Absence of significant refinancing risks at any of Edison International's (EIX) subsidiaries in the next several years and a healthy liquidity position. The size and geographic breadth of regulated retail electric operations and merchant energy provides consolidated cash flow diversity. A continued favorable and supportive regulatory environment for Southern California Edison Co. (SCE) is expected to continue to produce steady utility cash flows, balancing more volatile cash flows at Edison Mission Energy (EME). Favorable settlement of tax issues as part of EIX's global settlement for 1986-2002 with the IRS, which had been clouding the long-term liability outlook on the parent. EME's wholesale power revenues are expected to be significantly pressured in the current recessionary environment, although the company did increase
