main8_k.htm
UNITED
STATES
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) January 2, 2009
Commission
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Registrant;
State of Incorporation;
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I.R.S.
Employer
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Address; and Telephone
Number
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333-21011
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FIRSTENERGY
CORP.
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34-1843785
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(An
Ohio Corporation)
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76
South Main Street
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Akron,
OH 44308
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Telephone (800)736-3402
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333-145140-01
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FIRSTENERGY
SOLUTIONS CORP.
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31-1560186
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(An
Ohio Corporation)
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c/o
FirstEnergy Corp.
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76
South Main Street
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Akron,
OH 44308
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Telephone
(800)736-3402
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1-2578
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OHIO
EDISON COMPANY
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34-0437786
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(An
Ohio Corporation)
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c/o
FirstEnergy Corp.
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76
South Main Street
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Akron,
OH 44308
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Telephone (800)736-3402
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1-2323
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THE
CLEVELAND ELECTRIC ILLUMINATING COMPANY
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34-0150020
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(An
Ohio Corporation)
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c/o
FirstEnergy Corp.
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76
South Main Street
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Akron,
OH 44308
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Telephone (800)736-3402
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1-3583
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THE
TOLEDO EDISON COMPANY
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34-4375005
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(An
Ohio Corporation)
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c/o
FirstEnergy Corp.
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76
South Main Street
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Akron,
OH 44308
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Telephone (800)736-3402
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Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2.):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
7.01 Regulation FD Disclosure.
As was previously
announced, on January 2, 2009, Ohio Edison Company (OE), The Cleveland Electric
Illuminating Company (CEI) and The Toledo Edison Company (TE) (collectively, the
Ohio Companies) conducted a successful competitive bidding process to ensure
that their retail customers continue to have a reliable supply of
electricity. The solicitation provided the wholesale capacity and
energy requirements the Ohio Companies need to serve their retail load for the
period January 5, 2009 through March 31, 2009. The Ohio Companies are
wholly owned subsidiaries of FirstEnergy Corp.
The competitive
bidding process, which was conducted on December 31, 2008, was managed by CRA
International, a global consulting firm with expertise in energy markets and
procurement. CRA International reported that four qualified bidders
were selected to supply electric generation for the period of January 5 through
March 31, 2009. The average winning bid price was equivalent to a
retail rate of 6.98 cents per kilowatt-hour. The power supply
obtained through the competitive solicitation will be used to provide generation
service to retail customers who choose not to shop with alternative
suppliers.
FirstEnergy
Solutions Corp. (FES), a wholly owned subsidiary of FirstEnergy and an affiliate
of the Ohio Companies, was the successful bidder for 75 of the available
tranches up for bid. Each tranche equals approximately 1% of the
total load of the Ohio Companies. Approximately 50% of FES’ estimated electric
sales for the first quarter of 2009 are expected to be supplied under this
agreement.
A similar bid
process is being planned to obtain the Ohio Companies’ power supply beyond March
31, 2009.
The RFP was
conducted following the denial by the Public Utilities Commission of Ohio (PUCO)
of the Ohio Companies’ Market Rate Offer (MRO) filing and the PUCO’s recent
order that significantly altered the Ohio Companies’ Electric Security Plan
(ESP). On December 22, 2008, the Ohio Companies withdrew their ESP
application, as allowed for under Senate Bill 221, and separately asked the PUCO
for rehearing of the MRO.
Forward-Looking Statements:
This Form 8-K includes forward-looking statements based on information currently
available to management. Such statements are subject to certain risks and
uncertainties. These statements include declarations regarding management’s
intents, beliefs and current expectations. These statements typically
contain, but are not limited to, the terms “anticipate,” “potential,” “expect,”
“believe,” “estimate” and similar words. Forward-looking statements
involve estimates, assumptions, known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Actual
results may differ materially due to 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 Ohio and Pennsylvania, the impact of the
PUCO’s regulatory process on the Ohio Companies associated with the Electric
Security Plan and Market Rate Offer filings, including any resultant mechanism
under which rates charged to retail customers may not fully recover the costs of
energy supply (including, but not limited to, Regulatory Transition Charges and
fuel charges), or the outcome of any competitive procurement process in Ohio to
allow the Ohio Companies to provide energy supply for their customers, 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, maintenance costs
being higher than anticipated, other legislative and regulatory changes, revised
environmental requirements, including possible greenhouse gas 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 New Source Review litigation or other potential regulatory initiatives,
adverse regulatory or legal decisions and outcomes (including, but not limited
to, the revocation of necessary licenses or operating permits and oversight) by
the Nuclear Regulatory Commission (including, but not limited to, the Demand for
Information issued to FENOC on May 14, 2007), the timing and outcome of various
proceedings before the PUCO (including, but not limited to the distribution rate
cases and the generation supply plan filing for the Ohio Companies and the
successful resolution of the issues remanded to the PUCO by the Ohio Supreme
Court regarding the Rate Stabilization Plan and the Rate Certainty Plan,
including the recovery of deferred fuel costs), Met-Ed’s and Penelec’s
transmission service charge 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, 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
FirstEnergy’s nuclear decommissioning trusts, pension trusts and other trust
funds, and cause FirstEnergy to make additional contributions sooner, or in an
amount that is 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 FirstEnergy, the state of the capital and credit
markets affecting FirstEnergy, and the risks and other factors discussed from
time to time in its SEC filings, and other similar factors. The
foregoing review of factors should not be construed as
exhaustive. New factors emerge from time to time, and it is not
possible for management to predict all such factors, nor assess the impact of
any such factor on our business or the extent to which any factor, or
combination of factors, may cause results to differ materially from those
contained in any forward-looking statements. The registrants
expressly disclaim any current intention to update any forward-looking
statements contained herein as a result of new information, future events, or
otherwise.
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.
January 8,
2009
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FIRSTENERGY CORP.
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Registrant
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FIRSTENERGY SOLUTIONS
CORP.
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Registrant
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OHIO EDISON COMPANY
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Registrant
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THE
CLEVELAND ELECTRIC
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ILLUMINATING COMPANY
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Registrant
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THE TOLEDO EDISON
COMPANY
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Registrant
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/s/ Harvey
L. Wagner
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Harvey L.
Wagner
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Vice
President, Controller
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and Chief
Accounting
Officer
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