EIX 8K on Lakeland Project
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 31, 2005
EDISON INTERNATIONAL
(Exact name of registrant as specified in its charter)
CALIFORNIA 001-9936 95-4137452
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
2244 Walnut Grove Avenue
(P.O. Box 800)
Rosemead, California 91770
(Address of principal executive offices, including zip code)
626-302-2222
(Registrant's telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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This current report and its exhibits include forward-looking statements. Edison International based
these forward looking statements on its current expectations and projections about future events in light of its
knowledge of facts as of the date of this current report and its assumptions about future circumstances. These
forward-looking statements are subject to various risks and uncertainties that may be outside the control of
Edison International and its subsidiaries. Edison International has no obligation to publicly update or revise
any forward-looking statements, whether due to new information, future events, or otherwise.
Section 8 - Other Events
Item 8.01 Other Events
Edison Mission Energy (EME), a subsidiary of Edison International, previously owned and operated a 220
MW combined cycle, natural gas-fired power plant located in the United Kingdom, known as the Lakeland project.
The ownership of the project was held through EME's indirect subsidiary, Lakeland Power Ltd., which sold power
generated from the plant pursuant to a power sales agreement with Norweb Energi Ltd., a subsidiary of TXU (UK)
Holdings Limited (TXU UK) and an indirect subsidiary of TXU Europe Group plc (TXU Europe). EME ceased
consolidating the activities of Lakeland Power Ltd. in 2002, when an administrative receiver was appointed
following a default by Norweb Energi Ltd. under the power sales agreement.
As previously disclosed, the administrative receiver of Lakeland Power Ltd. filed a claim against Norweb
Energi Ltd. for termination of the power sales agreement. On November 19, 2002, TXU UK and TXU Europe, together
with a related entity, TXU Europe Energy Trading Limited (TXU Energy), entered into formal administration
proceedings of their own in the United Kingdom (similar to bankruptcy proceedings in the United States).
On March 31, 2005, Lakeland Power Ltd. received 112 million pounds (approximately $210 million) from the TXU
administrators, representing an interim payment of 97% of its accepted claim of 116 million pounds (approximately
$217 million).
From the amount received, Lakeland Power Ltd., now controlled by a liquidator in the United Kingdom,
will make payments due to EME under a secured loan which EME purchased from Lakeland Power Ltd.'s secured
creditors in 2004 (approximately $12 million as of April 6, 2005). Additionally, Lakeland Power Ltd. will pay to
EME's subsidiary that owns the equity interest in Lakeland Power Ltd. the amount remaining after resolution of
any remaining secured and unsecured creditor claims and payment of or provision for tax liabilities and the fees
and expenses associated with Lakeland Power Ltd.'s liquidation.
EME estimates that the net proceeds after tax (including taxes due in the United States) resulting from
the above payments will be approximately $100 million and the increase in net income will be approximately $90
million. These proceeds may be received throughout 2005, and possibly 2006, as Lakeland Power Ltd.'s liquidation
progresses. Because the amounts required to settle outstanding claims and UK taxes have not been finalized and
cannot be estimated precisely in the context of the liquidation, the actual amount of net proceeds and increase
in net income may vary materially from the above estimate.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
EDISON INTERNATIONAL
(Registrant)
/s/ Thomas M. Noonan
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Thomas M. Noonan
Vice President and Controller
Date: April 7, 2005