SCE Responds to Court Decision Denying Stay of Settlement

November 28, 2001

November 28, 2001

The Ninth Circuit Court of Appeals today denied a motion by The Utility Reform Network (TURN) to stay the Oct. 5 stipulated judgment entered in U.S. District Court approving the settlement agreement between Southern California Edison and the California Public Utilities Commission (CPUC).  TURN requested the stay pending its appeal of the District Court’s judgment.  John Bryson, Edison International chairman, president and CEO, issued the following statement in response to today’s decision:

ROSEMEAD, Calif., Nov. 28, 2001—We are pleased that the Ninth Circuit Court rejected TURN’s attempt to stay the stipulated judgment and that the court granted our request for an expedited appeal calendar.

We and the CPUC continue to believe that the settlement is fair and reasonable to the parties, creditors and our customers and establishes a sound path to restoring SCE’s financial health.  We are confident that the District Court’s judgment approving the settlement agreement will be upheld on appeal.

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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 11 million via 4.3 million customer accounts in a 50,000-square-mile service area within central, coastal and Southern California.