Four years after his initiation to World Cogeneration's Class of 2000, Ed Muller, president and chief executive officer of the Edison Mission Energy unit of Edison International, continues to emphasize many of the same points that he made in his January 1996 interview.

    "Notwithstanding that we are one of the largest independent power producers in the world, our focus is not on size, but on creating value. Each project that we develop or acquire adds value for our company, or we don't do it," Muller said. "We don't believe in growth for its own sake. It is not important for us to be the largest power producer, though there are efficiencies that come with scale. We have that scale. We have the necessary skill base. The important thing is that we have created value and will continue to create value in all our transactions, " he added.

    Edison Mission Energy has grown rapidly, completing nearly $10 billion of acquisitions in the last year and growing its portfolio to more than 75 projects with a net ownership of 23,217 megawatts, including projects under construction and in advanced development. Edison Mission Energy earned net income of $132 million in 1998 on revenue of $894 million. Revenue, earnings and cash flow all have grown rapidly in recent years, and Edison Mission Energy expects continued meaningful growth as it integrates its most recent acquisitions.

    Although Edison Mission Energy has greatly expanded its U.S. presence in the last year- acquiring the 1,884-megawatt Homer City Generating Station in Pennsylvania and all of Commonwealth Edison's fossil fuel generation, a total 9,539 megawatts in Illinois-Muller says the company's strategy has not changed course. "We recently have been successful in bidding for projects in the United States, but we also have continued to pursue projects internationally as evidenced by our acquisitions in New Zealand and the United Kingdom. Also, while much of our recent success has come in the form of acquiring existing generating facilities, we remain very interested in and continue to pursue greenfield projects."

    Muller notes that while the vast majority of Edison Mission Energy's assets, earnings and cash flow are concentrated in developed markets, the company also remains committed to the world's developing markets. Muller said, "Although we are moving with care, we are moving forward in developing markets. We invest for the long term, and once we commit to a country or region, we expect to stay there. We have not abandoned any markets in the face of the short-term difficulties imposed by the financial crisis. In some cases, we have increased efforts in order to pursue new opportunities that have emerged partially as a result of the crisis."

    Muller foresees an industry with fewer and larger participants, each of which will have significant capabilities in plant operation and maintenance, fuel procurement, marketing power and raising capital. He expects Edison Mission Energy to be one of them, remaining an industry leader.

    Muller confidently looks forward to even greater success as he guides the Edison Mission Energy unit of Edison International into the new millennium.