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EX - 99.1 2 eix - 20210729xex99d1.htm EX - 99.1 Graphic FOR IMMEDIATE RELEASE ● Exhibit 99.1 NEWS Investor Relations : Sam Ramraj , ( 626 ) 302-2540 Media Contact : Jeff Monford , ( 626 ) 476-8120 Edison International Reports Second Quarter 2021 Results Second Quarter 2021 GAAP EPS of $ 0.84 ; Core EPS of $ 0.94 In July , the CPUC issued a proposed decision on track 1 of SCE's 2021 General Rate Case SCE continues wildfire mitigation execution , meeting annual inspections target and deploying over 540 miles of covered conductor through the first half of the year ROSEMEAD , Calif . , July 29 , 2021 - Edison International ( NYSE : EIX ) today reported second quarter 2021 net income of $ 318 million , or $ 0.84 per share , compared to net income of $ 318 million , or $ 0.85 per share , in the second quarter of 2020. As adjusted , second quarter 2021 core earnings were $ 356 million , or $ 0.94 per compared to core earnings of $ 375 million , or $ 1.00 per share , in the second quarter of 2020 . Southern California Edison ( SCE ) received a proposed decision from the California Public Utilities Commission ( CPUC ) on track 1 of its 2021 General Rate Case ( GRC ) on July 9 , 2021.SCE accounts for regulatory decisions in the period in which they are received . Consequently , during the second quarter 2021 , SCE recognized revenue from CPUC activities based on 2020 authorized base revenue requirements . SCE's second quarter 2021 core earnings per share decreased year - over - year primarily due to higher depreciation , partially offset by higher FERC revenue and lower expenses related to wildfire mitigation activities . Wildfire mitigation expenses were lower in the second quarter primarily because fewer remediations were identified through the inspection process . Edison International Parent and Other's second quarter 2021 loss per share increased year - over - year primarily due to higher preferred dividends as a result of preferred equity issuance in 2021 , partially offset by lower corporate expenses and the recognition of unrealized gains from an increase in the fair value of marketable securities . " SCE's recently received proposed decision on its 2021 General Rate Case supports critical safety and reliability investments and provides the foundation for capital spending and rate base through 2023 , " said Pedro J. Pizarro , president and CEO of Edison International . “ SCE is making meaningful progress in mitigating wildfire risk for its customers . However , we believe additional CPUC - authorized funding for SCE's covered conductor deployment is warranted to protect customers ' and communities ' vital interests and achieve the state's objective for minimizing wildfire risk . " Pizarro added , " Investing in grid resiliency is a key element of our sustainability strategy . SCE is progressing toward its sustainability goals and is making substantial investments , including over $ 800 million to accelerate vehicle electrification across the utility's service area . SCE currently maintains one of the largest energy storage portfolios in the nation , supporting reliability and increasing levels of clean energy . " Edison International uses core earnings , which is a non - GAAP financial measure that adjusts for significant discrete items that management does not consider representative of ongoing earnings . Edison International management believes that core earnings provide more meaningful comparisons of performance from period to period . Please see the attached tables for a reconciliation of core earnings to basic GAAP earnings .