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 Third Quarter 2008 Earnings

^¡ Third quarter 2008 GAAP earnings were $1.33 per share compared to $1.40 per share in the same quarter last year.

^¡ Core earnings per share were $1.46 in the third quarter of 2008 compared to $1.41 a year ago. The core earnings increase was primarily due to higher operating income 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, with results now expected to be near the middle of the range versus the high-end of the range.

ROSEMEAD, Calif., Nov. 7, 2008 – Edison International (NYSE: EIX) today reported third quarter 2008 results.

“The financial markets have experienced new and unprecedented levels of stress,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International. “We’re focused on running our businesses in a prudent manner to ensure we meet our customer commitments as well as maintaining our financial strength.”

Third Quarter Earnings Detail

SCE’s third-quarter 2008 reported earnings were $0.72 per share, compared to $0.80 per share in the same quarter of 2007. This decrease was primarily due to a $0.15 per share charge associated with a decision adopted by the California Public Utilities Commission (CPUC) which required SCE to refund or forego incentives and imposed a penalty related to previously earned customer satisfaction and employee safety incentives. Excluding this non-core item, SCE’s core earnings in the third quarter increased $0.07 per share compared to the same quarter last year reflecting higher operating income and lower financing costs.

–MORE–

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.

EDISON INTERNATIONAL REPORTS THIRD QUARTER 2008 FINANCIAL RESULTS

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Edison Mission Group’s (EMG) reported earnings were $0.66 per share for the third quarter of 2008 compared to $0.63 per share for the third quarter of 2007. EMG earnings from continuing operations and core earnings for the third quarter of 2008 remained flat compared to 2007 at $0.64 per share. Higher gross margins at Homer City and Midwest Generation were offset by a $0.05 per share charge related to hedge contracts with Lehman Brothers, lower income from the Big 4 projects and Edison Capital, lower interest income and other items.

Year-to-Date Earnings Summary

Edison International reported earnings were $3.03 per share for the nine-month period ending September 30, 2008, compared to $2.69 per share for the same period last year. Excluding non-core items, Edison International’s core earnings for the nine-month period in 2008 were $3.18 per share compared to $3.04 per share in the same period in 2007.

Year-to-Date Earnings Detail

SCE’s reported earnings through September 30, 2008 were $1.66 per share, a decrease of $0.14 per share compared to the same period last year. SCE’s 2008 results include a $0.15 per share charge associated with the CPUC’s performance-based ratemaking decision, and its 2007 results include income tax benefits of $0.10 per share related to an IRS settlement for the tax treatment of certain environmental remediation costs. Excluding these non-core items, SCE’s 2008 year-to-date core earnings were $1.81 per share, compared to $1.70 per share for the same period last year. This increase reflects higher operating income, lower financing costs and lower income taxes.

EMG’s reported earnings for the first nine months of 2008 were $1.47 per share compared to $0.96 per share for the same period last year. EMG’s 2007 results include a $0.45 per share charge for early debt extinguishment costs. Excluding non-core items, EMG’s year-to-date 2008 core earnings were $1.47 per share compared to $1.41 per share during the first nine months of 2007, an increase of $0.06 per share. This increase primarily reflects higher gross margin at Midwest Generation from increased generation and higher average realized prices, and higher energy trading income at EMMT. These increases were partially offset by lower income from the Big 4 projects and Homer City, lower interest income, and higher project development costs associated with EME’s growth activities.

2008 Earnings Guidance

The company’s 2008 core EPS guidance range of $3.61 - $4.01 is reaffirmed, although management now expects results to be near the middle of the range instead of the high end of the range. See the risk disclosure statement on page 4 and the presentation accompanying the company’s conference call for further information. GAAP guidance has been updated to reflect year-to-date non-core items.

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Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance

Core Earnings1 (Loss) Per Share (Unaudited)	2008 Guidance Effective as of 8/8/08	2008 Core Guidance Reaffirmed and GAAP Guidance Updated as of 11/7/08
SCE	$2.18 – 2.28	$2.18 – 2.28
EMG	1.57 – 1.87	1.57 – 1.87
EIX parent company and other	(0.14)	(0.14)
EIX core earnings	$3.61 – 4.01	$3.61 – 4.01
Non-Core Items
SCE – PBR decision	—	(0.15)
EMG	—	—
Total Non-Core Items		(0.15)
Total GAAP earnings	$3.61 – 4.01	$3.46 – 3.86

¹ Core earnings 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 issues being addressed in ongoing IRS settlement discussions, and the possible impairment of up to $48 million for NO_x allowances purchased by EMG for the CAIR compliance program.

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.

# # #

EDISON INTERNATIONAL REPORTS THIRD QUARTER 2008 FINANCIAL RESULTS

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Appendix

Use of Non-GAAP Financial Measures, Conference Call Information,

Risk Disclosure Statement and Financial Schedules

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 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 third quarter 2008 financial results at 8 a.m. (Pacific Standard 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) 429-1288. The ID# is 11800. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through Friday, Nov. 14, 2008, at the following numbers: (877) 693-4277 for callers in the United States and (402) 220-0042 for international callers. The ID# is 11801.

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.

EDISON INTERNATIONAL REPORTS THIRD QUARTER 2008 FINANCIAL RESULTS

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Summary Financial Schedules

Third Quarter GAAP Earnings Per Share

	Quarter Ended September 30,
Earnings (Loss) Per Share (Unaudited)	2008			2007			Change
SCE	$	0.72		$	0.80		$	(0.08	)
EMG		0.64			0.64			—
EIX parent company and other		(0.05	)		(0.03	)		(0.02	)
EIX GAAP earnings from continuing operations		1.31			1.41			(0.10	)
EIX GAAP earnings from discontinued operations		0.02			(0.01	)		0.03
EIX GAAP earnings1	$	1.33		$	1.40		$	(0.07	)
EIX diluted earnings	$	1.33		$	1.39		$	(0.06	)

¹ The impact of participating securities is included in EIX parent company and other and was $(0.02) per share in both the third quarter of 2008 and the third quarter of 2007.

Third Quarter Reconciliation of Core Earnings Per Share to GAAP Earnings Per Share

	Quarter Ended September 30,
Earnings (Loss) Per Share (Unaudited)	2008			2007			Change
Core Earnings1
SCE	$	0.87		$	0.80		$	0.07
EMG		0.64			0.64			—
EIX parent company and other		(0.05	)		(0.03	)		(0.02	)
EIX core earnings		1.46			1.41			0.05
Non-core items
SCE – regulatory item		(0.15	)		—			(0.15	)
EMG – discontinued operations		0.02			(0.01	)		0.03
Total non-core items		(0.13	)		(0.01	)		(0.12	)
EIX GAAP earnings1	$	1.33		$	1.40		$	(0.07	)

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 in both the third quarter of 2008 and the third quarter of 2007.

Third Quarter GAAP Earnings

	Quarter Ended September 30,
Earnings (Loss) (in millions) (Unaudited)	2008			2007			Change
SCE	$	235		$	262		$	(27	)
EMG		208			207			1
EIX parent company and other		(10	)		(4	)		(6	)
EIX GAAP earnings from continuing operations		433			465			(32	)
EIX GAAP earnings from discontinued operations		6			(4	)		10
EIX GAAP earnings	$	439		$	461		$	(22	)

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Third Quarter Reconciliation of Core Earnings to GAAP Earnings

	Quarter Ended September 30,
Earnings (Loss) (in millions) (Unaudited)	2008			2007			Change
Core Earnings1
SCE	$	284		$	262		$	22
EMG		208			207			1
EIX parent company and other		(10	)		(4	)		(6	)
EIX core earnings		482			465			17
Non-core items
SCE – regulatory item		(49	)		—			(49	)
EMG – discontinued operations		6			(4	)		10
Total non-core items		(43	)		(4	)		(39	)
EIX GAAP earnings	$	439		$	461		$	(22	)

¹ See Use of Non-GAAP Financial Measures on page 4.

Year-to-Date GAAP Earnings Per Share

	Year-to-date September 30,
Earnings (Loss) Per Share (Unaudited)	2008			2007			Change
SCE	$	1.66		$	1.80		$	(0.14	)
EMG		1.47			0.96			0.51
EIX parent company and other		(0.10	)		(0.07	)		(0.03	)
EIX GAAP earnings from continuing operations		3.03			2.69			0.34
EIX GAAP earnings1	$	3.03		$	2.69		$	0.34
EIX diluted earnings	$	3.02		$	2.67		$	0.35

¹ The impact of participating securities is included in EIX parent company and other and was $(0.04) per share for 2008 and $(0.03) per share for 2007.

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

	Year-to-date September 30,
Earnings (Loss) Per Share (Unaudited)	2008			2007			Change
Core Earnings1
SCE	$	1.81		$	1.70		$	0.11
EMG		1.47			1.41			0.06
EIX parent company and other		(0.10	)		(0.07	)		(0.03	)
EIX core earnings		3.18			3.04			0.14
Non-core items
SCE – regulatory/tax items		(0.15	)		0.10			(0.25	)
EMG – early debt retirement		—			(0.45	)		0.45
Total non-core items		(0.15	)		(0.35	)		0.20
EIX GAAP earnings1	$	3.03		$	2.69		$	0.34

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 $(0.04) per share for 2008 and $(0.03) per share for 2007.

EDISON INTERNATIONAL REPORTS THIRD QUARTER 2008 FINANCIAL RESULTS

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Year-to-Date GAAP Earnings

	Year-to-date September 30,
Earnings (Loss) (in millions) (Unaudited)	2008			2007			Change
SCE	$	542		$	587		$	(45	)
EMG		479			313			166
EIX parent company and other		(22	)		(14	)		(8	)
EIX GAAP earnings from continuing operations		999			886			113
EIX GAAP earnings from discontinued operations		—			1			(1	)
EIX GAAP earnings	$	999		$	887		$	112
Year-to-Date Reconciliation of Core Earnings to GAAP Earnings
	Year-to-date September 30,
Earnings (Loss) (in millions) (Unaudited)	2008			2007			Change
Core Earnings1
SCE	$	591		$	556		$	35
EMG		479			461			18
EIX parent company and other		(22	)		(14	)		(8	)
EIX core earnings		1,048			1,003			45
Non-core items
SCE – regulatory/tax items		(49	)		31			(80	)
EMG – early debt retirement		—			(148	)		148
EMG – discontinued operations		—			1			(1	)
Total non-core items		(49	)		(116	)		67
EIX GAAP earnings	$	999		$	887		$	112

¹ See Use of Non-GAAP Financial Measures on page 4.

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Edison International

Consolidated Statements of Income

	Three Months Ended September 30,						Nine Months Ended September 30,
In millions, except per-share amounts	2008			2007			2008			2007
	(Unaudited)
Electric utility	$	3,284		$	3,213		$	8,388		$	7,895
Nonutility power generation		813			711			2,143			1,952
Financial services and other		14			18			45			55
Total operating revenue		4,111			3,942			10,576			9,902
Fuel		635			502			1,725			1,425
Purchased power		1,962			1,284			3,111			2,431
Provisions for regulatory adjustment clauses – net		(737	)		(66	)		(286	)		189
Other operation and maintenance		1,025			1,013			3,109			2,893
Depreciation, decommissioning and amortization		262			310			893			937
(Gain) on buyout of contract and (gain)/loss on sale of assets		(1	)		1			(75	)		—
Total operating expenses		3,146			3,044			8,477			7,875
Operating income		965			898			2,099			2,027
Interest and dividend income		9			40			44			125
Equity in income from partnerships and unconsolidated subsidiaries – net		31			35			40			72
Other nonoperating income		23			35			78			75
Interest expense – net of amounts capitalized		(176	)		(191	)		(511	)		(577	)
Loss on early extinguishment of debt		—			—			—			(241	)
Other nonoperating deductions		(82	)		(7	)		(115	)		(31	)
Income from continuing operations before tax and minority interest		770			810			1,635			1,450
Income tax expense		277			263			521			392
Dividends on preferred and preference stock of utility not subject to mandatory redemption		13			13			38			38
Minority interest		47			69			77			134
Income from continuing operations		433			465			999			886
Income (loss) from discontinued operations – net of tax		6			(4	)		—			1
Net income	$	439		$	461		$	999		$	887
Weighted-average shares of common stock outstanding		326			326			326			326
Basic earnings (loss) per common share:
Continuing operations	$	1.31		$	1.41		$	3.03		$	2.69
Discontinued operations		0.02			(0.01	)		—			—
Total	$	1.33		$	1.40		$	3.03		$	2.69
Weighted-average shares, including effect of dilutive securities		328			330			329			331
Diluted earnings (loss) per common share:
Continuing operations	$	1.31		$	1.40		$	3.02		$	2.67
Discontinued operations		0.02			(0.01	)		—			—
Total	$	1.33		$	1.39		$	3.02		$	2.67
Dividends declared per common share	$	0.305		$	0.29		$	0.915		$	0.87

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Edison International

Consolidated Balance Sheets

In millions	September 30, 2008			December 31, 2007
	(Unaudited)
ASSETS
Cash and equivalents	$	3,464		$	1,441
Short-term investments		23			81
Receivables, less allowance of $33 and $34 for uncollectible accounts at respective dates		1,339			1,033
Accrued unbilled revenue		518			370
Fuel inventory		138			116
Materials and supplies		376			316
Derivative assets		232			109
Restricted cash		3			3
Margin and collateral deposits		157			121
Regulatory assets		454			197
Accumulated deferred income taxes – net		190			167
Other current assets		189			290
Total current assets		7,083			4,244
Nonutility property – less accumulated provision for depreciation of $1,949 and $1,765 at respective dates		5,257			4,906
Nuclear decommissioning trusts		2,855			3,378
Investments in partnerships and unconsolidated subsidiaries		260			272
Investments in leveraged leases		2,460			2,473
Other investments		110			96
Total investments and other assets		10,942			11,125
Utility plant, at original cost:
Transmission and distribution		19,776			18,940
Generation		1,820			1,767
Accumulated provision for depreciation		(5,526	)		(5,174	)
Construction work in progress		1,970			1,693
Nuclear fuel, at amortized cost		246			177
Total utility plant		18,286			17,403
Derivative assets		206			122
Restricted cash		43			48
Rent payments in excess of levelized rent expense under plant operating leases		878			716
Regulatory assets		2,880			2,721
Other long-term assets		1,348			1,144
Total long-term assets		5,355			4,751
Total assets	$	41,666		$	37,523

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Edison International

Consolidated Balance Sheets

In millions, except share amounts	September 30, 2008		December 31, 2007
	(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt	$	1,808	$	500
Long-term debt due within one year		173		18
Accounts payable		939		979
Accrued taxes		177		49
Accrued interest		211		160
Counterparty collateral		9		42
Customer deposits		227		219
Book overdrafts		298		212
Derivative liabilities		175		125
Regulatory liabilities		1,179		1,019
Other current liabilities		931		933
Total current liabilities		6,127		4,256
Long-term debt		10,523		9,016
Accumulated deferred income taxes – net		5,521		5,196
Accumulated deferred investment tax credits		185		114
Customer advances		134		155
Derivative liabilities		52		101
Power-purchase contracts		21		22
Accumulated provision for pensions and benefits		1,166		1,089
Asset retirement obligations		2,997		2,892
Regulatory liabilities		2,889		3,433
Other deferred credits and other long-term liabilities		1,544		1,595
Total deferred credits and other liabilities		14,509		14,597
Total liabilities		31,159		27,869
Commitments and contingencies
Minority interest		319		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)		2,263		2,225
Accumulated other comprehensive income (loss)		54		(92	)
Retained earnings		6,964		6,311
Total common shareholders’ equity		9,281		8,444
Total liabilities and shareholders’ equity	$	41,666	$	37,523

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Edison International

Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
In millions	2008			2007
	(Unaudited)
Cash flows from operating activities:
Net income	$	999		$	887
Less: Income from discontinued operations		—			1
Income from continuing operations		999			886
Adjustments to reconcile to net cash provided by operating activities:
Depreciation, decommissioning and amortization		893			937
Other-than-temporary impairment on nuclear decommissioning trusts		121			42
Other amortization		80			94
Stock-based compensation		25			28
Minority interest		77			134
Deferred income taxes and investment tax credits		69			(83	)
Equity in income from partnerships and unconsolidated subsidiaries		(40	)		(72	)
(Gain) on buyout of contract and (gain)/loss on sale of assets		(75	)		—
Income from leveraged leases		(39	)		(46	)
Levelized rent expense		(162	)		(161	)
Loss on early extinguishment of debt		—			241
Regulatory assets		(246	)		312
Regulatory liabilities		122			312
Derivative assets		(60	)		3
Derivative liabilities		86			(105	)
Other assets		(71	)		(25	)
Other liabilities		(14	)		252
Margin and collateral deposits – net of collateral received		(70	)		28
Receivables and accrued unbilled revenue		(378	)		(467	)
Inventory and other current assets		18			(55	)
Book overdrafts		90			113
Accrued interest and taxes		179			366
Accounts payable and other current liabilities		(16	)		(46	)
Distributions and dividends from unconsolidated entities		9			43
Operating cash flows from discontinued operations		—			1
Net cash provided by operating activities		1,597			2,732
Cash flows from financing activities:
Long-term debt issued		2,132			2,930
Premium paid on extinguishment of debt and long-term debt issuance costs		(15	)		(240	)
Long-term debt repaid		(246	)		(3,061	)
Bonds repurchased		(212	)		—
Preferred stock redeemed		(7	)		—
Short-term debt financing-net		1,308			—
Rate reduction notes repaid		—			(178	)
Shares purchased for stock-based compensation		(57	)		(195	)
Proceeds from stock option exercises		23			77
Excess tax benefits related to stock-based awards		12			39
Dividends to minority shareholders		(78	)		(76	)
Dividends paid		(298	)		(283	)
Net cash provided (used) by financing activities	$	2,562		$	(987	)

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Edison International

Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
In millions	2008			2007
	(Unaudited)
Cash flows from investing activities:
Capital expenditures	$	(1,959	)	$	(1,979	)
Purchase of interest of acquired companies		(11	)		(28	)
Proceeds from sale of property and interests in projects		113			—
Proceeds from nuclear decommissioning trust sales		2,279			2,866
Purchases of nuclear decommissioning trust investments and other		(2,329	)		(2,967	)
Proceeds from partnerships and unconsolidated subsidiaries, net of investment		35			17
Maturities and sales of short-term investments		80			7,380
Purchase of short-term investments		(22	)		(7,174	)
Restricted cash		4			35
Customer advances for construction and other investments		(326	)		(232	)
Net cash used by investing activities		(2,136	)		(2,082	)
Net increase (decrease) in cash and equivalents		2,023			(337	)
Cash and equivalents, beginning of period		1,441			1,795
Cash and equivalents, end of period	$	3,464		$	1,458