eix-20200728

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2020

Commission
File Number

Exact Name of Registrant
as specified in its charter

State or Other Jurisdiction of
Incorporation or Organization

IRS Employer
Identification Number

1-9936

EDISON INTERNATIONAL

California

95-4137452

1-2313

SOUTHERN CALIFORNIA EDISON COMPANY

California

95-1240335

2244 Walnut Grove Avenue

(P.O. Box 976)

(P.O. Box 800)

Rosemead,

California

91770

Rosemead,

California

91770

(Address of principal executive offices)

(626)

302-2222

(626)

302-1212

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ☐ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ☐ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ☐ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ☐ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Edison International:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

EIX

NYSE

LLC

Southern California Edison Company:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Cumulative Preferred Stock, 4.08% Series	SCEpB	NYSE American LLC
Cumulative Preferred Stock, 4.24% Series	SCEpC	NYSE American LLC
Cumulative Preferred Stock, 4.32% Series	SCEpD	NYSE American LLC
Cumulative Preferred Stock, 4.78% Series	SCEpE	NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company	Edison International	☐
Emerging growth company	Southern California Edison Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Edison International									☐
Southern California Edison Company									☐

This current report and its exhibits include forward-looking statements. Edison International and Southern California Edison Company ("SCE") based these forward-looking statements on their current expectations and projections about future events in light of their knowledge of facts as of the date of this current report and their assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Edison International and SCE. Edison International and SCE have no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. This current report should be read with Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent Quarterly Reports on Form 10-Q. Additionally, Edison International and SCE provide direct links to EIX and SCE presentations, documents and other information at www.edisoninvestor.com (Events and Presentations) in order to publicly disseminate such information.

Item 2.02 Results of Operations and Financial Condition

On July 28, 2020, Edison International issued a press release reporting its financial results and the financial results for its subsidiary, Southern California Edison Company, for the quarter ended June 30, 2020. A copy of the press release is attached as Exhibit 99.1. On the same day, members of Edison International's management will speak to investors via a financial teleconference. Senior management's prepared remarks and accompanying presentation are attached as Exhibit 99.2 and Exhibit 99.3 to this report. The information furnished in this Item 2.02 and Exhibits 99.1, 99.2, and 99.3 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933.

Item 7.01 Regulation FD Disclosure

Members of Edison International management will use the information in the presentation furnished as Exhibit 99.3 to this report in meetings with institutional investors and analysts and at investor conferences. The attached presentation will also be posted posted on www.edisoninvestor.com.

Item 9.01 Financial Statements and Exhibits

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			EDISON INTERNATIONAL
			(Registrant)

			/s/ Aaron D. Moss
			Aaron D. Moss
			Vice President and Controller


			SOUTHERN CALIFORNIA EDISON COMPANY
			(Registrant)

			/s/ Aaron D. Moss
			Aaron D. Moss
			Vice President and Controller


FOR IMMEDIATE RELEASE			Investor Relations: Sam Ramraj, (626) 302-2540
			Media Contact: Jeff Monford, (626) 476-8120

Edison International Reports Second Quarter and Year-to-Date 2020 Results

ROSEMEAD, Calif., July 28, 2020 — Edison International (NYSE: EIX) today reported second quarter 2020 net income of $318 million, or $0.85 per share, compared to net income of $392 million, or $1.20 per share, in the second quarter 2019. As adjusted, second quarter 2020 core earnings were $375 million, or $1.00 per share, compared to core earnings of $515 million, or $1.58 per share, in the second quarter 2019.

Southern California Edison's (SCE) second quarter 2020 earnings per share (EPS) decreased by $0.26 from the prior year period, consisting of lower core EPS of $0.56 and lower non-core loss per share of $0.30. Lower core EPS was primarily due to the increase in shares outstanding related to the equity offerings in July 2019 and May 2020, the adoption of the 2018 GRC decision in the second quarter of 2019, and the timing of O&M expenses, partially offset by higher CPUC-related revenue due to the escalation mechanism as set forth in the 2018 GRC decision.

SCE's lower non-core loss per share was mainly attributable to the absence of $0.38 of disallowed historical capital expenditures in SCE's 2018 GRC decision recorded in the second quarter 2019, and a charge recorded in 2020 of $0.16 from the amortization of SCE's contributions to the Wildfire Insurance Fund. These were partially offset by a gain of $0.10 recorded in 2020 for SCE's sale of San Onofre nuclear fuel.

Edison International Parent and Other's second quarter 2020 loss per share increased by $0.09 compared to second quarter 2019, consisting of higher core loss per share of $0.02 and higher non-core loss per share of $0.07. The higher core loss per share was primarily due to higher interest expense, partially offset by the increase in shares outstanding. The higher non-core loss per share was mainly related to a goodwill impairment charge recorded in 2020 related to Edison Energy stemming from the economic impact of COVID-19.

“We are confident in our 2020 earnings guidance, although the timing of operations and maintenance expenses and deferrals of certain wildfire-related costs negatively impacted our core earnings per share for the quarter. These comparisons should improve in the second half of the year,” said Pedro J. Pizarro, president and chief executive officer of Edison International. “I am proud of our team’s steadfast performance during this COVID-19 pandemic, focusing on practices to ensure the safety and health of employees and critical operations for customers’ benefit, including those laid out in SCE’s 2020–2022 Wildfire Mitigation Plan.”

Pizarro added, “While we anticipate another active fire season, SCE is entering this period better prepared than ever. In addition to advancing wildfire mitigation measures, the company has made improvements to Public Safety Power Shutoff, or PSPS, protocols since last year which we expect will reduce the number of customers affected by 30% under the same conditions as last year.”

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

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Year-to-Date Earnings

For the six months ended June 30, 2020, Edison International reported net income of $501 million, or $1.37 per share, compared to $670 million, or $2.05 per share, during the same period in 2019. As adjusted, Edison International's core earnings were $603 million, or $1.65 per share, compared to $721 million, or $2.21 per share, in the year-to-date period in 2019.

SCE's year-to-date 2020 EPS decreased $0.54 from the same period prior year, consisting of lower core EPS of $0.50 per share and higher non-core loss per share of $0.04. The decrease in SCE's core EPS was primarily due to the increase in shares outstanding related to the equity offerings in July 2019 and May 2020, the adoption of the 2018 GRC decision in the second quarter of 2019, and the timing of O&M expenses, partially offset by higher CPUC-related revenue due to the escalation mechanism as set forth in the 2018 GRC decision. SCE's higher non-core loss per share was mainly related to a charge of $0.32 recorded in 2020 from the amortization of SCE's contributions to the Wildfire Insurance Fund and the absence of $0.21 of income tax benefits related to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019. These were partially offset by a $0.09 higher gain for SCE's sale of San Onofre nuclear fuel and the absence of the $0.38 impairment charge resulting from the disallowance of certain historical capital expenditures in SCE's 2018 GRC final decision recorded in the second quarter 2019.

Edison International Parent and Other’s year-to-date 2020 loss per share increased by $0.14 compared to the same period in 2019, consisting of higher core loss per share of $0.06 and higher non-core loss per share of $0.08. The increase in core loss per share was primarily due to higher interest expense, partially offset by the increase in shares outstanding. The higher non-core loss per share was mainly related to a goodwill impairment charge recorded in 2020 related to Edison Energy stemming from the economic impact of COVID-19.

Edison International uses core earnings, which is a non-GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings. Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period. Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings.

2020 Earnings Guidance

The company narrowed its earnings guidance range for 2020 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information.

2020 Earnings Guidance


	2020 Earnings Guidance			2020 Earnings Guidance
	as of April 30, 2020			as of July 28, 2020
	Low	High	Low	High
EIX Basic EPS	$4.19	$4.49	$4.09	$4.34
Less: Non-core Items*	(0.13)	(0.13)	(0.28)	(0.28)
EIX Core EPS	$4.32	$4.62	$4.37	$4.62

* There were ($102) million, or ($0.28) per share of non-core items recorded for the six months ended June 30, 2020, calculated based on an assumed weighted average share count for 2020.

Second Quarter 2020 Earnings Conference Call Materials

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-Q to the company's investor relations website. These materials are available at www.edisoninvestor.com.

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

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Reminder: Edison International Will Hold a Conference Call Today

When: Tuesday, July 28, 2020, 1:30 p.m. (Pacific Time)

Telephone Numbers: 1-888-673-9780 (US) and 1-312-470-0178 (Int'l) - Passcode: Edison

Telephone Replay: 1-866-441-1051 (US) and 1-203-369-1058 (Int’l) - Passcode: 2548

Telephone replay available through August 11, 2020

Webcast: www.edisoninvestor.com

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

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Use of Non-GAAP Financial Measures

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. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Safe Harbor Statement

Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:

•ability of SCE to recover its costs through regulated rates, including costs related to uninsured wildfire-related and mudslide-related liabilities, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred to implement SCE's new customer service system and costs incurred as a result of the COVID-19 pandemic;

•ability of SCE to implement its Wildfire Mitigation Plan, including effectively implementing Public Safety Power Shut-Offs when appropriate;

•ability to obtain sufficient insurance at a reasonable cost, including insurance relating to SCE's nuclear facilities and wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties;

•risks associated with California Assembly Bill 1054 (“AB 1054”) effectively mitigating the significant risk faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including SCE's ability to maintain a valid safety certification, SCE's ability to recover uninsured wildfire-related costs from the insurance fund established under AB 1054 (“Wildfire Insurance Fund”), the longevity of the Wildfire Insurance Fund, and the CPUC's interpretation of and actions under AB 1054, including their interpretation of the new prudency standard established under AB 1054;

•decisions and other actions by the California Public Utilities Commission, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and mudslide-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, and delays in executive, regulatory and legislative actions;

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

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•ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;

•risks associated with the decommissioning of San Onofre, including those related to public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel, delays, contractual disputes, and cost overruns;

•pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results;

•extreme weather-related incidents and other natural disasters (including earthquakes and events caused, or exacerbated, by climate change, such as wildfires), which could cause, among other things, public safety issues, property damage and operational issues;

•physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison International's and SCE's critical information technology systems for grid control, and business, employee and customer data;

•risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);

•risks inherent in SCE's transmission and distribution infrastructure investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), changes in the California Independent System Operator’s transmission plans, and governmental approvals; and

•risks associated with the operation of transmission and distribution assets and power generating facilities, including public, contractor and employee safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts.

Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report and in the 2019 Form 10-K, including the "Risk Factors" section. Readers are urged to read this entire report, including information incorporated by reference, as well as the 2019 Form 10-K, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) to presentations, documents and other information that may be of interest to investors in a section title "Events and Presentations" at www.edisoninvestor.com in order to publicly disseminate such information.

These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

Page 6 of 11

Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share


	Three months ended June 30,								Six months ended June 30,
	2020		2019		Change		2020		2019		Change
Earnings (loss) per share attributable to Edison International
Continuing operations
SCE	$	1.02	$	1.28	$	(0.26)	$	1.64	$	2.18	$	(0.54)
Edison International Parent and Other	(0.17)		(0.08)		(0.09)		(0.27)		(0.13)		(0.14)

Edison International	0.85		1.20		(0.35)		1.37		2.05		(0.68)
Less: Non-core items
SCE	(0.08)		(0.38)		0.30		(0.20)		(0.16)		(0.04)
Edison International Parent and Other	(0.07)		—		(0.07)		(0.08)		—		(0.08)

Total non-core items	(0.15)		(0.38)		0.23		(0.28)		(0.16)		(0.12)
Core earnings (losses)
SCE	1.10		1.66		(0.56)		1.84		2.34		(0.50)
Edison International Parent and Other	(0.10)		(0.08)		(0.02)		(0.19)		(0.13)		(0.06)
Edison International	$	1.00	$	1.58	$	(0.58)	$	1.65	$	2.21	$	(0.56)

Note: Diluted earnings were $0.85 and $1.20 per share for the three months ended June 30, 2020 and 2019, respectively, and $1.36 and $2.05 per share for the six months ended June 30, 2020 and 2019, respectively.

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

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Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions)


	Three months ended June 30,								Six months ended June 30,
(in millions)	2020		2019		Change		2020		2019		Change
Net income (loss) attributable to Edison International
Continuing operations
SCE	$	381	$	419	$	(38)	$	600	$	712	$	(112)
Edison International Parent and Other	(63)		(27)		(36)		(99)		(42)		(57)

Edison International	318		392		(74)		501		670		(169)
Less: Non-core items
SCE^1,2,3,4,5,6	(32)		(123)		91		(74)		(51)		(23)
Edison International Parent and Other^2,7	(25)		—		(25)		(28)		—		(28)

Total non-core items	(57)		(123)		66		(102)		(51)		(51)
Core earnings (losses)
SCE	413		542		(129)		674		763		(89)
Edison International Parent and Other	(38)		(27)		(11)		(71)		(42)		(29)
Edison International	$	375	$	515	$	(140)	$	603	$	721	$	(118)

¹Includes amortization of SCE’s Wildfire Insurance Fund expenses of $83 million ($60 million after-tax) and $167 million ($120 million after-tax) for the quarter and year-ended June 30, 2020, respectively.

² Includes income tax benefit of $18 million and income tax expense of $3 million recorded in the first quarter of 2020 for SCE and Edison International Parent and Other, respectively, due to re-measurement of uncertain tax positions related to the 2010 – 2012 California state tax filings currently under audit.

³ Includes income tax benefits of $69 million recorded in 2019 for SCE related to changes in the allocation of deferred tax re-measurement between customers and shareholders as a result of a CPUC resolution issued in February 2019. The resolution determined that customers are only entitled to excess deferred taxes which were included when setting rates and other deferred tax re-measurement belongs to shareholders.

⁴ Includes a gain of $52 million ($37 million after-tax) recorded in 2020 and $4 million ($3 million after-tax) recorded in 2019 for SCE's sale of San Onofre nuclear fuel.

⁵ Includes expenses of $12 million ($9 million after-tax) recorded in 2020 for SCE's legal costs related to 2017/2018 Wildfire/Mudslide events.

⁶ Includes an impairment charge of $170 million ($123 million after-tax) recorded in 2019 for SCE related to disallowed historical capital expenditures in SCE's 2018 GRC decision.

⁷ Includes a goodwill impairment charge of $34 million ($25 million after-tax) recorded in 2020 for Edison International Parent and Other related to Edison Energy stemming from the economic impact of COVID-19.

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

Page 8 of 11


Consolidated Statements of Income							Edison International

	Three months ended June 30,						Six months ended June 30,
(in millions, except per-share amounts, unaudited)	2020		2019		2020		2019
Total operating revenue	$	2,987	$	2,812	$	5,777	$	5,636
Purchased power and fuel	1,068		1,135		1,996		2,140
Operation and maintenance	762		595		1,643		1,477

Wildfire Insurance Fund expense	83		—		167		—
Depreciation and amortization	489		321		973		801
Property and other taxes	103		93		214		203
Impairment and other	(18)		170		(18)		166
Other operating income	—		(2)		—		(3)
Total operating expenses	2,487		2,312		4,975		4,784
Operating income	500		500		802		852

Interest expense	(229)		(211)		(454)		(405)
Other income	81		55		133		93
Income before taxes	352		344		481		540
Income tax expense (benefit)	4		(78)		(80)		(190)


Net income	348		422		561		730
Preferred and preference stock dividend requirements of SCE	30		30		60		60

Net income attributable to Edison International common shareholders	$	318	$	392	$	501	$	670




Basic earnings per share:
Weighted average shares of common stock outstanding	375		326		367		326


Basic earnings per common share attributable to Edison International common shareholders:	$	0.85	$	1.20	$	1.37	$	2.05
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities	376		327		368		327


Diluted earnings per common share attributable to Edison International common shareholders	$	0.85	$	1.20	$	1.36	$	2.05

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

Page 9 of 11


Consolidated Balance Sheets	Edison International

(in millions, unaudited)	June 30, 2020		December 31, 2019
ASSETS
Cash and cash equivalents	$	524	$	68
Receivables, less allowances of $91 and $50 accounts at respective dates	936		788
Accrued unbilled revenue	629		488
Inventory	382		364
Income tax receivables	108		118
Prepaid expenses	49		214

Regulatory assets	1,692		1,009
Wildfire Insurance Fund contributions	323		323
Other current assets	153		188

Total current assets	4,796		3,560
Nuclear decommissioning trusts	4,566		4,562
Other investments	84		64
Total investments	4,650		4,626
Utility property, plant and equipment, less accumulated depreciation and amortization of $10,371 and $9,958 at respective dates	45,386		44,198
Nonutility property, plant and equipment, less accumulated depreciation of $90 and $86 at respective dates	167		87
Total property, plant and equipment	45,553		44,285

Regulatory assets	6,528		6,088
Wildfire Insurance Fund contributions	2,606		2,767
Operating lease right-of-use assets	672		693
Other long-term assets	2,246		2,363
Total long-term assets	12,052		11,911










Total assets	$	67,051	$	64,382

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

Page 10 of 11


Consolidated Balance Sheets	Edison International

(in millions, except share amounts, unaudited)	June 30, 2020		December 31, 2019
LIABILITIES AND EQUITY
Short-term debt	$	475	$	550
Current portion of long-term debt	1,029		479
Accounts payable	1,657		1,752

Accrued interest	312		261
Customer deposits	281		302

Regulatory liabilities	857		972
Current portion of operating lease liabilities	65		80
Other current liabilities	1,223		1,127

Total current liabilities	5,899		5,523
Long-term debt	19,238		17,864
Deferred income taxes and credits	5,295		5,078

Pensions and benefits	656		674
Asset retirement obligations	3,013		3,029
Regulatory liabilities	8,395		8,385
Operating lease liabilities	607		613
Wildfire-related claims	4,561		4,568
Other deferred credits and other long-term liabilities	2,941		3,152
Total deferred credits and other liabilities	25,468		25,499
Total liabilities	50,605		48,886
Commitments and contingencies

Common stock, no par value (800,000,000 shares authorized; 378,207,496 and 361,985,133 shares issued and outstanding at respective dates)	5,908		4,990
Accumulated other comprehensive loss	(65)		(69)
Retained earnings	8,410		8,382
Total Edison International's common shareholders' equity	14,253		13,303
Noncontrolling interests – preferred and preference stock of SCE	2,193		2,193

Total equity	16,446		15,496




Total liabilities and equity	$	67,051	$	64,382

Edison International Reports Second Quarter and Year-to-Date 2020 Financial Results

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Consolidated Statements of Cash Flows	Edison International

	Six months ended June 30,
(in millions, unaudited)	2020		2019
Cash flows from operating activities:
Net income	$	561	$	730


Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	1,005		837
Allowance for equity during construction	(51)		(49)
Impairment and other	(18)		166
Deferred income taxes	(58)		(182)
Wildfire Insurance Fund amortization expense	167		—
Other	32		13
Nuclear decommissioning trusts	(62)		(72)

Changes in operating assets and liabilities:
Receivables	(108)		(72)
Inventory	(19)		(49)
Accounts payable	14		221
Tax receivables and payables	31		65
Other current assets and liabilities	(23)		(423)

Regulatory assets and liabilities, net	(927)		(543)
Wildfire-related insurance receivable	73		—

Other noncurrent assets and liabilities	8		(44)


Net cash provided by operating activities	625		598
Cash flows from financing activities:
Long-term debt issued, plus premium and net of discount and issuance costs of $26 and $(18) for the respective periods	2,726		1,682
Long-term debt repaid or repurchased	(814)		(41)
Term loan issued	1,275		1,750
Term loan repaid	(800)		(750)
Common stock issued	884		—


Short-term debt financing, net	(550)		(509)
Payments for stock-based compensation	(3)		(48)
Receipts from stock option exercises	14		25
Dividends and distribution to noncontrolling interests	(60)		(60)
Dividends paid	(454)		(399)
Other	5		1


Net cash provided by financing activities	2,223		1,651
Cash flows from investing activities:
Capital expenditures	(2,514)		(2,235)
Proceeds from sale of nuclear decommissioning trust investments	3,225		2,440
Purchases of nuclear decommissioning trust investments	(3,163)		(2,368)


Other	60		27


Net cash used in investing activities	(2,392)		(2,136)


Net increase in cash, cash equivalents and restricted cash	456		113
Cash, cash equivalents and restricted cash at beginning of period	70		152
Cash, cash equivalents and restricted cash at end of period	$	526	$	265

Prepared Remarks of Edison International CEO and CFO

Second Quarter 2020 Earnings Teleconference

July 28, 2020, 1:30 p.m. (PST)

Pedro Pizarro, President and Chief Executive Officer, Edison International

Let me start by hoping that all of you listening today and your loved ones are staying safe and healthy as our world continues to work its way through COVID-19. Today, Edison International reported core earnings per share of $1.00 for the second quarter 2020, down 58 cents compared to the same period last year. The decline in year over year EPS was primarily due to higher O&M expenses, equity share dilution, and the true-up for the final 2018 GRC decision we recorded in the second quarter of last year. Consistent with recent quarters, results for this period were impacted by the timing of O&M spend and deferrals of certain wildfire-related expenses. However, the year-over-year EPS impact of wildfire-related expenses should improve in the second half and we remain confident in our outlook for the full year. Therefore, we are narrowing our 2020 EPS guidance range to $4.37 to $4.62 by raising our low end by 5 cents. Maria will discuss our financial performance in more detail in her report.

On the legislative front, we are pleased that the Governor and Legislature prioritized wildfire funding in the recently adopted budget, despite its projected $54 billion deficit due to the pandemic. The budget provides over $200 million in one-time and ongoing funding for community resiliency preparedness, additional firefighting personnel and equipment, and enhancement of the State’s emergency preparedness, response and coordination with State agencies, local governments and utilities. We are also encouraged by the State’s enhanced wildfire mitigation capabilities as we prepare for this year’s wildfire season. For instance, CAL FIRE reported that it completed all of the planned 35 emergency fuels management projects in May, making 90,000 acres safer ahead of wildfire season and protecting 200 vulnerable communities. Some of these projects were located in, or adjacent to, SCE service territory. CAL FIRE has also made substantial investments to support its firefighting capabilities, including the addition of C-130 airplanes and new helicopters with better night firefighting capabilities.

Turning to operations during this COVID-19 pandemic: SCE remains steadfast in focusing on practices aimed at the safety and health of employees and customers. Two thirds of our 13,000 employees continue to telework, and we recently moved our earliest reentry date for them from after Labor Day to the beginning of next year. Importantly, SCE also has a sharp focus on maintaining critical operations for customers’ benefit, including those laid out in SCE’s 2020-2022 Wildfire Mitigation Plan. This plan calls for SCE to continue to harden infrastructure, bolster situational awareness capabilities and improve operational practices, while implementing enhanced data analytics and technology. Since the beginning of the year, SCE has completed more than 330 miles of covered conductor, installed nearly 400 additional weather stations and completed over 135,000 ground-based inspections of our infrastructure in high fire risk areas. SCE is also making good progress in acquiring more high definition imagery, through a combination of helicopters and drones, to facilitate additional assessments that are not possible from the ground. The CPUC approved the 2020-2022 Wildfire Mitigation Plan on June 11^th, paving the way for the renewal of SCE’s annual Safety Certification as the prerequisite for access to the Wildfire Fund.

Looking ahead, we anticipate another active fire season, mainly driven by lower-than-expected precipitation and very dry conditions across California. However, SCE is entering the more active fire period better prepared than ever. In addition to advancing wildfire mitigation measures, the company has made improvements to Public Safety Power Shutoff, or PSPS, protocols since last year. While the use of PSPS is largely dependent on temperature, wind and fuel conditions, with the improvements that SCE has made since last year, we would expect to see a 30% reduction in the number of customers affected by PSPS events under the same conditions as last year. Our preparedness includes pre-established switching playbooks for each of our approximately 1,100 circuits that traverse high fire risk areas, enabling a more surgical approach to isolate the smallest portion of the circuit possible for a given weather condition. It also includes many facets of our customer care program such as providing generator rebates for customers in our high fire risk area and battery backup systems for qualified critical care customers. We continue to focus on minimizing customer impacts, but PSPS will remain a tool to mitigate the risk of a catastrophic wildfire.

Among key wildfire-related proceedings at the CPUC, SCE submitted its 2020 safety certification request on June 19^th, outlining how the company meets safety culture and conduct requirements, including implementing our approved Wildfire Mitigation Plan and linking executive compensation to safety. The CPUC has 90 days to act on SCE’s request; until then, the initial safety certification we received last July will remain in effect.

On the legal front, I would like to give you an update on the 2017/2018 Wildfire/Mudslide events. SCE announced an agreement last November to settle claims with 23 public entities. Since that time, the utility has continued to explore settlement opportunities with numerous individual plaintiffs. During the quarter, SCE reached confidential settlement agreements with some of these plaintiffs, and they represent the first individual claims that the company has settled in the 2017/2018 Wildfire/Mudslide cases. There are thousands of similar individual claims against SCE, and the utility is committed to exploring settlements with all reasonable parties who wish to do so. The Court has set January 12^th, 2021 as the start of the Thomas Fire bellwether trial, but this may be further impacted by COVID-19. The court vacated the July 2020 bellwether trial date for the Woolsey Fire and has yet to set a new date.

I would now like to briefly discuss how sustainability is central to our vision for leading the transformation of the electric power industry. Our vision aligns with California’s COVID-19 recovery efforts, as the State is working to help Californians recover as fast as safely possible from the COVID-19-induced recession and to shape an equitable, green and prosperous future. Our recently published 2019 sustainability report highlights Edison International’s progress towards meeting our long-term goals. They include delivering 100% carbon-free power to SCE customers by 2045, expanding infrastructure in SCE’s service area to support increased vehicle electrification and electrifying SCE’s own fleet, including 100% of light duty vehicles by 2030. I would note that at the end of 2019, 51% of the electricity that SCE delivered came from carbon-free resources.

We also remain focused on advancing our clean energy and electrification strategy. In May, SCE announced 770 megawatts of energy storage procurement, one of the largest in the

nation which will help enhance electric system local reliability needs. Also, last month, SCE, in partnership with other utilities, published the West Coast Clean Transit Corridor Initiative study, looking at infrastructure needs to serve medium- and heavy-duty electric trucks. Additionally, we were pleased that the California Air Resources Board furthered the state’s commitment to electrification by adopting the nation’s first zero-emission, electric truck rule. Maria will comment on the initial proposed decision issued yesterday in SCE’s Charge Ready 2 proceeding.

Let me conclude by saying that California’s commitment to the 2030 and 2045 climate change goals can play a critical role in a just and equitable economic recovery. Investments in clean energy and electrification can address climate change and also lower greenhouse gases affordably for all California communities. At Edison International, we are committed to enabling the State’s efforts to achieve its objective of a clean energy economy.

Maria Rigatti, Executive Vice President and Chief Financial Officer, Edison International

Edison International reported core earnings of $1.00 per share for the second quarter 2020, a decrease of 58 cents per share from the same period last year. This decline was primarily due to higher O&M expenses, equity share dilution, and the true-up for the final 2018 GRC decision we recorded in the second quarter of last year. As Pedro had mentioned, we expect the year-over-year EPS impact of wildfire-related expenses to improve in the second half and we are narrowing our full year 2020 EPS guidance by raising the low end of the range.

On page 2, you can see SCE’s key EPS drivers on the right-hand side. I would like to highlight four items that negatively impacted the variance.

First, EPS declined by 20 cents due to the 2018 true-up recorded in the second quarter of 2019 upon receipt of the final GRC decision. Second, O&M had a negative variance of 24 cents, including from increased expenses that are offset by revenue due to balancing account treatment, as well as the timing of deferrals related to both wildfire mitigation expenses and COVID-19 related costs.

The variance related to wildfire mitigation expenses is due to the timing of regulatory deferrals for vegetation management and inspection and preventative maintenance costs. For the quarter, the negative variance from wildfire mitigation expenses was 6 cents per share. During the quarter, certain wildfire-related expenses reached the total amount authorized in the GRC and we began to defer incremental costs through approved memorandum accounts. We will begin to defer other categories of costs in the third quarter when these exceed the GRC authorized levels. Therefore, wildfire-related expenses will be less of a driver of year-over-year variances in the second half.

O&M expenses were also negatively impacted by the timing of customer uncollectibles, labor and other expenses resulting from the COVID-19 pandemic and SCE's response to it. As we have noted previously, there are tracking accounts for COVID-related expenses. Since some of these expenses are similar to costs authorized in the GRC, for example uncollectibles, we must reach full-year GRC authorized levels before we begin to defer them. The EPS impact in the quarter for these items until they reached the authorized levels was 6 cents. However, for the full year, we do not expect an earnings impact due to COVID-related expenses. As for deferrals, through June 30^th, we have recorded $49 million in two COVID-related memo accounts.

Third, depreciation and amortization negatively impacted EPS by 13 cents. This was primarily due to changes in Q1 2019 depreciation rates that were recorded in the second quarter last year following the GRC decision as well as higher plant. Finally, EPS in the quarter was lower by 17 cents because of dilution from the increase in shares outstanding.

On page 3 you will find SCE’s capital expenditure and rate base forecast. We have a robust capital program of $19.4 to $21.2 billion, which includes SCE’s revised capital request reflected in the 2021 GRC rebuttal testimony. Based on the capital expenditure levels requested in the 2021 GRC, total weighted-average CPUC- and FERC-jurisdictional rate base will increase to $41 billion by 2023. This request level represents a compound annual growth rate of 7.5% over two rate case periods. Applying a 10% reduction to the total capital forecast, to reflect our experience of previously authorized amounts and other operational considerations, results in

compound annual rate base growth of 6.6%. As we have done in the past, projects and programs that have not yet been approved by the CPUC, such as Charge Ready 2, are not included in the rate base forecast. Yesterday evening, we received a proposed decision in the Charge Ready 2 proceeding. The PD would authorize a total program budget of $442 million, including a capital budget of $314 million. It is expected to be voted on at the Commission’s August 27 business meeting.

Please turn to page 4 for an update on the 2021 GRC. During the quarter, SCE filed its rebuttal testimony focusing on a number of the intervenors’ recommendations, including their positions on reductions to the covered conductor program and depreciation. While the magnitude of the revenue increase is higher than prior GRCs, we continue to underscore that our request is necessary to make the longer-term investments required to deliver safe, reliable, affordable, and increasingly clean electricity for more than 15 million Californians. As for next steps in the GRC, evidentiary hearings were completed on July 22^nd and briefs and oral arguments are scheduled for the Fall. We are encouraged that the CPUC has kept this proceeding on schedule even while working remotely during the COVID-19 pandemic. The CPUC is expected to issue a final decision for Track 1 in Q1 2021.

I would now like to update you on other key financial topics. Please turn to page 5.

First, we completed our 2020 EIX financing plan in May with the direct placement of $800 million of equity with several existing long-term investors. We have minimal equity needs to fund our ongoing capital expenditures program beyond 2020. As noted previously, this is also predicated on timely cost recovery of the requested memorandum accounts and the current level of liabilities reflected on our balance sheet for the 2017 and 2018 wildfire and mudslide events.

Turning to wildfire insurance coverage, we have secured $1 billion of gross insurance coverage from July 2020 to June 2021, which is $870 million net of self- and co-insurance. You will recall that we had net coverage of about $1 billion for the previous policy year. The insurance market continues to be tight and based on the cost of insurance premiums, the $1 billion gross coverage optimizes risk mitigation and cost to customers. We believe that this

insurance coverage meets the requirements of AB 1054. Based on policies currently in effect, the wildfire insurance expense in 2020 is approximately $450 million.

Moving to our 2019 FERC Formula Rate case, SCE filed a settlement on its formula rates in June. If approved by FERC, this settlement will provide SCE with an all-in ROE of 10.3% and an equity layer that is the higher of actual and 47.5%. SCE can file a new rate case beginning in January 2022.

Lastly, earlier this month we filed an application with the CPUC to allow SCE to securitize $337 million of wildfire-related capital expenditures. AB 1054 allows us to securitize wildfire-related costs including $1.6 billion of CPUC-approved wildfire mitigation capital spending, which can’t be included in the equity portion of SCE’s rate base. This application requests authority to securitize a portion of the recently approved Grid Safety and Resiliency Program spending. The bonds will be repaid from a dedicated rate component.

Pages 6 and 7 show our 2020 guidance and the key assumptions for modeling purposes. I’ll start by highlighting that we are narrowing the EPS guidance range to $4.37 to $4.62 per share by raising the low end of the range. This also increases the midpoint of the EPS range to $4.50.

There are several variables driving this positive revision. Let’s begin with SCE’s rate base earnings. We now expect the rate base EPS outlook to be 3 cents higher as a result of our 2019 FERC Formula Rate case settlement, and the resolution of a tax-related regulatory proceeding. Building on this, we are also now forecasting a net contribution of 27 cents from SCE operating and financial variances. This is 7 cents higher than our previous estimate. This increase is influenced by the timing of SCE’s financing activities as well as a number of other operational items. As you look at the next three bars on the chart, you will note that some of the EPS increases I just described are offset by higher costs at EIX Parent and Other, primarily from increased interest expense, and dilution from outstanding share count. We now forecast the combined EPS drag from these two items to be 7 cents higher than our previous estimate and this is primarily related to the completion of the EIX financing plan earlier in the year than originally

anticipated. Taking all of these variables into consideration, the net impact of these changes, combined with the outlook for our business with another quarter behind us in this COVID-19 environment, gives us confidence in our narrowed 2020 EPS guidance range of $4.37 to $4.62 per share.

Exhibit 99.3 Second Quarter 2020 Financial Results July 28, 2020

Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the: • ability of SCE to recover its costs through regulated rates, including costs related to uninsured wildfire-related and mudslide-related liabilities, costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred to implement SCE's new customer service system and costs incurred as a result of the COVID-19 pandemic; • ability of SCE to implement its Wildfire Mitigation Plan, including effectively implementing Public Safety Power Shut-Offs when appropriate; • ability to obtain sufficient insurance at a reasonable cost, including insurance relating to SCE's nuclear facilities and wildfire-related claims, and to recover the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties; • risks associated with California Assembly Bill 1054 (“AB 1054”) effectively mitigating the significant risk faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including SCE's ability to maintain a valid safety certification, SCE's ability to recover uninsured wildfire-related costs from the insurance fund established under AB 1054 (“Wildfire Insurance Fund”), the longevity of the Wildfire Insurance Fund, and the CPUC's interpretation of and actions under AB 1054, including their interpretation of the new prudency standard established under AB 1054; • decisions and other actions by the California Public Utilities Commission, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and mudslide-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, and delays in executive, regulatory and legislative actions; • ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms; • risks associated with the decommissioning of San Onofre, including those related to public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel, delays, contractual disputes, and cost overruns; • pandemics, such as COVID-19, and other events that cause regional, statewide, national or global disruption,, which could impact, among other things, Edison International's and SCE's business, operations, cash flows, liquidity and/or financial results; • extreme weather-related incidents and other natural disasters (including earthquakes and events caused, or exacerbated, by climate change, such as wildfires), which could cause, among other things, public safety issues, property damage and operational issues; • physical security of Edison International's and SCE's critical assets and personnel and the cybersecurity of Edison International's and SCE's critical information technology systems for grid control, and business, employee and customer data; • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs); • risks inherent in SCE's transmission and distribution infrastructure investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, power curtailment costs (payments due under power contracts in the event there is insufficient transmission to enable acceptance of power delivery), changes in the California Independent System Operator’s transmission plans, and governmental approvals; and • risks associated with the operation of transmission and distribution assets and power generating facilities, including public, contractor and employee safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts. Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K and other reports filed with the Securities and Exchange Commission, which are available on our website: www.edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this presentation. July 28, 2020 1

Second Quarter Earnings Summary Q2 Q2 2020 2019 Variance SCE EPS Drivers2 Test Year 2018 GRC true-up in 20193 $ (0.20) Basic Earnings Per Share (EPS) Higher revenue 0.19 SCE $ 1.02 $ 1.28 $ (0.26) - CPUC revenue 0.14 - FERC revenue 0.05 EIX Parent & Other (0.17) (0.08) (0.09) Higher O&M (0.24) Basic EPS $ 0.85 $ 1.20 $ (0.35) Higher depreciation (0.13) Higher net financing costs (0.03) Less: Non-core Items Income taxes (0.01) Other 0.03 SCE1 $ (0.08) $ (0.38) $ 0.30 Results prior to impact from share dilution $ (0.39) EIX Parent & Other1 (0.07) — (0.07) Impact from share dilution (0.17) Total core drivers $ (0.56) Total Non-core $ (0.15) $ (0.38) $ 0.23 Non-core items1 0.30 Total $ (0.26) Core Earnings Per Share (EPS) Key EIX EPS Drivers2 SCE $ 1.10 $ 1.66 $ (0.56) EIX parent and other — Higher interest expense $ (0.04) Impact from share dilution 0.02 EIX Parent & Other (0.10) (0.08) (0.02) Total core drivers $ (0.02) 1 Core EPS $ 1.00 $ 1.58 $ (0.58) Non-core items (0.07) Total $ (0.09) 1. See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. For comparability, 2020 core drivers are reported based on prior period weighted-average share count of 325.8 million (2020 weighted-average shares outstanding is 375.0 million) 3. Impacts of Test Year 2018 GRC true-up in 2019 aggregated separately; $(0.20) includes revenue of $0.34, O&M of $(0.06), depreciation of $(0.24), interest expense of $0.01, property and other taxes of $(0.01) and income taxes of $(0.24) Note: Diluted earnings were $0.85 and $1.20 per share for the three months ended June 30, 2020 and 2019, respectively July 28, 2020 2

SCE has strong rate base growth driven by significant electric infrastructure investment opportunities SCE forecasts deploying significant capital in …resulting in above industry average rate 2020–2023… base growth Capital Expenditures, $ in Billions Rate Base2,3, $ in Billions ~$21 billion 7.5% 2020–2023 CAGR 41.0 38.2 5.4 5.4 5.4 35.9 5.0 33.5 4.8 30.8 28.5 Wildfire1 Generation Transmission Distribution 2019 2020 2021 2022 2023 Range 2018 2019 2020 2021 2022 2023 CAGR Range Case4 (Actual) 4.8 4.9 4.9 4.8 Case4 28.5 30.8 33.3 35.1 37.0 39.2 6.6% 1. In accordance with Assembly Bill (AB) 1054, ~$1.6 billion of wildfire mitigation-related spend shall not earn an equity return 2. Morongo Transmission holds an option to invest up to $400 million in the West of Devers Transmission Project at the in-service date, estimated to be 2021. In the chart, rate base has been reduced to reflect this option. Capital forecast includes 100% of the project spend 3. Weighted-average year basis. Excludes rate base associated with ~$1.6 billion of capital referred to in footnote 1 and projects or programs not yet approved 4. For 2021–2023 capital, reflects a 10% reduction of the total capital forecast using management judgment based on experience of previously authorized amounts and potential for permitting delays and other operational considerations. For 2020 capital, reflects a 10% reduction applied only to FERC capital spending and non-GRC programs. For rate base, forecast range case reflects capital expenditure forecast range case July 28, 2020 3

GRC update: Intervenor proposals submitted; CPUC action affirms commitment to maintaining original schedule Primary intervenor reductions are focused on CalPA and TURN proposals would result in the following areas, which ignore key cost-of- rate base growth near range case forecast service principles Rate Base CAGR, 2018–2023 Wildfire mitigation: Generally support 7.5% activities, but propose lower covered conductor 6.1% 6.4% scope Wildfire insurance: Argue for partial SCE Rebuttal1 CalPA2 TURN 3 shareholder funding of premiums CalPA and TURN recommend 2021 revenue Depreciation rate: Propose lower depreciation requirement increases of 7.0% and 3.6% 2021 GRC Revenue Requirement, $ in Billions 7.5 Incentive compensation: Similar to prior GRCs, 2020 6.9 6.7 argue portion should not be recovered from Authorized ($6.4) customers SCE Rebuttal CalPA TURN 1. SCE Rebuttal rate base forecast includes CPUC GRC 2019-2020 authorized and 2021-2023 request, and latest Non-GRC and FERC estimates 2. CalPA rate base forecast assumes CPUC GRC rate base attrition year increases for 2022 and 2023 of 3.5%, consistent with CalPA’s attrition mechanism proposal 3. TURN rate base forecast assumes TURN’s CPUC GRC rate base attrition proposal of budget-based capital additions for wildfire and new service connections, 0% increase on all other capital additions July 28, 2020 4

Other Financial Topics Completed 2020 EIX $800 million equity transaction in May at no discount to prior close financing plan $400 million note offering in April COVID-related costs Recorded $49 million to COVID-19-related memo accounts1 in balancing and memo accounts Recent CPUC decision to allow incremental residential bad debt expense recovery through two-way balancing account2 Wildfire insurance Gross insurance coverage of $1 billion for July 2020–June 2021 coverage in place SCE believes coverage meets obligation to maintain reasonable insurance coverage under AB 1054 Settled FERC Formula All-in ROE of 10.3% through at least December 2021 Rate case Equity component of capital structure higher of actual and 47.5% Settles CPUC protest related to Tehachapi Transmission Project Filed first AB 1054 Intend to securitize wildfire related costs as allowed by AB 1054, including securitization ~$1.6 billion of CPUC-approved spending not included in equity rate base application Filed initial request to authorize ~$337 million of recovery bonds3 1. As of June 30, 2020 2. Expected to be reviewed for compliance in the ERRA review proceeding 3. Consists of $327 million of AB 1054 Excluded Capital Expenditures (part of ~$1.6 billion total) and ~$10 million of financing costs July 28, 2020 5

EIX narrows 2020 core earnings guidance to $4.37–4.62 Midpoint of 2020 Core Earnings Per Share Guidance Range of $4.37–4.62 Building from SCE Rate Base on 2019 Weighted Average Shares $0.27 ($0.10) ($0.43) $5.20 Interest related to ($0.44) Financial, debt issued for $4.50 operating, and fund contribution: Operating other: ($0.09) expenses and $0.40 other: Previously issued Additional ($0.14) 2019 shares: Energy efficiency: disallowed ($0.31) $0.01 executive 2020 equity plan: compensation: Interest expense: Incremental ($0.13) ($0.01) ($0.29) wildfire mitigation costs not in regulatory assets: ($0.14) SCE 2020 EPS from SCE SB 901/AB 1054 EIX Parent Share Count Midpoint of EIX Rate Base Forecast Variances Impacts & Other Dilution EPS Guidance Range Note: See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. All tax-effected information on this slide is based on our current combined statutory tax rate of approximately 28%. Totals may not foot due to rounding July 28, 2020 6

2020 EIX Core Earnings Guidance Assumptions 2020 Assumption Additional Notes CPUC Rate Base ($ in Billions) $26.9 Return on Equity (ROE) 10.30% 2020 Cost of Capital Final Decision Equity in Capital Structure 52% 2020 Cost of Capital Final Decision FERC Rate Base ($ in Billions) $6.6 ~20% of total 2020 rate base forecast ROE 10.30% 2019 Formula Rate Settlement filed with FERC1 Equity in Capital Structure 47.5% 2019 Formula Rate Settlement filed with FERC1,2 Other EIX Equity Issuances $0.9 ATM program issuances of $27 million in Q1, $800 Items ($ in Billions) million registered direct offering in May, and internal programs Weighted Average Share 2019: 339.7 Based on shares outstanding as of June 30, 2020 Count (Millions) 2020: 372.6 held constant for balance of year; subject to change for internal program issuances Wildfire Insurance Fund Excluded Amortization expense will be a non-core item Expense from core guidance 1. Settlement with intervening parties pending FERC approval 2. FERC capital structure includes charges such as the AB 1054 wildfire insurance fund contributions, wildfire-related claims associated with the 2017/2018 wildfire events, and the SONGS asset impairment July 28, 2020 7

Appendix

Ye a r -to-Date Earnings Summary YTD YTD 2020 2019 Variance SCE EPS Drivers2 Test Year 2018 GRC true-up in 20193 $ (0.20) Basic Earnings Per Share (EPS) Higher revenue 0.61 SCE $ 1.64 $ 2.18 $ (0.54) - CPUC revenue 0.51 - FERC revenue 0.10 EIX Parent & Other (0.27) (0.13) (0.14) Higher O&M (0.52) Basic EPS $ 1.37 $ 2.05 $ (0.68) Higher depreciation (0.15) Higher interest expense (0.05) Less: Non-core Items Income taxes 0.01 Other 0.03 SCE1 $ (0.20) $ (0.16) $ (0.04) Results prior to impact from share dilution $ (0.27) EIX Parent & Other1 (0.08) — (0.08) Impact from share dilution (0.23) Total core drivers $ (0.50) Total Non-core $ (0.28) $ (0.16) $ (0.12) Non-core items1 (0.04) Total $ (0.54) Core Earnings Per Share (EPS) Key EIX EPS Drivers2 EIX parent and other — Higher interest expense and SCE $ 1.84 $ 2.34 $ (0.50) corporate expenses $ (0.09) Impact from share dilution 0.03 EIX Parent & Other (0.19) (0.13) (0.06) Total core drivers $ (0.06) Core EPS $ 1.65 $ 2.21 $ (0.56) Non-core items1 (0.08) Total $ (0.14) 1. See Earnings Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. For comparability, 2020 core EPS drivers are reported based on prior period weighted-average share count of 325.8 million (2020 weighted-average shares outstanding is 366.8 million) 3. Impacts of Test Year 2018 GRC true-up in 2019 aggregated separately; $(0.20) includes revenue of $0.34, O&M of $(0.06), depreciation of $(0.24), interest expense of $0.01, property and other taxes of $(0.01) and income taxes of $(0.24) Note: Diluted earnings were $1.36 and $2.05 per share for the six months ended June 30, 2020 and 2019, respectively July 28, 2020 9

Earnings Per Share Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance1 2020 EPS Attributable to Edison International Low High Basic EIX EPS $4.09 $4.34 Total Non-Core Items (0.28) (0.28) Core EIX EPS $4.37 $4.62 1. EPS is calculated on the assumed weighted-average share count for 2020 of 372.6 million July 28, 2020 10

Earnings Non-GAAP Reconciliations Reconciliation of EIX GAAP Earnings to EIX Core Earnings Earnings Attributable to Edison International, $ in Millions Q2 Q2 YTD YTD 2020 2019 2020 2019 SCE $381 $419 $600 $712 EIX Parent & Other (63) (27) (99) (42) Basic Earnings $318 $392 $501 $670 Non-Core Items SCE Wildfire Insurance Fund expense (60) — (120) — 2017/2018 Wildfire/Mudslide expenses (9) — (9) — Disallowed historical capital expenditures in SCE's 2018 GRC decision — (123) — (123) Sale of San Onofre nuclear fuel 37 — 37 3 Re-measurement of uncertain tax positions related to tax years 2010 – 2012 — — 18 — Re-measurement of deferred taxes — — — 69 EIX Parent & Other Goodwill impairment (25) — (25) — Re-measurement of uncertain tax positions related to tax years 2010 – 2012 — — (3) — Less: Total non-core items $(57) $(123) $(102) $(51) SCE 413 542 674 763 EIX Parent & Other (38) (27) (71) (42) Core Earnings $375 $515 $603 $721 July 28, 2020 11

EIX Core EPS Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share EPS Attributable to Edison International Q2 Q2 YTD YTD 2020 2019 2020 2019 Basic EPS $ 0.85 $ 1.20 $ 1.37 $ 2.05 Non-Core Items1 SCE Wildfire Insurance Fund expense (0.18) — (0.36) — 2017/2018 Wildfire/Mudslide expenses (0.03) — (0.03) — Disallowed historical capital expenditures in SCE's 2018 GRC decision — (0.38) — (0.38) Sale of San Onofre nuclear fuel 0.11 — 0.11 0.01 Re-measurement of uncertain tax positions related to tax years 2010 – 2012 — — 0.05 — Re-measurement of deferred taxes — — — 0.21 Edison International Parent and Other Goodwill impairment (0.07) — (0.07) — Re-measurement of uncertain tax positions related to tax years 2010 – 2012 — — (0.01) — Impact from share dilution1 0.02 — 0.03 — Less: Total Non-Core Items (0.15) (0.38) (0.28) (0.16) Core EPS $ 1.00 $ 1.58 $ 1.65 $ 2.21 1. For comparability, 2020 EPS drivers are reported based on prior period QTD and YTD weighted-average share count of 325.8 million (2020 QTD and YTD weighted average shares outstanding is 375.0 million and 366.8 million, respectively) July 28, 2020 12

Use of Non-GAAP Financial Measures Edison International's earnings are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings (losses) internally for financial planning and for analysis of performance. Core earnings (losses) are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings (losses) are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (losses) are defined as earnings attributable to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing. A reconciliation of Non-GAAP information to GAAP information is included either on the slide where the information appears or on another slide referenced in this presentation. EIX Investor Relations Contact Sam Ramraj, Vice President (626) 302-2540 sam.ramraj@edisonintl.com July 28, 2020 13

Document and Entity Information Document	Jul. 28, 2020
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 28, 2020
Entity File Number	1-9936
Entity Registrant Name	EDISON INTERNATIONAL
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-4137452
Entity Address, Address Line One	2244 Walnut Grove Avenue
Entity Address, Address Line Two	(P.O. Box 976)
Entity Address, City or Town	Rosemead,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91770
City Area Code	(626)
Local Phone Number	302-2222
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	EIX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000827052
Amendment Flag	false
Southern California Edison
Entity Information [Line Items]
Entity File Number	1-2313
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-1240335
Entity Address, Address Line One	2244 Walnut Grove Avenue
Entity Address, Address Line Two	(P.O. Box 800)
Entity Address, City or Town	Rosemead,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91770
City Area Code	(626)
Local Phone Number	302-1212
Entity Central Index Key	0000092103
Amendment Flag	false
Southern California Edison \| NYSE American LLC \| Cumulative Preferred Stock, 4.08% Series
Entity Information [Line Items]
Title of 12(b) Security	Cumulative Preferred Stock, 4.08% Series
Trading Symbol	SCEpB
Security Exchange Name	NYSEAMER
Southern California Edison \| NYSE American LLC \| Cumulative Preferred Stock, 4.24% Series
Entity Information [Line Items]
Title of 12(b) Security	Cumulative Preferred Stock, 4.24% Series
Trading Symbol	SCEpC
Security Exchange Name	NYSEAMER
Southern California Edison \| NYSE American LLC \| Cumulative Preferred Stock, 4.32% Series
Entity Information [Line Items]
Title of 12(b) Security	Cumulative Preferred Stock, 4.32% Series
Trading Symbol	SCEpD
Security Exchange Name	NYSEAMER
Southern California Edison \| NYSE American LLC \| Cumulative Preferred Stock, 4.78% Series
Entity Information [Line Items]
Title of 12(b) Security	Cumulative Preferred Stock, 4.78% Series
Trading Symbol	SCEpE
Security Exchange Name	NYSEAMER

Document and Entity Information Document


Exhibit No.			Description

99.1			Edison International Press Release dated July 28 , 2020

99.2			Edison International Q 2 2020 Financial Results Conference Call Prepared Remarks dated July 28 , 2020

99.3			Edison International Q2 2020 Financial Results Conference Call Presentation dated July 28, 2020

104			Cover Page Interactive Data File (embedded within the Inline XBRL document)


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