For the transition period from
|
to
|
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, OH 44308
|
||
Telephone (800)736-3402
|
||
000-53742
|
FIRSTENERGY SOLUTIONS CORP.
|
31-1560186
|
(An Ohio Corporation)
|
||
c/o FirstEnergy Corp.
|
||
76 South Main Street
|
||
Akron, OH 44308
|
||
Telephone (800)736-3402
|
||
1-2578
|
OHIO EDISON COMPANY
|
34-0437786
|
(An Ohio Corporation)
|
||
c/o FirstEnergy Corp.
|
||
76 South Main Street
|
||
Akron, OH 44308
|
||
Telephone (800)736-3402
|
||
1-2323
|
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY
|
34-0150020
|
(An Ohio Corporation)
|
||
c/o FirstEnergy Corp.
|
||
76 South Main Street
|
||
Akron, OH 44308
|
||
Telephone (800)736-3402
|
||
1-3583
|
THE TOLEDO EDISON COMPANY
|
34-4375005
|
(An Ohio Corporation)
|
||
c/o FirstEnergy Corp.
|
||
76 South Main Street
|
||
Akron, OH 44308
|
||
Telephone (800)736-3402
|
||
1-3141
|
JERSEY CENTRAL POWER & LIGHT COMPANY
|
21-0485010
|
(A New Jersey Corporation)
|
||
c/o FirstEnergy Corp.
|
||
76 South Main Street
|
||
Akron, OH 44308
|
||
Telephone (800)736-3402
|
||
1-446
|
METROPOLITAN EDISON COMPANY
|
23-0870160
|
(A Pennsylvania Corporation)
|
||
c/o FirstEnergy Corp.
|
||
76 South Main Street
|
||
Akron, OH 44308
|
||
Telephone (800)736-3402
|
||
1-3522
|
PENNSYLVANIA ELECTRIC COMPANY
|
25-0718085
|
(A Pennsylvania Corporation)
|
||
c/o FirstEnergy Corp.
|
||
76 South Main Street
|
||
Akron, OH 44308
|
||
Telephone (800)736-3402
|
Yes (X) No ( )
|
FirstEnergy Corp., FirstEnergy Solutions Corp., Ohio Edison Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company and Pennsylvania Electric Company
|
Yes (X) No ( )
|
FirstEnergy Corp.
|
Yes ( ) No ( )
|
FirstEnergy Solutions Corp., Ohio Edison Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company, and Pennsylvania Electric Company
|
Large Accelerated Filer
(X)
|
FirstEnergy Corp.
|
Accelerated Filer
( )
|
N/A
|
Non-accelerated Filer (Do
not check if a smaller
reporting company)
(X)
|
FirstEnergy Solutions Corp., Ohio Edison Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company and Pennsylvania Electric Company
|
Smaller Reporting
Company
( )
|
N/A
|
Yes ( ) No (X)
|
FirstEnergy Corp., FirstEnergy Solutions Corp., Ohio Edison Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company and Pennsylvania Electric Company
|
OUTSTANDING
|
|
CLASS
|
AS OF APRIL 30, 2010
|
FirstEnergy Corp., $.10 par value
|
304,835,407
|
FirstEnergy Solutions Corp., no par value
|
7
|
Ohio Edison Company, no par value
|
60
|
The Cleveland Electric Illuminating Company, no par value
|
67,930,743
|
The Toledo Edison Company, $5 par value
|
29,402,054
|
Jersey Central Power & Light Company, $10 par value
|
13,628,447
|
Metropolitan Edison Company, no par value
|
859,500
|
Pennsylvania Electric Company, $20 par value
|
4,427,577
|
·
|
The speed and nature of increased competition in the electric utility industry and legislative and regulatory changes affecting how generation rates will be determined following the expiration of existing rate plans in Pennsylvania.
|
·
|
The impact of the regulatory process on the pending matters in Ohio, Pennsylvania and New Jersey.
|
·
|
Business and regulatory impacts from ATSI’s realignment into PJM.
|
·
|
Economic or weather conditions affecting future sales and margins.
|
·
|
Changes in markets for energy services.
|
·
|
Changing energy and commodity market prices and availability.
|
·
|
Replacement power costs being higher than anticipated or inadequately hedged.
|
·
|
The continued ability of FirstEnergy’s regulated utilities to collect transition and other charges or to recover increased transmission costs.
|
·
|
Operation and maintenance costs being higher than anticipated.
|
·
|
Other legislative and regulatory changes, and revised environmental requirements, including possible GHG emission regulations.
|
·
|
The potential impacts of the U.S. Court of Appeals’ July 11, 2008 decision requiring revisions to the CAIR rules and the scope of any laws, rules or regulations that may ultimately take their place.
|
·
|
The uncertainty of the timing and amounts of the capital expenditures needed to, among other things, implement the Air Quality Compliance Plan (including that such amounts could be higher than anticipated or that certain generating units may need to be shut down) or levels of emission reductions related to the Consent Decree resolving the NSR litigation or other potential similar regulatory initiatives or actions.
|
·
|
Adverse regulatory or legal decisions and outcomes (including, but not limited to, the revocation of necessary licenses or operating permits and oversight) by the NRC.
|
·
|
Factors that may further delay, or increase the costs associated with (including replacement power costs), the restart of the Davis-Besse Nuclear Power Station from its current refueling outage, including that the modifications to control rod drive mechanism nozzles take longer than expected or are not effective, other conditions requiring remediation are discovered during the extended outage, or the NRC takes adverse action in connection with any of the foregoing.
|
·
|
Ultimate resolution of Met-Ed’s and Penelec’s TSC filings with the PPUC.
|
·
|
The continuing availability of generating units and their ability to operate at or near full capacity.
|
·
|
The ability to comply with applicable state and federal reliability standards and energy efficiency mandates.
|
·
|
The ability to accomplish or realize anticipated benefits from strategic goals (including employee workforce initiatives).
|
·
|
The ability to improve electric commodity margins and to experience growth in the distribution business.
|
·
|
The changing market conditions that could affect the value of assets held in the registrants’ nuclear decommissioning trusts, pension trusts and other trust funds, and cause FirstEnergy to make additional contributions sooner, or in amounts that are larger than currently anticipated.
|
·
|
The ability to access the public securities and other capital and credit markets in accordance with FirstEnergy’s financing plan and the cost of such capital.
|
·
|
Changes in general economic conditions affecting the registrants.
|
·
|
The state of the capital and credit markets affecting the registrants.
|
·
|
Interest rates and any actions taken by credit rating agencies that could negatively affect the registrants’ access to financing or their costs and increase requirements to post additional collateral to support outstanding commodity positions, LOCs and other financial guarantees.
|
·
|
The continuing decline of the national and regional economy and its impact on the registrants’ major industrial and commercial customers.
|
·
|
Issues concerning the soundness of financial institutions and counterparties with which the registrants do business.
|
·
|
The expected timing and likelihood of completion of the proposed merger with Allegheny Energy, Inc., including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed merger that could reduce anticipated benefits or cause the parties to abandon the merger, the diversion of management's time and attention from FirstEnergy’s ongoing business during this time period, the ability to maintain relationships with customers, employees or suppliers as well as the ability to successfully integrate the businesses and realize cost savings and any other synergies and the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect.
|
·
|
The risks and other factors discussed from time to time in the registrants’ SEC filings, and other similar factors.
|
Pages
|
||||
Glossary of Terms
|
iii-iv
|
|||
Item 1. Financial Statements
|
||||
FirstEnergy Corp.
|
||||
Consolidated Statements of Income
|
1
|
|||
Consolidated Statements of Comprehensive Income
|
2
|
|||
Consolidated Balance Sheets
|
3
|
|||
Consolidated Statements of Cash Flows
|
4
|
|||
FirstEnergy Solutions Corp.
|
||||
Consolidated Statements of Income and Comprehensive Income
|
5
|
|||
Consolidated Balance Sheets
|
6
|
|||
Consolidated Statements of Cash Flows
|
7
|
|||
Ohio Edison Company
|
||||
Consolidated Statements of Income and Comprehensive Income (Loss)
|
8
|
|||
Consolidated Balance Sheets
|
9
|
|||
Consolidated Statements of Cash Flows
|
10
|
|||
The Cleveland Electric Illuminating Company
|
||||
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
|
11
|
|||
Consolidated Balance Sheets
|
12
|
|||
Consolidated Statements of Cash Flows
|
13
|
|||
The Toledo Edison Company
|
||||
Consolidated Statements of Income and Comprehensive Income (Loss)
|
14
|
|||
Consolidated Balance Sheets
|
15
|
|||
Consolidated Statements of Cash Flows
|
16
|
|||
Jersey Central Power & Light Company
|
||||
Consolidated Statements of Income and Comprehensive Income
|
17
|
|||
Consolidated Balance Sheets
|
18
|
|||
Consolidated Statements of Cash Flows
|
19
|
|||
Metropolitan Edison Company
|
||||
Consolidated Statements of Income and Comprehensive Income (Loss)
|
20
|
|||
Consolidated Balance Sheets
|
21
|
|||
Consolidated Statements of Cash Flows
|
22
|
|||
Pennsylvania Electric Company
|
||||
Consolidated Statements of Income and Comprehensive Income (Loss) |
23
|
|||
Consolidated Balance Sheets
|
24
|
|||
Consolidated Statements of Cash Flows
|
25
|
Pages
|
||
Combined Notes To Consolidated Financial Statements
|
26-62
|
|
Item 2. Management's Discussion and Analysis of Registrant and Subsidiaries
|
63-95
|
|
Management's Narrative Analysis of Results of Operations
|
||
FirstEnergy Solutions Corp.
|
96-98
|
|
Ohio Edison Company
|
99-100
|
|
The Cleveland Electric Illuminating Company
|
101-102
|
|
The Toledo Edison Company
|
103-104
|
|
Jersey Central Power & Light Company
|
105-106
|
|
Metropolitan Edison Company
|
107-108
|
|
Pennsylvania Electric Company
|
109-110
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
111
|
|
Item 4. Controls and Procedures – FirstEnergy
|
111
|
|
Item 4T. Controls and Procedures – FES, OE, CEI, TE, JCP&L, Met-Ed and Penelec
|
111
|
|
Part II. Other Information
|
||
Item 1. Legal Proceedings
|
112
|
|
Item 1A. Risk Factors
|
112
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
112
|
|
Item 5. Other Information
|
112
|
|
Item 6. Exhibits
|
112-113
|
ATSI
|
American Transmission Systems, Incorporated, owns and operates transmission facilities
|
CEI
|
The Cleveland Electric Illuminating Company, an Ohio electric utility operating subsidiary
|
FENOC
|
FirstEnergy Nuclear Operating Company, operates nuclear generating facilities
|
FES
|
FirstEnergy Solutions Corp., provides energy-related products and services
|
FESC
|
FirstEnergy Service Company, provides legal, financial and other corporate support services
|
FEV
|
FirstEnergy Ventures Corp., invests in certain unregulated enterprises and business ventures
|
FGCO
|
FirstEnergy Generation Corp., owns and operates non-nuclear generating facilities
|
FirstEnergy
|
FirstEnergy Corp., a public utility holding company
|
GPU
|
GPU, Inc., former parent of JCP&L, Met-Ed and Penelec, which merged with FirstEnergy on
November 7, 2001
|
JCP&L
|
Jersey Central Power & Light Company, a New Jersey electric utility operating subsidiary
|
JCP&L Transition
Funding
|
JCP&L Transition Funding LLC, a Delaware limited liability company and issuer of transition bonds
|
JCP&L Transition
Funding II
|
JCP&L Transition Funding II LLC, a Delaware limited liability company and issuer of transition bonds
|
Met-Ed
|
Metropolitan Edison Company, a Pennsylvania electric utility operating subsidiary
|
NGC
|
FirstEnergy Nuclear Generation Corp., owns nuclear generating facilities
|
OE
|
Ohio Edison Company, an Ohio electric utility operating subsidiary
|
Ohio Companies
|
CEI, OE and TE
|
Penelec
|
Pennsylvania Electric Company, a Pennsylvania electric utility operating subsidiary
|
Penn
|
Pennsylvania Power Company, a Pennsylvania electric utility operating subsidiary of OE
|
Pennsylvania Companies
|
Met-Ed, Penelec and Penn
|
PNBV
|
PNBV Capital Trust, a special purpose entity created by OE in 1996
|
Shelf Registrants
|
FirstEnergy, OE, CEI, TE, JCP&L, Met-Ed and Penelec
|
Shippingport
|
Shippingport Capital Trust, a special purpose entity created by CEI and TE in 1997
|
Signal Peak
|
A joint venture between FirstEnergy Ventures Corp. and Boich Companies, that owns mining and
coal transportation operations near Roundup, Montana
|
TE
|
The Toledo Edison Company, an Ohio electric utility operating subsidiary
|
Utilities
|
OE, CEI, TE, Penn, JCP&L, Met-Ed and Penelec
|
Waverly
|
The Waverly Power and Light Company, a wholly owned subsidiary of Penelec
|
The following abbreviations and acronyms are used to identify frequently used terms in this report:
|
|
AEP
|
American Electric Power Company, Inc.
|
ALJ
|
Administrative Law Judge
|
AMP-Ohio
|
American Municipal Power-Ohio, Inc.
|
AOCL
|
Accumulated Other Comprehensive Loss
|
AQC
|
Air Quality Control
|
ARO
|
Asset Retirement Obligation
|
BGS
|
Basic Generation Service
|
CAA
|
Clean Air Act
|
CAIR
|
Clean Air Interstate Rule
|
CAMR
|
Clean Air Mercury Rule
|
CAVR
|
Clean Air Visibility Rule
|
CBP
|
Competitive Bid Process
|
CMEC
|
Capacity market Evolution Committee
|
CO2
|
Carbon dioxide
|
CTC
|
Competitive Transition Charge
|
DOE
|
United States Department of Energy
|
DOJ
|
United States Department of Justice
|
DCPD
|
Deferred Compensation Plan for Outside Directors
|
DPA
|
Department of the Public Advocate, Division of Rate Counsel (New Jersey)
|
ECAR
|
East Central Area Reliability Coordination Agreement
|
EDCP
|
Executive Deferred Compensation Plan
|
EE&C
|
Energy Efficiency and Conservation
|
EMP
|
Energy Master Plan
|
EPA
|
United States Environmental Protection Agency
|
EPACT
|
Energy Policy Act of 2005
|
EPRI
|
Electric Power Research Institute
|
ESOP
|
Employee Stock Ownership Plan
|
ESP
|
Electric Security Plan
|
FASB
|
Financial Accounting Standards Board
|
FERC
|
Federal Energy Regulatory Commission
|
FMB
|
First Mortgage Bond
|
FPA
|
Federal Power Act
|
FRR
|
Fixed Resource Requirement
|
GAAP
|
Accounting Principles Generally Accepted in the United States
|
GHG
|
Greenhouse Gases
|
IBEW
|
International Brotherhood of Electrical Workers
|
IFRS
|
International Financial Reporting Standards
|
IRS
|
Internal Revenue Service
|
JCARR
|
Joint Committee on Agency Review
|
kV
|
Kilovolt
|
KWH
|
Kilowatt-hours
|
LED
|
Light-emitting Diode
|
LIBOR
|
London Interbank Offered Rate
|
LOC
|
Letter of Credit
|
LTIP
|
Long-Term Incentive Plan
|
MACT
|
Maximum Achievable Control Technology
|
MISO
|
Midwest Independent Transmission System Operator, Inc.
|
Moody's
|
Moody's Investors Service, Inc.
|
MRO
|
Market Rate Offer
|
MW
|
Megawatts
|
MWH
|
Megawatt-hours
|
NAAQS
|
National Ambient Air Quality Standards
|
NEIL
|
Nuclear Electric Insurance Limited
|
NERC
|
North American Electric Reliability Corporation
|
NJBPU
|
New Jersey Board of Public Utilities
|
NNSR
|
Non-Attainment New Source Review
|
NOPEC
|
Northeast Ohio Public Energy Council
|
NOV
|
Notice of Violation
|
NOX
|
Nitrogen Oxide
|
NRC
|
Nuclear Regulatory Commission
|
NSR
|
New Source Review
|
NUG
|
Non-Utility Generation
|
NUGC
|
Non-Utility Generation Charge
|
OCC
|
Ohio Consumers’ Counsel
|
OCI
|
Other Comprehensive Income
|
OPEB
|
Other Post-Employment Benefits
|
OVEC
|
Ohio Valley Electric Corporation
|
PCRB
|
Pollution Control Revenue Bond
|
PJM
|
PJM Interconnection L. L. C.
|
PLR
|
Provider of Last Resort; an electric utility's obligation to provide generation service to customers
whose alternative supplier fails to deliver service
|
PPUC
|
Pennsylvania Public Utility Commission
|
PSA
|
Power Supply Agreement
|
PSD
|
Prevention of Significant Deterioration
|
PUCO
|
Public Utilities Commission of Ohio
|
QSPE
|
Qualifying Special-Purpose Entity
|
RCP
|
Rate Certainty Plan
|
RECs
|
Renewable Energy Credits
|
RFP
|
Request for Proposal
|
RPM
|
Reliability Pricing Model
|
RTEP
|
Regional Transmission Expansion Plan
|
RTC
|
Regulatory Transition Charge
|
RTO
|
Regional Transmission Organization
|
S&P
|
Standard & Poor's Ratings Service
|
SB221
|
Amended Substitute Senate Bill 221
|
SBC
|
Societal Benefits Charge
|
SEC
|
U.S. Securities and Exchange Commission
|
SECA
|
Seams Elimination Cost Adjustment
|
SIP
|
State Implementation Plan(s) Under the Clean Air Act
|
SNCR
|
Selective Non-Catalytic Reduction
|
SO2
|
Sulfur Dioxide
|
SRECs
|
Solar Renewable Energy Credits
|
TBC
|
Transition Bond Charge
|
TMI-2
|
Three Mile Island Unit 2
|
TSC
|
Transmission Service Charge
|
VERO
|
Voluntary Enhanced Retirement Option
|
VIE
|
Variable Interest Entity
|
FIRSTENERGY CORP.
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended | ||||||||
March 31 | ||||||||
2010 | 2009 | |||||||
(In millions, except
|
||||||||
per share amounts)
|
||||||||
REVENUES:
|
||||||||
Electric utilities
|
$ | 2,543 | $ | 3,020 | ||||
Unregulated businesses
|
756 | 314 | ||||||
Total revenues*
|
3,299 | 3,334 | ||||||
EXPENSES:
|
||||||||
Fuel
|
334 | 312 | ||||||
Purchased power
|
1,238 | 1,143 | ||||||
Other operating expenses
|
701 | 827 | ||||||
Provision for depreciation
|
193 | 177 | ||||||
Amortization of regulatory assets
|
212 | 411 | ||||||
Deferral of new regulatory assets
|
- | (93 | ) | |||||
General taxes
|
205 | 211 | ||||||
Total expenses
|
2,883 | 2,988 | ||||||
OPERATING INCOME
|
416 | 346 | ||||||
OTHER INCOME (EXPENSE):
|
||||||||
Investment income (loss), net
|
16 | (11 | ) | |||||
Interest expense
|
(213 | ) | (194 | ) | ||||
Capitalized interest
|
41 | 28 | ||||||
Total other expense
|
(156 | ) | (177 | ) | ||||
INCOME BEFORE INCOME TAXES
|
260 | 169 | ||||||
INCOME TAXES
|
111 | 54 | ||||||
NET INCOME
|
149 | 115 | ||||||
Noncontrolling interest loss
|
(6 | ) | (4 | ) | ||||
EARNINGS AVAILABLE TO FIRSTENERGY CORP.
|
$ | 155 | $ | 119 | ||||
BASIC EARNINGS PER SHARE OF COMMON STOCK
|
$ | 0.51 | $ | 0.39 | ||||
WEIGHTED AVERAGE NUMBER OF BASIC SHARES OUTSTANDING
|
304 | 304 | ||||||
DILUTED EARNINGS PER SHARE OF COMMON STOCK
|
$ | 0.51 | $ | 0.39 | ||||
WEIGHTED AVERAGE NUMBER OF DILUTED SHARES OUTSTANDING
|
306 | 306 | ||||||
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK
|
$ | 0.55 | $ | 0.55 | ||||
* Includes $109 million of excise tax collections in the three months ended March 31, 2010 and 2009.
|
||||||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.
|
FIRSTENERGY CORP.
|
||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2010 |
2009
|
|||||||
(In millions)
|
||||||||
NET INCOME
|
$ | 149 | $ | 115 | ||||
OTHER COMPREHENSIVE INCOME:
|
||||||||
Pension and other postretirement benefits
|
13 | 35 | ||||||
Unrealized gain on derivative hedges
|
4 | 15 | ||||||
Change in unrealized gain on available-for-sale securities
|
6 | (5 | ) | |||||
Other comprehensive income
|
23 | 45 | ||||||
Income tax expense related to other comprehensive income
|
7 | 15 | ||||||
Other comprehensive income, net of tax
|
16 | 30 | ||||||
COMPREHENSIVE INCOME
|
165 | 145 | ||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(6 | ) | (4 | ) | ||||
COMPREHENSIVE INCOME AVAILABLE TO FIRSTENERGY CORP.
|
$ | 171 | $ | 149 | ||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.
|
FIRSTENERGY CORP.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited)
|
||||||||
March 31,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
(In millions)
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 310 | $ | 874 | ||||
Receivables-
|
||||||||
Customers (less accumulated provisions of $36 million and $33 million,
|
||||||||
respectively, for uncollectible accounts)
|
1,255 | 1,244 | ||||||
Other (less accumulated provisions of $7 million for uncollectible accounts)
|
140 | 153 | ||||||
Materials and supplies, at average cost
|
699 | 647 | ||||||
Prepaid taxes
|
236 | 248 | ||||||
Other
|
214 | 154 | ||||||
2,854 | 3,320 | |||||||
PROPERTY, PLANT AND EQUIPMENT:
|
||||||||
In service
|
27,980 | 27,826 | ||||||
Less - Accumulated provision for depreciation
|
11,554 | 11,397 | ||||||
16,426 | 16,429 | |||||||
Construction work in progress
|
2,931 | 2,735 | ||||||
19,357 | 19,164 | |||||||
INVESTMENTS:
|
||||||||
Nuclear plant decommissioning trusts
|
1,882 | 1,859 | ||||||
Investments in lease obligation bonds
|
495 | 543 | ||||||
Other
|
609 | 621 | ||||||
2,986 | 3,023 | |||||||
DEFERRED CHARGES AND OTHER ASSETS:
|
||||||||
Goodwill
|
5,575 | 5,575 | ||||||
Regulatory assets
|
2,398 | 2,356 | ||||||
Power purchase contract asset
|
148 | 200 | ||||||
Other
|
760 | 666 | ||||||
8,881 | 8,797 | |||||||
$ | 34,078 | $ | 34,304 | |||||
LIABILITIES AND CAPITALIZATION
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Currently payable long-term debt
|
$ | 1,783 | $ | 1,834 | ||||
Short-term borrowings
|
886 | 1,181 | ||||||
Accounts payable
|
772 | 829 | ||||||
Accrued taxes
|
266 | 314 | ||||||
Other
|
1,179 | 1,130 | ||||||
4,886 | 5,288 | |||||||
CAPITALIZATION:
|
||||||||
Common stockholders’ equity-
|
||||||||
Common stock, $0.10 par value, authorized 375,000,000 shares-
|
||||||||
304,835,407 shares outstanding
|
31 | 31 | ||||||
Other paid-in capital
|
5,432 | 5,448 | ||||||
Accumulated other comprehensive loss
|
(1,399 | ) | (1,415 | ) | ||||
Retained earnings
|
4,482 | 4,495 | ||||||
Total common stockholders' equity
|
8,546 | 8,559 | ||||||
Noncontrolling interest
|
(11 | ) | (2 | ) | ||||
Total equity
|
8,535 | 8,557 | ||||||
Long-term debt and other long-term obligations
|
11,847 | 11,908 | ||||||
20,382 | 20,465 | |||||||
NONCURRENT LIABILITIES:
|
||||||||
Accumulated deferred income taxes
|
2,602 | 2,468 | ||||||
Asset retirement obligations
|
1,449 | 1,425 | ||||||
Deferred gain on sale and leaseback transaction
|
984 | 993 | ||||||
Power purchase contract liability
|
738 | 643 | ||||||
Retirement benefits
|
1,527 | 1,534 | ||||||
Lease market valuation liability
|
251 | 262 | ||||||
Other
|
1,259 | 1,226 | ||||||
8,810 | 8,551 | |||||||
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 8)
|
||||||||
$ | 34,078 | $ | 34,304 | |||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these
|
||||||||
financial statements.
|
FIRSTENERGY CORP.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2010
|
2009
|
|||||||
(In millions)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Income
|
$ | 149 | $ | 115 | ||||
Adjustments to reconcile net income to net cash from operating activities-
|
||||||||
Provision for depreciation
|
193 | 177 | ||||||
Amortization of regulatory assets
|
212 | 411 | ||||||
Deferral of new regulatory assets
|
- | (93 | ) | |||||
Nuclear fuel and lease amortization
|
41 | 27 | ||||||
Deferred purchased power and other costs
|
(77 | ) | (62 | ) | ||||
Deferred income taxes and investment tax credits, net
|
59 | (28 | ) | |||||
Investment impairment
|
10 | 36 | ||||||
Deferred rents and lease market valuation liability
|
(17 | ) | (14 | ) | ||||
Stock-based compensation
|
(15 | ) | (13 | ) | ||||
Accrued compensation and retirement benefits
|
(81 | ) | (66 | ) | ||||
Commodity derivative transactions, net
|
33 | 16 | ||||||
Cash collateral paid
|
(46 | ) | (15 | ) | ||||
Decrease (increase) in operating assets-
|
||||||||
Receivables
|
2 | 46 | ||||||
Materials and supplies
|
(42 | ) | (7 | ) | ||||
Prepayments and other current assets
|
33 | (71 | ) | |||||
Increase (decrease) in operating liabilities-
|
||||||||
Accounts payable
|
(57 | ) | (90 | ) | ||||
Accrued taxes
|
7 | (51 | ) | |||||
Accrued interest
|
66 | 118 | ||||||
Other
|
36 | 26 | ||||||
Net cash provided from operating activities
|
506 | 462 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
New Financing-
|
||||||||
Long-term debt
|
- | 700 | ||||||
Redemptions and Repayments-
|
||||||||
Long-term debt
|
(109 | ) | (444 | ) | ||||
Short-term borrowings, net
|
(295 | ) | - | |||||
Common stock dividend payments
|
(168 | ) | (168 | ) | ||||
Other
|
(22 | ) | (18 | ) | ||||
Net cash provided from (used for) financing activities
|
(594 | ) | 70 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Property additions
|
(508 | ) | (654 | ) | ||||
Proceeds from asset sales
|
114 | 8 | ||||||
Sales of investment securities held in trusts
|
733 | 567 | ||||||
Purchases of investment securities held in trusts
|
(755 | ) | (584 | ) | ||||
Customer intangibles
|
(101 | ) | - | |||||
Cash investments
|
49 | 17 | ||||||
Other
|
(8 | ) | (32 | ) | ||||
Net cash used for investing activities
|
(476 | ) | (678 | ) | ||||
Net change in cash and cash equivalents
|
(564 | ) | (146 | ) | ||||
Cash and cash equivalents at beginning of period
|
874 | 545 | ||||||
Cash and cash equivalents at end of period
|
$ | 310 | $ | 399 | ||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.
|
FIRSTENERGY SOLUTIONS CORP.
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2010
|
2009
|
|||||||
(In thousands)
|
||||||||
REVENUES:
|
||||||||
Electric sales to affiliates
|
$ | 607,302 | $ | 892,690 | ||||
Electric sales to non-affiliates
|
668,685 | 279,746 | ||||||
Other
|
112,106 | 53,670 | ||||||
Total revenues
|
1,388,093 | 1,226,106 | ||||||
EXPENSES:
|
||||||||
Fuel
|
328,221 | 306,158 | ||||||
Purchased power from affiliates
|
60,953 | 63,207 | ||||||
Purchased power from non-affiliates
|
450,216 | 160,342 | ||||||
Other operating expenses
|
304,510 | 307,356 | ||||||
Provision for depreciation
|
62,918 | 61,373 | ||||||
General taxes
|
26,746 | 23,376 | ||||||
Total expenses
|
1,233,564 | 921,812 | ||||||
OPERATING INCOME
|
154,529 | 304,294 | ||||||
OTHER EXPENSE:
|
||||||||
Investment income (loss)
|
717 | (28,874 | ) | |||||
Miscellaneous expense
|
1,310 | 2,511 | ||||||
Interest expense to affiliates
|
(2,305 | ) | (2,979 | ) | ||||
Interest expense - other
|
(49,644 | ) | (22,527 | ) | ||||
Capitalized interest
|
19,690 | 10,078 | ||||||
Total other expense
|
(30,232 | ) | (41,791 | ) | ||||
INCOME BEFORE INCOME TAXES
|
124,297 | 262,503 | ||||||
INCOME TAXES
|
44,371 | 91,822 | ||||||
NET INCOME
|
79,926 | 170,681 | ||||||
OTHER COMPREHENSIVE INCOME (LOSS):
|
||||||||
Pension and other postretirement benefits
|
(9,834 | ) | 2,568 | |||||
Unrealized gain on derivative hedges
|
1,274 | 11,016 | ||||||
Change in unrealized gain on available-for-sale securities
|
5,028 | (1,477 | ) | |||||
Other comprehensive income (loss)
|
(3,532 | ) | 12,107 | |||||
Income tax expense (benefit) related to other comprehensive income
|
(1,340 | ) | 4,709 | |||||
Other comprehensive income (loss), net of tax
|
(2,192 | ) | 7,398 | |||||
TOTAL COMPREHENSIVE INCOME
|
$ | 77,734 | $ | 178,079 | ||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.
|
FIRSTENERGY SOLUTIONS CORP.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited)
|
||||||||
March 31,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
(In thousands)
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 11 | $ | 12 | ||||
Receivables-
|
||||||||
Customers (less accumulated provisions of $13,641,000 and $12,041,000,
|
||||||||
respectively, for uncollectible accounts)
|
248,994 | 195,107 | ||||||
Associated companies
|
360,804 | 318,561 | ||||||
Other (less accumulated provisions of $6,702,000)
|
81,659 | 51,872 | ||||||
Notes receivable from associated companies
|
483,423 | 805,103 | ||||||
Materials and supplies, at average cost
|
558,751 | 539,541 | ||||||
Prepayments and other
|
160,668 | 107,782 | ||||||
1,894,310 | 2,017,978 | |||||||
PROPERTY, PLANT AND EQUIPMENT:
|
||||||||
In service
|
10,368,007 | 10,357,632 | ||||||
Less - Accumulated provision for depreciation
|
4,617,864 | 4,531,158 | ||||||
5,750,143 | 5,826,474 | |||||||
Construction work in progress
|
2,597,630 | 2,423,446 | ||||||
8,347,773 | 8,249,920 | |||||||
INVESTMENTS:
|
||||||||
Nuclear plant decommissioning trusts
|
1,091,114 | 1,088,641 | ||||||
Other
|
8,525 | 22,466 | ||||||
1,099,639 | 1,111,107 | |||||||
DEFERRED CHARGES AND OTHER ASSETS:
|
||||||||
Accumulated deferred income tax benefits
|
66,462 | 86,626 | ||||||
Goodwill
|
24,248 | 24,248 | ||||||
Customer intangibles
|
114,567 | 16,566 | ||||||
Property taxes
|
50,125 | 50,125 | ||||||
Unamortized sale and leaseback costs
|
90,803 | 72,553 | ||||||
Other
|
109,494 | 121,665 | ||||||
455,699 | 371,783 | |||||||
$ | 11,797,421 | $ | 11,750,788 | |||||
LIABILITIES AND CAPITALIZATION
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Currently payable long-term debt
|
$ | 1,601,184 | $ | 1,550,927 | ||||
Short-term borrowings-
|
||||||||
Associated companies
|
- | 9,237 | ||||||
Other
|
100,000 | 100,000 | ||||||
Accounts payable-
|
||||||||
Associated companies
|
385,251 | 466,078 | ||||||
Other
|
270,457 | 245,363 | ||||||
Accrued taxes
|
66,585 | 83,158 | ||||||
Other
|
393,512 | 359,057 | ||||||
2,816,989 | 2,813,820 | |||||||
CAPITALIZATION:
|
||||||||
Common stockholder's equity -
|
||||||||
Common stock, without par value, authorized 750 shares,
|
||||||||
7 shares outstanding
|
1,465,698 | 1,468,423 | ||||||
Accumulated other comprehensive loss
|
(105,193 | ) | (103,001 | ) | ||||
Retained earnings
|
2,229,075 | 2,149,149 | ||||||
Total common stockholder's equity
|
3,589,580 | 3,514,571 | ||||||
Long-term debt and other long-term obligations
|
2,660,200 | 2,711,652 | ||||||
6,249,780 | 6,226,223 | |||||||
NONCURRENT LIABILITIES:
|
||||||||
Deferred gain on sale and leaseback transaction
|
984,440 | 992,869 | ||||||
Accumulated deferred investment tax credits
|
57,353 | 58,396 | ||||||
Asset retirement obligations
|
936,453 | 921,448 | ||||||
Retirement benefits
|
219,174 | 204,035 | ||||||
Property taxes
|
50,125 | 50,125 | ||||||
Lease market valuation liability
|
250,871 | 262,200 | ||||||
Other
|
232,236 | 221,672 | ||||||
2,730,652 | 2,710,745 | |||||||
COMMITMENTS AND CONTINGENCIES (Note 8)
|
||||||||
$ | 11,797,421 | $ | 11,750,788 | |||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.
|
FIRSTENERGY SOLUTIONS CORP.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2010
|
2009
|
|||||||
(In thousands)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 79,926 | $ | 170,681 | ||||
Adjustments to reconcile net income to net cash from operating activities-
|
||||||||
Provision for depreciation
|
62,918 | 61,373 | ||||||
Nuclear fuel and lease amortization
|
42,118 | 27,169 | ||||||
Deferred rents and lease market valuation liability
|
(40,869 | ) | (37,522 | ) | ||||
Deferred income taxes and investment tax credits, net
|
37,773 | 24,866 | ||||||
Investment impairment
|
9,606 | 33,535 | ||||||
Commodity derivative transactions, net
|
32,900 | 15,817 | ||||||
Cash collateral, net
|
(21,411 | ) | (5,492 | ) | ||||
Decrease (increase) in operating assets:
|
||||||||
Receivables
|
(158,288 | ) | 80,067 | |||||
Materials and supplies
|
(8,700 | ) | (865 | ) | ||||
Prepayments and other current assets
|
13,516 | (3,456 | ) | |||||
Increase (decrease) in operating liabilities:
|
||||||||
Accounts payable
|
(41,057 | ) | (61,419 | ) | ||||
Accrued taxes
|
(16,300 | ) | 39,846 | |||||
Accrued interest
|
(14,930 | ) | 10,338 | |||||
Other
|
13,902 | (7,071 | ) | |||||
Net cash provided from (used for) operating activities
|
(8,896 | ) | 347,867 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
New Financing-
|
||||||||
Long-term debt
|
- | 100,000 | ||||||
Short-term borrowings, net
|
- | 621,294 | ||||||
Redemptions and Repayments-
|
||||||||
Long-term debt
|
(1,278 | ) | (335,916 | ) | ||||
Short-term borrowings, net
|
(9,237 | ) | - | |||||
Other
|
(731 | ) | - | |||||
Net cash provided from (used for) financing activities
|
(11,246 | ) | 385,378 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Property additions
|
(301,603 | ) | (412,805 | ) | ||||
Proceeds from asset sales
|
114,272 | 7,573 | ||||||
Sales of investment securities held in trusts
|
272,094 | 351,414 | ||||||
Purchases of investment securities held in trusts
|
(284,888 | ) | (356,904 | ) | ||||
Loans from (to) associated companies, net
|
321,680 | (303,963 | ) | |||||
Customer intangibles
|
(100,615 | ) | - | |||||
Other
|
(799 | ) | (18,565 | ) | ||||
Net cash provided from (used for) investing activities
|
20,141 | (733,250 | ) | |||||
Net change in cash and cash equivalents
|
(1 | ) | (5 | ) | ||||
Cash and cash equivalents at beginning of period
|
12 | 39 | ||||||
Cash and cash equivalents at end of period
|
$ | 11 | $ | 34 | ||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.
|
OHIO EDISON COMPANY
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2010
|
2009
|
|||||||
(In thousands)
|
||||||||
STATEMENTS OF INCOME
|
||||||||
REVENUES:
|
||||||||
Electric sales
|
$ | 479,925 | $ | 720,011 | ||||
Excise and gross receipts tax collections
|
28,475 | 28,980 | ||||||
Total revenues
|
508,400 | 748,991 | ||||||
EXPENSES:
|
||||||||
Purchased power from affiliates
|
135,857 | 332,336 | ||||||
Purchased power from non-affiliates
|
112,051 | 137,813 | ||||||
Other operating costs
|
88,855 | 157,830 | ||||||
Provision for depreciation
|
21,880 | 21,513 | ||||||
Amortization of regulatory assets, net
|
29,345 | 20,211 | ||||||
General taxes
|
47,492 | 49,120 | ||||||
Total expenses
|
435,480 | 718,823 | ||||||
OPERATING INCOME
|
72,920 | 30,168 | ||||||
OTHER INCOME (EXPENSE):
|
||||||||
Investment income
|
5,244 | 9,362 | ||||||
Miscellaneous expense
|
(292 | ) | (810 | ) | ||||
Interest expense
|
(22,310 | ) | (23,287 | ) | ||||
Capitalized interest
|
208 | 220 | ||||||
Total other expense
|
(17,150 | ) | (14,515 | ) | ||||
INCOME BEFORE INCOME TAXES
|
55,770 | 15,653 | ||||||
INCOME TAXES
|
19,609 | 4,005 | ||||||
NET INCOME
|
36,161 | 11,648 | ||||||
Noncontrolling interest income
|
132 | 146 | ||||||
EARNINGS AVAILABLE TO PARENT
|
$ | 36,029 | $ | 11,502 | ||||
STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||
NET INCOME
|
$ | 36,161 | $ | 11,648 | ||||
OTHER COMPREHENSIVE INCOME (LOSS):
|
||||||||
Pension and other postretirement benefits
|
4,015 | 5,738 | ||||||
Change in unrealized gain on available-for-sale securities
|
291 | (2,709 | ) | |||||
Other comprehensive income
|
4,306 | 3,029 | ||||||
Income tax expense related to other comprehensive income
|
693 | 529 | ||||||
Other comprehensive income, net of tax
|
3,613 | 2,500 | ||||||
COMPREHENSIVE INCOME
|
39,774 | 14,148 | ||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
132 | 146 | ||||||
COMPREHENSIVE INCOME AVAILABLE TO PARENT
|
$ | 39,642 | $ | 14,002 | ||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.
|
OHIO EDISON COMPANY
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited)
|
||||||||
March 31,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
(In thousands) | ||||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 60,680 | $ | 324,175 | ||||
Receivables-
|
||||||||
Customers (less accumulated provisions of $5,417,000 and $5,119,000, respectively,
|
||||||||
for uncollectible accounts)
|
196,226 | 209,384 | ||||||
Associated companies
|
49,839 | 98,874 | ||||||
Other (less accumulated provisions of $1,000 and $18,000, respectively,
|
||||||||
for uncollectible accounts)
|
18,758 | 14,155 | ||||||
Notes receivable from associated companies
|
104,183 | 118,651 | ||||||
Prepayments and other
|
37,766 | 15,964 | ||||||
467,452 | 781,203 | |||||||
UTILITY PLANT:
|
||||||||
In service
|
3,057,995 | 3,036,467 | ||||||
Less - Accumulated provision for depreciation
|
1,177,211 | 1,165,394 | ||||||
1,880,784 | 1,871,073 | |||||||
Construction work in progress
|
35,331 | 31,171 | ||||||
1,916,115 | 1,902,244 | |||||||
OTHER PROPERTY AND INVESTMENTS:
|
||||||||
Investment in lease obligation bonds
|
216,498 | 216,600 | ||||||
Nuclear plant decommissioning trusts
|
120,819 | 120,812 | ||||||
Other
|
96,669 | 96,861 | ||||||
433,986 | 434,273 | |||||||
DEFERRED CHARGES AND OTHER ASSETS:
|
||||||||
Regulatory assets
|
432,526 | 465,331 | ||||||
Pension assets
|
33,128 | 19,881 | ||||||
Property taxes
|
67,037 | 67,037 | ||||||
Unamortized sale and leaseback costs
|
33,877 | 35,127 | ||||||
Other
|
36,454 | 39,881 | ||||||
603,022 | 627,257 | |||||||
$ | 3,420,575 | $ | 3,744,977 | |||||
LIABILITIES AND CAPITALIZATION
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Currently payable long-term debt
|
$ | 1,470 | $ | 2,723 | ||||
Short-term borrowings-
|
||||||||
Associated companies
|
- | 92,863 | ||||||
Other
|
807 | 807 | ||||||
Accounts payable-
|
||||||||
Associated companies
|
75,374 | 102,763 | ||||||
Other
|
32,351 | 40,423 | ||||||
Accrued taxes
|
66,100 | 81,868 | ||||||
Accrued interest
|
25,523 | 25,749 | ||||||
Other
|
109,429 | 81,424 | ||||||
311,054 | 428,620 | |||||||
CAPITALIZATION:
|
||||||||
Common stockholder's equity-
|
||||||||
Common stock, without par value, authorized 175,000,000 shares -
|
||||||||
60 shares outstanding
|
949,735 | 1,154,797 | ||||||
Accumulated other comprehensive loss
|
(159,964 | ) | (163,577 | ) | ||||
Retained earnings
|
20,920 | 29,890 | ||||||
Total common stockholder's equity
|
810,691 | 1,021,110 | ||||||
Noncontrolling interest
|
6,574 | 6,442 | ||||||
Total equity
|
817,265 | 1,027,552 | ||||||
Long-term debt and other long-term obligations
|
1,160,250 | 1,160,208 | ||||||
1,977,515 | 2,187,760 | |||||||
NONCURRENT LIABILITIES:
|
||||||||
Accumulated deferred income taxes
|
670,758 | 660,114 | ||||||
Accumulated deferred investment tax credits
|
11,243 | 11,406 | ||||||
Asset retirement obligations
|
87,315 | 85,926 | ||||||
Retirement benefits
|
174,404 | 174,925 | ||||||
Other
|
188,286 | 196,226 | ||||||
1,132,006 | 1,128,597 | |||||||
COMMITMENTS AND CONTINGENCIES (Note 8)
|
||||||||
$ | 3,420,575 | $ | 3,744,977 | |||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.
|
OHIO EDISON COMPANY
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2010
|
2009
|
|||||||
(In thousands)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 36,161 | $ | 11,648 | ||||
Adjustments to reconcile net income to net cash from operating activities-
|
||||||||
Provision for depreciation
|
21,880 | 21,513 | ||||||
Amortization of regulatory assets, net
|
29,345 | 20,211 | ||||||
Purchased power cost recovery reconciliation
|
(5,908 | ) | 2,978 | |||||
Amortization of lease costs
|
32,934 | 32,934 | ||||||
Deferred income taxes and investment tax credits, net
|
(2,489 | ) | (7,272 | ) | ||||
Accrued compensation and retirement benefits
|
(12,160 | ) | (1,746 | ) | ||||
Accrued regulatory obligations
|
(623 | ) | 18,350 | |||||
Electric service prepayment programs
|
- | (3,944 | ) | |||||
Decrease (increase) in operating assets-
|
||||||||
Receivables
|
65,141 | 1,435 | ||||||
Prepayments and other current assets
|
(21,802 | ) | (9,806 | ) | ||||
Increase (decrease) in operating liabilities-
|
||||||||
Accounts payable
|
(35,461 | ) | 11,880 | |||||
Accrued taxes
|
(15,849 | ) | (26,222 | ) | ||||
Accrued interest
|
(226 | ) | (1,956 | ) | ||||
Other
|
10,270 | 6,708 | ||||||
Net cash provided from operating activities
|
101,213 | 76,711 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
New Financing-
|
||||||||
Short-term borrowings, net
|
- | 79,810 | ||||||
Redemptions and Repayments-
|
||||||||
Long-term debt
|
(1,363 | ) | (100,393 | ) | ||||
Short-term borrowings, net
|
(92,863 | ) | ||||||
Dividend Payments-
|
||||||||
Common stock
|
(250,000 | ) | - | |||||
Other
|
(113 | ) | (69 | ) | ||||
Net cash used for financing activities
|
(344,339 | ) | (20,652 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Property additions
|
(35,680 | ) | (37,523 | ) | ||||
Sales of investment securities held in trusts
|
2,424 | 9,417 | ||||||
Purchases of investment securities held in trusts
|
(2,971 | ) | (10,422 | ) | ||||
Loan repayments from associated companies, net
|
14,469 | 146,098 | ||||||
Cash investments
|
(384 | ) | (243 | ) | ||||
Other
|
1,773 | 1,463 | ||||||
Net cash provided from (used for) investing activities
|
(20,369 | ) | 108,790 | |||||
Net change in cash and cash equivalents
|
(263,495 | ) | 164,849 | |||||
Cash and cash equivalents at beginning of period
|
324,175 | 146,343 | ||||||
Cash and cash equivalents at end of period
|
$ | 60,680 | $ | 311,192 | ||||
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.
|
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2010
|
2009
|
|||||||
(In thousands)
|
||||||||
STATEMENTS OF INCOME
|
||||||||
REVENUES:
|
||||||||
Electric sales
|
$ | 312,497 | $ | 431,405 | ||||
Excise tax collections
|
17,573 | 18,320 | ||||||
Total revenues
|
330,070 | 449,725 | ||||||
EXPENSES:
|
||||||||
Purchased power from affiliates
|
94,965 | 238,872 | ||||||
Purchased power from non-affiliates
|
51,826 | 71,746 | ||||||
Other operating costs
|
31,235 | 64,830 | ||||||
Provision for depreciation
|
18,111 | 18,280 | ||||||
Amortization of regulatory assets
|
45,139 | 256,737 | ||||||
Deferral of new regulatory assets
|
- | (94,816 | ) | |||||
General taxes
|
38,489 | 38,141 | ||||||
Total expenses
|
279,765 | 593,790 | ||||||
OPERATING INCOME (LOSS)
|
50,305 | (144,065 | ) | |||||
OTHER INCOME (EXPENSE):
|
||||||||
Investment income
|
7,547 | 8,420 | ||||||
Miscellaneous income
|
581 | 1,994 | ||||||
Interest expense
|
(33,621 | ) | (33,322 | ) | ||||
Capitalized interest
|
26 | 67 | ||||||
Total other expense
|
(25,467 | ) | (22,841 | ) | ||||
INCOME (LOSS) BE |