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                                                  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