Market Overview

Customer Rate Cuts Go Into Effect From Final San Onofre Nuclear Plant Settlement

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Beginning immediately, Southern California Edison customers will
see rate reductions reflected in their bills following the July 26
approval by the California Public Utilities Commission of a modified
settlement resolving costs and what customers are owed associated with
the closure of the San Onofre nuclear plant.

"We have been on a path with an eye toward customer
bill reductions
for many months now," said SCE President Ron
Nichols. "The settling parties had proposed the reductions eight months
ago and we are gratified to see these now go into effect for our
customers."

Nichols said there are two elements to the reduction in customer rates:
a one-time refund of about $11 per average residential customer and $6
for an average customer participating in the California Alternate Rates
for Energy (CARE) assistance program to offset revenues collected since
last December; and a 2 percent reduction in rates going forward, which
equals about $2 per month for an average residential customer and $1 for
an average CARE customer. Rate reductions for non-residential customers
will vary depending upon a number of factors.

The total rate reductions under the approved settlement — $775 million
of which $155 million is the refund amount — are in addition to the more
than $2 billion in customer savings under the 2014 settlement that was
modified by the commission's July 26 action.

SCE retired San
Onofre Units 2 and 3
in June 2013 after a contractor provided faulty
steam generators. SCE is focused on safely decommissioning the nuclear
plant, guided by core principles of safety, stewardship and engagement.
SCE has established a Community Engagement Panel to support those
principles. For more information, visit songscommunity.com.

About Southern California Edison

An Edison International (NYSE:EIX) company, Southern California Edison
is one of the nation's largest electric utilities, serving a population
of approximately 15 million via 5 million customer accounts in a
50,000-square-mile service area within Central, Coastal and Southern
California.

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