8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) November 4, 2008

Commission	Registrant; State of Incorporation;	I.R.S. Employer
File Number	Address; and Telephone Number	Identification No.
333-21011	FIRSTENERGY CORP.	34-1843785
	(An Ohio Corporation)
	76 South Main Street
	Akron, OH 44308
	Telephone (800)736-3402

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On November 4, 2008, FirstEnergy Corp. issued two public announcements, which are attached as Exhibits 99.1 and 99.2 hereto and incorporated by reference. FirstEnergy's Press Release and Consolidated Report to the Financial Community contain non-GAAP* financial measures. Pursuant to the requirements of Regulation G, FirstEnergy has provided quantitative reconciliations within the Press Release and Consolidated Report to the Financial Community of non-GAAP* financial measures to the most directly comparable GAAP financial measures.

The Press Release and Consolidated Report to the Financial Community include normalized earnings per share, which is not calculated in accordance with GAAP because it excludes the impact of "special items." Special items reflect the impact on earnings of events that are not routine or that may be related to discontinued businesses. Management believes presenting normalized earnings calculated in this manner provides useful information to investors in evaluating the ongoing results of FirstEnergy's businesses and assists investors in comparing FirstEnergy’s operating performance to the operating performance of other companies in the energy sector. Management believes presenting this non-GAAP* measure provides useful information to investors in assessing FirstEnergy's normalized operating performance. FirstEnergy's management frequently references this non-GAAP* financial measure in its decision-making, using it to facilitate historical and ongoing performance comparisons as well as comparisons to the performance of peer companies.

The non-GAAP* information presented in the Press Release and Consolidated Report to the Financial Community should be considered in addition to, and not as a substitute for, the most directly comparable financial measure prepared in accordance with GAAP. Also, the non-GAAP* financial measure may not be comparable to similarly titled measures used by other entities.

 Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release issued by FirstEnergy Corp., dated November 4, 2008
99.2	Consolidated Report to the Financial Community, dated November 4, 2008

*This Form 8-K contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future financial performance, financial position, or cash flows that either excludes or includes amounts, or is subject to adjustment that has the effect of excluding or including amounts, that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States, or GAAP.

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Forward-Looking Statements: This Form 8-K includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements include declarations regarding management’s intents, beliefs and current expectations.  These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” “believe,” “estimate” and similar words.  Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  Actual results may differ materially due to the speed and nature of increased competition in the electric utility industry and legislative and regulatory changes affecting how generation rates will be determined following the expiration of existing rate plans in Ohio and Pennsylvania, the impact of the PUCO’s rulemaking process on the Ohio Companies’ Electric Security Plan and Market Rate Offer filings, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices and availability, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of FirstEnergy’s regulated utilities to collect transition and other charges or to recover increased transmission costs, maintenance costs being higher than anticipated, other legislative and regulatory changes, revised environmental requirements, including possible greenhouse gas emission regulations, the impact of the U.S. Court of Appeals’ July 11, 2008 decision to vacate the CAIR rules and the scope of any laws, rules or regulations that may ultimately take their place, the uncertainty of the timing and amounts of the capital expenditures needed to, among other things, implement the Air Quality Compliance Plan (including that such amounts could be higher than anticipated) or levels of emission reductions related to the Consent Decree resolving the New Source Review litigation or other potential regulatory initiatives, adverse regulatory or legal decisions and outcomes (including, but not limited to, the revocation of necessary licenses or operating permits and oversight) by the Nuclear Regulatory Commission (including, but not limited to, the Demand for Information issued to FENOC on May 14, 2007), the timing and outcome of various proceedings before the PUCO (including, but not limited to, the Electric Security Plan and Market Rate Offer proceedings as well as the distribution rate cases and the generation supply plan filing for the Ohio Companies and the successful resolution of the issues remanded to the PUCO by the Ohio Supreme Court regarding the Rate Stabilization Plan and the Rate Certainty Plan, including the recovery of deferred fuel costs), Met-Ed’s and Penelec’s transmission service charge filings with the PPUC (as well as the resolution of the Petitions for Review filed with the Commonwealth Court of Pennsylvania with respect to the transition rate plan for Met-Ed and Penelec), the continuing availability of generating units and their ability to operate at or near full capacity, the ability to comply with applicable state and federal reliability standards, the ability to accomplish or realize anticipated benefits from strategic goals (including employee workforce initiatives), the ability to improve electric commodity margins and to experience growth in the distribution business, the changing market conditions that could affect the value of assets held in the registrant’s nuclear decommissioning trusts, pension trusts and other trust funds, and cause FirstEnergy to make additional contributions sooner, or in an amount that is larger than currently anticipated, the ability to access the public securities and other capital and credit markets in accordance with FirstEnergy’s financing plan and the cost of such capital, changes in general economic conditions affecting the registrant, the state of the capital and credit markets affecting the registrant, and the risks and other factors discussed from time to time in the registrant’s SEC filings, and other similar factors.  The foregoing review of factors should not be construed as exhaustive.  New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on the registrant’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. Also, a security rating is not a recommendation to buy, sell or hold securities, and it may be subject to revision or withdrawal at any time and each such rating should be evaluated independently of any other rating. The registrant expressly disclaims any current intention to update any forward-looking statements contained herein as a result of new information, future events, or otherwise.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto authorized.

November 4, 2008

	FIRSTENERGY CORP.
	Registrant
By:		/s/ Harvey L. Wagner
		Harvey L. Wagner Vice President, Controller and Chief Accounting Officer

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EX-99.1

Exhibit 99.1

FirstEnergy Corp.	For Release: November 4, 2008
76 South Main Street
Akron, Ohio 44308
www.firstenergycorp.com
News Media Contact:	Investor Contact:
Tricia Ingraham	Ron Seeholzer
(330) 384-5247	(330) 384-5415

FIRSTENERGY REPORTS HIGHER THIRD QUARTER EARNINGS,

RAISES GUIDANCE FOR FULL YEAR 2008

Akron, Ohio – FirstEnergy Corp. (NYSE: FE) today reported third quarter 2008 basic earnings of $1.55 ($1.54 diluted) per share of common stock on net income of $471 million and revenue of $3.9 billion.  This compares with third quarter 2007 basic earnings of $1.36 ($1.34 diluted) per share of common stock on net income of $413 million and revenue of $3.6 billion.

The company also announced that full-year 2008 non-GAAP(*) earnings guidance has been increased to $4.30 to $4.40 per share, from a previous range of $4.25 to $4.35 per share.

 “Our strong third-quarter results were driven by record quarterly output from our competitive generation fleet, as well as a favorable resolution of tax issues.  These offset the impact of higher purchased power costs, primarily for our regulated utility companies,” said President and Chief Executive Officer Anthony J. Alexander.  “As a result of our company’s performance during the first nine months of the year, we are increasing our full-year 2008 earnings guidance,” he said.

The company’s record quarterly generation output of 22.2 million megawatt hours was a 3 percent increase compared to the previous record established in the third quarter of 2006, and a 6 percent increase from the prior-year period.  Generation revenues were also boosted by higher wholesale and retail prices.

Electric generation sales decreased slightly compared to the third quarter of 2007.  A 15 percent increase in wholesale electricity sales was offset by a 4 percent decrease in retail market sales.  Kilowatt-hour deliveries to customers through the company’s utility distribution system decreased 2 percent compared to the third quarter of 2007, in part due to milder weather.

For the first nine months of 2008, basic earnings per share of common stock were $3.32 ($3.29 diluted) on net income of $1.0 billion and revenue of $10.4 billion.  This compares to basic earnings per share of common stock of $3.39 ($3.35 diluted), on net income of $1.0 billion and revenue of $9.7 billion in the prior-year period.

FirstEnergy’s Consolidated Report to the Financial Community – which provides highlights on company developments and financial results for the third quarter of 2008 – is posted on the company’s Web site – www.firstenergycorp.com/ir.  To access the report, click on Q3 2008 Consolidated Report to the Financial Community.

The company invites investors, customers and other interested parties to listen to a live Internet Webcast of its teleconference for financial analysts at 1:00 p.m. Eastern Time today.  FirstEnergy management will present an overview of the company’s financial results for the quarter, followed by a question-and-answer session.  The teleconference can be accessed on the company’s Web site by selecting the Q3 2008 Earnings Conference Call link.  The Webcast will be archived on the Web site.

FirstEnergy is a diversified energy company headquartered in Akron, Ohio.  Its subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, as well as energy management and other energy-related services.  Its seven electric utility operating companies comprise the nation’s fifth largest investor-owned electric system, based on 4.5 million customers served within a 36,100-square-mile area of Ohio, Pennsylvania and New Jersey; and its generation subsidiaries control more than 14,000 megawatts of capacity.

(*)  This news release contains non-GAAP financial measures.  Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future financial

performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP).   These non-GAAP financial measures are intended to complement, and not considered as an alternative, to the most directly comparable GAAP financial measure.  Also, the non-GAAP financial measures may not be comparable to similarly titled measures used by other entities.

Year 2008 Estimated Earnings Per Share -- GAAP to Non-GAAP Reconciliation 

                                                                                Estimated 2008 Basic Earnings Per Share (GAAP)                  $4.27 - $4.37

                                                                                Excluding Special Items:

                                                                                     Gain on sale of non-core assets                                                       (0.06)                                                 

                                                                                      Litigation settlement                                                                             (0.03)

                                                                                      Trust securities impairment                                                        0.12     

                                                                                Estimated 2008 Basic Earnings Per Share (Non-GAAP)          $4.30 - $4.40

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Forward-Looking Statements: This news release includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements include declarations regarding management’s intents, beliefs and current expectations.  These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” “believe,” “estimate” and similar words.  Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  Actual results may differ materially due to the speed and nature of increased competition in the electric utility industry and legislative and regulatory changes affecting how generation rates will be determined following the expiration of existing rate plans in Ohio and Pennsylvania, the impact of the PUCO’s rulemaking process on the Ohio Companies’ Electric Security Plan and Market Rate Offer filings, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices and availability, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of FirstEnergy’s regulated utilities to collect transition and other charges or to recover increased transmission costs, maintenance costs being higher than anticipated, other legislative and regulatory changes, revised environmental requirements, including possible greenhouse gas emission regulations, the impact of the U.S. Court of Appeals’ July 11, 2008 decision to vacate the CAIR rules and the scope of any laws, rules or regulations that may ultimately take their place, the uncertainty of the timing and amounts of the capital expenditures needed to, among other things, implement the Air Quality Compliance Plan (including that such amounts could be higher than anticipated) or levels of emission reductions related to the Consent Decree resolving the New Source Review litigation or other potential regulatory initiatives, adverse regulatory or legal decisions and outcomes (including, but not limited to, the revocation of necessary licenses or operating permits and oversight) by the Nuclear Regulatory Commission (including, but not limited to, the Demand for Information issued to FENOC on May 14, 2007), the timing and outcome of various proceedings before the PUCO (including, but not limited to, the Electric Security Plan and Market Rate Offer proceedings as well as the distribution rate cases and the generation supply plan filing for the Ohio Companies and the successful resolution of the issues remanded to the PUCO by the Ohio Supreme Court regarding the Rate Stabilization Plan and the Rate Certainty Plan, including the recovery of deferred fuel costs), Met-Ed’s and Penelec’s transmission service charge filings with the PPUC (as well as the resolution of the Petitions for Review filed with the Commonwealth Court of Pennsylvania with respect to the transition rate plan for Met-Ed and Penelec), the continuing availability of generating units and their ability to operate at or near full capacity, the ability to comply with applicable state and federal reliability standards, the ability to accomplish or realize anticipated benefits from strategic goals (including employee workforce initiatives), the ability to improve electric commodity margins and to experience growth in the distribution business, the changing market conditions that could affect the value of assets held in the registrant’s nuclear decommissioning trusts, pension trusts and other trust funds, and cause FirstEnergy to make additional contributions sooner, or in an amount that is larger than currently anticipated, the ability to access the public securities and other capital and credit markets in accordance with FirstEnergy’s financing plan and the cost of such capital, changes in general economic conditions affecting FirstEnergy, the state of the capital and credit markets affecting FirstEnergy, and the risks and other factors discussed from time to time in it’s SEC filings, and other similar factors.  The foregoing review of factors should not be construed as exhaustive.  New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on our business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.

(110408)

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EX-99.2

Exhibit 99.2

Consolidated Report to the Financial Community

Third Quarter 2008

(Released November 4, 2008) (Unaudited)

HIGHLIGHTS		After-Tax EPS Variance Analysis	3rd Qtr.
		3Q 2007 Basic EPS – GAAP Basis	$1.36
		Special Items – 2007	(0.04)
▪	Normalized non-GAAP* earnings, excluding special items, were $1.60 per share	3Q 2007 Normalized Earnings – Non-GAAP Basis*	$1.32
	for the third quarter of 2008, compared with $1.32 per share for the third quarter	Distribution Deliveries	(0.01)
	of 2007.  GAAP earnings for the third quarter of 2008 were $1.55 per share	Generation Revenues	0.16
	compared with $1.36 per share in the prior year.	Fuel & Purchased Power	(0.12)
		Energy Delivery Expenses	0.01
		Net MISO/PJM Transmission Costs	0.04
3Q 2008 Results vs. 3Q 2007		Pension Expense	0.02
		Transition Cost Amortization - OH	(0.01)
▪	Electric distribution deliveries declined 2% in part due to milder weather.	Depreciation	(0.01)
	Cooling-degree-days were 8% lower than the same period last year and 5% below	Investment Income – NDT and COLI	0.04
	normal. Industrial deliveries decreased 4% (representing approximately half of the	Financing Costs	0.03
	total decrease in distribution deliveries) while residential and commercial deliveries	Income Tax Adjustments	0.12
	declined 2% and 1%, respectively. The resulting lower distribution delivery	Other	0.01
	revenues decreased earnings by $0.01 per share.	3Q 2008 Normalized Earnings - Non-GAAP Basis*	$1.60
		Special Items - 2008	(0.05)
		3Q 2008 Basic EPS - GAAP Basis	$1.55

·   Total electric generation sales decreased 1%.  Retail generation sales decreased 1.1 million megawatt-hours (MWH) or 4%, reflecting the impact of weather, reduced industrial usage, and fewer renewals of competitive commercial contracts in the PJM market. Wholesale electricity sales increased 0.9 million MWH or 15%, due to a 6% increase in generation output and available power due to lower retail generation sales. Generation revenues, adjusted to exclude power sourced from third-party auction suppliers for our Jersey Central Power & Light Company (JCP&L) and Pennsylvania Power Company (Penn Power) customers as well as the Ohio fuel rider in 2008 (instead of the deferral accounting used in 2007), increased earnings by $0.16 per share due to higher wholesale sales and prices.

·   Increased fuel and purchased power expenses reduced earnings by $0.12 per share. Higher purchased power expense, excluding JCP&L and Penn Power purchases from third-party auction suppliers, reduced earnings by $0.11 per share due to higher market prices compared to the same period last year.  Higher fuel costs, adjusted for the impact of the Ohio fuel rider in 2008, net of last year’s deferral accounting, reduced earnings by $0.01 per share.

·   Lower energy delivery expenses increased earnings by $0.01 per share.  Reduced use of outside contractors and more resources devoted to capital projects this quarter compared to the same period last year were partially offset by higher storm-related expenses.

·   Net MISO/PJM transmission costs increased earnings by $0.04 per share, primarily due to increased revenues from the additional allocation of auction revenue rights in PJM in the third quarter of 2008 compared to the same period last year.

·   Reduced pension expense increased earnings by $0.02 per share, primarily due to an increase in the discount rate used to determine benefit obligations as of December 31, 2007.  

·   Higher Ohio transition cost amortization reduced earnings by $0.01 per share.

·   Incremental property additions increased depreciation expense by $0.01 per share.

·   Higher nuclear decommissioning trust income of $0.08 per share, as a result of the decision earlier in the year to reduce the equity exposure within the nuclear decommissioning investment portfolio, was partially offset by lower income from corporate-owned life insurance which decreased earnings by $0.04 per share.

·   Lower financing costs increased earnings by $0.03 per share.  The decrease in net financing costs reflects lower interest rates on variable rate long-term debt and short-term borrowings, as well as higher capitalized interest related to our construction program.

·   Earnings in the third quarter of 2008 included tax adjustments that increased earnings by $0.12 per share.  The favorable settlement of tax positions taken on federal income tax returns in prior years increased earnings by $0.08 per share and lower taxes payable upon the filing of the 2007 federal income tax return in September 2008 compared to the amount initially estimated last year increased earnings by $0.04 per share.

·   During the quarter, a $0.05 per share reduction in earnings was recognized from the impairment of securities held in trust for future nuclear decommissioning activities.

2008 Earnings Guidance

·   Normalized non-GAAP* earnings guidance for 2008, excluding special items, has been increased to $4.30 to $4.40 per share from our previous non-GAAP guidance of $4.25 to $4.35 per share provided in August 2008.  Year-to-date normalized non-GAAP earnings through September now stand at $3.35 per share.

    * The 2008 GAAP to non-GAAP reconciliation statements can be found on page 10 of this report and all GAAP to non-GAAP reconciliation statements are available on the   

       Investor Information section of FirstEnergy Corp.'s Web site at www.firstenergycorp.com/ir.

For additional information, please contact:

Ronald E. Seeholzer	Rey Y. Jimenez	Irene M. Prezelj
Vice President, Investor Relations	Manager, Investor Relations	Manager, Investor Relations
(330) 384-5415	(330) 761-4239	(330) 384-3859

 Consolidated Report to the Financial Community - 3rd Quarter 2008                     2

FirstEnergy Corp.

Consolidated Statements of Income

(Unaudited)

(In millions, except for per share amounts)

			Three Months Ended Sept. 30									Nine Months Ended Sept. 30
			2008			2007			Change			2008			2007			Change
		Revenues
(1	)	Electric sales	$	3,649		$	3,394		$	255		$	9,703		$	9,063		$	640
(2	)	Other		255			247			8			723			660			63
(3	)	Total Revenues		3,904			3,641			263			10,426			9,723			703
		Expenses
(4	)	Fuel		356			327			29			1,000			887			113
(5	)	Purchased power		1,306			1,168			138			3,376			2,914			462
(6	)	Other operating expenses		794			756			38			2,375			2,255			120
(7	)	Provision for depreciation		168			162			6			500			477			23
(8	)	Amortization of regulatory assets		291			288			3			795			785			10
(9	)	Deferral of new regulatory assets		(58	)		(107	)		49			(261	)		(399	)		138
(10	)	General taxes		201			197			4			596			589			7
(11	)	Total Expenses		3,058			2,791			267			8,381			7,508			873
(12	)	Operating Income		846			850			(4	)		2,045			2,215			(170	)
		Other Income (Expense)
(13	)	Investment income		40			30			10			73			93			(20	)
(14	)	Interest expense		(192	)		(203	)		11			(559	)		(593	)		34
(15	)	Capitalized interest		15			9			6			36			21			15
(16	)	Total Other Expense		(137	)		(164	)		27			(450	)		(479	)		29
(17	)	Income Before Income Taxes		709			686			23			1,595			1,736			(141	)
(18	)	Income taxes		238			273			(35	)		585			695			(110	)
(19	)	Net Income	$	471		$	413		$	58		$	1,010		$	1,041		$	(31	)
(20	)	Earnings Per Share of Common Stock
(21	)	Basic	$	1.55		$	1.36		$	0.19		$	3.32		$	3.39		$	(0.07	)
(22	)	Diluted	$	1.54		$	1.34		$	0.20		$	3.29		$	3.35		$	(0.06	)
(23	)	Weighted Average Number of
		Common Shares Outstanding
(24	)	Basic		304			304			-			304			307			(3	)
(25	)	Diluted		307			307			-			307			311			(4	)

Consolidated Report to the Financial Community - 3rd Quarter 2008  3

FirstEnergy Corp.

Consolidated Income Segments

(Unaudited)

(In millions)

			Three Months Ended September 30, 2008
									Ohio
			Energy			Competitive			Transitional			Other &
			Delivery			Energy			Generation			Reconciling
			Services (a)			Services (b)			Services (c)			Adjustments (d)			Consolidated
		Revenues
(1	)	Electric sales	$	2,487		$	381		$	781		$	-		$	3,649
(2	)	Other		170			79			32			(26	)		255
(3	)	Internal revenues		-			786			-			(786	)		-
(4	)	Total Revenues		2,657			1,246			813			(812	)		3,904
		Expenses
(5	)	Fuel		-			356			-			-			356
(6	)	Purchased power		1,248			221			623			(786	)		1,306
(7	)	Other operating expenses		430			285			110			(31	)		794
(8	)	Provision for depreciation		99			67			-			2			168
(9	)	Amortization of regulatory assets		263			-			28			-			291
(10	)	Deferral of new regulatory assets		(76	)		-			18			-			(58	)
(11	)	General taxes		169			26			1			5			201
(12	)	Total Expenses		2,133			955			780			(810	)		3,058
(13	)	Operating Income		524			291			33			(2	)		846
		Other Income (Expense)
(14	)	Investment income		48			13			1			(22	)		40
(15	)	Interest expense		(102	)		(44	)		(1	)		(45	)		(192	)
(16	)	Capitalized interest		1			13			-			1			15
(17	)	Total Other Expense		(53	)		(18	)		-			(66	)		(137	)
(18	)	Income Before Income Taxes		471			273			33			(68	)		709
(19	)	Income taxes		188			109			14			(73	)		238
(20	)	Net Income	$	283		$	164		$	19		$	5		$	471
(a)		Consists of regulated transmission and distribution operations, including transition cost recovery, and provider of last resort
		generation service for FirstEnergy's Pennsylvania and New Jersey electric utility subsidiaries.
(b)		Consists of unregulated generation and commodity operations, including competitive electric sales, and generation sales to
		affiliated electric utilities.
(c)		Represents provider of last resort generation service by FirstEnergy's Ohio electric utility subsidiaries and MISO transmission
		revenues and expenses related to the delivery of generation load.
(d)		Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses
		and elimination of intersegment transactions.

Consolidated Report to the Financial Community - 3rd Quarter 2008  4

FirstEnergy Corp.

Consolidated Income Segments

(Unaudited)

(In millions)

			Three Months Ended September 30, 2007
									Ohio
			Energy			Competitive			Transitional			Other &
			Delivery			Energy			Generation			Reconciling
			Services (a)			Services (b)			Services (c)			Adjustments (d)			Consolidated
		Revenues
(1	)	Electric sales	$	2,340		$	338		$	716		$	-		$	3,394
(2	)	Other		180			32			7			28			247
(3	)	Internal revenues		-			806			-			(806	)		-
(4	)	Total Revenues		2,520			1,176			723			(778	)		3,641
		Expenses
(5	)	Fuel		2			325			-			-			327
(6	)	Purchased power		1,114			229			631			(806	)		1,168
(7	)	Other operating expenses		436			264			80			(24	)		756
(8	)	Provision for depreciation		102			51			-			9			162
(9	)	Amortization of regulatory assets		279			-			9			-			288
(10	)	Deferral of new regulatory assets		(82	)		-			(25	)		-			(107	)
(11	)	General taxes		166			26			1			4			197
(12	)	Total Expenses		2,017			895			696			(817	)		2,791
(13	)	Operating Income		503			281			27			39			850
		Other Income (Expense)
(14	)	Investment income		58			5			-			(33	)		30
(15	)	Interest expense		(120	)		(44	)		-			(39	)		(203	)
(16	)	Capitalized interest		3			5			-			1			9
(17	)	Total Other Expense		(59	)		(34	)		-			(71	)		(164	)
(18	)	Income Before Income Taxes		444			247			27			(32	)		686
(19	)	Income taxes		175			99			11			(12	)		273
(20	)	Net Income	$	269		$	148		$	16		$	(20	)	$	413
(a)		Consists of regulated transmission and distribution operations, including transition cost recovery, and provider of last resort
		generation service for FirstEnergy's Pennsylvania and New Jersey electric utility subsidiaries.
(b)		Consists of unregulated generation and commodity operations, including competitive electric sales, and generation sales to
		affiliated electric utilities.
(c)		Represents provider of last resort generation service by FirstEnergy's Ohio electric utility subsidiaries and MISO transmission
		revenues and expenses related to the delivery of generation load.
(d)		Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses
		and elimination of intersegment transactions.

 Consolidated Report to the Financial Community - 3rd Quarter 2008  5

FirstEnergy Corp.

Consolidated Income Segments

(Unaudited)

(In millions)

			Three Months Ended Sept. 30, 2008 vs. Three Months Ended Sept. 30, 2007
									Ohio
			Energy			Competitive			Transitional			Other &
			Delivery			Energy			Generation			Reconciling
			Services (a)			Services (b)			Services (c)			Adjustments (d)			Consolidated
		Revenues
(1	)	Electric sales	$	147		$	43		$	65		$	-		$	255
(2	)	Other		(10	)		47			25			(54	)		8
(3	)	Internal revenues		-			(20	)		-			20			-
(4	)	Total Revenues		137			70			90			(34	)		263
		Expenses
(5	)	Fuel		(2	)		31			-			-			29
(6	)	Purchased power		134			(8	)		(8	)		20			138
(7	)	Other operating expenses		(6	)		21			30			(7	)		38
(8	)	Provision for depreciation		(3	)		16			-			(7	)		6
(9	)	Amortization of regulatory assets		(16	)		-			19			-			3
(10	)	Deferral of new regulatory assets		6			-			43			-			49
(11	)	General taxes		3			-			-			1			4
(12	)	Total Expenses		116			60			84			7			267
(13	)	Operating Income		21			10			6			(41	)		(4	)
		Other Income (Expense)
(14	)	Investment income		(10	)		8			1			11			10
(15	)	Interest expense		18			-			(1	)		(6	)		11
(16	)	Capitalized interest		(2	)		8			-			-			6
(17	)	Total Other Expense		6			16			-			5			27
(18	)	Income Before Income Taxes		27			26			6			(36	)		23
(19	)	Income taxes		13			10			3			(61	)		(35	)
(20	)	Net Income	$	14		$	16		$	3		$	25		$	58
(a)		Consists of regulated transmission and distribution operations, including transition cost recovery, and provider of last resort
		generation service for FirstEnergy's Pennsylvania and New Jersey electric utility subsidiaries.
(b)		Consists of unregulated generation and commodity operations, including competitive electric sales, and generation sales to
		affiliated electric utilities.
(c)		Represents provider of last resort generation service by FirstEnergy's Ohio electric utility subsidiaries and MISO transmission
		revenues and expenses related to the delivery of generation load.
(d)		Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses
		and elimination of intersegment transactions.

 Consolidated Report to the Financial Community - 3rd Quarter 2008  6

FirstEnergy Corp.

Financial Statements

(Unaudited)

(In millions)

Condensed Consolidated Balance Sheets
	As of		As of
Assets	Sept. 30, 2008		Dec 31, 2007
Current Assets:
Cash and cash equivalents	$	181	$	129
Receivables		1,531		1,421
Other		1,092		680
Total Current Assets		2,804		2,230
Property, Plant and Equipment		17,157		15,383
Investments		3,267		3,598
Deferred Charges and Other Assets		10,334		10,857
Total Assets	$	33,562	$	32,068
Liabilities and Capitalization
Current Liabilities:
Currently payable long-term debt	$	2,509	$	2,014
Short-term borrowings		2,392		903
Accounts payable		744		777
Other		1,402		1,454
Total Current Liabilities		7,047		5,148
Capitalization:
Common stockholders' equity		9,301		8,977
Long-term debt and other long-term obligations		8,674		8,869
Total Capitalization		17,975		17,846
Noncurrent Liabilities		8,540		9,074
Total Liabilities and Capitalization	$	33,562	$	32,068

General Information
	Three Months Ended Sept. 30						Nine Months Ended Sept. 30
	2008			2007			2008			2007
Debt and equity securities redemptions	$	(13	)	$	(176	)	$	(733	)	$	(1,565	)
New long-term debt issues	$	82		$	300		$	631		$	1,100
Short-term borrowings, net	$	(216	)	$	(1,843	)	$	1,489		$	(535	)
Capital expenditures (a)	$	(560	)	$	(430	)	$	(2,177	)	$	(1,127	)
(a) Includes purchase of lessor equity interests in Beaver Valley Unit 2 and Perry in the nine months ended       September 30, 2008.

Adjusted Capitalization
	As of September 30
	2008			% Total			2007			% Total
Total common equity	$	9,301			39	%	$	8,768			42	%
Long-term debt and other long-term obligations		8,674			36	%		8,617			38	%
Currently payable long-term debt		2,509			10	%		2,265			10	%
Short-term borrowings		2,392			10	%		573			3	%
Adjustments:
Sale-leaseback net debt equivalents		1,452			7	%		2,032			9	%
JCP&L securitization debt		(378	)		-2	%		(404	)		-2	%
Total	$	23,950			100	%	$	21,851			100	%

 Consolidated Report to the Financial Community - 3rd Quarter 2008                     7

FirstEnergy Corp.

Financial Statements

(Unaudited)

(In millions)

Condensed Consolidated Statements of Cash Flows
	Three Months Ended Sept. 30						Nine Months Ended Sept. 30
	2008			2007			2008			2007
Cash flows from operating activities
Net income	$	471		$	413		$	1,010		$	1,041
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, amortization, and deferral of regulatory assets		401			343			1,034			863
Deferred purchased power and other costs		(44	)		(80	)		(163	)		(265	)
Deferred income taxes and investment tax credits		149			(243	)		278			(158	)
Deferred rents and lease market valuation liability		39			51			(62	)		(41	)
Pension trust contribution		-			-			-			(300	)
Cash collateral, net		(46	)		(31	)		21			(50	)
Electric service prepayment programs		(19	)		(16	)		(58	)		(52	)
Change in working capital and other		161			603			(632	)		172
Cash flows provided from operating activities		1,112			1,040			1,428			1,210
Cash flows provided from (used for) financing activities		(316	)		(1,896	)		914			(1,442	)
Cash flows provided from (used for) investing activities		(685	)		849			(2,290	)		172
Net increase (decrease) in cash and cash equivalents	$	111		$	(7	)	$	52		$	(60	)

Deferrals and Amortizations
	Three Months Ended Sept. 30									Nine Months Ended Sept. 30
	2008			2007			Change			2008			2007			Change
Ohio Rate Plans and Transmission Deferrals
Regulatory Assets - Beginning	$	1,746		$	1,851					$	1,847		$	1,863
Interest on shopping incentives		7			9		$	(2	)		24			28		$	(4	)
MISO costs and interest		(10	)		7			(17	)		(8	)		45			(53	)
RCP distribution reliability costs and interest		46			52			(6	)		129			143			(14	)
RCP fuel costs and interest		(15	)		21			(36	)		(7	)		62			(69	)
Other		(9	)		6			(15	)		24			17			7
Current period deferrals	$	19		$	95		$	(76	)	$	162		$	295		$	(133	)
Amortization
Ohio transition costs	$	(86	)	$	(83	)	$	(3	)	$	(231	)	$	(222	)	$	(9	)
Shopping incentives		(33	)		(34	)		1			(92	)		(94	)		2
MISO costs		(17	)		(9	)		(8	)		(35	)		(20	)		(15	)
Other		(7	)		(3	)		(4	)		(29	)		(5	)		(24	)
Current period amortization	$	(143	)	$	(129	)	$	(14	)	$	(387	)	$	(341	)	$	(46	)
Regulatory Assets - Ending	$	1,622		$	1,817					$	1,622		$	1,817
Pennsylvania Deferred PJM Costs
Beginning balance	$	323		$	218					$	255		$	157
Deferrals		15			13		$	2			86			79		$	7
Interest		4			1			3			9			4			5
Amortizations		(4	)		(4	)		-			(12	)		(12	)		-
							$	5								$	12
Ending balance	$	338		$	228					$	338		$	228
New Jersey Deferred Energy Costs
Beginning balance	$	293		$	392					$	322		$	369
Net recovery of energy costs		(83	)		(62	)	$	(21	)		(112	)		(39	)	$	(73	)
Ending balance	$	210		$	330					$	210		$	330

 Consolidated Report to the Financial Community - 3rd Quarter 2008  8

FirstEnergy Corp.

Statistical Summary

(Unaudited)

Electric Sales Statistics (kWh in millions)
		Three Months Ended Sept. 30							Nine Months Ended Sept. 30
		2008		2007		Change			2008		2007		Change
Electric Distribution Deliveries
Ohio	- Residential		4,508		4,676		-3.6	%		13,114		13,342		-1.7	%
- Commercial			3,974		4,028		-1.3	%		11,383		11,497		-1.0	%
- Industrial			5,782		6,073		-4.8	%		17,193		17,661		-2.6	%
- Other			93		93		-			277		278		-0.4	%
Total Ohio			14,357		14,870		-3.4	%		41,967		42,778		-1.9	%
Pennsylvania	- Residential		2,867		2,987		-4.0	%		8,797		8,855		-0.7	%
- Commercial			2,973		2,997		-0.8	%		8,588		8,499		1.0	%
- Industrial			2,548		2,622		-2.8	%		7,723		7,730		-0.1	%
- Other			20		20		-			61		61		-
Total Pennsylvania			8,408		8,626		-2.5	%		25,169		25,145		0.1	%
New Jersey	- Residential		2,971		2,878		3.2	%		7,523		7,617		-1.2	%
- Commercial			2,699		2,732		-1.2	%		7,343		7,444		-1.4	%
- Industrial			717		739		-3.0	%		2,133		2,166		-1.5	%
- Other			22		23		-4.3	%		66		66		-
Total New Jersey			6,409		6,372		0.6	%		17,065		17,293		-1.3	%
Total Residential			10,346		10,541		-1.8	%		29,434		29,814		-1.3	%
Total Commercial			9,646		9,757		-1.1	%		27,314		27,440		-0.5	%
Total Industrial			9,047		9,434		-4.1	%		27,049		27,557		-1.8	%
Total Other			135		136		-0.7	%		404		405		-0.2	%
Total Distribution Deliveries			29,174		29,868		-2.3	%		84,201		85,216		-1.2	%
Electric Sales Shopped
Ohio	- Residential		596		635		-6.1	%		1,616		1,687		-4.2	%
- Commercial			896		957		-6.4	%		2,545		2,712		-6.2	%
- Industrial			686		719		-4.6	%		1,976		2,048		-3.5	%
Total Ohio			2,178		2,311		-5.8	%		6,137		6,447		-4.8	%
Pennsylvania	- Residential		31		33		-6.1	%		92		44		109.1	%
- Commercial			187		182		2.7	%		568		446		27.4	%
- Industrial			526		513		2.5	%		1,599		1,389		15.1	%
Total Pennsylvania			744		728		2.2	%		2,259		1,879		20.2	%
New Jersey	- Commercial		676		603		12.1	%		1,849		1,596		15.9	%
- Industrial			552		567		-2.6	%		1,644		1,641		0.2	%
Total New Jersey			1,228		1,170		5.0	%		3,493		3,237		7.9	%
Total Electric Sales Shopped			4,150		4,209		-1.4	%		11,889		11,563		2.8	%
Electric Generation Sales
Retail - Regulated			25,024		25,659		-2.5	%		72,312		73,653		-1.8	%
Retail - Competitive			2,961		3,449		-14.1	%		8,623		9,940		-13.2	%
Total Retail			27,985		29,108		-3.9	%		80,935		83,593		-3.2	%
Wholesale			7,074		6,148		15.1	%		18,336		17,571		4.4	%
Total Electric Generation Sales			35,059		35,256		-0.6	%		99,271		101,164		-1.9	%

Operating Statistics
		Three Months Ended Sept. 30			Nine Months Ended Sept. 30
		2008	2007		2008	2007
Capacity Factors:
	Nuclear	99%	89%		91%	89%
	Fossil - Baseload	92%	85%		84%	80%
	Fossil - Load Following	65%	71%		65%	72%
Generation Output:
	Nuclear	39%	36%		38%	37%
	Fossil - Baseload	40%	40%		40%	38%
	Fossil - Load Following	19%	22%		20%	23%
	Peaking	2%	2%		2%	2%
		Three Months Ended Sept. 30			Nine Months Ended Sept. 30
Weather		2008	2007	Normal	2008	2007	Normal
Composite Heating-Degree-Days		46	57	87	3,526	3,619	3,555
Composite Cooling-Degree-Days		628	683	659	882	969	909

 Consolidated Report to the Financial Community - 3rd Quarter 2008  9

FirstEnergy Corp.

Special Items, EPS Reconciliations and Liquidity

(Unaudited)

(In millions, except for per share amounts)

Special Items
	Three Months Ended Sept. 30						Nine Months Ended Sept. 30
	2008			2007			2008			2007
Pre-tax Items - Income Increase (Decrease)
Gain on sale of non-core assets (a)	$	-		$	21		$	32		$	21
Saxton decommissioning costs regulatory assets (b)		-			-			-			27
Trust securities impairment (c)		(25	)		(4	)		(63	)		(16	)
Litigation settlement (a)		-			-			15			-
Total-Pretax Items	$	(25	)	$	17		$	(16	)	$	32
EPS Effect	$	(0.05	)	$	0.04		$	(0.03	)	$	0.06
(a) Included in "Revenues - Other"
(b) Included in "Deferral of new regulatory assets"
(c) Included in "Investment income"

2008 Earnings Per Share (EPS)
(Reconciliation of GAAP to Non-GAAP)
	ACTUAL		ACTUAL			REVISED
	Three Months		Nine Months			Guidance For
	Ended Sept. 30		Ended Sept. 30			Year 2008
Basic EPS (GAAP basis)*	$	1.55	$	3.32		$	4.27 - $4.37
Excluding Special Items*:
Gain on sale of non-core assets		-		(0.06	)		(0.06)
Litigation settlement		-		(0.03	)		(0.03)
Trust securities impairment		0.05		0.12			0.12
Basic EPS (Non-GAAP basis)	$	1.60	$	3.35		$	4.30 - $4.40
*  Excludes possible write-off of $485 million of CEI's estimated unrecoverable transition costs under the proposed     ESP, which if recognized, would be categorized as a Special Item ($1.01 per share).

Liquidity position as of October 31, 2008
Company	Type	Maturity	Amount (M)	Available (M)
FirstEnergy(1)	Revolving	Aug. 2012	$2,750	$404
FirstEnergy & FirstEnergy Solutions	Revolving	May 2009	300	300
FirstEnergy	Bank Lines	Various(2)	120	20
FirstEnergy Generation	Term Loan	Oct. 2009(3)	300	300
OH & PA Utilities	A/R Fin.	Various(4)	550	445
(1) FirstEnergy Corp. and subsidiary borrowers		Subtotal:	$4,020	$1,469
(2) $100M matures November 30, 2009; $20M uncommitted		Cash:	-	456
line of credit with no maturity date		Total:	$4,020	$1,925
(3) Drawn amounts are payable within 30 days and may not
be reborrowed
(4) $370M matures March 21, 2009; $180M matures December 19, 2008
with an extension requested pending state regulatory approval
of replacement facility

 Consolidated Report to the Financial Community - 3rd Quarter 2008                                    10

RECENT DEVELOPMENTS

Record Generation Output

FirstEnergy Corp. (FirstEnergy) set a new generation output record of 22.2 million megawatt-hours during the third quarter of 2008, a 3.2% increase over the previous record established in the third quarter of 2006. This generation record reflects a quarterly all-time high for the nuclear fleet.

September Windstorm

On September 14, 2008, the remnants of Hurricane Ike swept through Ohio and western Pennsylvania and produced unexpectedly high winds, reaching nearly 80 mph. More than one million customers of Ohio Edison Company (OE), The Cleveland Electric Illuminating Company (CEI), Pennsylvania Power Company (Penn Power), and Pennsylvania Electric Company (Penelec) were affected by the severe windstorm, which produced the largest storm-related outage in the history of those companies.  FirstEnergy crews from all of its seven utility operating subsidiaries, along with assistance from crews of other utilities, restored service to more than 70% of the affected customers within two days, and service to all customers was restored by September 23, 2008. Storm expenses totaled approximately $30 million, of which $19 million was recognized as capital and $11 million as O&M expense.   

Rating Agency Action

On August 1, 2008, Standard & Poor’s rating agency, citing the Ohio Electric Security Plan (ESP) filing described below, revised the outlook of FirstEnergy and its subsidiaries FirstEnergy Solutions Corp. (FES), OE, CEI, Toledo Edison Company (TE), Penn Power, Jersey Central Power & Light Company (JCP&L), Metropolitan Edison Company (Met-Ed), and Penelec to stable from negative.

Financing Activities

On October 8, 2008, FirstEnergy and its subsidiaries FES and FirstEnergy Generation Corp. (FGCO) entered into a $300 million secured term loan facility with Credit Suisse. Each borrowing under this facility matures 30 days from the date of the borrowing, or, if earlier, the credit facility maturity date, subject to extensions for the release of quarterly financial results. The facility maturity date is October 7, 2009. This facility contains a minimum borrowing amount of $100 million with FGCO as the borrower and FES and FirstEnergy as guarantors.  Each borrowing may not be re-borrowed once repaid.

On October 20, 2008, OE issued $300 million of first mortgage bonds, comprised of $275 million 8.25% series due 2038 and $25 million 8.25% series due 2018. The net proceeds from this offering will be used to fund capital expenditures and for other general corporate purposes of OE.

Letter to the Investment Community

On October 9, 2008, FirstEnergy issued a Letter to the Investment Community to provide a comprehensive overview of its consolidated liquidity position and the status of ongoing financing activities. The Letter is available at www.firstenergycorp.com/ir.

OhioFuel Case

On August 8, 2008, the Ohio Companies submitted a filing to suspend the procedural schedule in their application to recover their 2006-2007 deferred fuel costs and associated carrying charges ($220 million balance as of December 31, 2007), because the ESP filing contains a proposal addressing the recovery of these deferred fuel costs. On August 25, 2008, the PUCO ordered that the September 29, 2008 evidentiary hearing would be held at a future date.  A revised case schedule has yet to be issued.

 Consolidated Report to the Financial Community - 3rd Quarter 2008                  11

Ohio Regulatory Update

On July 31, 2008, OE, CEI, and TE (collectively, Ohio Companies) filed both an ESP and Market Rate Offer (MRO) with the Public Utilities Commission of Ohio (PUCO). A PUCO decision on the MRO was required by statute within 90 days of the filing and is required on the ESP within 150 days.  Under the ESP, new rates would be effective for customers on January 1, 2009. Evidentiary hearings concluded on October 31, 2008 and no further hearings are scheduled.  The parties are required to submit initial briefs by November 21, 2008, with all reply briefs due by December 12, 2008.  The Ohio Companies also included an interim pricing proposal as part of their ESP filing, if additional time is necessary for final approval of either the ESP or MRO.  The Ohio Companies requested PUCO approval of the interim pricing proposal by November 14, 2008.

Under the MRO alternative, the Ohio Companies propose to procure generation supply through a competitive bidding process (CBP).  If approved, the MRO would be implemented if the ESP is not approved by the PUCO or is changed and not accepted by the Ohio Companies. On September 16, 2008, PUCO Staff testimony was filed and five days of evidentiary hearings began.  Briefs in the case were filed October 6, 2008, with Reply Briefs filed on October 14, 2008. The PUCO failed to act on October 29, 2008 as required under the statute.  The Ohio Companies are unable to predict the outcome of this proceeding.

On July 2, 2008, July 23, 2008, and August 20, 2008, the PUCO staff issued three sets of proposed rules for comment to implement portions of Amended Substitute Senate Bill 221 (SB221):

·   Written comments and reply comments on the first set of proposed rules (related to standard service offer, transmission cost recovery, corporate separation, and reasonable arrangements) were filed on July 22, 2008 and August 6, 2008, respectively.  Final rules were adopted by the PUCO on September 17, 2008, and presently the PUCO is scheduled to issue an Entry on Rehearing on November 5, 2008.  These rules have not yet been submitted to the Joint Committee on Agency Rule Review (JCAAR).

·   Written comments and reply comments on the second set of proposed rules (related to electric service and safety standards, competitive retail electric service, interconnection service, electric liability, customer service, and safety and market monitoring) were filed on August 12, 2008 and August 29, 2008, respectively.  The PUCO is scheduled to consider for decision these rules on November 5, 2008.

·   Written comments and reply comments on the third set of proposed rules (covering alternative energy, emission reporting, energy efficiency, and demand reduction) were filed on September 9, 2008 and September 26, 2008, respectively.

Following the comment period, the PUCO considers the input from stakeholders before adopting the final rules. The final rules are then subject to change through the application for rehearing process.  Once the application for rehearing process before the PUCO is finalized, the rules are then subject to review by JCARR, which conducts up to a 65-day review.  The rules become effective 10 days following JCARR’s review.

Amendments to Market-Based Rate Tariffs

On October 24, 2008, FES, FGCO, FirstEnergy Nuclear Generation Corporation, and FirstEnergy Generation Mansfield Unit 1 Corp. (the Applicants) filed proposed amendments to their market-based rate tariffs with the Federal Energy Regulatory Commission (FERC). In preparation for serving Ohio customers beginning January 2009 under either the ESP or MRO described above, the Applicants are requesting a determination that FERC requirements to obtain prior approvals for affiliate sales do not apply to the Applicants’ power sales to CEI, OE, and TE.

PennsylvaniaLegislative Update

October 15, 2008, Pennsylvania Governor Edward Rendell signed House Bill 2200 (HB 2200) into law. The bill addresses issues such as:  energy efficiency and peak load reduction, generation procurement, time-of-use rates, smart meters, and alternative energy. Major provisions of the legislation include:

·   Power acquired by utilities to serve customers after rate caps expire will be procured through a competitive procurement process approved by the Pennsylvania Public Utility Commission (PPUC) and will include auctions, request for proposals, and/or bilateral agreements;

·   Utilities must file a plan by August 14, 2009, that provides for the installation of smart meter technology;

·   A minimum reduction in peak demand of 4.5% by May 31, 2013;

 Consolidated Report to the Financial Community - 3rd Quarter 2008                  12

·   Utilities must file a plan by July 1, 2009, regarding plans to meet the energy efficiency and conservation requirements;

·   Minimum reductions in energy consumption of 1% and 3% by May 31, 2011 and May 31, 2013, respectively; and

·   An expanded definition of alternative energy to include additional types of hydroelectric and biomass facilities.

Penn Power Interim Default Service Supply Plan

On October 21, 2008, Penn Power held its third Request for Proposal (RFP) to procure default service for residential customers for the period June 2009 through May 2010. The fourth RFP for the remainder of residential customers’ load for the period June 2009 through May 2010 is scheduled for January 2009. The results of the four RFPs will be averaged and adjusted for line losses, administrative fees and gross receipts tax, and will be reflected in Penn Power’s new default service rates.

Met-Ed and Penelec File Customer Prepayment Plan

On September 25, 2008, Met-Ed and Penelec filed a voluntary prepayment plan with the PPUC. The plan offers qualified residential and small business customers the option to gradually phase-in future generation price increases by making modest prepayments during the next two years, before rate caps expire at the end of 2010. Each month, customers who elect to participate would prepay an amount equal to approximately 9.6% of their electric bill. Prepayments would earn 7.5% interest, and the prepayments plus accrued interest will be credited to customers to offset the customer’s electric bills in 2011 and 2012. Met-Ed and Penelec requested that the PPUC approve the plan by December 2008.

Met-Ed and Penelec Rate Cases

Several parties to the Met-Ed and Penelec 2006 rate case proceeding filed Petitions for Review with the Commonwealth Court of Pennsylvania in 2007, asking the court to review the PPUC’s determination on several issues including: the recovery of transmission (including congestion); the transmission deferral; consolidated tax savings; the requested generation increase; and recovery of universal service costs from only the residential rate class.  Oral arguments were held on September 10, 2008.  The Court’s decision is pending.

Solar Renewable Energy Proposal

On September 30, 2008, JCP&L filed a proposal responsive to the New Jersey Board of Public Utilities (NJBPU) initiative addressing solar project development in the State of New Jersey.  Under the proposal, JCP&L would enter into long-term agreements to buy and sell Solar Renewable Energy Certificates (SREC) to provide a stable basis for financing solar generation projects. An SREC represents the solar energy attributes of one megawatt-hour of generation from a solar generation facility that has been certified by the NJBPU Office of Clean Energy.  Under this proposal, JCP&L would solicit SRECs to satisfy approximately 60%, 50%, and 40% of the incremental SREC purchases needed in its service territory to meet the New Jersey Renewable Portfolio Standards through 2010, 2011, and 2012, respectively.

New Jersey Energy Master Plan

On October 22, 2008, the Governor of New Jersey released the details of New Jersey’s Energy Master Plan (EMP), which includes goals to reduce energy consumption by a minimum of 20% by 2020, reduce peak demand by 5,700 MW by 2020, meet 30% of the state's electricity needs with renewable energy by 2020, and examine smart grid technology. The EMP outlines a series of goals and action items to meet set targets, while also continuing to develop the clean energy industry in New Jersey.  The Governor will establish a State Energy Council to implement the recommendations outlined in the plan.

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Forward-looking Statements: This Consolidated Report to the Financial Community includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements include declarations regarding management’s intents, beliefs and current expectations.  These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” “believe,” “estimate” and similar words.  Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  Actual results may differ materially due to the speed and nature of increased competition in the electric utility industry and legislative and regulatory changes affecting how generation rates will be determined following the expiration of existing rate plans in Ohio and Pennsylvania, the impact of the PUCO’s rulemaking process on the Ohio Companies’ Electric Security Plan and Market Rate Offer filings, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices and availability, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of FirstEnergy’s regulated utilities to collect transition and other charges or to recover increased transmission costs, maintenance costs being higher than anticipated, other legislative and regulatory changes, revised environmental requirements, including possible greenhouse gas emission regulations, the impact of the U.S. Court of Appeals’ July 11, 2008 decision to vacate the CAIR rules and the scope of any laws, rules or regulations that may ultimately take their place, the uncertainty of the timing and amounts of the capital expenditures needed to, among other things, implement the Air Quality Compliance Plan (including that such amounts could be higher than anticipated) or levels of emission reductions related to the Consent Decree resolving the New Source Review litigation or other potential regulatory initiatives, adverse regulatory or legal decisions and outcomes (including, but not limited to, the revocation of necessary licenses or operating permits and oversight) by the Nuclear Regulatory Commission (including, but not limited to, the Demand for Information issued to FENOC on May 14, 2007), the timing and outcome of various proceedings before the PUCO (including, but not limited to, the Electric Security Plan and Market Rate Offer proceedings as well as the distribution rate cases and the generation supply plan filing for the Ohio Companies and the successful resolution of the issues remanded to the PUCO by the Ohio Supreme Court regarding the Rate Stabilization Plan and the Rate Certainty Plan, including the recovery of deferred fuel costs), Met-Ed’s and Penelec’s transmission service charge filings with the PPUC (as well as the resolution of the Petitions for Review filed with the Commonwealth Court of Pennsylvania with respect to the transition rate plan for Met-Ed and Penelec), the continuing availability of generating units and their ability to operate at or near full capacity, the ability to comply with applicable state and federal reliability standards, the ability to accomplish or realize anticipated benefits from strategic goals (including employee workforce initiatives), the ability to improve electric commodity margins and to experience growth in the distribution business, the changing market conditions that could affect the value of assets held in the registrant’s nuclear decommissioning trusts, pension trusts and other trust funds, and cause FirstEnergy to make additional contributions sooner, or in an amount that is larger than currently anticipated, the ability to access the public securities and other capital and credit markets in accordance with FirstEnergy’s financing plan and the cost of such capital, changes in general economic conditions affecting the registrant, the state of the capital and credit markets affecting the registrant, and the risks and other factors discussed from time to time in the registrant’s SEC filings, and other similar factors.  The foregoing review of factors should not be construed as exhaustive.  New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on the registrant’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. Also, a security rating is not a recommendation to buy, sell or hold securities, and it may be subject to revision or withdrawal at any time and each such rating should be evaluated independently of any other rating. The registrant expressly disclaims any current intention to update any forward-looking statements contained herein as a result of new information, future events, or otherwise.

 Consolidated Report to the Financial Community - 3rd Quarter 2008                           14