Exhibit 99.1

FOR IMMEDIATE RELEASE Media relations contact: Charles Coleman, (626) 302-7982   Investor relations contact: Scott Cunningham, (626) 302-2540

Edison International Reports Second Quarter 2008 Earnings

EIX Financial Highlights

	Quarter Ended June 30,				Year-to-Date June 30,
(In millions, except basic per share data)	2008		2007		2008		2007
GAAP earnings per share	$	0.79	$	0.29	$	1.70	$	1.29
Core earnings per share	$	0.79	$	0.73	$	1.72	$	1.63
GAAP earnings	$	261	$	93	$	559	$	426
Core earnings	$	262	$	239	$	565	$	538

• Second quarter GAAP earnings were $0.79 per share compared to $0.29 per share in the same quarter last year.

• GAAP earnings in the second quarter of 2007 were adversely impacted from early debt extinguishment charges.

• The core earnings increase was mainly due to higher gross margin at Edison Mission Group’s (EMG) Midwest plants and lower taxes at Southern California Edison (SCE). Core earnings exclude non-core items and discontinued operations.

• Edison International’s 2008 core EPS guidance range of $3.61 to $4.01 per share is reaffirmed.

ROSEMEAD, Calif., Aug. 8, 2008 – Edison International (NYSE: EIX) today reported second quarter 2008 core earnings of $0.79 per share, up 8 percent from the second quarter of 2007.

“Our second quarter results are consistent with meeting our earnings guidance for the year,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International. “Our focus remains executing well to realize our full potential meeting customer needs and producing solid returns for our shareholders.”

Note: GAAP earnings refer to net income and GAAP earnings per share refer to basic earnings per share throughout this release. Core earnings is a non-GAAP financial measure; see reconciliation of core earnings to GAAP earnings and reconciliation of core earnings guidance to GAAP earnings guidance.

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Edison International Reports Second Quarter 2008 Financial Results

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Earnings from Continuing Operations

SCE’s second-quarter 2008 earnings from continuing operations and core earnings were $0.48 per share, compared to $0.44 per share in the same quarter last year. This increase was primarily due to lower taxes and interest, partially offset by lower operating income. Lower operating income is consistent with electric utility revenue being higher during the third quarter of each year due to seasonality and the company’s rate design, while operating expenses are recognized more evenly throughout the year.

EMG’s second-quarter 2008 earnings from continuing operations were $0.34 per share, compared to a loss of $0.15 per share in the same quarter last year. This increase was primarily due to a non-core after-tax charge in the second quarter of 2007 associated with early debt extinguishment. Excluding non-core items, EMG’s core earnings in the second quarter increased $0.04 per share, compared to the same quarter last year. This increase was primarily due to higher gross margin at Midwest Generation from higher generation and average realized energy prices and capacity prices. Also contributing to the increase was the gain on sale of Edison Capital’s Beaver Valley lease, partially offset by lower operating revenues and higher plant maintenance expense at Homer City.

	Quarter Ended June 30,						Change
Earnings (Loss) Per Share (Unaudited)	2008			2007
SCE	$	0.48		$	0.44		$	0.04
EMG		0.34			(0.15	)		0.49
EIX parent company and other		(0.03	)		(0.01	)		(0.02	)
EIX GAAP earnings from continuing operations		0.79			0.28			0.51
EIX GAAP earnings from discontinued operations		—			0.01			(0.01	)
EIX GAAP earnings	$	0.79		$	0.29		$	0.50
EIX diluted earnings	$	0.79		$	0.28		$	0.51

Second Quarter Reconciliation of Core Earnings to GAAP Earnings

	Quarter Ended June 30,						Change
Core Earnings1 (Loss) Per Share (Unaudited)	2008			2007
SCE	$	0.48		$	0.44		$	0.04
EMG		0.34			0.30			0.04
EIX parent company and other		(0.03	)		(0.01	)		(0.02	)
EIX core earnings		0.79			0.73			0.06
Non-core items
EMG – early debt retirement		—			(0.45	)		0.45
EMG – earnings from discontinued operations		—			0.01			(0.01	)
Total non-core items		—			(0.44	)		0.44
EIX GAAP earnings	$	0.79		$	0.29		$	0.50

¹ See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities is included in EIX parent company and other and was $(0.01) per share in the second quarter of 2008 and zero for the second quarter of 2007.

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Edison International Reports Second Quarter 2008 Financial Results

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YEAR-TO-DATE EARNINGS SUMMARY

Edison International reported earnings of $1.70 per share for the six-month period ending June 30, 2008, compared to $1.29 per share for the same period last year. Edison International had earnings from continuing operations of $1.72 per share for the six-month period ended June 30, 2008, compared with $1.28 per share for the same period last year. Excluding earnings from discontinued operations and other non-core items, Edison International’s core earnings for the six-month period in 2008 were $1.72 per share, compared to $1.63 per share in the same period in 2007.

YEAR-TO-DATE EARNINGS DETAIL

SCE’s earnings from continuing operations in the first half of 2008 were $0.94 per share, a decrease of $0.06 per share compared to the same period last year. SCE’s 2007 results include income tax benefits of $0.10 per share related to certain environmental remediation costs. Excluding this non-core item, SCE’s year-to-date core earnings were $0.94 per share, compared to $0.90 per share in the same period last year. This increase is primarily from lower interest and taxes, partially offset by lower operating income. Lower operating income is consistent with electric utility revenue being higher during the third quarter of each year due to seasonality and the company’s rate design, while operating expenses are recognized more evenly throughout the year.

EMG’s earnings from continuing operations for the first six months of 2008 were $0.84 per share, up $0.51 per share from the same period last year. EMG’s GAAP results include a $0.02 loss and a $0.01 gain from discontinued operations in 2008 and 2007, respectively, and a $0.45 charge for early debt retirement in 2007. Excluding these non-core items, EMG’s core earnings were $0.84 per share, an increase of $0.06 per share. This increase primarily reflects higher gross margin at Midwest Generation from higher generation, average realized energy prices and capacity prices, and higher trading income at EMMT, partially offset by lower operating revenues and higher plant maintenance expense at Homer City.

	Year-to-Date June 30,						Change
Earnings (Loss) Per Share (Unaudited)	2008			2007
SCE	$	0.94		$	1.00		$	(0.06	)
EMG		0.84			0.33			0.51
EIX parent company and other		(0.06	)		(0.05	)		(0.01	)
EIX GAAP earnings from continuing operations		1.72			1.28			0.44
EIX GAAP earnings/(loss) from discontinued operations		(0.02	)		0.01			(0.03	)
EIX GAAP earnings	$	1.70		$	1.29		$	0.41
EIX diluted earnings	$	1.69		$	1.29		$	0.40

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Edison International Reports Second Quarter 2008 Financial Results

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Year-to-Date Reconciliation of Core Earnings to GAAP Earnings

	Year-to-date June 30,						Change
Core Earnings1 (Loss) Per Share (Unaudited)	2008			2007
SCE	$	0.94		$	0.90		$	0.04
EMG		0.84			0.78			0.06
EIX parent company and other		(0.06	)		(0.05	)		(0.01	)
EIX core earnings		1.72			1.63			0.09
Non-core items
SCE – regulatory/tax items		—			0.10			(0.10	)
EMG – early debt retirement		—			(0.45	)		0.45
EMG – earnings/(loss) from discontinued operations		(0.02	)		0.01			(0.03	)
Total non-core items		(0.02	)		(0.34	)		0.32
EIX GAAP earnings	$	1.70		$	1.29		$	0.41

¹ See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities is included in EIX parent company and other and was $(0.02) per share for both 2008 and 2007.

2008 EARNINGS GUIDANCE

The company reaffirmed its previously announced 2008 earnings guidance of $3.61 to $4.01 per share. See the risk disclosure statement on page 5 and the presentation accompanying the company’s conference call for further information.

Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance

Core Earnings Per Share1	2008 Guidance Reaffirmed as of August 8, 2008
SCE	$2.18 - $2.28
EMG	$1.57 - $1.87
EIX parent company and other	$(0.14)
EIX core earnings	$3.61 - $4.01
Non-core items	—
EIX GAAP earnings	$3.61 - $4.01

¹ Guidance excludes discontinued operations and non-core items. The expected impact of participating securities is ($0.05) per share and is included in EIX parent company and other.

Note: Earnings Guidance also excludes the potential impact of IRS issues, and the possible impairment of up to $48 million for NOx allowances purchased by EMG for the CAIR compliance program.

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 EPS by principal

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Edison International Reports Second Quarter 2008 Financial Results

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operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and EPS by principal operating subsidiary as primary performance measurements when communicating with analysts and investors regarding our earnings results and outlook, as it allows us to more accurately compare the company’s ongoing performance across periods. Core earnings exclude discontinued operations and other non-core items and are reconciled to GAAP earnings per share.

EPS by principal operating subsidiary is based on the principal operating subsidiary net income and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company. EPS and core EPS by principal operating subsidiary are reconciled to GAAP earnings per share.

Reminder: Edison International Will Hold a Conference Call Today

Today, Edison International will hold a conference call to discuss its second quarter 2008 financial results at 8 a.m. (Pacific Daylight Time). Two-way participation in the telephone call is limited to financial analysts and investors, while all other interested parties are invited to participate in a simultaneous webcast at www.edisoninvestor.com. A presentation accompanying management’s comments on the conference call will be available on the web site as well at www.edisoninvestor.com. The domestic call-in number is (800) 356-8584 and the number for international callers is (850) 429-1225. The ID# is 11700. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through Friday, August 15, 2008, at the following numbers: (877) 693-4277 for callers in the United States and (402) 220-0042 for international callers. The ID# is 11701.

Risk Disclosure Statement

Statements contained in this news release about future performance, including, without limitation, earnings, asset and rate base growth, load growth, capital investments 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. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s 2007 Form 10-K and other reports filed with the Securities and Exchange Commission and are available on our Web site at www.edisoninvestor.com. 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.

About Edison International

Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, the largest electric utility in California, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.

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Edison International Reports Second Quarter 2008 Financial Results

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Second Quarter GAAP Earnings

	Quarter Ended June 30,						Change
Earnings (Loss) (in millions) (Unaudited)	2008			2007
SCE	$	157		$	144		$	13
EMG		112			(49	)		161
EIX parent company and other		(7	)		(4	)		(3	)
EIX income from continuing operations		262			91			171
EIX income (loss) from discontinued operations		(1	)		2			(3	)
EIX net income	$	261		$	93		$	168

Second Quarter Reconciliation of Core Earnings to GAAP Earnings

	Quarter Ended June 30,						Change
Core Earnings1 (Loss) (in millions) (Unaudited)	2008			2007
SCE	$	157		$	144		$	13
EMG		112			99			13
EIX parent company and other		(7	)		(4	)		(3	)
EIX core earnings		262			239			23
Non-core items
EMG – early debt retirement		—			(148	)		148
EMG – earnings/(loss) from discontinued operations		(1	)		2			(3	)
Total non-core items		(1	)		(146	)		145
Total EIX net income	$	261		$	93		$	168

¹ See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities is included in EIX parent company and other and was $(0.01) per share in the second quarter of 2008 and zero for the second quarter of 2007.

Year-to-Date GAAP Earnings

	Year-to-Date June 30,						Change
Earnings (Loss) (in millions) (Unaudited)	2008			2007
SCE	$	307		$	325		$	(18	)
EMG		271			106			165
EIX parent company and other		(13	)		(10	)		(3	)
EIX income from continuing operations		565			421			144
EIX income/(loss) from discontinued operations		(6	)		5			(11	)
EIX net income	$	559		$	426		$	133

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Edison International Reports Second Quarter 2008 Financial Results

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Year-to-Date Reconciliation of Core Earnings to GAAP Earnings

	Year-to-Date June 30,						Change
Core Earnings1 (Loss) (in millions) (Unaudited)	2008			2007
SCE	$	307		$	294		$	13
EMG		271			254			17
EIX parent company and other		(13	)		(10	)		(3	)
EIX core earnings		565			538			27
Non-core items
SCE – regulatory/tax items		—			31			(31	)
EMG – early debt retirement		—			(148	)		148
EMG – income/(loss) from discontinued operations		(6	)		5			(11	)
Total non-core items		(6	)		(112	)		106
Total EIX net income	$	559		$	426		$	133

1 See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities is included in EIX parent company and other and was $(0.02) per share for both 2008 and 2007.

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Edison International Reports Second Quarter 2008 Financial Results

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Edison International

Consolidated Statements of Income

	Three Months Ended June 30,						Six Months Ended June 30,
In millions, except per-share amounts	2008			2007			2008			2007
	(Unaudited)
Electric utility	$	2,754		$	2,459		$	5,105		$	4,681
Nonutility power generation		612			569			1,330			1,241
Financial services and other		16			19			31			37
Total operating revenue		3,382			3,047			6,466			5,959
Fuel		554			438			1,090			924
Purchased power		656			829			1,149			1,146
Provisions for regulatory adjustment clauses – net		279			(33	)		452			255
Other operation and maintenance		1,110			999			2,085			1,879
Depreciation, decommissioning and amortization		333			313			631			627
Gain on buyout of contract and sale of assets		(56	)		—			(73	)		(1	)
Total operating expenses		2,876			2,546			5,334			4,830
Operating income		506			501			1,132			1,129
Interest and dividend income		22			45			36			85
Equity in income from partnerships and unconsolidated subsidiaries – net		9			20			9			37
Other nonoperating income		23			22			49			39
Interest expense – net of amounts capitalized		(165	)		(188	)		(336	)		(386	)
Loss on early extinguishment of debt		—			(241	)		—			(241	)
Other nonoperating deductions		(14	)		(9	)		(26	)		(22	)
Income from continuing operations before tax and minority interest		381			150			864			641
Income tax expense		83			—			244			129
Dividends on preferred and preference stock of utility not subject to mandatory redemption		13			13			25			26
Minority interest		23			46			30			65
Income from continuing operations		262			91			565			421
Income (loss) from discontinued operations – net of tax		(1	)		2			(6	)		5
Net income	$	261		$	93		$	559		$	426
Weighted-average shares of common stock outstanding		326			326			326			326
Basic earnings (loss) per common share:
Continuing operations	$	0.79		$	0.28		$	1.72		$	1.28
Discontinued operations		—			0.01			(0.02	)		0.01
Total	$	0.79		$	0.29		$	1.70		$	1.29
Weighted-average shares, including effect of dilutive securities		329			330			330			331
Diluted earnings (loss) per common share:
Continuing operations	$	0.79		$	0.28		$	1.71		$	1.27
Discontinued operations		—			—			(0.02	)		0.02
Total	$	0.79		$	0.28		$	1.69		$	1.29
Dividends declared per common share	$	0.305		$	0.29		$	0.61		$	0.58

Edison International Reports Second Quarter 2008 Financial Results

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Edison International

Consolidated Balance Sheets

In millions	June 30, 2008			December 31, 2007
	(Unaudited)
ASSETS
Cash and equivalents	$	1,070		$	1,441
Short-term investments		13			81
Receivables, less allowance of $32 and $34 for uncollectible accounts at respective dates		1,176			1,033
Accrued unbilled revenue		528			370
Fuel inventory		154			116
Materials and supplies		335			316
Derivative assets		428			109
Restricted cash		3			3
Margin and collateral deposits		185			121
Regulatory assets		203			197
Accumulated deferred income taxes – net		262			167
Other current assets		324			290
Total current assets		4,681			4,244
Nonutility property – less accumulated provision for depreciation of $1,882 and $1,765 at respective dates		5,115			4,906
Nuclear decommissioning trusts		3,152			3,378
Investments in partnerships and unconsolidated subsidiaries		239			272
Investments in leveraged leases		2,454			2,473
Other investments		109			96
Total investments and other assets		11,069			11,125
Utility plant, at original cost:
Transmission and distribution		19,279			18,940
Generation		1,818			1,767
Accumulated provision for depreciation		(5,344	)		(5,174	)
Construction work in progress		2,048			1,693
Nuclear fuel, at amortized cost		251			177
Total utility plant		18,052			17,403
Derivative assets		295			122
Restricted cash		47			48
Rent payments in excess of levelized rent expense under plant operating leases		829			716
Regulatory assets		2,723			2,721
Other long-term assets		1,309			1,144
Total long-term assets		5,203			4,751
Total assets	$	39,005		$	37,523

Edison International Reports Second Quarter 2008 Financial Results

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Edison International

Consolidated Balance Sheets

In millions, except share amounts	June 30, 2008			December 31, 2007
	(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt	$	800		$	500
Long-term debt due within one year		177			18
Accounts payable		1,066			979
Accrued taxes		116			49
Accrued interest		192			160
Counterparty collateral		24			42
Customer deposits		224			219
Book overdrafts		324			212
Derivative liabilities		319			125
Regulatory liabilities		1,223			1,019
Other current liabilities		809			933
Total current liabilities		5,274			4,256
Long-term debt		9,292			9,016
Accumulated deferred income taxes – net		5,147			5,196
Accumulated deferred investment tax credits		110			114
Customer advances		145			155
Derivative liabilities		243			101
Power-purchase contracts		22			22
Accumulated provision for pensions and benefits		1,165			1,089
Asset retirement obligations		2,962			2,892
Regulatory liabilities		3,356			3,433
Other deferred credits and other long-term liabilities		1,601			1,595
Total deferred credits and other liabilities		14,751			14,597
Total liabilities		29,317			27,869
Commitments and contingencies
Minority interest		314			295
Preferred and preference stock of utility not subject to mandatory redemption		907			915
Common stock, no par value (325,811,206 shares outstanding at each date)		2,253			2,225
Accumulated other comprehensive loss		(415	)		(92	)
Retained earnings		6,629			6,311
Total common shareholders’ equity		8,467			8,444
Total liabilities and shareholders’ equity	$	39,005		$	37,523

Edison International Reports Second Quarter 2008 Financial Results

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Edison International

Consolidated Statements of Cash Flows

	Six Months Ended June 30,
In millions	2008			2007
	(Unaudited)
Cash flows from operating activities:
Net income	$	559		$	426
Less: Income (loss) from discontinued operations		(6	)		5
Income from continuing operations		565			421
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, decommissioning and amortization		631			627
Realized loss on impairment of nuclear decommissioning trusts		72			23
Other amortization		51			64
Stock-based compensation		16			19
Minority interest		30			65
Deferred income taxes and investment tax credits		26			(193	)
Equity in income from partnerships and unconsolidated subsidiaries		(9	)		(37	)
Gain on buyout of contract and sale of assets		(73	)		(1	)
Income from leveraged leases		(27	)		(31	)
Levelized rent expense		(113	)		(112	)
Loss on early extinguishment of debt		—			241
Regulatory assets		8			245
Regulatory liabilities		374			120
Derivative assets		(476	)		(140	)
Derivative liabilities		(221	)		(123	)
Other assets		(52	)		(22	)
Other liabilities		51			236
Margin and collateral deposits – net of collateral received		(83	)		(29	)
Receivables and accrued unbilled revenue		(237	)		(189	)
Inventory and other current assets		(36	)		(49	)
Book overdrafts		112			65
Accrued interest and taxes		99			205
Accounts payable and other current liabilities		(2	)		(119	)
Distributions and dividends from unconsolidated entities		8			21
Operating cash flows from discontinued operations		(6	)		5
Net cash provided by operating activities		708			1,312
Cash flows from financing activities:
Long-term debt issued		784			2,905
Premium paid on extinguishment of debt and long-term debt issuance costs		(10	)		(240	)
Long-term debt repaid		(134	)		(2,965	)
Bonds repurchased		(212	)		—
Redemption of preference stock, net		(7	)		—
Rate reduction notes repaid		—			(116	)
Short-term debt financing – net		300			175
Shares purchased for stock-based compensation		(51	)		(183	)
Proceeds from stock option exercises		20			72
Excess tax benefits related to stock-based awards		11			35
Dividends to minority shareholders		(33	)		(32	)
Dividends paid		(199	)		(189	)
Net cash provided (used) by financing activities	$	469		$	(538	)

Edison International Reports Second Quarter 2008 Financial Results

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Edison International

Consolidated Statements of Cash Flows

	Six Months Ended June 30,
In millions	2008			2007
	(Unaudited)
Cash flows from investing activities:
Capital expenditures	$	(1,460	)	$	(1,335	)
Purchase of interest of acquired companies		(7	)		(23	)
Proceeds from sale of property and interests in projects		112			—
Proceeds from nuclear decommissioning trust sales		1,501			2,017
Purchases of nuclear decommissioning trust investments and other		(1,560	)		(2,084	)
Proceeds from partnerships and unconsolidated subsidiaries, net of investment		30			31
Maturities and sales of short-term investments		70			3,192
Purchase of short-term investments		(2	)		(2,952	)
Restricted cash		—			37
Customer advances for construction and other investments		(232	)		(233	)
Net cash used by investing activities		(1,548	)		(1,350	)
Net decrease in cash and equivalents		(371	)		(576	)
Cash and equivalents, beginning of period		1,441			1,795
Cash and equivalents, end of period	$	1,070		$	1,219