FINANCIAL AND STATISTICAL REPORT

Transcription

1 FINANCIAL AND STATISTICAL REPORT 204

2 Contents Corporate Structure and Profiles Edison International (EIX) Financial Highlights 2 Business Highlights 2 Stock and Dividend Highlights 3 Credit Ratings 3 Consolidated Statements of Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Retained Earnings 6 Consolidated Income Tax Schedule 7 Contractual Obligations 7 Credit Agreements and Short-Term Debt 8 Preferred and Preference Stock 8 Five-Year Long-Term Debt Maturities 8 Consolidated Long-Term Debt 9 Southern California Edison (SCE) 0 SCE Highlights SCE Transmission Program SCE Results of Operations 2 SCE Consolidated Statements of Income 2 SCE Consolidated Balance Sheets 3 SCE Consolidated Statements of Cash Flows 4 SCE Consolidated Statements of Retained Earnings 4 SCE Regulatory Assets 5 SCE Regulatory Liabilities 5 SCE Authorized Rates of Return and Capital Structure 5 SCE Operating and Financial Ratios 6 SCE Fuel Consumption 6 SCE Customers 6 SCE Residential Rate Structure 6 SCE Kilowatt-Hour Sales 7 SCE Operating Revenue by Class of Service 7 SCE Operating Statistics 8 SCE Jointly Owned Projects 9 Detail of SCE Utility Plant Net 9 General Information California Public Utilities Commission (CPUC) 20 Federal Energy Regulatory Commission (FERC) 20 Leadership Team 2 Investor Relations Contact Information 22 Cautionary Statement This Financial and Statistical Report and the statements and statistics contained herein have been assembled for informative purposes and are not intended to induce, or for use in connection with, any sale or purchase of securities. Under no circumstances is this report or any part of its contents to be considered a prospectus, or an offer to sell, or the solicitation of an offer to buy, any securities. Edison International s non-utility subsidiaries are not the same company as Southern California Edison (SCE), the utility, and are not regulated by the California Public Utilities Commission. SCE s customers do not have to purchase these companies products in order to continue to receive quality regulated services from SCE. Readers are urged to read this entire Financial & Statistical Report, including the information incorporated by reference, as well as the 204 Annual Report on Form 0-K filed by Edison International with the U.S. Securities & Exchange Commission and its other SEC filings. These reports are available on our website: These filings also provide additional information on historical and other factual data contained in this report.

3 204 FINANCIAL AND STATISTICAL REPORT Edison International Corporate Structure Edison International Edison Energy Southern California Edison Company Edison Mission Group SoCore Energy Edison Mission Energy Edison Transmission Edison Capital Simplified presentation Corporate Profiles EDISON INTERNATIONAL Edison International is the parent holding company of Southern California Edison, one of the nation s largest electric utilities. Edison International is also the parent company of subsidiaries that are engaged in competitive businesses related to the generation or use of electricity. SOUTHERN CALIFORNIA EDISON Southern California Edison serves nearly 4 million people in a 50,000 square-mile area of central, coastal and southern California excluding the City of Los Angeles and certain other cities. Based in Rosemead, California, the utility has been supplying and delivering electricity in the region for over 25 years. EDISON ENERGY Edison Energy is pursuing commercial and industrial customer service through business ventures in a number of areas related to the provision of electric power and infrastructure, including distributed generation, storage, and power management services to the commercial and industrial sector. Edison Energy and its subsidiaries are currently not material to the results of Edison International for financial reporting purposes and are not reported separately in Edison International s Form 0-K or in this Financial and Statistical Report. SOCORE ENERGY SoCore Energy builds, owns, and operates solar installations for commercial and industrial clients nationwide. Services include engineering and design, management and monitoring, financing and financial structures, and logistics. SoCore Energy was acquired by Edison International in August 203. EDISON TRANSMISSION Edison Transmission is an electric transmission company that develops and sponsors transmission projects nationwide, including the siting, licensing, design, construction, operation and maintenance of transmission lines and substations. EDISON MISSION GROUP Edison International includes Edison Mission Energy (EME) and Edison Capital. On December 7, 202, EME filed for relief under Chapter of the United States Bankruptcy Code. EME s Amended Plan of Reorganization was completed on April, 204 with the sale of substantially all of EME s assets to NRG Energy, Inc. and the transactions called for in a settlement agreement with Edison International. Under the Amended Plan of Reorganization, EME emerged from bankruptcy free of liabilities but remained an indirect wholly-owned subsidiary of Edison International. The operations of EME prior to December 7, 202 and for all prior years are reflected as discontinued operations in the consolidated financial statements. For further information regarding the EME bankruptcy, refer to Edison International s K. Edison Mission Group subsidiaries hold existing investments but no longer is actively pursuing new investments. EDISON MISSION ENERGY Edison Mission Energy holds an indirect interest in a wind project and lease interest in a hydroelectric power plant. EDISON CAPITAL Edison Capital holds partnership investments in affordable housing projects in the United States.

4 204 FINANCIAL AND STATISTICAL REPORT 2 Financial Highlights (In millions except per-share data) December 3, Net income (loss) attributable to Edison International Continuing Operations Southern California Edison $,453 $ 900 $,569 Edison International Parent and Other (26) (2) (66) Discontinued operations (,686) Edison International,62 95 (83) Less: Non-core items Southern California Edison: Impairment and other charges (72) (365) 202 General Rate Case - repair deductions ( ) 23 Edison International Parent and Other: Consolidated state deferred tax impacts related to EME (37) Gain on sale of Beaver Valley lease interest 7 3 Income from allocation of losses to tax equity investor 2 Discontinued operations (,686) Total non-core items 5 (322) (,46) Core earnings (losses) Southern California Edison,525,265,338 Edison International Parent and Other (28) (28) (60) Edison International $,497 $,237 $,278 Earnings (loss) per share to Edison International Continuing Operations Southern California Edison $ 4.46 $ 2.76 $ 4.8 Edison International Parent and Other (0.08) (0.06) (0.20) Discontinued operations (5.7) Edison International Parent and Other (0.56) Less: Non-core items Southern California Edison: Impairment and other charges (0.22) (.2) 202 General Rate Case - repair deductions ( ) 0.7 Edison International Parent and Other: Consolidated state deferred tax impacts related to EME (0.) Gain on sale of Beaver Valley lease interest Income from allocation of losses to tax equity investor 0.0 Discontinued operations (5.7) Total non-core items 0.36 (0.99) (4.48) Core earnings (losses) Southern California Edison Edison International Parent and Other (0.09) (0.08) (0.8) Edison International $ 4.59 $ 3.80 $ 3.92 Business Highlights Southern California Edison Total assets at December 3 $49,456 $ 46,050 $44,034 Rate base 2 $23,254 $ 2,6 $2,02 Capital expenditures 3 $ 3,967 $ 3,530 $ 3,9 Total system sales (kilowatt-hours, in millions) 88,986 87,397 88,25 Peak demand in megawatts (MW) 23,055 22,534 2,996 Generating capacity resources (MW) 3,39 3,62 5,633 Customers (thousands) 5,005 4,978 4,950 Employees (as of December 3) 3,600 3,599 6,55 Edison International s earnings are prepared in accordance with GAAP used in the United States. Management uses core earnings internally for financial planning and for analysis of performance. Core earnings (losses) 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 (losses) are a non-gaap financial measure and may not be comparable to those of other companies. Core earnings (losses) are defined as earnings attributable to Edison International shareholders less income or loss from discontinued operations, income resulting from allocation of losses to tax equity investor under the HLBV accounting method 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. 2 Recorded rate base, year end basis; 204 and 203 rate base excludes San Onofre Generating Station. 3 Capital expenditures for each year include accruals.

5 204 FINANCIAL AND STATISTICAL REPORT 3 Stock and Dividend Highlights December 3, Stock Price High $ $ 54.9 $ Low $ $ $ Year-end $ $ $ 45.9 Total Shareholder Return 45.0% 5.4% 2.4% Dividends Dividend per common share $.42 $.35 $.30 Dividend yield (dividends paid to year-end stock price) 2.2% 2.9% 2.9% Dividend payout ratio (dividends paid to SCE core earnings) 30.3% 34.8% 3.7% Common shares outstanding (thousands) 325,8 325,8 325,8 Dividend History n SCE Core EPS n EIX Dividend Paid $4.0 $3.88 $4.68 $3.33 $3.0 $2.68 $ % $.22 46% 42% 38% 32% 35% 30% $.24 $.26 $.28 $.30 $.35 $ Edison International targets a payout ratio of 45% to 55% of SCE core earnings. Credit Ratings As of 3/3/205 S&P Moody s Fitch Edison International Corporate/Outlook BBB+/Stable A3/Stable A-/Stable Senior Unsecured BBB A3/Stable A-/Stable Commercial Paper A-2 P-2 F2 Southern California Edison Corporate/Outlook BBB+/Stable A2/Stable A-/Stable First Mortgage Bonds A Aa3 A+ Senior Unsecured BBB+ A2 A Preferred Securities BBB- Baa BBB+ Commercial Paper A-2 P- F Trust Preferred BBB- Baa BBB+

6 204 FINANCIAL AND STATISTICAL REPORT 4 Consolidated Statements of Income (In millions except per-share data) December 3, Total operating revenue $3,43 $2,58 $,862 Purchased power and fuel 5,593 4,89 4,39 Operation and maintenance 3,49 3,473 3,608 Depreciation, decommissioning and amortization,720,622,562 Property and other taxes Impairment and other charges (28) Total operating expenses 0,94 0,866 9,577 Operating income 2,472,75 2,285 Interest and other income Interest expense (560) (544) (52) Other expenses (80) (74) (52) Income from continuing operations before income taxes,979,22,86 Income tax expense Income from continuing operations, ,594 Income (loss) from discontinued operations, net of tax (,686) Net income (loss),72,05 (92) Preferred and preference stock dividend requirements of utility Other noncontrolling interests (3) Net income (loss) attributable to Edison International common shareholders $,62 $ 95 $ (83) Amounts attributable to Edison International common shareholders: Income from continuing operations, net of tax $,427 $ 879 $,503 Income (loss) from discontinued operations, net of tax (,686) Net income (loss) attributable to Edison International common shareholders $,62 $ 95 $ (83) Basic earnings (loss) per common share attributable to Edison International common shareholders: Weighted-average shares of common stock outstanding Continuing operations $ 4.38 $ 2.70 $ 4.6 Discontinued operations (5.7) Total $ 4.95 $ 2.8 $ (0.56) Diluted earnings (loss) per common share attributable to Edison International common shareholders: Weighted-average shares of common stock outstanding, including effect of dilutive securities Continuing operations $ 4.33 $ 2.67 $ 4.55 Discontinued operations (5.) Total $ 4.89 $ 2.78 $ (0.56) Dividends declared per common share $.4825 $.3675 $.325

7 204 FINANCIAL AND STATISTICAL REPORT 5 Consolidated Balance Sheets December 3, ASSETS Cash and cash equivalents $ 32 $ 46 Receivables, less allowances of $68 and $66 for uncollectible accounts at respective dates Accrued unbilled revenue Inventory Derivative assets Regulatory assets, Deferred income taxes Other current assets Total current assets 4,09 3,32 Nuclear decommissioning trusts 4,799 4,494 Other investments Total investments 5,006 4,70 Utility property, plant and equipment, less accumulated depreciation and amortization of $8,32 and 32,859 30,379 $7,493 at respective dates Nonutility property, plant and equipment, less accumulated depreciation of $76 and $74 at respective dates Total property, plant and equipment 32,98 30,455 Derivative assets Regulatory assets 7,62 7,24 Other long-term assets Total long-term assets 8,80 8,78 Total assets $50,86 $46,646 LIABILITIES AND EQUITY Short-term debt $,29 $ 209 Current portion of long-term debt Accounts payable,580,407 Accrued taxes Customer deposits Derivative liabilities Regulatory liabilities Other current liabilities,205,86 Total current liabilities 5,479 4,88 Long-term debt 0,234 9,825 Deferred income taxes and credits 7,33 7,346 Derivative liabilities,052,042 Pensions and benefits 2,55,378 Asset retirement obligations 2,82 3,48 Regulatory liabilities 5,889 4,995 Other deferred credits and other long-term liabilities 2,255 2,070 Total deferred credits and other liabilities 2,485 20,249 Total liabilities 37,98 34,955 Commitments and contingencies (Note in K) Redeemable noncontrolling interest 6 Common stock, no par value (800,000,000 shares authorized; 325,8,206 shares issued and outstanding at respective dates) 2,445 2,403 Accumulated other comprehensive loss (58) (3) Retained earnings 8,573 7,548 Total Edison International s common shareholders equity 0,960 9,938 Noncontrolling interests - preferred and preference stock of utility 2,022,753 Total equity 2,982,69 Total liabilities and equity $50,86 $46,646

8 204 FINANCIAL AND STATISTICAL REPORT 6 Consolidated Statements of Cash Flows December 3, Cash flows from operating activities: Net income (loss) $,72 $,05 $ (92) Less: Income (loss) from discontinued operations (,686) Income from continuing operations, ,594 Adjustments to reconcile to net cash provided by operating activities: Depreciation, decommissioning and amortization,85,696,634 Allowance for equity during construction (65) (72) (96) Impairment and other charges (28) Deferred income taxes and investment tax credits Other EME settlement payments (225) Changes in operating assets and liabilities: Receivables 64 (56) (3) Inventory (25) 80 0 Accounts payable Prepaid and accrued taxes (00) (92) 89 Other current assets and liabilities (03) (55) 4 Derivative assets and liabilities, net (40) (30) 262 Regulatory assets and liabilities, net (358) (322) (34) Nuclear decommissioning trusts Other noncurrent assets and liabilities (3) (6) 78 Operating cash flows from continuing operations 3,248 2,967 3,97 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, $8 and $4 at respective periods 494, Long-term debt matured or repurchased (607) (,07) (6) Bonds remarketed, net 95 Preference stock issued, net Preference stock redeemed (400) (75) Short-term debt financing, net, (264) Cash contribution from redeemable noncontrolling interest 9 Dividends to noncontrolling interests () (0) (82) Dividends paid (463) (440) (424) Other (25) (48) (68) Financing cash flows from continuing operations Financing cash flows from discontinued operations, net 374 Net cash provided by financing activities Cash flows from investing activities: Capital expenditures (3,906) (3,599) (4,49) Proceeds from sale of nuclear decommissioning trust investments 0,079 5,67 2,22 Purchases of nuclear decommissioning trust investments (0,23) (5,75) (2,337) Proceeds from sale of assets Other 37 (56) 4 Investing cash flows from continuing operations (3,907) (3,572) (4,246) Investing cash flows from discontinued operations, net (,037) Net cash used by investing activities (3,907) (3,572) (5,283) Net increase (decrease) in cash and cash equivalents (4) (24) (,299) Cash and cash equivalents at beginning of year 46 70,469 Cash and cash equivalents at end of year $ 32 $ 46 $ 70 Consolidated Statements of Retained Earnings December 3, Balance at beginning of year $ 7,548 $ 7,46 $ 7,834 Net income (loss),62 95 (83) Common stock dividends declared (483) (446) (428) Stock-based compensation and other (04) (53) (77) Noncash stock-based compensation and other (6) Issuance (redemption) of preference stock (8) () Balance at end of year $ 8,573 $ 7,548 $ 7,46

9 204 FINANCIAL AND STATISTICAL REPORT 7 Consolidated Income Tax Schedule The components of income tax expense (benefit) by location of taxing jurisdiction are: December 3, Current: Federal $ (99) $ (97) $ State 20 (9) Total Current (79) (06) Deferred: Federal State Total Deferred Total continuing operations Discontinued operations (70) (36) (549) Total $ (267) $ 206 $ (282) See Note 5 in the K for a discussion of discontinued operations related to EME. The federal statutory income tax rate is reconciled to the effective tax rate from continuing operations as follows: December 3, Income from continuing operations before income taxes $,979 $,22 $,86 Provision for income tax at federal statutory rate of 35% Increase (decrease) in income tax from: Items presented with related state income tax, net: Repair deductions (23) State tax, net of federal benefit Property-related (252) (26) (223) Accumulated deferred income tax adjustments (4) Change related to uncertain tax positions San Onofre OII settlement (23) 24 Other (36) (25) (38) Total income tax expense from continuing operations $ 443 $ 242 $ 267 Effective tax rate 22.4% 9.8% 4.3% Contractual Obligations Less than to 3 3 to 5 More than December 3, Total year years years 5 years SCE: Long-term debt maturities and interest $8,74 $757 $,764 $,225 $4,968 Power purchase agreements: Renewable energy contracts 23,399,009 2,277 2,373 7,740 Qualifying facility contracts Other power purchase agreements 4, ,453,088,504 Other operating lease obligations Purchase obligations: Other contractual obligations, Total SCE 49,590 3,038 6,329 5,69 35,054 Edison International Parent and Other: Long-term debt maturities and interest EME settlement payments Total Edison International Parent and Other Total Edison International $50,445 $3,254 $6,968 $5,69 $35,054

10 204 FINANCIAL AND STATISTICAL REPORT 8 Credit Agreements and Short-Term Debt December 3, Commitments: Edison International $,250 $,250 $,250 Southern California Edison 2,750 2,750 2,750 Total Commitments $ 4,000 $4,000 $4,000 Credit Facility Utilization: Edison International Outstanding borrowings (due 209) $ 69 $ 34 $ Outstanding letters of credit Southern California Edison Outstanding borrowings (due 209) $ 367 $ 75 $ 75 Outstanding letters of credit Total Utilization $,095 $ 325 $ 337 Amount Available: Edison International $ 63 $,26 $,250 Southern California Edison 2,274 2,459 2,43 Total Available $ 2,905 $3,675 $3,663 Credit facilities for EIX and SCE are generally used to support commercial paper and letters of credit issued for procurement-related collateral requirements, balancing account undercollections, and general corporate purposes. Preferred and Preference Stock (In millions, except shares and per-share amounts) Shares Redemption December 3, Outstanding Price SCE: Cumulative preferred stock $25 par value: 4.08% Series 650,000 $ $ 6 $ % Series,200, % Series,653, % Series,296, Preference Stock No par value: 4.5% Series A (variable and noncumulative) 3,250, % Series D (cumulative),250, % Series E (cumulative) 350,000, % Series F (cumulative) 90,000 2, % Series G (cumulative) 2 60,000 2, % Series H (cumulative) 3 0,004 2, SCE s preferred and preference stock 2,070,795 Less issuance costs (48) (42) Edison International s preferred and preference stock of utility $2,022 $,753 The Series F preference shares were issued to SCE Trust I which issued 5.625% trust preference securities (9,000,000 shares at a liquidation amount of $25 per share) to investors. The trust preference securities have the same payment terms as the Series F preference shares. 2 The Series G preference shares were issued to SCE Trust II which issued 5.0% trust preference securities (6,000,000 shares at a liquidation amount of $25 per share) to investors. The trust preference securities have the same payment terms as the Series G preference shares. 3 The Series H preference shares were issued to SCE Trust III which issued 5.75% trust preference securities (,000,000 shares at a liquidation amount of $25 per share) to investors. The trust preference securities have the same payment terms as the Series H preference shares. Five-Year Long-Term Debt Maturities December 3, Edison International $ 204 $ 25 $ 400 $ $ Southern California Edison Total $ 504 $ 65 $ 900 $400 $

11 204 FINANCIAL AND STATISTICAL REPORT 9 Consolidated Long-Term Debt December 3, Series Due Date Interest Rate First Call Date Southern California Edison Long-term debt: First and refunding mortgage bonds 2004 Series 2004B 0/5/ % N/A Series 2004F 04/0/ % N/A Series 2004G 04/0/ % N/A Series 2005A 0/5/ % N/A Series 2005B 0/5/ % N/A Series 2005E 07/5/ % N/A Series 2006A 02/0/ % N/A Series 2006E 0/5/ % N/A Series 2008A 02/0/ % N/A Series 2008B 08/5/ % N/A Series 2009A 03/5/ % N/A Series 2009B 09/5/4 4.50% N/A Series 200A 03/5/ % N/A Series 200B 09/0/ % N/A Series 20A 06/0/ % N/A Series 20D 09/5/4 Floating N/A Series 20E 2/0/ % N/A Series 202A 03/5/ % N/A Series 203A 03/5/ % N/A Series 203B 0/0/4 Floating N/A Series 203C 0/0/ % N/A Series 203D 0/0/ % N/A Series 204B 05/0/7.25% N/A Series 204C /0/7.250% N/A 00 Subtotal 8,875 8,975 Other 999 Notes 04/0/ % N/A N/A Other obligation 08/0/ % N/A 7 7 Subtotal Pollution control indebtedness: Four Corners Generating Station 2005 Series A-B 2 04/0/ % 3 04/0/ Series 2,4 04/0/29 Variable 3 Anytime Mohave Generating Station Series 2,4 06/0/3 Variable 3 Anytime Palo Verde Nuclear Generating Station 2000 Series A-B 2 06/0/ % 06/0/ San Onofre Nuclear Generating Station 200 Series A 2 09/0/ % 09/0/ Series 2, 4 09/0/3 Variable 3 Anytime Series A 2 04/0/28.375% 04/02/ Series B 2 04/0/28.900% 04/0/ Series C-D 5 /0/ % /0/ Subtotal Total SCE principal amount outstanding 0,2 0,22 Less: bonds repurchased 6 (6) (6) Less: current portion of long-term debt (300) (600) Less: unamortized discount net (37) (38) SCE long-term debt $9,624 $9,422 Edison International Parent and Other Long-term debt: 200 Senior Notes 09/5/ % N/A Promissory Note 7 09/30/5 N/A N/A Promissory Note 7 09/30/6 N/A N/A 24 Other long-term debt 2 4 Less: current portion of long-term debt (204) () Less: unamortized discount net (5) Edison International Parent and Other Total Edison International consolidated long-term debt 8 $0,234 $9,825 Fort Irwin acquisition debt, not a publicly traded security. 2 Secured by first and refunding mortgage bonds. 3 Subject to remarketing. 4 Held by SCE. 5 Secured by SCE s first and refunding mortgage bonds, but payment of interest and principal guaranteed by bond insurance. 6 Four Corners 20 Series, Mohave 200 Series, and SONGS 20 Series Pollution Control Bonds. 7 EME Settlement Agreement note. 8 Whole numbers may not add due to rounding.

12 204 FINANCIAL AND STATISTICAL REPORT 0

13 204 FINANCIAL AND STATISTICAL REPORT SCE Highlights One of the nation s largest electric utilities Significant infrastructure investments Drivers of rate base growth: Nearly 4 million residents in service territory Approximately 5 million customer accounts 50,000 square-mile service area.4 million power poles 700,000 transformers 03,000 miles of distribution and transmission lines 3,00 MW owned generation Infrastructure reliability investment California public policy Grid technology improvements SCE Transmission Program Total Project in Service roe Project Name Costs date incentives Description Tehachapi 4- $2.4 Billion bps Portions placed in service in 203, remaining sections expected in service Coolwater-Lugo $0.7 Billion 208 N/A Pending CPUC review provides additional capacity to facilitate interconnection of renewables West of Devers $.0 Billion N/A Replaces portion of existing 220kV lines and structures with higher capacity infrastructure Total project costs are nominal direct expenditures, subject to CPUC and FERC Cost recovery approval. Whirlwind Pardee Highwind Windhub Antelope Vincent Lugo Vista Mira Loma Coolwater San Bernardino El Casco Devers SCE Service Territory Coolwater-Lugo West of Devers Tehachapi Segments kV Tehachapi Segments 4-500kV

14 204 FINANCIAL AND STATISTICAL REPORT 2 SCE Results of Operations Utility Utility Utility Utility Utility Utility Earning Cost-Recovery Total Earning Cost-Recovery Total Earning Cost-Recovery Total December 3, Activities Activities Consolidated Activities Activities Consolidated Activities Activities Consolidated Operating revenue $6,83 $6,549 $3,380 $6,602 $5,960 $2,562 $6,682 $5,69 $,85 Purchased power and fuel 5,593 5,593 4,89 4,89 4,39 4,39 Operation and maintenance 2, ,057 2,348,068 3,46 2,58,026 3,544 Depreciation, decommissioning and amortization,720,720,622,622,562,562 Property and other taxes () 295 Impairment and other charges Total operating expenses 4,307 6,544 0,85 4,852 5,959 0,8 4,408 5,64 9,572 Operating income 2, ,529,750,75 2, ,279 Interest expense (528) (5) (533) (59) () (520) (494) (5) (499) Other income and expenses Income before income taxes 2,039 2,039,279,279,874,874 Income tax expense Net income,565,565,000,000,660,660 Preferred and preference stock dividend requirements Net income available for common stock $,453 $ $,453 $ 900 $ $ 900 $,569 $ $,569 Core earnings $,525 $,265 $,338 Non-core earnings: Impairment and other charges (72) (365) 202 General Rate Case repair deductions ( ) 23 Total SCE GAAP earnings $,453 $ 900 $,569 See footnote on page 2 Financial Highlights on use of non-gaap earnings. SCE Consolidated Statements of Income December 3, Operating revenue $3,380 $2,562 $,85 Purchased power and fuel 5,593 4,89 4,39 Operation and maintenance 3,057 3,46 3,544 Depreciation, decommissioning and amortization,720,622,562 Property and other taxes Impairment and other charges Total operating expenses 0,85 0,8 9,572 Operating income 2,529,75 2,279 Interest and other income Interest expense (533) (520) (499) Other expenses (79) (74) (50) Income before income taxes 2,039,279,874 Income tax expense Net income,565,000,660 Less: Preferred and preference stock dividend requirements Net income available for common stock $,453 $ 900 $,569

15 204 FINANCIAL AND STATISTICAL REPORT 3 SCE Consolidated Balance Sheets December 3, ASSETS Cash and cash equivalents $ 38 $ 54 Receivables, less allowances of $68 and $66 for uncollectible accounts at respective dates Accrued unbilled revenue Inventory Derivative assets Regulatory assets, Deferred income taxes 303 Other current assets Total current assets 3,440 3,075 Nuclear decommissioning trusts 4,799 4,494 Other investments Total investments 4,957 4,634 Utility property, plant and equipment, less accumulated depreciation and amortization of $8,32 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 Total property, plant and equipment 32,928 30,45 Derivative assets Regulatory assets 7,62 7,24 Other long-term assets Total long-term assets 8,3 7,890 Total assets $49,456 $46,050 LIABILITIES AND EQUITY Short-term debt $ 667 $ 75 Current portion of long-term debt Accounts payable,556,373 Accrued taxes Customer deposits Derivative liabilities Regulatory liabilities Deferred income taxes Other current liabilities,83,034 Total current liabilities 4,820 4,398 Long-term debt 9,624 9,422 Deferred income taxes and credits 8,288 7,84 Derivative liabilities,052,042 Pensions and benefits, Asset retirement obligations 2,89 3,48 Regulatory liabilities 5,889 4,995 Other deferred credits and other long-term liabilities 2,00,845 Total deferred credits and other liabilities 2,730 20,092 Total liabilities 36,74 33,92 Commitments and contingencies (Note in K) Common stock, no par value (560,000,000 shares authorized; 434,888,04 shares issued and outstanding at each date) 2,68 2,68 Additional paid-in capital Accumulated other comprehensive loss (28) () Retained earnings 8,454 7,594 Total common shareholders equity,22 0,343 Preferred and preference stock 2,070,795 Total equity 3,282 2,38 Total liabilities and equity $49,456 $46,050

16 204 FINANCIAL AND STATISTICAL REPORT 4 SCE Consolidated Statements of Cash Flows December 3, Cash flows from operating activities: Net income $,565 $,000 $,660 Adjustments to reconcile to net cash provided by operating activities: Depreciation, decommissioning and amortization,80,694,633 Allowance for equity during construction (65) (72) (96) Impairment and other charges Deferred income taxes and investment tax credits Other 4 86 Changes in operating assets and liabilities: Receivables 64 (57) (23) Inventory (9) 80 0 Accounts payable 2 59 (9) Prepaid and accrued taxes 29 (93) 254 Other current assets and liabilities (07) (7) 4 Derivative assets and liabilities, net (40) (30) (86) Regulatory assets and liabilities, net (358) (322) 34 Nuclear decommissioning trusts Other noncurrent assets and liabilities (6) (25) 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, $8 and $4 at respective dates 498, Long-term debt matured or repurchased (607) (,06) (6) Bonds remarketed, net 95 Preference stock issued, net Preference stock redeemed (400) (75) Short-term debt financing, net 490 () (250) Dividends paid (489) (587) (55) Other 20 (43) (57) Net cash provided by financing activities Cash flows from investing activities: Capital expenditures (3,857) (3,598) (4,49) Proceeds from sale of nuclear decommissioning trust investments 0,079 5,67 2,22 Purchases of nuclear decommissioning trust investments (0,23) (5,75) (2,337) Proceeds from sale of assets 4 8 Other 40 (32) 0 Net cash used by investing activities (3,857) (3,547) (4,354) Net (decrease) increase in cash and cash equivalents (6) 9 (2) Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year $ 38 $ 54 $ 45 SCE Consolidated Statements of Retained Earnings December 3, Balance at beginning of year $ 7,594 $ 7,228 $ 6,73 Net income (loss),565,000,660 Dividends declared on common stock (525) (486) (469) Dividends declared on preferred and preference stock (2) (00) (9) Stock-based compensation (64) (44) (44) Noncash stock-based compensation (4) 4 Redemption of preference stock (8) () Balance at end of year $ 8,454 $ 7,594 $ 7,228

17 204 FINANCIAL AND STATISTICAL REPORT 5 SCE Regulatory Assets December 3, Current: Regulatory balancing accounts $,088 $ 484 Energy derivatives Other 7 Total Current, Long-term: Deferred income taxes, net 3,405 2,957 Pensions and other postretirement benefits, Energy derivatives Unamortized investments, net San Onofre,288,325 Unamortized loss on reacquired debt Regulatory balancing accounts Other Total Long-term 7,62 7,24 Total Regulatory Assets $8,866 $7,779 SCE Regulatory Liabilities December 3, Current: Regulatory balancing accounts $ 380 $ 724 Other 2 43 Total Current Long-term: Costs of removal 2,826 2,780 Asset Retirement Obligations,956,07 Regulatory balancing accounts,083,32 Other 24 2 Total Long-term 5,889 4,995 Total Regulatory Liabilities $6,290 $5,762 SCE Authorized Rates of Return and Capital Structure CPUC 204 Rate of Return Capital Structure Common equity 0.45% 48% Long-term debt 5.49% 43% Preferred equity 5.79% 9% FERC 204 Base rate 9.30% California Independent System Operator (ISO) participation 0.50% Weighted average project incentives 0.65% Common Equity 0.45%

18 204 FINANCIAL AND STATISTICAL REPORT 6 SCE Operating and Financial Ratios Year-Ended December 3, Capital structure: Common shareholders equity 49.0% 48.0% 48.4% Preferred and preference stock 9.0% 8.3% 8.7% Long-term debt 42.0% 43.7% 42.9% Rate of return on common equity 3.5% 8.9% 7.% Based on 3-month average. SCE Fuel Consumption (In thousands) Year Ended December 3, Gas - Combined Cycle (mcf) 43,203 38,05 Gas - Peakers (mcf), Gas - Other (mcf) 82 Coal (ton) 2,457 SCE Customers Year Ended December 3, Customers: Residential 4,368,897 4,344,429 4,32,7 4,30,969 4,285,803 Commercial 557, , , , ,06 Industrial 0,782 0,584 0,922,370,708 Public authorities 46,234 46,323 46,493 46,684 46,78 Agricultural 2,404 2,679 2,97 22,086 22,32 Railroads and railways Interdepartmental Total 5,005,40 4,977,729 4,950,465 4,929,49 4,909,662 Number of new connections 29,879 27,370 22,866 9,829 25,566 Public authorities includes Public Street & Highway Lighting. 204 SCE Residential Rate Structure,2, Tier 4 25 Tier 3 /kwh Tier Tier ,000,200,400 kwh/month Tier structure based on rates as of August, Based on a daily baseline of 342 kwh/month, which is a customer weighted average of baseline allocations of each region SCE serves. Tier 4 does not have a kwh limit. 3 Tier and 2 rates are subject to rate caps established in 200, as modified by SB695 in 2009.

19 204 FINANCIAL AND STATISTICAL REPORT 7 SCE Kilowatt-Hour Sales Year Ended December 3, Class of service (in millions of kwh): Residential 30,5 29,889 30,563 Commercial 42,27 40,649 40,54 Industrial 8,47 8,472 8,504 Public authorities 4,990 5,02 5,96 Agricultural and other 2,025,885,676 Resale,32,490,735 Total kilowatt-hour sales 88,986 87,397 88,25 Class of service (in percent): Residential 33.8% 34.2% 34.6% Commercial 47.3% 46.5% 46.0% Industrial 9.5% 9.7% 9.6% Public authorities 5.6% 5.7% 5.9% Agricultural and other 2.3% 2.2%.9% Resale.5%.7% 2.0% Total 00.0% 00.0% 00.0% Includes direct access customers and unbilled kwh. SCE Operating Revenue by Class of Service Year Ended December 3, Class of service (in millions): Residential $ 4,835 $ 4,927 $ 4,899 Commercial 5,68 5,095 4,808 Industrial Public authorities Agricultural Other 2 36 (7) Resale Sales of electric energy 2,243,654,92 Other operating revenue Deferred revenue Total operating revenue 2 $3,380 $2,562 $,85 Class of service (in percent): Residential 36.% 39.2% 4.3% Commercial 42.4% 40.6% 40.6% Industrial 5.6% 5.4% 5.4% Public authorities 5.% 5.0% 5.% Agricultural 2.0%.8%.6% Other 0.% 0.3% (0.%) Resale 0.2% 0.5% 0.5% Sales of electric energy 9.5% 92.8% 94.4% Other operating revenue 5.% 4.6% 3.6% Deferred revenue 3.4% 2.6% 2.0% Total operating revenue % 00.0% 00.0% Authorized operating revenue associated with future costs is only recognized as revenue when costs are incurred. 2 Does not include energy from direct access customers.

20 204 FINANCIAL AND STATISTICAL REPORT 8 SCE Operating Statistics Year Ended December 3, MW % MW % MW % MW % MW % SCE Generating Capacity Resources (MW) - Net Physical Capacity: Owned: Oil and gas (Catalina) 9 0.3% 9 0.3% 9 0.2% 9 0.2% 9 0.2% Nuclear % % 2,35 4.7% 2, % 2, % Coal % % % Hydro, %, %, %,76 2.%,76 2.4% Natural Gas, %, %, %, %, % Solar 9 2.9% 9 2.9% 63.% 53.0% Total 3, % 3, % 5, % 5, % 5, % SCE Total Energy Requirement (millions of kwh): Owned: Nuclear 5,07 6.3% 4,849 6.% 5,667 7.% 9, % 5, % Coal 4, % 5,56 6.5% 5,58 6.5% 4, % Hydro,62 2.0% 2, % 2, % 4, % 4, % Solar 98 0.% 68 0.% % 7 0.0% 4 0.0% Fuel Cell 0 0.0% 6 0.0% 0.0% Oil (Catalina) % % % % % Gas-fired peakers 06 0.% 97 0.% 00 0.% 2 0.0% 2 0.0% CCGT 6,83 7.6% 5,57 6.9% 6, % 4, % 6,05 7.6% Purchased power: 2 Firm 3 9, % 7,27 2.6% 9,400.8% 4, % 4, % Economy/other % % (58) (0.%) % (73) (0.%) Other power producers: 2 Cogeneration 6, % 8,88 0.3% 8,82.% 9,0.5% 0, % Biomass % 782.0% 903.%,45.4%,258.6% Small hydro % 6 0.% 9 0.2% % % Wind 7,390 9.% 7, % 6, % 5, % 4,062 5.% Geothermal 6, % 6, % 7,249 9.% 7, % 7, % Solar 2,544 3.% 992.2% 962.2% 938.2% 98.2% CDWR (ISO) 25,6 30.9% 20, % 25, % 6, % 9, % Total 5 8, % 79, % 79, % 79, % 79, % Area peak demand (MW) 23,055 22,534 2,996 22,443 22,77 Annual area system load factor (%) 52.3% 52.% 52.7% 50.7% 50.7% Excludes SONGS station usage in Calculation consistent with accrual basis of accounting. 3 Includes bilateral and long-term contracts. 4 Includes economy energy, exchange energy, fringe energy and net interchange. 5 Excludes direct access and resale customer requirements. Includes generation line losses. SCE Total Energy Requirement 8% 6% 2% 24% 5% 7% 6% 3% 22% Coal Natural Gas Nuclear Hydro Purchases: Other Utilities 29% 3% Purchases: Other Power Producers 3% 26% CDWR/ISO Net

21 204 FINANCIAL AND STATISTICAL REPORT 9 SCE Jointly Owned Projects Plant in Construction Work Accumulated Nuclear Net Book Ownership As of December 3, 204 Service in Progress Depreciation Fuel Value Interest Transmission systems: Eldorado $ 88 $ 8 $ 7 $ $52 62% Pacific Intertie % Generating station: Palo Verde (nuclear),87 83, % Total $2,50 $78 $,620 $3 $839 Detail of SCE Utility Plant Net Year-Ended December 3, Generation: Nuclear $ 256 $ 226 $,370 Hydro Steam (2) (2) 88 Other,75,222,083 Total generation 2,27 2,92 3,23 Distribution 5,282 4,057 3,284 Transmission 9,050 7,99 5,968 General and intangible 2,83 2,84 2,833 Gas and water (Catalina) Construction work in progress 3,339 3,29 4,27 Nuclear fuel Total utility plant net $32,859 $30,379 $30,200 Whole numbers may not add due to rounding.

22 204 FINANCIAL AND STATISTICAL REPORT 20 California Public Utilities Commission (CPUC) The California Public Utilities Commission (CPUC) regulates privately owned electric, natural gas, telecommunications, water, railroad, rail transit and passenger transportation companies, in addition to authorizing video franchises. The Governor appoints five commissioners for six year terms. The CPUC plays a key role in making California a national and international leader on a number of clean energy related initiatives and policies designed to benefit consumers, the environment, and the economy. For additional information, please refer to their website Commissioner Service Began Term Ends Prior Professional Experience Michael Picker (President) /4 /2 Prior to appointment as commissioner in January 204, was Senior Advisor for Renewable Energy in the Office of the Governor from 2009 to 204. He was also a member of the Sacramento Municipal Utility District Board of Directors from Michael Peter Florio / /7 Senior attorney at The Utility Reform Network; former member of board of governors of the California Independent System Operator Catherine J.K. Sandoval / /7 Tenured professor at Santa Clara University School of Law; Adjunct Professor at U.C. Berkeley School of Law; Undersecretary and Staff Director of the State of California s Business, Transportation, and Housing Agency Carla J. Peterman 2/2 2/8 Lead commissioner at California Energy Commission for renewables, transportation, natural gas, and 202 Independent Energy Policy Report Liane M. Randolph /5 /2 Formerly served as Deputy Secretary and General Counsel at the California Natural Resources Agency prior to appointment in to the commission in December 204 Federal Energy Regulatory Commission (FERC) The Federal Energy Regulatory Commission is composed of up to five commissioners who are appointed by the President of the United States with the advice and consent of the Senate. Commissioners serve five-year terms, and have an equal vote on regulatory matters. For additional information, please refer to their website Commissioner Service Began Term Ends Prior Professional Experience Cheryl A. LaFleur (Chairman) 7/0 6/9 Former executive vice president and acting CEO of National Grid USA; member of the NARUC Committees on Electricity and Critical infrastructure Philip D. Moeller 7/06 6/5 Energy policy advisor to former U.S. Senator Slade Gorton (WA); staff coordinator for Washington State Senate Committee on Energy, Utilities and Telecommunications Tony Clark 6/2 6/6 Chairman of North Dakota Public Service Commission; President of NARUC; North Dakota Labor Commissioner under Governor Ed Schafer; State legislator Colette D. Honorable /5 6/7 Former Chairman of Arkansas Public Service Commission from 20 until appointment; Arkansas PSC commissioner since 2007; Former President of NARUC Norman C. Bay 8/4 6/8 Former Director of the Office of Enforcement from 2009 to 204. Professor of Law at the University of New Mexico School of Law, where he taught Criminal Law, Evidence, and Constitutional Law As of March 3, 205

23 204 FINANCIAL AND STATISTICAL REPORT 2 Leadership Team Edison International Theodore F. Craver, Jr. Chairman of the Board, President and Chief Executive Officer Ronald L. Litzinger Executive Vice President W. James Scilacci Executive Vice President and Chief Financial Officer Adam S. Umanoff Executive Vice President and General Counsel Janet T. Clayton Senior Corporate Communications Gaddi H. Vasquez Senior Government Affairs Jeffrey L. Barnett Tax Robert C. Boada Vice President and Treasurer Scott S. Cunningham Investor Relations David J. Heller Risk Management and General Auditor Barbara E. Mathews Associate General Counsel, Chief Governance Officer and Corporate Secretary Michael D. Montoya Chief Ethics and Compliance Officer Aaron D. Moss Vice President Oded J. Rhone Strategic Planning J. Christopher Thompson Decommissioning Mark C. Clarke Vice President and Controller Southern California Edison Company Pedro J. Pizarro President Janet T. Clayton Senior Corporate Communications Peter T. Dietrich Senior Transmission and Distribution Stuart R. Hemphill Senior Power Supply & Operational Services Ronald O. Nichols Senior Regulatory Affairs Kevin M. Payne Senior Customer Service Maria C. Rigatti Senior Vice President and Chief Financial Officer Russell C. Swartz Senior Vice President and General Counsel Gaddi H. Vasquez Senior Government Affairs Jeffrey L. Barnett Tax Douglas R. Bauder Operational Services Lisa D. Cagnolatti Business Customer Division Caroline Choi Integrated Planning and Environmental Affairs Kevin R. Cini Major Projects Colin E. Cushnie Vice President. Energy Procurement & Management Chris C. Dominski Planning and Performance Reporting Constance J. (Connie) Erickson Vice President and Controller Gregory M. Ferree Distribution Paul J. Grigaux Transmission Substations and Operations Veronica Gutierrez Local Public Affairs Todd Inlander Vice President and Chief Information Officer Enrique (Henry) Martinez Power Production Nestor Martinez Engineering and Technical Services Barbara E. Mathews Associate General Counsel, Chief Governance Officer and Corporate Secretary Patricia H. Miller Human Resources Michael D. Montoya Vice President and Chief Ethics and Compliance Officer Thomas J. Palmisano Vice President and Chief Nuclear Officer William M. (Tres) Petmecky, III Vice President and Treasurer Abdou Terki-Hassaine Customer Service Operations J. Christopher Thompson Decommissioning Marc L. Ulrich Customer Programs & Services Edison Energy Ronald L. Litzinger President, Edison Energy Steven D. Eisenberg President and Treasurer, Edison Transmission As of March 3, 205

24 For Additional Information, Contact: Scott S. Cunningham Investor Relations (626) Edison International 2244 Walnut Grove Avenue Rosemead, California 9770 Investor Relations Toll Free (877) Stock Transfer Agent, Registrar of Stock, and Administrator of Dividend Reinvestment Plan Wells Fargo Shareowner Services 0 Centre Point Curve, Suite 0 Mendota Heights, MN Telephone (800) Fax (65) Ticker Symbol EIX (Common Stock) Internet Address Listed Securities Media Listing EdisonInt or EIX (Common Stock) SoCalEd (Preferred Stock) Stock Exchange Listing New York New York Alt