8-KOther Events

FIRSTENERGY CORP 8-K Report (Feb 24, 2004)

Filed February 24, 2004For Securities:FE

Summary

FirstEnergy Corp. (FE) filed an 8-K on February 24, 2004, to disclose regulatory updates concerning its Ohio electric utility operating companies. Following the cross-examination of its direct case, the company has filed rebuttal testimony from its CEO, Anthony J. Alexander. This testimony introduces modifications to the previously filed Rate Stabilization Plan, initially submitted on October 21, 2003. The revisions are a response primarily to comments and testimony from the Public Utilities Commission of Ohio's Staff witnesses and other intervening parties. Investors should note that the company has revised its proposed generation service rates, which are set to begin in January 2006. The updated 'Revised Rate Stabilization Plan' and associated documents are available on FirstEnergy's investor relations website. Cross-examination of Mr. Alexander's rebuttal testimony is scheduled for February 25, 2004, with an anticipated Commission Order in the spring. The filing also includes a standard forward-looking statement disclaimer, highlighting various risks and uncertainties that could affect actual results.

Key Highlights

  • 1FirstEnergy's Ohio electric utilities have filed revised testimony and a modified Rate Stabilization Plan in a regulatory proceeding.
  • 2The changes to the Rate Stabilization Plan are a response to feedback from the Public Utilities Commission of Ohio's Staff and other parties.
  • 3The revised plan addresses generation service rates to be established starting January 1, 2006.
  • 4CEO Anthony J. Alexander's rebuttal testimony introduces these modifications.
  • 5Cross-examination of the rebuttal testimony is scheduled for February 25, 2004.
  • 6FirstEnergy anticipates a Commission Order in the spring of 2004.
  • 7Details of the Revised Rate Stabilization Plan are available on the company's investor relations website.

Frequently Asked Questions

This 8-K filing is primarily to disclose regulatory updates regarding FirstEnergy's Ohio electric utility operating companies. Specifically, it announces the filing of rebuttal testimony from the CEO and a revised Rate Stabilization Plan in response to regulatory proceedings concerning generation service rates.

The filing indicates that modifications have been made to the Rate Stabilization Plan initially filed on October 21, 2003. These changes are largely in response to comments and testimony from the Public Utilities Commission of Ohio's Staff witnesses and intervening parties. The specific details of these modifications are outlined in the 'Revised Rate Stabilization Plan' and associated attachments available on FirstEnergy's investor relations website.

FirstEnergy anticipates receiving a Commission Order in the regulatory proceeding during the spring of 2004.

Copies of Mr. Alexander's rebuttal testimony and a 'red-lined' version of the Initial Plan, constituting the Revised Rate Stabilization Plan and associated attachments, are available on FirstEnergy's Investor Information Web site: www.firstenergycorp.com/ir under Letters to Investment Community.