01—Abstract
Summary
Summary of the 10-K/A filed May 3, 2005. Cited figures are marked; the original filing is the authoritative source.
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 billiona as of June 30, 2004. Investors seeking financial performance should consult the original 10-K and the incorporated Annual Report.
02—Key points
Key Highlights
- Amendment scope is limited: this 10-K/A only corrects footnote references in Item 2 (Properties) regarding generating units leased by CEI and TE; no financial statements are restated.
- 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 filing.
- The generating fleet totals roughly 13,387 MW across coal-fired, nuclear, and oil/gas/pumped-storage units, with FirstEnergy operating subsidiaries holding significant shares of this capacity.
- Transmission system includes 14,978 pole miles of lines at voltages from 23 kV to 500 kV, and the distribution system includes about 114,177 miles of overhead pole line and underground conduit.
- Substation transformer capacity totals approximately 91,117,000 kVA across the FirstEnergy operating companies.
- FirstEnergy is the sole holder of CEI and TE common stock, and it had 329,836,276 common shares outstanding as of March 9, 2005.
- The company is an accelerated filer, with non-affiliate market value of about $12.3 billion as of June 30, 2004.
03—Questions
Frequently Asked Questions
Why was this 10-K/A filed?
The amendment corrects footnote references in Item 2 (Properties) that indicated interests in generating units leased by CEI and TE. The filing does not change financial results, and it amends only the properties disclosure.
Does this filing contain FirstEnergy's revenue, earnings, or balance sheet?
No. The financial statements and MD&A are incorporated by reference from the 2004 Annual Report to Stockholders (pages 4-85), which is not included in this document. Investors should review the original 10-K and the Annual Report for financial performance.
How large is FirstEnergy's generating capacity and how is it owned?
The Item 2 table shows total capacity of about 13,387 MW. Ownership is split among FirstEnergy's operating companies, and several units, including portions of Bruce Mansfield, Beaver Valley, and Perry, are owned, leased, or held as tenants in common. The footnotes detail the owned and leased percentages for each unit.
What operational risk do the companies flag regarding their generating units?
The companies state that prolonged outages of existing generating units could force them to use less efficient or less economic units, or to buy power. In some cases they might need to reduce load during peak periods under interruptible programs. The extent of this impact is not presently determinable.
04—Continue