-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IfZqPqU1QOKWN3ckLSgB8cdNarJzNc7r2vFd8IitGXDm6J2nRtrjQLJz9xq8ZqVm eP3a/gB/OXIDhX3rXVQ4vA== 0001031296-03-000077.txt : 20030328 0001031296-03-000077.hdr.sgml : 20030328 20030328140144 ACCESSION NUMBER: 0001031296-03-000077 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20030328 EFFECTIVENESS DATE: 20030328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRSTENERGY CORP CENTRAL INDEX KEY: 0001031296 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 341843785 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: 1935 Act SEC FILE NUMBER: 070-09793 FILM NUMBER: 03624259 BUSINESS ADDRESS: STREET 1: 76 SOUTH MAIN ST CITY: AKRON STATE: OH ZIP: 44308-1890 BUSINESS PHONE: 3303845100 MAIL ADDRESS: STREET 1: 76 SOUTH MAIN ST CITY: AKRON STATE: OH ZIP: 44308-1890 35-CERT 1 fe_financing.txt FILE 70-9793 AND 70-9941 SEC File No. 70-9793 And SEC FILE NO. 70-9941 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 CERTIFICATE PURSUANT TO RULE 24 OF PARTIAL COMPLETION OF TRANSACTIONS FirstEnergy Corp. - ------------------------------------: In the matter of : FirstEnergy Corp. : Certificate Pursuant : to Rule 24 of Partial : Completion of : Transactions SEC File No. 70-9793 : SEC File No. 70-9941 : (Public Utility Holding Company Act : of 1935) : - ------------------------------------ TO THE MEMBERS OF THE SECURITIES AND EXCHANGE COMMISSION: The undersigned, FirstEnergy Corp (FirstEnergy) hereby certifies pursuant to Rule 24 of the Rules and Regulations under the Public Utility Holding Company Act of 1935 (the Act), that certain of the transactions proposed in the Applications, as amended, filed in SEC File No. 70-9793 and SEC File No. 70-9941, respectively, have been carried out in accordance with the Commission's Orders dated with respect to the said Applications as follows: 1. During the period October 1, 2002 through December 31, 2002, there were no sales of common stock or Preferred Securities by FirstEnergy. 2. FirstEnergy issued 817,213 shares of common stock pursuant to options granted under employee benefit plans and dividend reinvestment plans during the fourth quarter of 2002. 3. During the period October 1, 2002 through December 31, 2002, no FirstEnergy common stock was transferred to a seller of securities of a company being acquired. 4. During the fourth quarter of 2002, the following guarantees were made by FirstEnergy to support activities of its subsidiary, FirstEnergy Solutions Corp. (FES): Purpose of Beneficiary Amount Terms Guarantee ----------- ------ ----- ---------- FES (Trading - Electric) ------------------------ BP Energy Trading 12,000,000 (a) (b) Dominion Energy Marketing 7,000,000 (a) (b) Edison Mission Marketing 5,000,000 (a) (b) Select Energy 5,000,000 (a) (b) Tenaska Power Services 1,000,000 (a) (b) FES (Trading - Gas) ------------------- Amerada Hess 5,000,000 (a) (b) BP Energy 3,000,000 (a) (b) Dominion Field Services 1,500,000 (a) (b) Noble Gas Marketing 7,000,000 (a) (b) ProLiance Energy 3,000,000 (a) (b) Tenaska Marketing Ventures 2,000,000 (a) (b) Vista Resources 500,000 (a) (b) WPS Energy Services 2,000,000 (a) (b) 1 (a) Such guarantees are issued for a one-year term, with a ten-day termination right by FirstEnergy (b) Parental guarantees issued by FirstEnergy to provide credit support for electric power and natural gas purchases by subsidiary The following Letters of Credits (LOC) were issued during the fourth quarter of 2002: Purpose of Beneficiary Amount LOC ----------- ------ ----------- Pennsylvania Electric Company (Penelec) -------------------------------- Pennsylvania Dept of Environment Bureau of Land Recycling & Waste Management $ 210,000 (a) FES --- National Fuel Gas Distribution Corp. $3,267,000 (b) (a) Collateral for the Harborcreek Ash Disposal Site in Erie, PA (b) Collateral for Customer Balancing Aggregator Program 5. During the period October 1, 2002 through December 31, 2002, the FirstEnergy Companies issued the following indebtedness:
Transaction Maturity Transaction Date Date Rate Amount Loan Balance ----------- -------- ---- ------------ ------------ CitiBank (FirstEnergy Revolver) - ------------------------------- FirstEnergy 10/21/2002 10/28/2002 2.86 $25,000,000.00 $100,055,659.72 FirstEnergy 11/1/2002 11/8/2002 2.86 $130,000,000.00 $130,072,357.65 FirstEnergy 11/8/2002 11/22/2002 2.80 $595,000,000.00 $595,647,888.89 FirstEnergy 11/15/2002 11/29/2002 2.61 $65,000,000.00 $65,066,038.19 FirstEnergy 11/25/2002 11/26/2002 4.43 $19,000,000.00 $19,002,303.42 FirstEnergy 11/29/2002 12/20/2002 2.61 $35,000,000.00 $100,152,395.83 FirstEnergy 12/2/2002 12/16/2002 2.61 $60,000,000.00 $60,060,958.33 FirstEnergy 12/16/2002 1/6/2003 2.61 $140,000,000.00 $200,304,791.66 FirstEnergy 12/20/2002 1/10/2003 2.61 $65,000,000.00 $165,251,453.13 FirstEnergy 12/23/2002 12/24/2002 4.43 $5,000,000.00 $5,000,606.16 FirstEnergy 12/27/2002 1/13/2003 2.56 $60,000,000.00 $60,072,604.17 CitiBank (Ohio Edison Company (Ohio Edison) Revolver) - ----------------------------------------------------- Ohio Edison 10/1/2002 10/8/2002 2.31 $20,000,000.00 $20,009,000.00 Ohio Edison 10/15/2002 10/29/2002 2.54 $250,000,000.00 $250,246,701.39 FirstMerit (Ohio Edison Bi-Lateral Facility) - -------------------------------------------- Ohio Edison 10/4/2002 10/7/2002 2.50 $10,000,000.00 $10,002,083.33 Ohio Edison 10/28/2002 10/29/2002 2.56 $2,500,000.00 $2,500,177.95 Ohio Edison 10/29/2002 10/30/2002 2.50 $2,500,000.00 $5,000,347.22 Ohio Edison 11/1/2002 11/4/2002 2.56 $10,500,000.00 $10,502,242.18 Ohio Edison 11/4/2002 11/5/2002 2.50 $3,500,000.00 $14,000,972.22 Ohio Edison 11/8/2002 11/12/2002 2.00 $5,500,000.00 $5,501,222.22 Ohio Edison 11/22/2002 11/25/2002 2.06 $14,000,000.00 $14,002,406.25 Ohio Edison 12/2/2002 12/3/2002 1.88 $14,000,000.00 $14,000,729.17 Ohio Edison 12/6/2002 12/9/2002 2.00 $9,000,000.00 $14,002,333.33 Ohio Edison 12/13/2002 12/16/2002 2.00 $14,000,000.00 $14,002,333.33 Ohio Edison 12/26/2002 12/27/2002 2.00 $9,500,000.00 $14,000,777.78 KeyBank (Ohio Edison Bi-Lateral Facility) - ----------------------------------------- Ohio Edison 11/4/2002 11/5/2002 2.75 $13,500,000.00 $13,501,031.25 Ohio Edison 11/22/2002 11/25/2002 2.25 $9,000,000.00 $9,001,687.50 Ohio Edison 11/25/2002 11/26/2002 2.27 $11,000,000.00 $20,001,261.11 Ohio Edison 12/2/2002 12/3/2002 2.31 $18,000,000.00 $18,001,156.25 Ohio Edison 12/4/2002 12/5/2002 2.25 $1,000,000.00 $2,500,156.25 Ohio Edison 12/6/2002 12/9/2002 2.25 $8,000,000.00 $8,001,500.00 Ohio Edison 12/9/2002 12/10/2002 2.27 $4,500,000.00 $12,500,788.19
2 Ohio Edison 12/13/2002 12/16/2002 2.28 $17,000,000.00 $17,003,231.84 Ohio Edison 12/20/2002 12/23/2002 2.28 $20,000,000.00 $20,003,802.17 Ohio Edison 12/26/2002 12/27/2002 2.28 $14,500,000.00 $14,500,918.85 Ohio Edison 12/30/2002 12/31/2002 2.38 $4,000,000.00 $8,500,560.76
6. During the period October 1, 2002 through December 31, 2002, the following short-term debt was issued by the Utility Subsidiaries:
Transaction Maturity Transaction Date Date Rate Amount Loan Balance ----------- -------- ---- ------------ ------------ American Transmission Systems, Incorporated (ATSI) - Intercompany Loan to: - -------------------------------------------------------------------------- Ohio Edison 10/31/2002 11/1/2002 1.94 $6,820,000.00 $31,604,138.92 Ohio Edison 11/29/2002 12/2/2002 1.94 $15,690,000.00 $47,349,344.42 Jersey Central Power & Light Company (JCP&L) - Intercompany Loan to: - -------------------------------------------------------------------- Ohio Edison 10/7/2002 10/25/2002 1.94 $50,000,000.00 $50,048,381.50 Ohio Edison 10/25/2002 11/1/2002 1.94 $50,000,000.00 $100,086,029.76 Ohio Edison 11/4/2002 12/2/2002 1.94 $20,000,000.00 $120,282,948.85 Ohio Edison 12/26/2002 1/2/2003 1.80 $15,000,000.00 $77,384,790.17 Ohio Edison - Intercompany Loan to: - ----------------------------------- The Cleveland Electric Illuminating Company (CEI) 11/29/2002 12/2/2002 1.94 $25,615,000.00 $243,103,158.13 CEI 12/31/2002 1/2/2003 1.80 $43,359,000.00 $286,843,438.71 The Toledo Edison Company (TE) 9/30/2002 10/1/2002 1.99 $18,000,000.00 $147,450,237.86 TE 12/31/2002 1/2/2003 1.80 $23,000,000.00 $149,668,282.85 Pennsylvani Power Company (PennPower) - Intercompany Loan to: - ------------------------------------------------------------ Ohio Edison 10/31/2002 11/1/2002 1.94 $9,780,000.00 $32,198,671.45 Ohio Edison 11/29/2002 12/2/2002 1.94 $6,780,000.00 $39,033,430.93
7. During the fourth quarter of 2002, there were no financings consummated by any Non-Utility subsidiary that were not exempt under rule 52. 8. During the Fourth Quarter of 2002, no financial Hedge Instruments or Anticipatory Hedges were entered into by FirstEnergy or its Utility Subsidiaries. 9. Investments made during the fourth quarter 2002 in any intermediate subsidiary or financing subsidiary are as follows: Company Investment - ------- ---------- (In Thousands $) Bay Shore Power Company $1,563 Webb Technologies, Inc. 1,351 L. H. Cranston and Sons, Inc. 134 10. During the fourth quarter of 2002 FirstEnergy filed the following U-6B-2 forms: Company Filing Date - ------- ----------- CEI October 18, 2002 TE October 18, 2002 11. CEI and TE engaged in jurisdictional financing transactions during the fourth quarter of 2002. Consolidated balance sheets of CEI and TE for the quarter ended December 31, 2002 - incorporated by reference to CEI's and TE's 3 Form 10-K Annual Report to SEC for the year ended December 31, 2002 (File No. 1-2323 and 1-3583, respectively). 12. The following table presented in thousands, provides the capital structure of FirstEnergy on a consolidated basis and each Utility Subsidiary as of the end of the fourth quarter 2002. FirstEnergy Amount Ratio - ----------- ---------- ----- Common Equity $7,120,049 33.04% Preferred Stock 765,261 3.55% Long Term Debt 12,573,288 58.34% Short Term Debt 1,092,817 5.07% ---------- ----- Total Capitalization $21,551,415 100.00% ----------- ------ Ohio Edison - ----------- Common Equity $2,840,361 55.21% Preferred Stock 114,320 2.22% Long Term Debt 1,781,864 34,64% Short Term Debt 407,662 7.93% ---------- ----- Total Capitalization $5,144,207 100.00% ---------- ------ CEI - --- Common Equity $1,226,632 30.07% Preferred Stock 202,425 4.96% Long-Term Debt 2,362,191 57.90% Short-Term Debt 288,583 7.07% ---------- ----- Total Capitalization $4,079,831 100.00% ---------- ------ TE - -- Common Equity $712,931 41.09% Preferred Stock 126,000 7.26% Long-Term Debt 746,620 43.03% Short-Term Debt 149,653 8.62% ---------- ----- Total Capitalization $1,735,204 100.00% ---------- ------ PennPower - --------- Common Equity $229,374 42.95% Preferred Stock 53,355 9.99% Long-Term Debt 251,305 47.06% Short-Term Debt - -% ---------- ----- Total Capitalization $534,034 100.00% ---------- ------ JCP&L - ----- Common Equity $3,274,069 68.26% Preferred Stock 137,893 2.88% Long-Term Debt 1,384,261 28.86% Short-Term Debt - -% --------- ------ Total Capitalization $4,796,223 100.00% ---------- ------ Metropolitan Edison Company (Met-Ed) - ------------------------------------ Common Equity $1,315,586 62.78% Preferred Stock 92,409 4.41% Long-Term Debt 599,257 28.60% Short-Term Debt 88,299 4.21% --------- ----- Total Capitalization $2,095,551 100.00% ---------- ------ 4 Penelec - ------- Common Equity $1,353,704 67.43% Preferred Stock 92,214 4.59% Long-Term Debt 471,087 23.47% Short-Term Debt 90,427 4.51% ---------- ----- Total Capitalization $2,007,432 100.00% ---------- ------ 13. The following table presented in thousands provides retained earnings analysis of FirstEnergy on a consolidated basis and each Utility Subsidiary as of the end of the fourth quarter 2002. Ohio FirstEnergy Edison CEI TE ----------- -------- --------- -------- Balance, January 1, 2002 $1,521,805 $572,272 $150,183 $113,436 Net Income 629,280 363,483 155,946 13,337 Cash Dividends on Preferred Stock - (6,510) (12,665 (10,057) Cash Dividends on Common Stock (439,628) (121,900) - (5,600) Other - - (4,743 (1,299) ---------- -------- -------- -------- Balance, December 31, 2002 $1,711,457 $807,345 $288,721 $109,817 ---------- -------- -------- -------- PennPower JCP&L Met-Ed Penelec --------- ----- ------ ------- Balance, January 1, 2002 $35,398 $ 29,343 $14,617 $10,795 Net Income 47,717 251,895 63,224 50,910 Cash Dividends on Preferred Stock (3,699) (1,471) - - Cash Dividends on Common Stock (28,500) (190,700) (60,000) (29,000) Other - 2,936 - - ------- ------- ------- ------- Balance, December 31, 2002 $50,916 $ 92,003 $17,841 $32,705 ------- -------- ------- ------- 14. During the fourth quarter of 2002, there was no change to the ratings of FirstEnergy or its Utility Subsidiaries by any of the nationally recognized credit rating agencies. 5 SIGNATURE The undersigned registered holding company has duly caused this quarterly report to be signed on its behalf by the undersigned officer thereunto duly authorized pursuant to the requirements of the Public Utility Holding Company Act of 1935. FIRSTENERGY CORP. March 28, 2003 By: /s/ Harvey L. Wagner -------------------------------- Harvey L. Wagner Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) 6 EX-99 3 fe_exhibit-a.txt EXHIBIT A Exhibit A FirstEnergy Corp. 76 South Main Street, Akron, Ohio 44308 Certificate ----------- Pursuant to the requirements of Rule 24 of the Public Utility Holding Company Act of 1935, the undersigned certifies that: A copy of certificate pursuant to Rule 24 related to FirstEnergy Corp.'s financing activities, for the period ended September 30, 2002, was filed with the state commissions having jurisdiction over the electric retail rates of the company's public utility subsidiary companies. The names and addresses of these state commissions are as follows: New Jersey Division of Energy Board of Public Utilities Two Gateway Center Newark, NJ 07102 Commonwealth of Pennsylvania* Public Utility Commission P.O. Box 3265 Harrisburg, PA 17105-3265 The Public Utilities Commission of Ohio* 180 E. Broad Street Columbus, Ohio 43215-3793 * A conformed copy of the publicly available report was filed with the Pennsylvania Public Utility Commission and The Public Utilities Commission of Ohio. FirstEnergy Corp. March 28, 2003 By: /s/ Harvey L. Wagner ------------------------------------- Harvey L. Wagner Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) Note: Pennsylvania Electric Company (Penelec) is also subject to retail rate - ---- regulation by the New York Public Service Commission with respect to retail service to approximately 3,700 customers in Waverly, New York served by Waverly Electric Power & Light Company, a Penelec subsidiary. Waverly Electric's revenues are immaterial, accounting for less than 1% of Penelec's total operating revenues. -----END PRIVACY-ENHANCED MESSAGE-----