Most recently, McDaniel served as Edison International's executive VP, chief financial officer and treasurer. He was responsible for the company's financial, risk management, controller, internal audit and IT functions. Edison International is the parent company of Southern California Edison, a regulated electric utility, and Edison Mission Energy, an independent power company which develops, owns and operates renewable energy and fossil fuel generating projects across the United States.

Prior to January 1, 2005, McDaniel was chairman, CEO and president, and a director of Edison Mission Energy. During this time, the company owned generating plants in the U.S., Europe, Asia, and Puerto Rico.

McDaniel also served as CEO and a director of Edison Capital, a provider of capital and financial services supporting the growth of energy and infrastructure projects, products and services both domestically and abroad. In addition to interests in conventional and renewable power generation and transmission projects in the U.S., Europe, Africa, and Australia, the company invested and sponsored Latin American, Asian and Eastern European infrastructure funds.

Cypress is a developer of mixed-signal, programmable solutions. Cypress' offerings include the PSoC programmable system-on-chip families and derivatives such as PowerPSoC solutions for high-voltage and LED lighting applications, CapSense touch sensing and TrueTouch solutions for touchscreens.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

Third quarter 2009 core earnings were $1.09 per share compared to $1.46 per share in the third quarter 2008. The decline is largely attributable to lower earnings at Edison Mission Group (EMG), partially offset by higher operating results at Southern California Edison (SCE).

"Edison International is on track to meet its financial objectives laid out for investors at the beginning of the year. Our strong focus on execution in managing our operations helped us to achieve a good quarter," said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International.

- SCE's third quarter 2009 GAAP earnings were $1.06 per share compared to $0.72 per share in the third quarter 2008. Core earnings were $0.92 per share compared to $0.87 per share in the same quarter last year. This increase was primarily due to higher operating income associated with the utility's 2009 General Rate Case (GRC) and lower nonoperating expenses, partially offset by higher income tax expense. SCE also recorded a non-core benefit in the third quarter 2009 of $0.14 per share to reflect the non-cash accounting benefit from the final regulatory approval to transfer its Mountainview power plant to utility rate base. SCE recorded a $0.15 per share non-core charge in the third quarter 2008 resulting from the California Public Utilities Commission (CPUC) performance-based ratemaking decision.

- EMG's third quarter 2009 GAAP earnings were $0.19 per share compared to $0.66 per share in the third quarter 2008. Core earnings were $0.19 per share compared to $0.64 per share in the same quarter last year. Core earnings declined primarily from lower income at its coal- and gas-fired projects driven by lower energy prices and from lower trading income. Core results for the 2008 period included a $0.05 per share charge related to power contracts with Lehman Brothers and excluded $0.02 per share from discontinued operations.

- Edison International parent company and other reported a third quarter 2009 loss of $0.02 per share compared to a $0.05 per share loss in the third quarter 2008.

Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

Third Quarter Earnings Detail

SCE's third quarter 2009 GAAP earnings were $1.06 per share compared to $0.72 per share in the third quarter 2008. Core earnings were $0.92 per share compared to $0.87 per share in the same quarter last year. This increase was primarily due to higher operating income associated with the utility's 2009 General Rate Case (GRC) and lower nonoperating expenses, partially offset by higher income tax expense. SCE also recorded a non-core benefit in the third quarter 2009 of $0.14 per share to reflect the non-cash accounting benefit from the final regulatory approval to transfer its Mountainview power plant to utility rate base. SCE recorded a $0.15 per share non-core charge in the third quarter 2008 resulting from the California Public Utilities Commission (CPUC) performance-based ratemaking decision.

EMG's third quarter 2009 GAAP earnings were $0.19 per share compared to $0.66 per share in the third quarter 2008. Core earnings were $0.19 per share compared to $0.64 per share in the same quarter last year. Core earnings declined primarily from lower income at its coal- and gas-fired projects driven by lower energy prices and from lower trading income. Core results for the 2008 period included a $0.05 per share charge related to power contracts with Lehman Brothers and excluded $0.02 per share from discontinued operations.

Edison International parent company and other reported a third quarter 2009 loss of $0.02 per share compared to a $0.05 per share loss in the third quarter 2008.

Note: GAAP earnings and losses refer to net income or losses attributable to Edison International and GAAP earnings or losses per share refer to basic earnings or losses per common share attributable to Edison International 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.

Year-to-Date Earnings Summary

Edison International reported GAAP earnings of $1.94 per share for the nine-month period ending September 30, 2009, compared to $3.03 per share for the same period last year. Core earnings for the first nine months of 2009 were $2.66 per share compared to $3.18 per share for the same period in 2008. Non-core items included an $0.85 per share charge from the global tax settlement with the Internal Revenue Service and the associated termination of Edison Capital's cross-border, leveraged leases, SCE's third quarter non-core items discussed above and discontinued operations at EMG.

Year-to-Date Earnings Detail

SCE's GAAP earnings through September 30, 2009 were $3.23 per share compared to $1.66 per share in the same period last year. Core earnings for the first nine months of 2009 were $2.17 per share compared to $1.81 per share for the same period in 2008. The increase in core earnings reflects higher operating income related to the GRC decision and lower nonoperating expenses, partially offset by higher income tax expense. SCE's year-to-date core earnings exclude the impact of the global tax settlement, the impact from the transfer of the Mountainview power plant to utility rate base in 2009 and the CPUC's performance-based ratemaking decision in 2008.

EMG's GAAP loss through September 30, 2009 was $1.38 per share compared to GAAP earnings of $1.47 per share in the same period last year. Year-to-date core earnings for EMG were $0.55 per share compared to $1.47 per share in the same period last year. This decrease reflects lower income at its coal- and gas-fired projects driven by lower energy prices as well as lower trading income, lower earnings at Edison Capital and the favorable buy-out of a coal contract in 2008. EMG's year-to-date core earnings exclude the impacts of the global tax settlement together with discontinued operations.

Edison International parent company and other reported GAAP earnings through September 30, 2009 of $0.09 per share, compared to a loss of $0.10 per share in the same period last year. GAAP earnings include a $0.15 per share benefit in the first half of 2009 related to the global tax settlement.

2009 Earnings Guidance

The company narrowed its 2009 earnings guidance range to $2.23 to $2.43 per share on a GAAP basis and $2.95 to $3.15 per share on a core basis. See the risk disclosure statement in Appendix below and the presentation accompanying the company's conference call for further information.

Reconciliation of Core Earnings Guidance to GAAP Earnings
Guidance(1)
Core Earnings Per Share(1)                                                      2009 Earnings Guidance 2009 Earnings Guidance
                                                                                as of August 7, 2009   as of November 6, 2009
EIX core earnings                                                               $2.90 - $3.20          $2.95 - $3.15
Non-core items:
Global tax settlement:                                            (0.85)
SCE                                                 $0.92
EMG                                                 (1.92)
EIX parent company and other                        0.15
SCE - regulatory item                                             0.14
EMG - Discontinued Operations                                     (0.01)
Total Non-Core Items                                                            (0.72)                 (0.72)
EIX GAAP earnings                                                               $2.18 - $2.48          $2.23 - $2.43
Midpoint of 2009 core guidance by business element:
SCE                                                                             $2.49                  $2.55
EMG                                                                             0.70                   0.60
EIX parent company and other                                                    (0.14)                 (0.10)
Total                                                                           $3.05                  $3.05
(1) See Use of Non-GAAP Financial Measures in Appendix
below. GAAP earnings per share refer to basic earnings per common
share attributable to Edison International common shareholders.
The expected impact of participating securities is $(0.02) per
share and is included in EIX parent company and other.

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, one of the nation's largest electric utilities, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.

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. Earnings per share (EPS) by principal operating subsidiary is based on the principal operating subsidiary net income attributable to the common shareholders of each operating subsidiary, respectively, 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 and other. EIX core EPS and core EPS by principal operating subsidiary are reconciled to GAAP EPS.

Reminder: Edison International Will Hold a Conference Call Today

Today, Edison International will hold a conference call to discuss its third quarter 2009 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 (888) 889-2168 and the number for international callers is (773) 681-5951. The ID is "Edison." In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through Nov. 13, 2009 at the following numbers: (800) 283-6499 for callers in the United States and (402) 220-9734 for international callers. The replay passcode is 80709.

Risk Disclosure Statement

Statements contained in this news release about future performance, including, without limitation, earnings guidance, 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 2008 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.

Summary Financial Schedules
Third Quarter GAAP Earnings Per Share
                                                 Quarter Ended September 30,
Earnings (Loss) Per Common Share                        2009       2008     Change
Attributable to Edison International (Unaudited)
SCE                                              $      1.06     $ 0.72     $      0.34
EMG                                                     0.19       0.64            (0.45  )
EIX parent company and other                            (0.02  )   (0.05  )        0.03
EIX earnings from continuing operations                 1.23       1.31            (0.08  )
EIX earnings from discontinued operations               --         0.02            (0.02  )
EIX GAAP earnings(1)                             $      1.23     $ 1.33     $      (0.10  )
EIX diluted earnings                             $      1.22     $ 1.33     $      (0.11  )
(1) The impact of participating securities on the per
share amounts is included in EIX parent company and other and was
$(0.01) per share for the quarter ended September 30, 2009 and
$(0.02) per share for the quarter ended September 30, 2008.

Third Quarter Reconciliation of Core Earnings Per Share to GAAP
Earnings Per Share
                                                 Quarter Ended September 30,
Earnings (Loss) Per Common Share                        2009       2008     Change
Attributable to Edison International (Unaudited)
Core Earnings(1)
SCE                                              $      0.92     $ 0.87     $      0.05
EMG                                                     0.19       0.64            (0.45  )
EIX parent company and other                            (0.02  )   (0.05  )        0.03
EIX core earnings                                       1.09       1.46            (0.37  )
Non-core items
SCE - regulatory items                                  0.14       (0.15  )        0.29
EMG - discontinued operations                           --         0.02            (0.02  )
Total non-core items                                    0.14       (0.13  )        0.27
EIX GAAP earnings(1)                             $      1.23     $ 1.33     $      (0.10  )
(1) See Use of Non-GAAP Financial Measures in Appendix
above. The impact of participating securities on the per share
amounts is included in EIX parent company and other and was
$(0.01) per share for the quarter ended September 30, 2009 and
$(0.02) per share for the quarter ended September 30, 2008.

Third Quarter GAAP Earnings
                                                 Quarter Ended September 30,
Earnings (Loss) (in millions)                         2009           2008      Change
Attributable to Edison International (Unaudited)
SCE                                              $    346       $    235       $   111
EMG                                                   61             208           (147 )
EIX parent company and other                          (3   )         (10  )        7
EIX earnings from continuing operations               404            433           (29  )
EIX earnings from discontinued operations             (1   )         6             (7   )
EIX GAAP earnings                                $    403       $    439       $   (36  )

Third Quarter Reconciliation of Core Earnings to GAAP Earnings
                                                 Quarter Ended September 30,
Earnings (Loss) (in millions)                           2009       2008     Change
Attributable to Edison International (Unaudited)
Core Earnings(1)
SCE                                              $      300      $ 284      $      16
EMG                                                     61         208             (147   )
EIX parent company and other                            (3     )   (10    )        7
EIX core earnings                                       358        482             (124   )
Non-core items
SCE - regulatory items                                  46         (49    )        95
EMG - discontinued operations                           (1     )   6               (7     )
Total non-core items                                    45         (43    )        88
EIX GAAP earnings                                $      403      $ 439      $      (36    )
(1) See Use of Non-GAAP Financial Measures in Appendix
above.

Year-to-Date GAAP Earnings Per Share
                                                 Year-to-Date September 30,
Earnings (Loss) Per Common Share                        2009       2008     Change
Attributable to Edison International (Unaudited)
SCE                                              $      3.23     $ 1.66     $      1.57
EMG                                                     (1.37  )   1.47            (2.84  )
EIX parent company and other                            0.09       (0.10  )        0.19
EIX earnings from continuing operations                 1.95       3.03            (1.08  )
EIX loss from discontinued operations                   (0.01  )   --              (0.01  )
EIX GAAP earnings(1)                             $      1.94     $ 3.03     $      (1.09  )
EIX diluted earnings                             $      1.94     $ 3.02     $      (1.08  )
(1) The impact of participating securities is included in
EIX parent company and other and was $(0.01) per share for the
year-to-date period ended September 30, 2009 and $(0.04) per share
for the year-to-date period ended September 30, 2008.

Year-to-Date Reconciliation of Core Earnings Per Share to GAAP
Earnings Per Share
                                                              Year-to-date September 30,
Earnings (Loss) Per Common Share                                   2009            2008       Change
Attributable to Edison International (Unaudited)
Core Earnings(1)
       SCE                                                    $    2.17       $    1.81       $    0.36
       EMG                                                         0.55            1.47            (0.92 )
       EIX parent company and other                                (0.06 )         (0.10 )         0.04
EIX core earnings                                                  2.66            3.18            (0.52 )
Non-core items
       SCE - regulatory items                                      0.14            (0.15 )         0.29
       Global tax settlement                                       (0.85 )         --              (0.85 )
       SCE                          $ 0.92
       EMG                            (1.92  )
       EIX parent company and other   0.15
       EMG - discontinued operations                               (0.01 )         --              (0.01 )
Total non-core items                                               (0.72 )         (0.15 )         (0.57 )
EIX GAAP earnings(1)                                          $    1.94       $    3.03       $    (1.09 )
(1) See Use of Non-GAAP Financial Measures in Appendix
above. The impact of participating securities is included in EIX
parent company and other and was $(0.01) per share for the
year-to-date period ended September 30, 2009 and $(0.04) per share
for year-to-date period ended September 30, 2008.

Year-to-Date GAAP Earnings
                                                 Year-to-Date September 30,
Earnings (Loss) (in millions)                         2009            2008      Change
Attributable to Edison International (Unaudited)
SCE                                              $    1,053      $    542       $   511
EMG                                                   (445  )         479           (924 )
EIX parent company and other                          34              (22  )        56
EIX earnings from continuing operations               642             999           (357 )
EIX loss from discontinued operations                 (5    )         --            (5   )
EIX GAAP earnings                                $    637        $    999       $   (362 )

Year-to-Date Reconciliation of Core Earnings to GAAP Earnings
                                                              Year-to-Date September 30,
Earnings (Loss) (in millions)                                      2009           2008       Change
Attributable to Edison International (Unaudited)
Core Earnings(1)
       SCE                                                    $    707       $    591        $   116
       EMG                                                         179            479            (300 )
       EIX parent company and other                                (16  )         (22   )        6
EIX core earnings                                                  870            1,048          (178 )
Non-core items
       SCE - regulatory items                                      46             (49   )        95
       Global tax settlement                                       (274 )         --             (274 )
       SCE                          $ 300
       EMG                            (624   )
       EIX parent company and other   50
       EMG - discontinued operations                               (5   )         --             (5   )
Total non-core items                                               (233 )         (49   )        (184 )
EIX GAAP earnings                                             $    637       $    999        $   (362 )
(1) See Use of Non-GAAP Financial Measures in Appendix
above.

Edison International
Consolidated Statements of Income
                                                                      Three Months          Nine Months
                                                                      Ended                 Ended
                                                                      September 30,         September 30,
In millions, except per-share amounts                                 2009       2008       2009       2008
                                                                      (Unaudited)
Electric utility                                                      $ 3,065    $ 3,467    $ 7,526    $ 8,696
Competitive power generation                                            592        813        1,759      2,143
Financial services and other                                            7          14         25         45
Total operating revenue                                                 3,664      4,294      9,310      10,884
Fuel                                                                    406        635        1,120      1,725
Purchased power                                                         1,032      1,333      2,155      3,053
Other operation and maintenance                                         1,093      1,035      3,136      3,110
Depreciation, decommissioning and amortization                          365        327        1,053      972
Lease terminations and other                                            --         (1    )    888        (75    )
Total operating expenses                                                2,896      3,329      8,352      8,785
Operating income                                                        768        965        958        2,099
Interest and dividend income                                            2          9          29         44
Equity in income from partnerships and unconsolidated subsidiaries -    35         31         34         40
net
Other nonoperating income                                               74         23         131        78
Interest expense - net of amounts capitalized                           (187  )    (176  )    (556  )    (511   )
Other nonoperating deductions                                           (16   )    (82   )    (41   )    (115   )
Income from continuing operations before income taxes                   676        770        555        1,635
Income tax expense (benefit)                                            232        277        (169  )    521
Income from continuing operations                                       444        493        724        1,114
Income (loss) from discontinued operations - net of tax                 (1    )    6          (5    )    --
Net income                                                              443        499        719        1,114
Less: Net income attributable to noncontrolling interests               40         60         82         115
Net income attributable to Edison International common                $ 403      $ 439      $ 637      $ 999
shareholders
Amounts attributable to Edison International common shareholders:
Income from continuing operations, net of tax                         $ 404      $ 433      $ 642      $ 999
Income (loss) from discontinued operations, net of tax                  (1    )    6          (5    )    --
Net income attributable to Edison International common                $ 403      $ 439      $ 637      $ 999
shareholders
Weighted-average shares of common stock outstanding                     326        326        326        326
Basic earnings per common share attributable to Edison
International common shareholders:
Continuing operations                                                 $ 1.23     $ 1.31     $ 1.95     $ 3.03
Discontinued operations                                                 --         0.02       (0.01 )    --
Total                                                                 $ 1.23     $ 1.33     $ 1.94     $ 3.03
Weighted-average shares of common stock outstanding, including          329        328        328        329
effect of dilutive securities
Diluted earnings per common share attributable to Edison
International common shareholders:
Continuing operations                                                 $ 1.22     $ 1.31     $ 1.95     $ 3.02
Discontinued operations                                                 --         0.02       (0.01 )    --
Total                                                                 $ 1.22     $ 1.33     $ 1.94     $ 3.02
Dividends declared per common share                                   $ 0.310    $ 0.305    $ 0.930    $ 0.915

Edison International
Consolidated Balance Sheets
                                                                   September 30,     December 31,
In millions                                                        2009              2008
                                                                   (Unaudited)
ASSETS
Cash and equivalents                                               $    2,411        $    3,916
Short-term investments                                                  5                 7
Receivables, less allowances of $47 and $39 for uncollectible           1,158             1,006
accounts at respective dates
Accrued unbilled revenue                                                583               328
Inventory                                                               549               553
Derivative assets                                                       403               327
Restricted cash                                                         148               3
Margin and collateral deposits                                          222               105
Regulatory assets                                                       57                605
Deferred income taxes - net                                             28                104
Other current assets                                                    204               399
Total current assets                                                    5,768             7,353
Nonutility property - less accumulated depreciation of $2,157 and       4,718             5,374
$2,019 at respective dates
Nuclear decommissioning trusts                                          3,025             2,524
Investments in partnerships and unconsolidated subsidiaries             238               229
Investments in leveraged leases                                         164               2,467
Other investments                                                       93                89
Total investments and other assets                                      8,238             10,683
Utility plant, at original cost:
Transmission and distribution                                           21,035            20,006
Generation                                                              2,633             1,819
Accumulated depreciation                                                (5,757 )          (5,570 )
Construction work in progress                                           2,688             2,454
Nuclear fuel, at amortized cost                                         277               260
Total utility plant                                                     20,876            18,969
Derivative assets                                                       344               244
Restricted deposits                                                     43                43
Rent payments in excess of levelized rent expense under plant           1,039             878
operating leases
Regulatory assets                                                       5,084             5,414
Other long-term assets                                                  1,380             1,031
Total long-term assets                                                  7,890             7,610
Total assets                                                       $    42,772       $    44,615

Edison International
Consolidated Balance Sheets
                                                                    September 30,  December 31,
In millions, except share amounts                                   2009           2008
                                                                    (Unaudited)
LIABILITIES AND EQUITY
Short-term debt                                                     $      85      $      2,143
Current portion of long-term debt                                          842            174
Accounts payable                                                           966            1,031
Accrued taxes                                                              271            590
Accrued interest                                                           207            187
Customer deposits                                                          241            228
Book overdrafts                                                            260            224
Derivative liabilities                                                     108            178
Regulatory liabilities                                                     1,176          1,111
Other current liabilities                                                  803            831
Total current liabilities                                                  4,959          6,697
Long-term debt                                                             10,448         10,950
Deferred income taxes - net                                                4,414          5,717
Deferred investment tax credits                                            198            109
Customer advances                                                          123            137
Derivative liabilities                                                     674            776
Pensions and benefits                                                      3,000          2,860
Asset retirement obligations                                               3,179          3,042
Regulatory liabilities                                                     2,848          2,481
Other deferred credits and other long-term liabilities                     1,924          1,137
Total deferred credits and other liabilities                               16,360         16,259
Total liabilities                                                          31,767         33,906
Common stock, no par value (325,811,206 shares outstanding at each         2,294          2,272
date)
Accumulated other comprehensive income                                     128            167
Retained earnings                                                          7,401          7,078
Total Edison International's common shareholders' equity                   9,823          9,517
Noncontrolling interests - other                                           275            285
Preferred and preference stock of utility not subject to mandatory         907            907
redemption
Total equity                                                               11,005         10,709
Total liabilities and equity                                        $      42,772  $      44,615

Edison International
Consolidated Statements of Cash Flows
                                                                      Nine Months Ended
                                                                      September 30,
In millions                                                           2009              2008
                                                                      (Unaudited)
Cash flows from operating activities:
Net income                                                            $    719          $    1,114
Loss from discontinued operations                                          5                 --
Income from continuing operations                                          724               1,114
Adjustments to reconcile to net cash provided by operating
activities:
Depreciation, decommissioning and amortization                             1,053             972
Regulatory impacts of net nuclear decommissioning trust earnings           133               42
(reflected in accumulated depreciation)
Other amortization                                                         95                80
Lease terminations and other                                               888               (75   )
Stock-based compensation                                                   17                25
Equity in income from partnerships and unconsolidated subsidiaries -       (34    )          (40   )
net
Distributions and dividends from unconsolidated entities                   5                 9
Deferred income taxes and investment tax credits                           (1,322 )          69
Rent payments in excess of levelized rent expense                          (161   )          (162  )
Income from leveraged leases                                               (13    )          (39   )
Long-term regulatory assets and liabilities - net                          338               (28   )
Long-term derivative assets and liabilities - net                          (176   )          29
Other assets                                                               (136   )          (71   )
Other liabilities                                                          835               (13   )
Changes in working capital:
Margin and collateral deposits - net of collateral received                (99    )          (70   )
Receivables and accrued unbilled revenue                                   (409   )          (378  )
Inventory                                                                  4                 (75   )
Restricted cash                                                            (148   )          --
Other current assets                                                       190               93
Book overdrafts                                                            41                90
Accrued taxes                                                              (318   )          128
Current regulatory assets and liabilities - net                            613               (97   )
Current derivative assets and liabilities - net                            (238   )          (3    )
Accounts payable and other current liabilities                             235               35
Operating cash flows from discontinued operations                          (5     )          --
Net cash provided by operating activities                                  2,112             1,635
Cash flows from financing activities:
Long-term debt issued                                                      939               2,132
Long-term debt issuance costs                                              (25    )          (15   )
Long-term debt repaid                                                      (566   )          (246  )
Bonds repurchased                                                          (219   )          (212  )
Preferred stock redeemed                                                   --                (7    )
Short-term debt financing - net                                            (2,058 )          1,308
Cash contributions from noncontrolling interests                           2                 --
Stock-based compensation - net                                             4                 (22   )
Dividends and distributions to noncontrolling interests                    (88    )          (116  )
Dividends paid                                                             (303   )          (298  )
Net cash provided (used) by financing activities                      $    (2,314 )     $    2,524

Edison International
Consolidated Statements of Cash Flows
                                                                    Nine Months Ended
                                                                    September 30,
In millions                                                         2009              2008
                                                                    (Unaudited)
Cash flows from investing activities:
Capital expenditures                                                $    (2,287 )     $    (1,959 )
Purchase of interest in acquired companies                               (7     )          (11    )
Proceeds from termination of leases                                      1,420             --
Proceeds from sale of property and interests in projects                 1                 113
Proceeds from nuclear decommissioning trust sales                        1,814             2,279
Purchases of nuclear decommissioning trust investments and other         (1,977 )          (2,329 )
Proceeds from partnerships and unconsolidated subsidiaries, net of       10                35
investment
Maturities and sales of short-term investments                           3                 80
Purchase of short-term investments                                       (1     )          (22    )
Customer advances for construction and other investments                 (279   )          (322   )
Net cash used by investing activities                                    (1,303 )          (2,136 )
Net increase (decrease) in cash and equivalents                          (1,505 )          2,023
Cash and equivalents, beginning of period                                3,916             1,441
Cash and equivalents, end of period                                 $    2,411        $    3,464

SOURCE: Edison International

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