Edison International : BUSINESS UPDATE 2024 q1

BUSINESS UPDATE

APRIL 30, 2024

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, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance), costs incurred to mitigate the risk of utility equipment causing future wildfires, costs incurred as a result of the COVID-19 pandemic, and increased costs due to supply chain constraints, inflation and rising interest rates;
• impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on the regulatory approval of operations and maintenance expenses, and proposed capital investment projects;
• ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan and capital program;
• risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff ("PSPS") and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
• ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency ("OEIS")
• risk that California Assembly Bill 1054 ("AB 1054") does not effectively mitigate the significant exposure 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 the longevity of the Wildfire Insurance Fund and the California Public Utilities Commission ("CPUC") interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054;
• risks associated with the operation of electrical facilities, including worker and public 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;
• 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;
• ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
• decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States 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 debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;
• potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition;
• extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
• cost and availability of labor, equipment and materials, including as a result of supply chain constraints and inflation;
• 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 worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
• 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 capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's transmission plans, and governmental approvals; and
• actions by credit rating agencies to downgrade Edison International or SCE's credit ratings or to place those ratings on negative watch or negative outlook.

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.

Edison International | April 2024 Business Update

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IntroductionClean Energy Transition LeadershipWildfire MitigationFinancial InformationAppendix

Edison International leads the transformation of the electric power industry

Focused on opportunities in clean energy, advancing electrification, building a modernized and more reliable grid, and enabling customers' technology choices

One of the nation's largest electric-only utilities, serving over 15 million residents in 50,000 square-mile service area

EIX's principal subsidiary, with $38-43 billion 2023-2028 electric infrastructure investment opportunity

Growth driven by investment in strengthening and modernizing the grid and advancing California's aggressive climate goals

Wires-focused rate base, with limited power generation ownership (<20% of power delivered from owned generation)

Partners with large commercial, industrial, and institutional organizations to navigate the energy transition by providing integrated energy management and sustainability solutions Clients include 50 of the world's largest companies

Edison International | April 2024 Business Update

$27+ billion

Market capitalization

14,000+

Employees

125,000+

Miles of SCE T&D lines

~$43 billion

SCE rate base

~5.3 million

SCE customer accounts

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IntroductionClean Energy Transition LeadershipWildfire MitigationFinancial InformationAppendix

Thesis: Wires-focused utility with rate base growth aligned with state's aggressive clean energy goals

Constructive California and Federal	Decoupling of sales			Premium California ROE
Forward-looking			Wildfire prudency
regulatory structures
	ratemaking			standard
Aggressive climate goals met with	California GHG reduction
clean, efficient, economy-wide	Helping customers make clean energy choices
electrification
Significant investment required to	Address wildfire risk and climate adaptation needs
Infrastructure replacement
ensure the grid is reliable, resilient, and
ready for widespread electrification	Electrification infrastructure
Investment in electric-led clean energy	6-8%2023-2028 rate base CAGR
future results in strong rate base and	Target dividend payout of 45-55% of
dividend growth	SCE core earnings
Edison International | April 2024 Business Update				3

Introduction

Clean Energy Transition Leadership

Wildfire Mitigation

Financial Information

Appendix

EIX well positioned for a decarbonized future; no coal or gas LDC exposure and high electric sales growth potential

		UTY1	EEI Index2
Electric-Only Utility &	5 of 201	12 of 39	
No Gas LDC Exposure
(# of Companies)
No Coal Generation	7 of 21	10 of 39	
Ownership
(# of Companies)
Net-zero commitments
across scopes 1, 2, and 3	1 of 21	3 of 39	
by 20453
(# of Companies)
Electric Sales per	13-40	12-56	16
Customer
Avg: 24	Avg: 25
(MWh/year)4

No stranded asset risk with

increased electrification

No coal generation or contracts in SCE's portfolio

EIX's net-zero commitment is strongly aligned with California's ambitious climate goals

Relatively low per-customer usage

will grow with electrification, which supports affordability

1. PHLX Utility Sector Index (UTY) consists of 21 geographically diverse public utility stocks, including one water utility. Values shown include EIX. Total company count for "electric-only utility & no gas LDC exposure" excludes Constellation Energy, which does not have any regulated utility operations

2. EEI Index consists of 39 publicly traded companies that are members of Edison Electric Institute, which includes 18 of the companies also in UTY. Values shown include EIX

3. Counts reflect companies with net-zero commitments by 2045 or sooner that are wholly inclusive of the company's scopes 1, 2, and 3 greenhouse gas emissions profile

4. Refers to total customer base, including residential, commercial, and industrial customers. Based on latest available data for year ended 2022. Excludes Constellation Energy, which does not have any regulated utility operations Source: EIX research, S&P Capital IQ Pro

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Introduction

Clean Energy Transition Leadership

Wildfire Mitigation

Financial Information

Appendix

Sustainability at the core of Edison's vision to lead the transformation of the electric power industry

Committed to achieving net-zero GHG emissions by 2045.

Also have long-term ESG goals for clean energy, electrification, DEI, and safety

Environmental

Social

Governance

2045 goals: net-zero GHG emissions across Scopes 1, 2, and 3; 100% carbon- free power delivered (~49% in 2023)1

Over $800 million in approved SCE funding to expand transportation electrification

Winner of SEPA's 2024 Policy Power Player of the Year Award for clean energy leadership and innovation

Winner of EEI's Edison Award for innovative suite of Transportation Electrification programs

Committed to SCE vehicle fleet electrification goals by 2030

Recipient of several awards for workplace diversity & inclusion

Long-standing community partnerships, including $2.3 billion annual spend with diverse suppliers

Lowest system average rate among major California investor-ownedutilities

Committed to gender parity in executive roles by 2030 and broader DEI actions

$20 million per year in philanthropic contributions with at least 80% going to diverse and underserved communities

Highest level governance score from ISS

Independent board chair since 2016;

1 of only 6 UTY companies with independent board chair2

8 of 11 directors diverse by gender, race/ethnicity, and/or LGBTQ+ self-ID;gender parity for independent directors

50% of executive annual incentive pay tied to safety & resiliency-relatedgoals for 2024

CPA-Zicklin "Trendsetter" with 100% score in multiple years for political accountability and disclosure3

1. Net zero goal is enterprise-wide. Delivered power goal is SCE-specific and percentages refer to power delivered to SCE customers. Reflects no coal generation of delivered electricity
2. UTY refers to the PHLX Utility Sector Index, which consists of 21 geographically diverse public utility stocks
3. Edison International is recognized as a "Trendsetter" on the Center for Public Accountability ("CPA")-Zicklin Index of Corporate Political Disclosure and Accountability. The Trendsetter category highlights leaders in the S&P 500 for commitments to transparency and accountability in political spending

Edison International | April 2024 Business Update

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Introduction	Clean Energy Transition Leadership	Wildfire Mitigation	Financial Information	Appendix
California's regulatory mechanisms provide revenue certainty

Revenue Decoupling	Long-standing regulatory mechanism that breaks the link between retail
means earnings aren't	electricity sales and revenue; promotes energy efficiency, helps stabilize customer
affected by changes in	bills, and supports environmental goals
electricity sales	Changes in sales only affect timing of cash collection
Balancing Accounts	SCE has several balancing accounts, including for variances in sales volume, such
allow SCE to collect and	as those related to weather
refund differences to	Balancing account established for incremental residential uncollectibles
authorized revenue

Forecast Ratemaking

reduces regulatory lag

Four-year GRC cycle with forward-looking test year and attrition year increases

CPUC has historically authorized mechanism that gives SCE opportunity to offset some inflationary price increases based on utility-specific indices

Cost of capital proceedings on three-year cycle separate from GRC with mechanism to reasonably adjust cost of capital if market conditions change significantly during cycles

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CLEAN

ENERGY TRANSITION LEADERSHIP

Introduction

Clean Energy Transition Leadership

Wildfire Mitigation

Financial Information

Appendix

Reaching California's 2045 GHG goals requires a near-complete transformation of energy use economy wide

DECARBONIZE

ELECTRICITY

100%

RETAIL SALES

100% of grid sales with carbon-free electricity

~90 GW of add'l utility- scale clean generation

~25 GW of add'l utility- scale energy storage

>15 GW each of add'l behind-the-meter solar and storage

ELECTRIFY TRANSPORTATION

90%

OF VEHICLES

90% of light-duty vehicles need to be electric

90% of medium-duty vehicles need to be electric

54% of heavy-duty vehicles need to be electric

ELECTRIFY

BUILDINGS

95%

OF BUILDINGS

Zero emission appliance regulations expected to drive >95% building electrification

98% and 90% of commercial water and space heating to be electrified by 2045, respectively

USE LOW-CARBON FUELS

48%

NON-ELECTRIC

ENERGY

20% and 13% of pipeline natural gas volume to be hydrogen and RNG, respectively

37% of heavy-duty vehicles to be hydrogen fuel cell vehicles

20% of buses to be hydrogen fuel cell vehicles

SINK REMAINING CARBON

75

MMT

CARBON SINK

25 MMT from carbon capture and storage (point source)

25 MMT from natural and working lands

25 MMT from other (e.g., direct air capture)

Edison is partnering with state and federal governments and with other stakeholders

to advance policies that rapidly cut GHG emissions in a feasible way

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IntroductionClean Energy Transition LeadershipWildfire MitigationFinancial InformationAppendix

Load growth of 80% by 2045 requires a significant acceleration in grid expansion

At least half of incremental grid investment fits squarely within IOU jurisdictions

Incremental CAISO-wide grid investment

~$125 billion

(2023$)

New transmission and distribution grid projects need to be added at up to 4x and 10x historical rates, respectively

SCE expects distribution system to be 25%

Transmission for

Out-of-State Imports

ISO Interconnections

Subtransmission

Distribution

CAISO Grid Investment

2033-2045

Infrastructure to interconnect and integrate resources

May be mix of investment by utilities, generators, and other market participants

Utility infrastructure additions and upgrades

Predominantly investments by utilities in their service areas

larger by 2045

• Equivalent of 85 new distribution substations
• Upgrades to 345 of 900 existing substations
• 1,400 new distribution circuits (30% more than today)

+20,000 circuit miles of 500 kV transmission CAISO-wide to interconnect new resources

Source: SCE's Countdown to 2045 analysis. See Countdown to 2045 Appendices for additional information on the analysis and its methodology

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