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
|
||||
(d)
|
Exhibits
|
Exhibit No.
|
Description
|
|
99.1
|
Press release issued by FirstEnergy Corp., dated August 2, 2011
|
|
99.2
|
Consolidated Report to the Financial Community, dated August 2, 2011
|
FIRSTENERGY CORP.
|
||
Registrant
|
||
By:
|
||
Harvey L. Wagner
Vice President, Controller and
Chief Accounting Officer
|
Exhibit 99.1 | ||
FirstEnergy Corp. | For Release: August 2, 2011 | |
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 |
GAAP to Non-GAAP* Reconciliation
|
|||||||
Second Quarter
|
Second Half | ||||||
2011
|
2010
|
2011 | 2010 | ||||
Basic Earnings Per Share (GAAP)
|
$0.43
|
$0.87
|
$0.61 | $1.38 | |||
Excluding Special Items:
|
|||||||
Regulatory Charges
|
0.01
|
--
|
0.05 | 0.08 | |||
Trust Securities Impairment
|
0.01
|
0.02
|
0.02 | 0.04 | |||
Income Tax Charge–Retiree Drug Change
|
--
|
--
|
-- | 0.04 | |||
Merger-Related Costs
|
0.03
|
0.01
|
0.36 | 0.05 | |||
Non-Core Asset Sales/Impairments
|
0.01
|
--
|
0.06 | 0.02 | |||
Mark-To-Market Adjustments
|
0.03
|
(0.07)
|
0.05 | 0.03 | |||
Merger Accounting-Commodity Contracts
|
0.08
|
--
|
0.12 | -- | |||
Litigation Resolution | 0.05 | (0.01) | 0.06 | (0.01) | |||
Basic Earnings Per Share (Non-GAAP*)
|
$0.65
|
$0.82
|
$1.33 | $1.63 |
Estimated 2011 Earnings Per Share, GAAP to Non-GAAP* Reconciliation | ||||
Basic Earnings Per Share (GAAP)
|
$2.86 - $3.06
|
|||
Excluding Special Items:
|
||||
Merger-Related Costs
|
0.37 | |||
Regulatory Charges
|
0.05 | |||
Trust Securities Impairment
|
0.02 | |||
Non-Core Asset Sales/Impairments
|
(0.38) | |||
Mark-To-Market Adjustments
|
0.05 | |||
Debt Redemption Premiums
|
0.07 | |||
Litigation Resolution | 0.06 | |||
Merger Accounting-Commodity Contracts
|
0.20 | |||
Basic Earnings Per Share (Non-GAAP*)
|
$3.30 - $3.50 |
HIGHLIGHTS |
After-Tax EPS Variance Analysis
|
2nd.Qtr.
|
||
2Q 2010 Basic EPS – GAAP Basis
|
$0.87
|
|||
Special Items – 2010
|
(0.05)
|
|||
● | Normalized non-GAAP* earnings, excluding special items, were $0.65 per share for the |
2Q 2010 Normalized Earnings – Non-GAAP Basis*
|
$0.82
|
|
second quarter of 2011, compared with $0.82 per share for the second quarter of 2010. |
Commodity Margin
|
(0.04) | ||
GAAP earnings for the second quarter of 2011 were $0.43 per share, compared with | O&M Expenses |
|
||
$0.87 per share for the second quarter of 2010. | - Generation | (0.08) | ||
- Energy Delivery | 0.01 | |||
Depreciation
|
(0.01)
|
|||
Q2 2011 Results vs. Q2 2010 (FE Pre-Merger) | General Taxes | (0.02) | ||
Financing Costs |
(0.04)
|
|||
The following explanations reflect variances for FirstEnergy, excluding the Allegheny Companies. |
Increased Common Shares Outstanding
|
(0.22)
|
||
Second quarter 2011 earnings associated with the Allegheny Companies are noted separately. |
Allegheny Companies - Second Quarter 2011
|
0.20
|
||
Purchase Accounting | 0.04 | |||
● | Electric distribution deliveries decreased by 289,000 Megawatt-hours (MWH), or 1%, with | Effective Income Tax Rate | (0.02) | |
no material impact to earnings compared to the same period last year. Cooling-degree- | Other | 0.01 | ||
days were 17% lower than the same period last year but 29% above normal. Residential | 2Q 2011 Normalized Earnings – Non-GAAP Basis* $0.65 | |||
deliveries decreased by 40,000 MWH, or 0.5%. Commercial deliveries decreased | Special Items - 2011 | (0.22) | ||
195,000 MWH, or 2%, while industrial deliveries decreased by 48,000 MWH, or 0.5%. | 2Q 2011 Basic EPS – GAAP Basis | $0.43 | ||
● | Lower commodity margin decreased earnings by $0.04 per share, due primarily to the | |||
combination of higher transmission costs, more spot market power purchases, and lower wholesale sales, partially offset by higher contract | ||||
generation sales and lower fuel costs. |
Commodity Margin EPS - 2Q11 vs 2Q10 | Rate | Volume | Total | |||||||
Contract Generation Sales
|
||||||||||
- Direct Sales
|
($0.02)
|
$0.40
|
$0.38
|
|||||||
- Government Aggregation Sales
|
$0.01
|
$0.10
|
$0.11
|
|||||||
- Mass Market Sales
|
$0.00
|
$0.02
|
$0.02
|
|||||||
- POLR Sales
|
$0.04
|
($0.39)
|
($0.35)
|
|||||||
- Structured Sales
|
$0.00
|
($0.04)
|
($0.04)
|
|||||||
Subtotal - Contract Generation Sales
|
$0.03
|
$0.09
|
$0.12
|
|||||||
Wholesale Sales
|
($0.04)
|
($0.02)
|
($0.06)
|
|||||||
PJM RPM Capacity, FRR Auction
|
$0.00
|
$0.05
|
$0.05
|
|||||||
REC Sales
|
$0.00
|
$0.01
|
$0.01
|
|||||||
Fuel Expense
|
($0.04)
|
$0.08
|
$0.04
|
|||||||
Purchased Power
|
$0.08
|
($0.15)
|
($0.07)
|
|||||||
Capacity Expense
|
$0.01
|
($0.06)
|
($0.05)
|
|||||||
Net MISO - PJM Transmission
|
($0.10)
|
$0.02
|
($0.08)
|
|||||||
Total Increase / (Decrease)
|
($0.06)
|
$0.02
|
($0.04)
|
|||||||
FES Contract Generation Sales - 2Q11 vs. 2Q10
|
||||||||||||||
(thousand MWH)
|
Retail
|
Non-Retail
|
||||||||||||
Direct
|
Aggr.
|
Mass Market
|
POLR
|
Structured
|
Total
|
|||||||||
Contract Generation Sales Increase / (Decrease)
|
4,543
|
1,069
|
186
|
(4,594)
|
(448)
|
756
|
||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
2
|
Generation Output - 2Q11 vs. 2Q10
|
||||||||||
(thousand MWH)
|
Fossil
|
Nuclear
|
Total
|
|||||||
Generation Output Increase / (Decrease)
|
(2,069)
|
232
|
(1,837)
|
|||||||
FES - Purchased Power - 2Q11 vs. 2Q10
|
||||||||||
(thousand MWH)
|
Bilaterals
|
Spot
|
Total
|
|||||||
Purchased Power Increase / (Decrease)
|
(157)
|
1,869
|
1,712
|
|||||||
●
|
Higher O&M expenses reduced earnings by $0.07 per share.
|
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
3
|
●
|
Higher depreciation expense decreased earnings by $0.01 per share, primarily due to the placement of the Sammis Air Quality Control projects in-service at the end of 2010, partially offset by the absence of depreciation expense associated with the Burger and Lake Plants, which were retired and impaired, respectively, in the second half of 2010.
|
●
|
Higher general taxes decreased earnings by $0.02 per share, primarily due to favorable tax settlements that reduced expenses in the second quarter of 2010.
|
●
|
Financing costs decreased earnings by $0.04 per share. Lower capitalized interest decreased earnings by $0.03 per share, while higher interest expense reduced earnings by $0.01 per share.
|
●
|
The increase in shares outstanding, resulting from the merger with Allegheny Energy, reduced earnings by $0.22 per share.
|
●
|
The Allegheny Companies contributed $0.20 per share in earnings during the second quarter of 2011.
|
●
|
The impact of purchase accounting associated with the merger with Allegheny Energy contributed $0.04 per share in earnings during the second quarter of 2011.
|
●
|
Earnings were reduced by $0.02 per share due to the absence this year of favorable tax settlements achieved in the second quarter of 2010.
|
●
|
The following special items were recognized during the second quarter of 2011:
|
Special Items
|
EPS
|
|||||
Regulatory Charges
|
($0.01)
|
|||||
Trust Securities Impairment
|
(0.01)
|
|||||
Merger Transaction / Integration Costs
|
(0.03)
|
|||||
Non-Core Asset Impairments
|
(0.01)
|
|||||
Mark-to-Market Adjustments
|
(0.03)
|
|||||
Litigation Resolution
|
(0.05)
|
|||||
Merger Accounting - Commodity Contracts
|
(0.08)
|
|||||
Total
|
($0.22)
|
|||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
4
|
For additional information, please contact:
|
Ronald E. Seeholzer
|
Irene M. Prezelj
|
Rey Y. Jimenez
|
Vice President, Investor Relations
|
Exec. Director, Investor Relations
|
Manager, Investor Relations
|
(330) 384-5415
|
(330) 384-3859
|
(330) 761-4239
|
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
5
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||||||||||
Revenues
|
|||||||||||||||||||||||||
(1 | ) |
Regulated distribution
|
$ | 2,485 | $ | 2,333 | $ | 152 | $ | 4,753 | $ | 4,817 | $ | (64 | ) | ||||||||||
(2 | ) |
Competitive energy services
|
1,813 | 1,334 | 479 | 3,397 | 2,727 | 670 | |||||||||||||||||
(3 | ) |
Regulated independent transmission
|
105 | 59 | 46 | 172 | 116 | 56 | |||||||||||||||||
(4 | ) |
Other corporate & intersegment revenues
|
(343 | ) | (587 | ) | 244 | (686 | ) | (1,222 | ) | 536 | |||||||||||||
(5 | ) |
Total Revenues
|
4,060 | 3,139 | 921 | 7,636 | 6,438 | 1,198 | |||||||||||||||||
Expenses
|
|||||||||||||||||||||||||
(6 | ) |
Fuel
|
635 | 350 | 285 | 1,088 | 684 | 404 | |||||||||||||||||
(7 | ) |
Purchased power
|
1,220 | 1,063 | 157 | 2,406 | 2,301 | 105 | |||||||||||||||||
(8 | ) |
Other operating expenses
|
1,105 | 673 | 432 | 2,138 | 1,374 | 764 | |||||||||||||||||
(9 | ) |
Provision for depreciation
|
282 | 190 | 92 | 502 | 383 | 119 | |||||||||||||||||
(10 | ) |
Amortization of regulatory assets
|
90 | 161 | (71 | ) | 222 | 373 | (151 | ) | |||||||||||||||
(11 | ) |
General taxes
|
242 | 176 | 66 | 479 | 381 | 98 | |||||||||||||||||
(12 | ) |
Total Expenses
|
3,574 | 2,613 | 961 | 6,835 | 5,496 | 1,339 | |||||||||||||||||
(13 | ) |
Operating Income
|
486 | 526 | (40 | ) | 801 | 942 | (141 | ) | |||||||||||||||
Other Income (Expense)
|
|||||||||||||||||||||||||
(14 | ) |
Investment income
|
31 | 31 | - | 52 | 47 | 5 | |||||||||||||||||
(15 | ) |
Interest expense
|
(265 | ) | (207 | ) | (58 | ) | (496 | ) | (420 | ) | (76 | ) | |||||||||||
(16 | ) |
Capitalized interest
|
20 | 40 | (20 | ) | 38 | 81 | (43 | ) | |||||||||||||||
(17 | ) |
Total Other Expense
|
(214 | ) | (136 | ) | (78 | ) | (406 | ) | (292 | ) | (114 | ) | |||||||||||
(18 | ) |
Income Before Income Taxes
|
272 | 390 | (118 | ) | 395 | 650 | (255 | ) | |||||||||||||||
(19 | ) |
Income taxes
|
101 | 134 | (33 | ) | 179 | 245 | (66 | ) | |||||||||||||||
(20 | ) |
Net Income
|
171 | 256 | (85 | ) | 216 | 405 | (189 | ) | |||||||||||||||
(21 | ) |
Loss attributable to noncontrolling interest
|
(10 | ) | (9 | ) | (1 | ) | (15 | ) | (15 | ) | - | ||||||||||||
(22 | ) |
Earnings Available to FirstEnergy Corp.
|
$ | 181 | $ | 265 | $ | (84 | ) | $ | 231 | $ | 420 | $ | (189 | ) | |||||||||
(23 | ) |
Earnings Per Share of Common Stock
|
|||||||||||||||||||||||
(24 | ) |
Basic
|
$ | 0.43 | $ | 0.87 | $ | (0.44 | ) | $ | 0.61 | $ | 1.38 | $ | (0.77 | ) | |||||||||
(25 | ) |
Diluted
|
$ | 0.43 | $ | 0.87 | $ | (0.44 | ) | $ | 0.61 | $ | 1.37 | $ | (0.76 | ) | |||||||||
(26 | ) |
Weighted Average Number of
|
|||||||||||||||||||||||
Common Shares Outstanding
|
|||||||||||||||||||||||||
(27 | ) |
Basic
|
418 | 304 | 114 | 380 | 304 | 76 | |||||||||||||||||
(28 | ) |
Diluted
|
420 | 305 | 115 | 382 | 305 | 77 | |||||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
6
|
Three Months Ended June 30, 2011
|
|||||||||||||||||||||
Competitive
|
Regulated
|
Other &
|
|||||||||||||||||||
Regulated
|
Energy
|
Independent
|
Reconciling
|
||||||||||||||||||
Distribution (a)
|
Services (b)
|
Transmission (c)
|
Adjustments (d)
|
Consolidated
|
|||||||||||||||||
Revenues
|
|||||||||||||||||||||
(1 | ) |
Electric sales
|
$ | 2,352 | $ | 1,394 | $ | - | $ | - | $ | 3,746 | |||||||||
(2 | ) |
Other
|
133 | 101 | 105 | (37 | ) | 302 | |||||||||||||
(3 | ) |
Internal revenues
|
- | 318 | - | (306 | ) | 12 | |||||||||||||
(4 | ) |
Total Revenues
|
2,485 | 1,813 | 105 | (343 | ) | 4,060 | |||||||||||||
Expenses
|
|||||||||||||||||||||
(5 | ) |
Fuel
|
73 | 562 | - | - | 635 | ||||||||||||||
(6 | ) |
Purchased power
|
1,144 | 382 | - | (306 | ) | 1,220 | |||||||||||||
(7 | ) |
Other operating expenses
|
438 | 640 | 19 | 8 | 1,105 | ||||||||||||||
(8 | ) |
Provision for depreciation
|
153 | 107 | 15 | 7 | 282 | ||||||||||||||
(9 | ) |
Amortization of regulatory assets
|
87 | - | 3 | - | 90 | ||||||||||||||
(10 | ) |
General taxes
|
180 | 51 | 8 | 3 | 242 | ||||||||||||||
(11 | ) |
Total Expenses
|
2,075 | 1,742 | 45 | (288 | ) | 3,574 | |||||||||||||
(12 | ) |
Operating Income
|
410 | 71 | 60 | (55 | ) | 486 | |||||||||||||
Other Income (Expense)
|
|||||||||||||||||||||
(13 | ) |
Investment income
|
27 | 15 | - | (11 | ) | 31 | |||||||||||||
(14 | ) |
Interest expense
|
(148 | ) | (79 | ) | (12 | ) | (26 | ) | (265 | ) | |||||||||
(15 | ) |
Capitalized interest
|
3 | 12 | 1 | 4 | 20 | ||||||||||||||
(16 | ) |
Total Other Expense
|
(118 | ) | (52 | ) | (11 | ) | (33 | ) | (214 | ) | |||||||||
(17 | ) |
Income Before Income Taxes
|
292 | 19 | 49 | (88 | ) | 272 | |||||||||||||
(18 | ) |
Income taxes
|
108 | 7 | 18 | (32 | ) | 101 | |||||||||||||
(19 | ) |
Net Income
|
184 | 12 | 31 | (56 | ) | 171 | |||||||||||||
(20 | ) |
Loss attributable to noncontrolling interest
|
- | - | - | (10 | ) | (10 | ) | ||||||||||||
(21 | ) |
Earnings Available to FirstEnergy Corp.
|
$ | 184 | $ | 12 | $ | 31 | $ | (46 | ) | $ | 181 | ||||||||
Included in GAAP Earnings (e): | |||||||||||||||||||||
Pre-tax special items
|
$ | (9 | ) | $ | (93 | ) | $ | (1 | ) | $ | (38 | ) | $ | (141 | ) | ||||||
After-tax special items
|
$ | (6 | ) | $ | (57 | ) | $ | (1 | ) | $ | (24 | ) | $ | (88 | ) | ||||||
(a)
|
Revenues are primarily derived from the delivery of electricity within FirstEnergy’s service areas, cost recovery of regulatory assets and the sale of electric generation service to retail customers who have not selected an alternative supplier (POLR or default service). Its results reflect the commodity costs of securing electric generation from affiliated and from non-affiliated power suppliers and the deferral and amortization of certain fuel costs.
|
||||||||||||||||||||
(b)
|
Supplies electric power to end-use customers through retail and wholesale arrangements, including associated company power sales to meet all or a portion of the POLR and default service requirements of FirstEnergy's Ohio and Pennsylvania utility subsidiaries and competitive retail sales to customers primarily in Ohio, Pennsylvania, Illinois, Maryland, Michigan and New Jersey.
|
||||||||||||||||||||
(c)
|
Revenues are primarily derived from the formula rate recovery of costs and a return on investment for capital expenditures in connection with TrAIL, PATH and other projects and revenues from providing transmission services to electric energy providers, power marketers and receiving transmission-related revenues from operation of a portion of the FirstEnergy transmission system (ATSI). Its results reflect transmission expenses related to the delivery of the respective generation loads.
|
||||||||||||||||||||
(d)
|
Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses and elimination of intersegment transactions.
|
||||||||||||||||||||
(e)
|
See pages 17 and 18 for additional details related to special items.
|
||||||||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
7
|
Three Months Ended June 30, 2010
|
|||||||||||||||||||||
Competitive
|
Regulated
|
Other &
|
|||||||||||||||||||
Regulated
|
Energy
|
Independent
|
Reconciling
|
||||||||||||||||||
Distribution (a)
|
Services (b)
|
Transmission (c)
|
Adjustments (d)
|
Consolidated
|
|||||||||||||||||
Revenues
|
|||||||||||||||||||||
(1 | ) |
Electric sales
|
$ | 2,243 | $ | 739 | $ | - | $ | - | $ | 2,982 | |||||||||
(2 | ) |
Other
|
71 | 56 | 59 | (29 | ) | 157 | |||||||||||||
(3 | ) |
Internal revenues
|
19 | 539 | - | (558 | ) | - | |||||||||||||
(4 | ) |
Total Revenues
|
2,333 | 1,334 | 59 | (587 | ) | 3,139 | |||||||||||||
Expenses
|
|||||||||||||||||||||
(5 | ) |
Fuel
|
- | 350 | - | - | 350 | ||||||||||||||
(6 | ) |
Purchased power
|
1,291 | 330 | - | (558 | ) | 1,063 | |||||||||||||
(7 | ) |
Other operating expenses
|
331 | 340 | 16 | (14 | ) | 673 | |||||||||||||
(8 | ) |
Provision for depreciation
|
106 | 71 | 10 | 3 | 190 | ||||||||||||||
(9 | ) |
Amortization of regulatory assets
|
158 | - | 3 | - | 161 | ||||||||||||||
(10 | ) |
General taxes
|
138 | 27 | 7 | 4 | 176 | ||||||||||||||
(11 | ) |
Total Expenses
|
2,024 | 1,118 | 36 | (565 | ) | 2,613 | |||||||||||||
(12 | ) |
Operating Income
|
309 | 216 | 23 | (22 | ) | 526 | |||||||||||||
Other Income (Expense)
|
|||||||||||||||||||||
(13 | ) |
Investment income
|
28 | 13 | - | (10 | ) | 31 | |||||||||||||
(14 | ) |
Interest expense
|
(125 | ) | (57 | ) | (6 | ) | (19 | ) | (207 | ) | |||||||||
(15 | ) |
Capitalized interest
|
1 | 24 | 1 | 14 | 40 | ||||||||||||||
(16 | ) |
Total Other Expense
|
(96 | ) | (20 | ) | (5 | ) | (15 | ) | (136 | ) | |||||||||
(17 | ) |
Income Before Income Taxes
|
213 | 196 | 18 | (37 | ) | 390 | |||||||||||||
(18 | ) |
Income taxes
|
81 | 75 | 7 | (29 | ) | 134 | |||||||||||||
(19 | ) |
Net Income
|
132 | 121 | 11 | (8 | ) | 256 | |||||||||||||
(20 | ) |
Loss attributable to noncontrolling interest
|
- | - | - | (9 | ) | (9 | ) | ||||||||||||
(21 | ) |
Earnings Available to FirstEnergy Corp.
|
$ | 132 | $ | 121 | $ | 11 | $ | 1 | $ | 265 | |||||||||
Included in GAAP Earnings (e): | |||||||||||||||||||||
Pre-tax special items
|
$ | 3 | $ | 24 | $ | - | $ | (1 | ) | $ | 26 | ||||||||||
After-tax special items
|
$ | 1 | $ | 15 | $ | - | $ | (1 | ) | $ | 15 | ||||||||||
(a)
|
Revenues are primarily derived from the delivery of electricity within FirstEnergy’s service areas, cost recovery of regulatory assets and the sale of electric generation service to retail customers who have not selected an alternative supplier (POLR or default service). Its results reflect the commodity costs of securing electric generation from affiliated and from non-affiliated power suppliers and the deferral and amortization of certain fuel costs.
|
||||||||||||||||||||
(b)
|
Supplies electric power to end-use customers through retail and wholesale arrangements, including associated company power sales to meet all or a portion of the POLR and default service requirements of FirstEnergy's Ohio and Pennsylvania utility subsidiaries and competitive retail sales to customers primarily in Ohio, Pennsylvania, Illinois, Maryland, Michigan and New Jersey.
|
||||||||||||||||||||
(c)
|
Revenues are primarily derived from the formula rate recovery of costs and a return on investment for capital expenditures in connection with TrAIL, PATH and other projects and revenues from providing transmission services to electric energy providers, power marketers and receiving transmission-related revenues from operation of a portion of the FirstEnergy transmission system (ATSI). Its results reflect transmission expenses related to the delivery of the respective generation loads.
|
||||||||||||||||||||
(d)
|
Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses and elimination of intersegment transactions.
|
||||||||||||||||||||
(e)
|
See pages 17 and 18 for additional details related to special items.
|
||||||||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
8
|
Three Months Ended June 30, 2011 vs. Three Months Ended June 30, 2010
|
|||||||||||||||||||||
Energy
|
Competitive
|
Regulated
|
Other &
|
||||||||||||||||||
Delivery
|
Energy
|
Independent
|
Reconciling
|
||||||||||||||||||
Services (a)
|
Services (b)
|
Transmission (c)
|
Adjustments (d)
|
Consolidated
|
|||||||||||||||||
Revenues
|
|||||||||||||||||||||
(1 | ) |
Electric sales
|
$ | 109 | $ | 655 | $ | - | $ | - | $ | 764 | |||||||||
(2 | ) |
Other
|
62 | 45 | 46 | (8 | ) | 145 | |||||||||||||
(3 | ) |
Internal revenues
|
(19 | ) | (221 | ) | - | 252 | 12 | ||||||||||||
(4 | ) |
Total Revenues
|
152 | 479 | 46 | 244 | 921 | ||||||||||||||
Expenses
|
|||||||||||||||||||||
(5 | ) |
Fuel
|
73 | 212 | - | - | 285 | ||||||||||||||
(6 | ) |
Purchased power
|
(147 | ) | 52 | - | 252 | 157 | |||||||||||||
(7 | ) |
Other operating expenses
|
107 | 300 | 3 | 22 | 432 | ||||||||||||||
(8 | ) |
Provision for depreciation
|
47 | 36 | 5 | 4 | 92 | ||||||||||||||
(9 | ) |
Amortization of regulatory assets
|
(71 | ) | - | - | - | (71 | ) | ||||||||||||
(10 | ) |
General taxes
|
42 | 24 | 1 | (1 | ) | 66 | |||||||||||||
(11 | ) |
Total Expenses
|
51 | 624 | 9 | 277 | 961 | ||||||||||||||
(12 | ) |
Operating Income
|
101 | (145 | ) | 37 | (33 | ) | (40 | ) | |||||||||||
Other Income (Expense)
|
|||||||||||||||||||||
(13 | ) |
Investment income (loss)
|
(1 | ) | 2 | - | (1 | ) | - | ||||||||||||
(14 | ) |
Interest expense
|
(23 | ) | (22 | ) | (6 | ) | (7 | ) | (58 | ) | |||||||||
(15 | ) |
Capitalized interest
|
2 | (12 | ) | - | (10 | ) | (20 | ) | |||||||||||
(16 | ) |
Total Other Loss
|
(22 | ) | (32 | ) | (6 | ) | (18 | ) | (78 | ) | |||||||||
(17 | ) |
Income Before Income Taxes
|
79 | (177 | ) | 31 | (51 | ) | (118 | ) | |||||||||||
(18 | ) |
Income taxes (benefits)
|
27 | (68 | ) | 11 | (3 | ) | (33 | ) | |||||||||||
(19 | ) |
Net Income
|
52 | (109 | ) | 20 | (48 | ) | (85 | ) | |||||||||||
(20 | ) |
Loss attributable to noncontrolling interest
|
- | - | - | (1 | ) | (1 | ) | ||||||||||||
(21 | ) |
Earnings Available to FirstEnergy Corp.
|
$ | 52 | $ | (109 | ) | $ | 20 | $ | (47 | ) | $ | (84 | ) | ||||||
Included in GAAP Earnings (e):
|
|||||||||||||||||||||
Pre-tax special items
|
$ | (12 | ) | $ | (117 | ) | $ | (1 | ) | $ | (37 | ) | $ | (167 | ) | ||||||
After-tax special items
|
$ | (7 | ) | $ | (72 | ) | $ | (1 | ) | $ | (23 | ) | $ | (103 | ) | ||||||
(a)
|
Revenues are primarily derived from the delivery of electricity within FirstEnergy’s service areas, cost recovery of regulatory assets and the sale of electric generation service to retail customers who have not selected an alternative supplier (POLR or default service). Its results reflect the commodity costs of securing electric generation from affiliated and from non-affiliated power suppliers and the deferral and amortization of certain fuel costs.
|
||||||||||||||||||||
(b)
|
Supplies electric power to end-use customers through retail and wholesale arrangements, including associated company power sales to meet all or a portion of the POLR and default service requirements of FirstEnergy's Ohio and Pennsylvania utility subsidiaries and competitive retail sales to customers primarily in Ohio, Pennsylvania, Illinois, Maryland, Michigan and New Jersey.
|
||||||||||||||||||||
(c)
|
Revenues are primarily derived from the formula rate recovery of costs and a return on investment for capital expenditures in connection with TrAIL, PATH and other projects and revenues from providing transmission services to electric energy providers, power marketers and receiving transmission-related revenues from operation of a portion of the FirstEnergy transmission system (ATSI). Its results reflect transmission expenses related to the delivery of the respective generation loads.
|
||||||||||||||||||||
(d)
|
Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses and elimination of intersegment transactions.
|
||||||||||||||||||||
(e)
|
See pages 17 and 18 for additional details related to special items.
|
||||||||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
9
|
Six Months Ended June 30, 2011
|
|||||||||||||||||||||
Competitive
|
Regulated
|
Other &
|
|||||||||||||||||||
Regulated
|
Energy
|
Independent
|
Reconciling
|
||||||||||||||||||
Distribution (a)
|
Services (b)
|
Transmission (c)
|
Adjustments (d)
|
Consolidated
|
|||||||||||||||||
Revenues
|
|||||||||||||||||||||
(1 | ) |
Electric sales
|
$ | 4,527 | $ | 2,556 | $ | - | $ | - | $ | 7,083 | |||||||||
(2 | ) |
Other
|
226 | 180 | 172 | (69 | ) | 509 | |||||||||||||
(3 | ) |
Internal revenues
|
- | 661 | - | (617 | ) | 44 | |||||||||||||
(4 | ) |
Total Revenues
|
4,753 | 3,397 | 172 | (686 | ) | 7,636 | |||||||||||||
Expenses
|
|||||||||||||||||||||
(5 | ) |
Fuel
|
97 | 991 | - | - | 1,088 | ||||||||||||||
(6 | ) |
Purchased power
|
2,323 | 700 | - | (617 | ) | 2,406 | |||||||||||||
(7 | ) |
Other operating expenses
|
824 | 1,288 | 36 | (10 | ) | 2,138 | |||||||||||||
(8 | ) |
Provision for depreciation
|
269 | 195 | 25 | 13 | 502 | ||||||||||||||
(9 | ) |
Amortization of regulatory assets
|
216 | - | 6 | - | 222 | ||||||||||||||
(10 | ) |
General taxes
|
356 | 95 | 16 | 12 | 479 | ||||||||||||||
(11 | ) |
Total Expenses
|
4,085 | 3,269 | 83 | (602 | ) | 6,835 | |||||||||||||
(12 | ) |
Operating Income
|
668 | 128 | 89 | (84 | ) | 801 | |||||||||||||
Other Income (Expense)
|
|||||||||||||||||||||
(13 | ) |
Investment income
|
52 | 21 | - | (21 | ) | 52 | |||||||||||||
(14 | ) |
Interest expense
|
(280 | ) | (144 | ) | (21 | ) | (51 | ) | (496 | ) | |||||||||
(15 | ) |
Capitalized interest
|
4 | 22 | 1 | 11 | 38 | ||||||||||||||
(16 | ) |
Total Other Expense
|
(224 | ) | (101 | ) | (20 | ) | (61 | ) | (406 | ) | |||||||||
(17 | ) |
Income Before Income Taxes
|
444 | 27 | 69 | (145 | ) | 395 | |||||||||||||
(18 | ) |
Income taxes
|
164 | 10 | 25 | (20 | ) | 179 | |||||||||||||
(19 | ) |
Net Income
|
280 | 17 | 44 | (125 | ) | 216 | |||||||||||||
(20 | ) |
Loss attributable to noncontrolling interest
|
- | - | - | (15 | ) | (15 | ) | ||||||||||||
(21 | ) |
Earnings Available to FirstEnergy Corp.
|
$ | 280 | $ | 17 | $ | 44 | $ | (110 | ) | $ | 231 | ||||||||
Included in GAAP Earnings (e):
|
|||||||||||||||||||||
Pre-tax special items
|
$ | (103 | ) | $ | (225 | ) | $ | (4 | ) | $ | (57 | ) | $ | (389 | ) | ||||||
After-tax special items
|
$ | (68 | ) | $ | (151 | ) | $ | (3 | ) | $ | (52 | ) | $ | (274 | ) | ||||||
(a)
|
Revenues are primarily derived from the delivery of electricity within FirstEnergy’s service areas, cost recovery of regulatory assets and the sale of electric generation service to retail customers who have not selected an alternative supplier (POLR or default service). Its results reflect the commodity costs of securing electric generation from affiliated and from non-affiliated power suppliers and the deferral and amortization of certain fuel costs.
|
||||||||||||||||||||
(b)
|
Supplies electric power to end-use customers through retail and wholesale arrangements, including associated company power sales to meet all or a portion of the POLR and default service requirements of FirstEnergy's Ohio and Pennsylvania utility subsidiaries and competitive retail sales to customers primarily in Ohio, Pennsylvania, Illinois, Maryland, Michigan and New Jersey.
|
||||||||||||||||||||
(c)
|
Revenues are primarily derived from the formula rate recovery of costs and a return on investment for capital expenditures in connection with TrAIL, PATH and other projects and revenues from providing transmission services to electric energy providers, power marketers and receiving transmission-related revenues from operation of a portion of the FirstEnergy transmission system (ATSI). Its results reflect transmission expenses related to the delivery of the respective generation loads.
|
||||||||||||||||||||
(d)
|
Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses and elimination of intersegment transactions.
|
||||||||||||||||||||
(e)
|
See pages 17 and 18 for additional details related to special items.
|
||||||||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
10
|
Six Months Ended June 30, 2010
|
|||||||||||||||||||||
Competitive
|
Regulated
|
Other &
|
|||||||||||||||||||
Regulated
|
Energy
|
Independent
|
Reconciling
|
||||||||||||||||||
Distribution (a)
|
Services (b)
|
Transmission (c)
|
Adjustments (d)
|
Consolidated
|
|||||||||||||||||
Revenues
|
|||||||||||||||||||||
(1 | ) |
Electric sales
|
$ | 4,641 | $ | 1,408 | $ | - | $ | - | $ | 6,049 | |||||||||
(2 | ) |
Other
|
157 | 106 | 116 | (57 | ) | 322 | |||||||||||||
(3 | ) |
Internal revenues
|
19 | 1,213 | - | (1,165 | ) | 67 | |||||||||||||
(4 | ) |
Total Revenues
|
4,817 | 2,727 | 116 | (1,222 | ) | 6,438 | |||||||||||||
Expenses
|
|||||||||||||||||||||
(5 | ) |
Fuel
|
- | 684 | - | - | 684 | ||||||||||||||
(6 | ) |
Purchased power
|
2,686 | 780 | - | (1,165 | ) | 2,301 | |||||||||||||
(7 | ) |
Other operating expenses
|
690 | 692 | 30 | (38 | ) | 1,374 | |||||||||||||
(8 | ) |
Provision for depreciation
|
210 | 148 | 19 | 6 | 383 | ||||||||||||||
(9 | ) |
Amortization of regulatory assets
|
367 | - | 6 | - | 373 | ||||||||||||||
(10 | ) |
General taxes
|
292 | 64 | 14 | 11 | 381 | ||||||||||||||
(11 | ) |
Total Expenses
|
4,245 | 2,368 | 69 | (1,186 | ) | 5,496 | |||||||||||||
(12 | ) |
Operating Income
|
572 | 359 | 47 | (36 | ) | 942 | |||||||||||||
Other Income (Expense)
|
|||||||||||||||||||||
(13 | ) |
Investment income
|
54 | 14 | - | (21 | ) | 47 | |||||||||||||
(14 | ) |
Interest expense
|
(250 | ) | (113 | ) | (11 | ) | (46 | ) | (420 | ) | |||||||||
(15 | ) |
Capitalized interest
|
2 | 47 | 1 | 31 | 81 | ||||||||||||||
(16 | ) |
Total Other Expense
|
(194 | ) | (52 | ) | (10 | ) | (36 | ) | (292 | ) | |||||||||
(17 | ) |
Income Before Income Taxes
|
378 | 307 | 37 | (72 | ) | 650 | |||||||||||||
(18 | ) |
Income taxes
|
143 | 117 | 14 | (29 | ) | 245 | |||||||||||||
(19 | ) |
Net Income
|
235 | 190 | 23 | (43 | ) | 405 | |||||||||||||
(20 | ) |
Loss attributable to noncontrolling interest
|
- | - | - | (15 | ) | (15 | ) | ||||||||||||
(21 | ) |
Earnings Available to FirstEnergy Corp.
|
$ | 235 | $ | 190 | $ | 23 | $ | (28 | ) | $ | 420 | ||||||||
Included in GAAP Earnings (e):
|
|||||||||||||||||||||
Pre-tax special items
|
$ | (46 | ) | $ | (51 | ) | $ | (1 | ) | $ | (1 | ) | $ | (99 | ) | ||||||
After-tax special items
|
$ | (42 | ) | $ | (32 | ) | $ | (1 | ) | $ | (2 | ) | $ | (77 | ) | ||||||
(a)
|
Revenues are primarily derived from the delivery of electricity within FirstEnergy’s service areas, cost recovery of regulatory assets and the sale of electric generation service to retail customers who have not selected an alternative supplier (POLR or default service). Its results reflect the commodity costs of securing electric generation from affiliated and from non-affiliated power suppliers and the deferral and amortization of certain fuel costs.
|
||||||||||||||||||||
(b)
|
Supplies electric power to end-use customers through retail and wholesale arrangements, including associated company power sales to meet all or a portion of the POLR and default service requirements of FirstEnergy's Ohio and Pennsylvania utility subsidiaries and competitive retail sales to customers primarily in Ohio, Pennsylvania, Illinois, Maryland, Michigan and New Jersey.
|
||||||||||||||||||||
(c)
|
Revenues are primarily derived from the formula rate recovery of costs and a return on investment for capital expenditures in connection with TrAIL, PATH and other projects and revenues from providing transmission services to electric energy providers, power marketers and receiving transmission-related revenues from operation of a portion of the FirstEnergy transmission system (ATSI). Its results reflect transmission expenses related to the delivery of the respective generation loads.
|
||||||||||||||||||||
(d)
|
Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses and elimination of intersegment transactions.
|
||||||||||||||||||||
(e)
|
See pages 17 and 18 for additional details related to special items.
|
||||||||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
11
|
Six Months Ended June 30, 2011 vs. Six Months Ended June 30, 2010
|
|||||||||||||||||||||
Energy
|
Competitive
|
Regulated
|
Other &
|
||||||||||||||||||
Delivery
|
Energy
|
Independent
|
Reconciling
|
||||||||||||||||||
Services (a)
|
Services (b)
|
Transmission (c)
|
Adjustments (d)
|
Consolidated
|
|||||||||||||||||
Revenues
|
|||||||||||||||||||||
(1 | ) |
Electric sales
|
$ | (114 | ) | $ | 1,148 | $ | - | $ | - | $ | 1,034 | ||||||||
(2 | ) |
Other
|
69 | 74 | 56 | (12 | ) | 187 | |||||||||||||
(3 | ) |
Internal revenues
|
(19 | ) | (552 | ) | - | 548 | (23 | ) | |||||||||||
(4 | ) |
Total Revenues
|
(64 | ) | 670 | 56 | 536 | 1,198 | |||||||||||||
Expenses
|
|||||||||||||||||||||
(5 | ) |
Fuel
|
97 | 307 | - | - | 404 | ||||||||||||||
(6 | ) |
Purchased power
|
(363 | ) | (80 | ) | - | 548 | 105 | ||||||||||||
(7 | ) |
Other operating expenses
|
134 | 596 | 6 | 28 | 764 | ||||||||||||||
(8 | ) |
Provision for depreciation
|
59 | 47 | 6 | 7 | 119 | ||||||||||||||
(9 | ) |
Amortization of regulatory assets
|
(151 | ) | - | - | - | (151 | ) | ||||||||||||
(10 | ) |
General taxes
|
64 | 31 | 2 | 1 | 98 | ||||||||||||||
(11 | ) |
Total Expenses
|
(160 | ) | 901 | 14 | 584 | 1,339 | |||||||||||||
(12 | ) |
Operating Income
|
96 | (231 | ) | 42 | (48 | ) | (141 | ) | |||||||||||
Other Income (Expense)
|
|||||||||||||||||||||
(13 | ) |
Investment income (loss)
|
(2 | ) | 7 | - | - | 5 | |||||||||||||
(14 | ) |
Interest expense
|
(30 | ) | (31 | ) | (10 | ) | (5 | ) | (76 | ) | |||||||||
(15 | ) |
Capitalized interest
|
2 | (25 | ) | - | (20 | ) | (43 | ) | |||||||||||
(16 | ) |
Total Other Income
|
(30 | ) | (49 | ) | (10 | ) | (25 | ) | (114 | ) | |||||||||
(17 | ) |
Income Before Income Taxes
|
66 | (280 | ) | 32 | (73 | ) | (255 | ) | |||||||||||
(18 | ) |
Income taxes (benefits)
|
21 | (107 | ) | 11 | 9 | (66 | ) | ||||||||||||
(19 | ) |
Net Income
|
45 | (173 | ) | 21 | (82 | ) | (189 | ) | |||||||||||
(20 | ) |
Loss attributable to noncontrolling interest
|
- | - | - | - | - | ||||||||||||||
(21 | ) |
Earnings Available to FirstEnergy Corp.
|
$ | 45 | $ | (173 | ) | $ | 21 | $ | (82 | ) | $ | (189 | ) | ||||||
Included in GAAP Earnings (e):
|
|||||||||||||||||||||
Pre-tax special items
|
$ | (57 | ) | $ | (174 | ) | $ | (3 | ) | $ | (56 | ) | $ | (290 | ) | ||||||
After-tax special items
|
$ | (26 | ) | $ | (119 | ) | $ | (2 | ) | $ | (50 | ) | $ | (197 | ) | ||||||
(a)
|
Revenues are primarily derived from the delivery of electricity within FirstEnergy’s service areas, cost recovery of regulatory assets and the sale of electric generation service to retail customers who have not selected an alternative supplier (POLR or default service). Its results reflect the commodity costs of securing electric generation from affiliated and from non-affiliated power suppliers and the deferral and amortization of certain fuel costs.
|
||||||||||||||||||||
(b)
|
Supplies electric power to end-use customers through retail and wholesale arrangements, including associated company power sales to meet all or a portion of the POLR and default service requirements of FirstEnergy's Ohio and Pennsylvania utility subsidiaries and competitive retail sales to customers primarily in Ohio, Pennsylvania, Illinois, Maryland, Michigan and New Jersey.
|
||||||||||||||||||||
(c)
|
Revenues are primarily derived from the formula rate recovery of costs and a return on investment for capital expenditures in connection with TrAIL, PATH and other projects and revenues from providing transmission services to electric energy providers, power marketers and receiving transmission-related revenues from operation of a portion of the FirstEnergy transmission system (ATSI). Its results reflect transmission expenses related to the delivery of the respective generation loads.
|
||||||||||||||||||||
(d)
|
Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses and elimination of intersegment transactions.
|
||||||||||||||||||||
(e)
|
See pages 17 and 18 for additional details related to special items.
|
||||||||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
12
|
Condensed Consolidated Balance Sheets
|
|||||||
As of
|
As of
|
||||||
Assets
|
June 30, 2011
|
Dec. 31, 2010
|
|||||
Current Assets:
|
|||||||
Cash and cash equivalents
|
$ | 476 | $ | 1,019 | |||
Receivables
|
1,834 | 1,568 | |||||
Other
|
1,808 | 1,111 | |||||
Total Current Assets
|
4,118 | 3,698 | |||||
Property, Plant and Equipment
|
29,942 | 19,788 | |||||
Investments
|
3,156 | 3,002 | |||||
Deferred Charges and Other Assets
|
10,380 | 8,317 | |||||
Total Assets
|
$ | 47,596 | $ | 34,805 | |||
Liabilities and Capitalization
|
|||||||
Current Liabilities:
|
|||||||
Currently payable long-term debt
|
$ | 2,058 | $ | 1,486 | |||
Short-term borrowings
|
656 | 700 | |||||
Accounts payable
|
1,122 | 872 | |||||
Other
|
1,708 | 1,640 | |||||
Total Current Liabilities
|
5,544 | 4,698 | |||||
Capitalization:
|
|||||||
Total equity
|
12,950 | 8,513 | |||||
Long-term debt and other long-term obligations
|
16,491 | 12,579 | |||||
Total Capitalization
|
29,441 | 21,092 | |||||
Noncurrent Liabilities
|
12,611 | 9,015 | |||||
Total Liabilities and Capitalization
|
$ | 47,596 | $ | 34,805 | |||
General Information
|
|||||||||||||||
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
Debt redemptions
|
$ | (643 | ) | $ | (298 | ) | $ | (1,002 | ) | $ | (407 | ) | |||
New long-term debt issues
|
$ | 286 | $ | - | $ | 503 | $ | - | |||||||
Short-term borrowings increase (decrease)
|
$ | 170 | $ | 576 | $ | (44 | ) | $ | 281 | ||||||
Property additions
|
$ | 569 | $ | 489 | $ | 1,018 | $ | 997 | |||||||
Adjusted Capitalization
|
|||||||||||||||
As of June 30
|
As of December 31
|
||||||||||||||
2011
|
% Total
|
2010
|
% Total
|
||||||||||||
Total equity (GAAP)*
|
$ | 12,950 | 40 | % | $ | 8,513 | 36 | % | |||||||
Long-term debt and other long-term obligations
|
16,491 | 51 | % | 12,579 | 55 | % | |||||||||
Currently payable long-term debt
|
2,058 | 7 | % | 1,486 | 6 | % | |||||||||
Short-term borrowings
|
656 | 2 | % | 700 | 3 | % | |||||||||
Adjustments:
|
|||||||||||||||
Sale-leaseback net debt equivalents
|
1,281 | 4 | % | 1,357 | 6 | % | |||||||||
Securitization debt and cash
|
(1,285 | ) | -4 | % | (1,295 | ) | -6 | % | |||||||
Adjusted capitalization (Non-GAAP)
|
$ | 32,151 | 100 | % | $ | 23,340 | 100 | % | |||||||
*Includes $(1,433) million and $(1,539) million, respectively, of Accumulated Other Comprehensive Loss
|
|||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
13
|
Condensed Consolidated Statements of Cash Flows
|
|||||||||||||||
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
Cash flows from operating activities
|
|||||||||||||||
Net income
|
$ | 171 | $ | 256 | $ | 216 | $ | 405 | |||||||
Adjustments to reconcile net income to net cash from operating activities:
|
|||||||||||||||
Depreciation and amortization of regulatory assets
|
372 | 351 | 724 | 756 | |||||||||||
Nuclear fuel and lease amortization
|
45 | 35 | 92 | 76 | |||||||||||
Deferred purchased power and other costs
|
(110 | ) | (69 | ) | (168 | ) | (146 | ) | |||||||
Deferred income taxes and investment tax credits
|
381 | 100 | 552 | 159 | |||||||||||
Deferred rents and lease market valuation liability
|
(46 | ) | (45 | ) | (61 | ) | (62 | ) | |||||||
Accrued compensation and retirement benefits
|
62 | 54 | 49 | (27 | ) | ||||||||||
Commodity derivative transactions, net
|
4 | (62 | ) | (21 | ) | (29 | ) | ||||||||
Pension trust contribution
|
(105 | ) | - | (262 | ) | - | |||||||||
Asset impairments
|
10 | 9 | 41 | 21 | |||||||||||
Interest rate swap transactions
|
- | 43 | - | 43 | |||||||||||
Cash collateral paid, net
|
(3 | ) | (17 | ) | (31 | ) | (63 | ) | |||||||
Change in working capital and other
|
(241 | ) | (303 | ) | (100 | ) | (275 | ) | |||||||
Cash flows provided from operating activities
|
540 | 352 | 1,031 | 858 | |||||||||||
Cash flows provided from (used for) financing activities
|
(489 | ) | 110 | (1,039 | ) | (484 | ) | ||||||||
Cash flows used for investing activities*
|
(676 | ) | (491 | ) | (535 | ) | (967 | ) | |||||||
Net change in cash and cash equivalents
|
$ | (625 | ) | $ | (29 | ) | $ | (543 | ) | $ | (593 | ) | |||
*Includes $590 million of cash received from the Allegheny merger for the six months ended June 30, 2011.
|
|||||||||||||||
Deferral and Amortization
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|||||||||||||||||||
Ohio Amended ESP Amortization (Deferral)
|
||||||||||||||||||||||||
Uncollectible customer accounts
|
$ | (2 | ) | $ | - | $ | (2 | ) | $ | (2 | ) | $ | (2 | ) | $ | - | ||||||||
Economic development costs & interest
|
(1 | ) | 12 | (13 | ) | (14 | ) | 8 | (22 | ) | ||||||||||||||
Generation cost rider true-up & interest
|
(9 | ) | 3 | (12 | ) | (24 | ) | 8 | (32 | ) | ||||||||||||||
Distribution reliability costs (RDD/NDD)
|
40 | 22 | 18 | 124 | 71 | 53 | ||||||||||||||||||
Ohio Transmission Amortization
|
||||||||||||||||||||||||
MISO transmission costs
|
(1 | ) | (11 | ) | 10 | (1 | ) | (22 | ) | 21 | ||||||||||||||
Ohio Other Amortization (Deferral)
|
||||||||||||||||||||||||
Generation related deferral
|
(22 | ) | (30 | ) | 8 | (68 | ) | (53 | ) | (15 | ) | |||||||||||||
Distribution related deferral
|
6 | 5 | 1 | 10 | 49 | (39 | ) | |||||||||||||||||
All Other
|
- | 39 | (39 | ) | - | 81 | (81 | ) | ||||||||||||||||
Pennsylvania Amortization (Deferral)
|
||||||||||||||||||||||||
PJM transmission costs
|
(36 | ) | 11 | (47 | ) | (68 | ) | 15 | (83 | ) | ||||||||||||||
NUG costs
|
61 | 8 | 53 | 113 | 23 | 90 | ||||||||||||||||||
All Other
|
15 | 21 | (6 | ) | 41 | 45 | (4 | ) | ||||||||||||||||
New Jersey Amortization (Deferral)
|
||||||||||||||||||||||||
NUG costs
|
20 | 58 | (38 | ) | 96 | 126 | (30 | ) | ||||||||||||||||
All Other
|
20 | 23 | (3 | ) | 26 | 24 | 2 | |||||||||||||||||
Allegheny Amortization (Deferral)*
|
(1 | ) | N/A | (1 | ) | (11 | ) | N/A | (11 | ) | ||||||||||||||
Total Amortization (Deferral)
|
$ | 90 | $ | 161 | $ | (71 | ) | $ | 222 | $ | 373 | $ | (151 | ) | ||||||||||
*Represents data for March 2011 - June 2011 only.
|
||||||||||||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
14
|
Electric Sales Statistics (kWh in millions)
|
||||||||||||||||||||
Electric Distribution Deliveries
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||||||
Pre-Merger Companies
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||||
Ohio
|
- Residential
|
3,920 | 3,769 | 4.0 | % | 8,766 | 8,529 | 2.8 | % | |||||||||||
- Commercial
|
3,768 | 3,756 | 0.3 | % | 7,605 | 7,542 | 0.8 | % | ||||||||||||
- Industrial
|
4,947 | 5,058 | -2.2 | % | 9,876 | 9,714 | 1.7 | % | ||||||||||||
- Other
|
85 | 88 | -3.4 | % | 172 | 176 | -2.3 | % | ||||||||||||
Total Ohio
|
12,720 | 12,671 | 0.4 | % | 26,419 | 25,961 | 1.8 | % | ||||||||||||
Pennsylvania
|
- Residential
|
2,549 | 2,594 | -1.7 | % | 5,988 | 5,968 | 0.3 | % | |||||||||||
- Commercial
|
1,895 | 2,029 | -6.6 | % | 3,831 | 3,964 | -3.4 | % | ||||||||||||
- Industrial
|
3,231 | 3,159 | 2.3 | % | 6,535 | 6,232 | 4.9 | % | ||||||||||||
- Other
|
19 | 21 | -9.5 | % | 40 | 41 | -2.4 | % | ||||||||||||
Total Pennsylvania
|
7,694 | 7,803 | -1.4 | % | 16,394 | 16,205 | 1.2 | % | ||||||||||||
New Jersey
|
- Residential
|
2,154 | 2,300 | -6.3 | % | 4,507 | 4,622 | -2.5 | % | |||||||||||
- Commercial
|
2,263 | 2,336 | -3.1 | % | 4,419 | 4,568 | -3.3 | % | ||||||||||||
- Industrial
|
620 | 629 | -1.4 | % | 1,229 | 1,251 | -1.8 | % | ||||||||||||
- Other
|
22 | 23 | -4.3 | % | 44 | 45 | -2.2 | % | ||||||||||||
Total New Jersey
|
5,059 | 5,288 | -4.3 | % | 10,199 | 10,486 | -2.7 | % | ||||||||||||
Total Residential
|
8,623 | 8,663 | -0.5 | % | 19,261 | 19,119 | 0.7 | % | ||||||||||||
Total Commercial
|
7,926 | 8,121 | -2.4 | % | 15,855 | 16,074 | -1.4 | % | ||||||||||||
Total Industrial
|
8,798 | 8,846 | -0.5 | % | 17,640 | 17,197 | 2.6 | % | ||||||||||||
Total Other
|
126 | 132 | -4.5 | % | 256 | 262 | -2.3 | % | ||||||||||||
Total Pre-Merger Companies Distribution Deliveries
|
25,473 | 25,762 | -1.1 | % | 53,012 | 52,652 | 0.7 | % | ||||||||||||
AYE Companies*
|
||||||||||||||||||||
Pennsylvania
|
4,741 | 4,650 | 2.0 | % | 6,496 | N/A | N/A | |||||||||||||
West Virginia
|
3,197 | 3,147 | 1.6 | % | 4,395 | N/A | N/A | |||||||||||||
Maryland
|
1,589 | 1,571 | 1.1 | % | 2,177 | N/A | N/A | |||||||||||||
Total AYE Distribution Deliveries
|
9,527 | 9,368 | 1.7 | % | 13,068 | N/A | N/A | |||||||||||||
Total Distribution Deliveries
|
35,000 | 25,762 | 35.9 | % | 66,080 | 52,652 | 25.5 | % | ||||||||||||
* Represents data beginning in March 2011. Q2 2010 is shown for informational purposes only and is excluded from the "Total Distribution Deliveries" line item.
|
||||||||||||||||||||
Weather
|
Three Months Ended June 30
|
Six Months Ended June 30
|
|||||||||||||
2011
|
2010
|
Normal
|
2011
|
2010
|
Normal
|
||||||||||
Composite Heating-Degree-Days
|
509
|
410
|
631
|
3,419
|
3,177
|
3,443
|
|||||||||
Composite Cooling-Degree-Days
|
316
|
382
|
244
|
316
|
382
|
245
|
|||||||||
Shopping Statistics(1) | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||
2011
|
2010
|
2011
|
2010
|
|||||||
OE
|
74%
|
59%
|
72%
|
54%
|
||||||
PP
|
60%
|
59%
|
56%
|
54%
|
||||||
CEI
|
83%
|
61%
|
81%
|
58%
|
||||||
TE
|
73%
|
66%
|
72%
|
63%
|
||||||
JCP&L
|
45%
|
35%
|
43%
|
34%
|
||||||
Met-Ed
|
51%
|
1%
|
44%
|
-
|
||||||
Penelec
|
58%
|
4%
|
50%
|
3%
|
||||||
MP
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||
PE(2)
|
46%
|
N/A
|
44%
|
N/A
|
||||||
WP
|
50%
|
N/A
|
49%
|
N/A
|
||||||
(1) Based upon average quarterly MWH, except for MP, PE and WP which is based upon March - June MWH.
|
||||||||||
(2) Represents Maryland only.
|
Competitive Operating Statistics* | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||
2011
|
2010
|
2011
|
2010
|
||||||||
Capacity Factors:
|
|||||||||||
Nuclear
|
75%
|
72%
|
83%
|
82%
|
|||||||
Fossil - Baseload
|
64%
|
75%
|
65%
|
66%
|
|||||||
Fossil - Load Following
|
46%
|
57%
|
53%
|
58%
|
|||||||
Generation Output:
|
|||||||||||
Nuclear
|
28%
|
36%
|
32%
|
41%
|
|||||||
Fossil - Baseload
|
55%
|
41%
|
49%
|
36%
|
|||||||
Fossil - Load Following
|
15%
|
22%
|
17%
|
22%
|
|||||||
Peaking/Hydro
|
2%
|
1%
|
2%
|
1%
|
|||||||
* Includes data for AYE's unregulated generating plants beginning in March 2011.
|
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
15
|
Summary of Sales, Power Purchases and Generation Output (kWh in millions)
|
||||||||||||||
Pre-Merger Companies
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||
FES Contract Generation Sales
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||
POLR
|
||||||||||||||
- OH
|
1,729
|
3,533
|
(1,804)
|
4,595
|
8,481
|
(3,886)
|
||||||||
- PA
|
1,878
|
4,668
|
(2,790)
|
4,727
|
10,159
|
(5,432)
|
||||||||
Total POLR
|
3,607
|
8,201
|
(4,594)
|
9,322
|
18,640
|
(9,318)
|
||||||||
Structured/Standard Sales
|
||||||||||||||
- Bilaterals
|
111
|
559
|
(448)
|
239
|
1,027
|
(788)
|
||||||||
Total Structured/Standard Sales
|
111
|
559
|
(448)
|
239
|
1,027
|
(788)
|
||||||||
Direct - LCI
|
||||||||||||||
- OH
|
5,654
|
4,325
|
1,329
|
10,479
|
7,818
|
2,661
|
||||||||
- PA
|
3,387
|
1,056
|
2,331
|
6,259
|
2,058
|
4,201
|
||||||||
- NJ
|
427
|
327
|
100
|
801
|
634
|
167
|
||||||||
- MI
|
485
|
427
|
58
|
902
|
688
|
214
|
||||||||
- IL
|
820
|
518
|
302
|
1,421
|
990
|
431
|
||||||||
- MD
|
146
|
70
|
76
|
273
|
127
|
146
|
||||||||
Total Direct - LCI
|
10,919
|
6,723
|
4,196
|
20,135
|
12,315
|
7,820
|
||||||||
Direct - MCI
|
||||||||||||||
- OH
|
428
|
278
|
150
|
771
|
533
|
238
|
||||||||
- PA
|
200
|
3
|
197
|
312
|
9
|
303
|
||||||||
Total Direct - MCI
|
628
|
281
|
347
|
1,083
|
542
|
541
|
||||||||
Aggregation
|
||||||||||||||
- OH
|
3,658
|
2,589
|
1,069
|
7,779
|
5,204
|
2,575
|
||||||||
Total Aggregation
|
3,658
|
2,589
|
1,069
|
7,779
|
5,204
|
2,575
|
||||||||
Mass Market
|
||||||||||||||
- OH
|
160
|
107
|
53
|
305
|
205
|
100
|
||||||||
- PA
|
152
|
19
|
133
|
195
|
38
|
157
|
||||||||
Total Mass Market
|
312
|
126
|
186
|
500
|
243
|
257
|
||||||||
Total Contract Generation Sales
|
19,235
|
18,479
|
756
|
39,058
|
37,971
|
1,087
|
||||||||
Wholesale Sales
|
||||||||||||||
- Spot
|
395
|
1,108
|
(713)
|
1,380
|
1,538
|
(158)
|
||||||||
Total Wholesale Sales
|
395
|
1,108
|
(713)
|
1,380
|
1,538
|
(158)
|
||||||||
Purchased Power
|
||||||||||||||
- Bilaterals
|
677
|
834
|
(157)
|
1,468
|
1,764
|
(296)
|
||||||||
- Spot
|
3,479
|
1,610
|
1,869
|
6,180
|
3,782
|
2,398
|
||||||||
Total Purchased Power
|
4,156
|
2,444
|
1,712
|
7,648
|
5,546
|
2,102
|
||||||||
Generation Output
|
||||||||||||||
- Fossil
|
9,134
|
11,203
|
(2,069)
|
19,688
|
20,705
|
(1,017)
|
||||||||
- Nuclear
|
6,529
|
6,297
|
232
|
14,378
|
14,206
|
172
|
||||||||
Total Generation Output
|
15,663
|
17,500
|
(1,837)
|
34,066
|
34,911
|
(845)
|
||||||||
Allegheny Companies*
|
||||||||||||||
AE Supply Contract Generation Sales
|
2011
|
2011
|
||||||||||||
POLR
|
2,169
|
2,981
|
||||||||||||
Structured/Standard Sales
|
846
|
1,150
|
||||||||||||
Direct - LCI
|
425
|
570
|
||||||||||||
Total Contract Generation Sales
|
3,440
|
4,701
|
||||||||||||
Wholesale Sales
|
4,611
|
5,987
|
||||||||||||
Purchased Power
|
124
|
165
|
||||||||||||
Generation Output - Competitive
|
7,939
|
8,450
|
(511)
|
10,611
|
||||||||||
*Represents data beginning in March 2011. Generation output for AYE Companies in 2Q 2010 is shown for informational purposes only.
|
||||||||||||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
16
|
Competitive
|
Regulated
|
|||||||||||||||||||
Regulated
|
Energy
|
Independent
|
||||||||||||||||||
Special Items - Three Months Ended June 30, 2011
|
Distribution
|
Services
|
Transmission
|
Other
|
Consolidated
|
|||||||||||||||
Pre-Tax Items:
|
||||||||||||||||||||
Regulatory charges
|
$ | - | $ | - | $ | - | $ | (7 | ) | $ | (7 | ) | ||||||||
Trust securities impairment
|
- | (3 | ) | - | - | (3 | ) | |||||||||||||
Merger transaction/integration costs
|
(8 | ) | (8 | ) | (1 | ) | - | (17 | ) | |||||||||||
Non-core asset sales/impairments
|
- | (7 | ) | - | - | (7 | ) | |||||||||||||
Mark-to-market adjustments
|
- | (20 | ) | - | - | (20 | ) | |||||||||||||
Merger accounting - commodity contracts
|
(2 | ) | (49 | ) | - | - | (51 | ) | ||||||||||||
Litigation resolution
|
1 | (5 | ) | - | (29 | ) | (33 | ) | ||||||||||||
Debt redemption costs
|
- | (1 | ) | - | (2 | ) | (3 | ) | ||||||||||||
Subtotal
|
(9 | ) | (93 | ) | (1 | ) | (38 | ) | (141 | ) | ||||||||||
Income taxes
|
3 | 36 | - | 14 | 53 | |||||||||||||||
After-Tax Effect
|
$ | (6 | ) | $ | (57 | ) | $ | (1 | ) | $ | (24 | ) | $ | (88 | ) | |||||
Competitive
|
Regulated
|
|||||||||||||||||||
Regulated
|
Energy
|
Independent
|
||||||||||||||||||
Special Items - Three Months Ended June 30, 2010
|
Distribution
|
Services
|
Transmission
|
Other
|
Consolidated
|
|||||||||||||||
Pre-Tax Items:
|
||||||||||||||||||||
Trust securities impairment
|
$ | - | $ | (9 | ) | $ | - | $ | - | $ | (9 | ) | ||||||||
Merger transaction/integration costs
|
(4 | ) | (2 | ) | - | (1 | ) | (7 | ) | |||||||||||
Mark-to-market adjustments
|
- | 35 | - | - | 35 | |||||||||||||||
Litigation resolution
|
7 | - | - | - | 7 | |||||||||||||||
Subtotal
|
3 | 24 | - | (1 | ) | 26 | ||||||||||||||
Income taxes
|
(2 | ) | (9 | ) | - | - | (11 | ) | ||||||||||||
After-Tax Effect
|
$ | 1 | $ | 15 | $ | - | $ | (1 | ) | $ | 15 | |||||||||
Competitive
|
Regulated
|
|||||||||||||||||||
Regulated
|
Energy
|
Independent
|
||||||||||||||||||
Special Items - Six Months Ended June 30, 2011
|
Distribution
|
Services
|
Transmission
|
Other
|
Consolidated
|
|||||||||||||||
Pre-Tax Items:
|
||||||||||||||||||||
Regulatory charges
|
$ | (21 | ) | $ | - | $ | - | $ | (10 | ) | $ | (31 | ) | |||||||
Trust securities impairment
|
(1 | ) | (8 | ) | - | - | (9 | ) | ||||||||||||
Merger transaction/integration costs
|
(80 | ) | (85 | ) | (4 | ) | (5 | ) | (174 | ) | ||||||||||
Non-core asset sales/impairments
|
- | (21 | ) | - | (11 | ) | (32 | ) | ||||||||||||
Mark-to-market adjustments
|
- | (32 | ) | - | - | (32 | ) | |||||||||||||
Merger accounting - commodity contracts
|
(2 | ) | (73 | ) | - | - | (75 | ) | ||||||||||||
Litigation resolution
|
1 | (5 | ) | - | (29 | ) | (33 | ) | ||||||||||||
Debt redemption costs
|
- | (1 | ) | - | (2 | ) | (3 | ) | ||||||||||||
Subtotal
|
(103 | ) | (225 | ) | (4 | ) | (57 | ) | (389 | ) | ||||||||||
Income tax charge/income tax resolution
|
- | (1 | ) | - | (16 | ) | (17 | ) | ||||||||||||
Income tax effect of pre-tax items
|
35 | 75 | 1 | 21 | 132 | |||||||||||||||
After-Tax Effect
|
$ | (68 | ) | $ | (151 | ) | $ | (3 | ) | $ | (52 | ) | $ | (274 | ) | |||||
Competitive
|
Regulated
|
|||||||||||||||||||
Regulated
|
Energy
|
Independent
|
||||||||||||||||||
Special Items - Six Months Ended June 30, 2010
|
Distribution
|
Services
|
Transmission
|
Other
|
Consolidated
|
|||||||||||||||
Pre-Tax Items:
|
||||||||||||||||||||
Regulatory charges
|
$ | (40 | ) | $ | - | $ | - | $ | - | $ | (40 | ) | ||||||||
Trust securities impairment
|
- | (19 | ) | - | - | (19 | ) | |||||||||||||
Merger transaction/integration costs
|
(13 | ) | (6 | ) | (1 | ) | (1 | ) | (21 | ) | ||||||||||
Non-core asset sales/impairments
|
- | (9 | ) | - | - | (9 | ) | |||||||||||||
Mark-to-market adjustments
|
- | (17 | ) | - | - | (17 | ) | |||||||||||||
Litigation resolution
|
7 | - | - | - | 7 | |||||||||||||||
Subtotal
|
(46 | ) | (51 | ) | (1 | ) | (1 | ) | (99 | ) | ||||||||||
Income tax charge/income tax resolution
|
(13 | ) | - | - | - | (13 | ) | |||||||||||||
Income tax effect of pre-tax items
|
17 | 19 | - | (1 | ) | 35 | ||||||||||||||
After-Tax Effect
|
$ | (42 | ) | $ | (32 | ) | $ | (1 | ) | $ | (2 | ) | $ | (77 | ) | |||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
17
|
Special Items | ||||||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||
Pre-tax Items - Income Increase (Decrease)
|
||||||||||||||||||||
Regulatory charges (a)
|
$ | (7 | ) | $ | - | $ | (31 | ) | $ | (40 | ) | |||||||||
Trust securities impairment (b)
|
(3 | ) | (9 | ) | (9 | ) | (19 | ) | ||||||||||||
Merger transaction/integration costs (c)
|
(17 | ) | (7 | ) | (174 | ) | (21 | ) | ||||||||||||
Non-core asset sales/impairments (d)
|
(7 | ) | - | (32 | ) | (9 | ) | |||||||||||||
Mark-to-market adjustments (e)
|
(20 | ) | 35 | (32 | ) | (17 | ) | |||||||||||||
Merger accounting - commodity contracts (f)
|
(51 | ) | - | (75 | ) | - | ||||||||||||||
Litigation resolution (g)
|
(33 | ) | 7 | (33 | ) | 7 | ||||||||||||||
Debt redemption costs (h)
|
(3 | ) | - | (3 | ) | - | ||||||||||||||
Total-Pretax Items
|
$ | (141 | ) | $ | 26 | $ | (389 | ) | $ | (99 | ) | |||||||||
Income tax charge/Income tax resolution
|
$ | - | $ | - | $ | (17 | ) | $ | (13 | ) | ||||||||||
EPS Effect
|
$ | (0.22 | ) | $ | 0.05 | $ | (0.72 | ) | $ | (0.25 | ) | |||||||||
(a)
|
For YTD 2011, $13 million included in "Amortization of regulatory assets"; $12 million included in "Other operating expenses"; $6 million included in "Revenues". For YTD 2010, $35 million included in "Amortization of regulatory assets"; $5 million included in "Other operating expenses".
|
|||||||||||||||||||
(b)
|
Included in "Investment income".
|
|||||||||||||||||||
(c)
|
For YTD 2011, $168 million Included in "Other operating expenses"; $6 million included in "Fuel". For YTD 2010, included in "Other operating expenses".
|
|||||||||||||||||||
(d)
|
For YTD 2011, included in "Other operating expenses". For YTD 2010, $7 million included in "Depreciation"; $2 million included in Revenues - "Competitive energy services".
|
|||||||||||||||||||
(e)
|
For YTD 2011, included in "Other operating expenses". For YTD, 2010 included in "Purchased power".
|
|||||||||||||||||||
(f)
|
For YTD 2011, $31 million included in "Fuel"; $30 million included in Revenues - "Competitive energy services"; $14 million included in "Other operating expenses".
|
|||||||||||||||||||
(g)
|
For YTD 2011, $29 million included in "Other operating expenses"; $13 million included in "Revenues"; ($9) million included in "Amortization of regulatory assets. For YTD 2010, included in "Other operating expenses.
|
|||||||||||||||||||
(h)
|
Included in "Interest expense".
|
|||||||||||||||||||
Earnings Per Share (EPS)
|
||||||||||||||||||||
(Reconciliation of GAAP to Non-GAAP)
|
||||||||||||||||||||
Three Months Ended June 30
|
Six Months Ended June 30
|
Estimate for Year
|
||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
||||||||||||||||
Basic EPS (GAAP basis)
|
$ | 0.43 | $ | 0.87 | $ | 0.61 | $ | 1.38 | $2.86 - $3.06 | |||||||||||
Excluding Special Items:
|
||||||||||||||||||||
Regulatory charges
|
0.01 | - | 0.05 | 0.08 | 0.05 | |||||||||||||||
Trust securities impairment
|
0.01 | 0.02 | 0.02 | 0.04 | 0.02 | |||||||||||||||
Income tax charge - retiree drug change
|
- | - | - | 0.04 | - | |||||||||||||||
Merger transaction/integration costs
|
0.03 | 0.01 | 0.36 | 0.05 | 0.37 | |||||||||||||||
Non-core asset sales/impairments
|
0.01 | - | 0.06 | 0.02 | (0.38 | ) | ||||||||||||||
Mark-to-market adjustments
|
0.03 | (0.07 | ) | 0.05 | 0.03 | 0.05 | ||||||||||||||
Merger accounting - commodity contracts
|
0.08 | - | 0.12 | - | 0.20 | |||||||||||||||
Litigation resolution
|
0.05 | (0.01 | ) | 0.06 | (0.01 | ) | 0.06 | |||||||||||||
Debt redemption costs
|
- | - | - | - | 0.07 | |||||||||||||||
Basic EPS (Non-GAAP basis)
|
$ | 0.65 | $ | 0.82 | $ | 1.33 | $ | 1.63 | $3.30 - $3.50 | |||||||||||
Liquidity position as of July 29, 2011
|
|||||||
Company
|
Type
|
Maturity
|
Amount (M)
|
Available (M)
|
|||
FirstEnergy(1)
|
Revolving
|
June 2016
|
$2,000
|
$1,751
|
|||
FES/AE Supply
|
Revolving
|
June 2016
|
$2,500
|
$2,449
|
|||
TrAIL
|
Revolving
|
Jan. 2013
|
$450
|
$450
|
|||
AGC
|
Revolving
|
Dec. 2013
|
$50
|
$0
|
|||
(1) FirstEnergy Corp. and subsidiary borrowers
|
Subtotal:
|
$5,000
|
$4,650
|
||||
Cash:
|
-
|
586
|
|||||
Total:
|
$5,000
|
$5,236
|
|||||
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
18
|
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
19
|
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
20
|
Consolidated Report to the Financial Community - 2nd Quarter 2011 |
21
|