First quarter 2009 GAAP earnings were $0.76 per share compared to $0.91 per share in the year-ago quarter, reflecting lower earnings at Edison Mission Group (EMG). Core earnings in the first quarter were $0.79 per share compared to $0.92 per share in the year-ago quarter.

First Quarter Earnings Detail:

Southern California Edison Company’s (SCE) first-quarter 2009 GAAP and core earnings were $0.64 per share, compared to $0.46 per share in the same quarter of 2008. This increase was primarily due to SCE’s 2009 General Rate Case (GRC) decision in March, which was effective January 1, 2009, and expense timing differences arising from the delay in receiving the utility’s GRC decision.

EMG reported GAAP earnings of $0.14 per share in the first quarter of 2009 compared to $0.48 per share in the first quarter of 2008. Core earnings were $0.17 per share compared to $0.49 per share, excluding a $0.04 per share non-core charge in the first quarter of 2009 reflecting termination of two lease agreements at Edison Capital as well as discontinued operations. EMG earnings for the quarter decreased over the same quarter last year primarily due to a significant decline in Midwest Generation and Homer City results from lower power prices and generation levels as well as reduced trading income. Partially offsetting these decreases were higher earnings from the wind projects in operation. Results for the first quarter of 2008 also included the favorable buy-out of a coal contract at Midwest Generation.

2009 Earnings Guidance:

Previously announced core earnings guidance of $2.90 – $3.20 per share is reaffirmed. The company has revised its 2009 GAAP earnings guidance to reflect expected recognition of certain non-core charges related to the company’s global settlement with the US Internal Revenue Service, which was finalized in the second quarter of this year.

“Our first quarter results are consistent with our 2009 outlook. Looking forward, our ability to realize our growth potential rests on two key initiatives. At Southern California Edison, it is our five-year, approximately $20 billion, investment in California’s electricity infrastructure and at EMG, it is the development of a large pipeline of potential wind and solar energy projects,” said Theodore F. Craver, chairman and chief executive officer of Edison.