Edison Mission Energy, Midwest Generation report first-quarter results

By Caroline Salls

Pittsburgh, May 2 - Edison Mission Energy reported a $47 million operating loss for the three months ended March 31 on $307 million in operating revenues, according to a 10-Q filed Thursday with the Securities and Exchange Commission.

In comparison, Edison Mission posted a $48 million operating loss for the quarter ended March 31, 2012 on $343 million in operating revenues.

Edison Mission's net loss for the first quarters of both 2013 and 2012 was $82 million.

The company had $1,063,000,000 in cash and cash equivalents at March 31, up from $888 million at Dec. 31.

Meanwhile, debtor Midwest Generation, LLC recorded a $60 million operating loss for the quarter ended March 31 on $179 million in operating revenues from marketing affiliates. Those figures showed a decline from the $33 million operating loss reported for the three months ended March 31, 2012 on $233 million in operating revenues from marketing affiliates.

The company said Midwest Generation's operating loss increase was attributable to lower capacity and average realized energy prices and higher fuel prices, partially offset by lower plant operations costs.

Midwest Generation listed a $74 million net loss for the first quarter of this year, widening from a $9 million net loss for the same period of 2012.

Midwest Generation had $130 million in cash and cash equivalents as of March 31, up from $95 million at Dec. 31.

According to the 10-Q, Edison Mission eliminated roughly 150 positions in its regional and corporate offices and generating stations in April, which included 120 positions at Midwest Generation.

As a result, Edison Mission will record $10 million of charges in administrative and general expense on its consolidated statements of operations for the second-quarter, while Midwest Generation will record a $6 million share of those charges in the second quarter.

Edison Mission, an Irvine, Calif.-based developer of wind energy projects, filed for bankruptcy on Dec. 17 in the U.S. Bankruptcy Court for the Northern District of Illinois. The Chapter 11 case number is 12-49219.

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