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FE · FirstEnergy

38 filings

10-K

FE 10-K Annual Reports

FirstEnergy - 38 annual reports

Filing record · 2016–202610-K1310-Q338-K179

2025
FirstEnergy Annual Report, Year Ended Dec 31, 2025
FirstEnergy Corp. (FE) reported a net income of $1,020 million for the year ended December 31, 2025, representing an increase of $42 million compared to the previous year. This growth was primarily driven by the absence of significant penalties and settlements recorded in 2024, alongside higher customer usage and increased revenues from regulated capital investments. The company's Energize365 investment plan was increased to $36 billion for the 2026-2030 period, signaling a strong commitment to grid modernization, reliability, and supporting growing customer demand, with significant allocations to distribution and transmission infrastructure. The company's operational performance saw improvements across its segments, with the Integrated segment showing a notable earnings increase of $53 million. While facing some headwinds, such as a $352 million impairment charge in Ohio related to rate case disallowances, FirstEnergy successfully managed its financial position, evidenced by an increase in its consolidated interest coverage ratio and available liquidity. The company also continued its focus on returning value to shareholders with a declared increase in its quarterly cash dividend.
Feb 18, 2026
2024
FirstEnergy Annual Report, Year Ended Dec 31, 2024
FirstEnergy Corp. (FE) reported strong financial performance for the fiscal year ended December 31, 2024. The company's diversified business segments, including Distribution, Integrated, and Stand-Alone Transmission, contributed to overall revenue growth. Despite facing some macroeconomic headwinds and supply chain challenges, FirstEnergy managed its operations effectively, demonstrating resilience and strategic execution. Key initiatives such as the Energize365 capital investment plan are progressing, aimed at enhancing grid reliability and supporting the energy transition, with substantial investments planned through 2029. The company also successfully navigated significant legal and regulatory matters, including resolving its Deferred Prosecution Agreement and settling SEC investigations, which are expected to allow for a greater focus on operational execution and strategic growth going forward.
Feb 27, 2025
2023
FirstEnergy Annual Report, Year Ended Dec 31, 2023
FirstEnergy's FY2023 10-K shows a fully regulated utility holding company in transition. Net earnings attributable to FE were $1.10 billion ($1.92 diluted EPS), up sharply from $406 million ($0.71) in 2022, but the improvement was driven largely by the absence of a $752 million deferred tax charge recorded in 2022 on the FET minority stake sale, not by stronger operations. Income from continuing operations was $1.12 billion versus $406 million, while Regulated Distribution earnings fell 23% to $740 million on mild weather, lower pension credits and higher interest costs. Regulated Transmission rose to $514 million on rate base growth. Operating cash flow fell to $1.39 billion from $2.68 billion, reflecting a $750 million voluntary pension contribution and working-capital and collateral outflows. Capital investment reached $3.7 billion, and management outlined about $26 billion of Energize365 spending from 2024 through 2028. The central near-term catalyst is the pending sale of an additional 30% of FirstEnergy Transmission (FET) to Brookfield for $3.5 billion, which would take Brookfield's stake to 49.9%. It is expected to close by the end of Q1 2024, requires PPUC approval, and would produce roughly a $7.5 billion tax gain offset largely by NOLs. Balance-sheet leverage is elevated: long-term debt is about $24.3 billion, short-term borrowings rose to $775 million, the interest coverage ratio is 4.45x against a 2.50x covenant, and Corporate/Other carries about $7.1 billion of holding-company debt. The company also faces significant legal and regulatory overhang from the HB 6 bribery scandal. A $230 million DPA penalty was already paid, the DPA runs to about July 2024, and the SEC investigation is ongoing. Management states that a loss is probable in the SEC matter and in the securities class action, but neither is yet estimable. A February 2024 indictment of former PUCO chairman Randazzo and two former FirstEnergy officers adds to the uncertainty. Regulatory outcomes remain pending as well, including the Ohio ESP V and grid modernization proceedings, and the Ohio base rate case is planned for 2024. For investors, the key trade-off is a visible capital investment and rate base growth story, supported by a 5% dividend increase to $0.41 per quarter, against elevated leverage, a rating in the BBB-/Ba1 area at the holding company, significant governance and legal risk, and a reliance on asset sales and regulatory approvals to fund the plan.
Feb 13, 2024
2022
FirstEnergy Annual Report, Year Ended Dec 31, 2022
FirstEnergy Corp. (FE) operates as a regulated electric utility, primarily focused on transmission and distribution services, serving over six million customers across the Midwest and Mid-Atlantic regions. The company's business is divided into two main segments: Regulated Distribution and Regulated Transmission. Financially, FirstEnergy reported net income attributable to FE of $406 million for the year ended December 31, 2022, a significant decrease from $1,283 million in 2021. This decrease was largely driven by higher operating expenses, particularly fuel and purchased power costs, and a substantial increase in other expenses, including a significant pension and OPEB mark-to-market adjustment. Operationally, the company is executing a long-term strategy to invest in its regulated businesses, focusing on grid modernization, reliability, and the clean energy transition, with significant capital expenditure plans through 2025. Key strategic initiatives include the consolidation of Pennsylvania companies and a significant transaction to sell an incremental 30% equity interest in its transmission subsidiary, FET, to Brookfield, expected to close by early 2024. Despite facing ongoing regulatory and legal matters, including resolutions related to the HB 6 investigation, FirstEnergy maintains substantial liquidity through its credit facilities.
Feb 13, 2023
2021
FirstEnergy Annual Report, Year Ended Dec 31, 2021
FirstEnergy Corp. (FE) operates as a regulated electric utility primarily involved in the transmission, distribution, and generation of electricity, serving over six million customers across the Midwest and Mid-Atlantic regions. The company's core segments are Regulated Distribution and Regulated Transmission, with a strong focus on investing in grid modernization and reliability. Financially, FirstEnergy reported net income attributable to common stockholders of $1.283 billion for the year ended December 31, 2021, an increase from $1.079 billion in 2020. This growth was driven by increased revenues in the Regulated Distribution segment, attributed to higher customer demand and rate adjustments, partially offset by customer refunds and regulatory liabilities. The company also secured significant funding through new credit facilities and a private placement of common stock, enhancing its financial flexibility to support its strategic investment plans. Significant ongoing matters include resolutions from past investigations related to HB 6, which resulted in a $230 million Deferred Prosecution Agreement penalty paid in 2021, and ongoing cooperation with SEC and FERC investigations. The company is implementing corporate governance enhancements as part of a settlement in shareholder derivative lawsuits. FirstEnergy's strategic priorities include enhancing customer experience, enabling clean energy transitions, and maintaining affordable energy bills, supported by its "FE Forward" initiative aimed at operational efficiencies and capital reinvestment.
Feb 16, 2022
2020
FirstEnergy Annual Report, Year Ended Dec 31, 2020
FirstEnergy Corp. (FE) in its 2021 10-K filing highlights its core business in regulated electricity transmission and distribution, serving over 6 million customers across the Midwest and Mid-Atlantic regions. The company emphasizes its focus on stable, predictable earnings and cash flow derived from its regulated operations, supporting its dividend policy. However, the report also details significant ongoing government investigations related to HB 6, involving subpoenas from the U.S. Attorney's Office and the SEC. These investigations, along with related litigation and internal reviews, have led to leadership changes and a material weakness in internal controls over financial reporting, primarily stemming from a lack of appropriate tone at the top and insufficient oversight of certain past transactions.
Feb 18, 2021
2019-A
FirstEnergy Annual Report (Amendment), Year Ended Dec 31, 2019
FirstEnergy Corp.'s (FE) 2020 10-K filing reveals a significant shift in its internal control environment. While the company's financial statements present fairly its financial position and results of operations for the years ended December 31, 2019, 2018, and 2017, the auditors identified a material weakness in internal control over financial reporting as of December 31, 2019. This weakness stemmed from senior management failing to set an appropriate "tone at the top," leading to conduct inconsistent with company policies. This resulted in a restatement of management's prior conclusion on internal control effectiveness. The company also continues to navigate complex regulatory landscapes and the fallout from the FES and FENOC Chapter 11 bankruptcy filings. Significant restructuring and settlement agreements have been executed, impacting financial results and requiring careful monitoring. Despite these challenges, FirstEnergy's core utility operations in regulated transmission and distribution segments remain robust, forming the foundation of its financial performance.
Nov 19, 2020
2019
FirstEnergy Annual Report, Year Ended Dec 31, 2019
FirstEnergy Corp. (FE) operates as a diversified electric utility company, primarily engaged in the transmission and distribution of electricity to over six million customers across the Midwest and Mid-Atlantic regions. The company's business is structured around two main reportable segments: Regulated Distribution and Regulated Transmission. In 2019, FirstEnergy continued to advance its strategy of focusing on its regulated utility operations, marked by several key regulatory approvals and a strengthened balance sheet through equity issuances. The company's financial performance in 2019 showed a slight decrease in net income from continuing operations compared to 2018, primarily due to the cessation of Rider DMR collection following a Supreme Court ruling, higher pension and OPEB mark-to-market adjustments, and lower weather-related customer usage. However, the Regulated Transmission segment demonstrated growth, driven by higher rate bases. FirstEnergy's capital expenditures remain significant, with substantial investments planned for both distribution and transmission infrastructure to enhance reliability and modernize the grid.
Feb 10, 2020
2018-A
FirstEnergy Annual Report (Amendment), Year Ended Dec 31, 2018
FirstEnergy Corp. (FE) filed its 2018 10-K on March 6, 2019, presenting its annual financial performance and operational overview. For investors, key takeaways include the company's revenue generation, operational expenses, and its capital structure. The filing also details the company's regulatory environment, which significantly impacts its earnings potential and investment decisions. Understanding FE's strategy for managing its regulated and competitive businesses, alongside its approach to infrastructure investment and dividend policy, is crucial for assessing its future prospects. Investors should pay close attention to the company's debt levels and its ability to service that debt, as well as any commentary on future earnings guidance or significant capital expenditures. The company's disclosures around environmental, social, and governance (ESG) factors are also becoming increasingly important for long-term investment evaluation. This report provides the foundational data to understand FE's financial health and strategic direction as of the end of 2018.
Mar 6, 2019
2018
FirstEnergy Annual Report, Year Ended Dec 31, 2018
FirstEnergy Corp. (FE) presented its 2018 Annual Report (10-K) on February 19, 2019, detailing a company in transformation towards a fully regulated utility model. The report highlights a significant strategic review aimed at exiting commodity-exposed generation and a focus on growing regulated distribution and transmission operations. Key achievements in 2018 included progress on the "Unlocking the Future" growth plan, substantial equity issuance to strengthen the balance sheet, and positive rating outlooks from credit agencies, signaling a more stable financial future. The company's operational focus is on its Regulated Distribution and Regulated Transmission segments, which serve millions of customers across the Midwest and Mid-Atlantic regions. FirstEnergy is emphasizing significant capital investments in these regulated areas, with a substantial portion of transmission investments recoverable through formula rate mechanisms, reducing regulatory lag. The "Energizing the Future" transmission program and distribution infrastructure improvements are central to the company's growth strategy, aiming to enhance reliability and customer service while delivering attractive returns to investors.
Feb 19, 2019
2017
FirstEnergy Annual Report, Year Ended Dec 31, 2017
FirstEnergy Corp. (FE) reported a net loss of $1.724 billion for the year ended December 31, 2017, a significant improvement from the $6.177 billion net loss in 2016, primarily due to a substantial reduction in asset impairment charges. The company is executing a strategic shift to focus on its regulated utility operations, namely Regulated Distribution and Regulated Transmission, which are expected to provide stable and predictable earnings. This transition involves significant capital investments in transmission infrastructure through the 'Energizing the Future' plan, aiming for substantial rate base growth. However, the company's Competitive Energy Services (CES) segment, primarily FES and AE Supply, continues to face challenges due to weak wholesale energy and capacity markets. FES, in particular, has been significantly impacted, leading to substantial impairments and raising concerns about its ability to continue as a going concern. The company is actively pursuing strategic alternatives for its CES portfolio, including asset sales, though options are limited for FES due to its credit quality. A significant equity issuance of $2.5 billion in January 2018 aimed to strengthen the balance sheet and support the transition to a regulated utility model.
Feb 20, 2018
2016
FirstEnergy Annual Report, Year Ended Dec 31, 2016
FirstEnergy Corp. (FE) operates as a diversified electric utility with significant regulated transmission and distribution operations, alongside competitive energy services (CES). In 2016, the company continued its strategic shift towards a fully regulated utility model, marked by substantial impairment charges related to its competitive generation assets, totaling over $9.2 billion. This reflects the company's decision to exit the competitive generation business by mid-2018 due to persistently weak wholesale energy and capacity markets. FirstEnergy is focusing its investments and growth strategies on its regulated transmission segment, planning significant capital expenditures for grid modernization and reliability improvements. The company's regulated distribution segment remains a core component, with ongoing investments in infrastructure upgrades and smart meter technology. Despite the significant challenges in its competitive segment, FirstEnergy's regulated businesses are expected to provide stable earnings and cash flows, supporting its dividend. The company is actively managing its financial position and expects to rely on a combination of internal sources and external financing to meet its capital requirements.
Feb 21, 2017
2015
FirstEnergy Annual Report, Year Ended Dec 31, 2015
FirstEnergy Corp. (FE) reported revenues of $15.03 billion and net income of $578 million for the year ended December 31, 2015. The company continues its strategic focus on regulated operations, particularly transmission investments, with its "Energizing the Future" plan. This plan aims to modernize its transmission system through an initial $4.2 billion investment from 2014 to 2017, with $2.4 billion already spent through 2015 and $1 billion projected for 2016. FirstEnergy is also managing its competitive energy services (CES) segment through a conservative hedging strategy. Regulatory initiatives across its utility footprint are a key focus, including the pending ESP IV in Ohio, which proposes an eight-year term and aims to balance customer benefits with the preservation of baseload power plants. The company's financial performance saw a significant improvement in net income compared to 2014, driven by stronger results in the regulated segments and a reduction in pension and OPEB mark-to-market adjustments. However, the CES segment experienced lower revenues due to a strategic reduction in contract sales volume, aligning with the company's goal to reduce exposure to weather-sensitive loads and pursue higher-margin sales.
Feb 16, 2016
2014
FirstEnergy Annual Report, Year Ended Dec 31, 2014
FirstEnergy Corp. (FE) presented its 2014 annual report, highlighting a strategic shift towards reinvestment in its regulated transmission and distribution segments. This repositioning aims to enhance customer service, improve grid reliability, and strengthen cybersecurity. The company anticipates that focusing on these regulated operations will provide stability and growth over the coming years. Key initiatives include the "Energizing the Future" transmission expansion plan, significant investments in grid modernization, and proactive engagement in regulatory proceedings across its ten utility operating companies to ensure timely recovery of investments. The competitive energy services (CES) segment is being recalibrated to mitigate risk in a challenging market while preserving value and positioning for future opportunities. Financially, FirstEnergy reported net income available to common shareholders of $299 million, or $0.71 per diluted share, a decrease from $392 million ($0.94 per diluted share) in 2013. This decrease was largely influenced by a significant increase in pension and other post-employment benefit mark-to-market adjustments, partially offset by the absence of impairment charges recorded in the prior year. The company reaffirmed its commitment to its dividend, maintaining a quarterly payout of $0.36 per share, while also focusing on improving its balance sheet and maintaining investment-grade metrics across its business units. FirstEnergy's capital expenditure plan for 2015 is projected at approximately $2.9 billion, with a substantial portion allocated to the regulated transmission segment.
Feb 17, 2015
2013
FirstEnergy Annual Report, Year Ended Dec 31, 2013
FirstEnergy Corp.'s 2013 10-K filing details a year of strategic repositioning, focusing on regulated operations, particularly transmission, to achieve over 80% of earnings from these segments. The company faced challenges from weak economic conditions and depressed energy prices, leading to a dividend reduction and a focus on cost control and balance sheet strengthening. Key developments include significant capital expenditure plans for transmission infrastructure and ongoing efforts to navigate complex regulatory environments across multiple states, including rate cases and environmental compliance. The company also reported a net income of $392 million, a decrease from the previous year, impacted by various segment results, regulatory charges, and asset impairments, signaling a shift towards a more regulated, stable business model.
Feb 27, 2014
2012
FirstEnergy Annual Report, Year Ended Dec 31, 2012
FirstEnergy Corp.'s 2013 10-K filing details a complex operational and regulatory landscape. The company operates a diversified portfolio of electric utility and competitive energy services across six states, serving approximately 13.4 million people. Key to its operations are its numerous utility subsidiaries, which are subject to stringent state and federal regulations governing rates, services, and environmental compliance. The company's competitive segment, FirstEnergy Solutions (FES), participates in deregulated energy markets. The report highlights significant capital expenditures planned for 2013, primarily for transmission reliability and environmental compliance, indicating ongoing investment in infrastructure and regulatory adherence. FirstEnergy also navigates a challenging regulatory environment with various pending matters before FERC and state commissions, impacting everything from rate structures to environmental standards. The company's financial performance is influenced by economic conditions, commodity prices, and regulatory outcomes, underscoring the inherent risks in the utility sector.
Feb 25, 2013
2011
FirstEnergy Annual Report, Year Ended Dec 31, 2011
FirstEnergy Corp. (FE) in its 2011 10-K filing presents a complex organizational structure with numerous subsidiaries operating across multiple states, primarily in the electric utility sector. The company's core business involves the generation, transmission, and distribution of electricity, serving approximately 6 million customers across 67,000 square miles in Ohio, Pennsylvania, West Virginia, Maryland, and New Jersey. The report highlights the company's significant investments in infrastructure and its ongoing efforts to comply with evolving environmental regulations, including planned retirements of older coal-fired plants due to the MATS rules. Financially, the company reported earnings available to FirstEnergy Corp. of $885 million in 2011, a notable increase from $742 million in 2010, although earnings per share decreased. The significant event of 2011 was the completion of the merger with Allegheny Energy, Inc., which substantially increased FE's customer base and generating capacity and is expected to yield significant cost savings and operational efficiencies. The company maintains strong liquidity with substantial available credit facilities. Investors should note the company's significant capital expenditure plans for 2012 and beyond, primarily focused on reliability, operational improvements, and environmental compliance.
Feb 28, 2012
2010
FirstEnergy Annual Report, Year Ended Dec 31, 2010
FirstEnergy Corp. (FE) and its subsidiaries are reporting on their fiscal year ending December 31, 2010. A significant development during the year was the announcement of a proposed merger with Allegheny Energy, Inc., which was expected to close in the first quarter of 2011. This merger would create a larger entity with a substantial customer base and generation capacity across multiple states. The company's financial performance in 2010 saw a decrease in earnings per share compared to 2009, attributed to various factors including impairments on long-lived assets, regulatory charges, and merger-related transaction costs. Despite these challenges, FirstEnergy maintained a strong liquidity position and focused on operational efficiencies and strategic integration for future growth. The company's diversified generation portfolio, including nuclear, coal, and renewable sources, positions it to navigate evolving environmental regulations.
Feb 16, 2011
2009
FirstEnergy Annual Report, Year Ended Dec 31, 2009
FirstEnergy Corp. (FE) filed its 2009 10-K on February 19, 2010, detailing its business operations and financial performance. A significant event highlighted is the February 10, 2010 announcement of an Agreement and Plan of Merger with Allegheny Energy, Inc., which is expected to be completed within 12 to 14 months, subject to shareholder and regulatory approvals. The merger would create a larger, more diversified energy company. The filing also covers the company's ongoing operational activities, including generation, transmission, and distribution of electricity across its service territories in Ohio, Pennsylvania, and New Jersey, and discusses the impact of regulatory environments and economic conditions on its performance.
Feb 19, 2010
2008
FirstEnergy Annual Report, Year Ended Dec 31, 2008
FirstEnergy Corp. (FE) filed its 2008 Form 10-K on February 25, 2009, describing a holding company whose eight utility subsidiaries serve about 4.5 million customers across Ohio, Pennsylvania and New Jersey, alongside a large competitive generation business (FES) with 14,173 MW of diversified capacity, roughly 53.5% coal. FirstEnergy reported 2008 net income of $1.342 billion, or $4.41 basic and $4.38 diluted EPS, up from $4.27 in 2007, on revenues of $13.6 billion. The results were supported by higher generation prices in Ohio and PJM, offset by a $1.2 billion after-tax hit to common equity from pension losses and a 23.8% pension asset return shortfall, plus $123 million of nuclear trust impairments. The filing's central investor issue is regulatory uncertainty in Ohio. The PUCO rejected the Ohio Companies' market-rate offer, the ESP was modified and then withdrawn, and the company is operating under a Jan-Mar 2009 competitive bid procurement, with a stipulated ESP now pending hearings starting February 25, 2009. Management guided that 2009 earnings guidance would wait for regulatory clarity, and cited negative drivers including higher pension costs (about $230 million increase in pension and OPEB expense), lower wholesale prices, lost favorable supply contracts at Met-Ed and Penelec, and reduced loads. Liquidity was described as over $4 billion of facilities, with about $2.6 billion available as of January 31, 2009, and the company expects no required pension contributions in 2009 or 2010. Key longer-term exposures include Met-Ed and Penelec rate caps expiring in 2010-2011, environmental capital needs (about $608 million for 2009-2013 and a $1.7 billion AQC program at Sammis), and CO2 and mercury regulation uncertainty. Total 2009-2013 capital expenditures are forecast at about $8.1 billion, with the company citing a reduction of more than $600 million versus 2008 spending.
Feb 25, 2009
2007
FirstEnergy Annual Report, Year Ended Dec 31, 2007
FirstEnergy's 2007 Form 10-K (filed February 29, 2008) shows a company in transition. Net income rose 4% to $1.31 billion ($4.22 diluted EPS), driven by higher electric sales revenues, partially offset by higher purchased power costs and amortization of regulatory assets. Management guides to moderating 2008 earnings growth: Ohio transition cost amortization rises about $69 million, and depreciation and property taxes increase as capital is redeployed. Earnings are then expected to improve in 2009-2010 as Ohio market-based generation pricing begins, though rate-plan roll-offs and below-market supply obligations weigh on results during that period. The balance sheet and cash generation remain solid. Operating cash flow was $1.7 billion (expected to rise to about $2.3 billion in 2008), and a $1.3 billion sale-leaseback of a 93.825% interest in Bruce Mansfield Unit 1 funded debt reduction and the roughly $900 million share repurchase. Capital spending for 2008-2012 is forecast at about $7.6 billion, including roughly $1.3 billion of Air Quality Control projects. The company is rated investment grade, though S&P's outlook is negative. Key investor risks include pending Ohio and Pennsylvania rate decisions (including the PUCO distribution rate case and the Ohio fuel-deferral recovery after the Supreme Court of Ohio ruling), possible Commonwealth Court reversal on PJM transmission congestion, evolving state energy legislation, and environmental regulation (CAIR, mercury rule vacatur, climate change, NSR). The company also carries material nuclear and sale-leaseback exposures, with an estimated $1.3 billion maximum casualty exposure at FES.
Feb 29, 2008
2006-A
FirstEnergy Annual Report (Amendment), Year Ended Dec 31, 2006
This filing is an amendment (10-K/A) to FirstEnergy Corp.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2006. The amendment primarily corrects a typographical error in the performance graph included in the original filing, which will be present in the forthcoming annual report to stockholders. The filing reaffirms that FirstEnergy Corp. is a large accelerated filer and not a shell company. It also details share repurchases made during the fourth quarter of 2006, noting that these purchases were primarily to fulfill obligations under various employee compensation and incentive plans, as well as to satisfy tax withholding and exercise price requirements for stock options.
Mar 21, 2007
2006
FirstEnergy Annual Report, Year Ended Dec 31, 2006
FirstEnergy Corp. (FE) reported 2006 net income of $1.25 billion, or $3.84 basic EPS ($3.81 diluted), up from $861 million ($2.62) in 2005, driven mainly by higher electric sales revenues, reduced transition cost amortization for the Ohio Companies, PUCO- and PPUC-authorized cost deferrals, and lower operating expenses. Total revenues were $11.5 billion. Regulated Services earned $932 million, down from $1.15 billion, while Power Supply Management Services swung to $465 million from a $50 million loss, reflecting the 2005 generation asset transfers to FGCO and NGC. The filing highlights a sizable capital program of nearly $8 billion for 2007-2011 (excluding nuclear fuel), including about $1.8 billion of environmental compliance spending and roughly $1.5 billion for Sammis NSR consent decree work. Management also raised the indicated annual dividend to $2.00 per share from $1.80 and authorized a share repurchase program of up to 16 million shares, bringing the combined potential repurchase to 26.6 million shares. Shareholder earnings are supported by stable investment-grade credit ratings, though senior unsecured ratings sit at the low end (BBB- at S&P and Baa3 at Moody's). Key risks for investors include regulatory outcomes in Pennsylvania (the PPUC's January 2007 order granted far less than requested rate relief for Met-Ed and Penelec, leading to a goodwill review and a $355 million goodwill impairment at Met-Ed in the fourth quarter of 2006), the expiration of the FES partial requirements arrangement, ongoing FERC proceedings on SECA and PJM transmission rates, the pending SEC formal investigation, and the broader electric industry shift toward competitive markets.
Feb 28, 2007
2005
FirstEnergy Annual Report, Year Ended Dec 31, 2005
FirstEnergy Corp. (FE) filed its 10-K for fiscal 2005 on March 2, 2006, describing a holding company whose eight electric utility subsidiaries serve about 4.5 million customers across Ohio, Pennsylvania and New Jersey. Consolidated 2005 revenues were $11.989 billion and GAAP net income was $861 million, or $2.62 basic EPS, down from $878 million ($2.68) in 2004. Non-GAAP earnings before unusual items were $984 million ($3.00 per share), versus $991 million ($3.03) in 2004. The earnings decline reflects one-time items including a $28 million Davis-Besse DOJ/NRC penalty, a $30 million after-tax FIN 47 cumulative-effect charge, and an Ohio tax-law adjustment, partly offset by higher distribution volumes from warm weather. The company's near-term investment picture hinges on regulatory outcomes and capital needs. Key items include the Ohio Rate Certainty Plan approved in January 2006, the expiration of the New Jersey BGS arrangement, the pending Pennsylvania rate filing tied to the FES supply agreement, and a $1.5 billion NSR-settlement capital program at the W. H. Sammis plant. Management projects 2006-2010 capital expenditures of about $6.7 billion, and the Met-Ed/Penelec supply arrangement with FES carries a stated risk that credit ratings could fall below investment grade if it is terminated without regulatory relief. Liquidity was adequate, with $1.75 billion of unused credit and receivables facilities at year end and $1.3 billion of cash dividends received from subsidiaries in 2005. The filing also disclosed a material weakness in internal control over NUG-related regulatory accounting at Met-Ed and Penelec, which the company said it would remediate in early 2006. Several investor-relevant risks remain open: the SEC formal investigation, the Ohio transmission deferral appeal, the FERC review of the FES power sales agreements, and nuclear oversight at Perry. The 2005 share repurchases were limited to 614,766 shares for employee plan purposes, and no public buyback program was in place.
Mar 2, 2006
2004-A
FirstEnergy Annual Report (Amendment), Year Ended Dec 31, 2004
This Form 10-K/A (Amendment No. 1) is a narrow filing by FirstEnergy Corp. and its subsidiaries The Cleveland Electric Illuminating Company (CEI) and The Toledo Edison Company (TE) for fiscal year 2004. It amends only Item 2 (Properties) to correct footnote references describing interests in generating units leased by CEI and TE. It does not restate financial results. The financial statements and MD&A are incorporated by reference from the FirstEnergy 2004 Annual Report to Stockholders (pages 4-85), which is not included in this document, so revenue, earnings, and balance sheet data cannot be assessed from this filing. The Item 2 content gives investors a picture of FirstEnergy's physical asset base. The generating table reflects a fleet of coal, nuclear, and oil/gas/pumped-storage units with total ownership or leasehold capacity of roughly 13,387 MW, with significant shares held by FirstEnergy's Ohio and Pennsylvania operating subsidiaries. The companies report 14,978 pole miles of transmission lines (23 kV to 500 kV), about 114,177 miles of distribution pole line and underground conduit, and substation transformer capacity of about 91.1 million kVA. The companies also note that prolonged generating outages could force greater use of less efficient units or purchased power, and in some cases require load reductions under interruptible programs. For investors, the key points are the scale of the asset base, the mix of owned versus leased generation (including leased interests in Bruce Mansfield and other plants, which the amendment clarifies), and the corporate structure. FirstEnergy is the sole holder of CEI and TE common stock, and it reported about 329.8 million common shares outstanding as of March 9, 2005. The stock had a non-affiliate market value of about $12.3 billion as of June 30, 2004. Investors seeking financial performance should consult the original 10-K and the incorporated Annual Report.
May 3, 2005
2004
FirstEnergy Annual Report, Year Ended Dec 31, 2004
FirstEnergy Corp. (FE) reported 2004 GAAP net income of $878 million, or $2.68 basic EPS, up sharply from $423 million ($1.39) in 2003, though much of the swing reflects the absence of 2003 unusual charges, notably the $153 million JCP&L disallowance and FSG goodwill impairment. Management's non-GAAP 'earnings before unusual items' rose to $991 million ($3.03 per share) from $736 million ($2.42). Revenues grew to $12.45 billion, driven primarily by a $680 million increase in wholesale sales from FirstEnergy Solutions (FES) on record nuclear and fossil output, and operating cash flow improved to $1.88 billion before a $300 million after-tax voluntary pension contribution. The filing also documents material risks that investors should weigh. FENOC, the nuclear operator, is a target of a federal grand jury investigation over alleged false statements to the NRC regarding the 2002 Davis-Besse reactor head outage, and the SEC has opened a formal investigation into the 2003 restatements and Davis-Besse. The W. H. Sammis New Source Review case could bring material penalties and capital requirements, with no liability accrued. Credit ratings remain at or near the BBB- low end, with S&P's stable outlook contingent on successful refueling outages. JCP&L faces an ongoing strike by IBEW System Council members and pending NJBPU Phase II rate proceedings. The company's capital plan for 2005-2007 totals about $3.3 billion, and the Board raised the dividend 10% to an indicated $1.65 per share, with a policy targeting 4-5% annual growth after 2005. Investors should note that the 2005 outlook depends on Ohio Rate Stabilization Plan pricing from 2006 and the resolution of pending investigations and litigation.
Mar 10, 2005
2003-A2
FirstEnergy Annual Report (Amendment), Year Ended Dec 31, 2003
This filing is Amendment No. 1 to FirstEnergy Corp.'s Form 10-K/A for fiscal year 2003, filed June 25, 2004 on behalf of FirstEnergy Corp. and seven utility subsidiaries (Ohio Edison, Cleveland Electric, Toledo Edison, Pennsylvania Power, Jersey Central P&L, Met-Ed, and Penelec). It is a narrow amendment: only Item 9A (Controls and Procedures) has been revised, and the financial statements, business description, and MD&A are not included. The full financial results are incorporated by reference from the 2003 Annual Report to Stockholders (pages 6-85), which is not part of this document, so this filing does not provide revenue, earnings, or balance sheet figures. The substantive disclosure concerns a material weakness in internal controls identified in Q4 2003. Management found that expenses recognized in the first three quarters of 2003 should have been capitalized, due to untimely updates of tables in the registrants' automated work management system and inconsistent cost allocation to capital projects. Management attributed the weakness to employee training and process changes not uniformly applied during the implementation of a new Enterprise Resource Planning (ERP) system. As a result, quarterly results for JCP&L, Penelec and Toledo Edison were restated in their respective annual reports. The CEO and CFO concluded that disclosure controls remain effective despite the weakness, because corrective measures were implemented in Q4 2003: additional field employee training, procedures to keep work management tables current, and reconfiguration of the work management system to properly allocate capital and expense projects. The amendment clarifies this conclusion, which is the key point for investors evaluating governance and reporting risk at the company.
Jun 25, 2004
2003
FirstEnergy Annual Report, Year Ended Dec 31, 2003
FirstEnergy Corp. (FE) filed its combined 2003 Form 10-K on March 15, 2004, covering the holding company and seven utility subsidiaries. The year was dominated by the August 14, 2003 Northeast blackout, the extended Davis-Besse nuclear outage, and a downgrade of credit ratings by S&P (December 2003) and Moody's (February 2004). Reported 2003 net income fell to $423 million ($1.39 per diluted share) from $553 million in 2002, while revenues rose to $12.3 billion. The headline income figure is flattered by a $168 million NRG settlement gain and a $102 million cumulative-effect credit from adopting SFAS 143, while the JCP&L rate-case disallowance, a $117 million goodwill impairment, and higher replacement power and pension/OPEB costs weighed on results. Management emphasized the divestiture of all remaining international assets by January 30, 2004, a $935 million common stock issuance in September 2003, and a debt reduction program that cut the common equity share of capitalization to 45% from 38%. Pending regulatory decisions carry significant uncertainty, most notably the Ohio Rate Stabilization Plan (decision expected spring 2004), New Jersey BGS and JCP&L rate matters, and Pennsylvania reliability and PLR proceedings. Litigation tied to the restatements, the blackout, and Davis-Besse, plus an SEC data request, adds further contingent risk that management says could be material. For investors, the key question is whether the Davis-Besse restart (authorized by the NRC on March 8, 2004) and a favorable Ohio rate outcome can restore credit quality and earnings momentum. The filing also discloses a material weakness in capital/expense classification identified in Q4 2003, which led to restatements of JCP&L, Penelec, and Toledo Edison quarterly results.
Mar 15, 2004
2003-A
FirstEnergy Annual Report (Amendment), Year Ended Sep 11, 2003
This filing is an amendment to FirstEnergy Corp.'s 2002 Form 10-K, specifically correcting typographical and minor computational errors within the "Management's Discussion and Analysis of Results of Operations and Financial Condition" section. The original filing's results of operations and financial position remain unchanged by this amendment. Key corrections involve adjustments to net income figures, earnings per share, and various segment-specific income and expense line items. These corrections do not alter the overall financial narrative presented in the original report but ensure greater accuracy in specific reported numbers related to the year ended December 31, 2002. The company is a registered public utility holding company involved in regulated and competitive energy services. The amendments highlight the detailed financial adjustments being made, particularly concerning transition cost amortization and above-market lease costs. Investors should note that while the amendment corrects numerical discrepancies, it does not introduce new material events or substantially alter the company's reported performance for the period. The focus remains on the previously discussed impacts of the GPU merger, operational challenges like the Davis-Besse outage, and the ongoing restructuring of the energy market.
Sep 11, 2003
2002-A2
FirstEnergy Annual Report (Amendment), Year Ended Dec 31, 2002
FirstEnergy Corp. (FE) filed Amendment No. 2 to its 2002 Form 10-K on August 19, 2003, a combined filing with Ohio Edison, Cleveland Electric and Toledo Edison. The amendment restates 2002 results (and multiple prior years for CEI and TE) principally to change how Ohio transition costs are amortized and to record above-market lease liabilities from the 1997 Centerior merger. The restatement reduces 2002 net income by about $76 million, or $0.26 per share, and the restated 2002 net income is $552.8 million (basic EPS $1.89) versus $629.3 million previously reported, with the Emdersa discontinued-operations reclassification also reflected. The filing arrives amid several pressures: an extended Davis-Besse nuclear outage (restart expected in the fall of 2003, with incremental 2002 costs of about $234.5 million), a July 2003 New Jersey ruling that cut JCP&L revenues by about $62 million and triggered a $158 million second-quarter charge, and an August 7, 2003 federal court ruling that the Sammis plant required pre-construction permits under the Clean Air Act, with potentially material penalties and capital costs. Management also disclosed five shareholder suits tied to the restatement and a August 14, 2003 Northeast blackout affecting about 1.4 million FirstEnergy customers. Credit agencies responded: Moody's placed ratings under review for possible downgrade, and S&P affirmed BBB but flagged deleveraging deviations. For investors, the central issues are the quality of earnings after the restatement, the pace of debt reduction, the Davis-Besse return to service, and the regulatory and environmental contingencies. The restatement shifts earnings timing, with the amortization change reducing 2003 to 2005 net income and increasing it in later years, so near-term earnings expectations are lower.
Aug 19, 2003
2002-A
FirstEnergy Annual Report (Amendment), Year Ended Dec 31, 2002
FirstEnergy's amended 2002 10-K/A (Amendment No. 1, dated May 9, 2003) restates the presentation of its 2002 income statement without changing reported net income of $629.3 million or diluted EPS of $2.14. The changes reclassify the Avon and Emdersa results of operations, which were previously shown as a $57.1 million cumulative effect of accounting change, into operating lines, and add a $93.7 million 'Cumulative Adjustment for Retained Businesses Previously Held for Sale' below expenses. Pre-tax income before interest and taxes is now $2,157.9 million, versus $2,182.2 million as originally presented, and income before the cumulative effect is $629.3 million, versus $686.4 million as originally presented. Investors should read the reported 2002 earnings as unchanged, but the quality and composition of income moved. The year was dominated by the extended Davis-Besse nuclear outage, which reduced 2002 EPS by $0.47, and by roughly $292.5 million of pre-tax one-time charges that cut EPS by about $0.70. Revenues rose to $12.25 billion, almost entirely because of the former GPU companies, which were consolidated for a full year. Net income fell to $629.3 million from $646.4 million, and the regulated segment earned $997.1 million while the competitive segment lost $119.0 million. Common equity fell to $7.12 billion from $7.40 billion, mainly because of pension-related accumulated other comprehensive loss, and total assets declined to $33.6 billion from $37.4 billion after the Avon sale and the reclassification of divested assets. Balance-sheet deleveraging and the restart of Davis-Besse are the key items for investors. Total long-term debt fell to about $10.9 billion, and management plans to reduce debt and preferred stock through operating cash flow, but the timing has been pushed back by the outage costs. Management reported that the Davis-Besse restart was targeted for the first half of summer 2003 and still needed NRC approval. Pending items include the JCP&L New Jersey rate case, with a decision expected in July 2003, the Sammis Clean Air Act litigation, and the Emdersa exit in April 2003, which will produce a second-quarter 2003 charge of about $63 million.
May 9, 2003
2002
FirstEnergy Annual Report, Year Ended Dec 31, 2002
FirstEnergy Corp. (FE) reported 2002 consolidated net income of $629.3 million, or $2.14 diluted EPS, down from $646.4 million in 2001, after a set of one-time charges and accounting changes. Excluding the former GPU companies, net income fell to $469.4 million, driven largely by incremental costs of the extended Davis-Besse nuclear outage ($0.47 per share) and roughly $249 million of one-time pre-tax charges ($0.51 per share). Revenues rose to $12.15 billion from $8.0 billion, reflecting the full-year consolidation of the former GPU utilities acquired in November 2001, but the company also absorbed a $57.1 million after-tax cumulative-effect charge related to its international divestitures. Balance-sheet deleveraging remains the central investor question. Total assets fell to $33.6 billion from $37.4 billion, common equity to $7.1 billion, and long-term debt to $10.9 billion. Management expects the Davis-Besse restart in spring 2003 (the NRC must approve), an outcome credit rating agencies have explicitly tied to maintaining current ratings. Debt reduction has been delayed by the outage and by higher pension, OPEB, and Emdersa-related charges, and S&P and Moody's have carried negative outlooks since 2002. The filing also highlights several open regulatory and litigation items: the JCP&L New Jersey rate case (decision expected July 2003, with $17.3 million of potential disallowances proposed by auditors), the Met-Ed and Penelec PLR deferred-cost resolution now largely reserved, the stalled sale of four coal plants to NRG (now retained and subject to arbitration), and the DOJ/EPA Clean Air Act suit over the Sammis plant. Investors should weigh the restart timeline and 2003 guidance against these exposures.
Mar 26, 2003
2001
FirstEnergy Annual Report, Year Ended Dec 31, 2001
FirstEnergy Corp. (FE) filed its combined 2001 Form 10-K on April 1, 2002 (signed March 28, 2002), covering itself and seven utility subsidiaries. The defining event of 2001 was the November 7, 2001 merger with GPU, Inc., which roughly doubled the size of the enterprise: total assets rose to $37.4 billion from $17.9 billion, long-term debt to $12.9 billion from $5.7 billion, and FirstEnergy now describes itself as the fourth largest investor-owned electric system in the U.S. by customers served. Because the GPU companies were consolidated only for seven weeks, reported 2001 net income of $646.4 million (diluted EPS $2.81) is not comparable to prior years; excluding the former GPU companies, net income was about $613.7 million. The balance sheet carries significant pending-divestiture exposure. Assets pending sale of $3.4 billion and liabilities pending sale of $3.0 billion relate mainly to Midlands Electricity (UK) and Argentina operations. The Avon/Midlands sale to Aquila for a 79.9% interest at roughly $1.9 billion including $1.7 billion of debt was pending, with a deadline of April 26, 2002 for completion. Separately, FirstEnergy agreed to sell four Ohio coal plants (2,535 MW) to NRG Energy for $1.5 billion, with a 10.5 billion kWh annual power purchase agreement back, expected to close mid-2002. Goodwill of $5.6 billion (about 15% of assets) is a notable balance-sheet item to monitor for impairment. Regulatory and litigation risks are material. In Pennsylvania, the Commonwealth Court on February 21, 2002 reversed the PPUC's provider-of-last-resort rate relief and deferral accounting for Met-Ed and Penelec, which FirstEnergy is appealing to the state Supreme Court. Moody's changed its outlook on FirstEnergy, Met-Ed and Penelec to negative. Other risks include the Davis-Besse reactor vessel head corrosion finding and an extended outage (60 to 90 days), the EPA's Clean Air Act suit over the Sammis plant seeking installation of best available control technology and penalties of up to $27,500 per day, and a Colombian tax matter tied to TEBSA with a statutory penalty claim of about $200 million.
Apr 1, 2002
2000-A
FirstEnergy Annual Report (Amendment), Year Ended Dec 31, 2000
FirstEnergy Corp. (FE) reported net income of $599.0 million ($2.69 per share) for fiscal 2000, up from $568.3 million ($2.50) in 1999, driven primarily by lower fuel costs, higher generation output, reduced financing costs and gains on emission-allowance sales. Total revenues rose 11% to $7.03 billion, with unregulated businesses contributing $1.61 billion, up sharply from $866 million, while electric utility revenues were roughly flat. Total assets declined to $17.9 billion, and long-term debt fell to $5.74 billion, reflecting ongoing debt and preferred stock redemptions. The Ohio transition plan approved by the PUCO in July 2000 is a central development: roughly $1.6 billion of impaired generating plant was reclassified as regulatory assets, SFAS 71 was discontinued for Ohio generation, and competitive retail choice began January 1, 2001. The dominant forward-looking item is the pending acquisition of GPU, Inc. for approximately $4.5 billion in cash and stock, which would add about $2.2 billion of new acquisition debt and roughly $7.4 billion of GPU subsidiary debt and preferred stock that would remain outstanding. Both shareholder groups have approved the deal, and the companies target closing by the end of the second quarter of 2001, pending remaining regulatory approvals. Investors should weigh the integration and leverage implications of the deal against the company's improving credit ratings, which Moody's and Fitch upgraded in 2000. Key risks include environmental exposure from the Sammis Plant Clean Air Act litigation (civil penalties up to $27,500 per day), evolving NOx and mercury regulation, customer switching risk under the Ohio plan (the company assumes up to $500 million of transition revenue risk), and competitive pressure in deregulated markets. The filing also discloses that the company adopted SFAS 133 on January 1, 2001, with a cumulative-effect charge reducing net income by $8.5 million.
Apr 16, 2001
2000
FirstEnergy Annual Report, Year Ended Dec 31, 2000
FirstEnergy Corp. (FE) reported 2000 net income of $599.0 million ($2.69 per share), up from $568.3 million in 1999, on revenues of $7.03 billion (up 11%). Earnings were driven mainly by lower fuel costs, higher generation output, reduced financing costs and gains on emission-allowance sales, while unregulated businesses (FE Services, FE Facilities, gas operations) accounted for much of the revenue growth. Total assets were $17.9 billion, and common equity rose to about 42% of capitalization, supported by credit-rating upgrades from Moody's and Fitch after the PUCO approved the Ohio transition plan in July 2000. The dominant investor issue is the pending merger with GPU, Inc., announced August 2000: FirstEnergy would pay about $4.5 billion in cash and stock for GPU's common equity, financed partly by roughly $2.2 billion of new acquisition debt, with about $7.4 billion of GPU subsidiary debt and preferred stock remaining outstanding. Shareholder approvals are in hand, and the companies target closing by the end of Q2 2001 pending remaining regulatory approvals. The Ohio restructuring also brings regulatory and financial risk: generation assets were impaired and $1.6 billion was reclassified as regulatory assets, SFAS 71 was discontinued for generation, and FE assumes up to $500 million of transition-revenue risk if customer switching targets are missed by 2005. Other watch items include an EPA Clean Air Act enforcement action over the W.H. Sammis plant (civil penalties up to $27,500 per day, injunctive relief sought), the expected cost of future NOx, mercury and ultra-fine particulate rules, and nuclear decommissioning obligations of roughly $4.5 billion in future dollars. The filing is a combined 10-K for FE and four subsidiaries; FE's stock is listed on the NYSE.
Mar 28, 2001
1999-A
FirstEnergy Annual Report (Amendment), Year Ended Dec 31, 1999
This is Amendment No. 1 (Form 10-K/A) to FirstEnergy Corp.'s annual report for fiscal year 1999. It is a combined filing for FirstEnergy and four subsidiaries: Ohio Edison, Cleveland Electric Illuminating, Toledo Edison, and Pennsylvania Power. The amendment does not provide financial statements or operating results. Its only substantive change is an updated Executive Officers section in Item 1, which adds an officer omitted from the original filing. The financial results, including earnings, balance sheet, and cash flow data, are incorporated by reference from the FirstEnergy 1999 Annual Report to Stockholders (pages 16-47), which is not part of this document. The filing shows a leadership transition. H. P. Burg became Chairman and Chief Executive Officer in 2000, and A. J. Alexander became President in 2000 after serving as Executive Vice President and General Counsel. Several executives have moved into new roles, including L. L. Vespoli as Vice President and General Counsel. The company reported 13,461 employees at December 31, 1999 across its nonutility subsidiaries and the utility operating companies. FirstEnergy had 231,119,841 common shares outstanding as of March 24, 2000. The aggregate market value of stock held by non-affiliates was approximately $4.24 billion as of March 10, 2000. For investors, the key takeaway is that this amendment is administrative. Investors who need earnings, debt, dividend, or regulatory information should review the incorporated Annual Report and the full original 10-K.
Apr 28, 2000
1999
FirstEnergy Annual Report, Year Ended Dec 31, 1999
FirstEnergy Corp. (FE) reported a strong 1999 for its combined 10-K filing, with revenues of $6.32 billion (up from $5.87 billion), net income of $568.3 million (up 38% from $410.9 million), and basic and diluted EPS of $2.50 versus $1.82 in 1998. The 1998 comparison was depressed by a $30.5 million after-tax extraordinary charge tied to Pennsylvania Power's deregulation, so underlying earnings growth was smaller than the headline figure suggests. Results were supported by higher retail and wholesale kWh sales, the absence of unusually high 1998 purchased power costs, and lower interest expense, partly offset by higher depreciation (including $160.6 million of accelerated OE cost recovery) and higher other operating expenses. The balance sheet shows total assets of about $18.2 billion, with common equity of $4.56 billion, long-term debt reduced to $6.0 billion from $6.35 billion, and common equity rising to roughly 40% of capitalization from 34% at the end of 1997. Management repurchased 4.6 million shares in 1999 at an average of $28.08 and entered a forward purchase of 1.4 million more shares. Cash requirements for 2000 are expected to be met without new securities issuance, and the company projects $3.0 billion of capital spending over 2000-2004. The main investor risks center on Ohio's electric restructuring. Customer choice begins January 1, 2001, and the PUCO's transition plan order (expected by mid-2000) will determine whether recovery of about $1.8 billion of generation-related transition costs and $1.5 billion of regulatory assets is adequate. Inadequate recovery of nuclear investments could produce a material earnings charge. The filing also discloses an EPA/DOJ Clean Air Act lawsuit over the Sammis Plant seeking up to $27,500 per day in penalties and installation of control technology, which the company considers without merit but cannot predict the outcome of.
Mar 29, 2000
1998
FirstEnergy Annual Report, Year Ended Dec 31, 1998
FirstEnergy Corp. (FE) filed its combined 10-K for fiscal 1998 on behalf of the holding company and four operating subsidiaries (Ohio Edison, Cleveland Electric Illuminating, Toledo Edison, and Pennsylvania Power). FirstEnergy reported 1998 revenues of $5.86 billion, up from $2.96 billion in 1997, reflecting a full year of the former Centerior companies after the November 1997 merger. Net income was $410.9 million, or $1.82 per share after a $30.5 million extraordinary charge tied to Pennsylvania Power's exit from SFAS 71 for its generation business; income before that item was $1.95 per share. Earnings were pressured by roughly $50 million in spot-market power purchases during the June 1998 price spike and about $27 million in after-tax credit losses from power marketers that defaulted, partly offset by $173 million in merger-related cash savings. The balance sheet shows total assets of $18.1 billion, with long-term debt of $6.35 billion and common equity of $4.45 billion. The company reduced total debt by about $278 million and made net redemptions of $430 million in long-term debt and preferred stock, lowering the average cost of long-term debt to 7.83% from 8.02%. Management expects 1999 cash needs to be met without new securities, and it plans to repurchase up to 15 million shares over three years beginning in 1999. Key forward-looking items include Ohio electric deregulation legislation expected possibly in 1999, a pending Duquesne asset exchange that would give FirstEnergy full ownership of CAPCO plants, the formation of American Transmission Systems as a step toward a regional transmission entity, Pennsylvania retail choice phasing in during 1999 and 2000, and NOx emission reduction requirements with potential capital costs of about $500 million. Year 2000 remediation is targeted for completion by September 1999 at an estimated total project cost of $92 million.
Mar 29, 1999