Headquartered in Santa Ana, Calif., Edison Mission Energy (EME) is a holding company whose subsidiaries and affiliates are engaged in the business of operating, owning or leasing, acquiring, developing, and selling energy and capacity from independent power production facilities.
Some of the facilities are operated on a merchant basis, with energy and capacity being sold into the competitive marketplace, and others are operated under contracts calling for the delivery of energy to utilities and other purchasers. EME also engages in hedging and energy trading activities in power markets, and provides scheduling and other services through its Edison Mission Marketing & Trading (EMMT) subsidiary located in Boston. EMMT also sells energy and capacity from the Midwest Generation plants into the wholesale market, under its Edison Mission Marketing & Trading ® service mark.
Formed in 1986, EME operations are located in the U.S., except Doga Enerji, which is located in the Republic of Turkey. Operating revenues are derived primarily from the generation and sale of energy and capacity from coal-fired power plants and a portfolio of natural gas and wind projects, as well as energy trading.
As of December 31, 2012, EME's subsidiaries and affiliates owned or leased interests in 42 operating projects with an aggregate net physical capacity of 8,904 megawatts (MW) of which EME's pro rata share was 7,529 MW.
EME's largest operating company is Midwest Generation, which was formed in 1999 for the purpose of operating a fleet of fossil-fuel power generation facilities in Illinois. As of Dec. 31, 2012, Midwest Generation operated four coal-fired plants with a generating capacity of 4,314 MW and oil-fired peakers with a capacity of 305 MW. Power generated at the Midwest Generation plants is sold primarily into PJM (Pennsylvania-Jersey-Maryland) Interconnection, a Regional Transmission Organization (RTO) which manages the electric power grid in 13 states spanning from Illinois on the west to the mid-Atlantic region. Sales may also be made from PJM into the grid managed by the Midwest Independent Transmission System Operator (MISO) RTO.
EME's power generation portfolio also includes ownership interests in nine operating gas-fired power plants in California, and one of the largest fleets of wind energy projects in the country with 31 projects in 11 states: Illinois, Iowa, Minnesota, Nebraska, New Mexico, Oklahoma, Pennsylvania, Texas, Utah, West Virginia and Wyoming. The gas and wind projects are operated primarily by EME subsidiary Edison Mission Operation and Maintenance. Power from most of these facilities is sold under contracts to various utilities and other purchasers.
In 2012, the company expanded its portfolio with the addition of two wind energy projects in Nebraska, and in 2013 it will commission a new gas-fired plant in southern California, the Walnut Creek Energy Park.
EME is committed first and foremost to public and employee safety to achieve an injury-free workplace, and to compliance with local, state and federal environmental, trading and other regulations.
Environmental responsibility is another core tenet of operations as evidenced by the diversity of the company's portfolio and its actions which have supported the transition to cleaner energy sources through the development of new wind and natural gas energy projects. At the same time, the company is committed to the responsible use of coal to generate electricity. Midwest Generation helped develop technology that is now being widely used at coal plants across the country to reduce emissions of mercury by 90 percent. Since their acquisition by EME in 1999, the Midwest Generation fleet of plants in Illinois has reduced emissions of mercury by 90 percent, nitrogen oxide by 85 percent, sulfur dioxide by 50 percent, and carbon dioxide by 16 percent.
On December 17, 2012, Edison Mission Energy (EME) filed for financial restructuring under Chapter 11 of the United States Bankruptcy Code and was deconsolidated from Edison International (EIX) as of the filing date. EME has reached an agreement with EIX and a majority of EME's noteholders that would transition EIX's ownership to EME's creditors upon approval of a plan of reorganization by the Bankruptcy Court. Normal operations have continued at all EME sites since the filing.