Edison International (Edison) has reported total operating revenues of $14.11 billion for the year-end 2008, compared with the total operating revenues of $12.87 billion in the previous year-end. It has also reported a net income of $1.21 billion, or $3.68 per diluted share, for the year-end 2008, compared with the net income of $1.1 billion, or $3.31 per diluted share, in the previous year-end.

Core earnings increased 4% in 2008 to $3.84 per share from $3.69 per share last year.

Fourth quarter 2008 GAAP earnings were $0.66 per share compared to $0.64 per share in the same quarter last year.

Core earnings in the fourth quarter were $0.66 per share compared to $0.65 per share in the same quarter last year.

Edison will provide 2009 earnings guidance after Southern California Edison Company has received a California Public Utilities Commission (CPUC) decision on its 2009 General Rate Case.

“Edison International had solid performance in 2008 amidst the dramatic decline in both the economy and financial markets,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison.

Fourth Quarter Earnings Detail

Southern California Edison Company’s (SCE) fourth quarter 2008 GAAP and core earnings were $0.43 per share, compared to $0.37 per share in the same quarter last year. This increase was primarily due to higher operating income related to rate base growth, including $0.05 per share of energy efficiency rewards.

Edison Mission Group’s (EMG) GAAP earnings were $0.25 per share in the fourth quarter of 2008 compared to $0.29 per share in the fourth quarter of 2007. Excluding a $0.01 per share charge for discontinued operations in the 2007 period, EMG’s core earnings decreased $0.05 per share. A loss arising from the termination of a natural gas turbine supply agreement, lower results from the Big four projects, lower interest income, and lower trading income at Edison Mission Marketing & Trading (EMMT) were partially offset by higher operating income at Midwest Generation, positive results from new wind projects in operation, and lower corporate expenses.

Full-Year Earnings Detail

SCE’s GAAP earnings in 2008 were $2.10 per share, a decrease of $0.07 per share compared to $2.17 per share in 2007. SCE’s 2008 results include a non-core charge of $0.15 per share associated with the CPUC decision on SCE’s performance-based ratemaking mechanism. SCE’s 2007 results include a non-core tax benefit of $0.10 per share from the resolution of the income tax treatment of certain environmental remediation costs. Excluding these non-core items, SCE’s 2008 core earnings were $2.25 per share compared to $2.07 per share in 2007. This $0.18 per share core earnings increase is primarily attributable to higher operating income related to rate base growth, including authorized energy efficiency rewards, and lower net interest expense.

EMG’s GAAP earnings in 2008 were $1.72 per share compared to $1.26 per share in 2007. EMG’s 2007 results include non-core charges of $0.46 per share, mainly due to $0.45 per share for early debt extinguishment costs. EMG’s 2008 core earnings remained at the 2007 level of $1.72 per share. Higher operating income at Midwest Generation, positive results from new wind projects in operation, and higher trading income at EMMT were offset by lower results from the Big four projects, lower interest income, a loss arising from the termination of a natural gas turbine supply agreement, and lower results at Homer City and Edison Capital.