Edison Electric Institute

Fall Financial Conference

November 2005

Handout

Exhibit 99.1

1

Forward-Looking Statements

This presentation contains “forward-looking statements”

within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements reflect

Edison

International’s

current expectations and projections about future events based on

Edison International’s knowledge of present facts and circumstances and

assumptions about future events and include any statement that does not directly relate to a historical or current fact.  In this report and elsewhere, the words

“expects,”

“believes,”

“anticipates,”

“estimates,”

“projects,”

“intends,”

“plans,”

“probable,”

“may,”

“will,”

“could,”

“would,”

“should,”

and variations of such words and

similar expressions, or discussions of strategy or of plans, are

intended to identify forward-looking statements.  Such statements necessarily involve risks and

uncertainties that could cause actual results to differ materially from those anticipated.  Some of the risks, uncertainties and

other important factors that could cause

results to differ, or that otherwise could impact Edison International or its subsidiaries, include but are not limited to:

•

the ability of Edison International to meet its financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay dividends;

•

the ability of SCE to recover its costs in a timely manner from its customers through regulated rates;

•

decisions and other actions by the CPUC and other regulatory authorities and delays in regulatory actions;

•

market risks affecting SCE’s energy procurement activities;

•

access to capital markets and the cost of capital;

•

changes in interest rates and rates of inflation;

•

governmental, statutory, regulatory or administrative changes or

initiatives affecting the electricity industry, including the market structure rules applicable to each

market and environmental regulations that could require additional expenditures or otherwise affect the cost and manner of doing

business;

•

risks associated with operating nuclear and other power generating facilities, including operating risks, equipment failure, availability, heat rate and output;

•

the availability of labor, equipment and materials;

•

the ability to obtain sufficient insurance;

•

effects of legal proceedings, changes in tax laws, rates or policies, and changes in accounting standards;

•

supply and demand for electric capacity and energy, and the resulting prices and dispatch volumes, in the wholesale markets to which EME’s generating units

have access;

•

the cost and availability of coal, natural gas, and fuel oil, and associated transportation costs;

•

the cost of and availability of emission credits or allowances for emission credits for EME and its subsidiaries ;

•

transmission congestion in and to each market area and the resulting differences in prices between delivery points in which EME and its subsidiaries operate;

•

the ability to provide sufficient collateral in support of hedging activities and purchases of fuel and electric energy;

•

the extent of additional supplies of capacity, energy and ancillary services from current competitors or new market entrants, including the development of new

generation facilities, including new plants and technologies that may be developed in the future;

•

general political, economic and business conditions;

•

weather conditions, natural disasters and other unforeseen events; and

•

changes in the fair value of investments accounted for using fair value accounting.

Additional information about risks and uncertainties, including more detail about the factors described above, is contained in Edison International’s reports filed with the

Securities and Exchange Commission. Readers are urged to read such reports and carefully consider the risks, uncertainties and other factors that affect Edison

International’s business.  Readers also should review future reports filed by Edison International with the Securities and Exchange Commission.  The information

contained in this report is subject to change without notice.

Forward-looking

statements speak only as of the date they are made and Edison International is not

obligated to publicly update or revise forward-looking statements.

2

Operating Statistics:

Total Assets

$25.5 B

Customers

4.7 M

Total Debt

(3)

$5.3 B

Total Assets                      $35.5 B   

Generation                      13,956 MW

Edison International –

Organizational Structure

(1)

Operating Statistics:

Total Assets

$3.7 B

Total MWs

Owned            

196

Total Investments

$2.8 B

Total Debt

(3)

$0.4 B

Southern California Edison

Credit Rating

(2)

BBB+ / A3

Operating Statistics:

Total Assets

$6.7 B

Total Domestic MWs Owned

8,834

Coal Generation MWs

7,545

Total Debt

(3)

$4.1 B

Mission Energy

Holding Company

Credit Rating

(2)

CCC+ / B2            

B+ / B1   (EME)

Edison Capital

Credit Rating

(2)

BB+ / Ba1

1)

As of September 30, 2005.

2)

Represents S&P and Moody’s ratings: SCE and MEHC Senior Secured debt, EC Senior Unsecured

debt, and EME corporate as of 9/30/05; EIX corporate credit

rating (S&P) and Senior Unsecured shelf rating (Moody’s) as of 9/30/05.

3)

Includes short-term, long-term, and current portion of

long-term

debt; non-recourse debt; and intercompany debt of $27 million, $78 million

and

$75 million at SCE,

MEHC and Edison Capital respectively.

Edison International

Credit Rating

(2)

BBB / Baa3

Edison Mission Group

3

Edison International –

Strategy

Our strategy seeks to create a balance among

•

Balance sheet strength

•

Growth

•

Dividends

We expect to produce total returns above peer averages

4

69%

56%

61%

51%

40%

50%

60%

70%

2002

2003

2004

9/30/2005

Edison International –

Balance Sheet Strength

EIX Long-term goal

1)

Excludes Powerton/Joliet termination value guarantee.

2)

See Appendix for non-GAAP reconciliation.

3)

Total debt includes recourse and non-recourse short-term,

long-term

and

current portion of

long-term

debt

as reported at December 31, 2003 and September 30, 2005.

Consolidated Recourse Leverage Ratio

(1), (2)

Strengthening Balance Sheet

•

$4.8 billion reduction in EIX and

MEHC total debt over the past 21

months

(3)

•

Investment Grade ratings at EIX

and SCE

•

Cash balances as of 9/30/05:

–

MEHC consolidated = $1.6B

–

Edison Capital = $354M

5

Southern California Edison

(1)

•

One of the largest U.S. electric utilities

–

50,000 square-mile service territory

–

More than 13 million people served

–

4.7 million customers

–

70 thousand customers added in 2004

•

85 TWh

Retail Sales

–

2.8% growth

–

New summer peak established; up  6%

(2)

–

11 TWh

Direct Access load

•

Value Drivers

–

Distribution system

Customer growth

Infrastructure replacement

–

Transmission additions for reliability

–

Generation upgrades

PG&E

SDG&E

LADWP

SCE

1)

As of 2004.

2)

Peak on July 21, 2005.

6

SCE Capital Expenditures

•

Average annual expenditures of $2 billion, double previous 5-year average

•

Investments across all business lines

•

Expect regulatory decisions on approximately 2/3 of capital investments by early

2006

•

Potential Additions:

–

Mohave Generating Station

–

Advanced Metering Infrastructure

.

2.2

2.1

2.1

1.9

1.8

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

2005

2006

2007

2008

2009

Five-Year Total    =    $10.1 billion

Classification

Generation

1.4

14%

Transmission

2.1

21%

Distribution

6.6

65%

$

%

Recovery by Proceeding

CPUC Rate Cases

7.4

73%

FERC Rate Cases

2.1

21%

Project Specific

0.6

6%

$

%

$ Billions

7

SCE Rate Base

•

Rate base

(1)

increasing 40% from end of 2005 to end of 2009 to meet system growth and

reliability requirements

•

Primary drivers of SCE’s pre-tax earnings

(2)

:

–

±

$100 million in authorized rate base  =  ±

$9 million

–

±

10 bp

change in authorized ROCE

(3)

=  ±

$8 million

–

±

1% change in authorized equity level

(4)

=  ±

$20 million

1)

Consolidated basis. 2006 to 2009 rate base derived from 2006 GRC

update filing and other pending regulatory proceedings.

2)

Assuming $10 billion rate base.

3)

Current authorized Return on Common Equity is 11.4%; 2006 COC request 11.8%.

4)

Current authorized common equity component of the capital structure is 48%.

14.3

13.1

12.2

11.1

10.2

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

2005

2006

2007

2008

2009

Growth Rate = 9%

Generation

Transmission

Distribution

$ Billions

8

Southern California Edison

•

Areas of Focus

–

Capital investment implementation

–

Market structure development / reliability

–

Fair and timely recovery of procurement costs

–

Customer rates

•

Key regulatory decisions pending / timing

(1)

–

2006 General Rate Case -

Early 2006

–

SONGS Steam Generator Replacement -

Late

2005

–

2006 Cost of Capital -

Late 2005

–

Major transmission projects (2006-2007)

1)

Investment recovery related.

9

Mission Energy Holding Company and Edison Capital

1)

Total debt includes recourse and non-recourse short-term,

long-term

and

current portion of

long-term

debt as reported at December 31, 2003 and September 30,

2005.

•

9,030 MWs

of Generation

(1)

–

7,545 MW (84%) coal

–

1,289 MW (14%) gas/oil

–

196 MW (2%) wind

–

86% merchant

•

$3.3 billion total debt reduction over the past 21

months for MEHC

(1)

•

Value Drivers

–

Low-cost coal based generation

–

Edison Mission Marketing & Trading

–

Renewable Investment opportunities

Midwest Generation

5,876 MWs

Homer City

1,884 MWs

California projects

964 MWs

March Point

70 MWs

Ambit

40 MWs

Storm Lake

112 MWs

Misc. Wind

84 MWs

10

Midwest Generation Operating Performance

Volume

Avg. Price

Forward Price

(TWH)

($/MWh)

($/MWh)

2005

YTD

22.4

$45.12

–

Hedged

4.8

$35.34

–

Unhedged

3.5

–

$50.76

(1)

30.7

2006

Hedged

14.2

$43.02

$52.74

(2)

2007

Hedged

6.8

$42.24

$47.61

1)

Balance of year forward flat energy price at NiHub

2)

Cal 2006 and 2007 flat prices for NiHub

Hedge Volume and Prices (as of 9/30/05)

$45.12

$24.84

$22.27

$16.89

$16.06

$12.46

$10.84

$10.93

$11.27

$9.32

$0

$10

$20

$30

$40

$50

2001

2002

2003

2004

YTD 9/30/05

Avg. energy price

Fuel & Emissions Cost

Coal Revenues and Costs ($/MWh)

(1)

1)  Excludes Peakers/Collins fuel costs.

26.2

26.9

13.9

13.5

13.6

17.1

22.4

0.7

0.4

8.3

0

10

20

30

40

2001

2002

2003

2004

2005

Contract

Merchant

Balance of Year

Coal Generation (in TWh)

26.6

27.6

27.5

30.6

30.7

(9/30 YTD)

11

Homer City Operating Performance

$44.17

$36.20

$34.02

$28.70

$33.07

$19.44

$16.18

$13.40

$12.22

$13.06

$0

$15

$30

$45

$60

2001

2002

2003

2004

YTD 9/30/05

Avg. energy price

Fuel & Emissions Cost

Coal Revenues and Costs ($/MWh)

Volume

Avg. Price

Forward Price

(1)

(TWH)

($/MWh)

($/MWh)

2005

YTD

10.7

$44.17

–

Hedged

2.2

$43.14

–

Unhedged

1.2

–

$75.01

(2)

14.1

2006

Hedged

8.5

$53.24

$72.01

(3)

2007

Hedged

3.6

$60.68

$62.18

(3)

1)

Forward prices at PJM West are generally higher than prices at the

Homer City busbar.  During the past twelve months, transmission

congestion in PJM has resulted in prices at the Homer City busbar

being lower than those at the PJM West Hub by an average 9% with

the monthly average difference during this period ranging from zero

to 20%, which occurred in August 2005.

2)

Balance of year forward flat energy price at PJM West.

3)

Cal 2006 and 2007 flat prices for PJM West.

Hedge Volume and Prices (as of 9/30/05)

10.7

13.3

14.4

12.1

12.9

3.4

0

5

10

15

20

2001

2002

2003

2004

2005

Merchant

Balance of Year

Coal Generation (in TWh)

(9/30 YTD)

14.1

12

0%

20%

40%

60%

80%

100%

120%

2005

2006

2007

2008

2009

Illinois plants

Homer City facilities 

Coal Requirements Under Contract

1)

The percentage in 2005 is calculated based on coal supply and expected generation requirements for a full year.

2)

Adjusted for expected deliveries under agreement in principle to

settle outstanding contract disputes.

(1)

(2)

111%

101%

100%

78%

91%

78%

32%

32%

21%

15%

Coal Supply

•

Annual coal usage:

–

Illinois plants use approximately 18

million to 20 million tons obtained

from the Southern Powder River

Basin

–

Homer City uses approximately 5

million tons obtained from mines

located near Homer City,

Pennsylvania

•

Midwest Generation transportation

contracted through 2011

13

•

Areas of Focus

–

Operational Performance

•

Project Decathlon

•

Manage fuel supply, emissions, and environmental controls to protect

operating margins

–

Liquidity Requirements

Collateral for forward sales

Target Capital structure

–

Growth

•

Renewables

•

Thermal (California investments)

MEHC and Edison Capital

14

Wind Business Objectives

•

Now actively pursuing new renewable (primarily wind) investments

–

Production tax credits extended for 2 years

–

New investment in 2005 is targeted at $180 million building to $250 million annually

Announced 120 MW wind project in eastern New Mexico

Closed 10 MW and 15 MW projects in Minnesota

0

200

400

600

800

1,000

1,200

1,400

2005

2006

2007

2008

2009

2005 Current Portfolio

•

8 projects

•

196 MW

•

2 midwestern states

2009 Target Portfolio

•

25+ projects

•

1,200 MW

•

Multiple US regions

Targeting investment of $1.2 billion during

the

period

2005

-

2009

15

Edison International –

Dividend Policy

1)

Dividends paid.

2)

Dividend rate.

(1)

$0.80

$1.00

(2)

$0.00

$0.00

$0.50

$1.00

2001 -

2003

2004

2005

Dividend per share

Longer-term, targeting a payout ratio of 45–55% excluding MEHC earnings

16

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

Original 2005 Outlook

Oct. 2004

Revised 2005 Outlook

Aug. 2005

Current 2005 Outlook

Nov. 2005

Core

Non-core

1)

See Appendix for non-GAAP reconciliation.

Edison International EPS

(1)

–

2005 Outlook

$2.20

$3.01-3.11

2.14

2.80-2.90

0.21

0.06

$2.87-2.97

2.53-2.63

0.34

17

Appendix

Slide 4:  The calculation for the third quarter 2005 recourse leverage ratio of 51% includes common equity

and preferred securities as reflected on the EIX balance sheets.

Debt includes short-

and long-term debt

and excludes

non-recourse

debt from continuing operations totaling $2.4 billion. The comparable 2005

leverage ratio based on the same balance sheet classifications, including

non-recourse

items, is 58%.

The calculation for the 2004 recourse leverage ratio of 56% includes common equity and preferred

securities as reflected on the EIX balance sheet. Debt includes short-

and long-term debt and other

preferred securities subject to mandatory redemption. Debt excludes

non-recourse

debt from continuing

operations totaling $2.8 billion. The comparable 2004 leverage ratio based on the same balance sheet

classifications, including non-recourse items is 63%.

The calculation for the 2003 recourse leverage ratio of 61% is calculated on the same basis as 2004,

reclassifying other preferred securities subject to mandatory redemption of $141 million as a component

of debt.

Non-recourse

debt of $2.9 billion is excluded. The comparable 2003 leverage ratio including

non-recourse amounts is 68%.

The calculation for the 2002 recourse leverage ratio of 69% is calculated on the same basis as 2003,

reclassifying other preferred securities subject to mandatory redemption of $1.2 billion as a component of

debt. Non-recourse preferred securities of $131 million and

non-recourse

debt of $5.4 billion are

excluded. The comparable 2002 leverage ratio including

non-recourse

amounts, and based on 2002

balance sheet classifications which classify preferred securities subject to mandatory redemption as

preferred stock, is 71%.

18

Appendix

1)

Favorable tax settlement

2)

Early debt retirements

3)

Discontinued operations $0.28 and early debt retirements $(0.05)

4)

Discontinued operations $0.17, March Point $(0.10) and early debt retirements $(0.05)

Reconciliation of Earnings to GAAP

$3.01 –

3.11

$2.87 –

2.97

$  2.20

Total

0.02

(4)

0.23

(3)

(0.05)

(2)

•

MEHC Consolidated

0.19

0.11

0.11

•

SCE

(1)

Non-core items

$  2.80 –

2.90

$  2.53 –

2.63

$  2.14

Core

(0.12)

(0.10)

(0.03)

•

EIX parent company and other

0.27

0.28

0.08

•

EC

0.85 –

0.95

0.55 –

0.65

0.34

•

MEHC Consolidated

$  1.80

$  1.80

$  1.75

•

SCE

Current

2005 Outlook

Nov. 2005   .

Revised

2005 Outlook

Aug. 2005   .

Original

2005 Outlook

Oct. 2005   .