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Edison International's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Let me begin by covering some recent developments at Southern California Edison. First, let me provide a brief update on the timing of the Southern California Edison's 2012 General Rate Case. As of now, we don't have a timeline for when we will get a final decision, although we hope it'll be in the first half of the year. Commission is aware of the need for a timely GRC decision, and we expect a proposed decision will be forthcoming shortly. But it is also important to remember that the final decision will be retroactive to January 1.

Our value proposition at Southern California Edison is driven by growth in capital investment, which is expected to result in average annual growth in rate base of 7% to 9% through 2014. This growth is largely driven by California policy mandates, as well as infrastructure replacement to ensure public safety and reliability.

Over the last 5 years, Southern California Edison has delivered compound annual growth in rate base of 11%, and its core earnings have increased at a 12% compound annual growth rate.

One large component of SCE's capital program is investment in transmission to connect renewable generators such as the Tehachapi and Devers-Colorado River projects. At these projects, we are seeing higher costs to mitigate various environmental impacts and from permitting delays. These additional costs are included in SCE's updated capital spending forecast.

I would also like to provide an update on the outage work taking place at our San Onofre Nuclear Generating Station, or at we refer to as SONGS. Unit 2 is offline for a planned outage -- planned refueling outage and we took Unit 3 offline on January 31 to inspect a water leak in its steam generator. Steam generators in Unit 2 were replaced in 2010, and Unit 3's were replaced in 2011.

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