-----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, QctHjAGHYBMYCQN0cps69uBGPrVJiEkDc0H0vwraTj0wCMjXJtcChScups8fVV0Q sPs8XecV3+Q6BddLlX0F9w== 0000065350-02-000002.txt : 20020414 0000065350-02-000002.hdr.sgml : 20020414 ACCESSION NUMBER: 0000065350-02-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020221 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROPOLITAN EDISON CO CENTRAL INDEX KEY: 0000065350 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 230870160 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-27099 FILM NUMBER: 02556072 BUSINESS ADDRESS: STREET 1: 2800 POTTSVILLE PIKE STREET 2: MUHLENBERG TOWNSHIP CITY: READING STATE: PA ZIP: 19640-0001 BUSINESS PHONE: 6109293601 MAIL ADDRESS: STREET 1: C/O ENERGY GPU ENERGY STREET 2: 2800 POTTERVILLE CITY: READING STATE: PA ZIP: 19640-0001 8-K 1 eightk_feb22.txt 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 21, 2002 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, Ohio 44308 Telephone (800) 736-3402 1-446 Metropolitan Edison Company 23-0870160 (a Pennsylvania corporation) 2800 Pottsville Pike Reading, Pennsylvania 19640-0001 Telephone (610) 929-3601 1-3522 Pennsylvania Electric Company 25-0718085 (a Pennsylvania corporation) 2800 Pottsville Pike Reading, Pennsylvania 19640-0001 Telephone (610) 929-3601 Item 5. Other Events On February 21, 2002, the Commonwealth Court of Pennsylvania (Court) affirmed a May 24, 2001 decision of the Pennsylvania Public Utility Commission (PPUC) regarding the merger of FirstEnergy Corp. and GPU, Inc., remanding the decision to the PPUC only with respect to the issue of merger savings. The Court reversed the PPUC's June 30, 2001 decision regarding the provider of last resort obligations of Metropolitan Edison Company (Met-Ed) and Pennsylvania Electric Company (Penelec), both wholly owned subsidiaries of FirstEnergy Corp. and subsidiaries of GPU, Inc. prior to the merger, and denied the related requests for rate relief by Met-Ed and Penelec. FirstEnergy believes that the Court ignored substantive facts in the case and in the settlement stipulation FirstEnergy had reached with virtually every major party in its merger proceeding. FirstEnergy is considering its response to the Court's decision, which could include asking the Pennsylvania Supreme Court to review the decision. FirstEnergy has 30 days to file a response. Through December 31, 2001, Met-Ed and Penelec had deferred approximately $106 million and $113 million, respectively, of additional energy costs in connection with their provider of last resort obligations. If such costs were ultimately deemed not to be recoverable, net income would be reduced by approximately $62 million for Met-Ed and $66 million for Penelec. There would be no corresponding reduction to FirstEnergy's net income through December 31, 2001 since the additional energy costs deferred by Met-Ed and Penelec related to the period prior to consummation of the merger, January 1, 2001 through November 6, 2001. Item 7. Exhibits Exhibit No. Description ----------- ----------- (99) Press Release of FirstEnergy Corp., dated February 22, 2002, announcing the Commonwealth Court of Pennsylvania's decision on issues related to the merger with GPU, Inc. -1- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. February 22, 2002 FIRSTENERGY CORP. ----------------- Registrant METROPOLITAN EDISON COMPANY --------------------------- Registrant PENNSYLVANIA ELECTRIC COMPANY ----------------------------- Registrant /s/ Harvey L. Wagner -------------------------------------- Harvey L. Wagner Vice President and Controller -2- EX-99 3 ex99.txt Exhibit 99 News Release For Immediate Release FirstEnergy Corp. 76 South Main St. Akron, Ohio 44308 www.firstenergycorp.com News Media Contact: Ralph J. DiNicola (330) 384-5939 FirstEnergy Statement Regarding Commonwealth Court of PA Decision FirstEnergy Corp. (NYSE:FE) issued the following statement regarding yesterday's Commonwealth Court of Pennsylvania decision on issues related to the company's merger with the former GPU, Inc.: FirstEnergy disagrees with the findings of the Court. While the Court affirmed the Pennsylvania Public Utility Commission's approval of the merger, it ruled that Metropolitan Edison Company (Met-Ed) and Pennsylvania Electric Company (Penelec) could not recover, either on a current or deferred basis, power costs related to their provider of last resort obligation to Pennsylvania retail customers beyond those already reflected in rates. Related costs that had been deferred through December 31, 2001, total approximately $219 million. We believe that the Court failed to correctly consider the applicable law, as well as the extensive factual record before the Commission and in the Stipulation of Settlement approved by the Commission. FirstEnergy is considering its options regarding the Court decision, which could include asking the Pennsylvania Supreme Court to review the decision. The company has 30 days to appeal. (022202) -3- -----END PRIVACY-ENHANCED MESSAGE-----