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Consolidated Statements of Income (Unaudited) (USD $)
Share data in Millions, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
REVENUES:        
Electric utilities $ 2,590,000,000 $ 2,373,000,000 $ 4,925,000,000 $ 4,916,000,000
Unregulated businesses 1,470,000,000 766,000,000 2,711,000,000 1,522,000,000
Total revenues 4,060,000,000 [1] 3,139,000,000 [1] 7,636,000,000 [1] 6,438,000,000 [1]
EXPENSES:        
Fuel 635,000,000 350,000,000 1,088,000,000 684,000,000
Purchased power 1,220,000,000 1,063,000,000 2,406,000,000 2,301,000,000
Other operating expenses 1,105,000,000 673,000,000 2,138,000,000 1,374,000,000
Provision for depreciation 282,000,000 190,000,000 502,000,000 383,000,000
Amortization of regulatory assets, net 90,000,000 161,000,000 222,000,000 373,000,000
General taxes 242,000,000 176,000,000 479,000,000 381,000,000
Total expenses 3,574,000,000 2,613,000,000 6,835,000,000 5,496,000,000
OPERATING INCOME 486,000,000 526,000,000 801,000,000 942,000,000
OTHER INCOME (EXPENSE):        
Investment income 31,000,000 31,000,000 52,000,000 47,000,000
Interest expense (265,000,000) (207,000,000) (496,000,000) (420,000,000)
Capitalized interest 20,000,000 40,000,000 38,000,000 81,000,000
Total other expense (214,000,000) (136,000,000) (406,000,000) (292,000,000)
INCOME BEFORE INCOME TAXES 272,000,000 390,000,000 395,000,000 650,000,000
INCOME TAXES 101,000,000 134,000,000 179,000,000 245,000,000
NET INCOME 171,000,000 256,000,000 216,000,000 405,000,000
Income (loss) attributable to noncontrolling interest (10,000,000) (9,000,000) (15,000,000) (15,000,000)
EARNINGS AVAILABLE TO FIRSTENERGY CORP. 181,000,000 265,000,000 231,000,000 420,000,000
EARNINGS PER SHARE OF COMMON STOCK:        
Basic $ 0.43 $ 0.87 $ 0.61 $ 1.38
Diluted $ 0.43 $ 0.87 $ 0.61 $ 1.37
AVERAGE SHARES OUTSTANDING:        
Basic 418 304 380 304
Diluted 420 305 382 305
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $ 0 $ 0 $ 0.55 $ 0.55
FES
       
REVENUES:        
Other 70,000,000 58,000,000 156,000,000 171,000,000
Total revenues 1,292,000,000 1,326,000,000 2,684,000,000 2,714,000,000
EXPENSES:        
Fuel 316,000,000 343,000,000 659,000,000 671,000,000
Other operating expenses 429,000,000 304,000,000 910,000,000 608,000,000
Provision for depreciation 68,000,000 63,000,000 136,000,000 126,000,000
General taxes 30,000,000 22,000,000 60,000,000 49,000,000
Impairment of long-lived assets 7,000,000   20,000,000 2,000,000
Total expenses 1,244,000,000 1,111,000,000 2,545,000,000 2,346,000,000
OPERATING INCOME 48,000,000 215,000,000 139,000,000 368,000,000
OTHER INCOME (EXPENSE):        
Investment income 16,000,000 13,000,000 22,000,000 14,000,000
Miscellaneous income (expense) 4,000,000 4,000,000 8,000,000 7,000,000
Interest expense (52,000,000) (51,000,000) (105,000,000) (101,000,000)
Capitalized interest 10,000,000 24,000,000 20,000,000 44,000,000
Total other expense (24,000,000) (12,000,000) (58,000,000) (41,000,000)
INCOME BEFORE INCOME TAXES 24,000,000 203,000,000 81,000,000 327,000,000
INCOME TAXES 4,000,000 69,000,000 25,000,000 113,000,000
NET INCOME 20,000,000 134,000,000 56,000,000 214,000,000
FES | Affiliates
       
REVENUES:        
Unregulated businesses 170,000,000 539,000,000 431,000,000 1,146,000,000
EXPENSES:        
Purchased power 65,000,000 69,000,000 134,000,000 130,000,000
OTHER INCOME (EXPENSE):        
Interest expense (2,000,000) (2,000,000) (3,000,000) (5,000,000)
FES | Non-Affiliates
       
REVENUES:        
Unregulated businesses 1,052,000,000 729,000,000 2,097,000,000 1,397,000,000
EXPENSES:        
Purchased power 329,000,000 310,000,000 626,000,000 760,000,000
OE
       
REVENUES:        
Electric utilities 360,203,000 415,437,000 724,034,000 895,362,000
Excise and (gross receipts) tax collections 24,941,000 23,949,000 53,136,000 52,424,000
Total revenues 385,144,000 439,386,000 777,170,000 947,786,000
EXPENSES:        
Purchased power 62,667,000 78,826,000 123,046,000 173,057,000
Other operating expenses 110,778,000 88,275,000 212,240,000 177,130,000
Provision for depreciation 22,470,000 22,014,000 44,346,000 43,894,000
Amortization of regulatory assets, net 2,405,000 9,424,000 3,179,000 38,769,000
General taxes 45,592,000 43,362,000 95,018,000 90,854,000
Total expenses 313,046,000 375,951,000 640,225,000 811,431,000
OPERATING INCOME 72,098,000 63,435,000 136,945,000 136,355,000
OTHER INCOME (EXPENSE):        
Investment income 5,043,000 6,309,000 9,351,000 11,553,000
Miscellaneous income (expense) (477,000) 1,295,000 (187,000) 1,003,000
Interest expense (22,011,000) (22,155,000) (44,156,000) (44,465,000)
Capitalized interest 510,000 295,000 841,000 503,000
Total other expense (16,935,000) (14,256,000) (34,151,000) (31,406,000)
INCOME BEFORE INCOME TAXES 55,163,000 49,179,000 102,794,000 104,949,000
INCOME TAXES 16,538,000 11,856,000 34,029,000 31,465,000
NET INCOME 38,625,000 37,323,000 68,765,000 73,484,000
Income (loss) attributable to noncontrolling interest 114,000 130,000 230,000 262,000
EARNINGS AVAILABLE TO FIRSTENERGY CORP. 38,511,000 37,193,000 68,535,000 73,222,000
OE | Affiliates
       
EXPENSES:        
Purchased power 69,134,000 134,050,000 162,396,000 287,727,000
CEI
       
REVENUES:        
Electric utilities 202,148,000 280,180,000 408,890,000 592,677,000
Excise and (gross receipts) tax collections 15,706,000 15,495,000 33,851,000 33,068,000
Total revenues 217,854,000 295,675,000 442,741,000 625,745,000
EXPENSES:        
Other operating expenses 31,625,000 28,937,000 66,661,000 60,172,000
Provision for depreciation 18,488,000 18,336,000 36,914,000 36,447,000
Amortization of regulatory assets, net 18,166,000 30,807,000 41,536,000 75,946,000
General taxes 36,954,000 28,840,000 77,166,000 67,329,000
Total expenses 164,372,000 238,993,000 345,804,000 518,758,000
OPERATING INCOME 53,482,000 56,682,000 96,937,000 106,987,000
OTHER INCOME (EXPENSE):        
Investment income 5,637,000 6,605,000 12,234,000 14,152,000
Miscellaneous income (expense) 1,038,000 675,000 1,674,000 1,257,000
Interest expense (32,135,000) (33,262,000) (65,213,000) (66,883,000)
Capitalized interest 36,000 7,000 63,000 33,000
Total other expense (25,424,000) (25,975,000) (51,242,000) (51,441,000)
INCOME BEFORE INCOME TAXES 28,058,000 30,707,000 45,695,000 55,546,000
INCOME TAXES 6,209,000 8,785,000 10,645,000 19,628,000
NET INCOME 21,849,000 21,922,000 35,050,000 35,918,000
Income (loss) attributable to noncontrolling interest 309,000 366,000 675,000 785,000
EARNINGS AVAILABLE TO FIRSTENERGY CORP. 21,540,000 21,556,000 34,375,000 35,133,000
CEI | Affiliates
       
EXPENSES:        
Purchased power 36,040,000 99,422,000 82,208,000 208,815,000
CEI | Non-Affiliates
       
EXPENSES:        
Purchased power 23,099,000 32,651,000 41,319,000 70,049,000
TE
       
REVENUES:        
Electric utilities 93,048,000 114,691,000 199,373,000 240,122,000
Excise and (gross receipts) tax collections 6,270,000 6,059,000 13,572,000 13,100,000
Total revenues 99,318,000 120,750,000 212,945,000 253,222,000
EXPENSES:        
Other operating expenses 32,549,000 25,499,000 69,136,000 51,044,000
Provision for depreciation 7,959,000 8,013,000 15,890,000 15,963,000
Amortization of regulatory assets, net (7,054,000) (1,800,000) (18,532,000) (10,299,000)
General taxes 12,438,000 12,282,000 26,890,000 25,743,000
Total expenses 79,043,000 106,323,000 176,040,000 217,889,000
OPERATING INCOME 20,275,000 14,427,000 36,905,000 35,333,000
OTHER INCOME (EXPENSE):        
Investment income 2,599,000 5,057,000 5,521,000 8,857,000
Miscellaneous income (expense) 396,000 (945,000) (1,233,000) (2,351,000)
Interest expense (10,415,000) (10,455,000) (20,858,000) (20,942,000)
Capitalized interest 135,000 80,000 237,000 158,000
Total other expense (7,285,000) (6,263,000) (16,333,000) (14,278,000)
INCOME BEFORE INCOME TAXES 12,990,000 8,164,000 20,572,000 21,055,000
INCOME TAXES 1,429,000 948,000 3,164,000 6,330,000
NET INCOME 11,561,000 7,216,000 17,408,000 14,725,000
Income (loss) attributable to noncontrolling interest 2,000 2,000 4,000 5,000
EARNINGS AVAILABLE TO FIRSTENERGY CORP. 11,559,000 7,214,000 17,404,000 14,720,000
TE | Affiliates
       
EXPENSES:        
Purchased power 17,037,000 47,106,000 52,554,000 101,725,000
TE | Non-Affiliates
       
EXPENSES:        
Purchased power 16,114,000 15,223,000 30,102,000 33,713,000
JCP&L
       
REVENUES:        
Electric utilities 576,977,000 709,606,000 1,211,000,000 1,400,998,000
Excise and (gross receipts) tax collections 11,120,000 11,012,000 23,607,000 23,364,000
Total revenues 588,097,000 720,618,000 1,234,607,000 1,424,362,000
EXPENSES:        
Purchased power 328,463,000 410,470,000 698,631,000 824,486,000
Other operating expenses 78,603,000 75,177,000 164,682,000 170,837,000
Provision for depreciation 26,773,000 27,093,000 52,087,000 55,064,000
Amortization of regulatory assets, net 40,046,000 81,326,000 121,633,000 150,774,000
General taxes 15,115,000 14,902,000 32,526,000 31,338,000
Total expenses 489,000,000 608,968,000 1,069,559,000 1,232,499,000
OPERATING INCOME 99,097,000 111,650,000 165,048,000 191,863,000
OTHER INCOME (EXPENSE):        
Miscellaneous income (expense) 3,554,000 1,649,000 5,464,000 3,482,000
Interest expense (31,125,000) (30,041,000) (61,782,000) (59,464,000)
Capitalized interest 618,000 156,000 1,045,000 289,000
Total other expense (26,953,000) (28,236,000) (55,273,000) (55,693,000)
INCOME BEFORE INCOME TAXES 72,144,000 83,414,000 109,775,000 136,170,000
INCOME TAXES 30,383,000 33,521,000 48,461,000 57,051,000
NET INCOME 41,761,000 49,893,000 61,314,000 79,119,000
Met-Ed
       
REVENUES:        
Electric utilities 265,363,000 422,030,000 603,779,000 873,590,000
Excise and (gross receipts) tax collections 14,601,000 20,629,000 33,401,000 42,196,000
Total revenues 279,964,000 442,659,000 637,180,000 915,786,000
EXPENSES:        
Other operating expenses 50,075,000 90,151,000 97,307,000 192,134,000
Provision for depreciation 12,766,000 13,440,000 25,189,000 26,198,000
Amortization of regulatory assets, net 22,167,000 48,589,000 54,261,000 97,389,000
General taxes 17,152,000 19,894,000 39,302,000 41,634,000
Total expenses 237,931,000 406,350,000 554,762,000 844,639,000
OPERATING INCOME 42,033,000 36,309,000 82,418,000 71,147,000
OTHER INCOME (EXPENSE):        
Interest income 13,000 880,000 106,000 2,097,000
Miscellaneous income (expense) 915,000 1,381,000 1,885,000 3,554,000
Interest expense (13,130,000) (13,002,000) (26,187,000) (26,775,000)
Capitalized interest 228,000 159,000 375,000 285,000
Total other expense (11,974,000) (10,582,000) (23,821,000) (20,839,000)
INCOME BEFORE INCOME TAXES 30,059,000 25,727,000 58,597,000 50,308,000
INCOME TAXES 13,281,000 8,618,000 19,232,000 20,884,000
NET INCOME 16,778,000 17,109,000 39,365,000 29,424,000
Met-Ed | Affiliates
       
EXPENSES:        
Purchased power 34,935,000 149,000,000 84,824,000 310,080,000
Met-Ed | Non-Affiliates
       
EXPENSES:        
Purchased power 100,836,000 85,276,000 253,879,000 177,204,000
Penelec
       
REVENUES:        
Electric utilities 238,942,000 350,335,000 547,258,000 736,271,000
Excise and (gross receipts) tax collections 12,727,000 16,162,000 29,256,000 33,686,000
Total revenues 251,669,000 366,497,000 576,514,000 769,957,000
EXPENSES:        
Other operating expenses 44,570,000 67,070,000 85,898,000 139,464,000
Provision for depreciation 15,770,000 16,605,000 30,343,000 31,287,000
Amortization of regulatory assets, net 12,608,000 (10,522,000) 25,615,000 (20,488,000)
General taxes 14,665,000 18,647,000 35,401,000 35,181,000
Total expenses 206,707,000 331,574,000 485,271,000 685,041,000
OPERATING INCOME 44,962,000 34,923,000 91,243,000 84,916,000
OTHER INCOME (EXPENSE):        
Miscellaneous income (expense) 644,000 1,310,000 669,000 2,923,000
Interest expense (17,361,000) (17,630,000) (34,595,000) (34,920,000)
Capitalized interest 41,000 183,000 63,000 323,000
Total other expense (16,676,000) (16,137,000) (33,863,000) (31,674,000)
INCOME BEFORE INCOME TAXES 28,286,000 18,786,000 57,380,000 53,242,000
INCOME TAXES 13,568,000 5,812,000 25,356,000 22,969,000
NET INCOME 14,718,000 12,974,000 32,024,000 30,273,000
Penelec | Affiliates
       
EXPENSES:        
Purchased power 54,635,000 152,945,000 102,119,000 321,345,000
Penelec | Non-Affiliates
       
EXPENSES:        
Purchased power $ 64,459,000 $ 86,829,000 $ 205,895,000 $ 178,252,000
[1] *Includes excise tax collections of $116 million and $99 million in the three months ended June 30,2011 and 2010, respectively, and $235 million and $208 million in the six months ended June 30, 2011 and 2010, respectively.