May 08, 2008 May 8, 2008 First quarter 2008 GAAP earnings were $0.91 per share compared to $1.01 per share in the first quarter of 2007. Core earnings increased 2% to $0.92 per share in the first quarter from $0.90 per share in the year-ago quarter, reflecting an increase of $0.01 per share at both Southern California Edison (SCE) and Edison Mission Group (EMG). The increase was largely due to lower net interest expense at SCE and higher gross margin at EMG’s Midwest Generation. Core earnings exclude non-core items and discontinued operations. The current outlook for Edison International 2008 core earnings is around the high end of its guidance range of $3.61 - $4.01 per share. Edison International Financial Highlights Quarter Ended March 31, (In millions, except per share data) 2008 2007 Change GAAP earnings per share $0.91 $1.01 $(0.10) Core earnings per share $0.92 $0.90 $0.02 GAAP earnings $299 $333 $(34) Core earnings $304 $299 $5 Note: GAAP earnings refer to net income and GAAP earnings per share refer to basic earnings per share throughout this release. Core earnings is a non-GAAP financial measure; see reconciliation of core earnings to GAAP earnings and reconciliation of core earnings guidance to GAAP earnings guidance. ROSEMEAD, Calif., May 8, 2008 — Edison International (NYSE: EIX) today reported first quarter 2008 earnings of $0.91 per share. Excluding non-core items, first quarter 2008 core earnings were $0.92 per share, up two percent compared with $0.90 per share in the year-ago first quarter. "First quarter results were solid. Our improved outlook for the full year reflects positive margin trends in our unregulated power generation business," said John E. Bryson, chairman and chief executive officer of Edison International. Earnings from Continuing Operations SCE’s first-quarter 2008 earnings from continuing operations were $0.46 per share, compared to earnings of $0.55 per share in the same quarter last year; this decrease was primarily due to a non-core tax benefit of $0.10 per share last year from the favorable resolution of the income tax treatment of certain environmental remediation costs. Excluding the tax item, SCE’s core earnings in the first quarter increased $0.01 per share, compared to the same quarter last year. This increase was primarily due to lower net interest expense. EMG’s first-quarter 2008 earnings from continuing operations and core earnings were $0.49 per share, compared to $0.48 per share in the same quarter last year. The increase was primarily due to higher gross margin and the buy-out of a coal contract at Midwest Generation together with higher energy trading results. This was partially offset by lower earnings from Edison Capital and other generation projects together with higher costs associated with EMG’s growth programs. Discontinued Operations Edison International’s loss from discontinued operations was $(0.01) per share in the first quarter of 2008 versus earnings from discontinued operations of $0.01 per share in the first quarter of 2007; both related to the 2004 sale of its international businesses. Quarter Ended March 31, Earnings (Loss) Per Share (Unaudited) 2008 2007 Change Southern California Edison Company $0.46 $0.55 $(0.09) Edison Mission Group 0.49 0.48 0.01 EIX parent company and other (0.03) (0.03) -- EIX GAAP earnings per share from continuing operations 0.92 1.00 (0.08) EIX GAAP earnings (loss) from discontinued operations (0.01) 0.01 (0.02) EIX GAAP earnings per share $0.91 $1.01 $(0.10) EIX diluted earnings per share $0.91 $1.00 $(0.09) Quarter Ended March 31, Earnings (Loss) (in millions) (Unaudited) 2008 2007 Change Southern California Edison Company $150 $180 $(30) Edison Mission Group 159 155 4 EIX parent company and other (5) (5) -- EIX income from continuing operations 304 330 (26) Earnings (loss) from discontinued operations (5) 3 (8) EIX net income $299 $333 $(34) First Quarter Reconciliation of Core Earnings to GAAP Earnings Quarter Ended March 31, Core Earnings1 (Loss) Per Share (Unaudited) 2008 2007 Change Southern California Edison Company $0.46 $0.45 $0.01 Edison Mission Group 0.49 0.48 0.01 EIX parent company and other (0.03) (0.03) -- EIX core earnings per share 0.92 0.90 0.02 Non-core items SCE – tax item -- 0.10 (0.10) Earnings (loss) from discontinued operations (0.01) 0.01 (0.02) Total non-core items (0.01) 0.11 (0.12) EIX GAAP earnings per share $0.91 $1.01 $(0.10) Quarter Ended March 31, Core Earnings1 (Loss) (in millions) (Unaudited) 2008 2007 Change Southern California Edison Company $150 $149 $1 Edison Mission Group 159 155 4 EIX parent company and other (5) (5) -- EIX core earnings 304 299 5 Non-core items SCE – tax item -- 31 (31) Earnings (loss) from discontinued operations (5) 3 (8) Total non-core items (5) 34 (39) Total EIX net income $299 $333 $(34) 1 See Use of Non-GAAP Financial Measures below. The impact of participating securities is included in EIX parent company and other and was $(0.01) per share in both quarters. 2008 EARNINGS GUIDANCE The company reaffirmed its previously announced 2008 earnings guidance of $3.61 - $4.01 per share. It now sees 2008 core earnings being around the high end of the guidance range. See the risk disclosure statement below and the presentation accompanying the company’s conference call for further information. Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance Core Earnings Per Share1 2008 Guidance Southern California Edison $2.18 – 2.28 Edison Mission Group $1.57 – 1.87 EIX parent company and other $(0.14) EIX core earnings per share $3.61 – $4.01 Non-core items — EIX GAAP earnings per share $3.61 - $4.01 1 Guidance excludes discontinued operations and non-core items. The expected impact of participating securities is ($0.05) per share and is included in EIX parent company and other. 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 EPS by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and EPS by principal operating subsidiary as primary performance measurements when communicating with analysts and investors regarding our earnings results and outlook, as it allows us to more accurately compare the company’s ongoing performance across periods. Core earnings exclude discontinued operations and other non-core items and are reconciled to GAAP earnings per share. EPS by principal operating subsidiary is based on the principal operating subsidiary net income and Edison International's weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company. EPS and core EPS by principal operating subsidiary are reconciled to GAAP earnings per share. Reminder: Edison International Will Hold a Conference Call Today Today, Edison International will hold a conference call to discuss its first quarter 2008 financial results at 8 a.m. (Pacific Daylight Time). Two-way participation in the telephone call is limited to financial analysts and investors, while all other interested parties are invited to participate in a simultaneous webcast at www.edisoninvestor.com. A presentation accompanying management’s comments on the conference call will be available on the web site as well at www.edisoninvestor.com. The domestic call-in number is (800) 356-8584 and the number for international callers is (850) 429-1225. The ID# is 11600. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through Thursday, May 15, 2008, at the following numbers: (877) 693-4277 for callers in the United States and (402) 220-0042 for international callers. The ID# is 11601. Risk Disclosure Statement Statements contained in this news release about future performance, including, without limitation, earnings, asset and rate base growth, load growth, capital investments 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 are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s 2007 Form 10-K and other reports filed with the Securities and Exchange Commission and are available on our Web site at www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Click to view supplemental tables Media Relations: Charles Coleman, (626) 302-7982www.edisonnews.com Investor Relations: Scott Cunningham, (626) 302-2540www.edisoninvestor.com # # # Edison International (NYSE:EIX), through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, the largest electric utility in California, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.