QuickLinks -- Click here to rapidly navigate through this document

Exhibit 99.3

Edison Mission Energy
Homer City—Funds Flow from Operations
Twelve Months Ended December 31, 2001
(In Thousands) (Unaudited)

				EME Homer City Generation L.P.			Edison Mission Finance Co.			Mission Energy Westside, Inc.		Chestnut Ridge Energy Company		Homer City Property Holdings			Edison Mission Holdings Co.			Consolidated Adjustments		Edison Mission Holdings Co.			Reclassification Adjustment (Note 1)			Sale Leaseback Adjustments (Note 2)			Homer City Facilities
				(SEC Reporting)													(Parent)					(Consolidated)
Project Revenues
	Electric revenues			$	494,322		$	—		$	—	$	—	$	—		$	—		$	—	$	494,322		$	90		$	—		$	494,412
	Income (losses) from energy trading and price risk management				(314	)		—			—		—		—			—			—		(314	)		—			—			(314	)
			Total Operating revenues		494,008			—			—		—		—			—			—		494,008			90			—			494,098
Project Operating Expenses
	Fuel				168,814			—			—		—		—			—			—		168,814			—			—			168,814
	Plant operations				82,076			—			—		—		—			—			—		82,076			860			6,624			89,560
	Depreciation and amortization				51,765			—			—		—		4			—			—		51,769			—			(3,108	)		48,661
	Administrative and general				1,788			70			—		—		—			113			—		1,971			(1,507	)		—			464
			Total operating expenses		304,443			70			—		—		4			113			—		304,630			(647	)		3,516			307,499
Project Revenues less Operating Expenses					189,565			(70	)		—		—		(4	)		(113	)		—		189,378			737			(3,516	)		186,599
Project Other Income (Expense)
	Interest and other income				(412	)		—			—		—		6			(45	)		—		(451	)		9,357			—			8,906
	Intercompany interest income (expense)
		Edison Mission Holdings			—			(77,687	)		—		—		—			77,687			—		—			—			—			—
		Edison Mission Finance			(139,724	)		139,724			—		—		—			—			—		—			—			—			—
	Interest expense				686			—			—		—		—			(77,687	)		—		(77,001	)		—			8,016			(68,985	)
			Total other income (expense)		(139,450	)		62,037			—		—		6			(45	)		—		(77,452	)		9,357			8,016			(60,079	)
Income (Loss) before Income Taxes and Extraordinary Item					50,115			61,967			—		—		2			(158	)		—		111,926			10,094			4,500			126,520
Income Taxes Before Extraordinary Item					21,847			23,825			—		—		—			(61	)		—		45,611			4,393			2,097			52,101
Net Income (Loss) Before Extraordinary Item					28,268			38,142			—		—		2			(97	)		—		66,315			5,701			2,403			74,419
Extraordinary gain (loss) on early extinguishments of debt, net of tax					5,701			—			—		—		—			—			—		5,701			(5,701	)		—			—
Net Income (Loss)				$	33,969		$	38,142		$	—	$	—	$	2		$	(97	)	$	—	$	72,016		$	—		$	2,403		$	74,419
Funds Flow from Operations
Income (loss) before Income Taxes				$	50,115		$	61,967		$	—	$	—	$	2		$	(158	)	$	—	$	111,926		$	10,094		$	4,500		$	126,520
Add (deduct):
	Depreciation and amortization				51,765			—			—		—		4			—			—		51,769			—			(3,108	)		48,661
	Debt service
Funds Flow from Operations				$	101,880		$	61,967		$	—	$	—	$	6		$	(158	)	$	—	$	163,695		$	10,094		$	1,392		$	175,181

Note 1	Includes: (a) reclassification adjustment related to presentation of revenues and operations expenses with no impact on income before taxes, and (b) reclassification of extraordinary gain to other income for purposes of Funds Flow from Operations.
Note 2	Consolidation adjustment required to report the Homer City Leases as operating leases by Edison Mission Energy and Subsidiaries in lieu of lease financings recorded by EME Homer City Generation L.P.
The above schedule is provided as supporting financial information to the Funds Flow from Operations set forth in Management's Discussion and Analysis of Financial Condition and Results of Operations. Homer City Facilities is not a legal entity and accordingly, the above financial information for the Homer City Facilities has not been prepared in accordance with generally accepted accounting standards.

QuickLinks

Exhibit 99.3

Edison Mission Energy Homer City—Funds Flow from Operations Twelve Months Ended December 31, 2001 (In Thousands) (Unaudited)