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): August 7, 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 976)

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 Annual Report on Form 10-K for the year ended December 31, 2008 and subsequent Quarterly Reports on Form 10-Q.

Item 2.02 Results of Operations and Financial Condition

On August 7, 2009, Edison International issued a press release reporting its financial results for the quarter ended June 30, 2009. 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: August 7, 2009

EXHIBIT INDEX

Exhibit No.	Description
99.1	Edison International Press Release dated August 7, 2009
99.2	Edison International Second Quarter 2009 Financial Teleconference

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 Second Quarter 2009 Results

ROSEMEAD, Calif., August 7, 2009 – Edison International (NYSE: EIX) today reported a second quarter 2009 GAAP loss of $0.05 per share. The loss includes a $0.81 per share charge from finalizing a global settlement with the Internal Revenue Service in May 2009 and the related termination of cross-border, leveraged leases (the “overall tax settlement”). The overall tax settlement resolves numerous federal income tax issues dating back to 1986.

Excluding the overall tax settlement charge and other non-core items, second quarter 2009 core earnings were $0.78 per share, or $0.01 per share less than the second quarter 2008. The core earnings decline is attributable to lower results at Edison Mission Group (EMG) offset largely by higher results at Southern California Edison (SCE).

“Although not reflected in our reported earnings, our second quarter core earnings are on track with our expectations for the quarter,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International. “We established several key milestones to accomplish this year and are pleased with the progress to date such as the completion of the global tax settlement with the IRS which removes a major uncertainty for investors.”

Second Quarter Earnings Detail

SCE’s second quarter 2009 GAAP earnings from continuing operations were $1.53 per share and core earnings were $0.61 per share compared to $0.48 per share GAAP earnings from continuing operations and core earnings in the same quarter last year. The increase in core earnings was primarily due to higher operating income associated with the 2009 General Rate Case (GRC) and lower operating expenses due mainly to timing differences. SCE second quarter 2009 core earnings exclude the impact of the overall tax settlement.

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

Edison International Reports Second Quarter 2009 Financial Results

Page 2 of 13

EMG reported a GAAP loss from continuing operations of $1.69 per share in the second quarter of 2009 and core earnings of $0.19 per share compared to GAAP earnings from continuing operations and core earnings of $0.34 per share in the second quarter of 2008. Core earnings declined primarily from lower income at Midwest Generation and gas-fired projects driven by lower energy and natural gas prices, lower trading income and lower earnings at Edison Capital, partially offset by improved earnings at the Homer City plant. Second quarter 2009 results also include a $0.06 per share gain on the sale of Edison Capital’s Midland Cogeneration Ventures lease; a $0.07 per share gain on sale of Edison Capital’s Beaver Valley lease is included in the second quarter 2008 results. Second quarter 2009 EMG core earnings exclude the impact of the overall tax settlement and discontinued operations.

Edison International parent company and other second quarter 2009 GAAP earnings from continuing operations were $0.13 per share and core losses were $0.02 per share compared to a $0.03 per share GAAP loss from continuing operations and core loss in the second quarter of 2008. Second quarter 2009 Edison International parent company and other core results exclude the impact of the overall tax settlement.

Year-to-Date Earnings Summary

Edison International reported GAAP earnings of $0.72 per share for the six-month period ending June 30, 2009, compared to $1.70 per share for the same period last year. Excluding the impact of the overall tax settlement and discontinued operations, core earnings for the first six months of 2009 were $1.58 per share, compared to $1.72 per share in the same period in 2008.

Year-to-Date Earnings Detail

SCE’s GAAP earnings from continuing operations in the first half of 2009 were $2.17 per share and core earnings were $1.25 per share compared to $0.94 per share GAAP earnings from continuing operations and core earnings in the same period last year. This increase reflects higher operating income related to the GRC decision and lower operating expenses due mainly to timing differences. SCE’s first half 2009 core earnings exclude the impact of the overall tax settlement.

EMG’s GAAP loss from continuing operations through June 30, 2009 was $1.55 per share compared to GAAP earnings from continuing operations of $0.84 per share in the same period last year. Year-to-date core earnings were $0.37 per share compared to $0.84 per share in the same period last year. This decrease reflects lower income at Midwest Generation and gas-fired projects driven by lower energy and natural gas prices, lower trading income, lower earnings at Edison Capital and a favorable buy-out of a coal contract at Midwest Generation in 2008. Partially off-setting these decreases were improved earnings at the Homer City plant. EMG’s core earnings in the first half of 2009 exclude the impacts of the overall tax settlement together with discontinued operations.

Edison International parent company and other GAAP earnings from continuing operations in the first half of 2009 were $0.11 per share and core losses were $0.04 per share compared to a $0.06 per share GAAP loss from continuing operations and core loss in the same period last year. The core loss in the first half of 2009 excludes the impact of the overall tax settlement.

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Edison International Reports Second Quarter 2009 Financial Results

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2009 Earnings Guidance

Previously announced core earnings guidance of $2.90—$3.20 per share is reaffirmed. The company has updated its prior GAAP earnings guidance to a range of $2.18 to $2.48 per share to reflect the actual charge of $0.85 per share associated with the overall tax settlement and other expected non-core items. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information.

Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance¹

Core Earnings Per Share1	2009 Earnings Guidance as of May 8, 2009	2009 Earnings Guidance Updated August 7, 2009
EIX core earnings	$ 2.90 - $ 3.20	$ 2.90 - $ 3.20
Non-core items	(0.92) - (0.69)	(0.72)
EIX GAAP earnings	$ 1.98 - $ 2.51	$ 2.18 - $ 2.48

¹ See Use of Non-GAAP Financial Measures on page 4. GAAP earnings refer to basic earnings per common share attributable to Edison International common shareholders. The expected impact of participating securities is $(0.02) per share and is included in EIX parent company and other.

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.

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Edison International Reports Second Quarter 2009 Financial Results

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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.

Earnings per share (EPS) by principal operating subsidiary is based on the principal operating subsidiary net income attributable to the common shareholders of each operating subsidiary, respectively, 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 EPS.

Reminder: Edison International Will Hold a Conference Call Today

Today, Edison International will hold a conference call to discuss its second quarter 2009 financial results at 8 a.m. (Pacific 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 (888) 889-2168 and the number for international callers is (773) 681-5951. The ID is “Edison”. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through August 14, 2009 at the following numbers: (866) 373-9229 for callers in the United States and (203) 369-0281 for international callers. Replay passcode is 80709.

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 Second Quarter 2009 Financial Results

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Summary Financial Schedules

Second Quarter GAAP Earnings Per Share

Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited)	Quarter Ended June 30,						Change
	2009			2008
SCE	$	1.53		$	0.48		$	1.05
EMG		(1.69	)		0.34			(2.03	)
EIX parent company and other		0.13			(0.03	)		0.16
EIX GAAP earnings (loss) from continuing operations		(0.03	)		0.79			(0.82	)
EIX GAAP loss from discontinued operations		(0.02	)		—			(0.02	)
EIX GAAP earnings (loss)1	$	(0.05	)	$	0.79		$	(0.84	)
EIX diluted earnings (loss)	$	(0.05	)	$	0.79		$	(0.84	)

1 The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for the quarter ended June 30, 2009 and $(0.01) per share for the quarter ended June 30, 2008.

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

Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited)		Quarter Ended June 30,						Change
		2009			2008
Core Earnings1
SCE		$	0.61		$	0.48		$	0.13
EMG			0.19			0.34			(0.15	)
EIX parent company and other			(0.02	)		(0.03	)		0.01
EIX core earnings			0.78			0.79			(0.01	)
Non-core items
Overall tax settlement			(0.81	)		—			(0.81	)
SCE	$  0.92
EMG	(1.88)
EIX parent company and other	0.15
EMG – discontinued operations			(0.02	)		—			(0.02	)
Total non-core items			(0.83	)		—			(0.83	)
EIX GAAP earnings (loss)1		$	(0.05	)	$	0.79		$	(0.84	)

1 See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for the quarter ended June 30, 2009 and $(0.01) per share for the quarter ended June 30, 2008.

Edison International Reports Second Quarter 2009 Financial Results

Page 6 of 13

Second Quarter GAAP Earnings

Earnings (Loss) (in millions) Attributable to Edison International (Unaudited)	Quarter Ended June 30,						Change
	2009			2008
SCE	$	499		$	157		$	342
EMG		(551	)		112			(663	)
EIX parent company and other		43			(7	)		50
EIX GAAP earnings (loss) from continuing operations		(9	)		262			(271	)
EIX GAAP loss from discontinued operations		(7	)		(1	)		(6	)
EIX GAAP earnings (loss)	$	(16	)	$	261		$	(277	)

Second Quarter Reconciliation of Core Earnings to GAAP Earnings

Earnings (Loss) (in millions) Attributable to Edison International (Unaudited)		Quarter Ended June 30,						Change
		2009			2008
Core Earnings1
SCE		$	199		$	157		$	42
EMG			61			112			(51	)
EIX parent company and other			(7	)		(7	)		—
EIX core earnings			253			262			(9	)
Non-core items
Overall tax settlement			(262	)		—			(262	)
SCE	$  300
EMG	(612)
EIX parent company and other	50
EMG – discontinued operations			(7	)		(1	)		(6	)
Total non-core items			(269	)		(1	)		(268	)
EIX GAAP earnings (loss)		$	(16	)	$	261		$	(277	)

1 See Use of Non-GAAP Financial Measures on page 4.

Edison International Reports Second Quarter 2009 Financial Results

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Year-to-Date GAAP Earnings Per Share

Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited)	Year-to-Date June 30,						Change
	2009			2008
SCE	$	2.17		$	0.94		$	1.23
EMG		(1.55	)		0.84			(2.39	)
EIX parent company and other		0.11			(0.06	)		0.17
EIX GAAP earnings from continuing operations		0.73			1.72			(0.99	)
EIX GAAP loss from discontinued operations		(0.01	)		(0.02	)		0.01
EIX GAAP earnings1	$	0.72		$	1.70		$	(0.98	)
EIX diluted earnings	$	0.72		$	1.69		$	(0.97	)

1 The impact of participating securities is included in EIX parent company and other and was zero per share for the year-to-date ended June 30, 2009 and $(0.02) per share for the year-to-date ended June 30, 2008.

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

Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited)		Year-to-date June 30,						Change
		2009			2008
Core Earnings1
SCE		$	1.25		$	0.94		$	0.31
EMG			0.37			0.84			(0.47	)
EIX parent company and other			(0.04	)		(0.06	)		0.02
EIX core earnings			1.58			1.72			(0.14	)
Non-core items
Overall tax settlement			(0.85	)		—			(0.85	)
SCE	$  0.92
EMG	(1.92)
EIX parent company and other	0.15
EMG – discontinued operations			(0.01	)		(0.02	)		0.01
Total non-core items			(0.86	)		(0.02	)		(0.84	)
EIX GAAP earnings1		$	0.72		$	1.70		$	(0.98	)

1 See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities is included in EIX parent company and other and was zero per share for the year-to-date ended June 30, 2009 and $(0.02) per share for the year-to-date ended June 30, 2008.

Edison International Reports Second Quarter 2009 Financial Results

Page 8 of 13

Year-to-Date GAAP Earnings

Earnings (Loss) (in millions) Attributable to Edison International (Unaudited)	Year-to-Date June 30,						Change
	2009			2008
SCE	$	707		$	307		$	400
EMG		(506	)		271			(777	)
EIX parent company and other		37			(13	)		50
EIX GAAP earnings from continuing operations		238			565			(327	)
EIX GAAP loss from discontinued operations		(4	)		(6	)		2
EIX GAAP earnings	$	234		$	559		$	(325	)

Year-to-Date Reconciliation of Core Earnings to GAAP Earnings

Earnings (Loss) (in millions) Attributable to Edison International (Unaudited)		Year-to-Date June 30,						Change
		2009			2008
Core Earnings1
SCE		$	407		$	307		$	100
EMG			118			271			(153	)
EIX parent company and other			(13	)		(13	)		—
EIX core earnings			512			565			(53	)
Non-core items
Overall tax settlement			(274	)		—			(274	)
SCE	$  300
EMG	(624)
EIX parent company and other	50
EMG – discontinued operations			(4	)		(6	)		2
Total non-core items			(278	)		(6	)		(272	)
EIX GAAP earnings		$	234		$	559		$	(325	)

1 See Use of Non-GAAP Financial Measures on page 4.

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Edison International Reports Second Quarter 2009 Financial Results

Page 9 of 13

Edison International

Consolidated Statements of Income (Loss)

	Three Months Ended June 30,						Six Months Ended June 30,
In millions, except per-share amounts	2009			2008			2009			2008
	(Unaudited)
Electric utility	$	2,272		$	2,849		$	4,460		$	5,230
Competitive power generation		557			612			1,168			1,330
Financial services and other		5			16			18			31
Total operating revenue		2,834			3,477			5,646			6,591
Fuel		328			554			715			1,090
Purchased power		583			1,026			1,124			1,721
Other operation and maintenance		1,074			1,113			2,043			2,076
Depreciation, decommissioning and amortization		347			334			688			645
Lease terminations and other		866			(56	)		888			(73	)
Total operating expenses		3,198			2,971			5,458			5,459
Operating income (loss)		(364	)		506			188			1,132
Interest and dividend income		17			22			27			36
Equity in income (loss) from partnerships and unconsolidated subsidiaries – net		6			9			(2	)		9
Other nonoperating income		30			23			58			49
Interest expense – net of amounts capitalized		(182	)		(165	)		(369	)		(336	)
Other nonoperating deductions		(17	)		(14	)		(25	)		(26	)
Income (loss) from continuing operations before income taxes		(510	)		381			(123	)		864
Income tax expense (benefit)		(524	)		83			(402	)		244
Income from continuing operations		14			298			279			620
Loss from discontinued operations – net of tax		(7	)		(1	)		(4	)		(6	)
Net income		7			297			275			614
Less: Net income attributable to noncontrolling interests		23			36			41			55
Net income (loss) attributable to Edison International	$	(16	)	$	261		$	234		$	559
Amounts attributable to Edison International common shareholders:
Income (loss) from continuing operations, net of tax	$	(9	)	$	262		$	238		$	565
Loss from discontinued operations, net of tax		(7	)		(1	)		(4	)		(6	)
Net income (loss) attributable to Edison International common shareholders	$	(16	)	$	261		$	234		$	559
Weighted-average shares of common stock outstanding		326			326			326			326
Basic earnings (loss) per common share attributable to Edison International common shareholders:
Continuing operations	$	(0.03	)	$	0.79		$	0.73		$	1.72
Discontinued operations		(0.02	)		—			(0.01	)		(0.02	)
Total	$	(0.05	)	$	0.79		$	0.72		$	1.70
Weighted-average shares, including effect of dilutive securities		327			329			327			330
Diluted earnings (loss) per common share attributable to Edison International common shareholders:
Continuing operations	$	(0.03	)	$	0.79		$	0.73		$	1.71
Discontinued operations		(0.02	)		—			(0.01	)		(0.02	)
Total	$	(0.05	)	$	0.79		$	0.72		$	1.69
Dividends declared per common share	$	0.31		$	0.305		$	0.62		$	0.61

Edison International Reports Second Quarter 2009 Financial Results

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Edison International

Consolidated Balance Sheets

In millions	June 30, 2009			December 31, 2008
	(Unaudited)
ASSETS
Cash and equivalents	$	2,701		$	3,916
Short-term investments		5			7
Receivables, less allowances of $41 and $39 for uncollectible accounts at respective dates		946			1,006
Accrued unbilled revenue		505			328
Inventory		545			553
Derivative assets		377			327
Restricted cash		188			3
Margin and collateral deposits		133			105
Regulatory assets		334			605
Deferred income taxes – net		—			104
Other current assets		189			399
Total current assets		5,923			7,353
Nonutility property – less accumulated depreciation of $2,161 and $2,019 at respective dates		5,352			5,374
Nuclear decommissioning trusts		2,673			2,524
Investments in partnerships and unconsolidated subsidiaries		207			229
Investments in leveraged leases		166			2,467
Other investments		99			89
Total investments and other assets		8,497			10,683
Utility plant, at original cost:
Transmission and distribution		20,863			20,006
Generation		1,900			1,819
Accumulated depreciation		(5,573	)		(5,570	)
Construction work in progress		2,308			2,454
Nuclear fuel, at amortized cost		273			260
Total utility plant		19,771			18,969
Derivative assets		632			244
Restricted cash		48			43
Rent payments in excess of levelized rent expense under plant operating leases		990			878
Regulatory assets		4,852			5,414
Other long-term assets		1,168			1,031
Total long-term assets		7,690			7,610
Total assets	$	41,881		$	44,615

Edison International Reports Second Quarter 2009 Financial Results

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Edison International

Consolidated Balance Sheets

In millions, except share amounts	June 30, 2009		December 31, 2008
	(Unaudited)
LIABILITIES AND EQUITY
Short-term debt	$	77	$	2,143
Long-term debt due within one year		382		174
Accounts payable		833		1,031
Accrued taxes		212		590
Accrued interest		219		187
Customer deposits		239		228
Book overdrafts		177		224
Derivative liabilities		140		178
Regulatory liabilities		948		1,111
Deferred income taxes – net		132		—
Other current liabilities		721		831
Total current liabilities		4,080		6,697
Long-term debt		11,276		10,950
Deferred income taxes – net		4,269		5,717
Deferred investment tax credits		198		109
Customer advances		126		137
Derivative liabilities		556		776
Pensions and benefits		2,952		2,860
Asset retirement obligations		3,131		3,042
Regulatory liabilities		2,635		2,481
Other deferred credits and other long-term liabilities		1,886		1,137
Total deferred credits and other liabilities		15,753		16,259
Total liabilities		31,109		33,906
Commitments and contingencies
Common stock, no par value (325,811,206 shares outstanding at each date)		2,285		2,272
Accumulated other comprehensive income		204		167
Retained earnings		7,101		7,078
Total Edison International’s common shareholders’ equity		9,590		9,517
Noncontrolling interests – other		275		285
Preferred and preference stock of utility not subject to mandatory redemption		907		907
Total equity		10,772		10,709
Total liabilities and equity	$	41,881	$	44,615

Edison International Reports Second Quarter 2009 Financial Results

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Edison International

Consolidated Statements of Cash Flows

	Six Months Ended June 30,
In millions	2009			2008
	(Unaudited)
Cash flows from operating activities:
Net income	$	275		$	614
Loss from discontinued operations		4			6
Income from continuing operations		279			620
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, decommissioning and amortization		688			645
Regulatory impacts of net nuclear decommissioning trust earnings (reflected in accumulated depreciation)		86			57
Other amortization		58			51
Lease terminations and other		888			(73	)
Stock-based compensation		11			16
Equity in (income) loss from partnerships and unconsolidated subsidiaries – net		2			(9	)
Distributions and dividends from unconsolidated entities		5			8
Deferred income taxes and investment tax credits		(1,315	)		26
Levelized rent expense		(113	)		(113	)
Income from leveraged leases		(12	)		(27	)
Long-term regulatory assets and liabilities – net		654			184
Long-term derivative assets and liabilities – net		(673	)		(174	)
Other assets		(106	)		(52	)
Other liabilities		804			51
Changes in working capital:
Margin and collateral deposits – net of collateral received		(29	)		(83	)
Receivables and accrued unbilled revenue		(112	)		(237	)
Inventory		9			(49	)
Restricted cash		(188	)		—
Other current assets		212			12
Book overdrafts		(42	)		112
Accrued taxes		(377	)		68
Current regulatory assets and liabilities – net		107			197
Current derivative assets and liabilities – net		45			(521	)
Accounts payable and other current liabilities		6			30
Operating cash flows from discontinued operations		(4	)		(6	)
Net cash provided by operating activities		883			733
Cash flows from financing activities:
Long-term debt issued		939			784
Long-term debt issuance costs		(24	)		(10	)
Long-term debt repaid		(194	)		(134	)
Bonds repurchased		(219	)		(212	)
Preferred stock redeemed		—			(7	)
Short-term debt financing – net		(2,066	)		300
Cash contributions from noncontrolling interests		1			—
Stock-based compensation – net		—			(20	)
Dividends and distributions to noncontrolling interests		(55	)		(58	)
Dividends paid		(202	)		(199	)
Net cash provided (used) by financing activities	$	(1,820	)	$	444

Edison International Reports Second Quarter 2009 Financial Results

Page 13 of 13

Edison International

Consolidated Statements of Cash Flows

	Six Months Ended June 30,
In millions	2009			2008
	(Unaudited)
Cash flows from investing activities:
Capital expenditures	$	(1,540	)	$	(1,460	)
Purchase of interest in acquired companies		(7	)		(7	)
Proceeds from termination of leases		1,420			—
Proceeds from sale of property and interests in projects		—			112
Proceeds from nuclear decommissioning trust sales		1,310			1,501
Purchases of nuclear decommissioning trust investments and other		(1,415	)		(1,560	)
Proceeds from partnerships and unconsolidated subsidiaries, net of investment		12			30
Maturities and sales of short-term investments		3			70
Purchase of short-term investments		(1	)		(2	)
Customer advances for construction and other investments		(60	)		(232	)
Net cash used by investing activities		(278	)		(1,548	)
Net decrease in cash and equivalents		(1,215	)		(371	)
Cash and equivalents, beginning of period		3,916			1,441
Cash and equivalents, end of period	$	2,701		$	1,070

EX-99.2

Exhibit 99.2

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EDISON INTERNATIONAL®

Second Quarter 2009 Financial Teleconference

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EDISON INTERNATIONAL®

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. 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 2008 Form 10-K, most recent Form 10-Q 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.

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August 7, 2009

EDISON INTERNATIONAL®

Second Quarter Earnings Summary

GAAP

Earnings (Loss)

($ millions)

EPS

$261

$0.79

$(16)

$(0.05)

Q2 08 Q2 09 Q2 08 Q2 09

Core1

Earnings

($ millions)

EPS

$262

$253

$0.79

$0.78

Q2 08 Q2 09 Q2 08 Q2 09

1 GAAP earnings refers to net income attributable to Edison International. GAAP earnings per share refers to basic earnings per common share attributable to Edison International common shareholders. See Second 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.

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EDISON INTERNATIONAL®

Second Quarter Financial Results

Reconciliation of Core EPS to GAAP EPS

Core Earnings Q2 08 Q2 09 Variance

SCE $ 0.48 $ 0.61 $ 0.13

EMG 0.34 0.19(0.15)

EIX parent company(0.03)(0.02) 0.01

and other

Core EPS 1 $ 0.79 $ 0.78 $(0.01)

Non-core Items

SCE $ — $ 0.92 $ 0.92

EMG —(1.90)(1.90)

EIX parent company — 0.15 0.15

and other

Total Non-Core $ — $(0.83) $(0.83)

Basic EPS $ 0.79 $(0.05) $(0.84)

Diluted EPS $ 0.79 $(0.05) $(0.84)

Core EPS Variances

SCE $0.13

Higher operating income from the 2009 General Rate Case, which includes

$0.06 of lower operating and maintenance expense due to timing differences

EMG

Midwest Generation(0.07)

Lower power prices and higher emission costs partially offset by higher

capacity prices and SFAS 133 gains

Homer City 0.11

Higher generation levels and capacity prices, lower plant operating

expenses and SFAS 133 gains

Renewable energy projects(0.02)

Timing differences related to invoicing of liquidated damages from

turbine supplier

Natural gas and other projects(0.04)

Primarily lower natural gas prices affecting electricity and steam

revenues of Big 4 projects

EMMT2 – Lower trading income driven by lower congestion(0.06)

Corporate expense, interest and other items(0.01)

Edison Capital and other(0.06)

Lower results from leveraged leases and global infrastructure funds, Q2 09

gain on sale of interest in Midland Cogeneration Ventures (MCV) lease of

$0.06, Q2 08 gain on sale of interest in Beaver Valley lease of $0.07

Non-Core Variances

SCE – Q2 09: $0.92 for overall tax settlement 0.92

EMG – Q2 09: $(0.02) for discontinued operations(1.90)

Q2 09: $(1.88) for overall tax settlement

EIX – Q2 09: $0.15 for overall tax settlement 0.15

1 See Use of Non-GAAP Financial Measures in Appendix. GAAP earnings refers to net income attributable to Edison International. The impact of participating securities is included in EIX parent company and other and was zero per share for the quarter ended June 30, 2009 and $(0.01) per share for the quarter ended June 30, 2008.

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

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EDISON INTERNATIONAL®

Year-to-Date Earnings Summary

GAAP

Earnings

($ millions)

EPS

$559

$234

$1.70

$0.72

YTD 08 YTD 09 YTD 08 YTD 09

Core1

Earnings

($ millions)

$565

$512

EPS

$1.72

$1.58

YTD 08 YTD 09 YTD 08 YTD 09

1 GAAP earnings refers to net income attributable to Edison International. GAAP earnings per share refers to basic earnings per common share attributable to Edison International common shareholders. See Year-to-Date 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.

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EDISON INTERNATIONAL®

Year-to-Date Financial Results

Reconciliation of Core EPS to GAAP EPS

Core Earnings YTD 08 YTD 09 Variance

SCE $ 0.94 $ 1.25 $ 0.31

EMG 0.84 0.37(0.47)

EIX parent company(0.06)(0.04) 0.02

and other

Core EPS 1 $ 1.72 $ 1.58 $(0.14)

Non-core Items

SCE $ — $ 0.92 $ 0.92

EMG(0.02)(1.93)(1.91)

EIX parent company — 0.15 0.15

and other

Total Non-Core $ (0.02) $ (0.86) $(0.84)

Basic EPS $ 1.70 $ 0.72 $(0.98)

Diluted EPS $ 1.69 $ 0.72 $(0.97)

Core EPS Variances

SCE $0.31

Higher operating income from the 2009 General Rate Case, which

includes $0.12 of lower operating, maintenance and other expenses

due to timing differences

EMG

Midwest Generation(0.29)

Lower power prices, higher emission costs and favorable coal contract

buy-out of $0.03 in 2008, partially offset by higher capacity prices and

SFAS 133 gains

Homer City 0.08

Higher generation levels and capacity prices, lower plant operating

expense and SFAS 133 gains

Renewable energy projects 0.02

More wind projects in operation

Natural gas and other projects(0.05)

Primarily lower natural gas prices affecting electricity and steam

revenues of Big 4 projects

EMMT2 – Lower trading income driven by lower congestion(0.11)

Corporate expense, interest and other items(0.05)

Higher net interest expense and severance charge of $0.01, partially

offset by lower corporate expense

Edison Capital and other(0.07)

Lower results from leveraged leases and global infrastructure funds,

Q2 09 gain on sale of interest in MCV lease of $0.06, Q2 08 gain on

sale of interest in Beaver Valley lease of $0.07

Non-Core Variances

SCE – Q2 09: $0.92 for overall tax settlement 0.92

EMG – Q2 08: $(0.02) for discontinued operations(1.91)

Q2 09: $(0.01) for discontinued operations

Q2 09: $(1.92) for overall tax settlement

EIX – Q2 09: $0.15 for overall tax settlement 0.15

1 See Use of Non-GAAP Financial Measures in Appendix. GAAP earnings refers to net income attributable to Edison International. The impact of participating securities is included in EIX parent company and other and was zero per share for the year-to-date ended June 30, 2009 and $(0.02) per share year-to-date ended June 30, 2008.

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

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Midwest Generation - Operating Performance

Operating Statistics Q2 08 Q2 09 YTD 08 YTD 09

Total Generation (GWh) 6,820 6,808 15,203 13,450

Equivalent Availability 72.6% 78.5% 77.5% 80.6%

Capacity Factor 57.2% 57.1% 63.7% 51.2%

Load Factor 78.7% 72.7% 82.2% 63.5%

Forced Outage Rate 6.5% 5.7% 9.3% 6.4%

Q2 08 vs. Q2 09

Improved plant operations and performance

Lower average realized energy prices and increased congestion

Higher fuel costs primarily due to higher costs for annual NOx emissions and mercury controls

All-in Average Realized Prices1

$/MWh

$68

$57.53 $56.82

$51 $49.00 $52.23

$34 $41.97 $30.81 $42.08 $33.86

$17

$15.56 $18.19 $14.74 $18.37

$0 Q2 08 Q2 09 YTD 08 YTD 09

Average realized gross margin ($/MWh)2 Average realized fuel cost ($/MWh)3

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

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

3 See Non-GAAP Reconciliation and Use of Non-GAAP Financial Measures in Appendix.

August 7, 2009

EDISON INTERNATIONAL®

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EDISON INTERNATIONAL®

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Homer City - Operating Performance

Operating Statistics Q2 08 Q2 09 YTD 08 YTD 09

Total Generation (GWh) 2,250 3,025 5,442 5,683

Equivalent Availability 61.6% 90.5% 74.6% 83.7%

Capacity Factor 54.6% 73.4% 66.0% 69.3%

Load Factor 88.7% 81.1% 88.6% 82.8%

Forced Outage Rate 12.1% 7.0% 10.6% 9.5%

Q2 08 vs. Q2 09

o Improved plant operations and performance from fewer boiler tube leaks and derating from a fan failure

o Lower average realized energy prices, higher capacity revenues and generation

All-in Average Realized Prices1

$68

$58.65 $58.51 $56.62

$51 $52.13

$35.42 $35.67

/MWh $34 $31.22 $34.26

$

$17

$23.23 $20.91 $22.84 $22.36

$0

Q2 08 Q2 09 YTD 08 YTD 09

Average realized gross margin ($/MWh)2 Average realized fuel cost ($/MWh)3

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

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

3 See Non-GAAP Reconciliation and Use of Non-GAAP Financial Measures in Appendix.

August 7, 2009

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EDISON INTERNATIONAL®

EMG Capacity Sales

Status at June 30, 2009

Installed Unsold Capacity RPM Capacity Sold in Other Capacity Sales, net Aggregate

Capacity Capacity1 Sold Base Residual Auction of Purchases2,3

Price per Average Price Average Price

MW MW MW MW MW-day MW per MW-day per MW-day

July 1, 2009 to May 31, 2010

Midwest Generation 5,776(878) 4,898 5,329 $102.04(431) $99.23 $102.29

EME Homer City 1,884(206) 1,678 1,670 $191.32 8 $191.32 $191.32

July 1, 2010 to May 31, 2011

Midwest Generation 5,477(548) 4,929 4,929 $174.29 — — $174.29

EME Homer City 1,884(71) 1,813 1,813 $174.29 — — $174.29

July 1, 2011 to May 31, 2012

Midwest Generation 5,477(495) 4,982 4,582 $110.00 400 $85.00 $107.99

EME Homer City 1,884(113) 1,771 1,771 $110.00 — — $110.00

July 1, 2012 to May 31, 2013

Midwest Generation 5,477(773) 4,704 4,704 $16.46 — — $16.46

EME Homer City 1,884(148) 1,736 1,736 $133.37 — — $133.37

1 Capacity not sold arises from: (1) capacity retained to meet forced outages under the RPM auction guidelines; and (2) capacity that PJM does not purchase at the clearing price resulting from the RPM auction.

2 Other capacity sales and purchases, net includes contract executed in advance of the RPM base residual auction to hedge the price risk related to such auction, participation in RPM incremental auctions and other capacity transactions entered to manage capacity risks.

3 Includes 342 MW purchases in January 2009 from RPM incremental auction at $40.00 MW-day.

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EDISON INTERNATIONAL®

EMG Hedge Program Status

Status at June 30, 2009

Remainder of

2009 2010 2011 2012

Midwest Generation1

Total estimated GWh hedged (Northern Illinois & AEP/Dayton Hubs) 5,352 6,981 612 —

Average price ($/MWh) $63.91 $67.30 $76.40 —

Coal under contract (in millions of tons) 8.8 11.7 — —

Additional coal contracted since June 30, 2009 — 5.4 9.8 9.8

Homer City

Total estimated GWh hedged 2,064 2,662 — —

Average price ($/MWh) $82.88 $90.61 — —

Coal under contract (in millions of tons)2 2.6 1.0 0.2 —

1 As of June 30, 2009, EMMT has entered into 9.8 billion cubic feet of natural gas futures contracts (equivalent to approximately 1,600 GWh of energy only contracts using a ratio of 6 MMBtu to 1 MWh) to hedge Midwest Generation energy price risks during 2009 and 2010.

2 At June 30, 2009, there are options to purchase additional coal of 0.5 million tons for 2010, 0.6 million tons for 2011, 0.5 million tons for 2012 and 0.1 million tons for 2013.

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EDISON INTERNATIONAL®

Global Tax Settlement Financial Impacts

Year-to-date status at June 30, 2009

EIX

Edison parent co. EIX

Income Statement ($ millions) SCE Capital and all other2 consolidated

Overall global tax settlement charge $ 300 $ (628) $ 54 $(274)

EIX

Edison parent co. EIX

Cash ($ millions)1 SCE Capital and all other2 consolidated

Net proceeds from termination $ — $ 1,385 $ — $ 1,385

of cross-border leases

Taxes settled through June 30, 2009 875(920)(150)(195)

Estimated future net tax payments(235)(765) 190(810)

Cash flow expected over time $ 640 $ (300) $ 40 $ 380

1 See the “EIX: Liquidity, Intercompany Tax-Allocation Agreement” section of the Q2 09 EIX 10-Q for additional information concerning the overall tax settlement with the Internal Revenue Service.

2 Includes all other Edison International consolidated subsidiaries.

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EDISON INTERNATIONAL®

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Liquidity Profile

Available Liquidity at March 31 and June 30, 2009

March 31, 2009 June 30, 2009

EMG EMG

Sources (in Millions)

SCE

EME & MWG

Edison Capital & other1

EIX parent co.& other

SCE

EME & MWG

Edison Capital & other1

EIX parent co. & other

Credit Facility $ 3,000 $ 1,100 $— $ 1,500 $ 2,894 $ 1,100 $— $ 1,426

Credit Facility (availability)2 1,224 110 — 1,426 2,806 110 — 1,349

Cash & short term investments3 1,181 1,989 300 80 457 1,658 553 38

Available Liquidity $ 2,405 $ 2,099 $ 300 $ 1,506 $ 3,263 $ 1,768 $ 553 $ 1,387

1 Edison Capital & other includes MEHC and other EMG subsidiaries.

2 Excludes the unused and/or unfunded commitments for subsidiaries of Lehman Brothers Holdings of $36 million for EMG. In June 2009, SCE and EIX amended their credit facilities to remove a subsidiary of Lehman Brothers Holding as a lender.

3 SCE amounts include $83 million and $81 million held by SCE’s consolidated variable interest entities (VIE) as of March 31 and June 30, 2009, respectively.

August 7, 2009

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EDISON INTERNATIONAL®

2009 Earnings Guidance

Reconciliation of Core Earnings to GAAP Earnings Guidance1

2009 Earnings Guidance 2009 Earnings Guidance

as of 05/08/09 Updated as of 08/07/09

Low Midpoint High Low Midpoint High

EIX core earnings per share $2.90 $3.05 $3.20 $2.90 $3.05 $3.20

Non-Core items(0.92)(0.81)(0.69)(0.72)

EIX GAAP earnings per share $1.98 $2.24 $2.51 $2.18 $2.33 $2.48

Midpoint of 2009 core guidance by key business element:

SCE $2.49

EMG 0.70

EIX parent company and other(0.14)

SCE

• 2009 average rate base:

??Includes 2009 GRC decision

??Assumes timely approval of FERC rate case and rooftop solar program

• 2009 Approved Capital Structure

??48% Equity

??11.5% Return on Equity

• Potential energy efficiency earnings of $0.03 per share included

EMG

• Forward hedge position and prices as of 6/30/09

• EMMT pre-tax trading margin of $50-100 million

• Increased MWG pre-tax operating cost by $90 to $105 million (CAIR compliance and mercury controls)

• Pre-tax earnings from Big 4 lower by $45 to $55 million

• Prior EMG core and GAAP guidance ranges of $0.50 to $0.90 per share provided March 2, 2009

• No significant Edison Capital earnings going forward. Includes $0.06 per share MCV lease termination

Non-Core Items

• Mountainview transfer of $0.14 per share in Q3 09, global tax settlement of $(0.85) per share through Q2 09, discontinued operations of $(0.01) per share through Q2 09

Other Assumptions

• Normal operating and weather conditions

• No changes in GAAP accounting

• Excludes discontinued operations and other non-core items except as noted (impacts of the Global Tax Settlement with the IRS through second quarter included in updated GAAP guidance as a non-core item)

1 See Use of Non-GAAP Financial Measures in Appendix. GAAP earnings refers to basic earnings per common share attributable to Edison International common shareholders. The expected impact of participating securities is $(0.02) per share and is included in EIX parent company and other.

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EDISON INTERNATIONAL®

Appendix

Leading the Way in Electricity SM

EMG Capital Expenditures

Estimated Expenditures

Remainder of

(in Millions)

2009 2010 2011

MWG

Plant capital expenditures $35 $96 $62

Environmental expenditures 9 (a) (a)

Homer City

Plant capital expenditures 13 55 29

Environmental expenditures 15 32 —

Growth projects

Projects under construction 55 — —

Turbine commitments1 596 242 —

Other capital expenditures 17 9 7

Total $725 $417 $130

(a) See the MD&A in the 2009 EIX Q2 10-Q regarding capital expenditures for environmental improvements at MWG.

Capital Expenditure Update

Completion of projects under construction, primarily the Big Sky wind project in Illinois

Development of sites that would deploy committed wind turbines

EME working with wind turbine suppliers on vendor financing

No decision made on environmental upgrades at Midwest Generation - engineering work in process

1 See the MD&A “Business Development and Capital Commitments” section in the Q2 09 EIX 10-Q for more information regarding EME’s turbine commitments. If definitive agreements are executed substantially in accordance with the terms of the letter agreements with vendors, turbine commitments would be reduced to approximately $191 million in 2009, $229 million in 2010, and $210 million in 2011, and the remaining $206 million due during the time period of 2011 and 2014.

August 7, 2009

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EMG – Adjusted EBITDA

Reconciliation to Earnings1 ($ Millions) Q2 08 Q2 09 YTD 08 YTD 09 2007 2008

Earnings (Loss) $ 111 $ (558) $ 265 $ (510) $ 410 $ 561

Addback (Deduct):

Discontinued operations 1 7 6 4 2 —

Income (loss) from continuing operations 112(551) 271(506) 412 561

Interest expense 68 76 141 152 323 288

Interest income(9)(5)(20)(12)(101)(37)

Income taxes 57(276) 140(270) 170 272

Depreciation and amortization 47 57 93 114 172 197

EBITDA2 275(699) 625(522) 976 1,281

Production tax credits3 11 14 20 30 28 44

Addback:

Loss on lease termination of cross border leases — 902 — 920 — —

Gain on sale of interests in leases and other(49)(35)(49)(35)(1)(49)

Loss on early extinguishment of debt — — — — 241 —

Charge to cancel gas turbine order — — — — — 23

Adjusted EBITDA1 $ 237 $ 182 $ 596 $ 393 $ 1,244 $ 1,299

1 Earnings refers to net income attributable to Edison Mission Group.

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

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

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EDISON INTERNATIONAL®

SCE Capital Investment Forecast1

$ Billions $5

$4 $3 $2 $1 $0

2009 2010 2011 2012 2013

Base Case $3.3 $3.9 $4.3 $4.5 $4.4

Low Case2 $2.7 $3.2 $3.5 $3.7 $3.6

5-Yr Base Case By Classification

$ %

Solar Rooftop Program 0.8 4 Edison SmartConnect™ 1.2 6 Generation 2.5 12 Transmission 6.2 30 Distribution 9.7 48 Total 20.4 100

5-Yr Base Case By Proceeding Type

%

2009 CPUC Rate Case 33

2012 CPUC Rate Case 25

Other CPUC 12

FERC Rate Cases 30

Total 100

1 Subject to timely receipt of permitting, licensing and regulatory approvals. Forecast as of July 2009 and includes: (1) CPUC approval of 5 year, 250 MW, $875 million rooftop solar program at SCE and (2) SCE’s decision to not pursue development of the Arizona portion of the DPV2 transmission project in May 2009.

2 Low Case reflects the potential variability to project investment levels related to execution risk, scope change, delays, regulatory constraints, and other contingencies. The level of variability experienced in 2008 was 18%.

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EDISON INTERNATIONAL®

SCE Rate Base Forecast1

$ Billions $25

$20 $15 $10 $5 $0

2008 2009 2010 2011 2012 2013

5-Yr CAGR

Base Case $12.5 $14.5 $16.2 $18.0 $20.7 $22.9 13%

Low Case2 $14.4 $15.8 $17.1 $18.7 $20.4 10%

1 Forecast as of July 2009 and includes: (1) 2009 GRC Decision; (2) forecasted 2009-2013 FERC rate base, subject to timely receipt of permitting, licensing and regulatory approvals; (3) FERC construction work in progress forecast; and (4) estimated impact of accelerated depreciation of the Economic Stimulus Act of 2009; (5) CPUC approval of 5 year, 250 MW, $875 million rooftop solar program at SCE; and (6) SCE’s decision to not pursue development of the Arizona portion of the DPV2 transmission project in May 2009.

2 Reflects Low Case from SCE Capital Investment Forecast.

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EDISON INTERNATIONAL®

SCE Transmission Investment Program

• Tehachapi transmission line to interconnect up to 4,500 MW of renewable generation

• Additional transmission capability needed to strengthen system reliability and increase access to renewable energy

• Transmission siting remains challenging due to multiple federal and local government agencies involved

Santa Clarita

Pardee

Windhub

Antelope

Vincent

Rancho Vista

MiraLoma

Devers

Valley

Los Angeles

San Diego g

DPV2 500kV Tehachapi Segments 1-3 500kV Rancho Vista Substation Tehachapi Segments 4-11 500kV

2009-2013

Project Name Phase In-Service($ Millions)1

Renewables

Tehachapi Segments 1-3 Construction Various 653

Tehachapi Segments 4-11 Licensing Various 1,405

DPV2—CA Licensing3 2013 718

Other Projects2 Licensing Various 1,456

Total Renewables 4,232

Reliability

Rancho Vista Substation Construction 2009 38

Other Projects2 Various Various 1,935

Total Reliability 1,973

Grand Total4 6,205

1 Subject to timely receipt of permitting, licensing, and regulatory approvals. Forecast as of July 2009 and is based on the Base Case (see SCE Capital

Investment Forecast).

2 “Other Projects” include new projects to connect renewable generation and projects related to reliability, load growth, infrastructure replacement, and grid monitoring and control.

3 Petition to Modify CPUC decision submitted in May 2008 for DPV2 to permit construction of California portion. Decision expected 3rd quarter, 2009.

4 FERC rate base is expected to increase from 10% of rate base in 2008 to 20% by 2013.

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Non-GAAP Reconciliation

Reconciliation of Midwest Generation and Homer City Operating Revenues and Fuel Costs to Realized Revenues and Realized Fuel Costs:

Midwest Generation Homer City

Q2 08 Q2 09 YTD 08 YTD 09 Q2 08 Q2 09 YTD 08 YTD 09

Generation (GWh) 6,820 6,808 15,203 13,450 2,250 3,025 5,442 5,683

Operating revenues $391 $340 $859 $724 $127 $161 $312 $326

Less: Unrealized (gains) losses 3(5) 8(20) 6(5) 7(5)

Capacity and other revenues(2)(1)(3)(1)(1) 2(1) 1

Realized Revenues $392 $334 $864 $703 $132 $158 $318 $322

All-in Average Realized Price/MWh $57.53 $49.00 $56.82 $52.23 $58.65 $52.13 $58.51 $56.62

Fuel expenses $106 $110 $224 $233 $52 $63 $124 $127

Less: Unrealized gains (losses) — 14 — 14 — — — —

Realized fuel expenses $106 $124 $224 $247 $52 $63 $124 $127

Average realized fuel costs/MWh $15.56 $18.19 $14.74 $18.37 $23.23 $20.91 $22.84 $22.36

Reconciliation of Midwest Generation and Homer City Operating Revenues to Segment Fuel Costs:

Q2 08 Q2 09 YTD 08 YTD 09

Operating revenues

Midwest Generation $391 $340 $859 $724

Homer City 127 161 312 326

Wind projects 34 31 50 75

Other revenues 61 25 111 44

Segment revenues as reported $613 $557 $1,332 $1,169

Fuel Costs

Midwest Generation $106 $110 $224 $233

Homer City 52 63 124 127

Other revenues(1)(1)(4)(1)

Segment revenues as reported $157 172 $344 $359

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Leading the Way in Electricity SM

August 7, 2009

EDISON INTERNATIONAL®

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 subsidiaries’ net income attributable to the common shareholders of each subsidiary, respectively, 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.

The average realized energy price and average realized fuel cost is a non-GAAP performance measure since such statistical measures exclude unrealized gains or losses recorded as operating revenues and unrealized gains or losses recorded as fuel expenses. Management believes that the average realized energy price and average realized fuel cost is more meaningful for investors as it reflects the impact of hedge contracts at the time of actual generation in period-over-period comparisons or as compared to real-time market prices.

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 this presentation.

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