Edison International said Monday its fourth-quarter net income rose about 3 percent as rate increases and energy-efficiency rewards contributed to a 16 percent rise in profit at its Southern California Edison unit.

The Rosemead parent of the state’s largest electric utility reported net income of $217 million (66 cents a share), compared with $211 million (64 cents) a year ago. Operating revenue rose 2.7 percent to $3.23 billion.

Analysts surveyed by Thomson First Call on average expected earnings of 64 cents per shares on revenue of $3.2 million.

SoCal Edison, which serves 13 million customers, saw its contribution to net income rise to 43 cents a share from 37 cents a share, while the Edison Mission Group unit reported a drop to 25 cents a share from 30 cents a share. Edison Mission includes assets that are not regulated, including the company’s ownership interests in fossil fuel and alternative energy power-generation projects.

“Edison International had solid performance in 2008 amidst the dramatic decline in both the economy and financial markets,” Chief Executive Theodore F. Craver Jr. said in a statement.

The company said it will provide 2009 earnings guidance after SoCal Edison receives a rate request decision from the California Public Utilities Commission.

Edison shares were down $1.36, or 5 percent, to $25.86 in morning trading on the New York Stock Exchange.