-----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, B2JdDKQKL+82jfOe6j2eg7tea9FZMp7gAO4oqG3KXhCOFB3+0q/DxgUfcnp8ACxp p69jaU5RKD6yYCqNFQhJ+w== 0000053456-95-000019.txt : 19951005 0000053456-95-000019.hdr.sgml : 19951005 ACCESSION NUMBER: 0000053456-95-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950829 ITEM INFORMATION: Other events FILED AS OF DATE: 19951004 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: JERSEY CENTRAL POWER & LIGHT CO CENTRAL INDEX KEY: 0000053456 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 210485010 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03141 FILM NUMBER: 95578650 BUSINESS ADDRESS: STREET 1: 300 MADISON AVE CITY: MORRISTOWN STATE: NJ ZIP: 079621911 BUSINESS PHONE: 2014558200 8-K 1 JCPL 8-K REPORT 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): August 29, 1995 JERSEY CENTRAL POWER & LIGHT COMPANY (Exact name of registrant as specified in charter) New Jersey 1-3141 21-0485010 (State or other (Commission (IRS employer jurisdiction of file number) identification no.) incorporation) 300 Madison Avenue, Morristown, New Jersey 07960-1911 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (201) 455- 8200 ITEM 5. OTHER EVENTS (a) Three Mile Island Unit 2 As previously reported, on September 20, 1995, the Pennsylvania Supreme Court reversed a lower court decision and restored a March 1993 order of the Pennsylvania Public Utility Commission ("PaPUC") permitting Metropolitan Edison Company ("Met-Ed") to recover estimated Three Mile Island Unit 2 ("TMI- 2") decommissioning costs from customers. TMI-2 is jointly owned by the Company and its affiliates as follows: Met-Ed, 50%; Penn- sylvania Electric Company ("Penelec"), 25%; and the Company, 25%, all subsidiaries of General Public Utilities Corporation ("GPU"). Following the lower court's decision in July 1994, GPU had written off, after tax, $104.9 million (Met-Ed - $72.8 million and Penelec - $32.1 million), or $0.91 per share in the second quarter of 1994. The Supreme Court decision effectively reverses this write off, and GPU therefore will report the entire $104.9 million as income in the third quarter of 1995. This amount includes $8.4 million of certain TMI-2 monitored storage costs which Met-Ed and Penelec had sought to collect from Pennsylvania customers. Because, notwithstanding the Supreme Court decision, those subsidiaries do not now believe the collection of these costs to be probable, GPU is charging to income $8.4 million in the third quarter of 1995. The Company was not affected by these Pennsylvania decisions as it has been permitted by the New Jersey Board of Public Utilities ("NJBPU") to recover estimated TMI-2 retirement costs from its customers. 1 (b) Non-Utility Generation Contracts Also as previously reported, the Company has recently entered into an agreement to buy out two of its uneconomic, long- term power purchase agreements ("PPAs") with developers of proposed non-utility generation facilities. The Company has bought out and has terminated the two 100 MW PPAs for the proposed Crown/Vista Project, a 362 MW coal- fired generating facility planned for construction in Glouster County, New Jersey. The Company purchased the PPAs for $17 million. The Company estimates that the excess cost of these PPAs over other available sources is more than $700 million (1995 dollars). The Company intends to seek authorization from the NJBPU to recover the $17 million buy-out cost from customers. A copy of the Company's related news release is annexed as an exhibit. ITEM 6. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 1. JCP&L News Release, dated August 29, 1995 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 DULY AUTHORIZED. JERSEY CENTRAL POWER & LIGHT COMPANY By:______________________________ T. G. Howson, Vice President and Treasurer Date: October 4, 1995 EX-99 2 JCPL INDEX TO 8K REPORT EXHIBIT TO BE FILED BY EDGAR Exhibit: 1. JCP&L News Release, dated August 29, 1995 EX-99 3 EXHIBIT 1 TO JCPL 8K REPORT Exhibit 1 NEWS RELEASE LETTERHEAD OF JCP&L Further Information: Donna Revins 201.455.8408 Ron Morano 201.644.4297 Release Date: 09/29/95 JCP&L, CROWN/VISTA CANCEL POWER PROJECT Morristown, NJ -- Jersey Central Power & Light Company (JCP&L) announced today that it had reached an agreement for the cancellation of two power projects planned for Gloucester County, N.J. The two power projects were being developed by Crown Energy L.P. and Vista Energy L.P. (Crown/Vista), affiliates of Mission Energy Company. Under the agreement, JCP&L will buy out and terminate its 1990 power purchase agreements from Crown/Vista for $17 million. Crown/Vista, which won JCP&L's competitive bid in 1989, had entered into long-term power purchase agreements in 1990 to sell JCP&L 200 megawatts from the proposed 362-megawatt coal-fired projects in Gloucester County. "Because legal and regulatory uncertainties continue to revolve around the projects, we believe this agreement is in the best interests of our customers," said Michael P. Morrell, JCP&L vice president for regulatory and public affairs. "This is particularly true because the excess future cost to our customers over other available sources would be expected to exceed $700 million." The power purchase agreements have been the subject of ongoing regulatory and legal proceedings for more than two years. Crown/Vista had encountered a series of project delays which could have prevented it from meeting the 1997 in-service contractual deadlines with JCP&L. The developers initially won an in-service extension from the New Jersey Board of Public Utilities. That decision was overturned by the Appellate Division of the Superior Court earlier this year, but was being appealed by Crown/Vista. In June, the New Jersey Assembly voted to extend retroactively in-service deadlines of certain purchase power agreements between nonutility generators and public electric utilities. The legislation would have granted Crown/Vista more time to develop the project. The State Senate was expected to vote on the bill in the fourth quarter of this year. The agreement, which is subject to certain third-party consents, provides that JCP&L and Crown/Vista will terminate all pending litigation and administrative proceedings between them relating to the project, as well as any support for the pending legislation. The GPU companies have been committed to renegotiating or buying out nonutility generating contracts which are more costly than power available from other sources. JCP&L is an operating utility subsidiary of General Public Utilities Corporation (NYSE:GPU), a registered utility holding company headquartered in Parsippany, N.J. GPU's three operating utility subsidiaries -- JCP&L, Metropolitan Edison and Pennsylvania Electric -- provide electric service to more than 1.9 million customers in New Jersey and Pennsylvania. -----END PRIVACY-ENHANCED MESSAGE-----