Edison International and Southern California Edison Announce Dividend Actions

May 14, 2001

May 14, 2001

ROSEMEAD, Calif., May 14, 2001- The board of directors of Edison International (NYSE:EIX) today voted to eliminate payment of the second-quarter dividend on its common stock that customarily would have been paid on July 31, 2001, because of financial conditions created by California's ongoing energy crisis.

In addition, Edison International's electric utility subsidiary Southern California Edison Company announced that its board of directors decided today to defer the quarterly dividends on SCE's 4.32% series of cumulative preferred stock and its 6.05% and 6.45% series of $100 cumulative preferred stock that would have been payable on June 30, 2001, and on SCE's 7.23% series of $100 cumulative preferred stock that would have been payable on July 31, 2001.

The SCE board also decided to continue the previous deferral of quarterly dividends on its preferred stock payable on and after February 28, 2001.

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Based in Rosemead, Calif., Edison International is a premier international electric power generator, distributor and structured finance provider.  With assets of $36 billion and a portfolio of approximately 28,000 MW, Edison International is an industry leader in privatized, deregulated and incentive-regulated markets and power generation.  It is the parent company of Southern California Edison, Edison Mission Energy, Edison Capital, Edison O&M Services, and Edison Enterprises.