EX-99.1 2 ex99_1.htm EXHIBIT 99.1 INVESTOR LETTER Exhibit 99.1 Investor Letter
 
 
 
 
EXHIBIT 99.1
 
Terrance G. Howson
 
Vice President
 
Investor Relations
   
 
FirstEnergy Corp.
 
76 S. Main Street
 
Akron, Ohio 44308
 
Tel 973-401-8519
   
 
March 10, 2006
 

TO THE INVESTMENT COMMUNITY: 1

Metropolitan Edison Company and Pennsylvania Electric Company (“Companies”) are in the process of preparing a comprehensive rate filing that will address a number of transmission, distribution and supply issues. As required by the Pennsylvania Public Utility Commission (“PUC”) regulations, the Companies provided notice of their intent to make such a filing to the PUC, the Pennsylvania Office of Consumer Advocate, and the Office of Small Business Advocate today. The notice filing is required to be made 30-days in advance of the formal filing. The Companies expect to make their formal filing with the PUC in the second quarter of 2006.

If you have any questions concerning information in this update, please call Kurt Turosky, Director of Investor Relations, at (330) 384-5500, or me at (973) 401-8519




   
Very truly yours,
 
       
       
       
       
       
       
   
Terrance G. Howson
 
   
Vice President - Investor Relations
 
       




_____________________________
1Please see the forward-looking statements at the end of this letter. 


 
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Forward-Looking Statements


This investor letter includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "believe," "estimate" and similar words. Actual results may differ materially due to the speed and nature of increased competition and deregulation in the electric utility industry, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of our regulated utilities to collect transition and other charges or to recover increased transmission costs, maintenance costs being higher than anticipated, legislative and regulatory changes (including revised environmental requirements), the repeal of Public Utility Holding Company Act of 1935 and the legal and regulatory changes resulting from the implementation of the Energy Policy Act of 2005, the uncertainty of the timing and amounts of the capital expenditures (including that such amounts could be higher than anticipated) or levels of emission reductions related to the settlement agreement resolving the New Source Review litigation, adverse regulatory or legal decisions and outcomes (including, but not limited to, the revocation of necessary licenses or operating permits, fines or other enforcement actions and remedies) of governmental investigations and oversight, including by the Securities and Exchange Commission, the United States Attorney's Office, the Nuclear Regulatory Commission and the various state public utility commissions as disclosed in our Securities and Exchange Commission filings, generally, and with respect to the Davis-Besse Nuclear Power Station outage and heightened scrutiny at the Perry Nuclear Power Plant in particular, the timing and outcome of future rate proceedings in Pennsylvania, the continuing availability and operation of generating units, the ability of our generating units to continue to operate at, or near full capacity, our inability to accomplish or realize anticipated benefits from strategic goals (including employee workforce factors), the anticipated benefits from our voluntary pension plan contributions, our ability to improve electric commodity margins and to experience growth in the distribution business, our ability to access the public securities and other capital markets and the cost of such capital, the outcome, cost and other effects of present and potential legal and administrative proceedings and claims related to the August 14, 2003 regional power outage, circumstances which may lead management to seek, or the Board of Directors to grant, in each case in its sole discretion, authority for the implementation of a share repurchase program in the future, the risks and other factors discussed from time to time in our Securities and Exchange Commission filings, and other similar factors. Dividends declared from time to time during any annual period may in aggregate vary from the indicated amounts due to circumstances considered by the Board at the time of the actual declarations. Also, a security rating should not be viewed as a recommendation to buy, sell or hold securities and it may be subject to revision or withdrawal at any time. We expressly disclaim any current intention to update any forward-looking statements contained herein as a result of new information, future events, or otherwise.
 
 
 
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