8-K

===================================================================================================================
                                                   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): May 7, 2003



                                               EDISON MISSION ENERGY
                              (Exact name of registrant as specified in its charter)



                  DELAWARE                            000-24890                             95-4031807
     (State or principal jurisdiction of          (Commission file                       (I.R.S. employer
       incorporation or organization)                  number)                          identification no.)



                                              18101 Von Karman Avenue
                                             Irvine, California 92612
                           (Address of principal executive offices, including zip code)

                                                   949-752-5588
                               (Registrant's telephone number, including area code)


===================================================================================================================






Items 1 through 6, 8, 10, and 11 are not included because they are inapplicable.

Item 7.  Financial Statements and Exhibits.

(a)      Not applicable

(b)      Not applicable

(c)      Exhibits

         99.1     Press release about first quarter 2003 financial results--Part I.

         99.2     Press release about first quarter 2003 financial results--Part II.



Item 9.  Results of Operations and Financial Condition.

         On May 7, 2003, Edison International, the ultimate parent company of Edison Mission Energy, issued press
releases that included information about Edison Mission Energy's financial results for the first quarter of
2003.  Copies of the press releases are attached as Exhibits 99.1 and 99.2.  This information is furnished
pursuant to Item 12 of Form 8-K, as amended by Release No. 34-47226.  In accordance with Release No. 34-47583,
this information is furnished under Item 9.

Reporting of 2002 Change in Accounting -

         Effective January 1, 2002, Edison Mission Energy adopted Statement of Financial Accounting Standards No.
142, "Goodwill and Other Intangible Assets."  SFAS No. 142 establishes accounting and reporting standards
requiring goodwill not to be amortized but rather tested for impairment at least annually at the reporting unit
level.  During the third quarter of 2002, EME concluded that fair value of the goodwill related to the Citizens
Power LLC acquisition was impaired by $14 million, net of $9 million of income tax benefit and, accordingly,
reported this amount as a cumulative change in accounting.  In accordance with SFAS No. 3, "Reporting Accounting
Changes in Interim Financial Statements", Edison Mission Energy's financial statements for the first quarter of
2002 were restated to reflect the accounting change as of January 1, 2002.

         Edison International did not report the goodwill impairment charge discussed above as a cumulative
change in accounting based on the immaterial amount of the charge in relation to its consolidated financial
statements.  Instead, Edison International reported the goodwill impairment charge as part of continuing
operations during the third quarter ended September 30, 2002.  The following table reconciles the amounts that
were reported by Edison Mission Energy for the first quarter of 2002 in its Annual Report on Form 10-K to the
segment results for the same prior period as reflected in the Edison International press release.

                                                                         Three Months Ended March 31, 2002
                                                                                   (in millions)
                                                                        EME           Reporting       EIX Press
                                                                      Results         Adjustment       Release

Loss from Continuing Operations                                          (41)                          (41)
Income from Operations of Discontinued Foreign Subsidiaries
         Discontinued Foreign Subsidiaries Net of Tax                      5                             5
Loss before Accounting Change                                            (36)                          (36)
Cumulative Change in Accounting, Net of Tax                              (14)              14            --
Net Loss                                                                 (50)              14          (36)



                                                     SIGNATURE


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 thereunto duly authorized.


                                                Edison Mission Energy
                                                    (Registrant)



Date:          May 7, 2003                                                  /s/ Kevin M. Smith
            -----------------                                 ----------------------------------------------
                                                                              KEVIN M. SMITH
                                                              Senior Vice President, Chief Financial Officer
                                                                               and Treasurer

EX-99.1

[EDISON INTERNATIONAL LOGO]                                                                            News Release

FOR IMMEDIATE RELEASE


                                                                                      Media Contact: (626) 302-1033
                                                                                                     www.edison.com

                                           Edison International Reports
                              Financial Results for the First Quarter of 2003 - Part I

       ROSEMEAD, Calif., May 7, 2003 -- Edison International (NYSE: EIX) recorded earnings per share of 17 cents
in the first quarter of 2003, compared to 26 cents in the first quarter of 2002 on a reported basis.  The lower
earnings reflect a planned refueling outage at San Onofre Nuclear Generating Station (SONGS), partially offset by
improved performance at Edison Mission Energy (EME).

        "We have made solid progress in the first quarter of 2003," said EIX Chairman John Bryson.  "Southern
California Edison continues its trend of good performance and Edison Mission Energy has a better than expected
outcome.  We remain on course toward our long-term goal of overall financial health and flexibility."

        The earnings include a three-cents-per-share charge at EME for a change in accounting principle in the
first quarter of 2003 and two cents per share in earnings from discontinued operations at EME in the first
quarter of 2002.  EIX's core earnings, which exclude the two items above, were 20 cents per share in the first
quarter of 2003 compared to 24 cents per share in the same period last year.   For the periods presented below,
EIX's core earnings are the same as earnings from continuing operations.

FIRST QUARTER EARNINGS DETAIL

Earnings (Loss) from Continuing Operations

        Southern California Edison (SCE) earned $102 million in the first quarter of 2003, compared with $146
million in the same period last year.  The $44 million decrease primarily reflects a planned refueling outage at
SONGS during the first quarter of 2003.  The decrease also includes higher operating and maintenance expenses
from higher health-care costs and storm-damage expenses, partially offset by higher performance-based ratemaking
revenue.

        In January 2002, the California Public Utilities Commission (CPUC) approved the creation of the
Procurement-Related Obligations Account (PROACT) to record the recovery of $3.6 billion of SCE's
procurement-related obligations pursuant to the settlement agreement between SCE and the CPUC.  In February 2003,
the CPUC allowed SCE to transfer $209 million into its PROACT balance for natural gas hedging costs.  As of March
31, 2003, the remaining PROACT balance was $640 million.

                                                     - more -







        EME's first quarter 2003 loss from continuing operations was $8 million compared to a loss of $41 million
in the same period last year.  The reduced loss of $33 million is primarily due to higher U.S. energy prices in
the first quarter of 2003 compared to 2002.  EME's earnings are seasonal with higher earnings expected during the
summer months.

        Edison Capital's earnings for the first quarter of 2003 were $15 million, down $4 million from the same
period last year.  This decrease is primarily due to a maturing investment portfolio which produces lower income,
partially offset by lower net interest expense and higher tax benefits.

        EIX parent company's loss of $19 million reflects an improvement of $4 million over the prior year's
period that is primarily due to the absence of 2002 losses from Edison O&M Services resulting from EIX's decision
to wind down the business in 2003.

Earnings from Discontinued Operations

        The 2003 first quarter financial results reflect no earnings or loss from discontinued operations while
2002 first quarter results include earnings from discontinued operations of $5 million from EME's Lakeland
Project in the UK.

Change in Accounting Principle

        EME's results include a three-cent, or $9 million, charge for the cumulative effect of a change in
accounting principle related to the new accounting standard for recording asset retirement obligations adopted by
EIX in 2003.  As SCE follows accounting principles for rate-regulated enterprises, implementation of this new
standard did not affect its earnings.

                                                               Quarter Ended March 31,
Earnings (Loss) Per Share (Unaudited)                               2002             2003            Change
- -------------------------------------                     -----------------------------------------------------
  Southern California Edison                                       $0.31               $0.45             $(0.14)
  Edison Mission Energy                                            (0.02)              (0.13)              0.11
  Edison Capital                                                    0.04                0.06              (0.02)
  Mission Energy Holding Co.                                       (0.07)              (0.07)                --
  EIX parent company                                               (0.06)              (0.07)              0.01
- ----------------------------------------------------------------------------------------------------------------
EIX Core Earnings -
EIX Consol. Earnings from Continuing Operations                     0.20                0.24              (0.04)
================================================================================================================

Earnings from Discontinued Operations
  EME's Lakeland Project                                              --                0.02              (0.02)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings from Discontinued Ops.                           --                0.02              (0.02)
================================================================================================================

EME Cumulative Effect of Accounting Change                        (0.03)                  --              (0.03)
================================================================================================================

================================================================================================================
Total EIX Consolidated Earnings                                    $0.17               $0.26             $(0.09)
================================================================================================================


                                                     - more -






                                                              Quarter Ended March 31,
Earnings (Loss) (in millions) (Unaudited)                           2003                2002             Change
- -----------------------------------------               --------------------------------------------------------
  Southern California Edison                                        $102                $146               $(44)
  Edison Mission Energy                                              (8)                 (41)                 33
  Edison Capital                                                      15                  19                  (4)
  Mission Energy Holding Co.                                        (24)                 (22)                 (2)
  EIX parent company                                                (19)                 (23)                  4
- ----------------------------------------------------------------------------------------------------------------
EIX Core Earnings -
EIX Consol. Earnings from Continuing Operations                       66                  79                (13)
================================================================================================================

Earnings from Discontinued Operations
  EME's Lakeland Project                                              --                   5                 (5)
- ----------------------------------------------------------------------------------------------------------------
EIX Consol. Earnings from Discontinued Ops.                           --                   5                 (5)
================================================================================================================

EME Cumulative Effect of Accounting Change                           (9)                  --                 (9)
================================================================================================================

================================================================================================================
Total EIX Consolidated Earnings                                      $57                 $84               $(27)
================================================================================================================


                                    Reminder: EIX to Hold Conference Call Today

        Today, EIX will hold a conference call to discuss its first quarter 2003 financial results at 8:30 a.m.
PDT.  Although two-way participation in the telephone call is limited to financial analysts and investors, all
other interested parties are invited to participate in a "listen-only mode" through a simultaneous webcast on the
company's Web site at www.edisoninvestor.com.  Financial and other statistical information to be presented during
the call also will be available on the Web site.  The domestic call-in number is (800) 356-8584 and the Call ID#
is 9200.

                                                        ###

        Based in Rosemead, Calif., Edison International is the parent company of Southern California Edison,
Edison Mission Energy and Edison Capital.

EX-99.2

Edison International Reports Financial Results for the First Quarter of 2003 - Part II



                             EDISON INTERNATIONAL
                      SUMMARY OF CONSOLIDATED EARNINGS
                                  (UNAUDITED)


IN MILLIONS, EXCEPT PER-SHARE DATA                                                 QUARTER ENDED MARCH 31,
- ----------------------------------------------------------------------------------------------------------
                                                                                  2003               2002
- ----------------------------------------------------------------------------------------------------------
ELECTRIC UTILITY                                                                  $1,823           $1,906
NONUTILITY POWER GENERATION                                                          684              537
FINANCIAL SERVICES AND OTHER                                                          25               45
- ----------------------------------------------------------------------------------------------------------
TOTAL OPERATING REVENUE                                                            2,532            2,488
==========================================================================================================
FUEL                                                                                 334              256
PURCHASED POWER                                                                      583              255
PROVISIONS FOR REGULATORY ADJUSTMENT CLAUSES - NET                                   174              671
OTHER OPERATION AND MAINTENANCE                                                      785              716
DEPRECIATION, DECOMMISSIONING AND AMORTIZATION                                       289              242
PROPERTY AND OTHER TAXES                                                              51               39
- ----------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES                                                           2,216            2,179
==========================================================================================================
OPERATING INCOME                                                                     316              309
INTEREST AND DIVIDEND INCOME                                                          46              116
OTHER NONOPERATING INCOME                                                             34               17
EQUITY IN INCOME FROM PARTNERSHIPS AND UNCONSOLIDATED SUBS - NET                      60               51
INTEREST EXPENSE - NET OF AMOUNTS CAPITALIZED                                       (299)            (359)
OTHER NONOPERATING DEDUCTIONS                                                        (30)             (10)
DIVIDENDS ON PREFERRED SECURITIES                                                    (25)             (23)
DIVIDENDS ON UTILITY PREFERRED STOCK                                                  (4)              (6)
- ----------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS BEFORE TAX                                          98               95
INCOME TAX                                                                            32               16
- ----------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS                                                     66               79
INCOME FROM DISCONTINUED OPERATIONS - NET OF TAX                                       -                5
- ----------------------------------------------------------------------------------------------------------
INCOME BEFORE ACCOUNTING CHANGE                                                       66               84
CUMULATIVE EFFECT OF ACCOUNTING CHANGE - NET OF TAX                                   (9)               -
- ----------------------------------------------------------------------------------------------------------
NET INCOME                                                                           $57              $84
==========================================================================================================


WEIGHTED-AVERAGE NUMBER OF COMMON SHARES                                             326              326

BASIC EARNINGS (LOSS) PER SHARE:
CONTINUING OPERATIONS                                                              $0.20            $0.24
DISCONTINUED OPERATIONS                                                                -             0.02
CUMULATIVE EFFECT OF ACCOUNTING CHANGE                                             (0.03)               -
                                                                            -------------   --------------
TOTAL                                                                              $0.17            $0.26
                                                                            =============   ==============

WEIGHTED-AVERAGE SHARES, INCLUDING EFFECT OF DILUTIVE SECURITIES                     328              329

DILUTED EARNINGS (LOSS) PER SHARE:
CONTINUING OPERATIONS                                                              $0.20            $0.24
DISCONTINUED OPERATIONS                                                                -             0.02
CUMULATIVE EFFECT OF ACCOUNTING CHANGE                                             (0.03)               -
                                                                            -------------   --------------
TOTAL                                                                              $0.17            $0.26
                                                                            =============   ==============


DIVIDENDS DECLARED PER COMMON SHARE                                                 $  -             $  -
                                                                            =============   ==============










EDISON INTERNATIONAL
Financial Overview
March 31, 2003



UNAUDITED
- ---------
Dollars in Millions, Except Per-Share Amounts

EDISON INTERNATIONAL (Consolidated Totals)
- ------------------------------------------
                                                          First Quarter
                                                          -------------
                                                       2003          2002
                                                       ----          ----
Assets                                               $35,184       $33,717
Common Equity                                         $4,512        $3,418
Revenue*                                              $2,532        $2,488
Earnings**                                               $57           $84
Earnings Per Share**                                   $0.17         $0.26
Book Value Per Share                                  $13.85        $10.49
*excludes discontinued operations
**includes parent company and discontinued operations


SOUTHERN CALIFORNIA EDISON (Electric Utility)
- ---------------------------------------------
                                                          First Quarter
                                                          -------------
                                                       2003          2002
                                                       ----          ----
Assets                                               $20,037       $19,354
Common Equity                                         $4,487        $3,295
Revenue                                               $1,823        $1,907
Earnings                                                $102          $146
Earnings Per Share                                     $0.31         $0.45

EDISON MISSION ENERGY (Nonutility Power Generation)
- ---------------------------------------------------
                                                          First Quarter
                                                          -------------
                                                       2003          2002
                                                       ----          ----
Assets                                               $11,623       $10,612
Common Equity*                                        $1,693        $1,596
Revenue**                                               $683          $537
Earnings (Loss)                                         $(17)         $(36)
Earnings (Loss) Per Share                             $(0.05)       $(0.11)
*includes discontinued operations in 2002 only
**excludes discontinued operations

EDISON CAPITAL (Capital and Financial Services Provider)
- --------------------------------------------------------
                                                          First Quarter
                                                          -------------
                                                       2003          2002
                                                       ----          ----
Assets                                                $3,509        $3,689
Common Equity                                           $796          $774
Revenue                                                  $22           $31
Earnings                                                 $15           $19
Earnings Per Share                                     $0.04         $0.06







SOUTHERN CALIFORNIA EDISON
kWh Sales (In thousands)
March 31, 2003




                                                               QUARTER ENDED MARCH 31, 2003
                                                               ----------------------------
                                                                    INCREASE/(DECREASE)
                                                                          FROM
                                                      KwH               LAST YEAR           %
                                                -----------------------------------------------

RESIDENTIAL                                           6,020,376            48,719         0.82
AGRICULTURAL                                            167,247           (19,444)      (10.42)
COMMERCIAL                                            8,355,037           197,447         2.42
INDUSTRIAL                                            2,644,231          (234,044)       (8.13)
PUBLIC AUTHORITIES                                    1,363,577           (42,230)       (3.00)
RAILROADS & RAILWAYS                                     15,373               660         4.49
INTERDEPARTMENTAL                                            77                 8        11.59
                                                ----------------------------------
  SALES TO ULTIMATE CONSUMERS                        18,565,918           (48,884)       (0.26)

RESALE SALES                                            621,032           620,876            *
                                                ----------------------------------
  TOTAL KWH SALES                                    19,186,950           571,992         3.07
                                                ==================================




      *over 200%