SCE Declares Preferred Stock Dividends

May 15, 2003

May 15, 2003

ROSEMEAD, Calif., May 15, 2003--The Board of Directors of Southern California Edison Company (SCE) today declared a quarterly dividend of $0.27 per share on the 4.32% series of cumulative preferred stock, and $1.5125 per share on the 6.05% series of $100 cumulative preferred stock.  Each of these dividends is payable June 30, 2003, to shareholders of record on June 5, 2003.

In addition, SCE today declared a quarterly dividend of $1.8075 per share on the 7.23% series of $100 cumulative preferred stock.  This dividend is payable July 31, 2003, to shareholders of record on July 3, 2003.

SCE will continue the temporary deferral of shareholder distributions to its parent company, Edison International (NYSE:EIX), in compliance with the Oct. 2, 2001 agreement settling SCE’s lawsuit against the California Public Utilities Commission.  That settlement makes possible the recovery of the utility’s uncollected power procurement costs.   Thus, Edison International is not declaring a dividend on its common stock.

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An Edison International company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of more than 12 million via 4.5 million customer accounts in a 50,000-square-mile service area within central, coastal and Southern California.