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): November 6, 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 November 6, 2009, Edison International issued a press release reporting its financial results for the quarter ended September 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/    MARK C. CLARKE        

Mark C. Clarke

Vice President and Controller

Date: November 6, 2009

EXHIBIT INDEX

Exhibit No.	Description
99.1	Edison International Press Release dated November 6, 2009
99.2	Edison International Third Quarter 2009 Financial Teleconference dated November 6, 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 Third Quarter 2009 Results

ROSEMEAD, Calif., Nov. 6, 2009 – Edison International (NYSE: EIX) today reported third quarter 2009 GAAP earnings of $1.23 per share, compared to $1.33 per share in the same quarter last year. Third quarter 2009 core earnings were $1.09 per share compared to $1.46 per share in the third quarter 2008. The decline is largely attributable to lower earnings at Edison Mission Group (EMG), partially offset by higher operating results at Southern California Edison (SCE). Core earnings exclude discontinued operations and other non-core items as discussed below.

“Edison International is on track to meet its financial objectives laid out for investors at the beginning of the year. Our strong focus on execution in managing our operations helped us to achieve a good quarter,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.

Third Quarter Earnings Detail

SCE’s third quarter 2009 GAAP earnings were $1.06 per share compared to $0.72 per share in the third quarter 2008. Core earnings were $0.92 per share compared to $0.87 per share in the same quarter last year. This increase was primarily due to higher operating income associated with the utility’s 2009 General Rate Case (GRC) and lower nonoperating expenses, partially offset by higher income tax expense. SCE also recorded a non-core benefit in the third quarter 2009 of $0.14 per share to reflect the non-cash accounting benefit from the final regulatory approval to transfer its Mountainview power plant to utility rate base. SCE recorded a $0.15 per share non-core charge in the third quarter 2008 resulting from the California Public Utilities Commission (CPUC) performance-based ratemaking decision.

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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 Third Quarter 2009 Financial Results

Page 2 of 13

EMG’s third quarter 2009 GAAP earnings were $0.19 per share compared to $0.66 per share in the third quarter 2008. Core earnings were $0.19 per share compared to $0.64 per share in the same quarter last year. Core earnings declined primarily from lower income at its coal- and gas-fired projects driven by lower energy prices and from lower trading income. Core results for the 2008 period included a $0.05 per share charge related to power contracts with Lehman Brothers and excluded $0.02 per share from discontinued operations.

Edison International parent company and other reported a third quarter 2009 loss of $0.02 per share compared to a $0.05 per share loss in the third quarter 2008.

Year-to-Date Earnings Summary

Edison International reported GAAP earnings of $1.94 per share for the nine-month period ending September 30, 2009, compared to $3.03 per share for the same period last year. Core earnings for the first nine months of 2009 were $2.66 per share compared to $3.18 per share for the same period in 2008. Non-core items included an $0.85 per share charge from the global tax settlement with the Internal Revenue Service and the associated termination of Edison Capital’s cross-border, leveraged leases, SCE’s third quarter non-core items discussed above and discontinued operations at EMG.

Year-to-Date Earnings Detail

SCE’s GAAP earnings through September 30, 2009 were $3.23 per share compared to $1.66 per share in the same period last year. Core earnings for the first nine months of 2009 were $2.17 per share compared to $1.81 per share for the same period in 2008. The increase in core earnings reflects higher operating income related to the GRC decision and lower nonoperating expenses, partially offset by higher income tax expense. SCE’s year-to-date core earnings exclude the impact of the global tax settlement, the impact from the transfer of the Mountainview power plant to utility rate base in 2009 and the CPUC’s performance-based ratemaking decision in 2008.

EMG’s GAAP loss through September 30, 2009 was $1.38 per share compared to GAAP earnings of $1.47 per share in the same period last year. Year-to-date core earnings for EMG were $0.55 per share compared to $1.47 per share in the same period last year. This decrease reflects lower income at its coal- and gas-fired projects driven by lower energy prices as well as lower trading income, lower earnings at Edison Capital and the favorable buy-out of a coal contract in 2008. EMG’s year-to-date core earnings exclude the impacts of the global tax settlement together with discontinued operations.

Edison International parent company and other reported GAAP earnings through September 30, 2009 of $0.09 per share, compared to a loss of $0.10 per share in the same period last year. GAAP earnings include a $0.15 per share benefit in the first half of 2009 related to the global tax settlement.

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Edison International Reports Third Quarter 2009 Financial Results

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2009 Earnings Guidance

The company narrowed its 2009 earnings guidance range to $2.23 to $2.43 per share on a GAAP basis and $2.95 to $3.15 per share on a core basis. 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 August 7, 2009	2009 Earnings Guidance as of November 6, 2009
EIX core earnings			$2.90 - $3.20	$2.95 - $3.15
Non-core items:
Global tax settlement:		(0.85)
SCE	$0.92
EMG	(1.92)
EIX parent company and other	0.15
SCE – regulatory item		0.14
EMG – Discontinued Operations		(0.01)
Total Non-Core Items			(0.72)	(0.72)
EIX GAAP earnings			$2.18 - $2.48	$2.23 - $2.43
Midpoint of 2009 core guidance by business element:
SCE			$2.49	$2.55
EMG			0.70	0.60
EIX parent company and other			(0.14)	(0.10)
Total			$3.05	$3.05

¹ See Use of Non-GAAP Financial Measures on page 4. GAAP earnings per share 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 Third 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. EIX core 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 third quarter 2009 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 (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 Nov. 13, 2009 at the following numbers: (800) 283-6499 for callers in the United States and (402) 220-9734 for international callers. The replay passcode is 80709.

Risk Disclosure Statement

Statements contained in this news release about future performance, including, without limitation, earnings guidance, 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 Third Quarter 2009 Financial Results

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Summary Financial Schedules

Third Quarter GAAP Earnings Per Share

Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited)	Quarter Ended September 30,						Change
	2009			2008
SCE	$	1.06		$	0.72		$	0.34
EMG		0.19			0.64			(0.45	)
EIX parent company and other		(0.02	)		(0.05	)		0.03
EIX earnings from continuing operations		1.23			1.31			(0.08	)
EIX earnings from discontinued operations		—			0.02			(0.02	)
EIX GAAP earnings1	$	1.23		$	1.33		$	(0.10	)
EIX diluted earnings	$	1.22		$	1.33		$	(0.11	)

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 quarter ended September 30, 2009 and $(0.02) per share for the quarter ended September 30, 2008.

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

Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited)	Quarter Ended September 30,						Change
	2009			2008
Core Earnings1
SCE	$	0.92		$	0.87		$	0.05
EMG		0.19			0.64			(0.45	)
EIX parent company and other		(0.02	)		(0.05	)		0.03
EIX core earnings		1.09			1.46			(0.37	)
Non-core items
SCE – regulatory items		0.14			(0.15	)		0.29
EMG – discontinued operations		—			0.02			(0.02	)
Total non-core items		0.14			(0.13	)		0.27
EIX GAAP earnings1	$	1.23		$	1.33		$	(0.10	)

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 $(0.01) per share for the quarter ended September 30, 2009 and $(0.02) per share for the quarter ended September 30, 2008.

Edison International Reports Third Quarter 2009 Financial Results

Page 6 of 13

Third Quarter GAAP Earnings

Earnings (Loss) (in millions) Attributable to Edison International (Unaudited)	Quarter Ended September 30,
	2009			2008			Change
SCE	$	346		$	235		$	111
EMG		61			208			(147	)
EIX parent company and other		(3	)		(10	)		7
EIX earnings from continuing operations		404			433			(29	)
EIX earnings from discontinued operations		(1	)		6			(7	)
EIX GAAP earnings	$	403		$	439		$	(36	)

Third Quarter Reconciliation of Core Earnings to GAAP Earnings

Earnings (Loss) (in millions) Attributable to Edison International (Unaudited)	Quarter Ended September 30,
	2009			2008			Change
Core Earnings1
SCE	$	300		$	284		$	16
EMG		61			208			(147	)
EIX parent company and other		(3	)		(10	)		7
EIX core earnings		358			482			(124	)
Non-core items
SCE – regulatory items		46			(49	)		95
EMG – discontinued operations		(1	)		6			(7	)
Total non-core items		45			(43	)		88
EIX GAAP earnings	$	403		$	439		$	(36	)

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

Edison International Reports Third 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 September 30,
	2009			2008			Change
SCE	$	3.23		$	1.66		$	1.57
EMG		(1.37	)		1.47			(2.84	)
EIX parent company and other		0.09			(0.10	)		0.19
EIX earnings from continuing operations		1.95			3.03			(1.08	)
EIX loss from discontinued operations		(0.01	)		—			(0.01	)
EIX GAAP earnings1	$	1.94		$	3.03		$	(1.09	)
EIX diluted earnings	$	1.94		$	3.02		$	(1.08	)

1 The impact of participating securities is included in EIX parent company and other and was $(0.01) per share for the year-to-date period ended September 30, 2009 and $(0.04) per share for the year-to-date period ended September 30, 2008.

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

Earnings (Loss) Per Common Share Attributable to Edison International (Unaudited)		Year-to-date September 30,
		2009			2008			Change
Core Earnings1
SCE		$	2.17		$	1.81		$	0.36
EMG			0.55			1.47			(0.92	)
EIX parent company and other			(0.06	)		(0.10	)		0.04
EIX core earnings			2.66			3.18			(0.52	)
Non-core items
SCE – regulatory items			0.14			(0.15	)		0.29
Global tax settlement			(0.85	)		—			(0.85	)
SCE	$   0.92
EMG	(1.92)
EIX parent company and other	0.15
EMG – discontinued operations			(0.01	)		—			(0.01	)
Total non-core items			(0.72	)		(0.15	)		(0.57	)
EIX GAAP earnings1		$	1.94		$	3.03		$	(1.09	)

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 $(0.01) per share for the year-to-date period ended September 30, 2009 and $(0.04) per share for year-to-date period ended September 30, 2008.

Edison International Reports Third 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 September 30,
		2009			2008			Change
SCE		$	1,053		$	542		$	511
EMG			(445	)		479			(924	)
EIX parent company and other			34			(22	)		56
EIX earnings from continuing operations			642			999			(357	)
EIX loss from discontinued operations			(5	)		—			(5	)
EIX GAAP earnings		$	637		$	999		$	(362	)
Year-to-Date Reconciliation of Core Earnings to GAAP Earnings
Earnings (Loss) (in millions) Attributable to Edison International (Unaudited)		Year-to-Date September 30,
		2009			2008			Change
Core Earnings1
SCE		$	707		$	591		$	116
EMG			179			479			(300	)
EIX parent company and other			(16	)		(22	)		6
EIX core earnings			870			1,048			(178	)
Non-core items
SCE – regulatory items			46			(49	)		95
Global tax settlement			(274	)		—			(274	)
SCE	$  300
EMG	(624)
EIX parent company and other	50
EMG – discontinued operations			(5	)		—			(5	)
Total non-core items			(233	)		(49	)		(184	)
EIX GAAP earnings		$	637		$	999		$	(362	)

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

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Edison International Reports Third Quarter 2009 Financial Results

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Edison International

Consolidated Statements of Income

	Three Months Ended September 30,						Nine Months Ended September 30,
In millions, except per-share amounts	2009			2008			2009			2008
	(Unaudited)
Electric utility	$	3,065		$	3,467		$	7,526		$	8,696
Competitive power generation		592			813			1,759			2,143
Financial services and other		7			14			25			45
Total operating revenue		3,664			4,294			9,310			10,884
Fuel		406			635			1,120			1,725
Purchased power		1,032			1,333			2,155			3,053
Other operation and maintenance		1,093			1,035			3,136			3,110
Depreciation, decommissioning and amortization		365			327			1,053			972
Lease terminations and other		—			(1	)		888			(75	)
Total operating expenses		2,896			3,329			8,352			8,785
Operating income		768			965			958			2,099
Interest and dividend income		2			9			29			44
Equity in income from partnerships and unconsolidated subsidiaries – net		35			31			34			40
Other nonoperating income		74			23			131			78
Interest expense – net of amounts capitalized		(187	)		(176	)		(556	)		(511	)
Other nonoperating deductions		(16	)		(82	)		(41	)		(115	)
Income from continuing operations before income taxes		676			770			555			1,635
Income tax expense (benefit)		232			277			(169	)		521
Income from continuing operations		444			493			724			1,114
Income (loss) from discontinued operations – net of tax		(1	)		6			(5	)		—
Net income		443			499			719			1,114
Less: Net income attributable to noncontrolling interests		40			60			82			115
Net income attributable to Edison International common shareholders	$	403		$	439		$	637		$	999
Amounts attributable to Edison International common shareholders:
Income from continuing operations, net of tax	$	404		$	433		$	642		$	999
Income (loss) from discontinued operations, net of tax		(1	)		6			(5	)		—
Net income attributable to Edison International common shareholders	$	403		$	439		$	637		$	999
Weighted-average shares of common stock outstanding		326			326			326			326
Basic earnings per common share attributable to Edison International common shareholders:
Continuing operations	$	1.23		$	1.31		$	1.95		$	3.03
Discontinued operations		—			0.02			(0.01	)		—
Total	$	1.23		$	1.33		$	1.94		$	3.03
Weighted-average shares of common stock outstanding, including effect of dilutive securities		329			328			328			329
Diluted earnings per common share attributable to Edison International common shareholders:
Continuing operations	$	1.22		$	1.31		$	1.95		$	3.02
Discontinued operations		—			0.02			(0.01	)		—
Total	$	1.22		$	1.33		$	1.94		$	3.02
Dividends declared per common share	$	0.310		$	0.305		$	0.930		$	0.915

Edison International Reports Third Quarter 2009 Financial Results

Page 10 of 13

Edison International

Consolidated Balance Sheets

In millions	September 30, 2009			December 31, 2008
	(Unaudited)
ASSETS
Cash and equivalents	$	2,411		$	3,916
Short-term investments		5			7
Receivables, less allowances of $47 and $39 for uncollectible accounts at respective dates		1,158			1,006
Accrued unbilled revenue		583			328
Inventory		549			553
Derivative assets		403			327
Restricted cash		148			3
Margin and collateral deposits		222			105
Regulatory assets		57			605
Deferred income taxes – net		28			104
Other current assets		204			399
Total current assets		5,768			7,353
Nonutility property – less accumulated depreciation of $2,157 and $2,019 at respective dates		4,718			5,374
Nuclear decommissioning trusts		3,025			2,524
Investments in partnerships and unconsolidated subsidiaries		238			229
Investments in leveraged leases		164			2,467
Other investments		93			89
Total investments and other assets		8,238			10,683
Utility plant, at original cost:
Transmission and distribution		21,035			20,006
Generation		2,633			1,819
Accumulated depreciation		(5,757	)		(5,570	)
Construction work in progress		2,688			2,454
Nuclear fuel, at amortized cost		277			260
Total utility plant		20,876			18,969
Derivative assets		344			244
Restricted deposits		43			43
Rent payments in excess of levelized rent expense under plant operating leases		1,039			878
Regulatory assets		5,084			5,414
Other long-term assets		1,380			1,031
Total long-term assets		7,890			7,610
Total assets	$	42,772		$	44,615

Edison International Reports Third Quarter 2009 Financial Results

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Edison International

Consolidated Balance Sheets

In millions, except share amounts	September 30, 2009		December 31, 2008
	(Unaudited)
LIABILITIES AND EQUITY
Short-term debt	$	85	$	2,143
Current portion of long-term debt		842		174
Accounts payable		966		1,031
Accrued taxes		271		590
Accrued interest		207		187
Customer deposits		241		228
Book overdrafts		260		224
Derivative liabilities		108		178
Regulatory liabilities		1,176		1,111
Other current liabilities		803		831
Total current liabilities		4,959		6,697
Long-term debt		10,448		10,950
Deferred income taxes – net		4,414		5,717
Deferred investment tax credits		198		109
Customer advances		123		137
Derivative liabilities		674		776
Pensions and benefits		3,000		2,860
Asset retirement obligations		3,179		3,042
Regulatory liabilities		2,848		2,481
Other deferred credits and other long-term liabilities		1,924		1,137
Total deferred credits and other liabilities		16,360		16,259
Total liabilities		31,767		33,906
Common stock, no par value (325,811,206 shares outstanding at each date)		2,294		2,272
Accumulated other comprehensive income		128		167
Retained earnings		7,401		7,078
Total Edison International’s common shareholders’ equity		9,823		9,517
Noncontrolling interests – other		275		285
Preferred and preference stock of utility not subject to mandatory redemption		907		907
Total equity		11,005		10,709
Total liabilities and equity	$	42,772	$	44,615

Edison International Reports Third Quarter 2009 Financial Results

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Edison International

Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
In millions	2009			2008
	(Unaudited)
Cash flows from operating activities:
Net income	$	719		$	1,114
Loss from discontinued operations		5			—
Income from continuing operations		724			1,114
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, decommissioning and amortization		1,053			972
Regulatory impacts of net nuclear decommissioning trust earnings (reflected in accumulated depreciation)		133			42
Other amortization		95			80
Lease terminations and other		888			(75	)
Stock-based compensation		17			25
Equity in income from partnerships and unconsolidated subsidiaries – net		(34	)		(40	)
Distributions and dividends from unconsolidated entities		5			9
Deferred income taxes and investment tax credits		(1,322	)		69
Rent payments in excess of levelized rent expense		(161	)		(162	)
Income from leveraged leases		(13	)		(39	)
Long-term regulatory assets and liabilities – net		338			(28	)
Long-term derivative assets and liabilities – net		(176	)		29
Other assets		(136	)		(71	)
Other liabilities		835			(13	)
Changes in working capital:
Margin and collateral deposits – net of collateral received		(99	)		(70	)
Receivables and accrued unbilled revenue		(409	)		(378	)
Inventory		4			(75	)
Restricted cash		(148	)		—
Other current assets		190			93
Book overdrafts		41			90
Accrued taxes		(318	)		128
Current regulatory assets and liabilities – net		613			(97	)
Current derivative assets and liabilities – net		(238	)		(3	)
Accounts payable and other current liabilities		235			35
Operating cash flows from discontinued operations		(5	)		—
Net cash provided by operating activities		2,112			1,635
Cash flows from financing activities:
Long-term debt issued		939			2,132
Long-term debt issuance costs		(25	)		(15	)
Long-term debt repaid		(566	)		(246	)
Bonds repurchased		(219	)		(212	)
Preferred stock redeemed		—			(7	)
Short-term debt financing – net		(2,058	)		1,308
Cash contributions from noncontrolling interests		2			—
Stock-based compensation – net		4			(22	)
Dividends and distributions to noncontrolling interests		(88	)		(116	)
Dividends paid		(303	)		(298	)
Net cash provided (used) by financing activities	$	(2,314	)	$	2,524

Edison International Reports Third Quarter 2009 Financial Results

Page 13 of 13

Edison International

Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
In millions	2009			2008
	(Unaudited)
Cash flows from investing activities:
Capital expenditures	$	(2,287	)	$	(1,959	)
Purchase of interest in acquired companies		(7	)		(11	)
Proceeds from termination of leases		1,420			—
Proceeds from sale of property and interests in projects		1			113
Proceeds from nuclear decommissioning trust sales		1,814			2,279
Purchases of nuclear decommissioning trust investments and other		(1,977	)		(2,329	)
Proceeds from partnerships and unconsolidated subsidiaries, net of investment		10			35
Maturities and sales of short-term investments		3			80
Purchase of short-term investments		(1	)		(22	)
Customer advances for construction and other investments		(279	)		(322	)
Net cash used by investing activities		(1,303	)		(2,136	)
Net increase (decrease) in cash and equivalents		(1,505	)		2,023
Cash and equivalents, beginning of period		3,916			1,441
Cash and equivalents, end of period	$	2,411		$	3,464

EX-99.2

Exhibit 99.2

Leading the Way in Electricity SM

Third Quarter 2009 Financial Teleconference

November 6, 2009 EDISON INTERNATIONAL®

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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.

November 6, 2009 1 EDISON INTERNATIONAL®

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Third Quarter Earnings Summary

Reconciliation of Core EPS to GAAP EPS

Core EPS1 Q3 08 Q3 09 Variance

SCE $ 0.87 $ 0.92 $ 0.05

EMG 0.64 0.19 (0.45)

EIX parent company (0.05) (0.02) 0.03

and other

Core EPS1 $ 1.46 $ 1.09 $ (0.37)

Non-Core Items

SCE $ ( 0.15) $ 0.14 $ 0.29

EMG 0.02 — (0.02)

Total Non-Core $ (0.13) $ 0.14 $ 0.27

GAAP EPS $ 1.33 $ 1.23 $ (0.10)

Diluted EPS $ 1.33 $ 1.22 $ (0.11)

Earnings EPS

($ millions)

GAAP

$439 $1.33

$403 $1.23

Q3 08 Q3 09 Q3 08 Q3 09

Core1

$482 $1.46

$358 $1.09

Q3 08 Q3 09 Q3 08 Q3 09

1 See Earnings Non-GAAP Reconciliations and 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 quarter ended September 30, 2009 and $(0.02) per share for the quarter ended September 30, 2008.

November 6, 2009 2 EDISON INTERNATIONAL®

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SCE Third Quarter Highlights

EPS Q3 08 Q3 09 Variance

Core1 $ 0.87 $ 0.92 $ 0.05

Non-Core Items (0.15) 0.14 0.29

GAAP EPS attributable to SCE1 $ 0.72 $ 1.06 $ 0.34

Recent Developments

CPUC approval of SCE’s Cost of Capital Petition

FERC Rate Cases — 2009 settlement; 2010 filed in July and effective March 1, subject to refund and settlement

SmartConnectTM program deployment

Solar Rooftop program progress

33% Renewable Portfolio Standards Executive Order

Steam generator replacement underway

Updated capital investment plan

Key Core Earnings Drivers

Higher results primarily from

GRC decision $ 0.13

Income taxes and other (0.12)

2008 CA ballot initiative costs 0.04

Total $ 0.05

1 See Use of Non-GAAP Financial Measures in Appendix and Third Quarter Earnings Summary slide for reconciliation of core earnings per share to GAAP earnings per share.

November 6, 2009 3 EDISON INTERNATIONAL®

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EMG’s Third Quarter Highlights

EPS Q3 08 Q3 09 Variance

Core1 $ 0.64 $ 0.19 $ (0.45)

Non-Core Items 0.02 — (0.02)

GAAP EPS

attributable to EMG1 $ 0.66 $ 0.19 $ (0.47)

Recent Developments

• Additional hedging for 2010

• Progress with wind turbines

Turbine commitment deferrals and project financing

New wind projects

• MWG New Source Review complaint

Key Core Earnings Drivers

Merchant coal $(0.37)

EMMT(0.05)

Natural gas projects(0.04)

Corporate expense & other 0.01

Total $(0.45)

1 See Use of Non-GAAP Financial Measures in Appendix and Third Quarter Earnings Summary slide for reconciliation of core earnings per share to GAAP earnings per share.

November 6, 2009 4 EDISON INTERNATIONAL®

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Year-to-Date Earnings Summary

Reconciliation of Core EPS to GAAP EPS

Core EPS1 YTD 08 YTD 09 Variance

SCE $ 1.81 $ 2.17 $ 0.36

EMG 1.47 0.55 (0.92)

EIX parent company (0.10) (0.06) 0.04

and other

Core EPS1 $ 3.18 $ 2.66 $ (0.52)

Non-Core Items

SCE $ (0.15) $ 1.06 $ 1.21

EMG — (1.93) (1.93)

EIX parent company — 0.15 0.15

and other

Total Non-Core $ (0.15) $ (0.72) $ (0.57)

GAAP EPS $ 3.03 $ 1.94 $ (1.09)

Diluted EPS $ 3.02 $ 1.94 $ (1.08)

Earnings EPS

($ millions)

GAAP

$999 $3.03

$637 $1.94

YTD 08 YTD 09 YTD 08 YTD 09

Core1

$1,048 $3.18

$870 $2.66

YTD 08 YTD 09 YTD 08 YTD 09

1 See Earnings Non-GAAP Reconciliations and 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 year-to-date period ended September 30, 2009 and $(0.04) per share for the year-to-date period ended September 30, 2008.

November 6, 2009 5 EDISON INTERNATIONAL®

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Midwest Generation – Operating Performance

Operating Statistics 3Q 08 3Q 09 YTD 08 YTD 09

Total Generation (GWh) 8,413 8,272 23,616 21,722

Equivalent Availability 87.4% 90.1% 80.9% 83.8%

Capacity Factor 69.7% 68.6% 65.8% 60.7%

Load Factor 79.8% 76.1% 81.3% 72.4%

Forced Outage Rate 8.3% 5.3% 9.0% 6.0%

All-in Average Realized Prices1

$68

$60.28 $58.05

$51 $49.32

$44.61

$43.38 $42.54

$34 $25.04 $30.50

$17

$16.90 $19.57 $15.51 $18.82

$0

Q3 08 Q3 09 YTD 08 YTD 09

Average realized gross margin ($/MWh)2

Average realized fuel cost ($/MWh)3

Q3 08 vs. Q3 09

• Improved plant operating performance

• Lower average realized energy prices and generation from lower demand and reduced exports

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

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 Other Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix.

November 6, 2009 6 EDISON INTERNATIONAL®

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Homer City – Operating Performance

Operating Statistics 3Q 08 3Q 09 YTD 08 YTD 09

Total Generation (GWh) 3,354 2,994 8,796 8,677

Equivalent Availability 93.6% 92.7% 80.9% 86.8%

Capacity Factor 80.5% 71.8% 70.9% 70.1%

Load Factor 86.0% 77.5% 87.6% 80.8%

Forced Outage Rate 4.0% 3.8% 8.1% 7.6%

All-in Average Realized Prices1

$72 $66.21

$61.44

$55 $54.69 $55.96

$42.91 $38.42

$38 $33.23 $33.91

$21

$23.30 $21.46 $23.02 $22.05

$0

Q3 08 Q3 09 YTD 08 YTD 09

Average realized gross margin ($/MWh)2

Average realized fuel cost ($/MWh)3

Q3 08 vs. Q3 09

• Lower average realized energy prices and generation

• Lower dispatch offset improved forced outage rate

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 Other Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix.

November 6, 2009 7 EDISON INTERNATIONAL®

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EMG Hedge Program Status

Status at September 30, 20091

Remainder of 2009 2010 2011 2012

Midwest Generation1,2

Total estimated GWh hedged (Northern Illinois & AEP/Dayton Hubs) 3,574 20,099 816 -

Average price ($/MWh) $55.04 $43.70 $70.61 -

Coal under contract (in millions of tons) 4.5 17.1 9.8 9.8

Homer City

Total estimated GWh hedged 2,140 3,616 - -

Average price ($/MWh) $59.61 $79.49 - -

Coal under contract (in millions of tons)3 1.0 4.7 2.2 1.2

Recent developments

Since June 30, added 14,276 GWh of new hedges

13,118 GWh for MWG and 954 GWh for HC in 2010

204 GWh for MWG in 2011

1 Midwest Generation GWh hedged and average price data for 2010 as of October 31, 2009 and includes 7,461 GWh of additional power hedges entered into in October 2009.

2 As of September 30, 2009, EMMT has entered into 3.7 billion cubic feet of natural gas futures contracts (equivalent to approximately 600 GWh of energy only contracts using a ratio of 6 MMBtu to 1 MWh) to hedge Midwest Generation energy price risks during the remainder of 2009 and 2010.

3 At September 30, 2009, there are options to purchase additional coal of 0.3 million tons for 2011, 0.5 million tons for 2012, and 0.2 million tons for 2013.

November 6, 2009 8 EDISON INTERNATIONAL®

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Liquidity Profile

June 30, 2009 September 30, 2009

EMG EMG

EME Edison EIX EME Edison EIX

& Capital parent co. & Capital parent co.

Sources (in Millions) SCE MWG & other1 & other SCE MWG & other1 & other

Credit Facility $ 2,894 $ 1,100 $ — $ 1,426 $ 2,894 $ 1,100 $ — $ 1,426

Credit Facility (availability)2 2,806 110 — 1,349 2,812 496 — 1,341

Cash & short term investments3 457 1,658 553 38 757 1,210 398 51

Available Liquidity $ 3,263 $ 1,768 $ 553 $ 1,387 $ 3,569 $ 1,706 $ 398 $ 1,392

Recent developments

• Return to normal EME & MWG credit facility use in October 2009

• Project finance markets improving

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 $81 million and $94 million held by SCE’s consolidated variable interest entities (VIE) as of June 30 and September 30, 2009, respectively.

November 6, 2009 9 EDISON INTERNATIONAL®

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EMG Wind Energy Business

Strategic importance

• Portfolio diversification

• Favorable cash flow profile

• Increasing need given state RPS requirements

Portfolio & Development Pipeline1

• 25 projects in service (1,185 MW)

• 2 projects under construction (390 MW)

• 39 projects in development pipeline (~5,000 MW)

Recent activities1

• $206 million project financing for 240 MW Big Sky project (IL) completed; commenced construction using Suzlon turbines

• 150 MW Cedro Hill project (TX) acquired; commenced construction using GE turbines and started project finance lender discussions

• Turbines available for new projects reduced from 948 MW to 512 MW: Available at 9/30/09 (MW) 948 New construction (390) Converted to option (46) Available at 10/31/09 512

• $586 million of wind turbine deposits and payments

Estimated Capital Expenditures – Renewable Projects ($ in millions)

06/30/2009 09/30/20092

Remainder Remainder

of 2009 2010 2011 Total of 2009 2010 2011 Total

Projects under construction $55 $— $— $55 $119 $453 $2 $574

Turbine Commitments 596 242 — 838 6 439 — 445

Total $651 $242 $— $893 $125 $892 $2 $1,019

1 Data as of October 31, 2009. Projects reflect EMG ownership share. Development pipeline includes projects owned or under exclusive agreements. Total available MW at 9/30/09 includes 6 MW in storage from prior period.

2 2010 amounts reflect projects beginning construction and turbine purchase agreement amendments in October 2009.

November 6, 2009 10 EDISON INTERNATIONAL®

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SCE Capital Investment Forecast

$ Billions $5

$4 $3 $2 $1

$0

2009 2010 2011 2012 2013

Total

Base Case1 $3.1 $3.8 $4.2 $4.5 $4.2 $19.8

Low Case2 $2.6 $3.3 $3.6 $3.8 $3.5 $16.8

5-Yr Base Case

By Classification

$%

Solar Rooftop Program 0.8 4

Edison SmartConnect™ 1.2 6

Generation 2.8 14

Transmission 4.9 25

Distribution 10.1 51

Total 19.8 100

5-Yr Base Case

By Proceeding Type%

2009 CPUC Rate Case 35

2012 CPUC Rate Case 28

Other CPUC 12

FERC Rate Cases 25

Total 100

1 Subject to timely receipt of permitting, licensing and regulatory approvals. Forecast as of October 2009.

2 Low Case reflects a 15% potential variability to project investment levels related to execution risk, scope change, delays, regulatory constraints, and other contingencies (vs. 18% in September Business Update).

November 6, 2009 11 EDISON INTERNATIONAL®

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SCE Rate Base Forecast

$ Billions

$25

$20

$15

$10

$5

$0 5-Yr

2008 2009 2010 2011 2012 2013 CAGR

Base Case1 $12.6 $14.8 $16.1 $17.9 $20.6 $22.8 13%

Low Case2 $14.7 $15.8 $17.2 $19.0 $20.5 10%

1 Forecast as of October 2009 and includes: (1) 2009 CPUC GRC & FERC Decisions; (2) currently forecasted 2010-2013 FERC and 2012-2013 CPUC rate base, subject to timely receipt of permitting, licensing and regulatory approvals; (3) FERC construction work in progress forecast; (4) estimated impact of accelerated depreciation of the Economic Stimulus Act of 2009; and (5) CPUC approved solar rooftop program.

2 Reflects Low Case from SCE Capital Investment Forecast.

November 6, 2009 12 EDISON INTERNATIONAL®

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2009 Earnings Guidance

Reconciliation of Core Earnings to GAAP Earnings Guidance1

2009 Earnings

2009 Earnings Guidance

Guidance as of Updated as of

08/07/09 11/06/09

Low Mid High Low Mid High

EIX core earnings per share $2.90 $3.05 $3.20 $2.95 $3.05 $3.15

Non-core items:

Global tax settlement: (0.85) (0.85)

SCE 0.92

EMG(1.92)

EIX 0.15

SCE – regulatory items 0.14 0.14

EMG – discontinued operations (0.01) (0.01)

Total non-core items (0.72) (0.72)

EIX GAAP earnings per share $2.18 $2.33 $2.48 $2.23 $2.33 $2.43

Midpoint of 2009 core guidance

by key business element:

SCE $2.49 $2.55

EMG 0.70 0.60

EIX parent company and other (0.14) (0.10)

Total $3.05 $3.05

Assumptions

Southern California Edison

• 2009 average rate base:

Includes 2009 GRC decision

solar Approval rooftop of 2009 program FERC rate case and

• 2009 Approved Capital Structure

48% Equity, 11.50% ROE

• $ Potential 0.03 per energy share included efficiency earnings of

Edison Mission Group

• 9/30/09 Forward hedge position and prices as of • million EMMT pre-tax trading margin of $50-75

• $ Pre 45- tax million earnings from Big 4 lower by $35 to

• $ Increased 90 to $105 MWG million pre—(CAIR tax operating compliance cost and by mercury controls) • forward. No significant Includes Edison $0.06 Capital gain earnings on sale of going interest in MCV lease

Other

• Normal operating and weather conditions

• No changes in GAAP accounting

• non Excludes -core discontinued items except operations as noted and other

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.

November 6, 2009 13 EDISON INTERNATIONAL®

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Appendix

November 6, 2009 14 EDISON INTERNATIONAL®

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Third Quarter Earnings Summary

Reconciliation of Core EPS to GAAP EPS

Core EPS1 Q3 08 Q3 09 Variance

SCE $ 0.87 $ 0.92 $ 0.05

EMG 0.64 0.19 (0.45)

EIX parent company (0.05)(0.02) 0.03

and other

Core EPS1 $ 1.46 $ 1.09 $ (0.37)

Non-Core Items

SCE $ (0.15) $ 0.14 $ 0.29

EMG 0.02 — (0.02)

Total Non-Core $ (0.13) $ 0.14 $ 0.27

GAAP EPS $ 1.33 $ 1.23 $ (0.10)

Diluted EPS $ 1.33 $ 1.22 $ (0.11)

Core EPS Variances

SCE 0.05

Higher operating income associated with the 2009 GRC decision and other

nonoperating expenses from California ballot initiative costs in 2008,

partially offset by higher income taxes and other

EMG

Midwest Generation(0.27)

Lower power prices and higher fuel costs partially offset by higher capacity

prices, and the 2008 Lehman hedge contract charge

Homer City (0.10)

Lower power prices and generation, partially offset by higher capacity

prices

Renewable energy projects —

Higher revenues and operating costs from new projects offset by

mild wind conditions

Natural gas and other projects(0.04)

Primarily lower natural gas prices affecting electricity and steam revenues

of Big 4 projects

EMMT 2 - Trading(0.05)

Lower trading income driven by lower congestion

Corporate expense and other items 0.01

Lower corporate expense

Edison Capital —

Lower lease income and infrastructure fund performance offset by taxes

Non-Core Variances

SCE 0.29

Q3 08: $(0.15) for performance-based ratemaking decision

Q3 09: $0.14 for Mountainview transfer

EMG (0.02)

Q3 08: $0.02 for 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 $(0.01) per share for the quarter ended September 30, 2009 and $(0.02) per share for the quarter ended September 30, 2008.

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

November 6, 2009 15 EDISON INTERNATIONAL®

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Year-to-Date Earnings Summary

Reconciliation of Core EPS to GAAP EPS

Core EPS1 YTD 08 YTD 09 Variance

SCE $ 1.81 $ 2.17 $ 0.36

EMG 1.47 0.55 (0.92)

EIX parent company (0.10) (0.06) 0.04

and other

Core EPS1 $ 3.18 $ 2.66 $ (0.52)

Non-Core Items

SCE $ (0.15) $ 1.06 $ 1.21

EMG — (1.93) (1.93)

EIX parent company — 0.15 0.15

and other

Total Non-Core $ (0.15) $ (0.72) $ (0.57)

GAAP EPS $ 3.03 $ 1.94 $ (1.09)

Diluted EPS $ 3.02 $ 1.94 $ (1.08)

Core EPS Variances

SCE 0.36

Higher operating income associated with the 2009 GRC decision and other

nonoperating expenses from California ballot initiative costs in 2008,

partially offset by higher income taxes and other

EMG

Midwest Generation (0.55)

Lower power prices, higher fuel costs, favorable coal contact buy-out

of $0.03 in 2008, partially offset by higher capacity prices, SFAS 133 gains

and the 2008 Lehman hedge contract charge

Homer City (0.03)

Lower power prices and lower generation, partially offset by higher

capacity prices, SFAS 133 gains and lower plant maintenance expense

Renewable energy projects 0.01

Higher revenues and operating costs from new projects offset by

mild wind conditions

Natural gas and other projects

Lower natural gas prices affecting electricity and steam revenues(0.08)

of Big 4 Projects

EMMT 2 - Trading (0.16)

Lower trading income driven by lower congestion

Corporate expense and other items(0.04)

Higher net interest expense partially offset by lower corporate expense

Edison Capital (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 09 gain on sale

of interest in Beaver Valley lease of $0.07

Non-Core Variances

SCE 1.21

YTD 08: $(0.15) for performance-based ratemaking

YTD 09: $0.14 for Mountainview transfer, $0.92 for global tax settlement

EMG (1.93)

YTD 09: $(0.01) for discontinued operations, $(1.92) for global tax settlement

EIX 0.15

YTD 09: $0.15 for global tax settlement

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 year-to-date period ended September 30, 2009 and $(0.04) per share for the year-to-date period ended September 30, 2008.

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

November 6, 2009 16 EDISON INTERNATIONAL®

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EMG Capital Expenditures

Estimated Expenditures

Remainder of

(in Millions) 2009 2010 2011

MWG

Plant capital expenditures $21 $96 $62

Environmental expenditures 6 (a) (a)

Homer City

Plant capital expenditures 10 55 29

Environmental expenditures — 15 32

Renewable Projects

Projects under construction1 119 453 2

Turbine commitments2 6 439 —

Other capital expenditures 8 23 12

Total $170 $1,081 $137

(a) See the Q309 EIX 10-Q MD&A regarding MWG capital expenditures for environmental improvements.

Capital Expenditure Update

• Continuing to focus on a selective growth strategy, primarily on development of future renewable projects deploying turbines secured under current turbine supply agreements including turbines in storage

• Evaluation of environmental upgrades at Midwest Generation continues -engineering work in process

1 Includes projects beginning construction in October 2009 and $206 million in turbine purchases where financing has been arranged. See the MD&A “Business Development and Capital Commitments” section in the Q3 09 EIX 10-Q for more information regarding EME’s turbine commitments.

2 For 2010, excludes turbine commitments for which EME is no longer obligated due to amendments to turbine purchase agreements executed in October 2009. For discussion of potential changes to EME’s turbine commitments, see the MD&A “Business Development and Capital Commitments” section in the Q3 09 EIX 10-Q for more information regarding EME’s turbine commitments.

November 6, 2009 17 EDISON INTERNATIONAL®

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EMG – Adjusted EBITDA

Reconciliation to Earnings1 ($ Millions) Q3 08 Q3 09 YTD 08 YTD 09 2007 2008

Earnings (Loss) $ 214 $ 60 $ 479 $ (450) $ 410 $ 561

Addback (Deduct):

Discontinued operations (6) — — 5 2 —

Income (loss) from continuing operations 208 60 479 (445) 412 561

Interest expense 70 81 211 232 323 288

Interest income(7) (3) (27) (15) (101) (37)

Income taxes 125 7 265 (263) 170 272

Depreciation and amortization 50 63 143 176 172 197

EBITDA2 446 208 1,071 (315) 976 1,281

Production tax credits3 9 10 29 40 28 44

Addback:

Gain on sale of interests in leases & other assets (1) —(50) 886(1)(49)

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

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

Adjusted EBITDA1 $ 454 $ 218 $ 1,050 $ 611 $ 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.

November 6, 2009 18 EDISON INTERNATIONAL®

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SCE Transmission Investment Program

San Joaquin

Cross Valley Loop

Rector

Windhub

Whirlwind

Antelope

Santa Clarita Ivanpah Eldorado

Vincent Rancho Vista

Pardee

Mira Loma Devers

Los Angeles Valley Colorado

River

San Diego

DPV2 500kV Tehachapi Segments 1-3 500kV

Rancho Vista Substation Tehachapi Segments 4-11 500kV

Eldorado Ivanpah San Joaquin Cross Valley Loop

* New substations are filled

2009 - 2013

Project Name Phase In-Service ($ Millions) 1

Renewables

Tehachapi Segments 1 - 3 Construction Various 598

Tehachapi Segments 4 - 11 Licensing Various 1,369

Devers-Colorado River Project3 Licensing 2013 637

Eldorado-Ivanpah Licensing Various 464

Other Projects2 Licensing Various 242

Total Renewables 3,310

Reliability

San Joaquin Cross Valley Loop Licensing4 2012 134

Rancho Vista Substation Complete 2009 37

Other Projects2 Various Various 1,460

Total Reliability 1,631

Grand Total 4,941

Transmission investment needed to strengthen system reliability and increase access to renewable energy

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

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

3 The Devers-Colorado River (DCR) project was formerly described as the California portion of the DPV2 project.

4 CPCN Filing submitted in May 2008 with a decision expected in 2010.

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Earnings Non-GAAP Reconciliations

Reconciliation of EIX Core Earnings to EIX GAAP Earnings

Earnings (Loss) (in millions) Quarter Ended September 30, Year-to-Date September 30,

Attributable to Edison International (Unaudited) 2008 2009 2008 2009

Core Earnings1

SCE $ 284 $ 300 $ 591 $ 707

EMG 208 61 479 179

EIX parent company and other (10) (3) (22) (16)

EIX core earnings $ 482 $ 358 $ 1,048 $ 870

Non-core items

SCE – regulatory items (49) 46 (49) 46

Global tax settlement:

SCE — — — 300

EMG — — —(624)

EIX parent company and other — — — 50

EMG – discontinued operations 6 (1) — (5)

Total non-core items $ (43) $ 45 $ (49) $ (233)

EIX GAAP Earnings $ 439 $ 403 $ 999 $ 637

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

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Other Non-GAAP Reconciliations

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

Midwest Generation

Q3 08 Q3 09 YTD 08 YTD 09

Generation (GWh) 8,413 8,272 23,616 21,722

Operating revenues $501 $372 $1,360 $1,096

Less: Unrealized (gains) losses 7 (2) 15 (22)

Other revenues (1) (1) (4) (2)

Realized Revenues $507 $369 $1,371 $1,072

All-in Average Realized Price/MWh $60.28 $44.61 $58.05 $49.32

Fuel expenses $142 $164 $366 $397

Less: Unrealized gains (losses) — (2) — 12

Realized fuel expenses $142 $162 $366 $409

Average realized fuel costs/MWh $16.90 $19.57 $15.51 $18.82

Homer City

Q3 08 Q3 09 YTD 08 YTD 09

3,354 2,994 8,796 8,677

$236 $170 $548 $496

(14) (6) (7) (11)

— — (1) —

$222 $164 $540 $485

$66.21 $54.69 $61.44 $55.96

$78 $65 $202 $192

— — — —

$78 $65 $202 $192

$23.30 $21.46 $23.02 $22.05

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

Q3 08 Q3 09 YTD 08 YTD 09

Operating revenues

Midwest Generation $501 $372 $1,360 $1,096

Homer City 236 170 548 496

Wind projects 20 26 70 101

Other revenues 57 25 168 69

Segment revenues as reported $814 $593 $2,146 $1,762

Fuel Costs

Midwest Generation $142 $164 $366 $397

Homer City 78 65 202 192

Other revenues — (1) (4) (2)

Segment revenues as reported $220 $228 $564 $587

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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 and core earnings per share are defined as GAAP earnings and GAAP earnings per share less discontinued operations and other non-core items. GAAP earnings refers to net income attributable to Edison International or attributable to the common shareholders of each subsidiary and EIX GAAP earnings per share refers to basic earnings per common share attributable to Edison International common shareholders. 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.

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.

November 6, 2009

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