 Equivalent Availability 67.2% 81.5% 75.8% 81.0% Capacity Factor 54.8% 62.0% 60.9% 64.8% Load Factor 81.5% 76.1% 80.4% 80.0% Forced Outage Rate 18.1% 6.3% 9.7% 8.3%

All-in Average Realized Prices1 $68 $57.18 $53.53 $54.41 $53.35 $51

$34 $40.28 $39.00 $39.99 $41.69

$17 $13.25 $15.41 $13.36 $15.49 $0 Q4 07 Q4 08 2007 2008

Average realized gross margin ($/MWh)2 Average fuel and emission costs ($/MWh)

1 Includes the price of energy, capacity, ancillary services, etc.

2 Average realized gross margin is equal to all-in average realized prices less average fuel and emission costs.

2008 vs. 2007

• Improved plant operating performance

• Generation up 4%

• Higher availability and energy demand

• All-in average realized price increased 7%

6 EDISON INTERNATIONAL®

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Homer City – Operating Performance

Operating Statistics Q4 07 Q4 08 2007 2008

Total Generation (GWh) 3,431 2,526 13,649 11,334 Equivalent Availability 90.4% 80.1% 89.4% 80.7% Capacity Factor 82.4% 60.7% 82.5% 68.3% Load Factor 91.2% 75.8% 92.4% 84.6% Forced Outage Rate 5.2% 14.6% 4.1% 9.8%

2008 vs. 2007

2008 operating performance affected by higher forced outages, lower off-peak dispatch and extended planned overhauls All-in average realized price increased 7%

All-in Average Realized Prices1 $68 $60.26 $56.67 $56.21 $56.52 $51

$34 $32.86 $31.68 $34.07 $36.91

$17 $23.81 $24.53 $22.45 $23.35

$0

Q4 07 Q4 08 2007 2008

Average realized gross margin ($/MWh)2 Average fuel and emission costs ($/MWh)

1 Includes the price of energy, capacity, ancillary services, etc.

2 Average realized gross margin is equal to all-in average realized prices less average fuel and emission costs.

7 EDISON INTERNATIONAL®

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EMG Hedge Program Status

Status at December 31, 2008

2009 2010 2011 Midwest Generation1

Energy Only Contracts

Northern Illinois & AEP/Dayton Hubs (GWh) 9,945 6,555 612 Average price ($/MWh) $65.44 $68.61 $76.40

Load Requirement Services Contracts

Northern Illinois Hub (Estimated GWh) 1,571 — —Average price NiHub ($/MWh) $63.65 — —Total estimated GWh hedged 11,516 6,555 612 Coal under contract (in millions of tons) 17.7 11.7 —Rail cost under contract 100% 100% 100%

Homer City1

Total estimated GWh hedged 4,096 2,662 —Average price ($/MWh) $82.94 $90.53 —Coal under contract (in millions of tons) 2 5.1 0.6 0.3

1 See the “EMG: Market Risk Exposures” section of the 2008 EIX 10-K for more detailed information concerning risks and other important factors related to these items.

2 At December 31, 2008, there are options to purchase additional coal of 0.7 million tons in 2010, 0.6 million tons in 2011, 0.5 million tons in 2012 and 0.1 million tons in 2013. Options to purchase 1.2 million tons in 2010 and 2011 are the subject of a dispute with the supplier. Pending dispute resolution, EME is exposed to price risk related to these volumes at December 31, 2008.

8 EDISON INTERNATIONAL®

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Appendix

9 EDISON INTERNATIONAL®

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Liquidity Profile

Available Liquidity at December 31, 2008

EIX Parent Co.

Sources (in Millions) SCE EMG & Other Total1

Credit Facility $ 2,500 $ 1,100 $ 1,500 $ 5,100 Credit Facility (availability)2 385 793 1,188 1,652 Cash & short term investments4 1,614 1,976 333 3,923

Available Liquidity $ 1,999 $ 2,055 $ 1,521 $ 5,575

Edison International companies will repay $2.1 billion drawn from credit facilities once ongoing funding is assured

1 Total amounts do not imply any credit support among entities except as specified in each credit facility.

2 Excludes the unused and/or unfunded commitments for subsidiaries of Lehman Brothers Holdings of $81 million for SCE, $38 million for EMG, and $62 million for EIX. Current funded amounts from subsidiaries of Lehman Brothers Holdings are $25 million for SCE, $42 million for EMG and $12 million for EIX.

3 EMG available borrowing capacity reduced by $2 million for Lehman Brothers Commercial Bank’s share of the Midwest Generation working capital facility.

4 SCE amounts include $89 million held by SCE’s consolidated variable interest entities (VIE) as of December 31, 2008.

10 EDISON INTERNATIONAL®

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Credit Risk Exposure from Counterparties1

Status at December 31, 2008

Edison Mission Energy Southern California Edison

3 Net 3 Net S&P Credit Rating 2 (in Millions) Exposure Collateral Exposure Exposure3 Collateral Exposure3

A or higher $ 379 $ (222) $ 157 $ 73 $ 3 $ 70

A—62 — 62 81 (1) 82 BBB + 49 — 49 5 — 5 BBB 132 1 133 — — —BBB—51 — 51 — — —Below investment grade and not rated 10 (8) 2 — 2 (2)

Total $ 683 $ (229) $ 454 $ 159 $ 4 $ 155

1 For power and gas trading and hedging activities. In addition to the amounts set forth in the above table, EME’s subsidiaries have posted an $88 million cash margin in the aggregate with PJM, NYISO, MISO, clearing brokers and other counterparties to support hedging and trading activities.

2 EME and SCE assign a credit rating based on the lower of a counterparty’s S&P or Moody’s rating. The table above uses the S&P classifications to summarize risk, but reflects the lower of the two credit ratings.

3 Additional information concerning exposure and net exposure amounts is available in the MD&A section of Edison International’s 2008 10-K.

11 EDISON INTERNATIONAL®

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EMG Capacity Sales

Status at December 31, 2008

Jan 1, 2009 — May 31, 2009 Jun 1, 2009 — May 31, 2010 Jun 1, 2010 — May 31, 2011 Jun 1, 2011 — May 31, 2012 Midwest Homer Midwest Homer Midwest Homer Midwest Homer Megawatts except price per MW-day Generation City Generation City Generation City Generation City Installed Capacity 5,776 1,884 5,776 1,884 5,477 1,884 5,477 1,884

Less: Net capacity held due to load requirement services contracts1 and retained for outages (1,939) (159) (471) (214) (548) (71) (895) (113)

Net Capacity Available for Sale 3,837 1,725 5,305 1,670 4,929 1,813 4,582 1,771

Fixed Price Capacity Sales RPM Auction Process

• Net Capacity Sold 2,957 820 4,582 1,670 4,929 1,813 4,582 1,771

• Price per MW-day $122.412 $111.92 $102.04 $191.32 $174.29 $174.29 $110.00 $110.00

Non-unit Specific Capacity Sales

• Net Capacity Sold 880 — 723 — — — — —

• Price per MW-day (Net) $64.35 $ — $72.84 $ — $ — $ — $ — $ —

Variable Capacity Sales Third Party Transaction

• Capacity — 905 — — — — — —

• Expected price per MW-day3 $ — $56.56 $ — $ — $ — $ — $ — $ —

Total Capacity Sold 3,837 1,725 5,305 1,670 4,929 1,813 4,582 1,771

Average Price per MW-Day $109.09 $82.88 $98.06 $191.32 $174.29 $174.29 $110.00 $110.00

1 Load requirements services contracts include energy, capacity and ancillary services.

2 The original price of $111.92 was affected by Midwest Generation’s participation in a supplemental RPM auction during the first quarter of 2008 which resulted in purchasing certain capacity amounts at a price of $10 per MW-day, thereby reducing the aggregate forward capacity sales for this period and increasing the effective capacity price to $122.41.

3 Actual contract price is a function of NYISO capacity auction clearing prices in January 2009 through April 2009 and forward over-the-counter NYISO capacity prices on December 31, 2008 for May 2009.

12 EDISON INTERNATIONAL®

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EMG Comparative Operating Statistics

Q4 07 Q4 08 Variance % 2007 2008 Variance % Midwest Generation Generation (in GWh)

Energy Only contracts 5,062 6,606 22,503 26,010 Load Requirement Services Contracts 1,730 878 7,458 5,090

Total 6,792 7,484 692 10% 29,961 31,100 1,139 4%

Performance

Equivalent Availability Rate (EAF) 67.2% 81.5% 14.3% 75.8% 81.0% 5.2% Forced Outage Rate (EFOR) 18.1% 6.3% (11.8)% 9.7% 8.3% (1.4)%

Pricing Information

Average Realized Energy Price ($/MWh)

Energy Only Contracts $49.00 $47.07 ($1.93) (4)% $48.79 $51.82 $3.03 6% Load Requirement Services Contracts $64.10 $62.60 ($1.50) (2)% $63.43 $62.64 ($0.79) (1)% Average Cost of Fuel ($/MWh) $13.25 $15.41 $2.16 16% $13.36 $15.49 $2.13 16% Flat Energy Price—Nihub ($/MWh) $45.92 $38.03 ($7.89) (17)% $45.53 $49.01 $3.48 8%

Homer City

Generation (in Gwh) 3,431 2,526 (905) (26)% 13,649 11,334 (2,315) (17)%

Performance

Equivalent Availability Rate (EAF) 90.4% 80.1% (10.3)% 89.4% 80.7% (8.7)% Forced Outage Rate (EFOR) 5.2% 14.6% 9.4% 4.1% 9.8% 5.7%

Pricing Information

Average Realized Energy Price ($/MWh) $54.35 $51.20 ($3.15) (6)% $54.40 $56.24 $1.84 3% Average Cost of Fuel ($/MWh) $23.81 $24.53 $0.72 3% $22.45 $23.35 $0.90 4% Flat Energy Price—PJM West Hub ($/MWh) $58.68 $52.67 ($6.01) (10)% $59.87 $68.56 $8.69 15% Flat Energy Price—HC Busbar ($/MWh) $51.25 $45.40 ($5.85) (11)% $51.03 $57.72 $6.69 13% Flat Energy Price—Basis (PJM West Hub—HC Busbar) $ 7.43 $ 7.27 $0.16 $ 8.84 $10.84 $2.00

13 EDISON INTERNATIONAL®

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EMG Business Platform

Washington Iowa Illinois New York

? Natural Gas 70 MW ? Wind 145 MW ? Coal 5,471 MW ? Wind (Pipeline) 195 MW

? Wind (Pipeline) 220 MW ? Natural Gas 305 MW

California West Virginia

? Wind (Pipeline) 520 MW

? Natural Gas 964 MW Minnesota ? Coal 40 MW

? Natural Gas (Pipeline) 479 MW ? Wind 145 MW Wisconsin ? Wind (Pipeline) 117 MW Arizona ? Wind (Pipeline) 165 MW ? Wind (Pipeline) 100 MW

Pennsylvania

? Wind (Pipeline) 680 MW Nebraska Wyoming ? Coal 1,884 MW

? Wind (UC) 53 MW ? Wind 141 MW ? Wind 67 MW

Utah

? Wind 19 MW ? Wind (Pipeline) 282 MW

Maryland

Oklahoma ? Wind (Pipeline) 60 MW

? Wind 114 MW Operating Platform1

? Wind (Pipeline) 430 MW MW %

? Coal 7,395 75

Nevada

? Natural Gas 1,339 14

? Wind (Pipeline) 825 MW

? Wind 962 10 New Mexico Other 153 1

? Wind 90 MW 9,849 100

? Wind (UC) 100 MW

Wind Development Pipeline2

? Wind (Pipeline) 1,000 MW

MW Texas ? Under Construction 223

? Wind 241 MW ? Pipeline 4,994

? Wind (UC) 70 MW Turbines (Not Shown) 942

? Wind (Pipeline) 400 MW

Thermal Pipeline3

MW

? Natural Gas 479

1 Natural gas includes oil-fired; other includes Doga in Turkey (144 MW) and Huntington biomass (9 MW) which are not shown. All data as of December 31, 2008.

2 Owned or under exclusive agreement. Turbines purchased or committed to support development pipeline.

3 Deliveries under the power sales agreement are scheduled to commence in 2013. EME plans to purchase turbines subject to resolution of uncertainty regarding the availability of required emission credits.

14 EDISON INTERNATIONAL®

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EMG – Fourth Quarter Adjusted EBITDA

Reconciliation to Net Income ($ Millions) Q4 07 Q4 08

Net income $ 96 $ 81 Addback (Deduct): Discontinued operations 3 —Income from continuing operations 99 81 Interest expense 75 77 Interest income (20) (10) Income taxes 31 7 Depreciation and amortization 47 54

EBITDA1 232 209

Production tax credits2 10 15 Discrete items: Gain on sale of assets — 1 Charge to cancel gas turbine order — 23

Adjusted EBITDA1 $ 242 $ 248

1 See Use of Non-GAAP Financial Measures for additional information on EBITDA and Adjusted EBITDA.

2 Production tax credits (PTC) are after-tax.

15 EDISON INTERNATIONAL®

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EMG – Full-Year Adjusted EBITDA

Reconciliation to Net Income ($ Millions) 2007 2008

Net income $ 410 $ 561 Addback (Deduct): Discontinued operations 2 —Income from continuing operations 412 561 Interest expense 323 288 Interest income (101) (37) Income taxes 170 272 Depreciation and amortization 172 197

EBITDA1 976 1,281

Production tax credits2 28 44 Discrete items: Gain on sale of assets (1) (49) Loss on early extinguishment of debt 241 —Charge to cancel gas turbine order — 23

Adjusted EBITDA1 $ 1,244 $ 1,299

1 See Use of Non-GAAP Financial Measures for additional information on EBITDA and Adjusted EBITDA.

2 Production tax credits (PTC) are after-tax.

16 EDISON INTERNATIONAL®

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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 EPS by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and EPS by principal operating subsidiary as primary performance measurements when communicating with analysts and investors regarding our earnings results and outlook, as it allows us to more accurately compare the company’s ongoing performance across periods. Core earnings exclude discontinued operations and other non-core items and are reconciled to basic earnings per common share.

EPS by principal operating subsidiary is based on the principal operating subsidiary net income and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company and other. EPS and core EPS by principal operating subsidiary are reconciled to basic earnings per common share.

EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA includes production tax credits from EMG’s wind projects and excludes amounts from gain on the sale of assets, loss on early extinguishment of debt and leases, and impairment of assets and investments. Our management uses Adjusted EBITDA as an important financial measure for evaluating EMG.

A reconciliation of Non-GAAP information to GAAP information, including the impact of participating securities, is included either on the slide where the information appears or on another slide referenced in the presentation.

17 EDISON INTERNATIONAL®