An absence of significant refinancing risks at any of Edison International subsidiaries in the next several years and a healthy liquidity position puts the company in a good position to manage the consolidated challenges faced by the company, particularly in its unregulated businesses. The size and geographic breadth of merchant energy and regulated retail electric operations provides consolidated cash flow diversity. Southern California Edison Co. (SCE) serves nearly 5 million retail electric customers over a franchise that spans roughly one-half of California; Edison Mission Energy's (EME) unregulated generation fleet is spread across 18 states, with power plant assets concentrated in Illinois, Pennsylvania, California, and Texas. A continued favorable and supportive regulatory environment for SCE, as evidenced by good recovery mechanisms,
