8-KOther EventsExhibits & Filings

FIRSTENERGY CORP 8-K Report, Corporate Update (Dec 10, 2004)

Filed December 10, 2004For Securities:FE

Summary

This Form 8-K filing from FirstEnergy Corp. (FE) on December 10, 2004, addresses a significant development regarding its subsidiary, FirstEnergy Nuclear Operating Company (FENOC). The company received notification from the U.S. Attorney's Office that FENOC is a target of a federal grand jury investigation. This investigation concerns alleged false statements made to the Nuclear Regulatory Commission (NRC) in the fall of 2001, specifically related to the inspection and maintenance of the reactor vessel head at the Davis-Besse Plant. The notification indicates a likelihood of federal charges being returned against FENOC. This marks a serious escalation from the previously disclosed grand jury investigation, which FirstEnergy had reported in its 2003 10-K and subsequent quarterly filings. Investors should pay close attention to the potential legal and financial ramifications for FirstEnergy.

Key Highlights

  • 1FirstEnergy Corp.'s subsidiary, FENOC, has been designated a target of a federal grand jury investigation.
  • 2The investigation pertains to alleged false statements made to the NRC in 2001 regarding the Davis-Besse Plant reactor vessel head.
  • 3The U.S. Attorney's Office indicated a high probability of federal charges against FENOC.
  • 4This development is an escalation of a previously disclosed grand jury investigation.
  • 5FirstEnergy has provided disclosure regarding this investigation in prior SEC filings.
  • 6The filing incorporates by reference a press release issued by FirstEnergy on December 10, 2004.

Frequently Asked Questions

This 8-K filing is primarily to report that FirstEnergy Corp.'s subsidiary, FirstEnergy Nuclear Operating Company (FENOC), has been officially named a 'target' of a federal grand jury investigation into alleged false statements made to the Nuclear Regulatory Commission (NRC).

The investigation is focused on alleged false statements made by FENOC to the NRC in the fall of 2001, concerning the inspection and maintenance of the reactor vessel head at the Davis-Besse Plant.

The U.S. Attorney's Office has indicated that the designation of FENOC as a target means it is likely that federal charges will be brought against the subsidiary by the grand jury.

Yes, FirstEnergy had previously disclosed the grand jury investigation related to FENOC in its 2003 Annual Report on Form 10-K and in its Form 8-K filed on November 21, 2003, as well as in its quarterly 10-Q filings for the first three quarters of 2004.