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Media relations contact: Charles Coleman, (626) 302-7982
Investor relations contact: Scott Cunningham, (626) 302-2540

ROSEMEAD, Calif., Mar. 1, 2010 – Edison International (NYSE: EIX) today reported fourth quarter 2009 basic earnings of $0.65 per share, compared to $0.66 per share in the same quarter last year. Fourth quarter 2009 core earnings were $0.59 per share compared to $0.66 per share in the fourth quarter of 2008. The decline is largely attributable to lower earnings at Edison Mission Group (EMG), partially offset by higher operating results at Southern California Edison (SCE). Core earnings exclude discontinued operations and other non-core items as discussed below.

"Despite a difficult economy, our 2009 performance was solid, and we are pleased we were able to achieve earnings above the high end of our earnings guidance range,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.

Note: Basic earnings or losses per share refer to basic earnings or losses per common share attributable to Edison International throughout this release. Core earnings is a non-GAAP financial measure. See Reconciliation of Core Earnings to Basic Earnings and Reconciliation of Core Earnings Guidance to Basic Earnings Guidance.

Fourth Quarter Earnings Detail

SCE’s fourth quarter 2009 basic earnings were $0.53 per share compared to $0.43 per share in the fourth quarter 2008. Core earnings were $0.51 per share compared to $0.43 per share in the same quarter last year. This increase was primarily due to higher operating income associated with the California Public Utilities Commission (CPUC) and Federal Energy Regulatory Commission (FERC) General Rate Case (GRC) decisions, partially offset by higher income taxes. Fourth quarter 2009 non-core results include $0.02 per share from revised interest costs related to the global tax settlement with the Internal Revenue Service (IRS).

EMG’s fourth quarter 2009 basic earnings were $0.17 per share compared to $0.25 per share in the fourth quarter of 2008. Core earnings were $0.13 per share compared to $0.25 per share in the same quarter last year. Core earnings declined primarily from lower energy prices at merchant coal-fired projects, lower trading income and lower results at Edison Capital, partially offset by lower income taxes. Core earnings included unrealized gains on hedge contracts of $0.03 per share in the fourth quarter of 2009 and $0.04 per share in the fourth quarter of 2008. Core results in 2008 included a $0.04 charge to cancel a contract to supply natural gas turbines. Fourth quarter 2009 non-core items include $0.04 per share from the global tax settlement with the IRS, reflecting the revised interest costs discussed above.

Edison International parent company and other reported a fourth quarter 2009 loss of $0.05 per share compared to a $0.02 per share loss in the fourth quarter 2008. Earnings declined primarily from higher income tax expenses.

Full Year Earnings Summary

Edison International reported 2009 basic earnings of $2.59 per share compared to $3.69 per share in 2008. Core earnings for 2009 were $3.25 per share compared to $3.84 per share in 2008. Non-core items in 2009 include $0.78 per share loss related to the global tax settlement with the IRS and the associated termination of Edison Capital’s cross-border leveraged leases, a $0.14 per share non-cash accounting benefit at SCE from the transfer of its Mountainview power plant to utility rate base and a $0.02 per share loss from discontinued operations at EMG.

Full Year Earnings Detail

SCE’s basic earnings in 2009 were $3.76 per share compared to $2.10 per share in 2008. Core earnings for 2009 were $2.68 per share compared to $2.25 per share in 2008. The increase in core earnings was primarily due to higher operating income associated with the CPUC and FERC GRC decisions, partially offset by higher income taxes. In addition, core earnings were favorably impacted from lower than planned financings during the year, primarily from cash received for tax-related timing differences and other benefits. SCE’s 2009 core earnings exclude a $0.94 per share benefit from the global tax settlement, a $0.14 per share benefit from the transfer of the Mountainview power plant to utility rate base and SCE’s 2008 core earnings exclude the $0.15 per share charge from the CPUC’s performance-based ratemaking decision.

EMG’s basic loss in 2009 was $1.21 per share compared to basic earnings of $1.72 per share in 2008. Core earnings in 2009 were $0.68 per share compared to $1.72 per share in 2008. The decrease in core earnings reflects lower income from merchant coal and gas-fired projects driven by lower energy prices, as well as lower trading income and lower earnings at Edison Capital. Core earnings included unrealized gains on hedge contracts of $0.11 per share in 2009 and gains of $0.03 per share in 2008.  Core results for 2008 included $0.03 per share for the favorable buy-out of a coal contract, and a $0.04 per share charge for a natural gas turbine supply agreement cancellation. EMG’s 2009 core earnings exclude losses of $1.87 per share from the global tax settlement and a loss of $0.02 per share from discontinued operations.

Edison International parent company and other basic earnings in 2009 were $0.04 per share compared to a loss of $0.13 per share in 2008. Core losses for 2009 were $0.11 per share compared to $0.13 per share in 2008. Core losses in 2009 exclude a $0.15 per share benefit related to the global tax settlement.

2010 Earnings Guidance

The company announced its 2010 basic and core earnings guidance range of $3.15 to $3.45 per share. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information.

1 See Use of Non-GAAP Financial Measures on page 4. Basic earnings per share refer to basic earnings per common share attributable to Edison International common shareholders. The expected impact of participating securities is $(0.01) per share and is included in EIX parent company and other.

About Edison International
Edison International, 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, California, Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.

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Edison International Reports Fourth Quarter and Full Year 2009 Earnings