-----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, SDn69lPo7x5ASdfwdHc84TYKF/JKWRhv8nf3u0JnDOJ4W4onP34TeeLlBK2hhM8H fpdElnipkcCIWCyC1UfCag== 0001031296-08-000042.txt : 20080225 0001031296-08-000042.hdr.sgml : 20080225 20080225162329 ACCESSION NUMBER: 0001031296-08-000042 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080225 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080225 DATE AS OF CHANGE: 20080225 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-21011 FILM NUMBER: 08639727 BUSINESS ADDRESS: STREET 1: 76 SOUTH MAIN ST CITY: AKRON STATE: OH ZIP: 44308-1890 BUSINESS PHONE: 330-761-7837 MAIL ADDRESS: STREET 1: 76 SOUTH MAIN ST CITY: AKRON STATE: OH ZIP: 44308-1890 8-K 1 main8_k.htm FORM 8-K DATED FEBRUARY 25, 2008 - SUPPLEMENTAL INFORMATION Unassociated Document

 


 

 
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) February 25, 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))




 
 

 
 

 

On February 25, 2008, FirstEnergy Corp. posted business segment financial results for the three months ended December 31, 2007 and 2006 to its Web site – www.firstenergycorp.com/ir.  The business segment financial results are attached as Exhibit 99.1 hereto and incorporated by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.
Description
   
99.1
FirstEnergy Corp. – Consolidated Income Segments












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 achievement 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, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices, 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 including revised environmental requirements and possible GHG emission regulations, 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 NRC (including, but not limited to, the Demand for Information issued to FENOC on May 14, 2007) as disclosed in the registrant’s SEC filings, the timing and outcome of various proceedings before the PUCO (including, but not limited to, 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 RSP and RCP, including the deferral of fuel costs) and the PPUC (including 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 changing market conditions that could affect the value of assets held in the registrant’s nuclear decommissioning trusts, pension trusts and other trust funds, 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 ability to access the public securities and other capital markets and the cost of such capital, 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 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.


 
2

 


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.



February 25, 2008


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

 
3

 

EX-99.1 2 ex99_1.htm EXHIBIT 99.1 - FIRSTENERGY CORP. - CONSOLIDATED INCOME SEGMENTS Unassociated Document

Exhibit 99.1
 
FirstEnergy Corp.
Consolidated Income Segments
 (In millions)


 
                                         
       
Three Months Ended December 31, 2007
 
                                       
                   
Ohio
                   
       
Energy
   
Competitive
   
Transitional
                   
       
Delivery
   
Energy
   
Generation
         
Reconciling
       
       
Services (a)
   
Services (b)
   
Services (c)
   
Other (d)
   
Adjustments
   
Consolidated
 
   
Revenues
                                   
  (1 )
Electric sales
  $ 1,921     $ 343     $ 617     $ -     $ -     $ 2,881  
  (2 )
FE Facilities
    -       -       -       -       -       -  
  (3 )
Other
    150       36       11       10       (9 )     198  
  (4 )
Internal revenues
    -       691       -       -       (691 )     -  
  (5 )
Total Revenues
    2,071       1,070       628       10       (700 )     3,079  
                                                       
     
Expenses
                                               
  (6 )
Fuel
    1       290       -       -       -       291  
  (7 )
Purchased power
    899       186       528       -       (691 )     922  
  (8 )
Other operating expenses
    445       321       87       5       (27 )     831  
  (9 )
FE Facilities
    -       -       -       -       -       -  
  (10 )
Provision for depreciation
    103       51       -       1       6       161  
  (11 )
Amortization of regulatory assets
    226       -       8       -       -       234  
  (12 )
Deferral of new regulatory assets
    (72 )     -       (53 )     -       -       (125 )
  (13 )
General taxes
    137       26       1       -       1       165  
  (14 )
Total Expenses
    1,739       874       571       6       (711 )     2,479  
                                                       
  (15 )
Operating Income
    332       196       57       4       11       600  
                                                       
     
Other Income (Expense)
                                               
  (16 )
Investment income
    50       3       -       -       (26 )     27  
  (17 )
Interest expense
    (109 )     (28 )     -       (1 )     (44 )     (182 )
  (18 )
Capitalized interest
    4       7       -       -       -       11  
  (19 )
Subsidiaries' preferred stock dividends
    -       -       -       -       -       -  
  (20 )
Total Other Expense
    (55 )     (18 )     -       (1 )     (70 )     (144 )
                                                       
  (21 )
Income From Continuing Operations
                                               
     
Before Income Taxes
    277       178       57       3       (59 )     456  
  (22 )
Income taxes
    110       71       23       4       (20 )     188  
                                                       
  (23 )
Income From Continuing Operations
    167       107       34       (1 )     (39 )     268  
  (24 )
Discontinued operations
    -       -       -       -       -       -  
  (25 )
Net Income
  $ 167     $ 107     $ 34     $ (1 )   $ (39 )   $ 268  
                                                       
  (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.  
  (d ) Primarily consists of telecommunications services.  
                                                       
 

 
 
____________________________________________________________________________________________________________________________________________
 Consolidated Report to the Financial Community – 4th Quarter Segment Report 2007                                                & #160; 1
 
 
 

 


 
FirstEnergy Corp.
Consolidated Income Segments
 (In millions)


                                         
       
Three Months Ended December 31, 2006
 
                                         
                   
Ohio
                   
       
Energy
   
Competitive
   
Transitional
                   
       
Delivery
   
Energy
   
Generation
         
Reconciling
       
       
Services (a)
   
Services (b)
   
Services (c)
   
Other (d)
   
Adjustments
   
Consolidated
 
   
Revenues
                                   
(1 )
Electric sales
  $ 1,605     $ 311     $ 576     $ -     $ -     $ 2,492  
(2 )
FE Facilities
    -       -       -       -       -       -  
(3 )
Other
    142       41       6       3       (4 )     188  
(4 )
Internal revenues
    -       612       -       -       (612 )     -  
(5 )
Total Revenues
    1,747       964       582       3       (616 )     2,680  
                                                     
   
Expenses
                                               
(6 )
Fuel
    1       282       -       -       -       283  
(7 )
Purchased power
    671       114       492       -       (613 )     664  
(8 )
Other operating expenses
    388       300       62       (6 )     (9 )     735  
(9 )
FE Facilities
    -       -       -       -       -       -  
(10 )
Provision for depreciation
    97       47       -       1       6       151  
(11 )
Amortization of regulatory assets
    192       -       5       -       -       197  
(12 )
Deferral of new regulatory assets
    (100 )     -       (21 )     -       -       (121 )
(13 )
General taxes
    140       20       3       (3 )     7       167  
(14 )
Total Expenses
    1,389       763       541       (8 )     (609 )     2,076  
                                                     
(15 )
Operating Income
    358       201       41       11       (7 )     604  
                                                     
   
Other Income (Expense)
                                               
(16 )
Investment income
    84       -       -       -       (55 )     29  
(17 )
Interest expense
    (121 )     (52 )     -       (1 )     (19 )     (193 )
(18 )
Capitalized interest
    3       3       -       -       (1 )     5  
(19 )
Subsidiaries' preferred stock dividends
    (7 )     -       -       -       6       (1 )
(20 )
Total Other Expense
    (41 )     (49 )     -       (1 )     (69 )     (160 )
                                                     
(21 )
Income From Continuing Operations
                                               
   
Before Income Taxes
    317       152       41       10       (76 )     444  
(22 )
Income taxes
    127       61       17       (4 )     (31 )     170  
(23 )
Income From Continuing Operations
    190       91       24       14       (45 )     274  
(24 )
Discontinued operations
    -       -       -       -       -       -  
(25 )
Net Income
  $ 190     $ 91     $ 24     $ 14     $ (45 )   $ 274  
                                                     
(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.  
(d ) Consists of telecommunications services and non-core businesses divested in 2006 (Facilities Services Group and MYR)  
       


 
 
____________________________________________________________________________________________________________________________________________
 Consolidated Report to the Financial Community – 4th Quarter Segment Report                                                       2
 
 
 

 



FirstEnergy Corp.
Consolidated Income Segments
 (In millions)


 
                                         
       
Three Months Ended Dec. 31, 2007 vs. Three Months Ended Dec. 31, 2006
 
                   
Ohio
                   
       
Energy
   
Competitive
   
Transitional
                   
       
Delivery
   
Energy
   
Generation
         
Reconciling
       
       
Services (a)
   
Services (b)
   
Services (c)
   
Other (d)
   
Adjustments
   
Consolidated
 
   
Revenues
                                   
(1 )
Electric sales
  $ 316     $ 32     $ 41     $ -     $ -     $ 389  
(2 )
FE Facilities
    -       -       -       -       -       -  
(3 )
Other
    8       (5 )     5       7       (5 )     10  
(4 )
Internal revenues
    -       79       -       -       (79 )     -  
(5 )
Total Revenues
    324       106       46       7       (84 )     399  
                                                     
   
Expenses
                                               
(6 )
Fuel
    -       8       -       -       -       8  
(7 )
Purchased power
    228       72       36       -       (78 )     258  
(8 )
Other operating expenses
    57       21       25       11       (18 )     96  
(9 )
FE Facilities
    -       -       -       -       -       -  
(10 )
Provision for depreciation
    6       4       -       -       -       10  
(11 )
Amortization of regulatory assets
    34       -       3       -       -       37  
(12 )
Deferral of new regulatory assets
    28       -       (32 )     -       -       (4 )
(13 )
General taxes
    (3 )     6       (2 )     3       (6 )     (2 )
(14 )
Total Expenses
    350       111       30       14       (102 )     403  
                                                     
(15 )
Operating Income
    (26 )     (5 )     16       (7 )     18       (4 )
                                                     
   
Other Income (Expense)
                                               
(16 )
Investment income
    (34 )     3       -       -       29       (2 )
(17 )
Interest expense
    12       24       -       -       (25 )     11  
(18 )
Capitalized interest
    1       4       -       -       1       6  
(19 )
Subsidiaries' preferred stock dividends
    7       -       -       -       (6 )     1  
(20 )
Total Other Expense
    (14 )     31       -       -       (1 )     16  
                                                     
(21 )
Income From Continuing Operations
                                               
   
Before Income Taxes
    (40 )     26       16       (7 )     17       12  
(22 )
Income taxes
    (17 )     10       6       8       11       18  
(23 )
Income From Continuing Operations
    (23 )     16       10       (15 )     6       (6 )
(24 )
Discontinued operations
    -       -       -       -       -       -  
(25 )
Net Income
  $ (23 )   $ 16     $ 10     $ (15 )   $ 6     $ (6 )
                                                     
(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.  
(d ) Consists of telecommunications services and non-core businesses divested in 2006 (Facilities Services Group and MYR).  
                                                     

 
 

____________________________________________________________________________________________________________________________________________
 Consolidated Report to the Financial Community – 4th Quarter Segment Report                                                                                                                                                           3
 
 
 

 
-----END PRIVACY-ENHANCED MESSAGE-----