Leading the Way in Electricity SM Third Quarter 2014 Financial Results October 28, 2014 1 EDISON INTERNATIONAL
Leading the Way in Electricity SM Third Quarter Earnings Summary Q3 Q3 SCE Key Core Earnings Drivers Variance 2014 2013 Core EPS1 Higher revenue 0.20 SCE 1.54 1.46 0.08 SONGS impact (0.03) Higher depreciation (0.04) EIX Parent…
Leading the Way in Electricity SM Year-to-Date Earnings Summary YTD YTD SCE Key Core Earnings Drivers Variance 2014 2013 Core EPS1 Higher revenue 0.51 SONGS impact (0.02) SCE 3.58 3.09 0.49 Lower O&M2 0.05 EIX Parent & Other…
Leading the Way in Electricity SM SCE Capital Expenditures Forecast ( billions) 15.4 17.4 billion Distribution Transmission Generation forecasted capital program 2014 2017 4.6 4.5 4.1 4.2 Capital expenditures cumulative…
Leading the Way in Electricity SM SCE Rate Base Forecast ( billions) 7 9% CAGR projected rate base 2014 2017 29.3 26.7 Rate base growth rate reaffirmed Driven by infrastructure 24.0 replacement, reliability investments, and…
Leading the Way in Electricity SM 2014 Core and Basic Earnings Guidance (per share) 2014 Earnings 2014 Earnings Guidance as of Guidance as of 4/29/14 10/28/14 Low Mid High Low Mid High SCE 3.85 4.43 Key Assumptions: EIX Parent…
Leading the Way in Electricity SM Creating Shareholder Value Create Sustainable Position for Resolve Earnings and Transformative Uncertainties Dividend Growth Sector Change EME restructuring 10% 5-year SCE rate base Acquired…
Leading the Way in Electricity SM Appendix October 28, 2014 9 EDISON INTERNATIONAL
Leading the Way in Electricity SM EIX Dividend Growth 4.43 Guidance Midpoint 2008 2013 CAGR 2014 1.42 (32%) SCE Core EPS 12% 3.88 EIX Dividend 2% 2013 1.35 (35%) 4.10 2012 1.30 (32%) EIX targets paying out 45 55% of SCE…
Leading the Way in Electricity SM SCE System Investments ( millions) Distribution Transmission Aging system reaching equilibrium Large transmission projects: replacement rate Tehachapi 3.2 billion total project 2015 GRC request…
Leading the Way in Electricity SM SCE Growth Drivers Beyond 2017 Infrastructure Reliability Investment Sustained level of infrastructure investment required until equilibrium replacement rates are achieved - includes underground…
Leading the Way in Electricity SM New Technology Grid Impacts 1 3 1 2 1 2 Future state based on evolving energy landscape 1 1 More automated and digital, with more sophisticated voltage control and protection 2…
Leading the Way in Electricity SM Creating the Distribution Grid of the Future Current State Future State One-Way Electricity Flow Variable and Two-Way Electricity Flow System planned and designed to serve System planned and…
Leading the Way in Electricity SM EIX is Responding to Industry Change Long-Term Industry Trends Strategy Public policy prioritizing environmental SCE Strategy sustainability Invest in, build, and operate the next Innovation…
Leading the Way in Electricity SM SCE 2015 CPUC General Rate Case November 2013, 2015 GRC Application A.13-11-003 filed. Request sets base revenue requirement for 2015 2017 Includes operating costs and CPUC jurisdictional capital…
Leading the Way in Electricity SM SCE 2015 GRC Intervenor Testimony ( in millions) In August, Office of Ratepayer Advocate (ORA) and The Utility Reform Network (TURN) submitted 2015 GRC testimony Proposed 680 million 2015 test…
Leading the Way in Electricity SM CPUC and FERC Cost of Capital CPUC Adjustment Mechanism 7 Moodys Baa Utility Index Spot Rate Moving Average (10/1/14 10/10/14) = 4.69% 100 basis point +/- Deadband 6 Rate (%) 5…
Leading the Way in Electricity SM SCE Key CPUC Regulatory Events Calendar 2H 2014 1H 2015 2H 2015 2016 SONGS Oct 9 Proposed Decision Settlement (I.12-10-013) Nov/Dec Final Decision July Revised Scoping Jan Update Hearing 2015…
Leading the Way in Electricity SM SONGS Settlement Summary Term Description Steam Generator Replacement Project (SGRP) removed from rates as of February 1, 2012, with Steam book value balance disallowed. Revenues related to the…
Leading the Way in Electricity SM SONGS Settlement Third-Party Recoveries CPUC SONGS OII Settlement SCEs share of recoveries from NEIL and MHI will be reported in non-core earnings Customer share of recoveries from NEIL and MHI…
Leading the Way in Electricity SM SONGS Units 2 and 3 Decommissioning Decommissioning Trusts Decommissioning Trust contributions recovered in rates approved by CPUC in triennial proceeding Updated site-specific decommissioning cost…
Leading the Way in Electricity SM Earnings Non-GAAP Reconciliations ( millions) Reconciliation of EIX Core Earnings to EIX GAAP Earnings Earnings Attributable to Q3 Q3 YTD YTD Edison International 2014 2013 2014 2013 Core…
Leading the Way in Electricity SM SCE Core EPS Non-GAAP Reconciliations Reconciliation of SCE Core Earnings Per Share to SCE Basic Earnings Per Share Earnings Per Share Attributable to SCE 2008 2009 2010 2011 2012 2013 CAGR Core…
Leading the Way in Electricity SM 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…
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