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): July 25, 2019

Commission File Number	Exact Name of Registrant as specified in its charter	State or Other Jurisdiction of Incorporation or Organization	IRS Employer Identification Number
1-9936	EDISON INTERNATIONAL	California	95-4137452
1-2313	SOUTHERN CALIFORNIA EDISON COMPANY	California	95-1240335

2244 Walnut Grove Avenue			2244 Walnut Grove Avenue
(P.O. Box 976)			(P.O. Box 800)
Rosemead,	California	91770	Rosemead,	California	91770
(Address of principal executive offices)			(Address of principal executive offices)
(626)	302-2222		(626)	302-1212
(Registrant's telephone number, including area code)			(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))

Securities registered pursuant to Section 12(b) of the Act:

Edison International:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	EIX	NYSE	LLC

Southern California Edison Company:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Cumulative Preferred Stock, 4.08% Series	SCEpB	NYSE American LLC
Cumulative Preferred Stock, 4.24% Series	SCEpC	NYSE American LLC
Cumulative Preferred Stock, 4.32% Series	SCEpD	NYSE American LLC
Cumulative Preferred Stock, 4.78% Series	SCEpE	NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company      ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                                                                                          ☐

This current report and its exhibits include forward-looking statements. Edison International and Southern California Edison Company ("SCE") based these forward-looking statements on their current expectations and projections about future events in light of their knowledge of facts as of the date of this current report and their assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Edison International and SCE. Edison International and SCE have 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 and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2018. Additionally, Edison International and SCE provide direct links to EIX and SCE presentations, documents and other information at www.edisoninvestor.com (Events and Presentations) in order to publicly disseminate such information.

Item  2.02 Results of Operations and Financial Condition

On July 25, 2019, Edison International issued a press release reporting its financial results and the financial results for its subsidiary, Southern California Edison Company, for the quarter ended June 30, 2019. A copy of the press release is attached as Exhibit 99.1. On the same day, members of Edison International's management will speak to investors via a financial teleconference. Senior management's prepared remarks and accompanying presentation are attached as Exhibit 99.2 and Exhibit 99.3 to this report. The information furnished in this Item 2.02 and Exhibits 99.1, 99.2, and 99.3 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  7.01 Regulation FD Disclosure

Members of Edison International management will use the information in the presentation attached as Exhibit 99.3 to this report in meetings with institutional investors and analysts and at investor conferences. The attached presentation will also be posted on Edison International's website.

Item  9.01 Financial Statements and Exhibits

(d) Exhibits

EXHIBIT INDEX

Exhibit No.	Description
99.1	Edison International Press Release dated July 25, 2019
99.2	Edison International Q2 2019 Financial Results Conference Call Prepared Remarks dated July 25, 2019
99.3	Edison International Q2 2019 Financial Results Conference Call Presentation dated July 25, 2019

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EDISON INTERNATIONAL

(Registrant)

/s/ Aaron D. Moss

Aaron D. Moss

Vice President and Controller

Date: July 25, 2019

SOUTHERN CALIFORNIA EDISON COMPANY

(Registrant)

/s/ Aaron D. Moss

Aaron D. Moss

Vice President and Controller

Date: July 25, 2019

EX-99.1

Exhibit 99.1

NEWS

FOR IMMEDIATE RELEASE

Investor relations contact:

Sam Ramraj, (626) 302-2540

Media relations contact:

Charles Coleman, (626) 302-7982

Edison International Reports Second Quarter and Year-to-Date 2019 Results

ROSEMEAD, Calif., July 25, 2019 - Edison International (NYSE: EIX) today reported second quarter 2019 net income of $392 million, or $1.20 per share, compared to net income of $276 million, or $0.85 per share, in the second quarter 2018. As adjusted, second quarter 2019 core earnings were $515 million, or $1.58 per share, compared to core earnings of $274 million, or $0.85 per share, in the second quarter 2018.

SCE's second quarter 2019 earnings increased by $122 million, or $0.37 per share, from the second quarter 2018, consisting of $245 million, or $0.75 per share, of higher core earnings and $123 million, or $0.38 per share, of higher non-core losses. The increase in core earnings was primarily due to adoption of the 2018 General Rate Case (GRC) final decision in the second quarter 2019, the timing of regulatory deferrals related to wildfire insurance and wildfire mitigation costs and higher revenue due to a change in estimate under the FERC formula rate mechanism. The higher non-core losses for the second quarter 2019 were mainly related to the $170 million ($123 million after-tax), or $0.38 per share, impairment charge resulting from the disallowance of certain historical capital expenditures in SCE's 2018 GRC final decision.

Edison International Parent and Other’s second quarter 2019 loss from continuing operations increased by $6 million, or $0.02 per share, compared to second quarter 2018, consisting of $4 million, or $0.02 per share, of higher core losses and $2 million of higher non-core losses. The higher core losses were primarily due to higher interest expense as a result of increased borrowings.

“The increase in core earnings in the second quarter 2019 was primarily due to the adoption of the 2018 GRC final decision, the timing of regulatory deferrals related to wildfire insurance and mitigation costs,” said Pedro J. Pizarro, president and chief executive officer of Edison International. “We remain committed to improving our wildfire risk profile through enhanced operational capabilities, while continuing to make significant investments in grid hardening and resiliency, as well as other capital programs that support California’s energy goals.”

Pizarro added, “On the legislative front, SCE appreciates the significant leadership that Governor Newsom and the legislature have shown and their willingness to act with urgency to address this wildfire crisis through the passage of Assembly Bill 1054 and companion measures. We supported passage of these bills, which improve the current regulatory framework. The state must ensure careful implementation and make some refinements in the future to ensure their success; we will work hard to see those changes made.”

Year-to-Date Earnings

For the six months ended June 30, 2019, Edison International reported net income of $670 million, or $2.05 per share, compared to $494 million, or $1.52 per share, during the same period in 2018. As adjusted, Edison International’s core earnings were $721 million, or $2.21 per share, compared to $536 million, or $1.65 per share, in the year-to-date period in 2018.

Edison International Reports Second Quarter and Year-to-Date 2019 Financial Results

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SCE's year-to-date 2019 earnings increased by $129 million, or $0.39 per share, from the same period prior year, consisting of $180 million, or $0.55 per share, of higher core earnings and $51 million, or $0.16 per share, of higher non-core losses. The increase in core earnings was primarily due to the adoption of the 2018 GRC final decision in the second quarter 2019, the timing of regulatory deferrals and cost recovery of wildfire insurance costs and higher revenue due to a change in estimate under the FERC formula rate mechanism, partially offset by higher wildfire mitigation costs in 2019. Higher non-core losses were mainly related to the $170 million ($123 million after-tax), or $0.38 per share, impairment charge resulting from the disallowance of certain historical capital expenditures in SCE's 2018 GRC final decision recorded in the second quarter 2019, offset by $69 million, or $0.21 per share, of income tax benefits related to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019.

Edison International Parent and Other’s year-to-date 2019 losses from continuing operations decreased by $47 million, or $0.14 per share, compared to the same period in 2018, consisting of $5 million, or $0.01 per share, of lower core losses and $42 million, or $0.13 per share, of lower non-core losses. The lower core losses were primarily due to lower corporate and operating expenses and lower losses at the competitive business under Edison Energy Group, partially offset by higher interest expense. The decrease in non-core losses primarily related to the absence of the loss recorded in connection with the sale of SoCore Energy in April 2018.

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 GAAP earnings.

Wildfire Insurance Fund

Today, SCE notified the California Public Utilities Commission (CPUC) of its commitment to make its initial and annual contributions to the wildfire insurance fund. SCE will make its initial contribution of approximately $2.4 billion to the wildfire insurance fund by September 10, 2019 and its annual contributions of approximately $95 million on each January 1 for the subsequent 10 years. Edison International has evaluated a range of potential funding options to efficiently finance this contribution. See the presentation accompanying the company’s conference call for further information including key financing assumptions.

2019 Earnings Guidance

The company lowered its earnings guidance for 2019 as summarized in the following chart due to the increased financing needs at both Edison International and SCE related to the initial contribution to the wildfire insurance fund. See the presentation accompanying the company’s conference call for further information including key guidance assumptions.

2019 Earnings Guidance

	2019 Earnings Guidance			2019 Earnings Guidance
	as of May 28, 2019			as of July 25, 2019
	Low	Mid	High	Low	Mid	High
EIX Basic EPS	$4.57	$4.67	$4.77	$4.46	$4.56	$4.66
Less: Non-core Items*	(0.15)	(0.15)	(0.15)	(0.15)	(0.15)	(0.15)
EIX Core EPS	$4.72	$4.82	$4.92	$4.61	$4.71	$4.81

* There were ($51) million, or ($0.15) per share of non-core items recorded for the six months ended June 30, 2019, calculated based on an assumed weighted average share count for 2019.

Edison International Reports Second Quarter and Year-to-Date 2019 Financial Results

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About Edison International

Edison International (NYSE:EIX), through its subsidiaries, is a distributor and generator of electric power, as well as a provider of energy services and technologies, 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. Edison International is also the parent company of Edison Energy, a portfolio of competitive businesses that provide commercial and industrial customers with energy management and procurement services. Edison Energy is independent from Southern California Edison.

Edison International Reports Second Quarter and Year-to-Date 2019 Financial Results

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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 of Edison International and Southern California Edison. 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 as net income, basic EPS, core earnings, or core EPS also apply 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.

Safe Harbor Statement

Statements contained in this release about future performance, including, without limitation, operating results, rate base growth, financial outlook, 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 include, but are not limited to the:

• ability of SCE to recover its costs through regulated rates, including costs related to uninsured wildfire-related and mudslide-related liabilities and capital spending incurred prior to formal regulatory approval;

• ability to obtain sufficient insurance at a reasonable cost, including insurance relating to SCE's nuclear facilities and wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties;

• risks associated with AB 1054 effectively mitigating the significant risk faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are a substantial cause, including the ability of SCE and SDG&E to raise the funds required to make initial contributions to the insurance fund under AB 1054, SCE's ability to maintain a valid safety certification, SCE's ability to recover uninsured wildfire-related costs from the wildfire fund established under AB 1054, and the CPUC's interpretation of and actions under AB 1054;

• actions, or inaction, of the state of California with respect to achieving a timely and comprehensive solution mitigating the significant risk faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are a substantial cause;

• decisions and other actions by the CPUC, the FERC, the NRC and other regulatory authorities, including decisions and actions related to determinations of authorized rates of return or return on equity, the GS&RP application, the recoverability of wildfire-related and mudslide-related costs, and delays in regulatory actions;

• ability of Edison International or SCE to borrow funds and access the bank and capital markets on reasonable terms;

• actions by credit rating agencies to downgrade Edison International or SCE's credit ratings or to place those ratings on negative watch or outlook;

• risks associated with the decommissioning of San Onofre, including those related to public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel, delays, contractual disputes, and cost overruns;

Edison International Reports Second Quarter and Year-to-Date 2019 Financial Results

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• extreme weather-related incidents and other natural disasters (including earthquakes and events caused, or exacerbated, by climate change, such as wildfires), which could cause, among other things, public safety issues, property damage and operational issues;

• risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as CCAs and Electric Service Providers;

• risks inherent in SCE's transmission and distribution infrastructure investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), changes in the CAISO's transmission plans, and governmental approvals; and

• risks associated with the operation of transmission and distribution assets and power generating facilities, including public and employee safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts.

Other important factors are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K, 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 news release. Edison International and SCE provide direct links to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings at www.edisoninvestor.com (SCE Regulatory Highlights) so that such filings, rulings and notices are available to all investors. Edison International and SCE post or provide direct links to certain documents and information related to Southern California wildfires which may be of interest to investors at www.edisoninvestor.com (Southern California Wildfires) in order to publicly disseminate such information. Edison International and SCE also routinely post or provide direct links to presentations, documents and other information that may be of interest to investors at www.edisoninvestor.com (Events and Presentations) in order to publicly disseminate such information.

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:Thursday, July 25, 2019, 1:30 p.m. (Pacific Time)

Telephone Numbers:1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison

Telephone Replay:1-888-296-6944 (US) and 1-203-369-3027 (Int’l) - Passcode: 9856

Telephone replay available through August 9, 2019

Webcast:     www.edisoninvestor.com

Edison International Reports Second Quarter and Year-to-Date 2019 Financial Results

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

	Three months ended June 30,									Six months ended June 30,
	2019			2018			Change			2019			2018			Change
Earnings (loss) per share attributable to Edison International
Continuing operations
SCE	$	1.28		$	0.91		$	0.37		$	2.18		$	1.79		$	0.39
Edison International Parent and Other	(0.08		)	(0.06		)	(0.02		)	(0.13		)	(0.27		)	0.14
Edison International	1.20			0.85			0.35			2.05			1.52			0.53
Less: Non-core items
SCE	(0.38		)	—			(0.38		)	(0.16		)	—			(0.16		)
Edison International Parent and Other	—			—			—			—			(0.13		)	0.13
Total non-core items	(0.38		)	—			(0.38		)	(0.16		)	(0.13		)	(0.03		)
Core earnings (losses)
SCE	1.66			0.91			0.75			2.34			1.79			0.55
Edison International Parent and Other	(0.08		)	(0.06		)	(0.02		)	(0.13		)	(0.14		)	0.01
Edison International	$	1.58		$	0.85		$	0.73		$	2.21		$	1.65		$	0.56

Note: Diluted earnings were $1.20 and $0.84 per share for the three months ended June 30, 2019 and 2018 respectively, and $2.05 and $1.51 per share for the six months ended June 30, 2019 and 2018.

Second Quarter Reconciliation of Basic Earnings to Core Earnings (in millions)

	Three months ended June 30,									Six months ended June 30,
(in millions)	2019			2018			Change			2019			2018			Change
Net income (loss) attributable to Edison International
Continuing operations
SCE	$	419		$	297		$	122		$	712		$	583		$	129
Edison International Parent and Other	(27		)	(21		)	(6		)	(42		)	(89		)	47
Edison International	392			276			116			670			494			176
Less: Non-core items
SCE1	(123		)	—			(123		)	(51		)	—			(51		)
Edison International Parent and Other2	—			2			(2		)	—			(42		)	42
Total non-core items	(123		)	2			(125		)	(51		)	(42		)	(9		)
Core earnings (losses)
SCE	542			297			245			763			583			180
Edison International Parent and Other	(27		)	(23		)	(4		)	(42		)	(47		)	5
Edison International	$	515		$	274		$	241		$	721		$	536		$	185

¹  Includes an impairment charge of $170 million ($123 million after-tax) recorded in 2019 for SCE related to disallowed historical capital expenditures in SCE's 2018 GRC final decision in the second quarter of 2019. The six months ended June 30, 2019, includes income tax benefits of $69 million recorded in 2019 for SCE related to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019.

²  Includes Loss of $63 million ($46 million after-tax) recorded in 2018 for Edison International Parent and Other related to sale of SoCore Energy in April 2018.

Edison International Reports Second Quarter and Year-to-Date 2019 Financial Results

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Consolidated Statements of Income	Edison International
	Six months ended June 30,
(in millions, except per-share amounts, unaudited) )	2019			2018
Total operating revenue	$	5,636		$	5,379
Purchased power and fuel	2,140			2,038
Operation and maintenance	1,477			1,394
Depreciation and amortization	801			925
Property and other taxes	203			204
Impairment and other	166			71
Other operating income	(3		)	(3		)
Total operating expenses	4,784			4,629
Operating income	852			750
Interest expense	(405		)	(350		)
Other income and expenses	93			100
Income from continuing operations before income taxes	540			500
Income tax benefit	(190		)	(40		)
Income from continuing operations	730			540
Net income	730			540
Preferred and preference stock dividend requirements of SCE	60			60
Other noncontrolling interests	—			(14		)
Net income attributable to Edison International common shareholders	$	670		$	494
Amounts attributable to Edison International common shareholders:
Income from continuing operations, net of tax	$	670		$	494
Net income attributable to Edison International common shareholders	$	670		$	494
Basic earnings per share:
Weighted-average shares of common stock outstanding	326			326
Continuing operations	$	2.05		$	1.52
Basic earnings per common share attributable to Edison International common shareholders	$	2.05		$	1.52
Diluted earnings per share:
Weighted-average shares of common stock outstanding, including effect of dilutive securities	327			327
Continuing operations	$	2.05		$	1.51
Diluted earnings per common share attributable to Edison International common shareholders:	$	2.05		$	1.51

Edison International Reports Second Quarter and Year-to-Date 2019 Financial Results

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Consolidated Balance Sheets	Edison International
(in millions, unaudited)	June 30, 2019		December 31, 2018
ASSETS
Cash and cash equivalents	$	257	$	144
Receivables, less allowances of $49 and $52 for uncollectible accounts at respective dates	795		730
Accrued unbilled revenue	562		482
Inventory	331		282
Income tax receivables	127		191
Prepaid expenses	407		148
Derivative assets	55		171
Regulatory assets	1,294		1,133
Other current assets	108		78
Total current assets	3,936		3,359
Nuclear decommissioning trusts	4,421		4,120
Other investments	83		63
Total investments	4,504		4,183
Utility property, plant and equipment, less accumulated depreciation and amortization of $9,743 and $9,566 at respective dates	42,329		41,269
Nonutility property, plant and equipment, less accumulated depreciation of $83 and $82 at respective dates	85		79
Total property, plant and equipment	42,414		41,348
Regulatory assets	5,469		5,380
Operating lease right-of-use assets	742		—
Other long-term assets	2,456		2,445
Total long-term assets	8,667		7,825
Total assets	$	59,521	$	56,715

Edison International Reports Second Quarter and Year-to-Date 2019 Financial Results

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Consolidated Balance Sheets	Edison International
(in millions, except share amounts, unaudited)	June 30, 2019			December 31, 2018
LIABILITIES AND EQUITY
Short-term debt	$	1,213		$	720
Current portion of long-term debt	479			79
Accounts payable	1,578			1,511
Customer deposits	302			299
Regulatory liabilities	767			1,532
Current portion of operating lease liabilities	108			—
Other current liabilities	1,218			1,254
Total current liabilities	5,665			5,395
Long-term debt	15,883			14,632
Deferred income taxes and credits	4,856			4,576
Pensions and benefits	864			869
Asset retirement obligations	3,016			3,031
Regulatory liabilities	8,685			8,329
Operating lease liabilities	634			—
Wildfire-related claims	4,669			4,669
Other deferred credits and other long-term liabilities	2,336			2,562
Total deferred credits and other liabilities	25,060			24,036
Total liabilities	46,608			44,063
Commitments and contingencies
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at respective dates)	2,555			2,545
Accumulated other comprehensive loss	(57		)	(50		)
Retained earnings	8,222			7,964
Total Edison International's common shareholders' equity	10,720			10,459
Noncontrolling interests – preferred and preference stock of SCE	2,193			2,193
Total equity	12,913			12,652
Total liabilities and equity	$	59,521		$	56,715

Edison International Reports Second Quarter and Year-to-Date 2019 Financial Results

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Consolidated Statements of Cash Flows	Edison International
	Six months ended June 30,
(in millions, unaudited)	2019			2018
Cash flows from operating activities:
Net income	$	730		$	540
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	837			1,074
Allowance for equity during construction	(49		)	(44		)
Impairment and other	166			71
Deferred income taxes and investment tax credits	(182		)	(5		)
Other	13			35
Nuclear decommissioning trusts	(72		)	(73		)
Changes in operating assets and liabilities:
Receivables	(72		)	(58		)
Inventory	(49		)	(14		)
Accounts payable	221			(4		)
Tax receivables and payables	65			90
Other current assets and liabilities	(423		)	(533		)
Regulatory assets and liabilities, net	(543		)	204
Other noncurrent assets and liabilities	(44		)	(66		)
Net cash provided by operating activities	598			1,217
Cash flows from financing activities:
Long-term debt issued, net of discount and issuance costs of $18 and $33 for the respective periods	1,682			2,417
Term loan issued	1,000			—
Long-term debt matured	(41		)	(213		)
Short-term debt financing, net	(509		)	(2,031		)
Payments for stock-based compensation	(48		)	(21		)
Receipts from stock option exercises	25			9
Dividends to noncontrolling interests	(60		)	(60		)
Dividends paid	(399		)	(394		)
Other	1			39
Net cash provided by (used in) financing activities	1,651			(254		)
Cash flows from investing activities:
Capital expenditures	(2,235		)	(2,159		)
Proceeds from sale of nuclear decommissioning trust investments	2,440			1,770
Purchases of nuclear decommissioning trust investments	(2,368		)	(1,697		)
Proceeds from sale of SoCore Energy, net of cash acquired by buyer	—			78
Other	27			20
Net cash used in investing activities	(2,136		)	(1,988		)
Net increase (decrease) in cash, cash equivalents and restricted cash	113			(1,025		)
Cash, cash equivalents and restricted cash at beginning of period	152			1,132
Cash, cash equivalents and restricted cash at end of period	$	265		$	107

EX-99.2

Exhibit 99.2

Prepared Remarks of Edison International CEO and CFO

Second Quarter 2019 Earnings Teleconference

July 25, 2019, 1:30 p.m. (PDT)

Pedro Pizarro, President and Chief Executive Officer, Edison International

I would like to start by reflecting on the passing of SCE President Ron Nichols on June 6 after bravely battling gastric cancer. We lost a great leader and a great friend. Thanks to all our investors and stakeholders who joined us in mourning his passing and celebrating his life.

Second quarter core earnings were $1.58 per share, which was 73 cents above the same period last year. The increase in core earnings was primarily due to the adoption of the 2018 GRC final decision in this quarter, and timing of regulatory deferrals related to wildfire insurance and wildfire mitigation costs. Therefore, year-over-year comparisons are not particularly meaningful, but Maria will discuss our financial performance in more detail during her remarks.

The final decision on our 2018 GRC authorizes a base revenue requirement of $5.1 billion for 2018 and $16.4 billion over the 2018 to 2020 period. During this period, SCE’s rate base growth has a compound average growth rate of 8.4%. This excludes wildfire mitigation spending and additional items pending regulatory approval like our Charge Ready 2 electric vehicle charging infrastructure program.

Turning to the California wildfire crisis, we remain focused on mitigating catastrophic wildfire risk and the impacts on our communities. I will address the recent legislative actions and then cover the operational practices that SCE has undertaken to reduce wildfire risk.

Please turn to page 2 of the slide deck we issued with our earnings.

We appreciate the significant leadership that Governor Newsom and the Legislature have shown, and their willingness to act with urgency to address this wildfire crisis, through the passage of Assembly Bill 1054 and companion measures. The bills build on the initial steps of Senate Bill 901 to restore California’s regulatory framework and provide the financial stability utilities require to invest in system safety, reliability and resiliency while continuing to drive towards a clean energy future. As with any major legislation where multiple stakeholders have competing interests, this wildfire bill package reflects compromises. We supported the passage

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of AB 1054 and the related AB 111, and believe careful implementation and potential future refinements will be critical to their success.

AB 1054 is a comprehensive wildfire bill that holds utilities accountable for mitigating wildfire risks and improves the regulatory compact by clarifying the determination of prudent wildfire operations. The bill contains several important provisions to address wildfire liability risk:

•First, it changes wildfire safety oversight by creating a Wildfire Safety Division, initially within the CPUC, that will hold utilities accountable for mitigating wildfire risks and operating safely through an annual safety certification. These responsibilities will transition to the new Office of Energy Infrastructure Safety in 2021. For the first safety certification, the CPUC’s executive director must issue it within 30 days of an IOU’s request if the IOU has an approved wildfire mitigation plan, is in good safety standing, has a safety committee of its board of directors composed of members with relevant safety experience, and has established board-of-director-level reporting to the CPUC on safety issues. Earlier today, the CPUC’s executive director informed SCE by letter that we have met these requirements and have been granted our initial safety certification for the next 12 months.

In subsequent years, the IOU must meet these requirements, and additionally have an executive incentive compensation structure to promote safety as a priority and to ensure public safety and utility financial stability. The Wildfire Safety Division must approve the IOU’s safety certification within 90 days if all the requirements are met.

•Second, the bill establishes a Wildfire Safety Advisory Board to advise the Wildfire Safety Division. The members of this Board will have relevant expertise, including experience in the safe operation, design, and engineering of electrical infrastructure.

•The third provision refines the process for IOUs to recover catastrophic wildfire costs, particularly considering factors outside the utility’s control and changing the prudency standard.

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•Fourth, the bill establishes a $10.5 billion wildfire liquidity fund to pay victim claims exceeding insurance for utility-caused wildfires, funded by IOU customers through the extension of the Department of Water Resources bond charge until 2036. There is an option for the IOUs to elect to participate in a broader insurance fund, which conveys additional benefits. It is important to note that for an IOU to benefit from the revised cost recovery standard, it must opt to participate in the wildfire insurance fund.

Creation of the insurance fund requires both SCE and SDG&E to participate. With all three IOUs electing to participate, they will contribute a total of $10.5 billion, consisting of an upfront shareholder commitment of $7.5 billion and an annual contribution of $300 million, which is intended to match customers’ $10.5 billion contribution over 10 years. Once the fund is established, the revised cost recovery standard will apply, and will continue to apply even if the fund is extinguished.

•Based on the 31.5% wildfire allocation ratio for SCE, our upfront contribution translates to approximately $2.4 billion, with the subsequent annual contributions totaling another approximately $950 million. SCE notified the Commission today of its commitment to make its initial and annual contributions in order to establish the fund. SCE will make its initial contribution no later than September 10^th. Maria will discuss our thoughts on the financing options in her remarks, which for now I will summarize as a balanced approach to fund the near-term $2.4 billion increment likely with 50% holding company equity contributed to SCE and 50% operating company debt.

•The fifth provision requires the large IOUs to invest $5 billion in aggregate on wildfire risk mitigation capital expenditures with no equity return, and authorizes financing of those mitigation costs. SCE’s share of these costs will be approximately $1.6 billion.

•Finally, the bill sets a cap on IOU shareholder liability, even where the IOU is found to have been imprudent, that is available only with the broader insurance fund. The cap equals 20% of T&D equity rate base, which is around $2.5 billion for SCE today.

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Turning to our operations, I would now like to address the actions we are taking to combat wildfires in our service territory. For quite some time, even before the devastating fires in Ventura and Santa Barbara counties in December 2017, we have had proactive programs that target wildfire risk. As circumstances continue to change, we have continued to evolve our practices for this “new abnormal” as it’s been called.

Approximately 27% of our territory is in high fire risk areas, or HFRA; we recently revised this down from an earlier estimate of approximately 35%. SCE’s prior HFRA map was based on CalFire’s Fire Hazard Severity Map. When the CPUC developed a new fire threat map in early 2018, out of an abundance of caution we included the combination of the two maps in our HFRA footprint until we could do the thorough evaluation that we completed recently.

A foundational part of the longer-term solution to reduce the risk of our equipment starting wildfires in these areas is to harden our infrastructure. Over the course of the past 12 months, we have replaced over 200 circuit miles of overhead line with covered conductor, installed fast-acting current limiting fuses at more than 9,000 locations, and updated protective settings on over 1,600 remote automatic reclosers and circuit breakers on our distribution circuits that traverse our HFRAs.

While we are making significant headway in our system hardening efforts, it will take time to cover the remaining area. In the more immediate term, we remain focused on ensuring our grid is in the best state possible through rigorous inspections and aggressive vegetation management, and then use proactive de-energization – known as Public Safety Power Shutoff, or PSPS – only when conditions warrant it.

Through our Enhanced Overhead Inspection program, we have inspected more than 400,000 electrical structures in high fire risk areas since December, fixing the highest risk findings immediately and remediating non-threatening issues in a prioritized manner, generally within 6 to 12 months, depending on the condition and the location of the findings. In addition to ground-based inspections, we are doing aerial inspections using helicopters and drones.

Our vegetation management practices have been expanded in high fire risk areas including widening clearance distances and removing dead and dying trees. In addition, we have an in-house team of weather experts in our 24/7 Situational Awareness Center to monitor local

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conditions, as well as a fire scientist who has established a fuel sampling program to better understand potential fire risks in our service territory.

These risk monitoring activities also support our PSPS program, which is a preventive measure to protect public safety. Trained Incident Management Teams lead our efforts during elevated fire risk conditions, using circuit-specific wind criteria and a fire potential index, or FPI, that measures and predicts local vegetation fuel, fuel moisture content, humidity, and other factors. For circuits that are forecast to be above the wind and FPI thresholds, we pre-patrol the lines, ready to find and fix any issues. Ultimately, the decision to shut power off is made based on real-time measures of wind and FPI, and feedback from monitors in the field. Once the power is off, we wait until the wind and FPI conditions clear before patrolling the lines and restoring power when it is safe to do so. Over time, more system hardening should mean that we can lean on PSPS less frequently and only in more severe conditions.

I would now like to give you an update on key regulatory proceedings. The CPUC issued a scoping memo in July on our cost of capital filing. In light of the passage of AB 1054, we are evaluating next steps, including the potential reduction of our requested return on equity. A final decision on this proceeding is expected by the end of this year.

In May, the Commission issued final decisions on our 2019 Wildfire Mitigation Plan and de-energization guidelines. The currently approved WMP satisfies one of the requirements for the safety certification in AB 1054. As I mentioned earlier, our first approximately $1.6 billion of WMP spend will not earn an equity return.

Additionally, the CPUC issued a scoping memo in May for our proposed $582 million Grid Safety and Resiliency Program we filed in September 2018. In early July 2019, SCE and certain parties to the GSRP proceeding agreed in principle to a settlement of all contested issues, which led the CPUC to take the scheduled evidentiary hearings off calendar. SCE and the settling parties anticipate finalizing, executing, and submitting a settlement agreement to the CPUC by the end of this month. If the CPUC accepts the settlement agreement, SCE expects a formal decision approximately six months from the date of submission.

Let me conclude by saying that the safety of our customers, communities and employees continues to be our top priority and a core value of Edison. We are taking steps to reduce the risk of wildfires in our service territory through operational mitigation and are also encouraged by the

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regulatory and legislative policy changes to our risk profile. We will continue to make our communities safer, and manage the financial health of our utility to serve our customers and help achieve California’s public policy objectives and environmental goals.

Maria Rigatti, Executive Vice President and Chief Financial Officer, Edison International

My comments today will cover second quarter results for 2019 compared to the same period a year ago, plus comments on our General Rate Case, our updated capital expenditure and rate base forecasts, and other financial updates for SCE and EIX. As we have said, year-over-year comparisons are difficult given the timing of the GRC.

Please turn to page 3.

For the second quarter 2019, Edison International reported core earnings of $1.58 per share, an increase of 73 cents from the same period last year. From the table on the right-hand side, you will see that SCE had a positive 75 cents core EPS variance year-over-year. There are a few items that account for a majority of this variance. Upon receipt of the 2018 GRC final decision in May, SCE recorded the retroactive 2018 impact, which increased core earnings primarily due to the application of the 2018 GRC final decision to revenue, depreciation and income tax expenses. This GRC true-up contributed 20 cents of positive earnings. Additionally, higher 2019 revenues had a positive impact of 34 cents, including 28 cents at the CPUC and 6 cents at FERC. FERC revenues were higher primarily due to a change in estimate under the FERC formula rate mechanism.

Lower O&M costs had a positive impact of 14 cents primarily due to the timing of regulatory deferrals related to wildfire insurance and wildfire mitigation costs. During the quarter, certain wildfire mitigation costs reached the total authorized in the GRC and we began to defer incremental costs through approved memo accounts. Finally, lower depreciation and amortization had a positive 7 cents variance primarily due to the impact of disallowed historical capital expenditures and the change in depreciation rates from the adoption of the 2018 GRC final decision.

For the quarter, EIX Parent and Other had a negative 2 cents core earnings variance mainly due to higher interest expense.

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Please turn to page 4.

For the first half of the year, Edison International core earnings per share increased 56 cents to $2.21 per share. This includes core earnings increases of 55 cents at SCE and 1 cent at EIX Parent and Other. I am not going to review the year-to-date financial results in detail, but SCE’s earnings analysis is largely consistent with second quarter results, except for higher O&M costs and higher net financing costs. O&M had a negative variance of 4 cents year-over-year primarily due to higher wildfire mitigation costs, partially offset by timing of regulatory deferrals and cost recovery of wildfire insurance costs. Net financing costs had a negative 9 cents variance primarily due to increased borrowings and higher interest on balancing accounts.

Please turn to page 5.

As Pedro mentioned earlier, the CPUC approved a final decision in SCE's 2018 GRC in May. The decision authorized a CPUC GRC revenue requirement of $5.12 billion for 2018 and identified changes to certain balancing accounts, including the expansion of the Tax Accounting Memo Account, or TAMA to include the impacts of all differences between forecast and recorded tax expense. Based on the 2018 GRC, SCE’s authorized revenue requirement is $5.45 billion in 2019 and $5.86 billion in 2020, representing an increase of $335 million in 2019 and $412 million in 2020.

Please turn to page 6 for SCE’s capital expenditures forecast. This forecast reflects planned CPUC jurisdictional spending as approved by the 2018 GRC. It also reflects significant other capital spending needs outside of the GRC, particularly wildfire mitigation-related capital expenditures under the Grid Safety & Resiliency Program – or GS&RP – and the Wildfire Mitigation Plan – or WMP. As an update to our prior forecast, we now estimate approximately $390 million of wildfire-related spending in 2019. Additionally, we continue to expect wildfire mitigation capital expenditures in a range of $500-$700 million for 2020.

The CPUC has approved the 2019 WMP and authorized tracking of costs related to the GS&RP and the WMP through memorandum accounts. We have also proposed a balancing account for our GS&RP spending and are anticipating a decision from the CPUC this year. Under AB 1054, SCE will not earn an equity return on the first approximately $1.6 billion of wildfire mitigation plan expenditures. We will work with the CPUC to implement this provision in light of the ongoing GS&RP and WMP proceedings.

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On Page 7, we have our rate base forecast that incorporates the GRC final decision as well as increases in FERC spend since the last update. The GRC authorizes 2018 CPUC jurisdictional rate base of $22.3 billion. This corresponds to total 2018 rate base of $28.5 billion. SCE’s rate base grows at a compound annual rate of 8.4% from 2018 to 2020. I would note that this current rate base forecast does not include any of our wildfire mitigation-related capital spending or additional capital needs for programs such as Charge Ready 2.

On page 8, you will see our key financial assumptions and EIX core EPS guidance for 2019. Our revised EPS guidance range for 2019 is $4.61 to $4.81 per share with a midpoint of $4.71. This compares with guidance of $4.72 to $4.92 per share we provided after we obtained a final decision on the GRC in May. I would note that this revised guidance is related to changes to our financing plan as we project funding the $2.4 billion initial contribution to the wildfire fund and there are no updates to the overall operational results at both SCE and EIX Parent. On the left-hand side, we have shown the build-up for core EPS guidance, starting with EPS for 2019 from the simplified rate base model. SCE variances are expected to have a positive impact of 41 cents, including 32 cents related to financing and other operational items. The test year 2018 GRC true-up has a positive contribution to EPS of 20 cents. We booked this contribution in the second quarter.

For EIX Parent and Other, we expect an earnings drag of $0.30 to $0.35 cents per share which includes approximately one penny per share per month related to EIX operating expenses. We are forecasting a total of 18 cents of EPS dilution from the financing plan announced last quarter as well as the financing plan required to support the $2.4 billion contribution to the wildfire fund. I will discuss more about this in a minute. At Edison Energy, we are working towards our target of achieving a break-even run rate for earnings by the end of this year.

Let me provide an update on our 2019 financing plan. As Pedro noted earlier, we have notified the Commission of our commitment to provide the initial contribution and subsequent annual contributions to the wildfire fund. Following passage of AB 1054, the rating agencies have reported on the credit-supportive attributes of the wildfire fund and the legislation more broadly, including changes to the cost recovery and prudence standards.

On our last earnings call, I discussed the components of a 2019 EIX financing plan, which included the issuance of $1 billion of holding company debt and $1.5 billion of common

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equity, through an at-the-market, or ATM, equity program and the use of internal equity programs. This plan was designed to fund SCE’s requirements related to the requested increase in the authorized equity layer and additional growth investment at the utility. Based on our election to participate in the wildfire insurance fund created under AB 1054, SCE requires an additional $2.4 billion to fund the initial shareholder contribution. Funding for this contribution will be in addition to the previously announced plan and together, the combined financing need in 2019 is $4.9 billion.

Through the second quarter, EIX has issued $600 million of unsecured notes as a part of the original $1 billion debt financing need identified in Q1. We have not yet issued any equity under our ATM program,but we intend to do so opportunistically.

As we have discussed in the past, our overall approach to financing the business is to fund capital requirements in a balanced manner. Our Q1 plan to fund the requested increase in the authorized equity layer and make capital investments at SCE is consistent with this philosophy. Likewise, this is how we will approach funding for the initial shareholder contribution for the wildfire fund. We are evaluating a range of potential EIX and SCE funding options to support the incremental $2.4 billion financing need and anticipate the permanent capital raise will likely utilize 50% holding company equity contributed to SCE and 50% operating company debt.

As we have outlined, we are focused on a balanced financing approach that maintains a healthy balance sheet and promotes investment grade ratings at both SCE and EIX. We believe this is the most effective way to support operations and future capital investments. We will continue to share our financing needs as we progress other milestones beyond 2019 including the 2021 GRC, our Charge Ready 2 application, securitization activities related to AB 1054 and potential wildfire liabilities.

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EX-99.3

Exhibit 99.3 Second Quarter and Year-to-Date 2019 Financial Results July 25, 2019

Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, 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 include, but are not limited to the: • ability of SCE to recover its costs through regulated rates, including costs related to uninsured wildfire-related and mudslide-related liabilities and capital spending incurred prior to formal regulatory approval; • ability to obtain sufficient insurance at a reasonable cost, including insurance relating to SCE's nuclear facilities and wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties; • risks associated with AB 1054 effectively mitigating the significant risk faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are a substantial cause, including the ability of SCE and SDG&E to raise the funds required to make initial contributions to the insurance fund under AB 1054, SCE's ability to obtain and maintain a valid safety certification, SCE's ability to recover uninsured wildfire-related costs from the wildfire fund established under AB 1054, and the CPUC's interpretation of and actions under AB 1054; • actions, or inaction, of the state of California with respect to achieving a timely and comprehensive solution mitigating the significant risk faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are a substantial cause; • decisions and other actions by the CPUC, the FERC, the NRC and other regulatory authorities, including decisions and actions related to determinations of authorized rates of return or return on equity, the GS&RP application, the recoverability of wildfire-related and mudslide-related costs, and delays in regulatory actions; • ability of Edison International or SCE to borrow funds and access the bank and capital markets on reasonable terms; • actions by credit rating agencies to downgrade Edison International or SCE's credit ratings or to place those ratings on negative watch or outlook; • risks associated with the decommissioning of San Onofre, including those related to public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel, delays, contractual disputes, and cost overruns; • extreme weather-related incidents and other natural disasters (including earthquakes and events caused, or exacerbated, by climate change, such as wildfires), which could cause, among other things, public safety issues, property damage and operational issues; • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as CCAs and Electric Service Providers; • risks inherent in SCE's transmission and distribution infrastructure investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), changes in the CAISO's transmission plans, and governmental approvals; and • risks associated with the operation of transmission and distribution assets and power generating facilities, including public and employee safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts. Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K 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. July 25, 2019 1

2019 Wildfire Legislation Update Summary of Assembly Bill 1054, Assembly Bill 111 and Senate Bill 111 Safety • Creates Wildfire Safety Division1 to provide additional wildfire safety oversight Oversight • Initial safety certification issued by CPUC Executive Director within 30 days of IOU request requires: 1) an approved wildfire mitigation and plan; 2) utility to be in good safety standing; 3) established board safety committee with relevant safety experience; and 4) board-level Certification reporting to the CPUC on safety issues • Subsequent annual safety certifications issued by Wildfire Safety Division1 also require: 5) approved executive compensation structure that promotes safety, ensures public safety and utility financial stability; 6) compensation limits on executive officer contracts; and 7) implementation of, and reporting to the CPUC on wildfire mitigation plans, safety culture assessments and board safety committee recommendations Cost • Provided a utility is “safety certified” and elects to participate in the wildfire “insurance” fund (described below), establishes a FERC-like Recovery prudence standard to guide recovery of costs arising from catastrophic wildfires occurring after bill enactment Standard • Prudence is based on reasonable utility conduct with potential for full or partial recovery, considering factors within and beyond a utility’s control • FERC-like standard assumes utility is prudent, unless intervenors create serious doubt, shifting burden to the utility to prove prudence Wildfire • Establishes a wildfire fund to help wildfire victims and affected communities recover and rebuild more quickly Fund • Liquidity fund immediately established against which utilities may draw to pay wildfire claims; if utility found to be prudent, customers reimburse fund draw; if utility found imprudent, shareholders reimburse fund draw • Wildfire “insurance” fund is an insurance-like fund that more broadly socializes wildfire costs; utilities participation is voluntary • Both fund options include a $10.5 billion ratepayer contribution through the financing of a 15-year extension of the Department of Water Resources bond charge; wildfire insurance fund also includes $10.5 billion contribution from utility shareholders • Insurance-like fund created only if both SCE and SDG&E elect to participate within 15 days of bill enactment. All three IOUs have elected to participate ➢ SCE’s shareholders to initially contribute approximately $2.4 billion by September 10 and approximately $95 million annually on January 1 for 10 years2 Mitigation • First $1.6 billion of SCE’s fire risk mitigation capital expenditures as approved in wildfire mitigation plans shall not earn an equity CapEx return, but can be recovered from ratepayers through a securitizable dedicated rate component2 Liability Cap • While fund remains solvent, wildfire cost disallowances capped over each trailing 3-year period to 20% of equity T&D rate base • Must be safety certified and not found to be acting with willful or conscious disregard of the safety of others 1. Wildfire Safety Division created within CPUC until duties transferred to newly formed Office of Energy Infrastructure Safety on or after July 2021 2. Excluded from measurement of regulatory capital structure July 25, 2019 2

Second Quarter Earnings Summary Q2 Q2 Key SCE EPS Drivers3 2019 2018 Variance Test Year 2018 GRC true-up $ 0.20 Basic Earnings Per Share (EPS)1 Higher revenue 0.34 - CPUC revenue 0.28 SCE $ 1.28 $ 0.91 $ 0.37 - FERC and other operating revenue 0.06 EIX Parent & Other (0.08) (0.06) (0.02) Lower O&M 0.14 Basic EPS $ 1.20 $ 0.85 $ 0.35 Lower depreciation 0.07 Higher net financing costs (0.01) Less: Non-core Items Other income and expenses 0.01 SCE2 $ (0.38) $ — $ (0.38) Total core drivers $ 0.75 Non-core items 2 (0.38) EIX Parent & Other — — — Total $ 0.37 Total Non-core $ (0.38) $ — $ (0.38) Core Earnings Per Share (EPS) Key EIX EPS Drivers EIX parent and other — Higher interest expense $ (0.03) SCE $ 1.66 $ 0.91 $ 0.75 EEG — Lower corporate expenses 0.01 EIX Parent & Other (0.08) (0.06) (0.02) Total core drivers $ (0.02) Core EPS $ 1.58 $ 0.85 $ 0.73 Total $ (0.02) 1. See Earnings Non-GAAP reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. Impact of 2018 GRC final decision related to impairment of utility property, plant and equipment 3. Adjusted to exclude Test Year 2018 GRC true-up Note: Diluted earnings were $1.20 and $0.84 per share for the three months ended June 30, 2019 and 2018, respectively. July 25, 2019 3

Year to Date Earnings Summary YTD YTD Key SCE EPS Drivers4 2019 2018 Variance Test Year 2018 GRC true-up $ 0.20 Basic Earnings Per Share (EPS)1 Higher revenue 0.43 - CPUC revenue 0.34 SCE $ 2.18 $ 1.79 $ 0.39 - FERC and other operating revenue 0.09 EIX Parent & Other (0.13) (0.27) 0.14 Higher O&M (0.04) Lower depreciation 0.03 Basic EPS $ 2.05 $ 1.52 $ 0.53 Higher net financing costs (0.09) Less: Non-core Items Income taxes 0.02 Total core drivers $ 0.55 2 SCE $ (0.16) $ — $ (0.16) Non-core items2 (0.16) Total EIX Parent & Other3 — (0.13) 0.13 $ 0.39 Total Non-core $ (0.16) $ (0.13) $ (0.03) Key EIX EPS Drivers Core Earnings Per Share (EPS) EIX parent and other — Higher interest expense $ (0.02) EEG — Lower losses at the competitive business and lower SCE $ 2.34 $ 1.79 $ 0.55 corporate expenses 0.03 Total core drivers $ 0.01 EIX Parent & Other (0.13) (0.14) 0.01 Non-core items3 0.13 Core EPS $ 2.21 $ 1.65 $ 0.56 Total $ 0.14 1. See Earnings Non-GAAP reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. Impact of 2018 GRC final decision related to impairment of utility property, plant and equipment, changes in the allocation of deferred tax re-measurement between customers, shareholders and gain from sale of nuclear fuel as a result of Revised San Onofre Settlement Agreement 3. Loss on sale of SoCore Energy 4. Adjusted to exclude Test Year 2018 GRC true-up Note: Diluted earnings were $2.05 and $1.51 per share for the six months ended June 30, 2019 and 2018, respectively. July 25, 2019 4

SCE 2018 General Rate Case Decision On May 16, 2019, the CPUC issued a final decision which is focused on SCE’s safety and reliability investments in infrastructure replacement and grid modernization, while mitigating customer rate impacts through lower operating costs • 2018 base revenue requirement decision of $5.116 billion ➢ Additional $335 million increase in 2019 and a $412 million increase in 2020 ➢ 95% of requested O&M expenses were adopted ➢ Results in an approximately 5% reduction to current bundled customer rates and bills • 2018 CPUC-jurisdictional capital spending authorization of $2.9 billion1 ➢ Authorization is 92% of SCE’s request excluding Grid Modernization and project approvals that were deferred to the next case for timing reasons2 ➢ Grid Modernization capital spending authorization was approximately 35% of request ($ billions) SCE Tax Update Testimony Decision Year 2/16/18 (Table III-1) 5/16/19 Difference to Request ($/%) Base Revenue Requirement 2018 $5.534 $5.116 ($0.418)/(7.5%) 2019 $5.965 $5.451 ($0.514)/(8.6%) 2020 $6.468 $5.863 ($0.605)/(9.4%) CPUC Rate Base3 2018 $22.939 $22.336 ($0.603)/(2.6%) 2019 $25.181 $24.236 ($0.945)/(3.8%) 2020 $27.445 $26.156 ($1.289)/(4.7%) 1. Excludes capitalized overheads and customer contributions 2. Project approvals referenced include the Cerritos Channel Project Transmission Line Relocation project and Customer Service Re-Platform (CSRP) program 3. Net of “rate-base offset” for the 2015 GRC decision July 25, 2019 5

SCE Capital Expenditure Forecast ($ billions) Long Term Investment Drivers Distribution Wildfire mitigation-related spend Transmission Wildfire mitigation-related spend range Transportation Electrification Generation $4.9 • Approved $356 million ($242 million of capital spending) $4.6 $4.7 medium- and heavy-duty vehicle transportation $4.4 electrification program (included in forecast) • Requested $760 million ($561 million of capital spending) Charge Ready 2 application which focuses on charging infrastructure for light-duty vehicles (excluded from forecast) Wildfire Mitigation-Related Spend • Grid Safety and Resiliency Program (GS&RP): $582 million request ($407 million of capital spending) – focused on investment and operational practices that address increasing wildfire risk and bolster fire prevention and suppression activities • Wildfire Mitigation Plan (WMP) filed February 2019 and SCE expects to file its 2020 WMP by early 2020 • CPUC has authorized tracking of costs related to the GS&RP and WMP through memorandum accounts 2018 2019 2020 • 2019 includes approximately $390 million of wildfire Prior Forecast $4.4 $4.5 $4.7-4.9 mitigation-related spend, 2020 includes range of $500 to $700 million Delta ‒ $0.1 ‒ • 2020 spend will be largely used towards ~$1.6 billion fire risk spend without an equity return per AB 1054; seeking clarity on 2019 spend July 25, 2019 6

SCE Rate Base Forecast ($ billions) $33.4 $30.7 $28.5 2018 2019 2020 Prior Forecast $28.5 $30.7 $33.2 Delta $0.0 $0.0 $0.2 Note: : Weighted-average year basis. FERC based on latest forecast. CPUC excludes the “rate-base offset” adjustment related to the 2015 GRC write off of the regulatory asset for 2012-2014 incremental tax repairs. Figures do not include wildfire mitigation-related dollars. July 25, 2019 7

2019 EIX Core Earnings Guidance 2019 Core Earnings Per Share Guidance – Key Assumptions Building from SCE Rate Base Total Rate Base $30.7 billion $0.20 ($0.33) • FERC comprises ~20% of total $0.41 ($0.18) CPUC $4.62 $4.71 • HoldCo Return on Equity 10.3% • Financing operating • Previously (ROE) and other: expenses: disclosed Capital Structure2 48% equity $0.32 1 cent per equity program: • Z-factor share per FERC $1.5 billion advice month • WF fund letter • HoldCo ROE3 10.5% with incentives initial approval: debt issued: contribution: $0.04 $1 billion in • Last approved FERC ROE; settlement discussions regarding 2019 $2.4 billion current 11.5% request continue and is subject to refund • Energy due 9/10 efficiency: • EEG: target financed • Revenues will be adjusted to reflect FERC ROE decision for $0.05 breakeven run rate by 50/50 with 2018 and 2019 (retroactive to January 1, 2018) year-end SCE debt and 1 2019 EIX equity Capital Structure Recorded capital structure; 44% 2019 average estimated equity SCE 2019 EPS SCE Test Year EIX Parent Equity EIX 2019 Core Other Items from Rate Variances 2018 GRC & Other Program / EPS Midpoint Capital Market $4.9 billion of EIX/SCE debt and Base Forecast True-Up WF Fund Guidance Activities equity issuances in addition to SCE’s normal course debt financing Financing of rate base EIX 2019 Core EPS guidance range of $4.61 - $4.81 Note: See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. All tax-affected information on this slide is based on our current combined statutory tax rate of approximately 28%. Guidance update reflects incremental financing activity only. Totals may not foot due to rounding. 1. For modelling purposes, SCE debt and EIX equity (based on 7/22/19 price of $69.68) issued on contribution due date (9/10/19); actual dilutive impact to vary based on capital mix, pricing, and timing 2. On February 28, 2019, SCE filed an application with the CPUC for a waiver of compliance with this equity ratio requirement, describing that while the wildfire-related charge accrued in the fourth quarter of 2018 caused its equity ratio to fall below 47% on a spot basis as of December 31, 2018, SCE remains in compliance with the 48% equity ratio over the applicable 37- month average basis. While the CPUC reviews the waiver application, SCE is considered in compliance with the capital structure rules 3. SCE’s April 11, 2019 filing to revise its ROE is pending review with the FERC and not reflected in guidance assumptions July 25, 2019 8

Appendix July 25, 2019 9

Earnings Per Share Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance EPS Attributable to Edison International 2019 Low Midpoint High SCE $4.88 EIX Parent & Other (0.32) Basic EPS1 $4.46 $4.56 $4.66 Non-Core Items SCE2,3 (0.15) (0.15) (0.15) EIX Parent & Other — — — Total Non-Core1 (0.15) (0.15) (0.15) Core EPS SCE $5.03 EIX Parent & Other (0.32) Core EPS1 $4.61 $4.71 $4.81 1. EPS is calculated on the assumed weighted-average share count for 2019. Please see 2019 EIX Core Earnings Guidance slide for more information. 2. Includes $0.22 per share of non-core items recorded for the three months ended March 31, 2019 and $(0.37) per share related to the impairment of utility property, plant and equipment due to the receipt of the 2018 GRC final decision in May 2019 3. Includes $(0.01) as a result of share count dilution July 25, 2019 10

Earnings Non-GAAP Reconciliations ($ millions) Reconciliation of EIX GAAP Earnings to EIX Core Earnings Q2 Q2 YTD YTD Earnings Attributable to Edison International 2019 2018 2019 2018 SCE $419 $297 $712 $583 EIX Parent & Other (27) (21) (42) (89) Basic Earnings $392 $276 $670 $494 Non-Core Items SCE 1 ($123) — ($51) — EIX Parent & Other 2 — 2 — (42) Total Non-Core ($123) $2 ($51) ($42) Core Earnings SCE $542 $297 $763 $583 EIX Parent & Other (27) (23) (42) (47) Core Earnings $515 $274 $721 $536 1. Includes an impairment charge of $170 million ($123 million after-tax) recorded in 2019 for SCE related to disallowed historical capital expenditures in SCE's 2018 GRC final decision in the second quarter of 2019. The six months ended June 30, 2019, includes income tax benefits of $69 million recorded in 2019 for SCE related to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019 2. Includes Loss of $63 million ($46 million after-tax) recorded in 2018 for Edison International Parent and Other related to sale of SoCore Energy in April 2018 July 25, 2019 11

Use of Non-GAAP Financial Measures Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings internally for financial planning and for analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the Company's performance from period to period. Core earnings are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (or losses) are defined as earnings or losses attributable to Edison International shareholders less income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as: exit activities, including sale of certain assets, and other activities that are no longer continuing; asset impairments and certain tax, regulatory or legal settlements or proceedings. A reconciliation of Non-GAAP information to GAAP information is included either on the slide where the information appears or on another slide referenced in this presentation. EIX Investor Relations Contact Sam Ramraj, Vice President (626) 302-2540 sam.ramraj@edisonintl.com Allison Bahen, Principal Manager (626) 302-5493 allison.bahen@edisonintl.com July 25, 2019 12

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Document and Entity Information Document	Jul. 25, 2019
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 25, 2019
Entity File Number	1-9936
Entity Registrant Name	EDISON INTERNATIONAL
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-4137452
Entity Address, Address Line One	2244 Walnut Grove Avenue
Entity Address, Address Line Two	(P.O. Box 976)
Entity Address, City or Town	Rosemead,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91770
City Area Code	(626)
Local Phone Number	302-2222
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	EIX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000827052
Amendment Flag	false
Southern California Edison
Entity Information [Line Items]
Entity File Number	1-2313
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-1240335
Entity Address, Address Line One	2244 Walnut Grove Avenue
Entity Address, Address Line Two	(P.O. Box 800)
Entity Address, City or Town	Rosemead,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91770
City Area Code	(626)
Local Phone Number	302-1212
Entity Central Index Key	0000092103
Amendment Flag	false
Southern California Edison | NYSE American LLC | Cumulative Preferred Stock, 4.08% Series
Entity Information [Line Items]
Title of 12(b) Security	Cumulative Preferred Stock, 4.08% Series
Trading Symbol	SCEpB
Security Exchange Name	NYSEAMER
Southern California Edison | NYSE American LLC | Cumulative Preferred Stock, 4.24% Series
Entity Information [Line Items]
Title of 12(b) Security	Cumulative Preferred Stock, 4.24% Series
Trading Symbol	SCEpC
Security Exchange Name	NYSEAMER
Southern California Edison | NYSE American LLC | Cumulative Preferred Stock, 4.32% Series
Entity Information [Line Items]
Title of 12(b) Security	Cumulative Preferred Stock, 4.32% Series
Trading Symbol	SCEpD
Security Exchange Name	NYSEAMER
Southern California Edison | NYSE American LLC | Cumulative Preferred Stock, 4.78% Series
Entity Information [Line Items]
Title of 12(b) Security	Cumulative Preferred Stock, 4.78% Series
Trading Symbol	SCEpE
Security Exchange Name	NYSEAMER