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edison international 2000 finstatreport 

edison international 2000 finstatreport

 

 
 
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Published:  April 23, 2010
 
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Slide 1: 2000 FINANCIAL AND STATISTICAL REPORT
Slide 2: Contents Edison International (EIX) Year in Review and Security Ratings Highlights Consolidated Per-Share Data — Common Stock Consolidated Balance Sheets Consolidated Statements of Income (Loss) Consolidated Statements of Cash Flows Consolidated Long-Term Debt Consolidated Income Tax Schedules Consolidated Statements of Capitalization Consolidated Statements of Retained Earnings 1 2 3 4 6 7 8 10 11 11 12 14 15 15 16 16 16 17 17 18 18 19 20 21 22 22 22 23 23 24 24 24 25 25 26 28 28 29 30 30 31 32 33 33 34 35 Corporate Profiles Edison International Edison International is an international electric power generator, distributor and structured finance provider. The company operates in privatized, deregulated and incentive-regulated markets with a power generation portfolio of over 28,000 megawatts. Headquartered in Rosemead, California, Edison International is the parent corporation of four companies with combined assets totaling more than $35 billion. Southern California Edison (SCE) Consolidated Balance Sheets Consolidated Statements of Income (Loss) Consolidated Statements of Cash Flows Consolidated Statements of Retained Earnings Kilowatt-Hour Sales Customers Operating Revenue Energy Costs Balancing Accounts System Rate Base Detail of Utility Plant Operating Statistics Operating and Financial Ratios Generating Capacity Resources San Onofre Plant Facts San Onofre Refueling History San Onofre Annual Capacity Factors San Onofre Incremental Cost Incentive Pricing (ICIP) San Onofre 2001 Rules of Thumb (SCE Share) Palo Verde Plant Facts Palo Verde Refueling History Palo Verde Annual Capacity Factors Qualifying Facilities (QF) Payments (1987–2000) Renewable/Alternative Energy Resources Regulation Southern California Edison Southern California Edison is one of the nation’s largest investor-owned electric utilities, serving more than 11 million people in a 50,000-square-mile area of central, coastal and Southern California. Based in Rosemead, California, the regulated utility has been providing electric service in the region for more than a century. Edison Mission Energy Edison Mission Energy is an independent power producer. The company develops, acquires, owns or leases and operates power projects worldwide. Based in Irvine, California, EME has more than $15 billion in assets and owns interests in 75 projects totaling 23,221 megawatts. Edison Mission Energy (EME) Highlights Projects in Operation by Business Segments World Profile Project List Summary Project List (Americas Operating Projects) Project List (International Operating Projects) Financial Information Edison Capital Edison Capital is a provider of capital and financial services for global power and infrastructure, and affordable housing. Since its formation in 1987, Edison Capital has participated in approximately $25 billion of infrastructure and housing transactions. With headquarters in Irvine, California, the company has assets of nearly $4 billion. Edison Capital (EC) Energy/Infrastructure Affordable Housing Financial Information Edison Enterprises Edison Enterprises provides products and services for Edison Enterprises (EE) Nonutility Subsidiaries Consolidated Financial Information Management Team Contacts 36 Inside Back Cover Back Cover commercial and retail markets, including energy-management services for business customers and security services to retail customers.
Slide 3: Edison International Year in Review Financial Highlights 2000 Earnings Year Ended December 31, 2000 1999 Change _________________________________________________ Reported Earnings Per Share Southern California Edison (SCE) Edison Mission Energy Edison Capital Edison Enterprises & parent co. Edison International — consolidated $(6.16) $ 1.39 $(7.55) 0.38 0.37 0.01 0.41 0.37 0.04 (0.47) (0.34) (0.13) ________________________ $(5.84) $ 1.79 $(7.63) ________________________ ________________________ Reported Basis ($ million) SCE excluding write-off SCE write-off SCE including write-off Edison Mission Energy Edison Capital Edison Enterprises & parent co. Edison International — consolidated Year Ended December 31, 2000 1999 Change ________________________________________________ $ 471 $ 484 $ (13) (2,521) — (2,521) ________________________ (2,050) 484 (2,534) 125 130 (5) 135 129 6 ________________________ (1,790) 743 (2,533) (153) (120) (33) ________________________ $(1,943) $ 623 $(2,566) ________________________ ________________________ BASIC REPORTED EARNINGS PER SHARE AND DIVIDENDS PAID $ 3.0 2.0 1.0 0 -1.0 -2.0 -3.0 -4.0 -5.0 -6.0 -7.0 -5.84 1996 1997 1998 1999 2000 Nonutility subsidiaries and parent company Southern California Edison Dividends paid 0 3 6 9 12 1.64 1.75 1.86 1.79 15 % FINANCIAL RETURN ON COMMON EQUITY 12.8 11.1 11.7 12.2 1996 1997 1998 1999 2000 * *Not meaningful. Security Ratings Moody’s EIX Senior Unsecured EIX QUIPS EIX Commercial Paper SCE Senior Secured SCE Senior Unsecured SCE QUIDS SCE Preferred Stock SCE Commercial Paper SCE Funding (RRB) EME Senior Unsecured EME Mission Capital (MIPS) EME Funding Corp. Edison Mission Midwest Holdings Co. Edison Mission Holdings Co. EME Commercial Paper EC Edison Funding Senior Unsecured EC Edison Funding Commercial Paper A2 a3 P-1 A1 A2 A3 a2 P-1 Aaa A3 baa1 Baa1 Baa2 Baa3 P-2 A3 P-2 Caa3 Ca NP B3 Caa2 Caa3 Caa NP Aaa Baa3 Ba1 Caa2 Baa2 Baa3 P-3 B2 NP Standard & Poor’s ABBB+ A-1 A+ A AAA-1 AAA ABBB BBB BBB BBBA-2 AA-2 C C C CC CC C C D AAA BBBBB BBBBBBBBBA-3 CC C ABBB+ F2 A A+ BBB+ BBB+ F2 AAA NR NR NR NR BBB NR AF2 Fitch CC C D BCC C C D AAA NR NR NR NR BBB NR CC C 12/31/00 3/31/01 12/31/00 3/31/01 12/31/00 3/31/01 _____________________________________________________________________________________________________ MIPS = Monthly Income Preferred Securities NP = Not prime NR = Not rated QUIDS = Quarterly Income Debt Securities QUIPS = Quarterly Income Preferred Securities RRB = Rate Reduction Bonds (also known as Rate Reduction Notes) 1
Slide 4: Highlights As of December 31, or % Change Five-Year Compound Year Ended December 31, 2000 1999 from 1999 Annual Growth Rate % ___________________________________________________________________________________________________ Edison International Basic Earnings Per Share Diluted Earnings Per Share Rate of Return on Common Equity Net Income (Loss) (millions) Operating Cash Flow Per Common Share (a) Book Value Per Share Recourse Financial Capital Structure (b): Common Equity Preferred Stock Debt Total $( 5.84) $( 5.84) NM $(1,943) $ 4.28 $ 7.43 16.7% 9.9 73.4 ____ ____ ____ $ 1.79 $ 1.79 12.2% $ 623 $ 6.08 $15.01 34.0% 9.3 56.7 ____ ____ ____ (426.3) (426.3) — (411.9) (29.6) (50.5) — — — — (228.6) (228.6) — (221.3) (2.1) (12.4) — — — — 100.0% 100.0% Southern California Edison Basic Earnings (Loss) Per Edison International Common Share $( 6.16) Net Income (Loss) Available for Common Stock (millions) $(2,050) Operating Cash Flow Per Edison International Share (a) $ 2.54 Financial Rate of Return on Common Equity NM Ratemaking Rate of Return on Common Equity — Earned (c) NM Ratemaking Rate of Return on Common Equity — Authorized (c) 11.6% Before-Tax Interest Coverage Ratio (d) NM AFUDC as a Percent of Utility Earnings NM Kilowatt-Hour Sales (millions) 83,436 Peak Demand in Megawatts (MW) 19,757 Generating Capacity Resources (MW) 10,121 Customers (thousands) 4,416 Employees 12,593 $ 1.39 $ 484 $ 4.20 15.2% 10.0% 11.6% 4.24× 5.0% 78,602 19,122 10,431 4,362 13,040 (543.2) (523.6) (39.5) — — — — — 6.1 3.3 (2.3) 1.1 (3.4) (233.7) (226.1) (10.3) — — — — — 2.3 2.4 (14.0) 1.2 (4.1) Edison Mission Energy and Edison Capital Basic Earnings Per Edison International Common Share Net Income (millions) Operating Cash Flow Per Edison International Share Financial Rate of Return on Common Equity: Edison Mission Energy Edison Capital Equity (millions) Employees: Edison Mission Energy Edison Capital (a) (b) (c) (d) $ 0.79 $ 260 $ 2.70 4.3% 22.4% $3,627 3,391 119 $ 0.74 $ 260 $ 2.05 8.1% 27.0% $3,605 3,245 115 6.8 — 31.7 — — 0.6 4.5 3.5 28.0 20.1 37.5 — — 23.8 30.3 23.2 Excludes net gain and regulatory asset related to the 1998 sale of generating plants. Represents Edison International consolidated financial net recourse capitalization ratios, including short-term debt. Transmission and distribution only. For 1999, includes interest expense (except interest expense from non-recourse rate reduction bonds) of $132,359,000, and capitalized interest relating to nuclear fuel obligations of $1,211,000. NM = Not meaningful. 2
Slide 5: Edison International Consolidated Per-Share Data — Common Stock Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Basic earnings (loss) per share Diluted earnings (loss) per share Dividends per share: Paid Declared Year-ended data: Dividend rate (a) Dividend yield (paid) (a) Dividends payout ratio (paid) Book value per share Market price/book value ratio Price/earnings ratio Total Shareholder Return: Appreciation and dividends paid Price: High Low Year-end Common shares outstanding (thousands) Weighted-average shares of common stock outstanding (thousands) $(5.84) $(5.84) $1.79 $1.79 $1.86 $1.84 $1.75 $1.73 $1.64 $1.63 $1.66 $1.65 $1.11 $0.84 $1.07 $1.08 $1.03 $1.04 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 NM 7.1% NM $7.43 2.1× NM $1.08 4.1% 59.8% $15.01 1.8× 14.6× $1.04 3.7% 55.4% $14.55 1.9× 15.0× $1.00 3.7% 57.1% $14.71 1.9× 15.5× $1.00 5.0% 61.0% $15.07 1.3× 12.1× $1.00 5.7% 60.2% $14.41 1.2× 10.6× (37.6)% (2.1)% 6.4% 42.1% 18.9% 27.5% $30 $14 ⁄8 1 $295⁄8 $21 ⁄8 $263⁄16 347,207 347,551 5 $31 $25 ⁄8 1 $2713⁄16 $19 ⁄2 1 $203⁄8 $15 ⁄8 1 $18 $143⁄8 $175⁄8 443,608 446,159 $155⁄8 325,811 332,560 $277⁄8 350,553 359,205 $273⁄16 375,764 400,396 $197⁄8 424,524 437,335 (a) Edison International eliminated its quarterly common stock dividends customarily paid on January 31, 2001. During 2001, EIX also eliminated the common stock dividends customarily paid on April 30, July 31, and October 31, 2001. NM = Not meaningful. OPERATING CASH FLOW PER EDISON INTERNATIONAL COMMON SHARE $ 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 1996 1997 1998 * 1999 * 2000 * Edison International Southern California Edison Edison Mission Energy/Edison Capital * Excludes net gain and regulatory asset related to the sale of generating plants. 5.33 4.28 6.17 5.02 $ 35 5.86 30 25 20 15 10 5 0 151/8 EDISON INTERNATIONAL COMMON STOCK PRICE RANGE 31 27 13/16 295/8 30 203/8 191/2 251/8 215/8 141/8 1996 1997 1998 1999 Annual stock price trading range Quarterly closing price 2000 3
Slide 6: Edison International Consolidated Balance Sheets In thousands December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Assets Cash and equivalents Receivables, including unbilled revenue, less allowances for uncollectible accounts Fuel inventory Materials and supplies, at average cost Accumulated deferred income taxes — net Regulatory balancing accounts — net $1,973,406 1,476,090 219,511 210,150 1,350,045 — $ 507,581 1,378,422 241,216 199,302 190,508 — $ 583,556 1,315,830 51,299 116,259 274,851 287,377 $ 1,906,505 1,077,671 58,059 132,980 123,146 193,311 $ 896,594 1,094,498 72,480 154,266 240,429 — $ 507,151 1,054,954 114,357 151,180 476,725 — 437,295 152,635 137,920 105,811 113,654 126,184 Prepayments and other current assets _______________________________________________________________________________________________ Total current assets 5,666,497 2,669,664 2,767,092 3,597,483 2,571,921 2,430,551 _______________________________________________________________________________________________ Nonutility property — less accumulated provision for depreciation Nuclear decommissioning trusts Investments in partnerships and unconsolidated subsidiaries Investments in leveraged leases 10,083,898 2,504,990 2,700,151 2,345,301 12,352,095 2,508,904 2,504,691 1,884,603 3,072,354 2,239,929 1,980,129 1,621,133 3,178,375 1,831,460 1,340,853 959,646 3,570,237 1,485,525 1,250,587 584,515 3,140,385 1,260,095 1,190,294 574,091 91,976 180,594 207,833 260,427 225,210 65,963 Other investments _______________________________________________________________________________________________ Total investments and other assets 17,726,316 19,430,887 9,121,378 7,570,761 7,116,074 6,230,828 _______________________________________________________________________________________________ Utility plant, at original cost: Transmission and distribution Generation Accumulated provision for depreciation and decommissioning Construction work in progress 13,128,755 1,745,505 (7,834,201) 635,572 12,439,059 1,717,676 (7,520,036) 562,651 11,771,678 1,689,469 (6,896,479) 516,664 11,213,352 9,522,127 (10,543,879) 592,897 10,973,311 9,427,076 (9,431,071) 556,645 10,174,350 9,675,829 (8,569,265) 727,865 143,082 132,197 172,250 154,757 176,827 139,411 Nuclear fuel, at amortized cost _______________________________________________________________________________________________ Total utility plant 7,818,713 7,331,547 7,253,582 10,939,254 11,702,788 12,148,190 _______________________________________________________________________________________________ Regulatory assets and other deferred charges 3,888,793 6,797,290 5,555,827 2,993,569 3,167,831 3,136,666 _______________________________________________________________________________________________ Total assets $35,100,319 $36,229,388 $24,697,879 $25,101,067 $24,558,614 $23,946,235 _______________________________________________________________________________________________ _______________________________________________________________________________________________ 4
Slide 7: Edison International Consolidated Balance Sheets In thousands December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Liabilities and Shareholders’ Equity Short-term debt Current portion of long-term debt Accounts payable Accrued taxes Accrued interest Dividends payable Regulatory balancing accounts — net Deferred unbilled revenue and other 2,382,846 1,929,589 1,442,149 1,285,679 1,059,240 973,529 current liabilities _______________________________________________________________________________________________ Total current liabilities 10,799,711 6,842,187 4,286,280 3,728,176 3,437,633 3,252,553 _______________________________________________________________________________________________ Long-term debt 12,149,825 13,391,636 8,008,154 8,870,781 7,474,679 7,195,197 _______________________________________________________________________________________________ Accumulated deferred income taxes — net Accumulated deferred investment tax credits Customer advances and other deferred credits Power purchase contracts and other 998,676 1,040,772 467,109 479,637 423,925 344,192 long-term liabilities _______________________________________________________________________________________________ Total deferred credits and other liabilities 8,201,537 9,116,457 6,754,020 6,356,921 5,833,276 5,767,052 _______________________________________________________________________________________________ Minority interest 18,717 8,778 15,701 9,091 707,039 629,939 _______________________________________________________________________________________________ Preferred stock of utility: Not subject to mandatory redemption Subject to mandatory redemption Company-obligated mandatorily redeemable securities of subsidiaries holding solely parent company debentures 128,755 255,700 128,755 255,700 128,755 255,700 183,755 275,000 283,755 275,000 283,755 275,000 5,327,782 183,391 1,691,688 5,756,824 224,636 2,094,225 4,591,236 270,689 1,424,986 4,085,296 350,685 1,441,303 4,283,219 372,377 753,755 4,352,127 405,112 665,621 $ 3,919,634 2,260,049 1,228,064 592,872 231,841 11,830 172,575 $ 2,553,376 962,041 625,347 406,770 188,773 100,598 75,693 $ 565,626 920,333 489,751 629,906 146,773 91,742 — $ 329,550 868,026 441,049 576,841 131,885 95,146 — $ 397,098 592,143 437,657 530,365 131,079 108,563 181,488 $ 709,508 40,328 419,522 557,095 101,370 113,334 337,867 948,996 948,238 150,000 150,000 150,000 150,000 176,760 326,894 — — — — Other preferred securities _______________________________________________________________________________________________ Total preferred securities 1,510,211 1,659,587 534,455 608,755 708,755 708,755 _______________________________________________________________________________________________ Common stock Accumulated other comprehensive income: Cumulative translation adjustments — net Unrealized gain in equity investments — net (139,346) — 10,448 31,192 29,699 53,859 30,456 60,030 63,898 33,382 14,589 18,482 1,960,521 2,090,212 2,109,279 2,260,974 2,547,403 2,660,096 599,143 3,078,891 2,906,432 3,175,883 3,752,549 3,699,572 Retained earnings _______________________________________________________________________________________________ Common shareholders’ equity 2,420,318 5,210,743 5,099,269 5,527,343 6,397,232 6,392,739 _______________________________________________________________________________________________ Total liabilities and shareholders’ equity $35,100,319 $36,229,388 $24,697,879 $25,101,067 $24,558,614 $23,946,235 _______________________________________________________________________________________________ _______________________________________________________________________________________________ * Restated for the write-off of nuclear plant disallowance. 5
Slide 8: Edison International Consolidated Statements of Income (Loss) Year Ended In thousands, except per-share amounts December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Electric utility Nonutility power generation $ 7,869,897 3,253,277 $7,547,725 1,642,568 $7,499,510 893,996 $7,953,221 975,207 $7,583,010 843,834 $7,872,530 467,560 593,675 505,605 466,803 306,624 117,640 64,582 Financial services and other _______________________________________________________________________________________________ Total operating revenue 11,716,849 9,695,898 8,860,309 9,235,052 8,544,484 8,404,672 _______________________________________________________________________________________________ Fuel Purchased power — contracts Purchased power — PX/ISO — net Provisions for regulatory adjustment clauses — net Other operation and maintenance Depreciation, decommissioning and amortization Property and other taxes 1,276,778 2,357,336 2,329,276 2,301,268 3,143,732 1,933,331 128,722 664,109 2,419,147 770,574 (762,653) 2,934,668 1,795,379 124,224 500,670 2,625,900 636,343 (472,519) 2,532,834 1,662,319 132,763 1,073,796 2,854,002 — (410,935) 2,191,241 1,362,141 134,133 767,663 2,705,880 — (225,908) 1,889,679 1,172,801 196,704 694,117 2,581,878 — 229,744 1,775,756 1,014,262 209,858 (24,602) (3,035) (542,608) (3,849) (3,325) (5,688) Net gain on sale of utility plant _______________________________________________________________________________________________ Total operating expenses 13,445,841 7,942,413 7,075,702 7,200,529 6,503,494 6,499,927 _______________________________________________________________________________________________ Operating income (loss) Provision for rate phase-in plan Interest and dividend income Other nonoperating income (deductions) — net Interest expense — net of amounts capitalized Dividends on preferred securities (1,728,992) — 227,040 9,562 (1,377,947) (100,382) 1,753,485 — 95,995 20,440 (882,633) (44,287) 1,784,607 — 108,131 (22,741) (702,342) (13,149) 2,034,523 (48,486) 84,714 (130,278) (699,233) (13,167) 2,040,990 (84,288) 63,537 (124,598) (625,613) (13,100) 1,904,745 (122,233) 64,827 (23,715) (546,152) (10,095) (21,443) (25,889) (24,632) (29,488) (34,395) (36,764) Dividends on utility preferred stock _______________________________________________________________________________________________ Income (loss) before taxes (2,992,162) 917,111 1,129,874 1,198,585 1,222,533 1,230,613 _______________________________________________________________________________________________ Income taxes (1,049,365) 294,081 461,711 498,729 505,785 491,477 _______________________________________________________________________________________________ Net income (loss) $(1,942,797) $ 623,030 $ 668,163 $ 699,856 $ 716,748 $ 739,136 _______________________________________________________________________________________________ _______________________________________________________________________________________________ 6
Slide 9: Edison International Consolidated Statements of Cash Flows In thousands Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Cash flows from operating activities Net income $(1,942,797) $ 623,030 $ 668,163 $ 699,856 $ 716,748 $ 739,136 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, decommissioning and 1,933,331 1,795,379 1,662,319 1,362,141 1,172,801 1,014,262 amortization 168,343 112,454 95,645 87,775 96,435 73,358 Other amortization — — 3,777 46,926 79,011 111,016 Rate phase-in plan Deferred income taxes and investment (1,085,700) 525,400 348,080 115,442 90,792 (166,513) tax credits Equity in income from partnerships and unconsolidated subsidiaries (267,092) (244,560) (189,648) (189,601) (154,108) (115,055) (192,483) (214,091) (213,151) (86,285) (13,739) (18,176) Income from leveraged leases 17,374 32,110 (12,528) 55,712 79,733 33,129 Other long-term liabilities 1,758,594 (1,353,570) (361,403) — — — Regulatory balancing accounts — long-term Regulatory asset related to sale of utility 48 179 (220,232) — — — generating plants (14,287) (938) (564,623) — — — Net gains on sale of utility generating plants (153,434) (33,049) 4,832 (44,804) (83,382) 18,316 Other — net Changes in working capital: (140,203) (75,528) (235,199) (7,520) 68,316 (26,630) Receivables 96,882 363,071 (94,067) (374,799) (156,379) 282,157 Regulatory balancing accounts 29,484 (5,297) 23,481 35,707 38,791 (19,499) Fuel inventory, materials and supplies 12,223 (75,390) (19,562) 9,505 12,530 (17,210) Prepayments and other current assets 204,222 (150,998) 67,953 46,988 3,304 19,234 Accrued interest and taxes Accounts payable and other current 756,780 526,249 282,685 195,246 69,880 13,151 liabilities Distributions from partnerships and 227,428 212,503 185,140 181,628 176,374 177,726 unconsolidated subsidiaries _______________________________________________________________________________________________ Net cash provided by operating activities 1,408,713 2,036,954 1,431,662 2,133,917 2,197,107 2,118,402 _______________________________________________________________________________________________ Cash flows from financing activities Long-term debt issued 5,600,254 6,685,057 981,361 1,646,430 1,365,314 1,496,016 (4,607,999) (1,070,915) (1,544,318) (2,219,124) (1,315,233) (959,668) Long-term debt repaid (439,855) — — — — — Bond repurchased and funds held in trust (385,799) (92,023) (713,829) (1,172,903) (343,689) (70,289) Common stock repurchased — 1,124,041 — — 414,275 62,500 Preferred securities issued (124,650) — (74,300) (100,000) — (75,000) Preferred securities redeemed (246,300) (246,300) (251,591) — — — Rate reduction notes repaid — — — 2,449,289 — — Rate reduction notes issued 1,324,102 1,930,706 236,076 (67,548) (312,410) (46,006) Short-term debt financing — net (370,855) (372,749) (373,574) (408,230) (440,187) (446,730) Dividends paid 8,809 (37,200) 16,611 (15,267) 44,376 31,134 Other — net _______________________________________________________________________________________________ Net cash provided (used) by financing activities 757,707 7,920,617 (1,723,564) 112,647 (587,554) (8,043) _______________________________________________________________________________________________ Cash flows from investing activities Additions to property and plant (1,487,885) (1,232,374) (963,216) (783,308) (744,101) (1,984,054) (46,927) (7,958,474) (258,000) — — — Purchase of nonutility generating plants 1,726,734 115,204 1,215,213 211,374 139,446 57,280 Proceeds from sale of assets (69,428) (115,937) (162,925) (153,756) (148,158) (150,595) Funding of nuclear decommissioning trusts Investments in partnerships and (289,328) (852,807) (400,515) (130,632) (335,754) (45,305) unconsolidated subsidiaries (254,918) (99,148) (458,509) (326,950) 3,203 — Investments in leveraged leases — net (278,843) 109,990 (3,095) (53,381) (134,746) (14,491) Other — net _______________________________________________________________________________________________ Net cash used by investing activities (700,595) (10,033,546) (1,031,047) (1,236,653) (1,220,110) (2,137,165) _______________________________________________________________________________________________ Net increase (decrease) in cash and (75,975) (1,322,949) 1,009,911 389,443 (26,806) equivalents 1,465,825 Cash and equivalents, beginning of year 507,581 583,556 1,906,505 896,594 507,151 533,957 _______________________________________________________________________________________________ Cash and equivalents, end of year $ 1,973,406 $ 507,581 $ 583,556 $ 1,906,505 $ 896,594 $ 507,151 _______________________________________________________________________________________________ _______________________________________________________________________________________________ 7
Slide 10: Edison International Consolidated Long-Term Debt December 31, December 31, In millions 2000 1999 In millions 2000 1999 ___________________________________________________________________________________________________ Coupon First Coupon First Year Series Due Date (rate) Call Date Year Series Due Date (rate) Call Date _______________________________________________________________________________________________ Edison International 1999 Notes 09/15/04 67⁄8 N/A $ 750 $ 750 ______________________________________________ Less unamortized discount — net (4) (5) ______________________________________________ EIX long-term debt 746 745 ______________________________________________ Southern California Edison Company Recourse long-term debt: First and refunding mortgage bonds: 1993 93A 1993 93J 1993 93F 1993 93H 1993 93I 1993 93G 01/15/00 10/01/02 06/15/03 09/01/04 10/01/18 07/15/25 63⁄4 5 ⁄8 6 ⁄4 5 ⁄8 6.90 71⁄8 7 1 5 Pollution control indebtedness: Four Corners Generating Station 1991 Series A 1993 Series A 1999 Series A 04/01/21 06/01/23 04/01/29 7.20% 04/01/01 5 7⁄8 5 1⁄8 06/01/03 04/01/09 $ 49 155 55 $ 49 155 55 Huntington Beach Generating Station 1999 Series D N/A N/A N/A N/A — 200 125 125 200 225 225 200 125 125 200 225 09/01/15 5.20 09/01/09 8 8 Mohave Generating Station 1987 Series A 1988 Series A 1990 Series A 2000 Series A 2000 Series B 2000 Series C 02/01/10 variable 02/01/10 06/01/09 5.4 7 ⁄8 1 N/A 02/01/02 12/01/00 N/A N/A N/A — 20 — 40 15 20 40 20 15 — — — 06/01/31 variable 06/01/31 variable 06/01/40 variable 10/01/98 07/15/03 03/01/03 300 300 1993 93C 03/01/26 71⁄4 ______________________________________________ Subtotal 1,175 1,400 ______________________________________________ Other: 1995 Notes 1995 Notes 1996 Notes 1996 Notes 1999 Notes 2000 Notes 02/01/00 06/01/01 01/15/01 01/15/06 04/01/29 01/15/10 81⁄4 61⁄2 5 ⁄8 6 ⁄8 6.65 7.625 3 7 Palo Verde Nuclear Generating Station 1985 Series B-G 12/01/09 variable 2000 Series A-B 06/01/35 variable San Onofre Nuclear Generating Station N/A N/A — 144 144 — N/A N/A N/A N/A N/A N/A — 200 200 200 300 250 100 200 200 200 300 — 1986 Series A-D 02/28/08 variable 1985 Series A-D 03/01/08 variable 1991 Series 1992 Series A 1992 Series B 12/01/17 07/01/27 12/01/24 6.90 6.00 6.40 5.45 N/A N/A 12/01/01 07/01/02 12/01/02 09/01/09 196 135 29 30 190 100 196 135 29 30 190 100 1999 Series A-B 09/01/29 Junior Subordinated Deferrable Interest Debentures1 1995 Series A 06/30/44 83⁄8 05/25/00 N/A N/A 100 1,000 300 100 — — 1999 Series C 09/01/31 5.55 09/01/09 30 30 ______________________________________________ Subtotal 1,216 1,196 ______________________________________________ Non-recourse long-term debt: Rate reduction notes2 1997 Various Various Various N/A 1,724 1,970 ______________________________________________ SCE principal amount outstanding Less current portion of long-term debt Less unamortized discount — net 6,744 (646 ) (27 ) 5,737 (571 ) (27 ) Variable Rate Notes 11/03/03 variable Floating Rate Notes 05/01/02 variable Commercial paper for nuclear fuel 79 71 ______________________________________________ Subtotal $2,629 $1,171 ______________________________________________ 1 Also known as quarterly income debt securities (QUIDS). Also known as rate reduction bonds. The notes are non-recourse to SCE and EIX. Less securities/fund held by trustees (440 ) (2 ) ______________________________________________ SCE long-term debt $5,631 $5,137 ______________________________________________ 2 8
Slide 11: Edison International Consolidated Long-Term Debt December 31, In millions 2000 1999 ___________________________________________________________________________________________________ Coupon First Year Series Due Date (rate) Call Date _______________________________________________________________________________________________ Edison Mission Energy Recourse long-term debt: EME (parent only) 1992 Senior Notes 2002 8.125% N/A $ 100 $ 100 1999 Senior Notes 2009 7.730% Any Time 600 600 1999 Floating Rate Notes 2001 LIBOR+0.67% 06/15/2000 — 500 Bank of America NT&SA Credit Agreement 1994 Corp Revolver 2001 LIBOR+0.175% N/A 349 215 Other long-term obligations 81 82 Non-recourse long-term debt: Edison Mission Energy Funding Corp. 1996 Series A Notes 1997–2003 6.770% Any Time + Prem. Penalty 131 169 1996 Series B Bonds 2004–2008 7.330% Any Time + Prem. Penalty 190 190 Edison Mission Holdings Co. 1999 Secured Bonds 2019 8.137% Any Time + Prem. Penalty 300 300 1999 Secured Bonds 2026 8.734% Any Time + Prem. Penalty 530 530 1999 Construction Loan 2004 LIBOR+1.0% N/A 182 77 Edison Mission Midwest Holdings Co. 1999 Tranche A 2002 LIBOR+1.0% N/A — 840 1999 Tranche B 2004 LIBOR+0.95% N/A 626 839 1999 Tranche C 2004 LIBOR+0.95% N/A 143 — 2000 Commercial Paper 2002 6.601% N/A 807 — Doga Project 1997 Finance Agmt. 2010 USTN+3.75% N/A 87 91 1997 Credit Agmt. 2010 LIBOR+1.25% N/A 32 33 Ferrybridge and Fiddler’s Ferry Plants 1999 Term Loan Facility 2012 £LIBOR+1.5% N/A 1,107 1,312 1999 Coal & Capex Facility [Recourse] 2003 £LIBOR+0.875%+0.15% N/A 87 23 2000 Long-Term Obligation — Affiliate 11.79% N/A 224 — First Hydro Plants 1996 Secured Bonds 2021 9.0% Any Time + Gross Redemption Yield 598 645 1998 Credit Agmt. 2004 £LIBOR+0.55% N/A 27 29 Iberian Hy-Power Plants 1997 Credit Facility 2012 MIBOR+0.75% N/A 56 54 1991 Loan 2003 9.408% N/A 11 15 1993 CGDE 2003 0% N/A 22 32 Kwinana Plant 1995 Facility Agmt. 2012 BBR+1.2% N/A 50 62 Loy Yang B Plant 1997 Term Facility 2017 BBR+0.5% to 1.1% N/A 393 321 1997 Term Facility 2012 BBR+0.5% to 0.85% N/A 272 485 1997 Working Capital Facility 2017 BBR+0.5% to 1.1% N/A 6 6 Roosecote Plant 1991 Term Loan 2005 £LIBOR+0.6% N/A 99 98 1991 Capital Lease 8.86% N/A 1 23 _______________________________________________________________________________________________ EME principal amount outstanding 7,111 7,671 (1,768.) (226.) Less current portion of EME long-term debt* (8.) (6.) Unamortized debt discount — net _______________________________________________________________________________________________ EME long-term debt 5,335 7,439 _______________________________________________________________________________________________ Edison Capital Recourse long-term debt: 1996 Medium Term Notes 2006 6.79–7.2% N/A 75 75 1997 Medium Term Notes 2000 6.950% N/A — 65 1998 Medium Term Notes 2000 6.14–6.17% N/A — 75 1999 Medium Term Notes 2001 7.1–7.22% N/A 70 145 2000 Medium Term Notes 2002 7.47–7.87% N/A 159 — 2000 Medium Term Notes 2001 7.87% N/A 32 — 2000 Medium Term Notes 2005 Variable N/A 121 — 2000 Medium Term Notes 2004 7.93% N/A 30 — 2000 Medium Term Notes 2005 8.04% N/A 25 — 2000 Medium Term Notes 2007 7.61% N/A 30 — 2000 Medium Term Notes 2010 7.43% N/A 42 — 2000 Medium Term Notes 2015 7.15% N/A 49 — 1997 Mason Street Mortgage 2001 8.750% N/A — 1 1996 Notes Payable to EIX 2007 5.880% N/A 75 75 Non-recourse debt: 1997 Olive Court Mortgage 2026 7.0% N/A 3 3 _______________________________________________________________________________________________ EC total principal amount outstanding 711 439 Less current portion of EC long-term debt (102.) (215.) Less foreign currency translation (18.) — _______________________________________________________________________________________________ EC long-term debt 591 224 _______________________________________________________________________________________________ Intercompany debt (153.) (153.) _______________________________________________________________________________________________ EIX total consolidated long-term debt $12,150 $13,392.0 _______________________________________________________________________________________________ _______________________________________________________________________________________________ *Includes intercompany amount 9
Slide 12: Edison International Consolidated Income Tax Schedules Year Ended In thousands December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Current: Federal $ (60,594) $(111,214) $ 121,296 $ 244,576 $ 324,794 $ 507,142 — 2,962 18,291 54,830 108,177 149,535 State Foreign 60,998 (33,785) 14,871 103,122 38,784 7,220 _______________________________________________________________________________________________ 404 (142,037) 154,458 402,528 471,755 663,897 _______________________________________________________________________________________________ Deferred: Accrued charges (98,051) (146,509) (42,848) (32,762) (13,794) 1,476 — — (877) 17,696 (25,166) 12,029 Asset basis adjustment Property-related (4,769) (57,364) (75,613) (25,986) 71,126 71,704 CTC amortization 251,299 7,032 63,363 — — — Investment and energy tax credits — net (41,474) (45,686) (79,724) (21,973) (36,983) (25,784) Leveraged leases 386,770 315,279 345,535 86,742 25,740 38,489 Loss carryforwards (846,057) — (32,600) 120,964 (41,200) (36,566) Nonutility special charges — — — — 8,739 (21,107) Pension reserves 1,341 1,193 (3,398) (5,255) 44,785 (2,992) Price risk management (38,470) — — — — — Rate phase-in plan — — — (19,029) (31,411) (45,566) Regulatory balancing accounts (739,751) 371,392 176,750 141,437 33,661 (117,725) State tax-privilege year 30,083 3,643 (713) 815 17,997 (9,385) Deferred income — — — (155,515) — — Other 49,313 (12,859) (42,622) (10,933) (19,464) (36,993) _______________________________________________________________________________________________ (1,049,766) 436,121 307,253 96,201 34,030 (172,420) _______________________________________________________________________________________________ Total income tax expense $(1,049,365) $ 294,081 $ 461,711 $ 498,729 $ 505,785 $ 491,477 _______________________________________________________________________________________________ _______________________________________________________________________________________________ The following table reconciles the federal statutory income tax rate to the effective rate. The composite federal and state statutory income tax rates were 41.045% for 1995–1996, and 40.551% for 1997–2000. Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Federal statutory rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% Capitalized software 0.4 (2.5) (0.6) (0.8) (0.8) (0.8) Property-related and other (6.7) 0.6 10.0 5.9 7.3 5.1 Housing credits 2.0 (6.9) (5.7) (4.3) (3.6) (2.7) State tax — net of federal deduction 3.0 10.4 7.5 6.3 6.2 5.6 Investment and energy tax credits 1.4 (4.7) (5.7) (1.6) (2.7) (2.3) _______________________________________________________________________________________________ Effective tax rate 35.1% 31.9% 40.5% 40.5% 41.4% 39.9% _______________________________________________________________________________________________ _______________________________________________________________________________________________ 10
Slide 13: Edison International Consolidated Statements of Capitalization December 31, __________________ Trading Trading Shares Redemption 2000 1999 Exchanges Symbol Outstanding Price Per Share In thousands __________________________________________________________________________________________________ Common shareholders’ equity: $ 2,420,318 $ 5,210,743 _______________________________________________________________________________________________ Preferred securities Cumulative preferred securities Not subject to mandatory redemption: SCE: Recourse securities: $25 par value preferred stock: 25,000 25,000 4.08% Series American and Pacific SCEPrB 1,000,000 $25.50 30,000 30,000 4.24 American and Pacific SCEPrC 1,200,000 25.80 41,336 41,336 4.32 American and Pacific SCEPrD 1,653,429 28.75 32,419 32,419 4.78 American and Pacific SCEPrE 1,296,769 25.80 EME: Non-recourse securities: Flexible money market cumulative preferred securities: $100,000 par: — 59,027 5.74% Series A, net Unlisted — 600 $100,000 — 59,027 5.74% Series B, net Unlisted — 600 100,000 _______________________________________________________________________________________________ Subtotal 128,755 246,809 _______________________________________________________________________________________________ Subject to mandatory redemption: EIX: 7.875% QUIPS Series A New York EIX prA 20,000,000 $25.00 484,217 483,700 314,779 314,538 8.60% QUIPS Series B New York EIX prB 13,000,000 25.00 SCE: Recourse securities: $100 par value preferred stock: 75,000 75,000 6.05% Series Unlisted — 750,000 $100.00 100,000 100,000 6.45% Unlisted — 1,000,000 100.00 80,700 80,700 7.23% Unlisted — 807,000 100.00 EME: Recourse securities: $25 par value preferred securities (MIPS): 87,500 87,500 9.875% Series A New York MEPrA 3,500,000 $25.00 62,500 62,500 8.50% Series B New York MEPrB 2,500,000 25.00 Non-recourse securities: Redeemable preferred shares: $5,221 par (10,000 New Zealand dollars) 70,704 83,536 6.86% at 12/13/99 Unlisted — 16,000 $4,419.00 Retail redeemable preference shares: $0.5221 par (1 New Zealand dollar) 28,340 33,483 5.00% to 5.63% Series Unlisted — 64,132,000 $0.4419 18,813 22,228 5.50% to 6.03% Series Unlisted — 42,574,000 0.4419 58,903 69,593 5.75% to 6.37% Series Unlisted — 133,294,000 0.4419 _______________________________________________________________________________________________ Subtotal 1,381,456 1,412,778 _______________________________________________________________________________________________ Total preferred securities 1,510,211 1,659,587 _______________________________________________________________________________________________ Long-term debt — detailed on pages 8 and 9 12,149,825 13,391,636 _______________________________________________________________________________________________ Total capitalization $16,080,354 $20,261,966 _______________________________________________________________________________________________ _______________________________________________________________________________________________ Edison International Consolidated Statements of Retained Earnings In thousands Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Balance at beginning of year $3,078,891 $2,906,432 $3,175,883 $3,752,549 $3,699,572 $3,451,842 (1,942,797) 623,030 668,163 699,856 716,748 739,136 Net income (loss) (277,110) (375,351) (370,411) (394,903) (435,330) (445,672) Dividends declared on common stock (259,841) (75,220) (567,203) (881,619) (228,441) (45,734) Stock repurchases and other _______________________________________________________________________________________________ Balance at end of year $ 599,143 $3,078,891 $2,906,432 $3,175,883 $3,752,549 $3,699,572 _______________________________________________________________________________________________ _______________________________________________________________________________________________ 11
Slide 14: SCE Consolidated Balance Sheets In thousands December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Assets Utility plant, at original cost: Transmission and distribution Generation Accumulated provision for depreciation and decommissioning Construction work in progress $13,128,755 1,745,505 (7,834,201) 635,572 $12,439,059 1,717,676 (7,520,036) 562,651 $11,771,678 1,689,469 (6,896,479) 516,664 $11,213,352 9,522,127 (10,543,879) 592,897 $10,973,311 9,427,076 (9,431,071) 556,645 $10,174,350 9,675,829 (8,569,265) 727,865 Nuclear fuel, at amortized cost 143,082 132,197 172,250 154,757 176,827 139,411 _______________________________________________________________________________________________ Total utility plant 7,818,713 7,331,547 7,253,582 10,939,254 11,702,788 12,148,190 _______________________________________________________________________________________________ Nonutility property — less accumulated provision for depreciation Nuclear decommissioning trusts 102,223 2,504,990 103,644 2,508,904 56,681 2,239,929 67,869 1,831,460 63,931 1,485,525 70,191 1,260,095 Other investments 89,570 160,241 179,480 171,399 103,973 65,963 _______________________________________________________________________________________________ Total investments and other assets 2,696,783 2,772,789 2,476,090 2,070,728 1,653,429 1,396,249 _______________________________________________________________________________________________ Cash and equivalents Receivables, including unbilled revenue, less allowances for uncollectible accounts Fuel inventory Materials and supplies, at average cost Accumulated deferred income taxes — net Regulatory balancing accounts — net 583,159 1,295,918 11,720 131,651 544,561 — 26,046 1,013,661 49,989 122,866 188,143 — 81,500 1,112,630 51,299 116,259 274,833 287,377 962,272 906,388 58,059 132,980 123,146 193,311 319,942 921,083 72,480 154,266 240,429 — 261,767 911,963 114,357 151,180 476,725 — Prepayments and other current assets 124,736 111,151 91,992 93,098 105,137 114,289 _______________________________________________________________________________________________ Total current assets 2,691,745 1,511,856 2,015,890 2,469,254 1,813,337 2,030,281 _______________________________________________________________________________________________ _______________________________________________________________________________________________ Regulatory assets and other deferred charges 2,758,855 6,041,114 5,201,366 2,580,062 2,566,998 2,580,395 _______________________________________________________________________________________________ Total assets $15,966,096 $17,657,306 $16,946,928 $18,059,298 $17,736,552 $18,155,115 _______________________________________________________________________________________________ _______________________________________________________________________________________________ 12
Slide 15: SCE Consolidated Balance Sheets In thousands December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Capitalization and Liabilities Common stock Additional paid-in capital Accumulated other comprehensive income $ 2,168,054 334,030 — $ 2,168,054 335,038 21,551 $ 2,168,054 334,031 39,462 $ 2,168,054 334,031 48,023 $ 2,168,054 177,475 33,382 $ 2,168,054 177,333 18,482 (1,721,599) 608,453 793,625 1,407,834 2,665,612 2,780,058 Retained earnings (deficit) _______________________________________________________________________________________________ Preferred stock: Not subject to mandatory redemption Subject to mandatory redemption 128,755 255,700 128,755 255,700 128,755 255,700 183,755 275,000 283,755 275,000 283,755 275,000 5,631,308 5,136,681 5,446,638 6,144,597 4,778,703 5,215,117 Long-term debt _______________________________________________________________________________________________ Total capitalization 6,796,248 8,654,232 9,166,265 10,561,294 10,381,981 10,917,799 _______________________________________________________________________________________________ Current portion of long-term debt Short-term debt Accounts payable Accrued taxes Accrued interest Dividends payable Regulatory liabilities — net Deferred unbilled revenue and other 1,427,255 1,440,387 1,096,332 931,856 825,317 778,476 current liabilities _______________________________________________________________________________________________ Total current liabilities 5,384,916 4,134,957 3,274,716 3,043,285 2,817,817 2,598,696 _______________________________________________________________________________________________ Accumulated deferred income taxes — net Accumulated deferred investment tax credits Customer advances and other deferred credits Power purchase contracts 2,009,290 163,952 754,741 466,231 2,938,661 205,197 823,992 563,459 2,993,142 250,116 795,266 129,698 2,939,471 326,728 708,745 145,640 3,170,696 347,118 595,015 107,700 3,323,190 374,142 597,096 — 646,300 1,451,071 1,055,483 535,517 96,053 662 172,575 571,300 795,988 573,919 500,709 82,554 94,407 75,693 400,810 469,565 447,484 678,955 89,828 91,742 — 692,875 322,028 406,704 509,270 85,406 95,146 — 501,470 230,149 392,779 484,688 93,363 108,563 181,488 1,375 359,508 346,258 550,384 86,494 138,334 337,867 390,358 336,473 337,411 333,997 316,225 344,192 Other long-term liabilities _______________________________________________________________________________________________ Total deferred credits and other liabilities 3,784,572 4,867,782 4,505,633 4,454,581 4,536,754 4,638,620 _______________________________________________________________________________________________ Minority interest 360 335 314 138 — — _______________________________________________________________________________________________ Total capitalization and liabilities $15,966,096 $17,657,306 $16,946,928 $18,059,298 $17,736,552 $18,155,115 _______________________________________________________________________________________________ _______________________________________________________________________________________________ 13
Slide 16: SCE Consolidated Statements of Income (Loss) In thousands Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Operating revenue $ 7,869,950 $ 7,547,834 $ 7,499,519 $ 7,953,386 $ 7,583,382 $ 7,872,718 _______________________________________________________________________________________________ Fuel Purchased power — contracts Purchased power — PX ISO — net Provisions for regulatory adjustment clauses — net Other operation and maintenance Depreciation, decommissioning and amortization Income taxes Property and other taxes 194,961 2,357,336 2,329,276 2,301,268 1,771,792 1,472,872 (1,006,825) 125,720 214,972 2,419,147 770,574 (762,653) 1,933,217 1,547,738 451,247 121,628 323,716 2,625,900 636,343 (472,519) 1,891,210 1,545,735 445,642 128,402 881,471 2,854,002 — (410,935) 1,621,862 1,239,878 582,031 129,038 630,512 2,705,880 — (225,908) 1,511,012 1,063,505 578,329 190,284 614,954 2,581,878 — 229,744 1,588,915 954,141 559,694 200,236 Net gain on sale of utility plant (24,602) (3,035) (542,608) (3,849) (3,325) (5,688) _______________________________________________________________________________________________ Total operating expenses 9,521,798 6,692,835 6,581,821 6,893,498 6,450,289 6,723,874 _______________________________________________________________________________________________ Operating income (loss) Provision for rate phase-in plan Allowance for equity funds used during construction Interest and dividend income (1,651,848) — 11,471 172,736 854,999 — 13,005 69,389 917,698 — 11,826 66,725 1,059,888 (48,486) 7,651 44,636 1,133,093 (84,288) 15,579 37,855 1,148,844 (122,233) 19,082 37,644 Other nonoperating income (deductions) — net 1,071 43,981 (4,385) (23,036) (3,623) 45,651 _______________________________________________________________________________________________ Total other income (deductions) — net 185,278 126,375 74,166 (19,235) (34,477) (19,856) _______________________________________________________________________________________________ Income before interest expenses (1,466,570) 981,374 991,864 1,040,653 1,098,616 1,128,988 _______________________________________________________________________________________________ Interest and amortization on long-term debt Other interest expense Allowance for borrowed funds used during construction 391,244 182,054 (9,986) 392,894 91,558 (11,288) 421,857 64,225 (8,046) 345,592 101,078 (9,213) 380,812 73,914 (9,794) 385,187 80,130 (14,489) Capitalized interest (1,538) (1,211) (1,294) (2,398) (1,711) (1,531) _______________________________________________________________________________________________ Total interest and amortization expense — net 561,774 471,953 476,742 435,059 443,221 449,297 _______________________________________________________________________________________________ Net income (loss) (2,028,344) 509,421 515,122 605,594 655,395 679,691 Dividends on preferred stock 21,443 25,889 24,632 29,488 34,395 36,764 _______________________________________________________________________________________________ Net income (loss) available for common stock $(2,049,787) $ 483,532 $ 490,490 $ 576,106 $ 621,000 $ 642,927 _______________________________________________________________________________________________ _______________________________________________________________________________________________ 14
Slide 17: SCE Consolidated Statements of Cash Flows In thousands Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Cash flows from operating activities: Net income (loss) $ (2,028,344) $ 509,421 $ 515,122 $ 605,594 $ 655,395 $ 679,691 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, decommissioning and amortization 1,472,872 1,547,738 1,545,735 1,239,878 1,063,505 954,141 Other amortization 96,958 95,060 89,323 81,363 90,931 68,064 — — 3,777 46,926 79,011 111,016 Rate phase-in plan Deferred income taxes and investment tax credits (927,607) 177,599 (94,504) 63,379 46,122 (208,671) 53,698 31,112 (12,528) 55,712 79,733 33,129 Other long-term liabilities 1,758,594 (1,353,570) (361,403) — — — Regulatory balancing accounts — long term Regulatory asset related to sale of generating plants 48 179 (220,232) — — — (14,287) (938) (564,623) — — — Net gains on sale of generating plants (49,640) (153,366) (26,179) (208,624) (153,034) (261) Other — net Changes in working capital: (282,257) 98,969 (206,242) 14,695 (9,120) (9,873) Receivables 96,882 363,071 (94,067) (374,799) (156,379) 282,157 Regulatory balancing accounts 29,484 (5,297) 23,481 35,707 38,791 (19,499) Fuel inventory, materials and supplies (13,585) (19,159) 1,106 12,039 9,152 (15,511) Prepayments and other current assets 48,307 (185,520) 174,107 16,625 (58,827) 34,704 Accrued interest and taxes 588,154 352,489 205,256 120,464 93,362 45,355 Accounts payable and other current liabilities _______________________________________________________________________________________________ Net cash provided by operating activities 829,277 1,457,788 978,129 1,708,959 1,778,642 1,954,442 _______________________________________________________________________________________________ Cash flows from financing activities: Long-term debt issued 1,759,708 490,840 — — 396,309 393,829 (524,700) (362,872) (776,030) (916,145) (403,957) (422,503) Long-term debt repaid (439,855) — — — — — Bonds repurchased and funds held in trust — — — 2,449,289 — — Rate reduction notes issued (246,300) (246,300) (251,591) — — — Rate reduction notes repaid — — — — — — Preferred stock issued — — (74,300) (100,000) — (75,000) Preferred stock redeemed 8,651 (37,287) 16,244 (20,140) 41,803 31,134 Nuclear-fuel financing — net 655,033 326,423 147,537 91,879 (129,359) (316,006) Short-term debt financing — net — — — 153,000 — — Capital transferred (394,718) (685,731) (1,129,812) (1,871,944) (799,593) (559,886) Dividends paid _______________________________________________________________________________________________ Net cash provided (used) by financing activities 817,819 (514,927) (2,067,952) (214,061) (894,797) (948,432) _______________________________________________________________________________________________ Cash flows from investing activities: Additions to property and plant (1,095,633) (985,623) (860,837) (685,320) (616,427) (772,950) 18,880 — 1,203,039 — — — Proceeds from sale of generating plants (69,428) (115,937) (162,925) (153,756) (148,158) (150,595) Funding of nuclear decommissioning trusts 56,198 103,245 29,774 (13,492) (61,085) (12,790) Other — net _______________________________________________________________________________________________ Net cash provided (used) by investing activities (1,089,983) (998,315) 209,051 (852,568) (825,670) (936,335) _______________________________________________________________________________________________ Net increase (decrease) in cash and equivalents 557,113 (55,454) (880,772) 642,330 58,175 69,675 26,046 81,500 962,272 319,942 261,767 192,092 Cash and equivalents, beginning of period _______________________________________________________________________________________________ Cash and equivalents, end of period $ 583,159 $ 26,046 $ 81,500 $ 962,272 $ 319,942 $ 261,767 _______________________________________________________________________________________________ _______________________________________________________________________________________________ SCE Consolidated Statements of Retained Earnings In thousands Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Balance at beginning of year $ 608,453 $ 793,625 $1,407,834 $2,665,612 $2,780,058 $2,683,568 (2,028,344) 509,421 515,122 605,594 655,395 679,691 Net income (loss) (278,522) (665,884) (1,100,777) (1,829,040) (735,429) (545,672) Dividends declared on common stock Dividends declared on preferred (21,443) (25,889) (24,632) (29,488) (34,395) (36,764) and preference stock (1,743) (2,819) (3,922) — — — Stock option appreciation — (1) — (4,844) (17) (765) Reacquired capital stock expense and other _______________________________________________________________________________________________ Balance at end of year $(1,721,599) $ 608,453 $ 793,625 $1,407,834 $2,665,612 $2,780,058 _______________________________________________________________________________________________ _______________________________________________________________________________________________ 15
Slide 18: SCE Kilowatt-Hour Sales Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Class of service — millions of kWh: Residential 26,471 24,351 24,369 23,933 23,460 22,763 36,012 33,093 31,778 31,406 29,921 28,574 Commercial Industrial 13,302 13,229 13,098 13,379 13,258 13,237 1,088 1,057 837 1,022 960 834 Agricultural 6,525 6,439 6,137 6,281 6,147 6,044 Public authorities 36 37 38 34 37 29 Railroads and railways 1 1 1 1 1 1 Interdepartmental Resale 1 395 337 1,178 1,788 2,814 _______________________________________________________________________________________________ Total kilowatt-hour sales 83,436 78,602 76,595 77,234 75,572 74,296 _______________________________________________________________________________________________ _______________________________________________________________________________________________ Class of service — percent: Residential 31.7% 31.0% 31.8% 31.0% 31.1% 30.7% 43.2 42.1 41.5 40.7 39.6 38.5 Commercial 15.9 16.8 17.1 17.3 17.5 17.8 Industrial 1.3 1.3 1.1 1.3 1.3 1.1 Agricultural 7.8 8.2 8.0 8.1 8.1 8.1 Public authorities 0.1 0.6 0.5 1.6 2.4 3.8 Resale and other _______________________________________________________________________________________________ Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% _______________________________________________________________________________________________ _______________________________________________________________________________________________ SCE Customers December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Customers: Residential 3,884,982 3,843,923 3,767,742 3,752,209 3,726,695 3,691,961 433,855 420,370 401,528 399,263 395,397 389,943 Commercial 24,955 25,867 28,546 28,602 29,073 29,598 Industrial 24,234 24,454 24,374 24,526 24,509 24,661 Agricultural 47,479 47,555 47,518 47,596 44,620 44,872 Public authorities 48 38 30 36 37 38 Railroads and railways 7 4 17 22 22 21 Interdepartmental 0 2 12 71 66 60 Resale _______________________________________________________________________________________________ Total customers 4,415,560 4,362,213 4,269,767 4,252,325 4,220,419 4,181,154 _______________________________________________________________________________________________ _______________________________________________________________________________________________ SCE Operating Revenue In thousands Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Class of service: Residential $3,004,128 $2,788,319 $2,778,420 $3,049,225 $2,912,860 $2,932,952 3,017,157 2,894,905 2,875,787 2,999,241 2,831,538 2,977,264 Commercial 663,160 736,182 824,978 911,951 875,596 973,296 Industrial 100,927 99,820 84,085 101,329 94,008 93,659 Agricultural 518,390 534,648 538,043 574,397 555,401 595,188 Public authorities 3,553 3,436 3,436 3,157 3,390 2,988 Railroads and railways 66 — 51 117 126 101 Interdepartmental 71,196 13,824 53,654 89,458 89,512 102,254 Resale _______________________________________________________________________________________________ Sales of electricity 7,378,577 7,071,134 7,158,454 7,728,875 7,362,431 7,677,702 491,373 476,700 341,065 224,511 220,951 195,016 Other _______________________________________________________________________________________________ Total operating revenue $7,869,950 $7,547,834 $7,499,519 $7,953,386 $7,583,382 $7,872,718 _______________________________________________________________________________________________ _______________________________________________________________________________________________ Class of service — percent: Residential 38.2% 36.9% 37.1% 38.3% 38.5% 37.2% 38.3 38.4 38.3 37.7 37.4 37.8 Commercial 8.4 9.8 11.0 11.5 11.5 12.4 Industrial 1.3 1.3 1.1 1.3 1.2 1.2 Agricultural 6.6 7.1 7.2 7.2 7.3 7.6 Public authorities 1.0 0.2 0.8 1.2 1.2 1.3 Resale and other _______________________________________________________________________________________________ Sales of electricity 93.8 93.7 95.5 97.2 97.1 97.5 6.2 6.3 4.5 2.8 2.9 2.5 Other _______________________________________________________________________________________________ Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% _______________________________________________________________________________________________ _______________________________________________________________________________________________ 16
Slide 19: SCE Energy Costs Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Average annual fuel cost — unit of expense: Oil ($/bbl) Gas ($/mcf) Coal ($/ton) Average cost ($/m2Btu): Oil Gas Nuclear Coal Average cost — all sources Average cost (cents/kwh): Oil Gas Nuclear Coal Purchased power: Firm Economy/Other* Other power producers: Biomass Cogeneration Geothermal Small hydro Solar Wind Average cost: Purchased power PX purchases All sources Fuel consumption: Oil (bbl) (000) Gas (mcf) (000) Coal (tons) (000) Oil inventory — year end (bbl) (000) $ 53.88 5.85 22.86 $ 9.43 5.68 0.44 1.15 0.74** 10.947¢ 9.181 0.462 1.153 5.563 .— 13.329 8.364 8.478 6.667 13.452 8.975 8.619 10.241 4.097** 61 768 5,566 344 $ 36.71 3.58 23.02 $ 6.31 3.44 0.38 1.17 0.73 7.506¢ .— 0.407 1.172 4.434 .— 12.312 7.025 9.926 8.122 12.235 9.547 8.045 3.161 4.236 59 434 5,366 2,190 $ 30.92 3.02 23.85 $ 5.38 2.97 0.44 1.22 1.05 6.031¢ 3.058 0.481 1.225 4.235 1.402 13.269 6.242 12.802 11.732 14.221 9.823 7.900 3.264 4.171 55 29,515 5,263 2,298 $ 40.80 3.31 24.86 $ 7.11 3.25 0.44 1.30 2.17 8.531¢ 3.386 0.476 1.318 3.465 1.587 12.235 6.514 13.464 9.963 15.336 10.043 6.707 .— 4.303 60 142,878 5,274 2,682 $ 38.89 2.94 26.65 $ 6.73 2.85 0.45 1.36 1.52 7.674¢ 2.941 0.480 1.366 3.899 1.392 14.782 5.687 13.126 10.034 16.952 10.456 7.052 .— 3.957 66 125,856 5,053 3,233 $ 34.42 2.22 24.47 $ 5.96 2.16 0.42 1.24 1.40 7.006¢ 2.192 0.460 1.235 3.803 1.189 14.985 5.423 13.300 10.551 15.804 11.490 7.506 .— 3.902 55 163,524 5,441 3,955 *Includes economy energy and net interchange through March 1998. Includes generation losses (averaging 1.5% of total energy requirement), and PX/ISO settlement adjustments starting April 1998. **Excludes refund for fuel-related settlements. SCE Balancing Accounts Accumulated Over (Under) Collections (a) In millions December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Transition cost (b) $ — $(1,008) $ (46) — — — Energy Cost — — — $(485) $ 60 $ 234 Kilowatt-hour Sales — — — 190 167 76 Demand-side Management 144 82 64 25 12 16 Palo Verde Rate Phase-In Plan — — — (4) (50) (130) Rate reduction notes — cost deferral (c) (1,090) (707) (315) — — — Direct access implementation (section 376 costs) — (33) (93) — — — PX/ISO implementation delay — — (248) — — — Other — net (50) 27 (11) 77 (58) 12 _______________________________________________________________________________________________ Total $(996) $(1,639) $(649) $(197) $131 $ 208 _______________________________________________________________________________________________ _______________________________________________________________________________________________ (a) Includes interest. (b) Includes year-end 1997 balances for energy cost (ECAC) and kilowatt-hour sales (ERAM) balancing accounts, gains and losses from the sale of SCE’s generating plants, and ongoing differences between generation-related revenue and generation-related costs beginning in April 1998. (c) Represents the accumulated difference between the amortization of transition assets and the remittance of the rate reduction notes. 17
Slide 20: SCE System Rate Base (a) In thousands December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Fixed capital: Plant in service $ 20,398,393 $ 19,645,894 $ 19,762,867 $ 20,621,893 $20,180,367 $19,515,389 5,279 4,784 3,695 5,516 19,957 36,292 Property held for future use _______________________________________________________________________________________________ Total fixed capital 20,403,672 19,650,678 19,766,562 20,627,409 20,200,324 19,551,681 _______________________________________________________________________________________________ Adjustments 41,413 45,591 48,556 47,441 42,106 35,237 _______________________________________________________________________________________________ Working capital 116,460 137,915 147,502 176,160 178,340 186,057 _______________________________________________________________________________________________ Reserves: Depreciation (10,442,317) (9,288,518) (8,665,798) (8,608,570) (7,841,201) (7,286,400) (836,513) (1,020,295) (1,305,269) (1,431,915) (1,445,688) (1,417,753) Accumulated deferred income taxes (253,825) (242,135) (217,540) (203,897) (200,797) (177,117) Other _______________________________________________________________________________________________ Total reserves (11,532,655) (10,550,948) (10,188,607) (10,244,382) (9,487,686) (8,881,270) _______________________________________________________________________________________________ System rate base (b) $ 9,028,890 $ 9,283,236 $ 9,774,013 $ 10,606,628 $10,933,084 $10,891,705 _______________________________________________________________________________________________ _______________________________________________________________________________________________ (a) Weighted-average depreciated book costs. (b) Includes generation-related assets not subject to cost-based rate regulation as of third quarter 1997. Detail of SCE Utility Plant In thousands December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Generation: Steam $ 905,734 $ 902,005 $ 886,451 $ 2,482,601 $ 2,466,027 $ 2,420,447 5,727,113 5,708,084 5,639,187 5,632,217 5,605,037 5,605,497 Nuclear 669,250 651,712 639,317 628,424 616,985 606,211 Hydro 25,548 25,159 24,496 445,138 439,106 447,765 Other _______________________________________________________________________________________________ Total generation 7,327,645 7,286,960 7,189,451 9,188,380 9,127,155 9,079,920 3,251,424 3,130,260 2,997,879 2,955,391 2,913,976 2,830,674 Transmission 8,079,892 7,691,214 7,310,554 7,011,887 6,739,311 6,473,128 Distribution 2,074,171 1,898,897 1,751,882 1,567,173 1,606,918 1,450,950 General 292 1,244 1,644 1,855 1,855 4,404 Plant held for future use and other — — — — 813 813 Experimental plant unclassified 12,099 11,481 11,415 10,793 10,359 10,290 Gas and water (Catalina) _______________________________________________________________________________________________ Utility plant, at original cost 20,745,523 20,020,056 19,262,825 20,735,479 20,400,387 19,850,179 (13,227,041) (12,017,508) (10,603,805) (10,543,879) (9,431,071) (8,569,265) Accumulated depreciation _______________________________________________________________________________________________ 7,518,482 8,002,548 8,659,020 10,191,600 10,969,316 11,280,914 635,572 562,651 584,309 592,897 556,645 727,865 Construction work in progress 143,081 132,196 172,250 154,757 176,827 139,411 Nuclear fuel, at amortized cost _______________________________________________________________________________________________ Total utility plant — net* $ 8,297,135 $ 8,697,395 $ 9,415,579 $ 10,939,254 $11,702,788 $12,148,190 _______________________________________________________________________________________________ _______________________________________________________________________________________________ *Nuclear plant assets were reclassified as regulatory assets in 1998. SOUTHERN CALIFORNIA EDISON NET BALANCING ACCOUNTS* Millions $ 400 131 0 -197 -400 -334 6 Overcollected 94 9 Billions $ 12 10.9 SCE SYSTEM RATE BASE 10.6 9.8 9.3 9.0 -800 Undercollected -933 3 -1,200 1996 1997 1998 1999 2000 *Excludes non-recourse rate reduction notes cost deferral 0 1996 1997 1998 1999 2000 18
Slide 21: SCE Operating Statistics Year Ended December 31, 2000 1999 1998 1997 1996 1995 _______________________________________________________________________________________________ MW % MW % MW % MW % MW % MW % ___________________________________________________________________________________________________ SCE generating capacity at peak (MW): SCE owned: Standby reserve (a) —— —— —— 732 — 732 — 732 — 9 0.1 9 0.1 9 0.1 9,571 44.5 9,571 44.3 9,572 44.3 Oil and gas 2,204 21.8 2,204 21.0 2,203 20.9 2,192 10.2 2,192 10.1 2,192 10.1 Nuclear 1,573 15.5 1,573 15.5 1,617 15.3 1,617 7.5 1,616 7.5 1,616 7.5 Coal 1,156 11.4 1,156 11.0 1,156 11.0 1,156 5.4 1,154 5.3 1,154 5.3 Hydro Purchases: 1,752 19.6 1,987 19.0 1,987 18.8 3,268 15.2 3,422 15.9 3,422 15.9 Other utilities (b) Other power producers Cogeneration 1,775 17.5 2,056 19.6 2,097 19.9 2,134 9.9 2,107 9.8 2,107 9.8 188 1.9 193 1.9 253 2.4 308 1.4 287 1.3 287 1.3 Biomass 25 0.3 35 0.3 35 0.3 44 0.2 48 0.2 48 0.2 Small hydro 173 1.7 181 1.7 157 1.5 174 0.8 164 0.8 164 0.8 Wind 677 6.7 674 6.4 674 6.4 687 3.2 678 3.1 678 3.1 Geothermal 354 3.5 363 3.5 358 3.4 360 1.7 363 1.7 363 1.7 Solar _______________________________________________________________________________________________ Total 9,886 100% 10,431 100% 10,546 100% 21,511 100% 21,602 100% 21,603 100% _______________________________________________________________________________________________ _______________________________________________________________________________________________ SCE Total Energy Requirement (Millions of kWh): SCE owned: 30 — 29 — 28 — 29 — 34 — 27 — Oil 19 — —— 2,886 3.6 13,932 16.0 12,504 14.8 16,475 20.1 Gas 18,425 22.3 17,300 22.0 17,903 22.3 14,745 17.0 17,602 20.9 14,751 18.0 Nuclear 11,271 13.7 10,671 13.5 10,361 12.9 10,114 11.6 9,979 11.9 10,990 13.4 Coal 4,471 5.4 4,383 5.6 5,903 7.4 5,622 6.5 5,814 6.9 6,325 7.7 Hydro Purchased Power: 19,456 23.6 16,576 21.0 9,083 11.3 —— —— —— PX purchases — net (c) Other utility 2,122 2.6 2,800 3.5 2,725 3.4 2,594 3.0 3,170 3.8 3,033 3.7 Firm 1,157 1.4 5— 3,286 4.1 11,793 13.6 7,096 8.4 2,489 3.0 Economy/other (d) Other power producers 14,097 17.1 15,338 19.5 16,642 20.7 16,129 18.6 16,155 19.2 16,345 20.0 Cogeneration 1,560 1.9 1,935 2.5 1,935 2.4 1,881 2.2 1,885 2.2 1,976 2.4 Biomass 303 0.4 203 0.3 334 0.4 358 0.4 288 0.3 306 0.4 Small hydro 2,557 3.1 2,354 3.0 2,022 2.5 2,072 2.4 2,271 2.7 1,898 2.3 Wind 6,177 7.5 6,323 8.0 6,344 7.9 6,705 7.7 6,694 7.9 6,524 8.0 Geothermal 858 1.0 835 1.1 837 1.1 875 1.0 834 1.0 785 1.0 Solar _______________________________________________________________________________________________ Total (e) 82,503 100% 78,752 100% 80,289 100% 86,849 100% 84,326 100% 81,924 100% _______________________________________________________________________________________________ _______________________________________________________________________________________________ Area peak demand (MW) Annual area system load factor (%) 19,757 57.1 19,122 56.6 19,935 52.7 19,118 54.2 18,207 55.2 17,548 55.7 (a) Units not active during the year. Not included in total. (b) Includes system and unit purchases and net interchange. Since April 1998 excludes public power utilities. (c) Net purchases represent energy purchases from the PX in excess of energy sales to the PX. (d) Includes economy energy and net interchange through March 1998. Includes generation losses (averaging 1.5% of total energy requirement), and PX/ISO settlement adjustments starting April 1998. (e) Since April 1998 excludes direct access and resale customer requirements. SCE PEAK-DAY CAPACITY MIX 2000 1999 Nuclear SCE TOTAL ENERGY REQUIREMENT 2000 1999 Nuclear 22% 15% 11% 20% 21% Coal 16% 11% 19% Purchases: other power producers Hydro Purchases: other utilities Coal Hydro Purchases: other utilities Purchases: other power producers PX purchases net* 14% 5% 4% 31% 14% 6% 3% 34% Nuclear 22% 22% Coal Hydro Purchases: other utilities Purchases: other power producers PX purchases net* 24% 21% 32% 33% *Net purchases represent energy purchases from the PX in excess of energy sales to the PX. 19
Slide 22: SCE Operating and Financial Ratios Year Ended December 31, 2000 1999 1998 1997 1996 1995 ___________________________________________________________________________________________________ Percent of operating revenue: Fuel 2.5% 2.8% 4.3% 11.1% 8.3% 7.8% Purchased power 59.6 42.3 43.5 35.9 35.7 32.8 Provisions for regulatory adjustment clauses 29.2 (10.1) (6.3) (5.2) (3.0) 2.9 Other operating expenses 17.6 20.8 12.5 15.3 15.5 15.7 Maintenance 4.6 4.8 5.5 5.1 4.4 4.5 Depreciation, decommissioning and amortization 18.7 20.5 20.6 15.6 14.0 12.1 Property and other taxes 1.6 1.6 1.7 1.6 2.5 2.5 _______________________________________________________________________________________________ Operating expenses (before income taxes) 133.8 82.7 81.8 79.4 77.4 78.3 Taxes on operating income (12.8) 6.0 6.0 7.3 7.6 7.1 Operating income (21.0) 11.3 12.2 13.3 15.0 14.6 _______________________________________________________________________________________________ Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% _______________________________________________________________________________________________ _______________________________________________________________________________________________ Rate of return on weighted-average: Rate base Invested capital (financial) Times interest earned — Before income taxes (including RRB revenue and interest expense) (a): Total debt interest Total debt interest without AFUDC Fixed charges (b) Before income taxes (excluding RRB revenue and interest expense) (a): Total debt interest Total debt interest without AFUDC Fixed charges (c) Embedded cost of capital (at year-end): Long-term debt Preferred and preference stock Other: Customers to employees ratio NM NM 9.25% 9.60 9.50% 9.03 9.74% 9.12 9.88% 9.45 9.78% 9.77 NM NM NM 3.23× 3.17× 2.94× 3.19× 3.14× 2.95× 3.99× 3.94× 3.49× 3.92× 3.85× 3.54× 3.84× 3.76× 3.52× NM NM NM 7.79% 6.60 341 4.24× 4.15× 3.67× 7.38% 6.64 335 4.32× 4.25× 3.81× 7.57% 6.68 324 4.05× 4.01× 3.54× 7.50% 6.50 336 3.92× 3.85× 3.54× 7.60% 6.63 350 3.84× 3.76× 3.52× 7.79% 6.75 281 (a) RRB = Rate Reduction Bonds (also known as rate reduction notes). (b) Fixed charges include interest on long- and short-term debt; amortization of debt discount, expense, and premium; interest on long-term purchased power contracts; capitalized fixed charges on nuclear fuel; spent nuclear fuel interest; and the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals less interest on intercompany promissory notes. (c) Same as (b) above, except revenue and interest expense from non-recourse rate reduction bonds are excluded. NM = Not meaningful. SCE PRE-TAX INTEREST COVERAGE Times 6 5 3.92 4 3.85 3 2 5 1 0 0 4.05 4.01 4.32 4.25 20% SCE RETURN ON COMMON EQUITY 12.2 12.1 11.6 15 13.3 11.6 4.24 4.15 13.5 11.6 11.6 15.2 11.6 10.8 10 1996 1997 1998 1 1999 1 2000 1,2 With AFUDC Without AFUDC 1 Excludes interest from non-resource RRB. 2 Not meaningful. 1996 1997 1998 1999 2000 * Ratemaking T&D Financial total Authorized T&D * Ratemaking and financial calculation not meaningful. 20 10.0 11.6
Slide 23: SCE Generating Capacity Resources as of December 31, 2000 (Summer Effective Rating) SCE-Owned Entered Ownership Total Capacity Plant Location Units Operation Interest Type (Megawatts) ___________________________________________________________________________________________________ Gas and oil (isolated diesel system on Catalina Island): Pebbly Beach Los Angeles, CA 7–8, 10, 12, 14–15 1958–1995 100% Diesel 9 _______________________________________________________________________________________________ Coal: Four Corners (a)(b) San Juan, NM 4, 5 1969–1970 48% Boiler 710 Mohave (c) Clark, NV 1, 2 1971 56% Boiler 885 Off-System Losses (d) (22) _______________________________________________________________________________________________ Subtotal 4 1,573 _______________________________________________________________________________________________ Nuclear: San Onofre San Diego, CA 2, 3 1983, 1984 75% PWR 1,614 Palo Verde (a)(b) Maricopa, AZ 1–3 1986–1988 16% PWR 590 _______________________________________________________________________________________________ Subtotal 5 2,204 _______________________________________________________________________________________________ Total thermal generation 15 3,786 _______________________________________________________________________________________________ (a) Operated by Arizona Public Service. (b) SCE announced sale of ownership interest on April 27, 2000. (c) SCE announced sale of ownership interest on May 11, 2000. (d) Represents a constant value of line loss from Four Corners. PWR = Pressurized water reactor SCE-Owned No. of Entered Ownership Total Capacity Plant Locations Units Operation Interest (Megawatts) ___________________________________________________________________________________________________ Hydroelectric plants: Northern region: Fresno, Madera, Tulare 29 1909–1987 100% 1,011 _______________________________________________________________________________________________ Eastern region: San Bernardino, Kern, Los Angeles, Riverside, Inyo, Mono (e) 50 1893–1999 100% 145 _______________________________________________________________________________________________ Subtotal 79 1,156 _______________________________________________________________________________________________ Total SCE-owned generation 94 4,942 _______________________________________________________________________________________________ _______________________________________________________________________________________________ (e) Santa Ana 2 and 3 plants (total of 3 units) retired and replaced by new Santa Ana 3 plant (1 unit), with no net change in capacity. Initial Year of Purchase Point of Total Capacity Plant Seller Under Current Contract Delivery (Megawatts) ___________________________________________________________________________________________________ Purchases (other utilities): System (firm purchase/interchange): Hoover — SCE Western Area Power Admin. 1987 Mead substation 278 Oroville — Thermalito Cal. Dept. of Water Res. 1983 Midway 350 BPA Purchase Bonneville Power Admin. 1989 Ore-Cal border 250 CDWR Exchange Cal. Dept. of Water Res. 1987 Vincent or Midway 225 Devil Canyon Cal. Dept. of Water Res. 1983 Devil Canyon Plant 120 PP&L Purchase Pacific Power and Light Co. 1987 Ore-Cal border 100 PP&L Purchase Pacific Power and Light Co. 1987 Four Corners 100 MWD Hydro (4 plants) MWD 1979 Various 29 Off-System Losses (24) _______________________________________________________________________________________________ Subtotal 1,428 _______________________________________________________________________________________________ Total system (firm purchase/interchange): Other area resources: MWD, Hoover to SCE Metropolitan Water District of So. Cal. 1987 Hoover plant 247 MWD, Parker to SCE Metropolitan Water District of So. Cal. 1987 Hoover plant 54 USDOE, Parker/Davis Department of Defense Edwards AFB 1988 Blythe substation 18 USDOE, Parker/Davis Department of Defense March AFB 1991 Blythe substation 5 _______________________________________________________________________________________________ Subtotal 324 _______________________________________________________________________________________________ Total other utility purchases 1,752 _______________________________________________________________________________________________ _______________________________________________________________________________________________ Purchases: Other power producers Cogeneration 1,775 Biomass 188 Small hydro 25 Wind 173 Geothermal 677 Solar 354 _______________________________________________________________________________________________ Subtotal 3,192 _______________________________________________________________________________________________ Total purchases/exchanges 4,944 _______________________________________________________________________________________________ Total generation capacity resources (f) 9,886 _______________________________________________________________________________________________ _______________________________________________________________________________________________ (f) Includes isolated resources. 21
Slide 24: San Onofre Plant Facts Unit 2 Unit 3 ___________________________________________________________________________________________________ Commercial operation Net plant capacity (MW)* 2000 net generation (MWh)* 2000 net capacity factor (CF) (%)* Lifetime net CF through 2000 (%)* Last refueling outage Last refueling outage days 8/18/83 1,070 8,524,206 90.7 77.6 10/7/00–11/16/00 40 4/1/84 1,080 9,633,763 101.5 79.3 3/26/99–5/9/99 43 *Capacity and generation are reported at the 100% level for each unit. SCE’s share is 75.05%. San Onofre Refueling History Days 120 100 80 60 40 20 0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Unit 2 Unit 3 San Onofre Annual Capacity Factors Year Unit 2 Unit 3 _________________________________ 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 89% 61% 94% 82% 99% 69% 91% 71% 90% 88% 91% 70% 92% 72% 75% 97% 79% 93% 72% 96% 89% 102% 22
Slide 25: San Onofre Incremental Cost Incentive Pricing (ICIP) Cents/kWh 1997 1998 1999 2000 2001 2002 2003 ___________________________________________________________________________________________________ San Onofre Incremental Operating 3.85 4.00 4.00 4.05 4.10 4.15 4.15 Fixed adder for A&G .21 .21 .21 .21 .21 .21 .21 _______________________________________________________________________________________________ 4.06 4.21 4.21 4.26 4.31 4.36 4.36 _______________________________________________________________________________________________ _______________________________________________________________________________________________ Note: Recovery of sunk investment is through a separate mechanism. San Onofre 2001 Rules of Thumb (SCE Share) Refuelings: A 45-day refueling outage for one unit would reduce the combined (both units) annual capacity factor by about 6.2%. Impact of 1% Increase/Decrease in Capacity Factor: A 1% increase/decrease in the annual capacity factor of either unit increases/decreases revenue by about $3.0 million before taxes. Calculating Revenue for 2001: Revenue = capacity factor × 1,613,575 kW × number of hours × $0.0431/kWh 23
Slide 26: Palo Verde Plant Facts Unit 1 Unit 2 Unit 3 ___________________________________________________________________________________________________ Commercial operation Net plant capacity (MW)1,2 2000 net generation (MWh)1 2000 net capacity factor (CF) (%) 1 2/1/86 1,243 10,966,601 100.4 72.9 10/2/99–11/9/99 38 9/19/86 1,243 9,525,262 87.2 76.4 10/4/00–11/6/00 33 1/20/88 1,247 9,888,707 90.3 81.5 4/1/00–5/2/00 32 Lifetime net CF through 2000 (%) Last refueling outage Last refueling outage days 1 2 1 Capacity and generation are reported at the 100% level. SCE’s share is 15.8% The units were rerated effective April 1, 1997, as a result of upgrading the output of the units’ reactors. Palo Verde Refueling History Days 500 400 300 200 100 0 1989 Unit 1 Unit 2 Unit 3 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Palo Verde Annual Capacity Factors Year Unit 1 Unit 2 Unit 3 _____________________________________________ 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 44% 87% 66% 70% 91% 79% 81% 99% 88% 89% 100% 58% 77% 94% 48% 62% 84% 87% 86% 102% 90% 87% 90% 70% 78% 88% 64% 87% 100% 87% 88% 100% 90% 24
Slide 27: Qualifying Facilities (QF) Payments (1987–2000) Billions $ 2.5 2.0 1.5 1.0 0.5 0.0 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Avoided cost ISO#4/Fixed* Capacity *Includes payments for contract rates above avoided cost. Renewable/Alternative Energy Resources Year Ended December 31, 2000 On-Line Energy and Capacity Other Payments2 Technology Projects1 Net MW GWh Payments (Millions) (Millions) ¢/kWh3 _________________________________________________________________________________________________ Biomass Cogeneration Geothermal Small Hydro Solar 30 160 20 41 13 252 2,337 738 98 379 1,560 14,096 6,177 303 857 $ 167 1,101 499 20 115 $ (0.2) — 0.3 0.2 — 10.7 7.8 8.1 6.6 13.5 Wind 65 1,119 2,557 217 0.4 8.5 ____________________________________________________________________________________________ Total 329 4,923 25,550 $2,119 $ 0.7 8.3 ____________________________________________________________________________________________ ____________________________________________________________________________________________ 1 2 Excludes QFs that did not deliver any energy and only received Other Payments. Excludes all buyout payments and BRPU settlement expenses. 3 ¢/kWh is based on Energy and Capacity Payments and GWh delivered. 25
Slide 28: SCE Regulation CALIFORNIA PUBLIC UTILITIES COMMISSION (CPUC) General SCE is subject to regulation by the CPUC, which has authority over, among other things, retail rates, securities issues, depreciation practices, and plant additions. The CPUC is comprised of five members appointed by the Governor for staggered six-year terms. The CPUC has issued final decisions regarding direct access, transition cost recovery and rate unbundling in the restructuring of the electric industry in California. These decisions impacted cost recovery and rate regulation beginning in January 1998. In 2000 total rates for all customers were frozen at June 10, 1996 levels, although residential and small commercial customers received a 10% reduction from their June 10, 1996 rate levels beginning January 1, 1998. Under these frozen rates, individual rate components (such as distribution, transmission, nuclear decommissioning and public purpose programs) are determined according to CPUC- or FERC-authorized mechanisms. Energy charges were set based on the market prices determined by the Power Exchange (PX), an electricity commodity exchange established by action of the California Legislature. Any residual between the total frozen rate and the sum of all the rate components, including the PX energy charge, was used to recover SCE’s uneconomic generation costs. In 2001 the PX ceased operation, and due to unprecedented changes in wholesale energy prices the CPUC ordered energy surcharges to cover the cost of future wholesale electricity purchases for utility customers. The CPUC also ordered other ratemaking changes that fundamentally altered transition period cost recovery mechanisms that were in effect during years 1998–2000. Distribution Rates Distribution cost recovery is through a distribution Performance-Based Ratemaking (PBR) mechanism currently authorized through December 2002. Key elements of the distribution PBR include: distribution rates indexed for inflation based on the Consumer Price Index less a productivity factor; adjustments for certain cost changes that are not within SCE’s control; a cost of capital trigger mechanism based on changes in a bond index; standards (including rewards and penalties) for service reliability and safety; and a net revenue-sharing mechanism that determines how customers and shareholders will share gains and losses from distribution operations. Transmission Rates Since the initiation of the Independent System Operator (ISO) in April 1998, transmission cost recovery has been under FERC authority. In July 2000, FERC issued a final decision in SCE’s 1998 FERC transmission rate case in which it ordered a reduction of approximately $38 million to SCE’s proposed annual base transmission revenue requirement of $213 million. Of the total reduction of $38 million, about $24 million is associated with the rejection by FERC of SCE’s proposed method for allocating overhead costs to transmission operations. SCE filed a Conditional Petition for Rehearing of the decision in August 2000, asking that FERC reconsider the decision assuming that the CPUC does not allow SCE to recover the $24 million in CPUC jurisdictional rates. In February 2001, SCE filed with the CPUC a request to recover in CPUC-jurisdictional rates the overhead costs not permitted by FERC to be included in transmission rates. A CPUC decision is not expected until late in 2001. In the meantime, SCE continues to collect transmission revenues based on the originally proposed $213 million level, subject to refund pending final resolution of the 1998 rate case. SCE expects that any refund amounts ultimately ordered by FERC associated with the transmission will not be refunded back to retail customers but will be credited against the amount of accrued transision/procurement costs. Nuclear Decommissioning and Public Purpose Programs Rates Recovery of SCE’s nuclear decommissioning costs and legislatively mandated public purpose program funding is made through rates set to recover 100% of these costs. Generation Rates Prior to 2001, generation costs were recovered through generation revenues which were determined residually by subtracting the revenues associated with all other rate components from the total frozen rate revenues. Generation revenues were first used to pay for certain FERC-authorized ISO charges as well as purchases from the PX, with the remaining amount used for recovery of transition costs. With significant increases in PX energy costs in the second half of 2000, SCE accrued an undercollection of its energy procurement costs from the PX and did not recover any transition costs through the frozen rate revenues. Starting in January 2001, an agency of the state of California assumed the responsibility for procurement of energy on behalf of SCE’s retail customers for their use beyond that supplied by SCE’s own generation sources. The CPUC is currently in the process of reviewing SCE’s generation costs and the state’s energy procurement costs. It is expected that the CPUC will soon finalize the methods and the ratemaking mechanisms for allocating SCE’s generation revenues (including a total of 4¢/kWh in surcharges adopted in 2001) to recover SCE’s generation costs and the state’s energy procurement costs. *The ISO is a nonprofit corporation that controls the transmission facilities of all participating transmission owners and dispatches certain generating units and loads. The ISO is responsible for the operation and control of the statewide transmission grid. CPUC Commissioners as of December 31, 2000: Loretta M. Lynch President Richard A. Bilas Josiah L. Neeper Henry Duque Carl W. Wood Democrat, former Governor’s Director of Office of Planning and Research, partner with the law firm of Keker & Van Nest, lawyer for the Legal Aid Foundation. Republican, John A. and Donnie Brock Chair in Energy Economics and Policy, director of the Institute for Energy Economics and Policy, and professor of engineering at University of Oklahoma Republican, attorney, private practice (1965–95), labor consultant to the City of San Diego Republican, former vice president, marketing at California Federal Bank Democrat, twelve years experience in the utility industry analyzing regulations and restructuring issues for electric and natural gas providers, former electrical technician, senior national representative and national deregulation coordinator for the Utility Workers Union of America. Age 38 65 70 68 52 Appointed 2000 1997 1995 1995 1999 Term Expires January 1, 2005 January 1, 2003 January 1, 2001 * January 1, 2003 January 1, 2005 *Josiah Neeper’s term expired at the end of 2000. On January 18, 2001 Governor Davis appointed Geoffrey F. Brown, 57, Democrat, to the Commission. Commissioner Brown is a former Public Defender of the City and County of San Francisco, elected to a six-year term beginning in 1978. FEDERAL ENERGY REGULATORY COMMISSION (FERC) SCE’s rates to recover the costs of its transmission facilities are subject to regulation by the FERC. The FERC also regulates certain other matters, including accounting and the acquisition and disposition of jurisdictional property. This includes licensing of hydroelectric power projects as well as SCE’s involvement in the transmission and wholesale sales of electric energy in interstate commerce. CALIFORNIA ENERGY COMMISSION (CEC) The CEC licenses thermal power plants with a capacity of 50 MW or greater and develops electricity demand forecasts covering a 20-year time horizon. The CEC also coordinates a variety of research and development projects, sets appliance and building efficiency standards, and maintains a statewide plan in case of an energy shortage. NUCLEAR REGULATORY COMMISSION (NRC) The Nuclear Regulatory Commission regulates and licenses all nuclear facilities in the United States. Its purpose is to ensure compliance with public health and safety, environmental quality, national security, and antitrust laws. 26
Slide 29: NONUTILITY BUSINESSES
Slide 30: Edison Mission Energy Edison Mission Energy is a world-class generation business specializing in the development, acquisition, construction management and operation of global power production facilities. It is one of the world’s leading power producers with 23,221 megawatts of generating capacity, assets totaling nearly $15 billion and investments in 75 projects in Australia, Indonesia, Italy, New Zealand, Spain, Thailand, Turkey, the United Kingdom, and the United States. Highlights DISTRIBUTION OF REVENUE BY BUSINESS SEGMENTS TOTAL ASSETS Millions $ 20,000 15,534 15,000 15,017 38% 16,000 10,000 5,152 5,000 4,985 5,158 56% Americas 8,000 4,000 0 0 4,706 5,180 5,153 12,000 Asia Pacific 6% Europe, Central Asia, Middle East and Africa MW 24,000 20,000 OWNED SHARE OF OPERATING PROJECTS 22,037 22,759 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 Projects in Operation by Business Segments EDISON MISSION ENERGY Europe, Central Asia, Middle East and Africa 26 Projects Coal — 3,916 MW Hydro — 2,170 MW Natural Gas — 754 MW Asia Pacific 14 Projects Americas 33 Projects Coal — 1,492 MW Hydro — 318 MW Geothermal — 114 MW Natural Gas — 764 MW Gross Operating MW = 28,036 Coal — 7,625 MW Natural Gas — 5,606 MW Edison Mission Energy s Share MW = 22,759 28
Slide 31: Edison Mission Energy World Profile Operating INT’L USA 12,779 MW (EME = 9,528) 15,257 MW (EME = 13,231) Under Construction INT’L 283 MW (EME = 142) Under Construction USA 320 MW (EME = 320) United Kingdom 6,506 MW Turkey 180 MW Spain 86 MW Italy 795 MW United States (Other Projects) 3,614 MW Homer City 1,884 MW Midwest Generation 9,539 MW Thailand 700 MW Puerto Rico 540 MW Indonesia 1,230 MW Australia 1,416 MW New Zealand 2,149 MW 29
Slide 32: Edison Mission Energy Project List Summary Megawatts __________ EME Number Name Total Share of Projects ________________________________________ Operating Projects Americas 15,257 13,231 33 International 12,779 9,528 40 ______________________________________ Total 28,036 22,759 73 ______________________________________ Projects Under Construction Americas 320 320 1 International 283 142 1 ______________________________________ Total 603 462 2 ______________________________________ Total Projects 28,639 23,221 75 ______________________________________ ______________________________________ Edison Mission Energy Project List Americas Operating Projects ________________________________________________________________________________________________ Commercial Operation/ EME Ownership Plant EME Acquisition Power No. Project Name Total Share Interest Type Operates Location Date Fuel Source Purchaser ____________________________________________________________________________________________________ Megawatts __________ American Bituminous 80 40 50% QF × West Virginia 4/93 Coal Monongahela Power Brooklyn Navy Yard 286 143 50% QF/EWG New York 11/96 Natural gas Con. Edison N.Y. Coalinga 38 19 50% QF × California 11/91 Natural gas PG&E Commonwealth Atlantic 340 170 50% EWG Virginia 6/92 Natural gas Virginia Electric & Power EcoElectrica 540 270 50% — × Puerto Rico 3/00 Liquified Natural gas PREPA Gordonsville 240 120 50% QF/EWG × Virginia 6/94 Natural gas Virginal Electric & Power Harbor 80 24 30% EWG × California 4/89 Natural gas Pool Homer City 1,884 1,884 100% EWG × Pennsylvania 3/99 Coal Pool Hopewell1 356 89 25% QF Virginia 8/90 Natural gas Virginia Electric & Power James River 110 55 50% QF Virginia 12/87 Coal Virginia Electric & Power Kern River 300 150 50% QF × California 8/85 Natural gas SCE March Point 1 80 40 50% QF Washington 11/91 Natural gas Puget Sound Energy March Point 2 60 30 50% QF Washington 1/93 Natural gas Puget Sound Energy Mid-Set 38 19 50% QF × California 5/89 Natural gas PG&E Midway-Sunset 225 112 50% QF × California 5/89 Natural gas SCE × Illinois 12/99 Coal, Natural gas Exelon Generation Midwest Generation 9,539 9,539 100% EWG (12 projects) 28 Nevada Sun-Peak 210 105 50% EWG Nevada 6/91 Natural gas Sierra Pacific Res. 29 Saguaro 90 45 50% QF × Nevada 10/91 Natural gas Sierra Pacific Res. 30 Salinas River 38 19 50% QF × California 11/91 Natural gas PG&E 31 Sargent Canyon 38 19 50% QF × California 11/91 Natural gas PG&E 32 Sycamore 300 150 50% QF × California 1/88 Natural gas SCE 33 Watson 385 189 49% QF California 4/88 Natural gas SCE ________________________________________________________________________________________________ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total Americas Operating Projects 15,257 13,231 ________________________________________________________________________________________________ ________________________________________________________________________________________________ 1 Sold as of June 29, 2001. EWG = Exempt Wholesale Generation QF = Qualifying Facilities Pool = Regional electricity trading market 30
Slide 33: Edison Mission Energy Project List International Operating Projects ________________________________________________________________________________________________ Commercial Operation/ EME Ownership EME Acquisition Power No. Project Name Total Share Interest Operates Location Date Fuel Source Purchaser ____________________________________________________________________________________________________ Megawatts __________ Asia Pacific 1 Contact (10 projects) 5/99, 1/00, 4/00 Hydro, Natural gas Pool Geothermal 11 Kwinana 116 81 70% × Australia 12/96 Natural gas Western Power 12 Loy Yang B 1,000 1,000 100% Australia 10/93, 10/96, 5/97 Coal Pool 13 Paiton 1,230 492 40% × Indonesia 7/99 Coal PLN 14 Tri Energy 700 175 25% Thailand 7/00 Natural gas EGAT ________________________________________________________________________________________________ Europe, Central Asia, Middle East and Africa 15 Derwent 214 71 33% × United Kingdom 5/95 Natural gas Southern Elec. plc 16 Dinorwig 1,728 1,728 100% United Kingdom 12/95 Hydro Pool 17 Doga 180 144 80% × Turkey 5/99 Natural gas TEAS 18 Ffestiniog 360 360 100% United Kingdom 12/95 Hydro Pool 19 Ferrybridge 1,989 1,989 100% United Kingdom 7/99 Coal Pool 20 Fiddler’s Ferry 1,995 1,995 100% United Kingdom 7/99 Coal Pool 21 Iberian Hy-Power I Spain 12/92, 1/96 Hydro FECSA (5 projects) 43 39 100%3 26 Iberian Hy-Power II (13 projects) 43 43 100% Spain 8/93, 1/96 Hydro FECSA 39 ISAB 512 251 49% Italy 4/00 Oil GRTN 40 Roosecote 220 220 100% United Kingdom 12/92 Natural gas NORWEB ________________________________________________________________________________________________ Total International Operating Projects 12,779 9,528 ________________________________________________________________________________________________ ________________________________________________________________________________________________ 1 Increased ownership to 51.2% effective June 1, 2001. 2 Minority interest in one project in Australia. 3 Minority interests are owned by third parties in three projects. 2,449 940 42%1 New Zealand2 EGAT = Electricity Generating Authority of Thailand FECSA = Fuerzas Electricas de Cataluma, S.A. GRTN = Gestore Rete Transmissione Nazionale NORWEB = North Western Electricity Board PLN = PT PLN (State-owned electricity company in Indonesia) Pool = Electricity trading market for England, Wales, Australia and New Zealand TEAS = Turkiye Elektrik Urehm A.S. Projects Under Construction _________________________________________________________________________________ Commercial Operation/ EME Ownership EME Acquisition Operation Fuel No. Project Name Total Share Interest Operates Location Date Date Source _____________________________________________________________________________________ 1 IVPC Total Projects Under Construction 283 142 50% Italy 2002 2002 Wind 2 Sunrise4 320 320 100% × California 2001 2001 Gas _________________________________________________________________________________ 603 462 _________________________________________________________________________________ _________________________________________________________________________________ 4 Phase I commenced commercial operations on June 27, 2001. IVPC = Formerly Italian Ventro Power Corporation. Currently Edison Mission Wind Power Italy B.V. Megawatts __________ 31
Slide 34: Edison Mission Energy Financial Information In thousands Year Ended December 31, 2000 1999 1998 1997 1996 1995 ________________________________________________________________________________________________________________________________________________________________________________________ Condensed Consolidated Statements of Income Electric revenue $ 2,951,038 $ 1,360,039 $ 664,055 $ 744,675 $ 650,838 $ 297,200 Equity in income from unconsolidated entities 266,876 244,344 189,432 189,385 153,913 135,819 Net losses from energy trading and price risk management (17,339) (6,413) — — — — Operation and maintenance services 40,459 37,969 40,293 40,931 38,867 34,327 ________________________________________________________________________________________________________________________________________________________________________________________ Total operating revenue 3,241,034 1,635,939 893,780 974,991 843,618 467,346 Operating expenses 2,410,207 1,209,485 543,315 581,088 476,474 264,028 ________________________________________________________________________________________________________________________________________________________________________________________ Operating income 830,827 426,454 350,465 393,903 367,144 203,318 Interest expense, net of capitalized interest (721,472) (375,529) (196,050) (223,478) (164,239) (93,145) Other income — net 73,926 55,734 50,933 53,948 40,752 33,178 Minority interest (3,183) (2,954) (2,769) (38,858) (69,547) (48,343) ________________________________________________________________________________________________________________________________________________________________________________________ Income before income taxes 180,098 103,705 202,579 185,515 174,110 95,008 Income tax expense (benefit) 72,536 (40,412) 70,445 57,363 82,045 31,000 Cumulative effect on prior years of change in accounting, net of tax 17,690 (13,840) — (13,126)* — — ________________________________________________________________________________________________________________________________________________________________________________________ Net income $ 125,252 $ 130,277 $ 132,134 $ 115,026 $ 92,065 $ 64,008 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ Condensed Consolidated Balance Sheets Current assets $ 2,207,055 $ 957,359 $ 607,316 $ 694,587 $ 479,225 $ 250,144 Investments 2,087,592 1,940,876 1,226,546 919,789 915,883 880,840 Property, plant, and equipment — net, and other 10,722,444 12,635,986 3,324,254 3,370,769 3,757,364 3,243,052 ________________________________________________________________________________________________________________________________________________________________________________________ Total assets $15,017,091 $15,534,221 $5,158,116 $4,985,145 $5,152,472 $4,374,036 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ Current liabilities $ 3,911,000 $ 1,772,847 $ 358,695 $ 339,802 $ 270,890 $ 199,773 Long-term liabilities 7,813,131 10,207,967 3,676,303 3,659,639 3,004,388 2,365,572 ________________________________________________________________________________________________________________________________________________________________________________________ Total liabilities 11,724,131 11,980,814 4,034,998 3,999,441 3,275,278 2,565,345 Minority interest 18,016 8,036 15,558 9,102 707,289 630,154 Preferred securities 326,760 476,894 150,000 150,000 150,000 150,000 Common shareholder’s equity 2,948,184 3,068,477 957,560 826,602 1,019,905 1,028,537 ________________________________________________________________________________________________________________________________________________________________________________________ Total liabilities and shareholder’s equity $15,017,091 $15,534,221 $5,158,116 $4,985,145 $5,152,472 $4,374,036 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ Condensed Consolidated Statements of Cash Flows Cash flows from operating activities: Net income $ 125,252 $ 130,277 $ 132,134 $ 115,026 $ 92,065 $ 64,008 Adjustments to reconcile net income to net cash provided by operating activities: Equity in income from unconsolidated entities (266,876) (244,344) (189,432) (189,385) (153,913) (135,819) Distributions and dividends from unconsolidated entities 226,221 211,463 185,018 181,492 176,293 177,726 Cumulative effect on prior years of change in accounting, net of tax (17,690) 13,840 — 13,126* — — Changes in working capital components 64,877 (33,905) (20,615) 55,381 65,053 (16,871) Other 533,424 339,819 159,483 83,837 114,968 60,806 ________________________________________________________________________________________________________________________________________________________________________________________ Net cash provided by operating activities 665,208 417,150 266,588 259,477 294,466 149,850 ________________________________________________________________________________________________________________________________________________________________________________________ Cash flows from financing activities: Issuances of debt 3,099,206 5,267,843 102,450 1,140,588 188,482 770,320 Repayment of debt (3,366,345) (255,718) (84,502) (882,446) (871,734) (67,643) Other (515,907) 3,351,325 — (202,781) 857,175 412,500 ________________________________________________________________________________________________________________________________________________________________________________________ Net cash provided by (used in) financing activities (783,046) 8,363,450 17,948 55,361 173,923 1,115,177 ________________________________________________________________________________________________________________________________________________________________________________________ Cash flows from investing activities: Investments 1,417,146 (8,643,049) (322,311) 42,540 (117,591) (997,101) Other (699,029) (194,711) (85,932) (133,890) (117,788) (194,166) ________________________________________________________________________________________________________________________________________________________________________________________ Net cash provided by (used in) investing activities 718,117 (8,837,760) (408,243) (91,350) (235,379) (1,191,267) ________________________________________________________________________________________________________________________________________________________________________________________ Effect of exchange rate changes on cash (36,109) (3,323) (2,998) (21,239) 13,084 (365) ________________________________________________________________________________________________________________________________________________________________________________________ Net increase (decrease) in cash and equivalents 564,170 (60,483) (126,705) 202,249 246,094 73,395 Cash and equivalents, beginning of period 398,695 459,178 585,883 383,634 137,540 64,145 ________________________________________________________________________________________________________________________________________________________________________________________ Cash and equivalents, end of period $ 962,865 $ 398,695 $ 459,178 $ 585,883 $ 383,634 $ 137,540 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ *Extraordinary loss on early extinguishment of debt, net of tax. 32
Slide 35: Edison Capital Edison Capital is a provider of capital and financial services for global power and infrastructure projects and affordable housing. The company continued its strong performance in 2000 with net income reaching $135.3 million, up 5% compared to $129.4 million for 1999. Higher earnings from new infrastructure investments and additional leveraged leases were the primary contibutors to this increase. During 2000, return on common equity was 22.4% and has averaged 24.1% over the past five years. Energy/Infrastructure Edison Capital continued to expand its presence in global markets during the year. These efforts were highly successful, with investments of $570 million in energy and infrastructure projects in 2000, up significantly compared to investment of $270 million in this sector in 1999. With these investments, Edison Capital’s assets now exceed $3.7 billion. Gen. Capacity Transaction Size Lessor Interest Infrastructure Project Name Country/Region Project Type (MW) ($ Millions) or Equity _________________________________________________________________________________________________ ESKOM/Majuba South Africa Coal Power 4,110 $3,000 Swisscom AG Switzerland Telecommunications — 2,886 Midland Cogeneration Plant U.S. Gas Power 1,370 2,280 Fiddler’s Ferry/Ferrybridge United Kingdom Coal Power 3,886 2,233 EPON/Eems Power Station Netherlands Gas/Coal Power 1,675 1,925 AIG - Asia II Fund Asia Infrastructure — 1,671 Beaver Valley Unit #2 U.S. Nuclear Power 836 1,565 EPZ/Amercentrale 9 Netherlands Coal Power 580 1,270 AIG/GE Latin American Fund Latin America Infrastructure — 1,013 ETSA Australia Transmission System — 754 Vidalia Hydroelectric U.S. Hydro Power 192 633 — 550 AIG Emerging Europe Fund Europe Infrastructure Trinidad & Tobago Methanol Co. Trinidad & Tobago Methanol — 252 Law Hospital United Kingdom Private Finance Initiative — 248 Huntington Waste-to-Energy U.S. Biomass Power 26 220 Storm Lake I U.S. Wind Power 113 183 Kings Hospital Europe Private Finance Initiative — 150 Nederlandse Spoorwegen Netherlands Electric Rail — 144 Mandeville Latin America Cable Television — 98 St. George’s Hospital England Private Finance Initiative — 89 Electropaz Bolivia Distribution System — 70 Noble Fund United Kingdom Private Finance Initiative — 63 Buffalo Ridge U.S. Wind Power 33 43 Grosvenor House United Kingdom Private Finance Initiative — 36 Morrison Portfolio Europe Private Finance Initiative — 31 Dumfries Hospital Scotland Private Finance Initiative — 19 Cade / Edeser / Elfeo Bolivia Distribution System — 7 ________________________________________________________________________________ Total 12,821 $21,433 ________________________________________________________________________________ ________________________________________________________________________________ 50% 13% 9% 9% 60% 6% 26% 26% 8% 100% 24% 24% 3% 20% 38% 99% 8% 100% 20% 88% 11% 11% 75% 5% 50% 80% 33% Affordable Housing Edison Capital placed 48 affordable housing properties in service totaling $157 million in equity investment and providing homes for 4,655 low-income families and individuals. This compares to an investment of $82 million in 33 developments which were placed in service in 1999. 33
Slide 36: Edison Capital Financial Information In thousands Year Ended December 31, 2000 1999 1998 1997 1996 1995 ____________________________________________________________________________________________________ Condensed Consolidated Statements of Income Lease revenue $ 192,472 $ 217,992 $ 213,151 $ 86,286 $ 13,741 $ 18,176 Other 81,295 47,182 21,853 51,853 34,921 31,117 ________________________________________________________________________________________________________________________________________________________________________________________ Total operating revenue 273,767 265,174 235,004 138,139 48,662 49,293 Operating expenses 81,171 96,371 70,555 78,306 38,499 27,923 ________________________________________________________________________________________________________________________________________________________________________________________ Income from operations 192,596 168,803 164,449 59,833 10,163 21,370 Equity in (losses) from unconsolidated entities (20,298) (27,616) (29,859) (19,844) (21,936) (20,583) Interest expense 57,257 40,597 47,911 29,390 13,644 9,396 Other income 10,375 3,835 3,869 6,023 3,663 2,766 ________________________________________________________________________________________________________________________________________________________________________________________ Income before income taxes 125,416 104,425 90,548 16,622 (21,754) (5,843) Income tax benefit 9,910 24,940 14,711 44,210 62,289 45,295 ________________________________________________________________________________________________________________________________________________________________________________________ Net income $ 135,326 $ 129,365 $ 105,259 $ 60,832 $ 40,535 $ 39,452 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ Condensed Consolidated Balance Sheets Current assets $ 499,795 $ 236,313 $ 148,275 $ 169,255 $ 261,087 $ 105,101 Investments 3,153,350 2,440,019 2,064,460 1,449,847 1,042,707 886,012 Property, plant, and equipment — net and other 59,607 36,124 63,239 164,134 119,208 71,667 ________________________________________________________________________________________________________________________________________________________________________________________ Total assets $3,712,752 $2,712,456 $2,275,974 $1,783,236 $1,423,002 $1,062,780 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ Current liabilities $ 530,246 $ 474,910 $ 436,099 $ 345,170 $ 198,742 $ 145,103 Long-term liabilities 2,503,200 1,701,029 1,432,413 1,135,679 982,958 696,880 ________________________________________________________________________________________________________________________________________________________________________________________ Total liabilities 3,033,446 2,175,939 1,868,512 1,480,849 1,181,700 841,983 Shareholder’s equity 679,306 536,517 407,462 302,387 241,302 220,797 ________________________________________________________________________________________________________________________________________________________________________________________ Total liabilities and shareholder’s equity $3,712,752 $2,712,456 $2,275,974 $1,783,236 $1,423,002 $1,062,780 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ Condensed Consolidated Statements of Cash Flows Cash flows from operating activities: Net income $ 135,326 $ 129,365 $ 105,259 $ 60,832 $ 40,535 $ 39,452 Adjustment for non-cash income statement items 246,816 177,863 183,683 47,998 51,577 54,434 Changes in working capital components (148,431) (13,073) (42,093) 13,316 (11,450) 2,240 ________________________________________________________________________________________________________________________________________________________________________________________ Net cash provided by operating activities 233,711 294,155 246,849 122,146 80,662 96,126 ________________________________________________________________________________________________________________________________________________________________________________________ Cash flows from financing activities: Issuances of debt — net of discount 941,005 384,319 195,035 180,335 171,238 1,411 Other (476,212) (483,729) — — (20,000) (125,827) ________________________________________________________________________________________________________________________________________________________________________________________ Net cash provided (used) by financing activities 464,793 (99,410) 195,035 180,335 151,238 (124,416) ________________________________________________________________________________________________________________________________________________________________________________________ Cash flows from investing activities: Investments (634,097) (233,002) (498,519) (465,302) (88,819) (56,240) Other 33,680 73,073 (3,425) 93,556 (65,209) (3,142) ________________________________________________________________________________________________________________________________________________________________________________________ Net cash used by investing activities (600,417) (159,929) (501,944) (371,746) (154,028) (59,382) ________________________________________________________________________________________________________________________________________________________________________________________ Net increase (decrease) in cash and equivalents 98,087 34,816 (60,060) (69,265) 77,872 (87,672) Cash and equivalents, beginning of period 54,755 19,939 79,999 149,264 71,392 159,064 ________________________________________________________________________________________________________________________________________________________________________________________ Cash and equivalents, end of period $ 152,842 $ 54,755 $ 19,939 $ 79,999 $ 149,264 $ 71,392 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ NET INCOME Millions $ 150 120 90 61 60 30 5 0 1996 1997 1998 1999 2000 0 15 41 10 135 35% 30 105 25 20 RETURN ON COMMON EQUITY Millions $ 4,000 27.0 23.2 17.7 22.4 3,500 3,000 2,500 2,000 1,500 1,000 500 1996 1997 1998 1999 2000 0 1996 TOTAL ASSETS 3,713 129 30.2 2,712 2,276 1,783 1,423 1997 1998 1999 2000 34
Slide 37: Edison Enterprises Edison Select: On August 21, 2001, Edison Enterprises sold Edison Select to ADT Security Services, Inc., a unit of Tyco International Ltd. Edison Select is principally engaged in the businesses of providing residential security services and residential electrical warranty repair services. Edison Source: On June 7, 2001, Edison Source entered into a letter of intent to sell substantially all of its assets to the current management of Edison Source. The company is principally engaged in the business of providing commercial energy management programs. Edison Utility Services: In January 2001, Edison Utility Services was sold. The company was engaged in the construction and operations of a large telecommunications infrastructure for a new development community and the implementation of an Outage Management System for a small utility district. 35
Slide 38: Nonutility Subsidiaries Consolidated Financial Information In thousands Year Ended December 31, 2000 1999 1998 1997 1996 1995 ____________________________________________________________________________________________________ Condensed Consolidated Statements of Income Income from unconsolidated entities $ 267,092 $ 244,560 $ 189,648 $ 189,601 $ 154,108 $ 115,055 Electric revenue 2,951,038 1,360,039 664,055 744,675 650,838 297,200 Lease revenue 192,472 217,993 213,151 86,286 13,741 18,176 Real estate activities 87,287 74,170 73,018 156,976 97,171 64,597 Contract services 153,705 122,116 72,606 53,458 — — Operation and maintenance services 221,623 116,664 50,035 40,931 38,867 34,327 Other (26,924) 11,608 97,797 9,893 6,749 2,789 ________________________________________________________________________________________________________________________________________________________________________________________ Total operating revenue 3,846,293 2,147,150 1,360,310 1,281,820 961,474 532,144 Operating expenses 2,870,857 1,672,489 914,749 869,267 623,880 323,296 ________________________________________________________________________________________________________________________________________________________________________________________ Operating income 975,436 474,661 445,561 412,553 337,594 208,848 Interest expense, net of capitalized interest (722,051) (423,565) (247,722) (254,088) (180,299) (105,877) Other income — net 32,797 13,689 25,922 26,876 24,217 35,345 Minority interest (3,183) (2,951) (2,749) (38,825) (69,512) (47,697) ________________________________________________________________________________________________________________________________________________________________________________________ Income before income taxes 282,999 61,834 221,012 146,516 112,000 90,619 Income tax expense (benefit) 51,128 (117,554) 28,500 (3,833) 2,883 (12,923) ________________________________________________________________________________________________________________________________________________________________________________________ Net income $ 231,871 $ 179,388 $ 192,512 $ 150,349 $ 109,117 $ 103,542 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ Condensed Consolidated Balance Sheets Current assets $ 2,795,428 $ 1,294,844 $ 817,300 $ 879,162 $ 768,171 $ 382,855 Investments 5,045,452 4,389,294 3,601,262 2,367,600 1,956,339 1,764,385 Property, plant, and equipment — net, and other 11,260,068 13,158,365 3,527,882 3,679,306 4,111,973 3,626,409 ________________________________________________________________________________________________________________________________________________________________________________________ Total assets $19,100,948 $18,842,503 $7,946,444 $6,926,068 $6,836,483 $5,773,649 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ Current liabilities $ 4,292,727 $ 2,330,385 $1,136,767 $ 750,898 $ 480,049 $ 341,548 Long-term liabilities 10,318,093 11,903,882 4,968,133 4,771,038 3,991,288 3,147,070 ________________________________________________________________________________________________________________________________________________________________________________________ Total liabilities 14,610,820 14,234,267 6,104,900 5,521,936 4,471,337 3,488,618 Minority interest 18,357 8,443 15,387 8,953 707,039 629,939 Preferred securities 326,760 476,894 150,000 150,000 150,000 150,000 Shareholder’s equity 4,145,011 4,122,899 1,676,157 1,245,179 1,508,107 1,505,092 ________________________________________________________________________________________________________________________________________________________________________________________ Total liabilities and shareholder’s equity $19,100,948 $18,842,503 $7,946,444 $6,926,068 $6,836,483 $5,773,649 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ Condensed Consolidated Statements of Cash Flows Cash flows from operating activities: Net income $ 231,871 $ 179,388 $ 192,512 $ 150,349 $ 109,117 $ 103,542 Adjustment to reconcile net income to net cash provided by operating activities: Equity in income from unconsolidated entities (267,092) (244,560) (189,648) (189,601) (154,108) (115,055) Distributions and dividends from unconsolidated entities 227,428 212,503 185,140 181,628 176,374 177,726 Other 842,016 523,412 362,848 119,337 185,886 98,851 Changes in working capital components (208,649) (228,684) 68,808 146,191 96,713 (63,007) ________________________________________________________________________________________________________________________________________________________________________________________ Net cash provided by operating activities 825,574 442,059 619,660 407,904 413,982 202,057 ________________________________________________________________________________________________________________________________________________________________________________________ Cash flows from financing activities: Debt issued 3,495,661 8,666,285 981,361 1,646,430 365,168 777,187 Debt repaid (3,842,474) (2,609,075) (768,287) (1,302,979) (911,276) (203,196) Capital contributions from parent 44,066 2,287,140 — — — — Issuance of debt securities and guaranteed secured bonds (124,650) 326,168 — — 1,018,115 — Other (105,449) (91,199) 223,600 (227,000) (170,000) 386,531 ________________________________________________________________________________________________________________________________________________________________________________________ Net cash provided (used) by financing activities (532,846) 8,579,319 436,674 116,451 302,007 960,522 ________________________________________________________________________________________________________________________________________________________________________________________ Cash flows from investing activities: Investments 1,116,681 (8,795,225) (1,094,850) (246,208) (262,551) (1,047,848) Other (713,362) (242,240) (134,320) (128,539) (139,910) (152,557) ________________________________________________________________________________________________________________________________________________________________________________________ Net cash provided (used) by investing activities 403,319 (9,037,465) (1,229,170) (374,747) (402,461) (1,200,405) ________________________________________________________________________________________________________________________________________________________________________________________ Effect of exchange rate changes on cash (36,397) (3,401) (2,988) (21,233) 13,091 (365) ________________________________________________________________________________________________________________________________________________________________________________________ Net increase (decrease) in cash and equivalents 659,650 (19,488) (175,824) 128,375 326,619 (38,191) Cash and equivalents, beginning of period 475,026 494,514 670,338 541,963 215,344 253,535 ________________________________________________________________________________________________________________________________________________________________________________________ Cash and equivalents, end of period $ 1,134,676 $ 475,026 $ 494,514 $ 670,338 $ 541,963 $ 215,344 ________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________ 36
Slide 39: Management Team Edison International John E. Bryson Chairman of the Board, President and Chief Executive Officer Bryant C. Danner Executive Vice President and General Counsel Theodore F. Craver, Jr. Senior Vice President, Chief Financial Officer and Treasurer Robert G. Foster Senior Vice President, External Affairs Mahvash Yazdi Senior Vice President and Chief Information Officer Jo Ann Goddard Vice President, Investor Relations Thomas M. Noonan Vice President and Controller Joseph P. Ruiz Vice President and General Auditor Beverly P. Ryder Vice President, Community Involvement, and Secretary Anthony L. Smith Vice President, Tax Southern California Edison Stephen E. Frank Chairman of the Board, President and Chief Executive Officer Harold B. Ray Executive Vice President, Generation Business Unit Pamela A. Bass Senior Vice President, Customer Service Business Unit John R. Fielder Senior Vice President, Regulatory Policy and Affairs Robert G. Foster Senior Vice President, External Affairs Richard M. Rosenblum Senior Vice President, Transmission and Distribution Business Unit Mahvash Yazdi Senior Vice President and Chief Information Officer Emiko Banfield Vice President, Shared Services Robert C. Boada Vice President and Treasurer Clarence Brown Vice President, Corporate Communications Bruce C. Foster Vice President, San Francisco Regulatory Operations A. L. Grant Vice President, Engineering and Technical Services Frederick J. Grigsby, Jr. Vice President, Human Resources and Labor Lawrence D. Hamlin Vice President, Power Production Harry B. Hutchinson Vice President, Mass Customers James A. Kelly Vice President, Regulatory Compliance Russell W. Krieger Vice President, Nuclear Generation Thomas M. Noonan Vice President and Controller Dwight E. Nunn Vice President, Nuclear Engineering and Technical Services Stephen E. Pickett Vice President and General Counsel Pedro J. Pizarro Vice President, Business Development Frank J. Quevedo Vice President, Equal Opportunity Joseph P. Ruiz Vice President and General Auditor W. James Scilacci Vice President and Chief Financial Officer Dale E. Shull, Jr. Vice President, Power Delivery Anthony L. Smith Vice President, Tax Joseph J. Wambold Vice President, Nuclear Business and Support Services Beverly P. Ryder Secretary Edison Mission Energy John E. Bryson Chairman of the Board Alan J. Fohrer President and Chief Executive Officer Robert M. Edgell Executive Vice President William J. Heller Senior Vice President Ronald L. Litzinger Senior Vice President Georgia R. Nelson Senior Vice President Kevin M. Smith Senior Vice President and Chief Financial Officer Raymond W. Vickers Senior Vice President and General Counsel Paul D. Jacob President, Edison Mission Marketing and Trading Edison Capital John E. Bryson Chairman of the Board Thomas R. McDaniel President and Chief Executive Officer Ashraf T. Dajani Senior Vice President Richard E. Lucey Senior Vice President and Chief Financial Officer Larry C. Mount Senior Vice President, General Counsel and Secretary Edison Enterprises Theodore F. Craver, Jr. Chairman of the Board and Chief Executive Officer
Slide 40: For Additional Information, Contact: Theodore F. Craver, Jr. Senior Vice President, Chief Financial Officer and Treasurer Jo Ann Goddard Vice President of Investor Relations joann.goddard@edisonintl.com (626) 302-2515 Nanette G. Leoni Manager of Investor Relations nanette.leoni@edisonintl.com (626) 302-3680 Edison International 2244 Walnut Grove Avenue Rosemead, California 91770 Telephone (626) 302-2222 Stock Transfer Agent, Registrar of Stock, and Administrator of Dividend Reinvestment Plan Wells Fargo Bank Minnesota, N.A. Shareowner Services Department 161 N. Concord Exchange Street South St. Paul, Minnesota 55075-1139 Telephone (800) 347-8625 Fax (651) 450-4033 stocktransfer@wellsfargo.com Ticker Symbol EIX (Common Stock) EIX Security Offerings Media Listing EdisonInt or EIX (Common Stock) SoCalEd (Preferred Stock) SCE (Options) SoCalEDQUIDS (Quarterly Income Debt Securities) MEPrA and MEPrB (Monthly Income Preferred Securities, (MIPS) EIX prA and EIX prB (Quarterly Income Preferred Securities) Internet Address http://www.edisoninvestor.com Stock Exchange Listing New York, Pacific American, Pacific Pacific American New York New York This Financial and Statistical Report and the statements and statistics contained herein have been assembled for informative purposes and are not intended to induce, or for use in connection with, any sale or purchase of securities. Under no circumstances is this report or any part of its contents to be considered a prospectus, or as an offer to sell, or the solicitation of an offer to buy, any securities. These financial statements are subject to audit. Edison International’s non-utility subsidiaries are not the same company as Southern California Edison (SCE), the utility, and are not regulated by the California Public Utilities Commission. SCE’s customers do not have to purchase these companies’ products in order to continue to receive quality regulated services from SCE. Printed on recycled paper 10015 8/01

   
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