NEWS

FOR IMMEDIATE RELEASE

Media relations contact:

Charles Coleman, (626) 302-7982

Investor relations contact:

Scott Cunningham, (626) 302-2540

Edison International Reports Fourth Quarter and Full-Year 2014 Results

ROSEMEAD, Calif., February 24, 2015 - Edison International (NYSE: EIX) today reported fourth quarter 2014 net income on a GAAP basis of $420 million, or $1.29 per share, compared to $301 million, or $0.92 per share, in the fourth quarter of 2013. On an adjusted basis, Edison International’s fourth quarter 2014 core earnings were $355 million, or $1.08 per share, compared to $264 million, or $0.81 per share, in the fourth quarter of 2013.

Southern California Edison’s (SCE) fourth quarter 2014 core earnings increased $98 million, or $0.30 per share, primarily due to higher authorized revenue from rate base growth, higher income tax benefits, and lower severance costs. In the fourth quarter of 2014, the California Public Utilities Commission (CPUC) authorized an increase in SCE's revenue due to a revised determination of rate base for deferred income taxes that increased earnings by $18 million, or $0.05 per share. Edison International Parent and Other’s fourth quarter 2014 core earnings decreased $7 million, or $0.03 per share, primarily due to lower income tax benefits and higher corporate expenses, partially offset by higher income from Edison Capital’s investments in affordable housing projects.

Edison International's fourth quarter 2014 core earnings exclude income of $24 million, or $0.08 per share, related to a revised estimated impact of the San Onofre Nuclear Generating Station (SONGS) Settlement, and income of $41 million, or $0.13 per share, primarily due to discontinued operations. Edison International's fourth quarter 2013 core earnings exclude income of $37 million, or $0.11 per share, from discontinued operations.

"Edison International delivered strong financial results in 2014," said Ted Craver, chairman and chief executive officer of Edison International. "Southern California Edison’s continued electric grid investments and good cost management are key factors in this performance. Our stock performed well as we resolved key uncertainties and took an important first step to return the dividend to our target payout ratio of 45-55% of SCE’s earnings. Looking ahead, we see sustained high levels of SCE investment to help meet California’s public policy objectives and assure grid reliability for our customers."

Full-Year Earnings

For the year ended December 31, 2014, Edison International reported net income on a GAAP basis of $1,612 million, or $4.95 per share, compared to $915 million, or $2.81 per share, during the same period in 2013. On an adjusted basis, Edison International’s core earnings were $1,497 million, or $4.59 per share, compared to $1,237 million, or $3.80 per share, in 2013.

SCE’s core earnings for 2014 increased $260 million, or $0.80 per share, from 2013 primarily due to higher authorized revenue from rate base growth, higher income tax benefits and lower severance costs. In the fourth quarter of 2014, the CPUC authorized an increase in SCE's revenue due to a revised determination of rate base for deferred income taxes that increased earnings by $18 million, or $0.05 per share. In addition, during 2014, SCE recorded earnings of $11 million, or $0.03 per share, from a change in estimate of revenues under its Federal Energy Regulatory Commission formula rate, and $9 million, or $0.03 per share, of benefits related to generator settlements. Edison International Parent and Other's core losses for 2014 included higher corporate and new business expenses, offset by higher income from Edison Capital's investments in affordable housing projects.

-more-

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 2 of 12

Edison International's full-year 2014 core earnings exclude charges of $72 million, or $0.22 per share, related to the SONGS Settlement Agreement, and income of $187 million, or $0.58 per share, primarily due to discontinued operations. Edison International' s 2013 core earnings excludes a $365 million charge, or $1.12 per share, related to the permanent retirement of SONGS Units 2 and 3, and income of $43 million, or $0.13 per share, primarily due to discontinued operations.

Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic earnings.

2015 Earnings Guidance

Edison International will provide 2015 earnings guidance after a final decision has been issued by the California Public Utilities Commission on the Southern California Edison 2015 General Rate Case. See the presentation accompanying the company’s conference call for further information.

About Edison International

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

-###-

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 3 of 12

Appendix

Use of Non-GAAP Financial Measures

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

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

Risk Disclosure Statement

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

Reminder: Edison International Will Hold a Conference Call Today

When:    Tuesday, February 24, 2015, 2:00 p.m. (Pacific Time)

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

Telephone Replay:    1-866-443-2924 (US) and 1-203-369-1100 (Int’l) - Passcode: 254516

Telephone replay available through March 5, 2015

Webcast:     www.edisoninvestor.com

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 4 of 12

Fourth Quarter and Full-Year Reconciliation of

Core Earnings Per Share to Basic Earnings Per Share

	Three months ended December 31,								Years ended December 31,
	2014			2013		Change			2014			2013			Change
Earnings (loss) per share attributable to Edison International
Continuing operations
SCE	$	1.17		$	0.79	$	0.38		$	4.46		$	2.76		$	1.70
Edison International Parent and Other	—			0.02		(0.02		)	(0.08		)	(0.06		)	(0.02		)
Discontinued operations	0.12			0.11		0.01			0.57			0.11			0.46
Edison International	1.29			0.92		0.37			4.95			2.81			2.14
Less: Non-core items
SCE	0.08			—		0.08			(0.22		)	(1.12		)	0.90
Edison International Parent and Other	0.01			—		0.01			0.01			0.02			(0.01		)
Discontinued operations	0.12			0.11		0.01			0.57			0.11			0.46
Total non-core items	0.21			0.11		0.10			0.36			(0.99		)	1.35
Core earnings (losses)
SCE	1.09			0.79		0.30			4.68			3.88			0.80
Edison International Parent and Other	(0.01		)	0.02		(0.03		)	(0.09		)	(0.08		)	(0.01		)
Edison International	$	1.08		$	0.81	$	0.27		$	4.59		$	3.80		$	0.79

Note: Diluted earnings were $1.27 and $0.92 per share for the three months ended December 31, 2014 and 2013, respectively, and $4.89 and $2.78 per share for the years ended December 31, 2014 and 2013, respectively.

Fourth Quarter and Full-Year Reconciliation of

Core Earnings to Basic Earnings (in millions)

	Three months ended December 31,								Years ended December 31,
(in millions)	2014			2013		Change			2014			2013			Change
Net income (loss) attributable to Edison International
Continuing operations
SCE	$	380		$	258	$	122		$	1,453		$	900		$	553
Edison International Parent and Other	1			6		(5		)	(26		)	(21		)	(5		)
Discontinued operations	39			37		2			185			36			149
Edison International	420			301		119			1,612			915			697
Less: Non-core items
SCE	24			—		24			(72		)	(365		)	293
Edison International Parent and Other	2			—		2			2			7			(5		)
Discontinued operations	39			37		2			185			36			149
Total non-core items	65			37		28			115			(322		)	437
Core earnings (losses)
SCE	356			258		98			1,525			1,265			260
Edison International Parent and Other	(1		)	6		(7		)	(28		)	(28		)	—
Edison International	$	355		$	264	$	91		$	1,497		$	1,237		$	260

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 5 of 12

Consolidated Statements of Income	Edison International
	Quarters ended December 31,						Years ended December 31,
(in millions, except per-share amounts)	2014			2013			2014			2013
Total operating revenue	$	3,114		$	2,943		$	13,413		$	12,581
Purchased power and fuel	1,029			1,073			5,593			4,891
Operation and maintenance	901			892			3,149			3,473
Depreciation, decommissioning and amortization	472			398			1,720			1,622
Property and other taxes	87			79			322			309
Impairment and other charges	(68		)	(4		)	157			571
Total operating expenses	2,421			2,438			10,941			10,866
Operating income	693			505			2,472			1,715
Interest and other income	39			33			147			124
Interest expense	(138		)	(143		)	(560		)	(544		)
Other expenses	(29		)	(36		)	(80		)	(74		)
Income from continuing operations before income taxes	565			359			1,979			1,221
Income tax expense	159			70			443			242
Income from continuing operations	406			289			1,536			979
Income (loss) from discontinued operations, net of tax	39			37			185			36
Net income (loss)	445			326			1,721			1,015
Preferred and preference stock dividend requirements of utility	28			25			112			100
Other noncontrolling interests	(3		)	—			(3		)	—
Net income (loss) attributable to Edison International common shareholders	$	420		$	301		$	1,612		$	915
Amounts attributable to Edison International common shareholders:
Income from continuing operations, net of tax	$	381		$	264		$	1,427		$	879
Income (loss) from discontinued operations, net of tax	39			37			185			36
Net income (loss) attributable to Edison International common shareholders	$	420		$	301		$	1,612		$	915
Basic earnings (loss) per common share attributable to Edison International common shareholders:
Weighted-average shares of common stock outstanding	326			326			326			326
Continuing operations	$	1.17		$	0.81		$	4.38		$	2.70
Discontinued operations	0.12			0.11			0.57			0.11
Total	$	1.29		$	0.92		$	4.95		$	2.81
Diluted earnings (loss) per common share attributable to Edison International common shareholders:
Weighted-average shares of common stock outstanding, including effect of dilutive securities	329			328			329			329
Continuing operations	$	1.15		$	0.81		$	4.33		$	2.67
Discontinued operations	0.12			0.11			0.56			0.11
Total	$	1.27		$	0.92		$	4.89		$	2.78
Dividends declared per common share	$	0.4175		$	0.3550		$	1.4825		$	1.3675

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 6 of 12

Consolidated Balance Sheets	Edison International
	December 31,
(in millions)	2014		2013
ASSETS
Cash and cash equivalents	$	132	$	146
Receivables, less allowances of $68 and $66 for uncollectible accounts at respective dates	790		838
Accrued unbilled revenue	632		596
Inventory	281		256
Derivative assets	102		122
Regulatory assets	1,254		538
Deferred income taxes	452		421
Other current assets	376		395
Total current assets	4,019		3,312
Nuclear decommissioning trusts	4,799		4,494
Other investments	207		207
Total investments	5,006		4,701
Utility property, plant and equipment, less accumulated depreciation and amortization of $8,132 and $7,493 at respective dates	32,859		30,379
Nonutility property, plant and equipment, less accumulated depreciation of $76 and $74 at respective dates	122		76
Total property, plant and equipment	32,981		30,455
Derivative assets	219		251
Regulatory assets	7,612		7,241
Other long-term assets	349		686
Total long-term assets	8,180		8,178
Total assets	$	50,186	$	46,646

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 7 of 12

Consolidated Balance Sheets	Edison International
	December 31,
(in millions, except share amounts)	2014			2013
LIABILITIES AND EQUITY
Short-term debt	$	1,291		$	209
Current portion of long-term debt	504			601
Accounts payable	1,580			1,407
Accrued taxes	81			358
Customer deposits	221			201
Derivative liabilities	196			152
Regulatory liabilities	401			767
Other current liabilities	1,205			1,186
Total current liabilities	5,479			4,881
Long-term debt	10,234			9,825
Deferred income taxes and credits	7,313			7,346
Derivative liabilities	1,052			1,042
Pensions and benefits	2,155			1,378
Asset retirement obligations	2,821			3,418
Regulatory liabilities	5,889			4,995
Other deferred credits and other long-term liabilities	2,255			2,070
Total deferred credits and other liabilities	21,485			20,249
Total liabilities	37,198			34,955
Commitments and contingencies
Redeemable noncontrolling interest	6			—
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at respective dates)	2,445			2,403
Accumulated other comprehensive loss	(58		)	(13		)
Retained earnings	8,573			7,548
Total Edison International's common shareholders' equity	10,960			9,938
Noncontrolling interests - preferred and preference stock of utility	2,022			1,753
Total equity	12,982			11,691
Total liabilities and equity	$	50,186		$	46,646

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 8 of 12

Consolidated Statements of Cash Flows	Edison International
	Years ended December 31,
(in millions)	2014			2013			2012
Cash flows from operating activities:
Net income (loss)	$	1,721		$	1,015		$	(92	)
Less: Income (loss) from discontinued operations	185			36			(1,686		)
Income from continuing operations	1,536			979			1,594
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, decommissioning and amortization	1,815			1,696			1,634
Allowance for equity during construction	(65		)	(72		)	(96		)
Impairment and other charges	157			571			(28		)
Deferred income taxes and investment tax credits	522			345			141
Other	20			18			94
EME settlement payments	(225		)	—			—
Changes in operating assets and liabilities:
Receivables	64			(56		)	(13		)
Inventory	(25		)	80			10
Accounts payable	14			45			14
Prepaid and accrued taxes	(100		)	(92		)	189
Other current assets and liabilities	(103		)	(155		)	114
Derivative assets and liabilities, net	(40		)	(30		)	262
Regulatory assets and liabilities, net	(358		)	(322		)	(314		)
Nuclear decommissioning trusts	39			76			192
Other noncurrent assets and liabilities	(3		)	(116		)	178
Operating cash flows from continuing operations	3,248			2,967			3,971
Operating cash flows from discontinued operations, net	—			—			(637		)
Net cash provided by operating activities	3,248			2,967			3,334
Cash flows from financing activities:
Long-term debt issued, net of discount and issuance costs of $6, $18 and $4 at respective periods	494			1,973			391
Long-term debt matured or repurchased	(607		)	(1,017		)	(6		)
Bonds remarketed, net	—			195			—
Preference stock issued, net	269			387			804
Preference stock redeemed	—			(400		)	(75		)
Short-term debt financing, net	1,079			32			(264		)
Cash contribution from redeemable noncontrolling interest	9			—			—
Dividends to noncontrolling interests	(111		)	(101		)	(82		)
Dividends paid	(463		)	(440		)	(424		)
Other	(25		)	(48		)	(68		)
Financing cash flows from continuing operations	645			581			276
Financing cash flows from discontinued operations, net	—			—			374
Net cash provided by financing activities	645			581			650
Cash flows from investing activities:
Capital expenditures	(3,906		)	(3,599		)	(4,149		)
Proceeds from sale of nuclear decommissioning trust investments	10,079			5,617			2,122
Purchases of nuclear decommissioning trust investments	(10,123		)	(5,715		)	(2,337		)
Proceeds from sale of assets	6			181			114
Other	37			(56		)	4
Investing cash flows from continuing operations	(3,907		)	(3,572		)	(4,246		)
Investing cash flows from discontinued operations, net	—			—			(1,037		)
Net cash used by investing activities	(3,907		)	(3,572		)	(5,283		)
Net decrease in cash and cash equivalents	(14		)	(24		)	(1,299		)
Cash and cash equivalents at beginning of year	146			170			1,469
Cash and cash equivalents at end of year	$	132		$	146		$	170

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 9 of 12

Consolidated Statements of Income				Southern California Edison Company
	Quarters ended December 31,						Years ended December 31,
(in millions)	2014			2013			2014			2013
Operating revenue	$	3,104		$	2,931		$	13,380		$	12,562
Purchased power and fuel	1,029			1,073			5,593			4,891
Operation and maintenance	870			876			3,057			3,416
Depreciation, decommissioning and amortization	472			398			1,720			1,622
Property and other taxes	86			79			318			307
Impairment and other charges	(68		)	—			163			575
Total operating expenses	2,389			2,426			10,851			10,811
Operating income	715			505			2,529			1,751
Interest and other income	17			33			122			122
Interest expense	(131		)	(136		)	(533		)	(520		)
Other expenses	(29		)	(36		)	(79		)	(74		)
Income before income taxes	572			366			2,039			1,279
Income tax expense	164			83			474			279
Net income	408			283			1,565			1,000
Less: Preferred and preference stock dividend requirements	28			25			112			100
Net income available for common stock	$	380		$	258		$	1,453		$	900

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 10 of 12

Consolidated Balance Sheets	Southern California Edison Company
		December 31,
(in millions)		2014		2013
ASSETS
Cash and cash equivalents		$	38	$	54
Receivables, less allowances of $68 and $66 for uncollectible accounts at respective dates		749		813
Accrued unbilled revenue		632		596
Inventory		275		256
Derivative assets		102		122
Regulatory assets		1,254		538
Deferred income taxes		—		303
Other current assets		390		393
Total current assets		3,440		3,075
Nuclear decommissioning trusts		4,799		4,494
Other investments		158		140
Total investments		4,957		4,634
Utility property, plant and equipment, less accumulated depreciation of $8,132 and $7,493 at respective dates		32,859		30,379
Nonutility property, plant and equipment, less accumulated depreciation of $75 and $70 at respective dates		69		72
Total property, plant and equipment		32,928		30,451
Derivative assets		219		251
Regulatory assets		7,612		7,241
Other long-term assets		300		398
Total long-term assets		8,131		7,890
Total assets		$	49,456	$	46,050

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 11 of 12

Consolidated Balance Sheets	Southern California Edison Company
		December 31,
(in millions, except share amounts)		2014			2013
LIABILITIES AND EQUITY
Short-term debt		$	667		$	175
Current portion of long-term debt		300			600
Accounts payable		1,556			1,373
Accrued taxes		87			57
Customer deposits		221			201
Derivative liabilities		196			152
Regulatory liabilities		401			767
Deferred income taxes		209			39
Other current liabilities		1,183			1,034
Total current liabilities		4,820			4,398
Long-term debt		9,624			9,422
Deferred income taxes and credits		8,288			7,841
Derivative liabilities		1,052			1,042
Pensions and benefits		1,672			951
Asset retirement obligations		2,819			3,418
Regulatory liabilities		5,889			4,995
Other deferred credits and other long-term liabilities		2,010			1,845
Total deferred credits and other liabilities		21,730			20,092
Total liabilities		36,174			33,912
Commitments and contingencies
Common stock, no par value (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at each date)		2,168			2,168
Additional paid-in capital		618			592
Accumulated other comprehensive loss		(28		)	(11		)
Retained earnings		8,454			7,594
Total common shareholder's equity		11,212			10,343
Preferred and preference stock		2,070			1,795
Total equity		13,282			12,138
Total liabilities and equity		$	49,456		$	46,050

Edison International Reports Fourth Quarter and Full-Year 2014 Financial Results

Page 12 of 12

Consolidated Statements of Cash Flows	Southern California Edison Company
		Years ended December 31,
(in millions)		2014			2013			2012
Cash flows from operating activities:
Net income		$	1,565		$	1,000		$	1,660
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, decommissioning and amortization		1,810			1,694			1,633
Allowance for equity during construction		(65		)	(72		)	(96		)
Impairment and other charges		163			575			32
Deferred income taxes and investment tax credits		462			420			256
Other		11			14			86
Changes in operating assets and liabilities:
Receivables		64			(57		)	(23		)
Inventory		(19		)	80			10
Accounts payable		12			59			(9		)
Prepaid and accrued taxes		129			(93		)	254
Other current assets and liabilities		(107		)	(171		)	114
Derivative assets and liabilities, net		(40		)	(30		)	(86		)
Regulatory assets and liabilities, net		(358		)	(322		)	34
Nuclear decommissioning trusts		39			76			192
Other noncurrent assets and liabilities		(6		)	(125		)	29
Net cash provided by operating activities		3,660			3,048			4,086
Cash flows from financing activities:
Long-term debt issued, net of discount and issuance costs of $2, $18 and $4, at respective dates		498			1,973			391
Long-term debt matured or repurchased		(607		)	(1,016		)	(6		)
Bonds remarketed, net		—			195			—
Preferred stock issued, net		269			387			804
Preference stock redeemed		—			(400		)	(75		)
Short-term debt financing, net		490			(1		)	(250		)
Dividends paid		(489		)	(587		)	(551		)
Other		20			(43		)	(57		)
Net cash provided by financing activities		181			508			256
Cash flows from investing activities:
Capital expenditures		(3,857		)	(3,598		)	(4,149		)
Proceeds from sale of nuclear decommissioning trust investments		10,079			5,617			2,122
Purchases of nuclear decommissioning trust investments		(10,123		)	(5,715		)	(2,337		)
Proceeds from sale of assets		4			181			—
Other		40			(32		)	10
Net cash used by investing activities		(3,857		)	(3,547		)	(4,354		)
Net (decrease) increase in cash and cash equivalents		(16		)	9			(12		)
Cash and cash equivalents, beginning of year		54			45			57
Cash and cash equivalents, end of year		$	38		$	54		$	45