Summary
FirstEnergy Corp.'s 2007 10-K filing details a company focused on electric utility operations across Ohio, Pennsylvania, and New Jersey, with significant generation capacity, including both fossil and nuclear assets. The company's business model is heavily influenced by extensive regulation at both federal and state levels, impacting everything from rates to operational standards. Significant efforts in 2007 included managing regulatory proceedings related to fuel cost recovery and distribution rates in Ohio, and navigating complex transmission rate design issues at the FERC. While the company has a diversified generation portfolio, a substantial portion of its operations are subject to rate regulation, with ongoing discussions and potential impacts from evolving environmental regulations, particularly concerning emissions. Capital expenditures are substantial, projected at over $7.6 billion from 2008-2012, with a significant allocation towards generation assets and environmental compliance. The company also highlighted its financial flexibility through various credit facilities and a substantial unused shelf registration statement, indicating a proactive approach to managing its capital needs.
Financial Highlights
23 data points| Revenue | $12.80B |
| Operating Expenses | $9.98B |
| Operating Income | $2.82B |
| Net Income | $1.31B |
| EPS (Basic) | $4.27 |
| EPS (Diluted) | $4.22 |
| Shares Outstanding (Basic) | 306.00M |
| Shares Outstanding (Diluted) | 310.00M |
Key Highlights
- 1FirstEnergy operates electric utility subsidiaries across Ohio, Pennsylvania, and New Jersey, serving approximately 11.3 million customers.
- 2The company possesses a diversified generation portfolio with 14,127 MW (net) of capacity, predominantly coal-fired (54.0%) and nuclear (28.5%).
- 3Significant capital expenditures are planned, totaling approximately $7.6 billion from 2008-2012, with a substantial portion dedicated to generation assets and environmental compliance.
- 4FirstEnergy is subject to extensive state and federal regulation, impacting rates, operations, and environmental compliance, with ongoing proceedings in Ohio and Pennsylvania noted.
- 5Environmental compliance is a major focus, with an estimated $1.4 billion in capital expenditures planned for 2008-2012, driven by regulations like the Clean Air Act.
- 6The company maintains robust liquidity with approximately $3.4 billion in committed credit facilities and $2.4 billion in unused borrowing capability as of December 31, 2007.
- 7Nuclear assets are subject to NRC oversight, with applications for operating license extensions filed and ongoing management of regulatory compliance.