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2013 Financial and Statistical Report

Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

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Page 1: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013Financial and Statistical Report

Page 2: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

Contents

Cautionary Statement

Corporate StruCture and profileS 1

ediSon international (eiX)Financial Highlights 2Business Highlights 2Stock and Dividend Highlights 3Credit Ratings 3Consolidated Statements of Income 4Consolidated Balance Sheet 5Consolidated Statements of Cash Flows 6Consolidated Statements of Retained Earnings 6Consolidated Income Tax Schedule 7Contractual Obligations 7Available Credit Lines 8Preferred and Preference Stock 8Consolidated Short-Term Debt 8Five-Year Long-Term Debt Maturities 8Consolidated Long-Term Debt 9

Southern California ediSon (SCe) 10SCE Highlights 11SCE Transmission Program 11SCE Results of Operations 12SCE Consolidated Statements of Income 12SCE Consolidated Balance Sheet 13SCE Consolidated Statements of Cash Flows 14SCE Consolidated Statements of Retained Earnings 14 SCE Regulatory Assets 15SCE Regulatory Liabilities 15SCE Authorized Rates of Return and Capital Structure 15SCE Operating and Financial Ratios 16SCE Fuel Consumption 16SCE Customers 162013 SCE Residential Rate Structure 16SCE Kilowatt-Hour Sales 17SCE Operating Revenue by Class of Service 17SCE Operating Statistics 18SCE Jointly Owned Projects 19Detail of SCE Utility Plant – Net 19

General informationCalifornia Public Utilities Commission (CPUC) 20Federal Energy Regulatory Commission (FERC) 20Leadership Team 21 Investor Relations Contact Information 22

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 an offer to sell, or the solicitation of an offer to buy, any securities.

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.

Readers are urged to read this entire Financial & Statistical Report, including the information incorporated by reference, as well as the 2013

Annual Report on Form 10-K filed by Edison International with the U.S. Securities & Exchange Commission and its other SEC filings. These

reports are available on our website: www.edisoninvestor.com. These filings also provide additional information on historical and other factual

data contained in this report.

Page 3: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 1

EdisonInternational1

Edison MissionGroup Inc.

Edison EnergySouthern CaliforniaEdison Company

Mission EnergyHolding Company

nergyMission EnHolding CompanyHolding Co

Edison Mission Energy2

Edison Capital

edison international Corporate Structure

ediSon internationalEdison International, through its subsidiaries, is a generator and distributor of electric power and an investor in energy services and technologies, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities.

Southern California ediSonSouthern California Edison (SCE) serves nearly 14 million people in a 50,000 square-mile area of central, coastal and southern California excluding the City of Los Angeles and certain other cities. Based in Rosemead, California, the utility has been providing electric service in the region for over 125 years.

ediSon enerGYEdison Energy is focused on providing energy services to industrial and commercial customers across the nation. Edison Energy is identifying opportunities that capitalize on industry change and leverage the company’s core strengths. Prime areas of emphasis are distributed generation, energy efficiency and conservation, electrification of transportation, water purification and power management services to the commercial and industrial sectors, and promoting public awareness of the benefits of using alternative energy sources. To date, the holdings of these subsidiaries are not material for financial reporting purposes.

ediSon CapitalEdison Capital is an infrastructure finance company that holds energy and infrastructure investments in the form of leveraged leases and partnership interests in affordable housing projects in the United States.

ediSon miSSion Group (eXCludinG eme)Prior to December 17, 2012, Edison International had a competitive power generation segment (EMG), the majority of which consisted of its indirectly, wholly-owned subsidiary, Edison Mission Energy (EME). On December 17, 2012, EME filed for relief under Chapter 11 of the United States Bankruptcy Code. EME was deconsolidated from Edison International as of the filing date and Edison International reports the results of EME as Discontinued Operations prior to December 17, 2012 and for prior periods. For further information regarding the EME bankruptcy, refer to Edison International’s 2013 10-K.

Corporate profiles

1 Simplified presentation.2 In connection with its bankruptcy, EME’s amended Plan of Reorganization calls for the sale of substantially all of EME’s assets

to NRG Energy, Inc. Any Income from EME will continue to be filed and reported in discontinued operations for current and prior periods.

Page 4: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 2

Business highlightsSouthern California Edison 2013 2012 2011

Total assets at December 31 $46,050 $ 44,034 $40,315 System rate base1 $21,116 $ 21,012 $18,793 Capital expenditures $ 3,598 $ 4,149 $ 4,122 Total system sales (kilowatt-hours, in millions) 87,740 88,215 87,338 Peak demand in megawatts (MW) 22,534 21,981 22,374 Generating capacity resources (MW) 3,737 5,419 5,351 Customers (thousands) 4,978 4,950 4,929 Employees (as of December 31) 13,599 16,515 18,0691Recorded rate base, year end basis; 2013 rate base excludes San Onofre Generating Station.

financial highlights(In millions except per-share data)December 31, 2013 2012 2011

net income (loss) attributable to edison international Continuing Operations Southern California Edison $ 900 $ 1,569 $ 1,085 Edison International Parent and Other (21) (66) (44) Discontinued operations 36 (1,686) (1,078)

edison international parent and other 915 (183 ) (37)

less: non-core items Southern California Edison: Asset impairment (365) — — 2012 General Rate Case - repair deductions (2009 - 2011) — 231 — Edison International Parent and Other: Consolidated state deferred tax impacts related to EME — (37) (19) Gain on sale of Beaver Valley lease interest 7 31 — Write-down of net investment in aircraft leases — — (16) Discontinued operations 36 (1,686) (1,078)

total non-core items (322) (1,461) (1,113)

Core earnings (losses) Southern California Edison 1,265 1338 1,085 Edison International Parent and Other (28) (60) (9)

edison international $ 1,237 $ 1,278 $ 1,076

earnings (loss) per share to edison international Continuing Operations Southern California Edison $ 2.76 $ 4.81 $ 3.33 Edison International Parent and Other (0.06) (0.20) (0.13) Discontinued operations 0.11 (5.17) (3.31)

edison international parent and other 2.81 (0.56) (0.11)

less: non-core items Southern California Edison: Asset impairment (1.12) — — 2012 General Rate Case - repair deductions (2009 - 2011) — 0.71 — Edison International Parent and Other: Consolidated state deferred tax impacts related to EME — (0.11) (0.06) Gain on sale of Beaver Valley lease interest 0.02 0.09 — Write-down of net investment in aircraft leases — — (0.05) Discontinued operations 0.11 (5.17) (3.31)

total non-core items (0.99) (4.48) (3.42)

Core earnings (losses) Southern California Edison 3.88 4.10 3.33 Edison International Parent and Other (0.08) (0.18) (0.02)

Edison International $ 3.80 $ 3.92 $ 3.31

Page 5: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 3

Stock and dividend highlightsDecember 31, 2013 2012 2011

Stock price1

High $ 53.98 $ 47.96 $ 41.57 Low $ 44.36 $ 39.98 $ 32.64 Year-end $ 46.30 $ 45.19 $ 41.40

total Shareholder return 5.4% 12.4% 10.9%

dividends Dividend rate $ 1.35 $ 1.30 $ 1.28 Dividend yield (dividends paid to year-end stock price) 2.9% 2.9% 3.1% Dividend payout ratio (dividends paid to SCE core earnings) 34.8% 31.7% 38.4% Common shares outstanding (thousands) 325,811 325,811 325,811

1Stock price high and low reflect daily trading activity.

Credit ratingsAs of 2/21/2014 S&p moody’s fitch

Edison International Corporate/Outlook BBB-/Positive A3/Stable BBB+/Watch Positive Senior Unsecured BBB- A3/Stable BBB+/Watch Positive Commercial Paper A-3 P-2 F2

Southern California Edison Corporate/Outlook BBB+/Stable A2/Stable A-/Stable First Mortgage Bonds A Aa3 A+ Senior Unsecured BBB+ A2/Stable A Preferred Securities BBB- Baa1 BBB+ Commercial Paper A-2 P-1 F1 Trust Preferred BBB- Baa1 BBB+

dividend history1,2

2008 2009

$2.25

54% 46% 42% 38% 32% 35% 37%

$2.68

$1.24$1.22

2010

$3.01

$1.26

2011

$3.33

$1.28

2012

$4.10

$1.30

2013

$3.88

$1.35

2014

$3.85

$1.42

edison international’s dividend policy is to payout 45% to 55% of SCe earnings.

n SCE Core EPS

n EIX Dividend Paid

12014 SCE Core EPS based on Earning Guidance as of 2/25/2014.22014 EIX Dividend based on Dividend Rate.

Page 6: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 4

Consolidated Statements of income(In millions except per-share data)December 31, 2013 2012 2011

total operating revenue $12,581 $11,862 $10,588 Fuel 324 308 367 Purchased power 4,567 3,831 2,989 Operation and maintenance 3,782 3,904 3,718 Depreciation, decommissioning and amortization 1,622 1,562 1,427 Asset impairments, disallowances and other 571 (28) 26

total operating expenses 10,866 9,577 8,527

operating income 1,715 2,285 2,061 Interest and other income 124 149 147 Interest expense (544) (521) (485) Other expenses (74) (52) (55)

income from continuing operations before income taxes 1,221 1,861 1,668 Income tax expense 242 267 568

Income from continuing operations 979 1,594 1,100 Income (loss) from discontinued operations, net of tax 36 (1,686) (1,078)

net income (loss) 1,015 (92) 22 Dividends on preferred and preference stock of utility 100 91 59

net income (loss) attributable to edison international common shareholders $ 915 $ (183) $ (37) amounts attributable to edison international common shareholdersIncome from continuing operation, net of tax $ 879 $ 1,503 $ 1,041 Income (loss) from discontinued operations, net of tax 36 (1,686) (1,078)

net income (loss) attributable to edison international common shareholders $ 915 $ (183) $ (37)

Basic earnings (loss) per common share attributable to edison international common shareholders:Weighted-average shares of common stock outstanding 326 326 326Continuing operations $ 2.70 $ 4.61 $ 3.20 Discontinued operations 0.11 (5.17) (3.31)

total $ 2.81 $ (0.56) $ (0.11)

diluted earnings (loss) per common share attributable to edison international common shareholders:Weighted-average shares of common stock outstanding, including effect of dilutive securities 329 330 329 Continuing operations $ 2.67 $ 4.55 $ 3.17 Discontinued operations 0.11 (5.11) (3.28)

total $ 2.78 $ (0.56) $ (0.11)

Dividends declared per common share $1.3675 $1.3125 $1.2850

Page 7: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 5

Consolidated Balance Sheet(In millions)December 31, 2013 2012

aSSetSCash and cash equivalents $ 146 $ 170 Receivables, less allowances of $66 and $75 for uncollectible accounts at respective dates 838 762 Accrued unbilled revenue 596 550 Inventory 256 340 Derivative assets 122 129 Regulatory assets 538 572 Deferred income taxes 421 —Other current assets 395 149

total current assets 3,312 2,672

Nuclear decommissioning trusts 4,494 4,048 Other investments 207 186

total investments 4,701 4,234

Utility property, plant and equipment, less accumulated depreciation of $7,493 and $7,424 at respective dates 30,379 30,200 Nonutility property, plant and equipment, less accumulated depreciation of $74 and $123 at respective dates 76 73

total property, plant and equipment 30,455 30,273

Derivative assets 251 85 Regulatory assets 7,241 6,422 Other long-term assets 686 708

total long-term assets 8,178 7,215

total assets $46,646 $44,394

liaBilitieS and eQuitYShort-term debt $ 209 $ 175 Current portion of long-term debt 601 — Accounts payable 1,407 1,423 Accrued taxes 358 61 Customer deposits 201 193 Derivative liabilities 152 126 Regulatory liabilities 767 536Deferred income taxes — 64Other current liabilities 1,186 1,166

total current liabilities 4,881 3,744

long-term debt 9,825 9,231

Deferred income taxes and credits 7,346 6,231 Derivative liabilities 1,042 939 Pensions and benefits 1,378 2,614 Asset retirement obligations 3,418 2,782 Regulatory liabilities 4,995 5,214 Other deferred credits and other long-term liabilities 2,070 2,448

total deferred credits and other liabilities 20,249 20,228

total liabilities 34,955 33,203

Commitments and contingencies (Note 12 in 2013 10-K) Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) 2,403 2,373Accumulated other comprehensive loss (13) (87) Retained earnings 7,548 7,146

total edison international’s common shareholders’ equity 9,938 9,432

Preferred and preference stock of utility 1,753 1,759

total noncontrolling interests 1,753 1,759

total equity 11,691 11,191

total liabilities and equity $46,646 $44,394

Page 8: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 6

Consolidated Statements of Cash flows(In millions)December 31, 2013 2012 2011

Cash flows from operating activities:Net income (loss) $ 1,015 $ (92) $ 22 Less: Income (loss) from discontinued operations 36 (1,686) (1,078)

income from continuing operations 979 1,594 1,100 Adjustments to reconcile to net cash provided by operating activities: Depreciation, decommissioning and amortization 1,622 1,562 1,427 Regulatory impacts of net nuclear decommissioning trust earnings 312 192 146 Asset impairment 575 — — Deferred income taxes and investment tax credits 345 141 708 Other 88 138 175Changes in operating assets and liabilities: Receivables (56) (13) (46) Inventory 80 10 (18) Accounts payable 45 14 45 Other current assets and liabilities (247) 303 (79) Derivative assets and liabilities, net (30) 262 382 Regulatory assets and liabilities, net (322) (314) (1,080) Other noncurrent assets and liabilities (188) 82 521

Operating cash flows from continuing operations 3,203 3,971 3,281Operating cash flows from discontinued operations, net — (637) 625

net cash provided by operating activities 3,203 3,334 3,906 Cash flows from financing activities:Long-term debt issued, net of premium, discount, and issuance costs of $18, $4 and $9 at respective periods 1,973 391 887 Long-term debt matured or repurchased (1,017) (6) (100)Bonds remarketed, net 195 — —Preference stock issued, net 387 804 123Preference stock redeemed (400) (75) —Short-term debt financing, net 32 (264) 410Settlements of stock-based compensation, net (48) (68) (15)Dividends to noncontrolling interests (101) (82) (59)Dividends paid (440) (424) (417)

Financing cash flows from continuing operations 581 276 829Financing cash flows from discontinued operations, net — 374 278

net cash provided by financing activities 581 650 1,107 Cash flows from investing activities:Capital expenditures (3,599) (4,149) (4,122)Proceeds from sale of nuclear decommissioning trust investments 5,617 2,122 2,773Purchases of nuclear decommissioning trust investments and other (5,951) (2,337) (2,940)Proceeds from sale of assets 181 114 — Other (56) 4 34

Investing cash flows from continuing operations (3,808) (4,246) (4,255)Investing cash flows from discontinued operations, net — (1,037) (678)

net cash used by investing activities (3,808) (5,283) (4,933)Net increase (decrease) in cash and equivalents (24) (1,299) 80Cash and cash equivalents at beginning of year 170 1,469 1,389

Cash and cash equivalents at end of year 146 170 1,469Cash and cash equivalents from discontinued operations — — 1,300

Cash and cash equivalents from continuing operations $ 146 $ 170 $ 169

Consolidated Statements of retained earnings(In millions)December 31, 2013 2012 2011

Balance at beginning of year $ 7,146 $ 7,834 $ 8,328 Net income (loss) 915 (183) (37) Common stock dividends declared (446) (428) (419)Stock-based compensation and other (53) (77) (34)Noncash stock-based compensation and other (6) 1 (4)Redemption of preference stock (8) (1) —

Balance at end of year $ 7,548 $ 7,146 $ 7,834

Page 9: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 7

Consolidated income tax ScheduleThe components of income tax expense (benefit) by location of taxing jurisdiction are:

(In millions)December 31, 2013 2012 2011

Current: Federal $ (97) $ — $ (279) State (9) — 80

total Current (106) — (199)

deferred: Federal 317 132 727 State 31 135 40

total deferred 348 267 767

Total continuing operations 242 267 568 Discontinued operations (36) (549) (853)

total $ 206 $ (282) $ (285)

The federal statutory income tax rate is reconciled to the effective tax rate from continuing operations as follows:

(In millions)December 31, 2013 2012 2011

income from continuing operations before income taxes $1,221 $1,861 $ 1,668

Provision for income tax at federal statutory rate of 35% Increase (decrease) in income tax from: 427 652 584 Items presented with related state income tax, net: Repair deductions — (231) — State tax, net of federal benefit 18 108 85 Property-related (192) (223) (46) Accumulated deferred income tax adjustments — (41) (30) Change related to uncertain tax positions 14 40 — Other (25) (38) (25)

total income tax expense from continuing operations $ 242 $ 267 $ 568

Effective tax rate 19.8% 14.3% 34.1%

Contractual obligations(In millions) Less than 1 to 3 3 to 5 More thanDecember 31, Total 1 year years years 5 years

SCe:Long-term debt maturities and interest $19,271 $1,070 $1,580 $1,247 $15,374Power purchase agreements: Renewable energy contracts 22,580 796 1,817 2,161 17,806 Qualifying facility contracts 1,429 312 548 383 186 Other power purchase agreements 5,890 1,033 1,601 1,264 1,992 Other operating lease obligations 453 76 117 66 194Purchase obligations: Other contractual obligations 1,151 123 190 226 612

total SCe 50,774 3,410 5,853 5,347 36,164edison international parent and other: Long-term debt maturities and interest 460 16 31 411 2

Total Edison International Parent and Other 460 16 31 411 2

total edison international $51,234 $3,426 $5,884 $5,758 $36,166

Page 10: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 8

available Credit lines(In millions)December 31, 2013 2012 2011

Edison International (due 2018) $ 1,216 $1,250 $1,416 Southern California Edison (due 2018) 2,459 2,413 2,394

total $ 3,675 $3,663 $3,810

preferred and preference Stock(In millions, except shares and per-share amounts) Shares Redemption December 31, Outstanding Price 2013 2012

SCe:Cumulative preferred stock$25 par value:4.08% Series 650,000 $ 25.50 $ 16 $ 16 4.24% Series 1,200,000 25.80 30 30 4.32% Series 1,653,429 28.75 41 41 4.78% Series 1,296,769 25.80 33 33 preference Stockno par value:Series A (variable and noncumulative) 3,250,000 100.00 325 3256.125% Series B (noncumulative) 2,000,000 100.00 — 200 6.00% Series C (noncumulative) 2,000,000 100.00 — 2006.50% Series D (cumulative) 1,250,000 100.00 125 125 6.25% Series E (cumulative) 350,000 1,000.00 350 3505.625% Series F (cumulative)1 190,004 2,500.00 475 475 5.10% Series G (cumulative)2 160,004 2,500.00 400 —

SCE’s preferred and preference stock 1,795 1,795Less issuance cost (42) (36)

total $1,753 $1,759

1 The Series F preference shares were issued to SCE Trust I which issued 5.625% trust preference securities (19,000,000 shares at a liquidation amount of $25 per share) to investors. The trust preference securities have the same payment terms as the Series F preference shares.

2 The Series G preference shares were issued to SCE Trust II which issued 5.10% trust preference securities (16,000,000 shares at a liquidation amount of $25 per share) to investors. The trust preference securities have the same payment terms as the Series G preference shares.

Consolidated Short-term debt(In millions)December 31, 2013 2012 2011

Edison International $ 34 $ — $ 10Southern California Edison 175 175 419

total $ 209 $ 175 $ 429

five-Year long-term debt maturities(In millions) December 31, 2014 2015 2016 2017 2018

Edison International $ 1 $ — $ 1 $ 400 $ —Southern California Edison 600 300 400 — 400

total $ 601 $ 300 $ 401 $ 400 $ 400

Page 11: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 9

Consolidated long-term debt (In millions)December 31, Series Due Date Interest Rate First Call Date 2013 2012

Southern California edisonlong-term debt:First and refunding mortgage bonds2004 Series 2004A 01/15/14 5.000% N/A $ — $ 3002004 Series 2004B 01/15/34 6.000% N/A 525 5252004 Series 2004F 04/01/15 4.650% N/A 300 3002004 Series 2004G 04/01/35 5.750% N/A 350 3502005 Series 2005A 01/15/16 5.000% N/A 400 4002005 Series 2005B 01/15/36 5.550% N/A 250 2502005 Series 2005E 07/15/35 5.350% N/A 350 3502006 Series 2006A 02/01/36 5.625% N/A 350 3502006 Series 2006E 01/15/37 5.550% N/A 400 4002008 Series 2008A 02/01/38 5.950% N/A 600 6002008 Series 2008B 08/15/18 5.500% N/A 400 4002008 Series 2008C 03/15/14 5.750% N/A — 5002009 Series 2009A 03/15/39 6.050% N/A 500 5002009 Series 2009B 09/15/14 4.150% N/A 250 2502010 Series 2010A 03/15/40 5.500% N/A 500 5002010 Series 2010B 09/01/40 4.500% N/A 500 500 2011 Series 2011A 06/01/21 3.875% N/A 500 500 2011 Series 2011D 09/15/14 Floating N/A 150 150 2011 Series 2011E 12/01/41 3.900% N/A 250 250 2012 Series 2012A 03/15/42 4.050% N/A 400 400 2013 Series 2013A 03/15/43 3.900% N/A 400 — 2013 Series 2013B 10/01/14 Floating N/A 200 — 2013 Series 2013C 10/01/23 3.500% N/A 600 — 2013 Series 2013D 10/01/43 4.650% N/A 800 —

Subtotal 8,975 7,775 Other1999 Notes 04/01/29 6.650% N/A 300 300N/A Other obligation1 08/01/53 5.060% N/A 7 7

Subtotal 307 307

pollution control indebtedness: Four Corners Generating Station2005 Series A-B2 04/01/29 2.875% 04/01/153 203 2032011 2011 Series2,5 04/01/29 Variable3 —4 56 56

Mohave Generating Station 2010 2010 Series2,5 06/01/31 Variable3 —4 75 75

Palo Verde Nuclear Generating Station 2000 Series A-B2 06/01/35 5.000% 06/01/20 144 144

San Onofre Nuclear Generating Station 2010 Series A2 09/01/29 4.500% 09/01/203 100 1002011 2011 Series2,5 09/01/31 Variable —4 30 30 2006 Series A-B6 04/01/28 4.100% 04/01/133 — 1962006 Series A2 04/01/28 1.375% 04/02/18 158 — 2006 Series B2 04/01/28 1.900% 04/01/20 39 —2006 Series C-D6 11/01/33 4.250% 11/01/16 135 135

Subtotal 939 939 Total SCE principal amount outstanding 10,221 9,021Less: bonds repurchased7 (161) (161)Less: current portion of long-term debt (600) — Less: unamortized discount — net (38) (32)

SCe long-term debt $9,422 $8,828 edison international parent and other long-term debt:2010 Senior Notes 09/15/17 3.750% N/A 400 400Other long-term debt 4 4Less: unamortized discount — net (1) (1)

edison international parent and other 403 403

total edison international consolidated long-term debt $9,825 $9,231

1Fort Irwin acquisition debt, not a publicly traded security. 2Secured by first and refunding mortgage bonds. 3Subject to remarketing. 4Callable at any time. 5Held by SCE.6Secured by SCE’s first and refunding mortgage bonds, but payment of interest and principal guaranteed by bond insurance. 7Four Corners 2011 Series, Mohave 2010 Series, and SONGS 2011 Series Pollution Control Bonds.

Page 12: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 10

Southern California Edison

Page 13: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 11 2013 FINANCIAL AND STATISTICAL REPORT 11

HighwindWindhubWhirlwind

Antelope

Vincent

Pardee

Devers

Lugo

Coolwater

Vista

Mira Loma

Coolwater-Lugo

West of Devers

Tehachapi Segments 1-3 500kV

Tehachapi Segments 4-11 500kV

SCE Service Territory

El CascoSan Bernardino

SCe transmission program(In millions) total project in Service roe 2014 - 2017project name Costs1 date incentives forecast Status

Tehachapi $3,174 2016–2017 125bps $966 • Costsandscheduleremainuncertain. • Costestimateincludesknownscope changes for FAA requirements. • FinalengineeringandcontractsforChinoHills underground may change future estimate.

Coolwater-Lugo $813 2018 N/A $531 • FiledCPCNapplicationinQ32013

WestofDevers $1,034 2019–2020 N/A $609 • FiledCPCNapplicationinQ420131Total project costs are nominal direct expenditures, subject to CPUC and FERC Cost recovery approval.

SCe highlights

Signi�cant infrastructure investments

7 - 9% projected compound annual rate base growth 2014 - 2017 driven by:

One of the nation’s largest electric utilities

• Nearly 14 million residents in service territory

• Approximately 5 million customer accounts

• 50,000 square-mile service area

• 1.4 million power poles

• 700,000 transformers

• 103,000 miles of distribution and transmission lines

• System reliability and infrastructure replacement

• California Renewable Portfolio Standard

• Technology improvements

Page 14: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 12

SCe results of operations 2013 2012 2011

utility utility Utility Utility Utility Utility(In millions) earning Cost-recovery total Earning Cost-Recovery Total Earning Cost-Recovery TotalDecember 31, activities activities Consolidated Activities Activities Consolidated Activities Activities Consolidated

operating revenue $6,602 $5,960 $12,562 $6,682 $5,169 $11,851 $6,257 $4,320 $10,577 Fuel and purchased power — 4,891 4,891 — 4,139 4,139 — 3,356 3,356Operation and maintenance 2,348 1,068 3,416 2,518 1,026 3,544 2,423 964 3,387 Depreciation, decommissioning and amortization 1,622 — 1,622 1,562 — 1,562 1,426 — 1,426 Property and other taxes 307 — 307 296 (1) 295 285 — 285 Asset impairment, disallowances and others 575 — 575 32 — 32 — — —

total operating expenses 4,852 5,959 10,811 4,408 5,164 9,572 4,134 4,320 8,454 operating income 1,750 1 1,751 2,274 5 2,279 2,123 — 2,123 Interest income and other 48 — 48 94 — 94 85 — 85 Interest expense (519) (1) (520) (494) (5) (499) (463) — (463)

income before income taxes 1,279 — 1,279 1,874 — 1,874 1,745 — 1,745 Income tax expense 279 — 279 214 — 214 601 — 601

net income 1,000 — 1,000 1,660 — 1,660 1,144 — 1,144 Dividends on preferred and preference stock 100 — 100 91 — 91 59 — 59

net income available for common stock $ 900 $ — $ 900 $1,569 $ — $ 1,569 $1,085 $ — $ 1,085

Core Earnings $ 1,265 $ 1,338 $1,085Non-Core Earnings: Asset impairment (365) — — 2012 General Rate Case repair deductions (2009 – 2011) — 231 —

total SCe Gaap earnings $ 900 $ 1,569 $1,085

SCe Consolidated Statements of income(In millions)December 31, 2013 2012 2011

operating revenue $12,562 $11,851 $10,577 Fuel 324 308 367 Purchased power 4,567 3,831 2,989 Operation and maintenance 3,416 3,544 3,387 Depreciation, decommissioning and amortization 1,622 1,562 1,426 Property and other taxes 307 295 285 Asset impairment, disallowances and other 575 32 —

total operating expenses 10,811 9,572 8,454

operating income 1,751 2,279 2,123 Interest and other income 122 144 140 Interest expense (520) (499) (463) Other expenses (74) (50) (55)

income before income taxes 1,279 1,874 1,745 Income tax expense 279 214 601

net income 1,000 1,660 1,144 Less: Dividends on preferred and preference stock 100 91 59

net income available for common stock $ 900 $ 1,569 $ 1,085

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2013 FINANCIAL AND STATISTICAL REPORT 13

SCe Consolidated Balance Sheet(In millions)December 31, 2013 2012

aSSetSCash and cash equivalents $ 54 $ 45 Receivables, less allowances of $66 and $75 for uncollectible accounts at respective dates 813 755 Accrued unbilled revenue 596 550 Inventory 256 340 Derivative assets 122 129 Regulatory assets 538 572 Deferred income taxes 303 — Other current assets 393 171

total current assets 3,075 2,562

Nuclear decommissioning trusts 4,494 4,048 Other investments 140 116

total investments 4,634 4,164

Utility property, plant and equipment, less accumulated depreciation of $7,493 and $7,424 at respective dates 30,379 30,200 Nonutility property, plant and equipment, less accumulated depreciation of $70 and $117 at respective dates 72 70

total property, plant and equipment 30,451 30,270

Derivative assets 251 85 Regulatory assets 7,241 6,422 Other long-term assets 398 531

total long-term assets 7,890 7,038

total assets $46,050 $44,034

liaBilitieS and eQuitYShort-term debt $ 175 $ 175 Current portion of long-term debt 600 — Accounts payable 1,373 1,297 Customer deposits 201 193Derivative liabilities 152 126 Regulatory liabilities 767 536Deferred income taxes 39 81 Other current liabilities 1,091 1,105

total current liabilities 4,398 3,513

long-term debt 9,422 8,828

Deferred income taxes and credits 7,841 6,773 Derivative liabilities 1,042 939 Pensions and benefits 951 2,245 Asset retirement obligations 3,418 2,782 Regulatory liabilities 4,995 5,214 Other deferred credits and other long-term liabilities 1,845 1,997

total deferred credits and other liabilities 20,092 19,950

total liabilities 33,912 32,291

Commitments and contingencies (Note 12 in 2013 10-K) Common stock, no par value (560,000,000 shares authorized; 434,888,104 shares issued and outstanding at each date) 2,168 2,168Additional paid-in capital 592 581 Accumulated other comprehensive loss (11) (29)Retained earnings 7,594 7,228

total common shareholder’s equity 10,343 9,948

Preferred and preference stock 1,795 1,795

total equity 12,138 11,743

total liabilities and equity $46,050 $44,034

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2013 FINANCIAL AND STATISTICAL REPORT 14

SCe Consolidated Statements of Cash flows(In millions)December 31, 2013 2012 2011

Cash flows from operating activities:Net income (loss) $ 1,000 $ 1,660 $ 1,144 Adjustments to reconcile to net cash provided by operating activities: Depreciation, decommissioning and amortization 1,622 1,562 1,426 Regulatory impacts of net nuclear decommissioning trust earnings 312 192 146 Asset impairment 575 — — Deferred income taxes and investment tax credits 420 256 852 Other 86 189 148 Changes in operating assets and liabilities: Receivables (57) (23) (44) Inventory 80 10 (18) Accounts payable 59 (9) 11 Other current assets and liabilities (264) 368 (219) Derivative assets and liabilities, net (30) (86) 730 Regulatory assets and liabilities, net (322) 34 (1,428) Other noncurrent assets and liabilities (197) (67) 513

net cash provided by operating activities 3,284 4,086 3,261

Cash flows from financing activities:Long-term debt issued, net of premium, discount, and issuance costs of $18, $4 and $9 at respective dates 1,973 391 887 Long-term debt matured or repurchased (1,016) (6) (100)Bonds remarketed, net 195 — —Preference stock issued, net 387 804 123Preference stock redeemed (400) (75) —Short-term debt financing, net (1) (250) 419Settlements of stock-based compensation, net (43) (57) (10) Dividends paid (587) (551) (520)

net cash provided by financing activities 508 256 799

Cash flows from investing activities:Capital expenditures (3,598) (4,149) (4,122)Proceeds from sale of nuclear decommissioning trust investments 5,617 2,122 2,773 Purchases of nuclear decommissioning trust investments and other (5,951) (2,337) (2,940)Proceeds from sale of assets 181 — —Other (32) 10 29

net cash used by investing activities (3,783) (4,354) (4,260)

net decrease in cash and cash equivalents 9 (12) (200) Cash and cash equivalents, beginning of year 45 57 257

Cash and cash equivalents, end of year $ 54 $ 45 $ 57

SCe Consolidated Statements of retained earnings(In millions)December 31, 2013 2012 2011

Balance at beginning of year $ 7,228 $ 6,173 $ 5,572 Net income (loss) 1,000 1,660 1,144Dividends declared on common stock (486) (469) (461)Dividends declared on preferred and preference stock (100) (91) (59)Stock-based compensation and other (44) (44) (21)Noncash stock-based compensation and other 4 — (2)Redemption of preference stock (8) (1) —

Balance at end of year $ 7,594 $ 7,228 $ 6,173

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2013 FINANCIAL AND STATISTICAL REPORT 15

SCe regulatory assets(In millions)December 31, 2013 2012

Current:Regulatory balancing accounts $ 484 $ 502 Energy derivatives 54 70

total Current 538 572

long-term:Deferred income taxes, net 2,957 2,663 Pensions and other postretirement benefits 369 1,550 Energy derivatives 816 900Unamortized investments, net 332 507 San Onofre 1,325 — Unamortized loss on reacquired debt 222 228 Nuclear-related investment, net 34 141Regulatory balancing accounts 818 73 Other 368 360

total long-term 7,241 6,422

total regulatory assets $7,779 $6,994

SCe regulatory liabilities(In millions)December 31, 2013 2012

Current:Regulatory balancing accounts $ 724 $ 484 Energy derivatives 43 52

total Current 767 536

long-term:Costs of removal 2,780 2,731 Asset retirement obligations 1,071 1,385Regulatory balancing accounts 1,132 1,091 Other 12 7

total long-term 4,995 5,214

total regulatory liabilities $5,762 $5,750

SCe authorized rates of return and Capital StructureCpuC 2013 Rates of Return Capital Structure

Common equity 10.45% 48%Long-term debt 5.49% 43%Preferred equity 5.79% 9%

ferC 2013

Base rate 9.30%California Independent System Operator (ISO) participation 0.50%Weighted average project incentives 0.65%

Common Equity 10.45%

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2013 FINANCIAL AND STATISTICAL REPORT 16

0

5

10

15

20

25

30

35

0

12.8¢

16.0¢

kWh/month

¢/k

Wh

26.8¢

30.8¢

200 400 600 800 1,000 1,200 1,400

Tier 1

Tier 2

Tier 4

Tier 3

1Tier structure based on rates as of October 1, 2013.2 Based on a daily baseline of 342 kWh/month, which is a customer weighted average of baseline allocations of each region SCE serves. Tier 4 does not have a kWh limit.3 Tier 1 and 2 rates are subject to rate caps established in 2001, as modified by SB695 in 2009.

SCe operating and financial ratiosYear-Ended December 31, 2013 2012 2011

Capital structure:Common shareholder’s equity 48.0% 48.4% 48.5%Preferred and preference stock 8.3% 8.7% 5.7% Long-term debt 43.7% 42.9% 45.8%

rate of return on common equity1 8.9% 17.1% 12.6%

1Based on 13-month average.

SCe fuel Consumption(In thousands)Year Ended December 31, 2013 2012

Gas (mcf) 182 259Coal (ton) 2,457 2,923 Combined cycle gas-fired (CCGT) 38,105 46,134 Peakers (mcf) 967 977

SCe Customers1

Year Ended December 31, 2013 2012 2011 2010 2009

Customers:Residential 4,344,429 4,321,171 4,301,969 4,285,803 4,262,966 Commercial 554,592 549,855 546,936 543,016 539,270 Industrial 10,584 10,922 11,370 11,708 12,244 Public authorities1 46,323 46,493 46,684 46,718 46,902 Agricultural 21,679 21,917 22,086 22,321 22,315 Railroads and railways 99 83 82 73 67 Interdepartmental 23 24 22 23 23

total 4,977,729 4,950,465 4,929,149 4,909,662 4,883,787

Number of new connections 27,370 22,866 19,829 25,566 32,145

1Public authorities includes Public Street & Highway Lighting.

2013 SCe residential rate Structure1,2,3

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2013 FINANCIAL AND STATISTICAL REPORT 17

SCe Kilowatt-hour Sales Year Ended December 31, 2013 2012 2011

Class of service (in millions of kWh):Residential 29,889 30,563 29,631 Commercial 40,649 40,541 39,622 Industrial 8,472 8,504 8,490 Public authorities 5,012 5,196 5,206 Agricultural and other 1,885 1,676 1,318 Resale 1,490 1,735 3,071

total kilowatt-hour sales1 87,397 88,215 87,338

Class of service (in percent):Residential 34.2% 34.6% 33.9%Commercial 46.5% 46.0% 45.4% Industrial 9.7% 9.6% 9.7% Public authorities 5.7% 5.9% 6.0% Agricultural and other 2.2% 1.9% 1.5% Resale 1.7% 2.0% 3.5%

total 100.0% 100.0% 100.0%

1Includes direct access customers and unbilled kWh.

SCe operating revenue by Class of Service Year Ended December 31, 2013 2012 2011

Class of service (in millions):Residential $ 4,927 $ 4,899 $ 4,269 Commercial 5,095 4,808 4,424 Industrial 678 638 602 Public authorities 626 610 583 Agricultural 223 189 146 Other 36 (17) 64 Resale 69 65 79

Sales of electric energy 11,654 11,192 10,167 Other operating revenue 581 428 458 Deferred revenue1 327 231 (48)

total operating revenue2 $12,562 $11,851 $10,577

Class of service (in percent):Residential 39.2% 41.3% 40.4%Commercial 40.6% 40.6% 41.8% Industrial 5.4% 5.4% 5.7% Public authorities 5.0% 5.1% 5.5% Agricultural 1.8% 1.6% 1.4% Other 0.3% (0.1%) 0.6% Resale 0.5% 0.5% 0.7%

Sales of electric energy 92.8% 94.4% 96.1% Other operating revenue 4.6% 3.6% 4.3% Deferred revenue1 2.6% 2.0% (0.4%)

total operating revenue2 100.0% 100.0% 100.0%

1Authorized operating revenue associated with future costs is only recognized as revenue when costs are incurred.2 Does not include energy from direct access customers.

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2013 FINANCIAL AND STATISTICAL REPORT 18

SCe operating StatisticsYear-Ended December 31, 2013 2012 2011 2010 2009

mW % MW % MW % MW % MW %

SCE Generating Capacity Resources (MW) — Summer Effective Rating:owned:Oil and gas (Catalina) 9 0.1% 9 0.1% 9 0.1% 9 0.1% 9 0.1%Nuclear 612 9.0% 2,294 26.3% 2,293 27.1% 2,293 25.4% 2,293 25.0%Coal 698 10.2% 698 8.0% 698 8.2% 698 7.7% 698 7.6%Hydro 1,202 17.6% 1,202 13.8% 1,153 13.6% 1,153 12.8% 1,153 12.6%Gas-fired 1,153 16.9% 1,153 13.2% 1,145 13.5% 1,145 12.7% 1,145 12.5%Solar 63 0.9% 63 0.7% 53 0.6% 24 0.3% 2 0.0%

SCE Sources of Generating Electricitypurchases:Other utilities1 526 7.7% 526 6.0% 526 6.2% 526 5.8% 526 5.7% other power producers:2

Cogeneration 1,418 20.8% 1,354 15.5% 1,356 16.0% 1,657 18.3% 1,700 18.6%Biomass 101 1.5% 163 1.9% 94 1.1% 155 1.7% 166 1.8% Small hydro 36 0.5% 29 0.3% 18 0.2% 43 0.5% 24 0.3% Wind 387 5.7% 232 2.7% 106 1.3% 83 0.9% 210 2.3% Geothermal 237 3.5% 621 7.1% 664 7.8% 892 9.9% 892 9.7%Solar 373 5.5% 366 4.2% 359 4.2% 354 3.9% 346 3.8%

total 6,815 100.0% 8,710 100.0% 8,474 100.0% 9,032 100.0% 9,164 100.0%

SCE Total Energy Requirement (millions of kWh):owned:Nuclear 4,849 6.1% 5,667 7.1% 19,096 24.1% 15,700 19.8% 16,966 20.1%Coal 4,232 5.3% 5,156 6.5% 5,158 6.5% 4,730 6.0% 5,513 6.5%Hydro 2,206 2.8% 2,609 3.3% 4,897 6.2% 4,328 5.5% 3,637 4.3%Solar 68 0.1% 32 0.0% 17 0.0% 4 0.0% — — Fuel Cell 6 0.0% 1 0.0% — — — — — —Oil (Catalina) 26 0.0% 27 0.0% 29 0.0% 29 0.0% 29 0.0%Gas-fired peakers 97 0.1% 100 0.1% 21 0.0% 21 0.0% 9 0.0%CCGT 5,517 6.9% 6,609 8.3% 4,627 5.8% 6,051 7.6% 5,766 6.8% purchased power:3

Firm4 17,127 21.6% 9,400 11.8% 4,248 5.4% 4,430 5.6% 6,484 7.7%Economy/other5 152 0.2% (58) (0.1%) 39 0.0% (73) (0.1%) (57) (0.1%) other power producers:3 Cogeneration 8,188 10.3% 8,812 11.1% 9,101 11.5% 10,528 13.3% 11,585 13.7% Biomass 782 1.0% 903 1.1% 1,145 1.4% 1,258 1.6% 1,212 1.4% Small hydro 116 0.1% 191 0.2% 305 0.4% 218 0.3% 137 0.2%Wind 7,674 9.7% 6,042 7.6% 5,377 6.8% 4,062 5.1% 3,084 3.7% Geothermal 6,958 8.8% 7,249 9.1% 7,539 9.5% 7,665 9.7% 7,655 9.1%Solar 992 1.2% 962 1.2% 938 1.2% 918 1.2% 864 1.0%CdWr (iSo)2 20,439 25.7% 25,821 32.5% 16,777 21.2% 19,495 24.6% 21,492 25.5%

total6 79,429 100.0% 79,523 100.0% 79,314 100.0% 79,364 100.0% 84,376 100.0%

Area peak demand (MW) 22,534 21,981 22,374 22,771 22,112Annual area system load factor (%) 52.1% 52.7% 50.7% 50.7% 53.4%

1 Includes system and unit purchases and net interchange. Excludes public power utilities.2 2011 values reflect current CPUC adopted methods to measure effective generation capacity. These values do not reflect installed generator nameplate capacity.

3 Calculation consistent with accrual basis of accounting.

4 Includes bilateral and long-term contracts.5 Includes economy energy, exchange energy, fringe energy and net interchange.6 Excludes direct access and resale customer requirements. Includes generation line losses.

13%

26%

8%

14%

6%

32%

2013 2012

SCE Generating Capacity Resource Mix

17%

37%

SCE Total Energy Requirement

2012

8%

7%7%

12%

30%

33%

3%

Purchases: Other Power Producers

Purchases: Other Utilities

HydroCoal

Nuclear

Gas-Fired1% Other

HydroCoal

5%

31%

26%

2013

Purchases: Other Power Producers

Purchases: Other Utilities

CDWR/ISO – Net

18%

10%

9%

8%

6%6%

7%

22%

NuclearGas-Fired

3%6%

1%

Page 21: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 19

SCe Jointly owned projects(In millions) Plant in Construction Work Accumulated Nuclear Net Book OwnershipAs of December 31, 2013 Service in Progress Depreciation Fuel Value Interest

transmission systems:Eldorado $ 87 $10 $ 15 $ — $ 82 62.0% Pacific Intertie 189 7 74 — 122 50.0%Generating station: Palo Verde (nuclear) 1,842 77 1,505 132 546 16.0%

total $2,118 $94 $1,594 $132 $750

detail of SCe utility plant — net(In millions)Year-Ended December 31, 2013 2012 2011

Generation:Nuclear $ 1,831 $ 1,595 $ 1,390 Hydro 746 672 607 Steam (2) 88 104 Mohave Regulatory Asset 47 53 60 Other 1,222 1,083 1,081

total generation 3,844 3,491 3,242

Distribution 14,057 13,284 12,580 Transmission 7,919 5,968 5,046 General and intangible 2,841 2,833 2,582 Gas and water (Catalina) 20 21 22Construction work in progress1 3,219 4,272 3,922 Nuclear fuel 132 609 480

total utility plant — net (unadjusted) 32,032 30,478 27,874 Less: amounts classified as regulatory assets2

Nuclear regulatory asset 1,065 225 245 Mohave regulatory asset 47 53 60

total utility plant — net — as shown in annual report $30,380 $30,200 $27,569

1Includes nuclear plant and regulatory asset.2 Nuclear plant assets and related depreciation were reclassified as regulatory assets in 1998. A portion of the Mohave plant assets and related depreciation were reclassified as regulatory asset in 2002. In 2005, all Mohave plant assets and related depreciation were reclassified as regulatory assets.

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2013 FINANCIAL AND STATISTICAL REPORT 20

California public utilities Commission (CpuC)The California Public Utilities Commission (CPUC) regulates privately owned electric, natural gas, telecommunications, water, railroad, rail transit and passenger transportation companies, in addition to authorizing video franchises. The Governor appoints five commissioners for six year terms. The CPUC plays a key role in making California a national and international leader on a number of clean energy related initiatives and policies designed to benefit consumers, the environment, and the economy. For additional information, please refer to their website www.cpuc.ca.gov.

Commissioner Service Began term ends prior professional experience

Michael R. Peevey (President) 12/02 12/14 President of NewEnergy, Edison International and Southern California Edison; served on boards of numerous corporations and non-profit organizations

Michael Peter Florio 1/11 1/17 Senior attorney at The Utility Reform Network; member of board of governors of the California Independent System Operator

Catherine J.K. Sandoval 1/11 1/17 Tenured professor at Santa Clara University School of Law; Adjunct Professor at U.C. Berkeley School of Law; Undersecretary and Staff Director of the State of California’s Business, Transportation, and Housing Agency

Carla J. Peterman 12/12 12/18 Lead commissioner at California Energy Commission for renewables, transportation, natural gas, and 2012 Independent Energy Policy Report

Michael R. Picker 1/14 12/14 Senior Advisor for Renewable Energy in Office of Governor Brown; fills vacancy left when former Commissioner Mark J. Ferron announced his departure due to health reasons on January 15, 2014

federal energy regulatory Commission (ferC)The Federal Energy Regulatory Commission is composed of up to five commissioners who are appointed by the President of the United States with the advice and consent of the Senate. Commissioners serve five-year terms, and have an equal vote on regulatory matters. For additional information, please refer to their website www.ferc.gov.

Commissioner Service Began term ends prior professional experience

Cheryl A. LaFleur (Chairman) 7/10 6/14 Executive vice president and acting CEO of National Grid USA; member of the NARUC Committees on Electricity and Critical infrastructure

Philip D. Moeller 7/06 6/15 Energy policy advisor to former U.S. Senator Slade Gorton (WA); staff coordinator for Washington State Senate Committee on Energy, Utilities and Telecommunications

John R. Norris 1/10 6/17 Chief of Staff to Secretary Tom Vilsack of U.S. Department of Agriculture; Chairman of Iowa Utilities Board; President of Organization of Midwest Independent System Operator (MISO) States as well as Chairman of MISO Demand Response Working Group

Tony Clark 6/12 6/16 Chairman of North Dakota Public Service Commission; President of NARUC; North Dakota Labor Commissioner under Governor Ed Schafer; State legislator

Page 23: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

2013 FINANCIAL AND STATISTICAL REPORT 21

leadership team1

edison international

Southern California edison Company

theodore f. Craver, Jr.Chairman of the Board,President andChief Executive Officer

robert l. adlerExecutive Vice President,General Counsel

W. James ScilacciExecutive Vice President,Chief Financial Officer andTreasurer

Janet t. ClaytonSenior Vice President,Corporate Communications

ronald l. litzingerPresident

Janet t. ClaytonSenior Vice President,Corporate Communications

peter t. dietrich Senior Vice President, Special Projects

erwin G. furukawaSenior Vice President,Customer Service

Stuart r. hemphillSenior Vice President,Power Supply

david l. meadSenior Vice President,Transmission & Distribution

leslie e. StarckSenior Vice President,Regulatory Policy & Affairs

linda G. SullivanSenior Vice President andChief Financial Officer

russell C. SwartzSenior Vice President andGeneral Counsel

Bertrand a. ValdmanSenior Vice President,Strategic Planning

Gaddi h. VasquezSenior Vice President,Government Affairs

Jeffrey l. BarnettVice President,Tax

mark C. ClarkeVice President, Controller

Gaddi h. VasquezSenior Vice President,Government Affairs

douglas r. BauderVice President, Operational Services

robert C. BoadaVice President and Treasurer

lisa d. CagnolattiVice President,Business Customer Division

Caroline ChoiVice President,Integrated Planning & Environmental Affairs Kevin r. CiniVice President,Major Projects

mark C. ClarkeVice President and Controller

Chris C. dominskiVice President, Planning and Performance Reporting

Gregory m. ferreeVice President,Distribution

Scott S. CunninghamVice President,Investor Relations

Steven d. eisenbergVice President,Strategic Planning

david J. hellerVice President, Risk Management and General Auditor

Barbara e. mathewsVice President,Associate General Counsel,Chief Governance Officer andCorporate Secretary

paul J. GrigauxVice President,Transmission, Substations and Operations

Veronica GutierrezVice President,Local Public Affairs

todd l. inlanderVice President, Information Technology and Chief Information Officer

megan K. JordanVice President,Corporate Communications

Seth J. KinerVice President,Customer Programs and Services

dana KrackeVice President,Safety, Security and Compliance

enrique (henry) martinezVice President,Power Production

Barbara e. mathewsVice President,Associate General Counsel,Chief Governance Officer andCorporate Secretary

1As of February 28, 2014

michael d. montoyaVice President,Chief Ethics and Compliance Officer

oded J. rhoneVice President, Strategic Planning

J. Christopher thompsonVice President, Chairman’s Office

patricia h. millerVice President,Human Resources

thomas J. palmisanoVice President,Nuclear Engineeringand Chief Nuclear Officer

Kevin m. payneVice President,Engineering & Technical Services

megan Scott-KakuresVice President, Regulatory Operations

abdou terki-hassaineVice President, Customer Service Operations

J. Christopher thompsonVice President,Decommissioning

marc l. ulrichVice President,Energy Contracts and Trading & Energy Operations

Page 24: Financial and Statistical Report 2013 - Edison International · 2013 FINANCIAL AND STATISTICAL REPORT 2 Business highlights Southern California Edison 2013 2012 2011Total assets at

for additional information, Contact:

Scott S. Cunningham Vice President [email protected](626) 302-2540

felicia WilliamsSenior Manager [email protected] (626) 302-5493

edison international2244 Walnut Grove AvenueRosemead, California 91770

investor relationsToll Free (877) 379-9515Fax (626) [email protected]

Stock transfer agent, registrar of Stock, and administrator of dividend reinvestment planWells Fargo Shareowner Services1110 Centre Point Curve, Suite 101Mendota Heights, MN 55120-4100Telephone (800) 347-8625Fax (651) 450-4033www.shareowneronline.com

ticker SymbolEIX (Common Stock)

internet addresshttp://www.edisoninvestor.com

listed Securities

media listingEdisonInt or EIX (Common Stock)SoCalEd (Preferred Stock)

Stock exchange listingNew YorkNew York Alt