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Consolidated Statements of Income (Unaudited) (USD $)
Share data in Millions, except Per Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
REVENUES:    
Electric utilities$ 3,041,000,000$ 2,757,000,000$ 7,966,000,000$ 7,673,000,000
Unregulated businesses1,678,000,000971,000,0004,389,000,0002,495,000,000
Excise and gross receipts tax collections137,000,000120,000,000371,000,000328,000,000
Total revenues4,719,000,000[1]3,728,000,000[1]12,355,000,000[1]10,168,000,000[1]
OPERATING EXPENSES:    
Fuel632,000,000400,000,0001,720,000,0001,084,000,000
Purchased power1,349,000,0001,319,000,0003,755,000,0003,620,000,000
Other operating expenses1,024,000,000738,000,0003,130,000,0002,112,000,000
Provision for depreciation292,000,000182,000,000794,000,000565,000,000
Amortization of regulatory assets, net122,000,000176,000,000344,000,000549,000,000
General taxes269,000,000206,000,000748,000,000587,000,000
Impairment of long-lived assets9,000,000292,000,00041,000,000294,000,000
Total operating expenses3,697,000,0003,313,000,00010,532,000,0008,811,000,000
OPERATING INCOME (LOSS)1,022,000,000415,000,0001,823,000,0001,357,000,000
OTHER INCOME (EXPENSE):    
Investment income48,000,00046,000,000100,000,00093,000,000
Interest expense(267,000,000)(208,000,000)(763,000,000)(628,000,000)
Capitalized interest17,000,00041,000,00055,000,000122,000,000
Total other income (expense)(202,000,000)(121,000,000)(608,000,000)(413,000,000)
INCOME (LOSS) BEFORE INCOME TAXES820,000,000294,000,0001,215,000,000944,000,000
INCOME TAXES (BENEFITS)311,000,000119,000,000490,000,000364,000,000
NET INCOME (LOSS)509,000,000175,000,000725,000,000580,000,000
Income (loss) attributable to noncontrolling interest(2,000,000)(4,000,000)(17,000,000)(19,000,000)
EARNINGS AVAILABLE TO FIRSTENERGY CORP.511,000,000179,000,000742,000,000599,000,000
EARNINGS PER SHARE OF COMMON STOCK:    
Basic$ 1.22$ 0.59$ 1.89$ 1.97
Diluted$ 1.22$ 0.59$ 1.88$ 1.96
AVERAGE SHARES OUTSTANDING:    
Basic418[2]304[2]392[2]304[2]
Diluted420[2]305[2]394[2]305[2]
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK$ 1.10$ 1.10$ 1.65$ 1.65
FES
    
REVENUES:    
Other73,000,00038,000,000229,000,000209,000,000
Total revenues1,467,000,0001,589,000,0004,151,000,0004,303,000,000
OPERATING EXPENSES:    
Fuel386,000,000391,000,0001,045,000,0001,062,000,000
Other operating expenses405,000,000308,000,0001,315,000,000916,000,000
Provision for depreciation69,000,00060,000,000205,000,000186,000,000
General taxes31,000,00022,000,00091,000,00071,000,000
Impairment of long-lived assets2,000,000292,000,00022,000,000294,000,000
Total operating expenses1,276,000,0001,635,000,0003,821,000,0003,981,000,000
OPERATING INCOME (LOSS)191,000,000(46,000,000)330,000,000322,000,000
OTHER INCOME (EXPENSE):    
Investment income28,000,00030,000,00050,000,00044,000,000
Miscellaneous income (expense)9,000,0003,000,00017,000,00010,000,000
Capitalized interest8,000,00023,000,00028,000,00067,000,000
Total other income (expense)(8,000,000)4,000,000(66,000,000)(37,000,000)
INCOME (LOSS) BEFORE INCOME TAXES183,000,000(42,000,000)264,000,000285,000,000
INCOME TAXES (BENEFITS)73,000,000(5,000,000)98,000,000108,000,000
NET INCOME (LOSS)110,000,000(37,000,000)166,000,000177,000,000
FES | Affiliates
    
REVENUES:    
Unregulated businesses143,000,000600,000,000574,000,0001,746,000,000
OPERATING EXPENSES:    
Purchased power55,000,000116,000,000189,000,000246,000,000
OTHER INCOME (EXPENSE):    
Interest expense(2,000,000)(2,000,000)(5,000,000)(7,000,000)
FES | Non-Affiliates
    
REVENUES:    
Unregulated businesses1,251,000,000951,000,0003,348,000,0002,348,000,000
OPERATING EXPENSES:    
Purchased power328,000,000446,000,000954,000,0001,206,000,000
OTHER INCOME (EXPENSE):    
Interest expense(51,000,000)(50,000,000)(156,000,000)(151,000,000)
OE
    
REVENUES:    
Electric utilities441,000,000457,000,0001,165,000,0001,352,000,000
Excise and gross receipts tax collections29,000,00030,000,00082,000,00082,000,000
Total revenues470,000,000487,000,0001,247,000,0001,434,000,000
OPERATING EXPENSES:    
Other operating expenses119,000,00095,000,000331,000,000272,000,000
Provision for depreciation23,000,00022,000,00067,000,00066,000,000
Amortization of regulatory assets, net46,000,00010,000,00049,000,00048,000,000
General taxes51,000,00049,000,000146,000,000140,000,000
Total operating expenses376,000,000397,000,0001,016,000,0001,208,000,000
OPERATING INCOME (LOSS)94,000,00090,000,000231,000,000226,000,000
OTHER INCOME (EXPENSE):    
Investment income10,000,0005,000,00019,000,00017,000,000
Miscellaneous income (expense)1,000,0002,000,0001,000,0002,000,000
Interest expense(22,000,000)(22,000,000)(66,000,000)(66,000,000)
Capitalized interest001,000,0001,000,000
Total other income (expense)(11,000,000)(15,000,000)(45,000,000)(46,000,000)
INCOME (LOSS) BEFORE INCOME TAXES83,000,00075,000,000186,000,000180,000,000
INCOME TAXES (BENEFITS)33,000,00029,000,00067,000,00061,000,000
NET INCOME (LOSS)50,000,00046,000,000119,000,000119,000,000
OE | Affiliates
    
OPERATING EXPENSES:    
Purchased power57,000,000137,000,000220,000,000425,000,000
OE | Non-Affiliates
    
OPERATING EXPENSES:    
Purchased power80,000,00084,000,000203,000,000257,000,000
CEI
    
REVENUES:    
Electric utilities225,218,000309,236,000634,108,000901,913,000
Excise and gross receipts tax collections18,826,00019,480,00052,677,00052,548,000
Total revenues244,044,000328,716,000686,785,000954,461,000
OPERATING EXPENSES:    
Other operating expenses40,330,00036,441,000106,991,00096,613,000
Provision for depreciation18,478,00018,057,00055,392,00054,504,000
Amortization of regulatory assets, net23,077,00045,136,00064,613,000121,082,000
General taxes40,952,00039,878,000118,118,000107,207,000
Total operating expenses175,216,000264,052,000521,020,000782,810,000
OPERATING INCOME (LOSS)68,828,00064,664,000165,765,000171,651,000
OTHER INCOME (EXPENSE):    
Investment income5,669,0006,604,00017,903,00020,756,000
Miscellaneous income (expense)549,000533,0002,223,0001,790,000
Interest expense(32,240,000)(33,384,000)(97,453,000)(100,267,000)
Capitalized interest83,00010,000146,00043,000
Total other income (expense)(25,939,000)(26,237,000)(77,181,000)(77,678,000)
INCOME (LOSS) BEFORE INCOME TAXES42,889,00038,427,00088,584,00093,973,000
INCOME TAXES (BENEFITS)16,282,00013,479,00026,927,00033,107,000
NET INCOME (LOSS)26,607,00024,948,00061,657,00060,866,000
Income (loss) attributable to noncontrolling interest309,000366,000984,0001,151,000
EARNINGS AVAILABLE TO FIRSTENERGY CORP.26,298,00024,582,00060,673,00059,715,000
CEI | Affiliates
    
OPERATING EXPENSES:    
Purchased power25,076,00089,389,000107,284,000298,204,000
CEI | Non-Affiliates
    
OPERATING EXPENSES:    
Purchased power27,303,00035,151,00068,622,000105,200,000
TE
    
REVENUES:    
Electric utilities136,766,000136,058,000336,139,000376,180,000
Excise and gross receipts tax collections8,023,0007,979,00021,595,00021,079,000
Total revenues144,789,000144,037,000357,734,000397,259,000
OPERATING EXPENSES:    
Other operating expenses35,545,00028,746,000104,681,00079,790,000
Provision for depreciation7,969,0007,800,00023,859,00023,763,000
Amortization of regulatory assets, net18,143,0006,591,000(389,000)(3,708,000)
General taxes14,284,00014,023,00041,174,00039,766,000
Total operating expenses113,957,000116,161,000289,997,000334,050,000
OPERATING INCOME (LOSS)30,832,00027,876,00067,737,00063,209,000
OTHER INCOME (EXPENSE):    
Investment income2,919,0003,018,0008,440,00011,875,000
Miscellaneous income (expense)417,000(502,000)(816,000)(2,853,000)
Interest expense(10,520,000)(10,479,000)(31,378,000)(31,421,000)
Capitalized interest161,00094,000398,000252,000
Total other income (expense)(7,023,000)(7,869,000)(23,356,000)(22,147,000)
INCOME (LOSS) BEFORE INCOME TAXES23,809,00020,007,00044,381,00041,062,000
INCOME TAXES (BENEFITS)8,971,0006,911,00012,135,00013,241,000
NET INCOME (LOSS)14,838,00013,096,00032,246,00027,821,000
Income (loss) attributable to noncontrolling interest1,000(4,000)5,0001,000
EARNINGS AVAILABLE TO FIRSTENERGY CORP.14,837,00013,100,00032,241,00027,820,000
TE | Affiliates
    
OPERATING EXPENSES:    
Purchased power15,834,00042,338,00068,388,000144,062,000
TE | Non-Affiliates
    
OPERATING EXPENSES:    
Purchased power22,182,00016,663,00052,284,00050,377,000
JCP&L
    
REVENUES:    
Electric utilities762,000,000952,000,0001,973,000,0002,353,000,000
Excise and gross receipts tax collections15,000,00016,000,00039,000,00039,000,000
Total revenues777,000,000968,000,0002,012,000,0002,392,000,000
OPERATING EXPENSES:    
Purchased power429,000,000557,000,0001,127,000,0001,381,000,000
Other operating expenses132,000,00089,000,000297,000,000259,000,000
Provision for depreciation31,000,00027,000,00083,000,00082,000,000
Amortization of regulatory assets, net(4,000,000)100,000,000118,000,000252,000,000
General taxes20,000,00020,000,00053,000,00051,000,000
Total operating expenses608,000,000793,000,0001,678,000,0002,025,000,000
OPERATING INCOME (LOSS)169,000,000175,000,000334,000,000367,000,000
OTHER INCOME (EXPENSE):    
Miscellaneous income (expense)4,000,0002,000,0008,000,0005,000,000
Interest expense(32,000,000)(30,000,000)(93,000,000)(89,000,000)
Capitalized interest1,000,00002,000,0000
Total other income (expense)(27,000,000)(28,000,000)(83,000,000)(84,000,000)
INCOME (LOSS) BEFORE INCOME TAXES142,000,000147,000,000251,000,000283,000,000
INCOME TAXES (BENEFITS)59,000,00064,000,000107,000,000121,000,000
NET INCOME (LOSS)83,000,00083,000,000144,000,000162,000,000
Met-Ed
    
REVENUES:    
Electric utilities299,784,000460,864,000903,563,0001,334,454,000
Excise and gross receipts tax collections16,589,00023,049,00049,990,00065,245,000
Total revenues316,373,000483,913,000953,553,0001,399,699,000
OPERATING EXPENSES:    
Other operating expenses47,490,000141,761,000144,797,000333,895,000
Provision for depreciation14,478,00012,978,00039,667,00039,176,000
Amortization of regulatory assets, net24,000,00015,480,00078,261,000112,869,000
General taxes19,268,00025,029,00058,570,00066,663,000
Total operating expenses266,575,000448,848,000821,337,0001,293,487,000
OPERATING INCOME (LOSS)49,798,00035,065,000132,216,000106,212,000
OTHER INCOME (EXPENSE):    
Interest income14,000581,000120,0002,678,000
Miscellaneous income (expense)1,400,0001,539,0003,285,0005,093,000
Interest expense(13,343,000)(13,037,000)(39,530,000)(39,812,000)
Capitalized interest251,000176,000626,000461,000
Total other income (expense)(11,678,000)(10,741,000)(35,499,000)(31,580,000)
INCOME (LOSS) BEFORE INCOME TAXES38,120,00024,324,00096,717,00074,632,000
INCOME TAXES (BENEFITS)12,971,00010,084,00032,203,00030,968,000
NET INCOME (LOSS)25,149,00014,240,00064,514,00043,664,000
Met-Ed | Affiliates
    
OPERATING EXPENSES:    
Purchased power33,574,000166,039,000118,398,000476,119,000
Met-Ed | Non-Affiliates
    
OPERATING EXPENSES:    
Purchased power127,765,00087,561,000381,644,000264,765,000
Penelec
    
REVENUES:    
Electric utilities248,320,000372,480,000795,578,0001,108,751,000
Excise and gross receipts tax collections13,212,00017,414,00042,468,00051,100,000
Total revenues261,532,000389,894,000838,046,0001,159,851,000
OPERATING EXPENSES:    
Other operating expenses39,007,00058,832,000124,905,000198,296,000
Provision for depreciation16,126,00014,859,00046,469,00046,146,000
Amortization of regulatory assets, net19,164,000(1,771,000)44,779,000(22,259,000)
General taxes15,912,00019,194,00051,313,00054,375,000
Total operating expenses213,606,000348,887,000698,877,0001,033,928,000
OPERATING INCOME (LOSS)47,926,00041,007,000139,169,000125,923,000
OTHER INCOME (EXPENSE):    
Miscellaneous income (expense)797,0001,508,0001,466,0004,431,000
Interest expense(17,401,000)(17,581,000)(51,996,000)(52,501,000)
Capitalized interest101,000193,000164,000516,000
Total other income (expense)(16,503,000)(15,880,000)(50,366,000)(47,554,000)
INCOME (LOSS) BEFORE INCOME TAXES31,423,00025,127,00088,803,00078,369,000
INCOME TAXES (BENEFITS)11,270,0005,311,00036,626,00028,280,000
NET INCOME (LOSS)20,153,00019,816,00052,177,00050,089,000
Penelec | Affiliates
    
OPERATING EXPENSES:    
Purchased power57,990,000165,125,000160,109,000486,470,000
Penelec | Non-Affiliates
    
OPERATING EXPENSES:    
Purchased power$ 65,407,000$ 92,648,000$ 271,302,000$ 270,900,000
[1]Includes excise tax collections of $137 million and $120 million in the three months ended September 30, 2011 and 2010, respectively, and $371 million and $328 million in the nine months ended September 30, 2011 and 2010, respectively.
[2]Includes 113 million shares issued to AE shareholders for the periods subsequent to the merger date. (See Note 2)