QuickLinks -- Click here to rapidly navigate through this document

Exhibit 99.1

Edison Mission Energy
Homer City — Funds Flow from Operations
Twelve Months Ended March 31, 2003
(In Millions) (Unaudited)

			EME Homer City Generation L.P.			Edison Mission Finance Co.		Mission Energy Westside, Inc.		Chestnut Ridge Energy Co.		Homer City Property Holdings		Edison Mission Holdings Co.		Reclassification Adjustments (Note 1)			Edison Mission Holdings Co.			Sale Leaseback Adjustments (Note 2)			Homer City Facilities
			(SEC Reporting Basis)											(Parent)					(Consolidated)
Project Revenues
	Electric revenues		$	452		$	—	$	—	$	—	$	—	$	—	$	—		$	452		$	—		$	452
	Loss from price risk management			(10	)		—		—		—		—		—		—			(10	)		—			(10	)
		Total Operating revenues		442			—		—		—		—		—		—			442			—			442
Project Operating Expenses
	Fuel			161			—		—		—		—		—		—			161			—			161
	Plant operations			85			—		—		—		—		—		—			85			102			187
	Depreciation and amortization			62			—		—		—		—		—		—			62			(47	)		15
	Administrative and general			4			—		—		—		—		—		(4	)		—			—			—
		Total operating expenses		312			—		—		—		—		—		(4	)		308			55			363
Project Revenues less Operating Expenses				130			—		—		—		—		—		4			134			(55	)		79
Project Other Income (Expense)
	Interest and other income			2			—		—		—		—		—		—			2			—			2
	Intercompany interest income (expense)			(49	)		49		—		—		—		—		—			—			—			—
	Interest expense			(119	)		—		—		—		—		—		—			(119	)		118			(1	)
		Total other income (expense)		(166	)		49		—		—		—		—		—			(117	)		118			1
Income (Loss) before Income Taxes and Cumulative Effect				(36	)		49		—		—		—		—		4			17			63			80
Income Taxes				(15	)		19		—		—		—		—		1			5			28			33
Income (Loss) before Cumulative Effect				(21	)		30		—		—		—		—		3			12			35			47
Cumulative effect of change in accounting, net of tax				(1	)		—		—		—		—		—		1			—			—			—
Net Income (Loss)			($	22	)	$	30	$	—	$	—	$	—	$	—	$	4		$	12		$	35		$	47
Funds Flow from Operations
Income (loss) before Income Taxes and Cumulative Effect			($	36	)	$	49	$	—	$	—	$	—	$	—	$	4		$	17		$	63		$	80
Add (deduct):
	Depreciation and amortization			62			—		—		—		—		—		—			62			(47	)		15
Funds Flow from Operations			$	26		$	49	$	—	$	—	$	—	$	—	$	4		$	79		$	16		$	95

Note 1    Includes: (a) reclassification adjustment related to presentation of operations expenses with no impact on income before taxes, (b) push down of parent G&A for SEC reporting, (c) reclassification of cumulative effect of change in accounting 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 the 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

Funds Flow from Operations