EDISON INTERNATIONAL
[GRAPHIC OMITTED] News Release
FOR IMMEDIATE RELEASE
Media Contact: (626) 302-2255
www.edison.com
Edison International Reports Financial Results for 2005
ROSEMEAD, Calif., March 7, 2006--
o Edison International (EIX) recorded consolidated earnings per common share of $3.47 in 2005, compared
to $2.81 in 2004.
o Higher wholesale energy margins and energy trading income at Mission Energy Holding Company (MEHC)
were major earnings drivers in 2005.
o Reductions and refinancing of debt in 2004 and 2005 resulted in lower interest expense across the
company.
o Core earnings per share of $3.13 in 2005 represented an increase of about 109% over prior year's core
earnings of $1.50 per share. Core earnings exclude earnings from discontinued operations and other non-core
items.
2005 Financial Highlights:
o Core earnings per common share - $3.13
o Net Income - $1.1 billion
o Revenue - $11.9 billion
o Assets - $34.8 billion
YEAR 2005 EARNINGS SUMMARY
For the year ending December 31, 2005, EIX recorded consolidated earnings of $1.1 billion compared to
earnings of $916 million for the prior year.
"2005 was a year of strong performance at our company," said Chairman and CEO John Bryson. "Earnings
increased 23% over the prior year, driven primarily by our unregulated businesses. We also fully met our
ambitious investment goals to strengthen the distribution and transmission system for the benefit of our
utility customers."
Results for 2005 and 2004 included several non-core adjustments detailed in the tables presented in this
release.
YEAR 2005 EARNINGS DETAIL
Earnings (Loss) from Continuing Operations
Southern California Edison's (SCE) earnings from continuing operations were $725 million in 2005,
- more -
compared with $915 million in 2004. SCE's 2005 earnings included positive items of $61 million related to a
favorable tax settlement, $55 million from a favorable Federal Energy Regulatory Commission (FERC) decision on a
SCE transmission proceeding and a $14 million incentive benefit from generator refunds related to the California
energy crisis period. SCE's 2004 earnings included $329 million of positive regulatory and tax items, primarily
from implementation of the 2003 general rate case decision that was received in July 2004. Excluding these
non-core items, core earnings were up $9 million due to higher net revenue, including tax benefits, and lower
financing costs, partially offset by the impact of a lower authorized rate of return on common equity in 2005.
MEHC's income from continuing operations was $322 million in 2005, compared to a loss of $666 million in
2004. MEHC's 2005 results include an impairment charge of $34 million related to the March Point project and a
$15-million charge related to early debt retirements. MEHC's 2004 results included a charge of $590 million for
the termination of the Collins Station lease, a net gain of $27 million on the sale of its interest in Four Star
Oil and Gas and the Brooklyn Navy Yard projects and a charge of $18 million related to a peaker impairment.
Excluding these non-core items, MEHC's core earnings increased by $456 million over 2004 to $371 million. This
increase was primarily due to higher wholesale energy margins mainly driven by higher prices, higher energy
trading income and lower net interest expense.
Earnings in 2005 for Edison Capital were $91 million compared to $60 million in the same period last
year. The increase primarily reflects higher income from Edison Capital's investment in the Emerging Europe
Infrastructure Fund. Excluding the 2004 charge related to the early debt retirements of $14 million, the loss
for "EIX parent company and other" decreased by $39 million primarily due to lower net interest expense.
Earnings from Discontinued Operations
Earnings from discontinued operations during 2005 primarily reflect positive tax adjustments of $28
million resulting from the sales of international projects, a charge of $25 million related to a tax indemnity
on an international project sold in 2004, $24 million in partial dividends from the Lakeland receivership, the
sale of CBK and Tri-Energy earlier this year and other items. Earnings from discontinued operations during
2004, including a gain and recognition of a tax benefit, were $690 million.
Year Ended December 31,
Earnings (Loss) Per Common Share (Unaudited) 2005 2004 Change
----------------------------------------------
Southern California Edison $2.22 $2.81 $(0.59)
Mission Energy Holding Company 0.98 (2.05) 3.03
Edison Capital 0.28 0.18 0.10
EIX parent company and other (0.10) (0.25) 0.15
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 3.38 0.69 2.69
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Operations - MEHC 0.09 2.12 (2.03)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $3.47 $2.81 $0.66
===============================================================================================
- more -
Year Ended December 31,
Earnings (Loss) (in millions) (Unaudited) 2005 2004 Change
----------------------------------------------
Southern California Edison $725 $915 $(190)
Mission Energy Holding Company 322 (666) 988
Edison Capital 91 60 31
EIX parent company and other (30) (83) 53
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 1,108 226 882
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Operations 30 690 (660)
Change in Accounting Principle (1) -- (1)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $1,137 $916 $221
===============================================================================================
Year Ended December 31,
Core Earnings (Loss) (in millions) (Unaudited) 2005 2004 Change
----------------------------------------------
Southern California Edison Company $595 $586 $9
Mission Energy Holding Company 371 (85) 456
Edison Capital 91 60 31
EIX parent company and other (30) (69) 39
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 1,027 492 535
- -----------------------------------------------------------------------------------------------
Non-core items
SCE - Regulatory and tax items 130 329 (199)
MEHC - Collins lease termination -- (590) 590
MEHC - March Point impairment (34) -- (34)
MEHC - Net gain on sale of Four Star / BNY -- 27 (27)
MEHC - Peaker impairment -- (18) 18
MEHC - Early debt retirements (15) -- (15)
MEHC - Discontinued operations 29 690 (661)
EIX - Early debt retirements & other 1 (14) 15
- -----------------------------------------------------------------------------------------------
111 424 (313)
Change in accounting principle (1) -- (1)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $1,137 $916 $221
===============================================================================================
FOURTH-QUARTER EARNINGS SUMMARY
EIX recorded earnings of 83 cents per share for the quarter ending December 31, 2005, compared to
$1.16 per share for the same period last year. The results included non-core adjustments detailed in the
tables below. EIX's core earnings were 71 cents per share for the three-month period ending December 31,
2005, compared to 35 cents per share for the same period last year. This increase primarily reflects higher
wholesale energy margins mainly driven by higher prices, and higher energy trading income, at MEHC and lower
net interest expense, partially offset by higher net operating costs at SCE in the fourth quarter.
- more -
FOURTH-QUARTER EARNINGS DETAIL
Earnings (Loss) from Continuing Operations
SCE's earnings from continuing operations for the quarter ended December 31, 2005, were $153
million compared to $315 million in the same period last year. SCE's results for 2005 included a positive
item of $55 million from a favorable FERC decision on SCE's transmission proceeding and a $10 million
incentive benefit from generator refunds related to the California energy crisis period. SCE's quarterly
results in the prior year included positive regulatory and tax items totaling $157 million. Excluding these
items, SCE's 2005 core earnings for the quarter were $88 million compared to $158 million in the same period
last year. The decrease in earnings was primarily due to higher operating and tax expenses in the fourth
quarter.
MEHC had earnings from continuing operations and core earnings of $143 million for the quarter ended
December 31, 2005, compared to a loss of $52 million in the same period last year. The increase primarily
reflects higher wholesale energy margins driven by higher prices, and higher energy trading income, and lower
net interest expense partially offset by lower generation and higher maintenance expenses at the Homer City
plant.
Edison Capital's earnings for the quarter ended December 31, 2005, were $11 million compared to $26
million in the same period last year. This decrease was primarily due to gains recorded in 2004 from the
Emerging Europe Infrastructure Fund.
The loss for the quarter ended December 31, 2005, for "EIX parent company and other" decreased by $22
million compared to the same period last year due to the elimination of debt.
Earnings from Discontinued Operations
MEHC had a loss of $26 million from discontinued operations for the quarter ended December 31,
2005, reflecting a tax charge related to its previously owned international projects. Earnings from
discontinued operations for the quarter ended December 31, 2004, were $120 million. The 2004 results for
the quarter include a $65-million gain on the sale of the international assets that closed in 2004 and
earnings from the discontinued international projects of $55 million.
Quarter Ended December 31,
Earnings (Loss) Per Common Share (Unaudited) 2005 2004 Change
----------------------------------------------
Southern California Edison $0.47 $0.97 $(0.50)
Mission Energy Holding Company 0.44 (0.16) 0.60
Edison Capital 0.03 0.08 (0.05)
EIX parent company and other (0.03) (0.10) 0.07
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 0.91 0.79 0.12
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Ops. - MEHC (0.08) 0.37 (0.45)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $0.83 $1.16 $(0.33)
===============================================================================================
- more -
Quarter Ended December 31,
Earnings (Loss) (in millions) (Unaudited) 2005 2004 Change
----------------------------------------------
Southern California Edison $153 $315 $(162)
Mission Energy Holding Company 143 (52) 195
Edison Capital 11 26 (15)
EIX parent company and other (8) (30) 22
- -----------------------------------------------------------------------------------------------
EIX Consol. Earnings from Continuing Operations 299 259 40
- -----------------------------------------------------------------------------------------------
Earnings from Discontinued Ops. (26) 120 (146)
Cumulative Effect of Accounting Change (1) -- (1)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $272 $379 $(107)
===============================================================================================
Quarter Ended December 31,
Core Earnings (Loss) (in millions) (Unaudited) 2005 2004 Change
----------------------------------------------
Southern California Edison Company $88 $158 $(70)
Mission Energy Holding Company 143 (52) 195
Edison Capital 11 26 (15)
EIX parent company and other (8) (16) 8
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 234 116 118
- -----------------------------------------------------------------------------------------------
Non-core items
SCE - Regulatory and tax items 65 157 (92)
MEHC - Discontinued Operations (26) 120 (146)
EIX - Early debt retirements -- (14) 14
- -----------------------------------------------------------------------------------------------
39 263 (224)
Cumulative Effect of Accounting Change (1) -- (1)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $272 $379 $(107)
===============================================================================================
Edison International's earnings are prepared in accordance with generally accepted accounting
principles used in the United States and represent the company's earnings as reported to the Securities and
Exchange Commission. Edison International's management uses core earnings, which exclude earnings from
discontinued operations and other non-core items, internally for financial planning and for analysis of
performance. Edison International also uses core earnings as the primary performance measurement when
communicating with analysts and investors regarding its earnings results and outlook as it allows them to
more accurately compare the company's ongoing performance across periods.
Reminder: EIX Will Hold a Conference Call Today
Today, EIX will hold a conference call to discuss its 2005 financial results at 8 a.m. PST. Although
two-way participation in the telephone call is limited to financial analysts and investors, all other
interested parties are invited to participate in a "listen-only" mode through a simultaneous webcast on the
company's Web site at www.edisoninvestor.com. Additional financial and other statistical information, if
any, presented during the call will be available on the Web site. The domestic call-in number is (800)
356-8584 and the ID# is 10600.
Charts that will be referenced in the conference call follow.
- more -
CHART 1
Quarter Ended December 31,
Core Earnings (Loss) Per Common Share (Unaudited) 2005 2004 Change
----------------------------------------------
Southern California Edison Company $0.27 $0.49 $(0.22)
Mission Energy Holding Company 0.44 (0.16) 0.60
Edison Capital 0.03 0.08 (0.05)
EIX parent company and other (0.03) (0.06) 0.03
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 0.71 0.35 0.36
- -----------------------------------------------------------------------------------------------
Non-core items
SCE - Regulatory and tax items 0.20 0.48 (0.28)
MEHC - Discontinued operations (0.08) 0.37 (0.45)
EIX - Early debt retirements -- (0.04) 0.04
- -----------------------------------------------------------------------------------------------
0.12 0.81 (0.69)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $0.83 $1.16 $(0.33)
===============================================================================================
CHART 2
Year Ended December 31,
Core Earnings (Loss) Per Common Share (Unaudited) 2005 2004 Change
----------------------------------------------
Southern California Edison Company $1.82 $1.80 $0.02
Mission Energy Holding Company 1.13 (0.27) 1.40
Edison Capital 0.28 0.18 0.10
EIX parent company and other (0.10) (0.21) 0.11
- -----------------------------------------------------------------------------------------------
EIX Consolidated Core Earnings 3.13 1.50 1.63
- -----------------------------------------------------------------------------------------------
Non-core items
SCE - Regulatory and tax items 0.40 1.01 (0.61)
MEHC - Collins lease termination -- (1.81) 1.81
MEHC - March Point impairment (0.10) -- (0.10)
MEHC - Net gain on sale of Four Star / BNY -- 0.08 (0.08)
MEHC - Peaker impairment -- (0.05) 0.05
MEHC - Early debt retirements (0.05) -- (0.05)
MEHC - Discontinued operations 0.09 2.12 (2.03)
EIX - Early debt retirements -- (0.04) 0.04
- -----------------------------------------------------------------------------------------------
0.34 1.31 (0.97)
- -----------------------------------------------------------------------------------------------
Total EIX Consolidated Earnings $3.47 $2.81 $0.66
===============================================================================================
- more -
CHART 3
Edison International
Supplemental Table - Coal-Fired Generation
Midwest Generation and Homer City
-------------------------------------------------------
2005 2004 Change %
-------------------------------------------------------
Midwest Generation
Generation (in TWhr)
Merchant 31.0 17.1 13.9 81.3%
Power Purchase Agreement -- 13.5 (13.5) -100.0%
Total coal-fired generation 31.0 30.6 0.4 1.3%
Equivalent Availability 79.6% 84.4% -4.8%
Forced Outage Rate (EFOR) 7.8% 5.4% 2.4%
Flat Energy Price -Nihub($/MWh) 46.39 29.52 16.87 57.1%
Average Energy Price ($/MWh)
Merchant 46.68 31.11 15.57 50.0%
Power Purchase Agreement -- 17.46 (17.46) -100.0%
46.68 24.84 21.84 87.9%
Average Cost of Fuel ($/MWh) 12.40 11.60 0.80 6.9%
Homer City
Generation (in TWhr) 13.6 13.3 0.3 2.3%
Equivalent Availability 85.2% 85.1% 0.1%
Forced Outage Rate 4.8% 5.3% -0.5%
Flat Energy Price -PJM West Hub($/MWh) 60.92 42.34 18.58 43.9%
Flat Energy Price -HC Busbar($/MWh) 54.80 40.79 14.01 34.3%
Average Energy Price ($/MWh) 46.29 36.20 10.09 27.9%
Average Cost of Fuel ($/MWh) 21.08 16.15 4.93 30.5%
- ------------------------------------------------------------------------------------------------------
Hedge Program status at December 31, 2005
2006 2007
---- ----
Midwest Generation
Megawatt hours (in TWh) 15.0 11.0
Percent of expected generation hedged 50% 36%
Average Energy Price ($/MWh) $44.29 $48.04
Percent of Coal Requirements Under Contract 100% 91%
Homer City
Megawatt hours (in TWh) 8.5 5.3
Percent of expected generation hedged 63% 39%
Average Energy Price ($/MWh) $53.42 $67.30
Percent of Coal Requirements Under Contract 101% 94%
Risk Disclosure Statement
This release contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect
Edison International's current expectations and projections about future events based on
Edison International's knowledge of present facts and circumstances and assumptions about
future events and include any statement that does not directly relate to a historical or
current fact. In this report and elsewhere, the words "expects," "believes,"
"anticipates," "estimates," "projects," "intends," "plans," "probable," "may," "will,"
"could," "would," "should," and variations of such words and similar expressions, or
discussions of strategy or of plans, are intended to identify forward-looking
statements. Such statements necessarily involve risks and uncertainties that could cause
actual results to differ materially from those anticipated. Some of the risks,
uncertainties and other important factors that could cause results to differ, or that
otherwise could impact Edison International or its subsidiaries, include but are not
limited to:
o the ability of Edison International to meet its financial obligations and to pay
dividends on its common stock if its subsidiaries are unable to pay dividends;
o the ability of SCE to recover its costs in a timely manner from its customers
through regulated rates;
o decisions and other actions by the California Public Utilities Commission (CPUC)
and other regulatory authorities and delays in regulatory actions;
o market risks affecting SCE's energy procurement activities;
o access to capital markets and the cost of capital;
o changes in interest rates, rates of inflation and foreign exchange rates;
o governmental, statutory, regulatory or administrative changes or initiatives
affecting the electricity industry, including the market structure rules applicable to
each market and environmental regulations that could require additional expenditures
or otherwise affect the cost and manner of doing business;
o risks associated with operating nuclear and other power generating facilities,
including operating risks, nuclear fuel storage, equipment failure, availability, heat
rate and output;
o the availability of labor, equipment and materials;
o the ability to obtain sufficient insurance, including insurance relating to SCE's
nuclear facilities;
o effects of legal proceedings, changes in or interpretations of tax laws, rates or
policies, and changes in accounting standards;
o supply and demand for electric capacity and energy, and the resulting prices and
dispatch volumes, in the wholesale markets to which MEHC generating units have access;
o the cost and availability of coal, natural gas, and fuel oil, nuclear fuel, and
associated transportation;
o the cost and availability of emission credits or allowances for emission credits;
o transmission congestion in and to each market area and the resulting differences
in prices between delivery points;
o the ability to provide sufficient collateral in support of hedging activities and
purchased power and fuel;
o the extent of additional supplies of capacity, energy and ancillary services from
current competitors or new market entrants, including the development of new
generation facilities and technologies;
o general political, economic and business conditions;
o weather conditions, natural disasters and other unforeseen events; and
o changes in the fair value of investments and other assets accounted for using fair
value accounting.
Additional information about risks and uncertainties, including more detail about
the factors described above, is contained in Edison International's reports filed with
the Securities and Exchange Commission. Readers are urged to read such reports and
carefully consider the risks, uncertainties and other factors that affect Edison
International's business. Readers also should review future reports filed by Edison
International with the Securities and Exchange Commission. The information contained in
this release is subject to change without notice. Forward-looking statements speak only
as of the date they are made and Edison International is not obligated to publicly update
or revise forward-looking statements.
* * * *
Based in Rosemead, Calif., Edison International (NYSE: EIX) is the parent company of Southern
California Edison and Edison Mission Group.
EDISON INTERNATIONAL
SUMMARY OF CONSOLIDATED EARNINGS
(UNAUDITED)
IN MILLIONS, EXCEPT PER-SHARE AMOUNTS QUARTER ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
- ------------------------------------------------------------------------------------------------------------
2005 2004 2005 2004
- ---------------------------------------------------------------------------------------------------------
ELECTRIC UTILITY $ 2,306 $ 1,919 $ 9,500 $ 8,448
NONUTILITY POWER GENERATION 643 382 2,248 1,639
FINANCIAL SERVICES AND OTHER 26 26 104 112
- ---------------------------------------------------------------------------------------------------------
TOTAL OPERATING REVENUE 2,975 2,327 11,852 10,199
- ---------------------------------------------------------------------------------------------------------
FUEL 502 401 1,810 1,429
PURCHASED POWER 988 310 2,622 2,332
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES - NET (354) (115) 435 (201)
OTHER OPERATION AND MAINTENANCE 921 974 3,406 3,342
ASSET IMPAIRMENT AND LOSS ON LEASE TERMINATION - - 12 989
DEPRECIATION, DECOMMISSIONING AND AMORTIZATION 265 268 1,061 1,022
PROPERTY AND OTHER TAXES 51 38 203 186
NET GAIN ON SALE OF UTILITY PROPERTY AND PLANT (10) - (10) -
- ---------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 2,363 1,876 9,539 9,099
- ---------------------------------------------------------------------------------------------------------
OPERATING INCOME 612 451 2,313 1,100
INTEREST AND DIVIDEND INCOME 34 20 112 46
EQUITY IN INCOME FROM PARTNERSHIPS AND
UNCONSOLIDATED SUBSIDIARIES - NET - 5 136 66
OTHER NONOPERATING INCOME 67 33 136 135
INTEREST EXPENSE - NET OF AMOUNTS CAPITALIZED (179) (236) (794) (985)
IMPAIRMENT LOSS ON EQUITY METHOD INVESTMENT - - (55) -
OTHER NONOPERATING DEDUCTIONS (10) (43) (67) (80)
LOSS ON EARLY EXTINGUISHMENT OF DEBT - - (25) -
- ---------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS
BEFORE TAX AND MINORITY INTEREST 524 230 1,756 282
INCOME TAX (BENEFIT) 191 (52) 457 (92)
DIVIDENDS ON UTILITY PREFERRED AND PREFERENCE STOCK
NOT SUBJECT TO MANDATORY REDEMPTION 10 1 24 6
MINORITY INTEREST 24 22 167 142
- ---------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS 299 259 1,108 226
INCOME FROM DISCONTINUED OPERATIONS - NET OF TAX (26) 120 30 690
- ---------------------------------------------------------------------------------------------------------
INCOME BEFORE ACCOUNTING CHANGE 273 379 1,138 916
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - NET OF TAX (1) - (1) -
- ---------------------------------------------------------------------------------------------------------
NET INCOME $ 272 $ 379 $ 1,137 $ 916
=========================================================================================================
WEIGHTED-AVERAGE SHARES
OF COMMON STOCK OUTSTANDING 326 326 326 326
BASIC EARNINGS (LOSS) PER COMMON SHARE:
CONTINUING OPERATIONS $ 0.91 $ 0.79 $ 3.38 $ 0.69
DISCONTINUED OPERATIONS (0.08) 0.37 0.09 2.12
--------- ------------- ---------- -----------
TOTAL $ 0.83 $ 1.16 $ 3.47 $ 2.81
========= ============= ========== ===========
WEIGHTED-AVERAGE SHARES, INCLUDING
EFFECT OF DILUTIVE SECURITIES 332 332 332 331
DILUTED EARNINGS (LOSS) PER COMMON SHARE:
CONTINUING OPERATIONS $ 0.90 $ 0.78 $ 3.34 $ 0.68
DISCONTINUED OPERATIONS (0.08) 0.36 0.09 2.09
--------- ------------- ---------- -----------
TOTAL $ 0.82 $ 1.14 $ 3.43 $ 2.77
========= ============= ========== ===========
DIVIDENDS DECLARED PER COMMON SHARE $ 0.27 $ 0.25 $ 1.02 $ 0.85
EDISON INTERNATIONAL
Financial Overview
December 31, 2005
UNAUDITED
Dollars in Millions, Except Per-Share Amounts
EDISON INTERNATIONAL (Consolidated Totals)
Fourth Quarter Year Ended
2005 2004 2005 2004
----------------------------------------------
Assets $34,791 $33,269 $34,791 $33,269
Common Equity $6,615 $6,049 $6,615 $6,049
Revenue $2,975 $2,327 $11,852 $10,199
Earnings* $272 $379 $1,137 $916
Earnings Per Common Share* $0.83 $1.16 $3.47 $2.81
Book Value Per Common Share $20.30 $18.56 $20.30 $18.56
*includes parent company
SOUTHERN CALIFORNIA EDISON (Electric Utility)
Fourth Quarter Year Ended
2005 2004 2005 2004
-----------------------------------------------
Assets $24,703 $23,290 $24,703 $23,290
Common Equity $4,930 $4,521 $4,930 $4,521
Revenue $2,306 $1,920 $9,500 $8,448
Earnings $153 $315 $725 $915
Earnings Per EIX Common Share $0.47 $0.97 $2.22 $2.81
MISSION ENERGY HOLDING COMPANY-CONSOLIDATED (Nonutility Power Generation)
Fourth Quarter Year Ended
2005 2004 2005 2004
-----------------------------------------------
Assets $6,839 $6,888 $6,839 $6,888
Common Equity $1,048 $912 $1,048 $912
Revenue $643 $382 $2,248 $1,639
Earnings $116 $68 $350 $24
Earnings Per EIX Common Share $0.36 $0.21 $1.07 $0.07
EDISON CAPITAL (Capital and Financial Services Provider)
Fourth Quarter Year Ended
2005 2004 2005 2004
-----------------------------------------------
Assets $3,611 $3,537 $3,611 $3,537
Common Equity $677 $606 $677 $606
Revenue $23 $24 $95 $102
Earnings $11 $26 $91 $60
Earnings Per EIX Common Share $0.03 $0.08 $0.28 $0.18
SOUTHERN CALIFORNIA EDISON
kWh Sales (In thousands)
December 31, 2005
QUARTER ENDED DECEMBER 31, 2005
INCREASE/(DECREASE)
FROM
KwH LAST YEAR %
-----------------------------------------------
RESIDENTIAL 6,645,251 (5,582) (0.08)
AGRICULTURAL 246,309 14,379 6.20
COMMERCIAL 9,740,151 355,510 3.79
INDUSTRIAL 2,644,436 (66,387) (2.45)
PUBLIC AUTHORITIES 1,513,430 20,458 1.37
RAILROADS & RAILWAYS 15,991 731 4.79
INTERDEPARTMENTAL 6,365 6,216 *
----------------------------------
SALES TO ULTIMATE CONSUMERS 20,811,933 325,325 1.59
RESALE SALES 3,326,697 881,170 36.03
----------------------------------
TOTAL KWH SALES 24,138,630 1,206,495 5.26
==================================
YEAR ENDED DECEMBER 31, 2005
INCREASE/(DECREASE)
FROM
KwH LAST YEAR %
-----------------------------------------------
RESIDENTIAL 28,888,867 906,451 3.24
AGRICULTURAL 1,080,758 (129,432) (10.70)
COMMERCIAL 39,450,967 1,271,208 3.33
INDUSTRIAL 10,737,947 (215,379) (1.97)
PUBLIC AUTHORITIES 6,036,778 (69,405) (1.14)
RAILROADS & RAILWAYS 62,449 981 1.60
INTERDEPARTMENTAL 7,056 6,429 *
----------------------------------
SALES TO ULTIMATE CONSUMERS 86,264,822 1,770,853 2.10
RESALE SALES 14,727,348 1,948,301 15.25
----------------------------------
TOTAL KWH SALES 100,992,170 3,719,154 3.82
==================================
*indicates over 200%
