October 23, 2000
ROSEMEAD, Calif., Oct. 24, 2000- Edison International (NYSE:EIX) today announced that its analyst conference scheduled for Friday, Oct. 27, has been postponed and will be rescheduled at a later date. The company reaffirms its earnings outlook for the year 2000, in the range of $1.90 to $2.10.
As EIX announced last Friday, its utility unit, Southern California Edison (SCE), has been directed by the California Public Utilities Commission (CPUC) to propose initial steps for providing interim relief from its energy procurement expenses and to participate in a proceeding at the CPUC on Friday, Oct. 27. Management has concluded that holding the analyst conference at this time would be premature in view of this important and constructive process getting underway.
EIX is working with state and federal regulators to resolve major issues plaguing the California electricity market. These issues have resulted in unreasonably high prices for wholesale energy and ancillary services and in mounting energy procurement expenses for California's utilities, including SCE.
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The earnings outlook contained in this release is forward-looking information that involves risks and uncertainties. Actual results or outcomes could differ materially as a result of such important factors as further actions by state and federal regulatory bodies setting utility rates, adopting or modifying cost recovery, accounting or rate-setting mechanisms, and implementing the restructuring of the electric utility industry; new laws and regulations, or new interpretations of existing laws and regulations, relating to restructuring, taxes and other matters; the effects of increased competition in the electric utility business and other energy-related businesses; changes in prices of electricity and fuel costs; the amount of revenue available to recover both transition and non-transition costs; weather conditions; the terms on which electric generation assets may be sold or retained; risks of operating large generating plants; risks of doing business in foreign countries; the ability to create and expand new businesses such as telecommunications; and other unforeseen events. These and other factors are discussed in Edison International's Annual Report on Form 10-K for the year ended December 31, 2000, Quarterly Report on Form 10-Q for the quarter ended September 30, 2000, and Current Report on Form 8-K dated October 17, 2000.
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.