-- Quarterly dividends of $0.255 per share on the 4.08% series of cumulative preferred stock, $0.265 per share on the 4.24% series of cumulative preferred stock and $0.29875 per share on the 4.78% series of cumulative preferred stock. Each of these dividends is payable on May 31, 2008, to shareholders of record on May 5, 2008.

-- Quarterly dividends of $1.53125 per share on the Series B preference stock and $0.27 per share on the 4.32% series of cumulative preferred stock. Each of these dividends is payable on June 30, 2008, to shareholders of record on June 5, 2008.

-- Quarterly dividends of $1.33725 per share on the Series A preference stock and $1.50 per share on the Series C preference stock. Each of these dividends is payable on July 31, 2008, to shareholders of record on July 3, 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. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, the largest electric utility in California, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.

SOURCE: Edison International

Edison International
Media Relations: Charles Coleman, 626-302-7982
www.edisonnews.com
Investor Relations: Scott Cunningham, 626-302-2540
www.edisoninvestor.com

-- Core earnings increased 2% to $0.92 per share in the first quarter from $0.90 per share in the year-ago quarter, reflecting an increase of $0.01 per share at both Southern California Edison (SCE) and Edison Mission Group (EMG). The increase was largely due to lower net interest expense at SCE and higher gross margin at EMG's Midwest Generation. Core earnings exclude non-core items and discontinued operations.

-- The current outlook for Edison International 2008 core earnings is around the high end of its guidance range of $3.61 - $4.01 per share.

Edison International Financial Highlights
                                      Quarter Ended March 31,
(In millions, except per share data)        2008         2007  Change
----------------------------------------------------------------------
GAAP earnings per share                    $0.91        $1.01  $(0.10)
Core earnings per share                    $0.92        $0.90  $ 0.02
GAAP earnings                              $ 299        $ 333  $  (34)
Core earnings                              $ 304        $ 299  $    5
======================================================================

Note: GAAP earnings refer to net income and GAAP earnings per share refer to basic earnings per share 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.

Edison International (NYSE: EIX) today reported first quarter 2008 earnings of $0.91 per share. Excluding non-core items, first quarter 2008 core earnings were $0.92 per share, up two percent compared with $0.90 per share in the year-ago first quarter.

"First quarter results were solid. Our improved outlook for the full year reflects positive margin trends in our unregulated power generation business," said John E. Bryson, chairman and chief executive officer of Edison International.

Earnings from Continuing Operations

SCE's first-quarter 2008 earnings from continuing operations were $0.46 per share, compared to earnings of $0.55 per share in the same quarter last year; this decrease was primarily due to a non-core tax benefit of $0.10 per share last year from the favorable resolution of the income tax treatment of certain environmental remediation costs. Excluding the tax item, SCE's core earnings in the first quarter increased $0.01 per share, compared to the same quarter last year. This increase was primarily due to lower net interest expense.

EMG's first-quarter 2008 earnings from continuing operations and core earnings were $0.49 per share, compared to $0.48 per share in the same quarter last year. The increase was primarily due to higher gross margin and the buy-out of a coal contract at Midwest Generation together with higher energy trading results. This was partially offset by lower earnings from Edison Capital and other generation projects together with higher costs associated with EMG's growth programs.

Discontinued Operations

Edison International's loss from discontinued operations was $(0.01) per share in the first quarter of 2008 versus earnings from discontinued operations of $0.01 per share in the first quarter of 2007; both related to the 2004 sale of its international businesses.

                                               Quarter Ended
                                                  March 31,
Earnings (Loss) Per Share (Unaudited)           2008    2007   Change
----------------------------------------------------------------------
   Southern California Edison Company          $ 0.46  $ 0.55  $(0.09)
   Edison Mission Group                          0.49    0.48    0.01
   EIX parent company and other                 (0.03)  (0.03)     --
----------------------------------------------------------------------
EIX GAAP earnings per share from continuing
 operations                                      0.92    1.00   (0.08)
----------------------------------------------------------------------
EIX GAAP earnings (loss) from discontinued
 operations                                     (0.01)   0.01   (0.02)
----------------------------------------------------------------------
EIX GAAP earnings per share                    $ 0.91  $ 1.01  $(0.10)
======================================================================
EIX diluted earnings per share                 $ 0.91  $ 1.00  $(0.09)
======================================================================

                                               Quarter Ended
                                                  March 31,
Earnings (Loss) (in millions) (Unaudited)       2008    2007   Change
----------------------------------------------------------------------
   Southern California Edison Company          $  150  $  180  $  (30)
   Edison Mission Group                           159     155       4
   EIX parent company and other                    (5)     (5)     --
----------------------------------------------------------------------
EIX income from continuing operations             304     330     (26)
----------------------------------------------------------------------
Earnings (loss) from discontinued operations       (5)      3      (8)
----------------------------------------------------------------------
EIX net income                                 $  299  $  333  $  (34)
======================================================================

    First Quarter Reconciliation of Core Earnings to GAAP Earnings

                                               Quarter Ended
                                                  March 31,
Core Earnings(1) (Loss) Per Share (Unaudited)   2008    2007   Change
----------------------------------------------------------------------
   Southern California Edison Company          $ 0.46  $ 0.45  $ 0.01
   Edison Mission Group                          0.49    0.48    0.01
   EIX parent company and other                 (0.03)  (0.03)     --
----------------------------------------------------------------------
EIX core earnings per share                      0.92    0.90    0.02
----------------------------------------------------------------------
Non-core items
     SCE - tax item                                --    0.10   (0.10)
     Earnings (loss) from discontinued
      operations                                (0.01)   0.01   (0.02)
----------------------------------------------------------------------
        Total non-core items                    (0.01)   0.11   (0.12)
----------------------------------------------------------------------
EIX GAAP earnings per share                    $ 0.91  $ 1.01  $(0.10)
======================================================================

                                               Quarter Ended
                                                  March 31,
Core Earnings(1) (Loss) (in millions)
 (Unaudited)                                    2008    2007   Change
----------------------------------------------------------------------
   Southern California Edison Company          $  150  $  149  $    1
   Edison Mission Group                           159     155       4
   EIX parent company and other                    (5)     (5)     --
----------------------------------------------------------------------
EIX core earnings                                 304     299       5
----------------------------------------------------------------------
Non-core items
     SCE - tax item                                --      31     (31)
     Earnings (loss) from discontinued
      operations                                   (5)      3      (8)
----------------------------------------------------------------------
        Total non-core items                       (5)     34     (39)
----------------------------------------------------------------------
Total EIX net income                           $  299  $  333  $  (34)
======================================================================

(1) See Use of Non-GAAP Financial Measures below. The impact of participating securities is included in EIX parent company and other and was $(0.01) per share in both quarters.

2008 EARNINGS GUIDANCE

The company reaffirmed its previously announced 2008 earnings guidance of $3.61 - $4.01 per share. It now sees 2008 core earnings being around the high end of the guidance range. See the risk disclosure statement below and the presentation accompanying the company's conference call for further information.

  Reconciliation of Core Earnings Guidance to GAAP Earnings Guidance

Core Earnings Per Share(1)                               2008 Guidance
----------------------------------------------------------------------
   Southern California Edison                            $2.18 - 2.28
   Edison Mission Group                                  $1.57 - 1.87
   EIX parent company and other                             $(0.14)
----------------------------------------------------------------------
EIX core earnings per share                              $3.61 - $4.01
----------------------------------------------------------------------
    Non-core items                                            --
----------------------------------------------------------------------
EIX GAAP earnings per share                              $3.61 - $4.01
======================================================================

(1) Guidance excludes discontinued operations and non-core items. The expected impact of participating securities is ($0.05) per share and is included in EIX parent company and other.

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 per share.

EPS by principal operating subsidiary is based on the principal operating subsidiary net income 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. EPS and core EPS by principal operating subsidiary are reconciled to GAAP earnings per share.

Reminder: Edison International Will Hold a Conference Call Today

Today, Edison International will hold a conference call to discuss its first quarter 2008 financial results at 8 a.m. (Pacific Daylight 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 (800) 356-8584 and the number for international callers is (850) 429-1225. The ID# is 11600. In addition to the live simulcast, the webcast will remain posted at www.edisoninvestor.com and telephone replays will be available through Thursday, May 15, 2008, at the following numbers: (877) 693-4277 for callers in the United States and (402) 220-0042 for international callers. The ID# is 11601.

Risk Disclosure Statement

Statements contained in this news release about future performance, including, without limitation, earnings, 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 2007 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.

Edison International (NYSE:EIX), 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, Calif., Edison International is the parent company of Southern California Edison, the largest electric utility in California, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.

                         Edison International
                  Consolidated Statements of Income

                                                    Three Months Ended
                                                        March 31,
----------------------------------------------------------------------
In millions, except per-share amounts                   2008    2007
----------------------------------------------------------------------
                                                       (Unaudited)
Electric utility                                       $2,349  $2,222
Nonutility power generation                               719     672
Financial services and other                               15      18
----------------------------------------------------------------------
Total operating revenue                                 3,083   2,912
----------------------------------------------------------------------
Fuel                                                      537     486
Purchased power                                           491     317
Provisions for regulatory adjustment clauses - net        172     289
Other operation and maintenance                           974     880
Depreciation, decommissioning and amortization            298     313
Gain on buyout of contract and sale of assets             (17)     --
----------------------------------------------------------------------
Total operating expenses                                2,455   2,285
----------------------------------------------------------------------
Operating income                                          628     627
Interest and dividend income                               14      39
Equity in income from partnerships and
 unconsolidated subsidiaries - net                          2      17
Other nonoperating income                                  25      17
Interest expense - net of amounts capitalized            (171)   (198)
Other nonoperating deductions                             (12)    (11)
----------------------------------------------------------------------
Income from continuing operations before tax and
 minority interest                                        486     491
Income tax expense                                        161     129
Dividends on preferred and preference stock of
 utility not subject to mandatory redemption               13      13
Minority interest                                           8      19
----------------------------------------------------------------------
Income from continuing operations                         304     330
Income (loss) from discontinued operations - net of
 tax                                                       (5)      3
----------------------------------------------------------------------
Net income                                             $  299  $  333
----------------------------------------------------------------------
Weighted-average shares of common stock outstanding       326     326
Basic earnings (loss) per common share:
Continuing operations                                  $ 0.92  $ 1.00
Discontinued operations                                 (0.01)   0.01
----------------------------------------------------------------------
Total                                                  $ 0.91  $ 1.01
----------------------------------------------------------------------
Weighted-average shares, including effect of
 dilutive securities                                      329     330
Diluted earnings (loss) per common share:
Continuing operations                                  $ 0.92  $ 0.99
Discontinued operations                                 (0.01)   0.01
----------------------------------------------------------------------
Total                                                  $ 0.91  $ 1.00
----------------------------------------------------------------------
Dividends declared per common share                    $0.305  $ 0.29

                         Edison International
                     Consolidated Balance Sheets

                                               March 31,  December 31,
In millions                                      2008         2007
----------------------------------------------------------------------
                                              (Unaudited)
ASSETS
Cash and equivalents                             $ 1,545      $ 1,441
Short-term investments                                35           81
Receivables, less allowance of $34 for
 uncollectible accounts at each date               1,038        1,033
Accrued unbilled revenue                             342          370
Fuel inventory                                       120          116
Materials and supplies                               311          316
Derivative assets                                    192          109
Restricted cash                                        3            3
Margin and collateral deposits                       147          121
Regulatory assets                                    128          197
Accumulated deferred income taxes - net              218          167
Other current assets                                 339          290
----------------------------------------------------------------------
Total current assets                               4,418        4,244
----------------------------------------------------------------------
Nonutility property - less accumulated
 provision for depreciation of $1,822 and
 $1,765 at respective dates                        4,951        4,906
Nuclear decommissioning trusts                     3,195        3,378
Investments in partnerships and
 unconsolidated subsidiaries                         260          272
Investments in leveraged leases                    2,486        2,473
Other investments                                    108           96
----------------------------------------------------------------------
Total investments and other assets                11,000       11,125
----------------------------------------------------------------------
Utility plant, at original cost:
   Transmission and distribution                  19,158       18,940
   Generation                                      1,795        1,767
Accumulated provision for depreciation            (5,306)      (5,174)
Construction work in progress                      1,820        1,693
Nuclear fuel, at amortized cost                      231          177
----------------------------------------------------------------------
Total utility plant                               17,698       17,403
----------------------------------------------------------------------
Derivative assets                                    135          122
Restricted cash                                       45           48
Rent payments in excess of levelized rent
 expense under plant operating leases                765          716
Regulatory assets                                  2,726        2,721
Other long-term assets                             1,164        1,144
----------------------------------------------------------------------
Total long-term assets                             4,835        4,751
----------------------------------------------------------------------

Total assets                                     $37,951      $37,523
----------------------------------------------------------------------

                         Edison International
                     Consolidated Balance Sheets

                                               March 31,  December 31,
In millions                                      2008         2007
----------------------------------------------------------------------
                                              (Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt                                  $   400      $   500
Long-term debt due within one year                   164           18
Accounts payable                                     807          979
Accrued taxes                                        119           49
Accrued interest                                     223          160
Counterparty collateral                               48           42
Customer deposits                                    221          219
Book overdrafts                                      192          212
Derivative liabilities                               203          125
Regulatory liabilities                             1,201        1,019
Other current liabilities                            814          933
----------------------------------------------------------------------
Total current liabilities                          4,392        4,256
----------------------------------------------------------------------
Long-term debt                                     9,325        9,016
----------------------------------------------------------------------
Accumulated deferred income taxes - net            5,201        5,196
Accumulated deferred investment tax credits          112          114
Customer advances                                    149          155
Derivative liabilities                               111          101
Power-purchase contracts                              22           22
Accumulated provision for pensions and
 benefits                                          1,133        1,089
Asset retirement obligations                       2,925        2,892
Regulatory liabilities                             3,256        3,433
Other deferred credits and other long-term
 liabilities                                       1,654        1,595
----------------------------------------------------------------------
Total deferred credits and other liabilities      14,563       14,597
----------------------------------------------------------------------
Total liabilities                                 28,280       27,869
----------------------------------------------------------------------
Minority interest                                    282          295
----------------------------------------------------------------------
Preferred and preference stock of utility not
 subject to mandatory redemption                     907          915
----------------------------------------------------------------------
Common stock, no par value (325,811,206
 shares outstanding at each date)                  2,238        2,225
Accumulated other comprehensive loss                (242)         (92)
Retained earnings                                  6,486        6,311
----------------------------------------------------------------------
Total common shareholders' equity                  8,482        8,444
----------------------------------------------------------------------


Total liabilities and shareholders' equity       $37,951      $37,523
----------------------------------------------------------------------

                         Edison International
                Consolidated Statements of Cash Flows

                                                    Three Months Ended
                                                        March 31,
----------------------------------------------------------------------
In millions                                            2008      2007
----------------------------------------------------------------------
                                                       (Unaudited)
Cash flows from operating activities:
Net income                                            $ 299     $ 333
Less: Income (loss) from discontinued operations         (5)        3
----------------------------------------------------------------------
Income from continuing operations                       304       330
Adjustments to reconcile to net cash provided by
 operating activities:
   Depreciation, decommissioning and amortization       298       313
   Realized loss on impairment of nuclear
    decommissioning trusts                               45         8
   Other amortization                                    27        31
   Gain on buyout of contract and sale of assets        (17)       --
   Stock based compensation                               6         6
   Minority interest                                      8        19
   Deferred income taxes and investment tax credits      31      (158)
   Equity in income from partnerships and
    unconsolidated subsidiaries                          (2)      (16)
   Income from leveraged leases                         (13)      (16)
   Regulatory assets                                     77       173
   Regulatory liabilities                               186       152
   Levelized rent expense                               (48)      (49)
   Derivative assets                                    (96)     (105)
   Derivative liabilities                              (162)     (201)
   Other assets                                         (20)      (14)
   Other liabilities                                     92       226
   Margin and collateral deposits - net of
    collateral received                                 (21)       (7)
   Receivables and accrued unbilled revenue              22        77
   Inventory and other current assets                   (35)      (90)
   Book overdraft                                       (20)       24
   Accrued interest and taxes                           133       266
   Accounts payable and other current liabilities      (215)     (238)
   Distributions and dividends from unconsolidated
    entities                                             (2)       (1)
Operating cash flows from discontinued operations        (5)        3
----------------------------------------------------------------------
Net cash provided by operating activities               573       733
----------------------------------------------------------------------
Cash flows from financing activities:
Long-term debt issued                                   677        30
Long-term debt issuance costs                            (9)       (1)
Long-term debt repaid                                    (7)      (95)
Bonds repurchased                                      (212)       --
Preference stock redeemed                                (7)       --
Rate reduction notes repaid                              --       (62)
Short-term debt financing - net                        (100)      120
Shares purchased for stock-based compensation           (24)     (106)
Proceeds from stock option exercises                      7        39
Excess tax benefits related to stock option
 exercises                                                6        17
Dividends to minority shareholders                      (17)      (24)
Dividends paid                                          (99)      (94)
----------------------------------------------------------------------
Net cash provided (used) by financing activities      $ 215     $(176)
----------------------------------------------------------------------

                         Edison International
                Consolidated Statements of Cash Flows

                                                    Three Months Ended
                                                        March 31,
----------------------------------------------------------------------
In millions                                            2008     2007
----------------------------------------------------------------------
                                                       (Unaudited)
Cash flows from investing activities:
Capital expenditures                                  $ (705) $  (691)
Purchase of interest of acquired companies                --       (4)
Proceeds from sale of property and interests in
 projects                                                  2       --
Proceeds from nuclear decommissioning trust sales        829    1,029
Purchases of nuclear decommissioning trust
 investments and other                                  (859)  (1,062)
Proceeds from partnerships and unconsolidated
 subsidiaries, net of investment                           9       15
Maturities and sales of short-term investments            47    1,422
Purchase of short-term investments                        (1)  (1,339)
Restricted cash                                            2       38
Customer advances for construction and other
 investments                                              (8)     (59)
----------------------------------------------------------------------
Net cash used by investing activities                   (684)    (651)
----------------------------------------------------------------------
Net increase (decrease) in cash and equivalents          104      (94)
Cash and equivalents, beginning of period              1,441    1,795
----------------------------------------------------------------------
Cash and equivalents, end of period                   $1,545  $ 1,701
----------------------------------------------------------------------

SOURCE: Edison International

Edison International
Media Relations:
Charles Coleman, 626-302-7982
www.edisonnews.com
or
Investor Relations:
Scott Cunningham, 626-302-2540
www.edisoninvestor.com

The Rosemead, Calif.-based electric energy supplier expects 2008 core earnings of $3.61 to $4.01 a share.

Analysts, on average, estimate full-year earnings of $3.78 a share.

The stock closed Wednesday at $51.19. Greg Saulnier gs/vj

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