Edison Mission Energy Files For Chapter 11 Reorganization Relief

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Researched by Industrial Info Resources (Sugar Land, Texas)--On December 17, 2012, Edison Mission Energy (EME) (Santa Anna, California), a holding company engaged in developing, acquiring, owning, operating and selling electricity from independent power production facilities and the parent company of Midwest Generation (Chicago, Illinois), filed for chapter 11 reorganization relief and will be deconsolidated from its parent company Edison International. The company has been battered by falling energy demand, the economic effects of low natural gas prices in a competitive environment, energy efficiency mandates, plant age, competition as well as state and federal emission control mandates which contributed to the collapse.

Edison Mission Energy and its subsidiaries owns or has an interest in 43 power plants with a capacity of 11,504 megawatts, including wind and fossil power plants in California, Illinois, Pennsylvania, West Virginia, Minnesota, Texas, Nebraska, New Mexico, Oklahoma including others across the U.S. The wind generation assets across ten states owned by EME are not included in this filing, according to the company.

Midwest Generation operates the Powerton, Waukegan, Joliet and Will County Power Plants in Illinois as well as the Homer City Power Plant in Pennsylvania.

In July of this year, Midwest Generation filed for need financing from Edison Mission Energy to install emission controls upgrades totaling $628 million dollars at its coal-fired facilities, and this now appears remote.

Midwest Generation employees, which are 845 people, 539 International Brotherhood of Electrical Local workers and 15 union members, could lose jobs with any of the plant closures. The individual communities, businesses and government will also feel the impact of any of the plant closures as many are dependent upon the plant owners and employees for their economic viability.

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