UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-K
(Mark
(Mark One)
[X]
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2003
2004
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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
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
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 | |
| | |
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 | |
| | |
1-3491 | PENNSYLVANIA POWER COMPANY | 25-0718810 |
| (A Pennsylvania 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 | |
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF 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
1-3491 PENNSYLVANIA POWER COMPANY 25-0718810
(A Pennsylvania 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
ACT:
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
| | Name of Each Exchange |
Registrant | Title of Each Class | on Which Registered
---------- ------------------- ----------------------
|
| | |
FirstEnergy Corp. | Common Stock, $0.10 par value | New York Stock Exchange |
| | |
Ohio Edison Company | Cumulative Preferred Stock, $100 par value: | |
| 3.90% Series | All series registered on New |
| 4.40% Series | York Stock Exchange and |
| 4.44% Series | Chicago Stock Exchange |
| 4.56% Series | |
| | |
| | |
The Cleveland Electric | Cumulative Serial Preferred Stock, without | |
Illuminating Company | par value:
$7.40 | |
| $7.40 Series A | Both series registered on New |
| Adjustable Rate, Series L | York Stock Exchange |
| | |
| | |
The Toledo Edison | Cumulative Preferred Stock, par value | |
Company $100 | $100 per share:
4.25% | |
| 4-1/4% Series | American Stock Exchange |
| | |
| Cumulative Preferred Stock, par value $25 | |
| $25 per share:
$2.365 | |
| $2.365 Series | All series registered on |
| Adjustable Rate, Series A | New York Stock Exchange |
| Adjustable Rate, Series B
First Mortgage Bonds:
8% | |
| | |
| | |
Pennsylvania Power | Cumulative Preferred Stock, $100 | |
Company | par value: | |
| 4.24% Series due 2003 | All series registered on |
| 4.25% Series | Philadelphia Stock Exchange |
| 4.64% Series | |
| | |
| | |
Jersey Central Power & | Cumulative Preferred Stock, without | |
Light Company | par value: | |
| 4% Series | New York Stock Exchange
Pennsylvania Power Cumulative Preferred Stock, $100
Company par value:
4.24% Series All series registered on
4.25% Series Philadelphia Stock Exchange
4.64% Series
Jersey Central Power & Cumulative Preferred Stock, without
Light Company par value:
4% Series New York Stock Exchange
|
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes (X)(X) No ()
- --
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant'sregistrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. (X)
(X) | FirstEnergy Corp. |
( ) | Ohio Edison Company, Pennsylvania Power Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company and Pennsylvania Electric Company. |
Indicate by check mark whether each registrant is an accelerated filer (as defined in Rule 12b-2 of the Act):
Yes (X) No ( ) FirstEnergy Corp.
- --
Yes (X) No ( ) | FirstEnergy Corp. |
Yes ( ) No (X ) No (X ) | Ohio Edison Company, Pennsylvania Power Company, The Cleveland
-- -- Electric Illuminating Company, The Toledo Edison Company,
Jersey Central Power & Light Company, Metropolitan Edison
Company, and Pennsylvania Electric Company, Pennsylvania Power Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company, and Pennsylvania Electric Company |
State the aggregate market value of the common stock held by non-affiliates of the registrants: FirstEnergy Corp., $11,426,526,667$12,315,809,435 as of June 30, 2003;2004; and for all other registrants, none.
Indicate the number of shares outstanding of each of the registrant'sregistrant’s classes of common stock, as of the latest practicable date:
OUTSTANDING
CLASS As of MARCH 15, 2004
----- --------------------
FirstEnergy Corp., $0.10 par value 329,836,276
Ohio Edison Company, no par value 100
The Cleveland Electric Illuminating Company, no par value 79,590,689
The Toledo Edison Company, $5 par value 39,133,887
Pennsylvania Power Company, $30 par value 6,290,000
Jersey Central Power & Light Company, $10 par value 15,371,270
Metropolitan Edison Company, no par value 859,500
Pennsylvania Electric Company, $20 par value 5,290,596
| | OUTSTANDING | |
CLASS | | As of March 9, 2005 | |
| | | |
FirstEnergy Corp., $0.10 par value | | | 329,836,276 | |
Ohio Edison Company, no par value | | | 100 | |
The Cleveland Electric Illuminating Company, no par value | | | 79,590,689 | |
The Toledo Edison Company, $5 par value | | | 39,133,887 | |
Pennsylvania Power Company, $30 par value | | | 6,290,000 | |
Jersey Central Power & Light Company, $10 par value | | | 15,371,270 | |
Metropolitan Edison Company, no par value | | | 859,500 | |
Pennsylvania Electric Company, $20 par value | | | 5,290,596 | |
FirstEnergy Corp. is the sole holder of Ohio Edison Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company, and Pennsylvania Electric Company common stock; Ohio Edison Company is the sole holder of Pennsylvania Power Company common stock.
Documents incorporated by reference (to the extent indicated herein):
PART OF FORM 10-K INTO WHICH
DOCUMENT DOCUMENT IS INCORPORTED
-------- ----------------------------
FirstEnergy Corp. Annual Report to Stockholders
for the fiscal year ended December 31, 2003
(Pages 6-85) Part II
Proxy Statement for 2004 Annual Meeting of
Stockholders to be held May 18, 2004 Part III
| | PART OF FORM 10-K INTO WHICH DOCUMENT IS INCORPORTED | |
DOCUMENT | |
| | | |
FirstEnergy Corp. Annual Report to Stockholders for | | | | |
the fiscal year ended December 31, 2004 (Pages 4-85) | | | Part II | |
| | | | |
Proxy Statement for 2005 Annual Meeting of Stockholders | | | | |
to be held May 17, 2005 | | | Part III | |
This combined Form 10-K is separately filed by FirstEnergy Corp., Ohio Edison Company, Pennsylvania Power Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company and Pennsylvania Electric Company. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. No registrant makes any representation as to information relating to any other registrant, except that information relating to any of the seven FirstEnergy subsidiary registrants is also attributed to FirstEnergy.
GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries:
ATSI | American Transmission Systems, Inc., owns and operates transmission facilities |
Avon | Avon Energy Partners Holdings |
CEI | The Cleveland Electric Illuminating Company, an Ohio electric utility operating subsidiary |
Companies | OE, CEI, TE, Penn, JCP&L, Met-Ed and Penelec defined on page 1 |
EUOC | Electric Utility Operating Companies (OE, CEI, TE, Penn, JCP&L, Met-Ed, Penelec, and ATSI) |
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 |
FGCO | FirstEnergy Generation Corp., operates nonnuclear generating facilities |
FirstCom | First Communications, LLC, provides local and long-distance telephone service |
FirstEnergy | FirstEnergy Corp., a registered public utility holding company |
FSG | FirstEnergy Facilities Services Group, LLC, the parent company of several heating, ventilation,air conditioning and energy management companies |
GLEP(1) | Great Lakes Energy Partners, LLC, an oil and natural gas exploration and production venture |
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 |
Met-Ed | Metropolitan Edison Company, a Pennsylvania electric utility operating subsidiary |
MYR | MYR Group, Inc., a utility infrastructure construction service company |
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 |
Shippingport | Shippingport Capital Trust, a special purpose entity created by CEI and TE in 1997 |
TE | The Toledo Edison Company, an Ohio electric utility operating subsidiary |
TEBSA | Termobarranquilla S.A., Empresa de Servicios Publicos |
| |
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 |
ASLB | Atomic Safety and Licensing Board |
BGS | Basic Generation Service |
CO2 | Carbon Dioxide |
CTC | Competitive Transition Charge |
DPL | Dayton Power & Light Company |
ECAR | East Central Area Reliability Coordination Agreement |
EPA | Environmental Protection Agency only in various other terms |
FASB | Financial Accounting Standards Board |
FERC | Federal Energy Regulatory Commission |
FIN | FASB Interpretation |
FIN 46 | FIN 46 "Consolidation of Variable Interest Entities" |
FMB | First Mortgage Bonds |
HVAC | Heating, Ventilation and Air-conditioning |
IBEW | International Brotherhood of Electrical Workers |
MACT | Maximum Achievable Control Technologies |
MEC | Michigan Electric Coordination Systems |
MISO | Midwest Independent Transmission System Operator, Inc. |
MTC | Market Transition Charge |
MW | Megawatts |
NAAQS | National Ambient Air Quality Standards |
NERC | North American Electric Reliability Council |
NEIL | Nuclear Electric Insurance Limited |
NJBPU | New Jersey Board of Public Utilities |
NOAC | Northwest Ohio Aggregation Coalition |
NOV | Notices of Violation |
NOX | Nitrogen Oxide |
NRC | Nuclear Regulatory Commission |
NUG | Non-Utility Generator |
NYSE | New York Stock Exchange |
OCC | Ohio Consumers' Counsel |
PJM | Pennsylvania-New Jersey-Maryland Interconnection LLC |
PLR | Provider of Last Resort |
PPUC | Pennsylvania Public Utility Commission |
PRP | Potentially Responsible Party |
PUCO | Public Utilities Commission of Ohio |
PUHCA | Public Utility Holding Company Act |
S&P | Standard & Poor’s Ratings Service |
SBC | Societal Benefits Charge |
SEC | United States Securities and Exchange Commission |
SFAS | Statement of Financial Accounting Standards |
SFAS 71 | SFAS No. 71, "Accounting for the Effects of Certain Types of Regulation" |
SFAS 101 | SFAS No. 101, "Accounting for Discontinuation of Application of SFAS 71" |
SO2 | Sulfur Dioxide |
TMI-2 | Three Mile Island Unit 2 |
FORM 10-K
TABLE OF CONTENTS
Page
Part I ----
Item 1. Business.................................................... 1
The Company............................................... 1
Divestitures-
International Operations................................ 2
Generation Assets....................................... 2
Other Domestic Assets................................... 3
Risk Factors That May Affect Future Results............... 3
Risks Related to Our Business........................... 3
Risks Related to the Electric Utility Industry.......... 5
Utility Regulation........................................ 6
PUCO Rate Matters....................................... 7
NJBPU Rate Matters...................................... 8
PPUC Rate Matters....................................... 9
FERC Rate Matters....................................... 10
Regulatory Accounting................................... 10
Capital Requirements...................................... 10
Met-Ed Capital Trust and Penelec Capital Trust............ 12
Nuclear Regulation........................................ 13
Nuclear Insurance......................................... 14
Environmental Matters..................................... 15
Air Regulation.......................................... 15
Waste Disposal.......................................... 16
Water Regulation........................................ 17
Summary................................................. 17
Fuel Supply............................................... 17
System Capacity and Reserves.............................. 18
Regional Reliability...................................... 18
Competition............................................... 18
Research and Development.................................. 19
Executive Officers........................................ 20
FirstEnergy Website....................................... 21
Item 2. Properties.................................................. 21
Item 3. Legal Proceedings........................................... 22
Item 4. Submission of Matters to a Vote of Security Holders......... 22
Part II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters......................................... 22
Item 6. Selected Financial Data..................................... 22
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations......................... 22
Item 7A. Quantitative and Qualitative Disclosures
About Market Risk........................................... 22
Item 8. Financial Statements and Supplementary Data................. 22
Item 9. Changes In and Disagreements with Accountants on
Accounting and Financial Disclosure......................... 23
Item 9A. Controls and Procedures..................................... 23
Part III
Item 10. Directors and Executive Officers of the Registrant.......... 23
Item 11. Executive Compensation...................................... 24
Item 12. Security Ownership of Certain Beneficial Owners and
Management and Related Shareholder Matters................... 24
Item 13. Certain Relationships and Related Transactions.............. 24
Item 14. Principal Accounting Fees and Services...................... 24
Part IV
Item 15. Exhibits, Financial Statement Schedules
and Reports on Form 8-K..................................... 25
| Page |
Part I | |
| |
Item 1.Business | 1 |
The Company | 1 |
Divestitures | 2 |
Risk Factors That May Affect Future Results | 2 |
Utility Regulation | 6 |
Regulatory Accounting | 6 |
Reliability Initiatives | 7 |
PUCO Rate Matters | 8 |
NJBPU Rate Matters | 8 |
PPUC Rate Matters | 9 |
Transmission Rate Matters | 10 |
Capital Requirements | 11 |
Nuclear Regulation | 13 |
Nuclear Insurance | 14 |
Environmental Matters | 15 |
Clean Air Act Compliance | 15 |
National Ambient Air Quality Standards | 15 |
Mercury Emissions | 16 |
W. H. Sammis Plant | 16 |
Regulation of Hazardous Waste | 16 |
Climate Change | 17 |
Clean Water Act | 17 |
Fuel Supply | 17 |
System Capacity and Reserves | 18 |
Regional Reliability | 18 |
Competition | 19 |
Research and Development | 19 |
Executive Officers | 20 |
Employees | 21 |
FirstEnergy Website | 21 |
| |
Item 2. Properties | 21 |
| |
Item 3.Legal Proceedings | 23 |
| |
Item 4.Submission of Matters to a Vote of Security Holders | 23 |
| |
Part II | |
| |
Item 5.Market for Registrant's Common Equity and Related Stockholder Matters | 23 |
| |
Item 6.Selected Financial Data | 24 |
| |
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations | 24 |
| |
Item 7A.Quantitative and Qualitative Disclosures About Market Risk | 24 |
| |
Item 8. Financial Statements and Supplementary Data | 24 |
| |
Item 9.Changes In and Disagreements with Accountants on Accounting and Financial Disclosure | 24 |
| |
Item 9A. Controls and Procedures | 24 |
| |
Item 9B.Other Information | 25 |
| |
Part III | |
| |
Item 10.Directors and Executive Officers of the Registrant | 27 |
| |
Item 11.Executive Compensation | 28 |
| |
Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedShareholder Matters | 28 |
| |
Item 13.Certain Relationships and Related Transactions | 29 |
| |
Item 14.Principal Accounting Fees and Services | 29 |
| |
Part IV | |
Item 15.Exhibits, Financial Statement Schedules | 29 |
PART I
ITEM 1. BUSINESS
The Company
FirstEnergy Corp. was organized under the laws of the State of Ohio in 1996. FirstEnergy's principal business is the holding, directly or indirectly, of all of the outstanding common stock of its eight principal electric utility operating subsidiaries, Ohio Edison Company (OE), The Cleveland Electric
Illuminating Company (CEI), Pennsylvania Power Company (Penn), The Toledo Edison
Company (TE), American Transmission Systems, Incorporated (ATSI), Jersey Central
Power & Light Company (JCP&L), Metropolitan Edison Company (Met-Ed)subsidiaries: OE, CEI, TE, Penn, ATSI, JCP&L, Met-Ed and Pennsylvania Electric Company (Penelec).Penelec. These utility operating subsidiaries are referred to throughout as the "Companies."“Companies.” FirstEnergy's consolidated revenues are primarily derived from electric service provided by its utility operating subsidiaries and the revenues of its other principal subsidiaries: FirstEnergy Solutions Corp. (FES); FirstEnergy Facilities Services Group, LLC
(FSG); MYR Group Inc. (MYR); MARBEL Energy Corporation (MARBEL);FES; FSG; MYR; and First
Communications, LLC.FirstCom. In addition, FirstEnergy holds all of the outstanding common stock of other direct subsidiaries including: FirstEnergy Properties, Inc., FirstEnergy Ventures Corp., FirstEnergy Nuclear Operating Company (FENOC),FENOC, FirstEnergy Securities Transfer Company, GPU Diversified Holdings, LLC, GPU Telecom Services, Inc., GPU Nuclear, Inc.; and FirstEnergy Service Company
(FESC).
FESC.
The Companies'Companies’ combined service areas encompass approximately 37,20036,100 square miles in Ohio, New Jersey and Pennsylvania. The areas they serve have a combined population of approximately 11.111.2 million.
OE was organized under the laws of the State of Ohio in 1930 and owns property and does business as an electric public utility in that state. OE also has ownership interests in certain generating facilities located in the Commonwealth of Pennsylvania (see Item 2 - Properties). OE engages in the generation, distribution and sale of electric energy to communities in a 7,500 square mile area of central and northeastern Ohio. OE also engages in the sale, purchase and interchange of electric energy with other electric companies. The area it serves has a population of approximately 2.72.8 million.
OE owns all of Penn's outstanding common stock. Penn was organized under the laws of the Commonwealth of Pennsylvania in 1930 and owns property and does business as an electric public utility in that state. Penn is also authorized to do business and owns property in the State of Ohio (see Item 2 - Properties). Penn furnishes electric service to communities in a 1,500 square mile area of western Pennsylvania. The area served by Penn has a population of approximately 0.3 million.
CEI was organized under the laws of the State of Ohio in 1892 and does business as an electric public utility in that state. CEI engages in the generation, distribution and sale of electric energy in an area of approximately 1,700 square miles in northeastern Ohio. It also has ownership interests in certain generating facilities in Pennsylvania (see Item 2 - Properties). CEI also engages in the sale, purchase and interchange of electric energy with other electric companies. The area CEI serves has a population of approximately 1.9 million.
TE was organized under the laws of the State of Ohio in 1901 and does business as an electric public utility in that state. TE engages in the generation, distribution and sale of electric energy in an area of approximately 2,500 square miles in northwestern Ohio. It also has interests in certain generating facilities in Pennsylvania and Michigan (see Item 2 - Properties). TE also engages in the sale, purchase and interchange of electric energy with other electric companies. The area TE serves has a population of approximately 0.8 million.
ATSI was organized under the laws of the State of Ohio in 1998. ATSI owns transmission assets that were formerly owned by OE, CEI and TE (Ohio
Companies)the Ohio Companies and Penn. ATSI owns and operates major, high-voltage transmission facilities, which consist of approximately 7,100 circuit miles (5,778(5,814 pole miles) of transmission lines with nominal voltages of 345 kilovolts (kV),kV, 138 kV and 69 kV. There are 37 interconnections with six neighboring control areas. ATSI's transmission system offers gateways into the East through high capacity ties with Pennsylvania-New Jersey-Maryland Interconnection LLC (PJM)PJM through Penelec, Duquesne Light Company and Allegheny Energy, Inc. into the North through multiple 345 kV high capacity ties with Michigan Electric Coordination
Systems (MEC),MEC, and into the South through ties with American Electric Power
Company, Inc. (AEP)AEP and Dayton Power & Light Company (DPL). In addition,DPL. ATSI is the control area operator for the Ohio Companies and Penn service areas. ATSI plans, operates and maintains the transmission system in accordance with the requirements of the North American Electric Reliability CouncilNERC and applicable regulatory agencies to ensure reliable service to FirstEnergy's customers (see FERCTransmission Rate Matters for a discussion of ATSI's participation in the Midwest
Independent System Operator, Inc. (MISO))MISO).
JCP&L was organized under the laws of the State of New Jersey in 1925 and owns property and does business as an electric public utility in that state. JCP&L provides transmission and distribution services in northern, western and east central New Jersey. The area JCP&L serves has a population of approximately 2.5 million.
1
Met-Ed was organized under the laws of the Commonwealth of Pennsylvania in 1922 and owns property and does business as an electric public utility in that state. Met-Ed provides primarily transmission and distribution services in eastern and south central Pennsylvania. The area it serves has a population of approximately 1.2 million.
Penelec was organized under the laws of the Commonwealth of Pennsylvania in 1919 and owns property and does business as an electric public utility in that state. Penelec provides transmission and distribution services in western, northern and south central Pennsylvania. The area it serves has a population of approximately 1.7 million. Penelec, as lessee of the property of its subsidiary, The Waverly Electric Light & Power Company, also serves a population of about 13,400 in Waverly, New York and its vicinity.
FES was organized under the laws of the its State of Ohio in 1997 and provides energy-related products and services, and through its FirstEnergy
Generation Corp. (FGCO)FGCO subsidiary, operates FirstEnergy's nonnuclear generation businesses. FENOC was organized under the laws of the State of Ohio in 1998 and operates the Companies’ nuclear generating facilities. FSG is the parent company of several heating, ventilating, air
conditioningHVAC and energy management companies; MYR is a utility infrastructure construction service company. MARBEL holds FirstEnergy's 50% owner interest in
Great Lakes Energy Partners, LLC, an oil and natural gas exploration and
production venture. First Communications, LLCFirstCom provides telecommunication services (local and long-distance phone service). FESC provides legal, financial and other corporate support services to affiliated FirstEnergy companies.
Divestitures
International Operations
FirstEnergy completed the divestituresale of its international assets
subsequent to December 31, 2003operations in January 2004 with the sales of its remaining 20.1 percent interest in Avon (parent of Midlands Electricity in the United Kingdom) on January 16, 2004, and its 28.67 percent interest in Termobarranquilla S.A.,
Empresa de Servicios Publicos (TEBSA) and other related subsidiaries in ColombiaTEBSA on January 30, 2004. Impairment charges related to Avon and TEBSA were recorded in the fourth quarter of 2003 and no gain or loss was recognized upon the sales in 2004. Avon, TEBSA and other international assets divestedsold in 2003 and 2004 were originally acquired as part of FirstEnergy's November 2001 merger with the
former GPU, Inc. As a result of these transactions, GPU.
FirstEnergy no longer has
ownership interests in international operating assets.
The divestiture in 2003 of international operations in Bolivia and
Argentina included the sale of FirstEnergy's wholly owned subsidiary, Guaracachi
America, Inc., a holding company with a 50.001sold its 50 percent interest in Empresa
Guaracachi S.A. (EGSA),GLEP on December 11, 2003,June 23, 2004. Proceeds of $220 million included cash of $200 million and its ownership in GPU Empresa
Distribuidora Electrica Regional S.A. (Emdersa) through the abandonment of its
shares in Emdersa's parent company, GPU Argentina Holdings, Inc. on April 18,
2003.
FirstEnergy was unsuccessful in selling of GPU's former Argentina
operations and abandoned itsright, valued at $20 million, to participate for up to a 40% interest in Emdersafuture wells in early 2003. A number of
economic events occurred in Argentina that hindered FirstEnergy's ability to
realize an acceptable value. These events included currency devaluation,
restrictions on repatriation of cash, and the anticipation of future asset sales
in that region by competitors. FirstEnergy reflected Emdersa's 2002 results ofOhio. This transaction produced an after-tax loss of $87 million (including $109 million in currency transaction
losses arising principally from U.S. dollar denominated debt) as discontinued
operations in the Consolidated Statement of Income for the year ended December
31, 2002. FirstEnergy also recognized a currency translation adjustment (CTA) of
$91 million in 2002 which reduced FirstEnergy's common stockholders' equity.
This adjustment represented the impact of translating Emdersa's financial
statements from its functional currency to the U.S. dollar for GAAP financial
reporting. The abandonment was accomplished by relinquishing FirstEnergy's
shares to the independent Board of Directors of GPU Argentina Holdings,
relieving FirstEnergy of all rights and obligations relative to this business.
As a result of the abandonment, FirstEnergy recognized a one-time, non-cash
charge of $67$7 million, or $0.23$0.02 per share of common stock, inincluding the second quarterbenefits of 2003. This charge is the result of realizing the CTAprior tax capital losses through current
period earnings ($90 million, or $0.30 per share), partially offset by the gain
recognized from abandoning FirstEnergy's investment in Emdersa ($23 million, or
$0.07 per share). Since FirstEnergythat had been previously recorded $90 million of CTA
adjustments in Other Comprehensive Income (OCI), the net effect of the $67
million charge was an increase in common stockholders' equity of $23 million.
The $67 million after-tax charge in 2003 does not include the expected
income tax benefits related to the abandonment, which were fully reserved, duringwhich offset the second quarter of 2003. FirstEnergy expects tax benefits of approximately
$129 million, of which $50 million would increase net income incapital gain from the period that
it becomes probable those benefits will be realized. The remaining $79 million
of tax benefits would reduce goodwill recognized in connection with the
acquisition of GPU.
Generation Assets
In November 2001, FirstEnergy reached an agreement to sell four
coal-fired power plants totaling 2,535 MW to NRG Energy Inc. On August 8, 2002,
FirstEnergy notified NRG that it was canceling the agreement because NRG stated
that it could not complete the transaction under the original terms of the
2
agreement. NRG filed voluntary bankruptcy petitions in May 2003; subsequently
FirstEnergy reached an agreement for settlement of its claim against NRG.
FirstEnergy sold its entire claim (including $32 million of cash proceeds
received in December 2003) for $170 million in January 2004.
Other Domestic Assets
Other asset sales in 2003 included three FSG subsidiaries - Ancoma,
Inc., a mechanical contracting company based in Rochester, New York, and
Virginia-based Colonial Mechanical Corporation and Webb Technologies, Inc. - and
a MARBEL subsidiary - Northeast Ohio Natural Gas Company.
sale.
Risks Factors That May Affect Results
Risks Related to Our Business
FirstEnergy May Ultimately Incur Liability in Connection with the
August 14, 2003 Regional Outage or the Restatement of Earnings
On August 14, 2003, various states in the northeast United States and
parts of southern Canada experienced a widespread power outage, which affected
approximately 1.4 million customers in FirstEnergy's service area. FirstEnergy
continues to accumulate data and evaluate the status of its electrical system
prior to and during the outage event, and continues to cooperate with the
U.S.-Canada Power System Outage Task Force (Task Force) investigating the
outage. The interim report issued by the Task Force on November 18, 2003
concluded that the problems leading up to the outage began in FirstEnergy's
service area. Specifically, the interim report concludes, among other things,
that the initiation of the August 14th outage resulted from the coincidence on
that afternoon of the following causes: (1) inadequate situational awareness at
FirstEnergy; (2) FirstEnergy's failure to adequately manage tree growth in its
transmission rights of way; and (3) failure of the interconnected grid's
reliability organizations (Midwest Independent System Operator and PJM
Interconnection) to provide effective diagnostic support. FirstEnergy believes
that the interim report does not provide a complete and comprehensive picture of
the conditions that contributed to the August 14th outage and that it does not
adequately address the underlying causes of the outage. FirstEnergy believes
that the outage cannot be explained by events on any one utility's system. On
March 1, 2004, the FirstEnergy companies filed, in accordance with a November
25, 2003 order from the PUCO, its plan for addressing certain issues identified
by the Task Force in its interim report. In particular, the filing addressed
upgrades to FENOC's control room computer hardware and software and enhancements
to the training of control room operators. The PUCO, in consultation with the
North American Electric Reliability Council, will review the plan before
determining the next steps in the proceeding. On December 24, 2003, the Federal
Energy Regulatory Commission (FERC) ordered FirstEnergy to pay for an
independent study of part of Ohio's power grid. The study has commenced and will
examine the stability of the grid in critical points in the Cleveland and Akron,
Ohio areas; the status of projected power reserves during summer 2004 through
2008; and the need for new transmission lines or other grid projects. The FERC
ordered the study to be completed within 120 days. At this time, we do not know
how the results of the study will impact FirstEnergy.
Various legal proceedings have been filed against FirstEnergy in
connection with, among other things, the restatements in August 2003, by
FirstEnergy and its Ohio utility subsidiaries of previously reported results,
the August 14th power outage described above, and the extended outage at the
Davis-Besse Nuclear Power Station. Depending upon the particular proceeding, the
issues raised include alleged violations of federal securities laws, breaches of
fiduciary duties under state law by FirstEnergy directors and officers, and
damages as a result of one or more of the noted events. The securities cases
have been consolidated into one action pending in federal court in Akron. The
derivative actions filed in federal court likewise have been consolidated as a
separate matter, also in federal court in Akron. There are also pending
derivative actions in state court. FirstEnergy's Ohio utility subsidiaries also
were named as respondents in two regulatory proceedings initiated at the Public
Utility Commission of Ohio (PUCO) in response to complaints alleging failure to
provide reasonable and adequate service stemming primarily from the August 14th
power outage. FirstEnergy is vigorously defending these actions, but cannot
predict the outcome of any of these proceedings or whether any further
regulatory proceedings or legal actions may be instituted against them. In
particular, if FirstEnergy were ultimately determined to have legal liability in
connection with these proceedings, it could have a material adverse effect on
our financial condition and results of operations.
On September 11, 2003, FirstEnergy received an informal data request
from the Securities and Exchange Commission (SEC) asking it to voluntarily
provide information and documents related to the restatement of its 2002 annual
financial statements. We have responded to the request, but are unable to
predict the outcome of this or any of the other pending legal and regulatory
proceedings discussed above.
Changes in Commodity Prices Could Decrease Revenues from Power
FirstEnergy Sells and Increase the Cost of Power We Buy
Adversely Affect Our Margins
While much of FirstEnergy'sour generation serves customers under retail rates set by regulatory bodies, FirstEnergywe also purchasespurchase and sellssell electricity
3
in the competitive wholesale and retail markets. Increases in the costs of fuel for theour generation facilities (particularly coal and natural gas) can affect FirstEnergy'sour profit margins in both competitive and non-competitive markets. Changes in the market prices of electricity, which are affected by changes in fuel costs and other factors, may impact FirstEnergy'sour financial results and financial position by increasing the amount FirstEnergy payswe pay to purchase power to supply provider of last resort (PLR)PLR obligations in Ohio and Pennsylvania.
Electricity and fuel prices may fluctuate substantially over relatively short periods of time for a variety of reasons, including:
o severe or unexpected weather or seasonality;
o changes in electricity usage;
o illiquidity in wholesale power and other markets;
o transmission or transportation constraints, inoperability or
inefficiencies;
o availability of competitively priced alternative energy sources;
o changes in supply and demand for energy commodities;
o changes in power production capacity;
o outages at our power production facilities or those of our
competitors;
o changes in production and storage levels of natural gas, lignite,
coal, crude oil and refined products;
o natural disasters, wars, acts of sabotage, terrorist acts,
embargoes and other catastrophic events; and
o federal, state and local energy environmental and other regulation
and legislation.
FirstEnergy's Facilities May Not Operate As Planned, Which May Increase
Expenses or Decrease Revenues and Have an Adverse Effect on Financial
Performance
Operation of power plants and distribution facilities involves many
risks, including the breakdown or failure of equipment or processes, accidents,
labor disputes, and performance below expected levels. In addition,
weather-related incidents and other natural disasters can disrupt generation,
transmission and distribution delivery systems. Because FirstEnergy's
transmission facilities are interconnected with those of third parties, the
operation of its facilities may be adversely affected by unexpected or
uncontrollable events occurring on the systems of such third parties.
Operation of FirstEnergy's power plants below expected capacity levels
could result in lost revenues or increased expenses, including higher
maintenance costs that it may not be able to recover from customers. Unplanned
outages may require it to incur significant replacement power costs. Moreover,
if it were unable to perform under contractual obligations, penalties or
liability for damages may result.
A Downgrade in Credit Ratings Could Negatively Affect our Ability to
Access Capital
On December 23, 2003, Standard & Poor's (S&P) lowered its corporate
credit ratings on FirstEnergy and its regulated utility subsidiaries to "BBB-"
from "BBB" and lowered FirstEnergy's senior unsecured debt rating to "BB+" from
"BBB-". Except for OE's senior secured issue rating, which was left unchanged,
all other subsidiary ratings were lowered one notch as well. The ratings were
removed from CreditWatch with negative implications, where they had been placed
by S&P on August 18, 2003, and the Ratings Outlook returned to Stable. The
rating action followed a revision in S&P's assessment of our consolidated
business risk profile to `6' from `5' (`1' equals low risk, `10' equals high
risk), with S&P citing operational and management challenges as well as
heightened regulatory uncertainty for its revision of our business risk
assessment score. S&P's rationale for its revisions in our ratings included
uncertainty regarding the timing of the Ohio Rate Plan filing (see Utility
Regulation), the pending final report on the August 14th power outage as
previously discussed, the outcome of the remedial phase of litigation relating
to the Sammis plant (see Environmental Matters), and the extended Davis-Besse
outage and the related pending subpoena (see Progress Toward Davis-Besse
Restart). S&P further stated that the restart of Davis-Besse and a supportive
Ohio Rate Plan extension will be vital positive developments that would aid an
upgrade of FirstEnergy's ratings. S&P's reduction of our credit ratings in
December 2003 triggered cash and letter-of-credit collateral calls in addition
to higher interest rates for some outstanding borrowings.
On February 6, 2004, Moody's downgraded FirstEnergy senior unsecured
debt to Baa3 from Baa2 and downgraded the senior secured debt of JCP&L, Met-Ed
4
and Penelec to Baa1 from A2. Moody's also downgraded the preferred stock rating
of JCP&L to Ba1 from Baa2 and the senior unsecured rating of Penelec to Baa2
from A2. The ratings of OE, CEI, TE and Penn were confirmed. Moody's said that
the lower ratings were prompted by: "1) high consolidated leverage with
significant holding company debt, 2) a degree of regulatory uncertainty in the
service territories in which the company operates, 3) risks associated with
investigations of the causes of the August 2003 blackout, and related securities
litigation, and 4) a narrowing of the ratings range for the FirstEnergy
operating utilities, given the degree to which FirstEnergy increasingly manages
the utilities as a single system and the significant financial interrelationship
among the subsidiaries."
Risks Related to the Electric Utility Industry
FirstEnergy is Subject to
· | severe or unexpected weather or seasonality; |
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· | changes in electricity usage; |
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· | illiquidity in wholesale power and other markets; |
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· | transmission or transportation constraints, inoperability or inefficiencies; |
| |
· | availability of competitively priced alternative energy sources; |
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· | changes in supply and demand for energy commodities; |
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· | changes in power production capacity; |
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· | outages at our power production facilities or those of our competitors; |
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· | changes in production and storage levels of natural gas, lignite, coal, crude oil and refined products; |
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· | natural disasters, wars, acts of sabotage, terrorist acts, embargoes and other catastrophic events; and |
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Complex and Changing Government Regulations
that May Require Increased Expense and/or Changes in Business Strategy
that Could Have a Negative Impact on ourOur Results of Operations
FirstEnergy is
We are subject to comprehensive regulation by various federal, state and local regulatory agencies that significantly influences our operating environment. FirstEnergyChanges in or reinterpretations of existing laws or regulations or the imposition of new laws or regulations could require us to incur additional costs or change the way we conduct our business, and therefore could have an adverse impact on our results of operations.
The Continuing Availability and Operation of Generating Units is Dependent on Retaining the Necessary Licenses, Permits, and Operating Authority from Governmental Entities, Including the NRC
We are required to have numerous permits, approvals and certificates from the agencies that regulate our business. FirstEnergy believesWe believe the necessary permits, approvals and certificates have been obtained for our existing operations and that our business is conducted in accordance with applicable laws; however, we are unable to predict the impact on operating results from future regulatory activities of any of these agencies. Changes
Costs of Compliance with Environmental Laws are Significant, and the Cost of Compliance with Future Environmental Laws Could Adversely Affect Cash Flow and Profitability
FirstEnergy’s subsidiaries’ operations are subject to extensive federal, state and local environmental statutes, rules and regulations. Compliance with these legal requirements requires us to incur significant costs toward environmental monitoring, installation of pollution control equipment, emission fees, maintenance, upgrading, remediation and permitting at all of our facilities. These expenditures have been significant in or reinterpretationsthe past and may increase in the future. If the cost of compliance with existing environmental laws and regulations does increase, it could adversely affect our business and results of operations, financial position and cash flows. Moreover, changes in environmental laws or regulations may materially increase our costs of compliance or accelerate the impositiontiming of capital expenditures. Because of the deregulation of generation, we might not recover through rates additional costs incurred for such compliance. Our compliance strategy, although reasonably based on available information, may not successfully address the relevant standards and interpretations in the future. If FirstEnergy fails to comply with environmental laws and regulations, even if caused by factors beyond its control or new lawsinterpretations of longstanding requirements, that failure may result in the assessment of civil or regulationscriminal liability and fines.
Risks of Nuclear Generation that Include Uncertainties Relating to Health and Safety, Additional Capital Costs, the Adequacy of Insurance Coverage and Nuclear Plant Decommissioning
FirstEnergy is subject to the risks of nuclear generation, including but not limited to the following:
· | the potential harmful effects on the environment and human health resulting from the operation of nuclear facilities and the storage, handling and disposal of radioactive materials; |
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· | limitations on the amounts and types of insurance commercially available to cover losses that might arise in connection with our nuclear operations or those of others in the United States; |
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· | uncertainties with respect to contingencies and assessment amounts if insurance coverage is inadequate; and |
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· | uncertainties with respect to the technological and financial aspects of decommissioning nuclear plants at the end of their licensed operation. |
The NRC has broad authority under federal law to impose licensing and safety-related requirements for the operation of nuclear generation facilities. In the event of non-compliance, the NRC has the authority to impose fines or shut down a unit, or both, depending upon its assessment of the severity of the situation, until compliance is achieved. Revised safety requirements promulgated by the NRC could necessitate substantial capital expenditures at nuclear plants, including ours. Unlike our fossil plants, which have been leased to and operated by FGCO since 2001, new capital costs as well as fuel, operation and maintenance expenses for the nuclear plants continue to be borne by CEI, TE, OE and Penn.
The Companies’ respective interests in nuclear facilities are insured under NEIL, policies issued for each plant. Under these policies, up to $2.75 billion is provided for property damage and decontamination and decommissioning costs. We have also obtained approximately $1.5 billion of insurance coverage for replacement power costs for the Companies’ respective interests in nuclear facilities. Under these policies, we can be assessed a maximum of approximately $67.5 million for incidents at any covered nuclear facility occurring during a policy year which are in excess of accumulated funds available to the insurer for paying losses.
Operational Risks Arising from the Reliability of Our Power Plants and Transmission and Distribution Equipment
Operation of power plants, transmission and distribution facilities involves many risks, including the breakdown or failure of equipment or processes, accidents, labor disputes, stray voltage and performance below expected levels. In addition, weather-related incidents and other natural disasters can disrupt generation, transmission and distribution delivery systems. Because our transmission facilities are interconnected with those of third parties, the operation of those facilities may be adversely affected by unexpected or uncontrollable events occurring on the systems of such third parties.
Operation of our power plants below expected capacity levels could result in lost revenues or increased expenses, including higher maintenance costs that we may not be able to recover from customers. Unplanned outages may require FirstEnergyus to incur significant replacement power costs. Moreover, if we were unable to perform under contractual obligations, penalties or liability for damages may result.
We remain obligated to provide safe and reliable service to customers within our franchised service territories. Meeting this commitment requires significant capital and other resources. Failure to provide safe and reliable service due to equipment failure in the electric system could adversely affect our operating results through reduced revenues and increased capital and maintenance costs.
| Human Resource Risks Associated with the Availability of Trained and Qualified Labor to Meet Our Future Staffing Requirements |
Workforce demographic issues are a national phenomenon that is of particular concern to the electric utility industry. The median age of utility workers is significantly higher than the national average. Today, nearly one-half of the utility workforce is age 45 or higher. Consequently, the utility industry faces the difficult challenge of finding ways to retain its aging skilled workforce while recruiting new talent in the hopes of decreasing losses in critical knowledge and skills due to retirements. Mitigating these risks may require additional expenses or
change the way we run our business, and therefore have an adverse impact on our
results of operations.
Restructuring and Deregulationfinancial commitments.
Regulatory Changes in the Electric Utility Industry MayCould Affect Our Competitive Position and Result in Increased Competition and Unrecoverable Costs that Could
Adversely Affect FirstEnergy'sAffecting Our Business and Results of Operations
As a result of the actions taken by state legislative bodies over the last few years, major changes in the electric utility business have occurred and are continuing to take place in parts of the United States, including Ohio, Pennsylvania and New Jersey. These changes have resulted in fundamental alterations in the way integrated utilities conduct their business.
Increased competition resulting from restructuring efforts could have a significant adverse financial impact on FirstEnergy and its subsidiaries and consequently on their results of operations. Increased competition could result in increased pressure to lower prices, including the price of electricity. Retail competition and the unbundling of regulated electric service could have a significant adverse financial impact on us due to potential impairment of assets, a loss of retail customers, lower profit margins or increased costs of capital. FirstEnergyWe cannot predict the extent and timing of entry by additional competitors into the electric markets.
The FERC and U.S. Congress are also proposingpropose from time to time significant changes in the structure and conduct of the electric utility industry. If the restructuring and deregulation efforts result in increased competition or unrecoverable costs, our business and results of operations may be adversely affected. FirstEnergyWe cannot predict the extent and timing of further efforts to restructure, deregulate or re-regulate FirstEnergyour business or the industry.
FirstEnergy is Exposed to Risks of Nuclear Generation, Which Involve
Issues and Uncertainties Relating to Health and Safety, Additional
Capital Costs, the Adequacy of Insurance Coverage and Nuclear Plant
Decommissioning
FirstEnergy is subject to the risks of nuclear generation, including
but not limited to the following:
o the potential harmful effects on the environment and human health
resulting from the operation of nuclear facilities and the storage,
handling and disposal of radioactive materials;
o limitations on the amounts and types of insurance commercially
available to cover losses that might arise in connection with
our nuclear operations or those of others in the United States;
o uncertainties with respect to contingencies and assessment amounts
if insurance coverage is inadequate; and
o uncertainties with respect to the technological and financial
aspects of decommissioning nuclear plants at the end of their
licensed operation.
The NRC has broad authority under federal law to impose licensing and
safety-related requirements for the operation of nuclear generation facilities.
In the event of non-compliance, the NRC has the authority to impose fines or
shut down a unit, or both, depending upon its assessment of the severity of the
situation, until compliance is achieved. Revised safety requirements promulgated
5
by the NRC could necessitate substantial capital expenditures at nuclear plants,
including ours. Unlike our fossil plants, which have been leased to and operated
by FGCO since 2001, new capital costs as well as fuel, operation and maintenance
expenses for the nuclear plants continue to be borne by CEI, TE, OE and Penn.
The Companies' respective interests in nuclear facilities are insured
under Nuclear Electric Insurance Limited, or NEIL, policies issued for each
plant. Under these policies, up to $2.75 billion is provided for property damage
and decontamination and decommissioning costs. We have also obtained
approximately $537 million of insurance coverage for replacement power costs for
The Companies' respective interests in nuclear facilities. Under these policies,
we can be assessed a maximum of approximately $29.1 million for incidents at any
covered nuclear facility occurring during a policy year which are in excess of
accumulated funds available to the insurer for paying losses.
FirstEnergy's Operating Results are Affected by
Weather Conditions such as Tornadoes, Hurricanes, Storms and May Fluctuate on aDroughts, as Well as Seasonal and Quarterly Basis
Temperature Variations
Weather conditions directly influence the demand for electric power. In FirstEnergy'sour service area,areas, demand for power peaks during the hot summer months, with market prices also typically peaking at that time. As a result, overall operating results may fluctuate on a seasonal and quarterly basis. In addition, FirstEnergy haswe have historically sold less power, and consequently received less revenue, when weather conditions are milder. Severe weather, such as tornadoes, hurricanes, storms and droughts, may cause outages and property damage which may require FirstEnergyus to incur additional expensescosts that are generally not insured and that may not be recoverable from customers. The effect of the failure of FirstEnergy'sour facilities to operate as planned, as described above, would be particularly burdensome during a peak demand period.
FirstEnergy's Costs
A Downgrade in Credit Ratings Could Negatively Affect Our Ability to Access Capital
We rely on access to capital markets as a significant source of Complianceliquidity for capital requirements not satisfied by cash flows from operations. Any inability to maintain our current credit ratings could affect, particularly during times of uncertainty in the capital markets, our ability to raise capital on favorable terms which, in turn, could impact our ability to grow our businesses. A credit rating downgrade would likely also increase our interest costs.
On July 22, 2004, S&P updated its analysis of U.S. utility FMB in response to changes in the industry. As a result of its revised methodology for evaluating default risk, S&P raised its FMB credit ratings for 20 U.S. utility companies including JCP&L and Penn. JCP&L’s FMB credit rating was upgraded to BBB+ from BBB and Penn’s FMB credit rating was upgraded to BBB from BBB-.
On August 26, 2004, S&P lowered its rating on certain Met-Ed Senior Notes to BBB- from BBB. The rationale for the ratings change was that Met-Ed’s senior secured notes, in aggregate, now comprise greater than 80% of Met-Ed’s total debt outstanding. According to the terms of the senior note indenture, once the 80% threshold is reached, the collateral mortgage bond security falls away and all senior secured notes that were secured by Met-Ed’s senior note indenture become unsecured. The one notch lower rating reflects this loss of collateral security. The BBB senior secured rating on Met-Ed’s FMB remain unchanged.
Also on August 26, 2004, S&P stated that a favorable outcome of the Ohio Rate Stabilization Plan auction process and a favorable resolution of pending environmental litigation would support a higher ratings outlook, or possibly a higher rating. On September 14, 2004, S&P stated that FirstEnergy’s $500 million voluntary contribution to its pension plan was credit neutral.
On December 10, 2004, S&P reaffirmed its ‘BBB-‘ corporate credit rating on FirstEnergy and kept the outlook stable. S&P noted that the stable outlook reflects FirstEnergy’s improving financial profile and cash flow certainty through 2006. S&P stated that should the two refueling outages at the Davis-Besse and Perry nuclear plants scheduled for the first quarter of 2005 be completed successfully without any significant negative findings and delays, FirstEnergy’s outlook would be revised to positive. S&P also stated that a ratings upgrade in the next several months did not seem likely, as remaining issues of concern to S&P, primarily the outcome of environmental litigation and SEC investigations, are not likely to be resolved in the short term.
Financial Performance Risks Related to the Economic Cycles of the Electric Utility Industry
Our business follows the economic cycles of our customers. Sustained downturns or sluggishness in the economy generally affects the markets in which the Companies operate and negatively influences the Companies’ energy operations. Declines in demand for electricity as a result of economic downturns will reduce overall electricity sales and lessen our cash flows, especially as industrial customers reduce production, resulting in less consumption of electricity. Economic conditions also impact our collection rates of accounts receivable.
We May Ultimately Incur Liability in Connection with Environmental Laws are
Significant,Federal Proceedings
On October 20, 2004, FirstEnergy was notified by the SEC that the previously disclosed informal inquiry initiated by the SEC's Division of Enforcement in September 2003 relating to the restatements in August 2003 of previously reported results by FirstEnergy and the CostOhio Companies, and the Davis-Besse extended outage, has become the subject of Compliancea formal order of investigation. The SEC's formal order of investigation also encompasses issues raised during the SEC's examination of FirstEnergy and the Companies under PUHCA. Concurrent with Future Environmental Laws
Could Harm Cash Flowthis notification, FirstEnergy received a subpoena asking for background documents and Profitability
FirstEnergy's subsidiaries' operationsdocuments related to the restatements and Davis-Besse issues. On December 30, 2004, FirstEnergy received a second subpoena asking for documents relating to issues raised during the SEC's PUHCA examination. FirstEnergy has cooperated fully with the informal inquiry and will continue to do so with the formal investigation. If it were ultimately determined that FirstEnergy or its subsidiaries have legal liability or are otherwise made subject to extensive
federal, state and local environmental statutes, rules and regulations.
Compliance with these legal requirements requires us to incur significant costs
toward environmental monitoring, installationliability based on any of pollution control equipment,
emission fees, maintenance, upgrading, remediation and permitting at all of our
facilities. These expenditures have been significant in the past and may
increase in the future. If the cost of compliance with existing environmental
regulations does increase,above matters, it could adversely affecthave a material adverse effect on FirstEnergy's businessor its subsidiaries' financial condition and results of operations, financial positionoperations.
In late 2003, FENOC received a subpoena from a grand jury sitting in the United States District Court for the Northern District of Ohio, Eastern Division requesting the production of certain documents and cash flows. Moreover, changes in
environmental laws may materially increase FirstEnergy's costs of compliance or
acceleraterecords relating to the timing of capital expenditures. Becauseinspection and maintenance of the deregulationreactor vessel head at Davis-Besse. We are unable to predict the outcome of generation,this investigation. On December 10, 2004, FirstEnergy may not recover through rates additional costs incurred
for such compliance. FirstEnergy's compliance strategy, although reasonably
based on available information, may not successfully addressreceived a letter from the relevant
standards and interpretationsUnited States Attorney's Office stating that FENOC is a target of the federal grand jury investigation into alleged false statements relating to the Davis-Besse outage made to the NRC in the future. If FirstEnergy failsFall of 2001 in response to comply with
environmental lawsNRC Bulletin 2001-01. The letter also said that the designation of FENOC as a target indicates that, in the view of the prosecutors assigned to the matter, it is likely that federal charges will be returned against FENOC by the grand jury. On February 10, 2005, FENOC received an additional subpoena for documents related to root cause reports regarding reactor head degradation and regulations, even if caused by factors beyond its control
or new interpretations of longstanding requirements, that failure may result in the assessment of reactor head management issues at Davis-Besse. In addition, FENOC remains subject to possible civil enforcement action by the NRC in connection with the events leading to the Davis-Besse outage in 2002.
On August 12, 2004, the NRC notified FENOC that it will increase its regulatory oversight of the Perry Nuclear Power Plant as a result of problems with safety system equipment over the past two years. FENOC operates the Perry Nuclear Power Plant, which is either owned or criminal liabilityleased by OE, CEI, TE and fines.
Penn. Although the NRC noted that the plant continues to operate safely, the agency has indicated that its increased oversight will include an extensive NRC team inspection to assess the equipment problems and the sufficiency of FENOC’s corrective actions. The outcome of these matters could include NRC enforcement action or other impacts on operating authority. As a result, these matters could have a material adverse effect on FirstEnergy’s or its subsidiaries’ financial condition.
Utility Regulation
As a registered public utility holding company, FirstEnergy is subject to regulation by the SEC under the Public Utility Holding Company Act of 1935
(1935 Act).PUHCA. The SEC has determined that the electric facilities of the Companies constitute a single integrated public utility system under the standards of the
1935 Act. The 1935 ActPUHCA. PUHCA regulates FirstEnergy with respect to accounting, the issuance of securities, the acquisition and sale of utility assets, securities or any other interest in any business, and entering into, and performance of, service, sales and construction contracts among its subsidiaries, and certain other matters. The 1935 ActPUHCA also limits the extent to which FirstEnergy may engage in nonutility businesses or acquire additional utility businesses. Each of the Companies' retail rates, conditions of service, issuance of securities and other matters are subject to regulation in the state in which each operates - - in Ohio by the PUCO, in New Jersey by the New Jersey Board of Public Utilities
(NJBPU)NJBPU and in Pennsylvania by the Pennsylvania Public Utility Commission
(PPUC).PPUC. With respect to their wholesale and interstate electric operations and rates, the Companies are subject to regulation, including regulation of their accounting policies and practices, by the FERC. Under Ohio law, municipalities may regulate rates, subject to appeal to the PUCO if not acceptable to the utility.
Regulatory Accounting
FirstEnergy accounts for the effects of regulation through the application of SFAS 71 to its operating utilities when their rates:
· | are established by a third-party regulator with the authority to set rates that bind customers; |
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· | are cost-based; and |
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· | can be charged to and collected from customers. |
An enterprise meeting all of these criteria capitalizes costs that would otherwise be charged to expense if the rate actions of its regulator make it probable that those costs will be recovered in future revenue. SFAS 71 is applied only to the parts of the business that meet the above criteria. If a portion of the business applying SFAS 71 no longer meets those requirements, previously recorded regulatory assets are removed from the balance sheet in accordance with the guidance in SFAS 101.
In Ohio, New Jersey and Pennsylvania, laws applicable to electric industry
deregulation includedrestructuring contain similar provisions
whichthat are reflected in the Companies' respective state regulatory
plans:
o allowing the Companies' electric customers to select their
generation suppliers;
o establishing PLR obligations to customers in the Companies' service
areas;
o allowing recovery of transition costs (sometimes referred to as
stranded investment);
o itemizing (unbundling) the price of electricity into its component
elements - including generation, transmission, distribution and
transition costs recovery charges;
o deregulating the Companies' electric generation businesses;
6
oplans. These provisions include:
· | restructuring the electric generation business and allowing the Companies' customers to select a competitive electric generation supplier other than the Companies; |
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· | establishing or defining the PLR obligations to customers in the Companies' service areas; |
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· | providing the Companies with the opportunity to recover potentially stranded investment (or transition costs) not otherwise recoverable in a competitive generation market; |
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· | itemizing (unbundling) the price of electricity into its component elements - including generation, transmission, distribution and stranded costs recovery charges; |
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· | continuing regulation of the Companies' transmission and distribution systems; and |
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· | requiring corporate separation of regulated and unregulated business activities. |
The EUOC recognize, as regulatory assets, costs which the FERC, PUCO, PPUC and NJBPU have authorized for recovery from customers in future periods or for which authorization is probable. Without the probability of such authorization, costs currently recorded as regulatory assets would have been charged to income as incurred. All regulatory assets are expected to be recovered from customers under the Companies' respective transition and regulatory plans. Based on those plans, the Companies continue to bill and collect cost-based rates for their transmission and distribution systems;services, which remain regulated; accordingly, it is appropriate that the Companies continue the application of SFAS 71 to those operations.
Reliability Initiatives
In late 2003 and o requiring corporate separationearly 2004, a series of regulatedletters, reports and unregulated
business activities.recommendations were issued from various entities, including governmental, industry and ad hoc reliability entities (PUCO, FERC, NERC and the U.S. - Canada Power System Outage Task Force) regarding enhancements to regional reliability. With respect to each of these reliability enhancement initiatives, FirstEnergy submitted its response to the respective entity according to any required response dates. In 2004, we completed implementation of all actions and initiatives related to enhancing area reliability, improving voltage and reactive management, operator readiness and training, and emergency response preparedness recommended for completion in 2004. Furthermore, FirstEnergy certified to NERC on June 30, 2004, with minor exceptions noted, that we had completed the recommended enhancements, policies, procedures and actions it had recommended be completed by June 30, 2004. In addition, FirstEnergy requested, and NERC provided, a technical assistance team of experts to assist in implementing and confirming timely and successful completion of various initiatives. The NERC-assembled independent verification team confirmed on July 14, 2004, that FirstEnergy had implemented the NERC Recommended Actions to Prevent and Mitigate the Impacts of Future Cascading Blackouts required to be completed by June 30, 2004, as well as NERC recommendations contained in the Control Area Readiness Audit Report required to be completed by summer 2004, and recommendations in the U.S. - - Canada Power System Outage Task Force Report directed toward FirstEnergy and required to be completed by June 30, 2004, with minor exceptions noted by FirstEnergy. On December 28, 2004, FirstEnergy submitted a follow-up to its June 30, 2004 Certification and Report of Completion to NERC addressing the minor exceptions, which are now essentially complete.
FirstEnergy is proceeding with the implementation of the recommendations that were to be completed subsequent to 2004 and will continue to periodically assess the FERC-ordered Reliability Study recommendations for forecasted 2009 system conditions, recognizing revised load forecasts and other changing system conditions which may impact the recommendations. Thus far, implementation of the recommendations has not required, nor is expected to require, substantial investment in new, or material upgrades, to existing equipment. FirstEnergy notes, however, that FERC or other applicable government agencies and reliability coordinators may take a different view as to recommended enhancements or may recommend additional enhancements in the future that could require additional, material expenditures. Finally, the PUCO Rate Matters
Inis continuing to review the FirstEnergy filing that addressed upgrades to control room computer hardware and software and enhancements to the training of control room operators, before determining the next steps, if any, in the proceeding.
On July 1999, Ohio's electric utility restructuring legislation, which
allowed Ohio electric customers to select their generation suppliers beginning
January 1, 2001, was signed into law. Among other things, the legislation
provided for5, 2003, JCP&L experienced a 5% reductionseries of 34.5 kilovolt sub-transmission line faults that resulted in outages on the generation portionNew Jersey shore. On July 16, 2003, the NJBPU initiated an investigation into the cause of residential customers'
billsJCP&L's outages of the July 4, 2003 weekend. The NJBPU selected a Special Reliability Master (SRM) to oversee and make recommendations on appropriate courses of action necessary to ensure system-wide reliability. Additionally, pursuant to the stipulation of settlement that was adopted in the NJBPU's Order of March 13, 2003 in its docket relating to the investigation of outages in August 2002, the NJBPU, through an independent auditor working under direction of the NJBPU Staff, undertook a review and focused audit of JCP&L's Planning and Operations and Maintenance programs and practices (Focused Audit). Subsequent to the initial engagement of the auditor, the scope of the review was expanded to include the outages during July 2003.
Both the independent auditor and the opportunitySRM submitted interim reports primarily addressing improvements to recover transition costs,be made prior to the next occurrence of peak loads in the summer of 2004. On December 17, 2003, the NJBPU adopted the SRM's interim recommendations related to service reliability. With the assistance of the independent auditor and the SRM, JCP&L and the NJBPU staff created a Memorandum of Understanding (MOU) that set out specific tasks to be performed by JCP&L and a timetable for completion. On March 29, 2004, the NJBPU adopted the MOU and endorsed JCP&L's ongoing actions to implement the MOU. On June 9, 2004, the NJBPU approved a Stipulation that incorporates the final report of the SRM and the Executive Summary and Recommendation portions of the final report of the Operations Audit. A Final Order in the Focused Audit docket was issued by the NJBPU on July 23, 2004. JCP&L continues to file compliance reports reflecting activities associated with the MOU and Stipulation.
In May 2004, the PPUC issued an order approving the revised reliability benchmark and standards, including regulatory
assets, fromrevised benchmarks and standards for Met-Ed, Penelec and Penn. Met-Ed, Penelec and Penn filed a Petition for Amendment of Benchmarks with the PPUC on May 26, 2004 seeking amendment of the benchmarks and standards due to their implementation of automated outage management systems following restructuring. Evidentiary hearings have been scheduled for September 2005. FirstEnergy is unable to predict the outcome of this proceeding.
On January 1, 2001 through December 31, 2005 (market development
period). The period for16, 2004, the recoveryPPUC initiated a formal investigation of regulatory assets only can be extended
upwhether Met-Ed's, Penelec's and Penn's “service reliability performance deteriorated to December 31, 2010. The PUCO was authorized to determinea point below the level of transition cost recovery, as well as the recovery period for the regulatory
assets portion of those costs,service reliability that existed prior to restructuring” in considering each Ohio electric utility's
transition plan application.
In July 2000, the PUCO approved FirstEnergy's transition plan for OE,
CEIPennsylvania. Hearings were held in early August 2004. On September 30, 2004, Met-Ed, Penelec and TE (Ohio Companies) as modified byPenn filed a settlement agreement with major
parties to the transition plan. The application of SFAS 71, "Accounting forPPUC that addresses the Effects of Certain Types of Regulation" to OE's generation business and the
nonnuclear generation businesses of CEI and TE was discontinued with the
issuance of the PUCO transition plan order, as described further below. Major
provisions of the settlement agreement consisted of approval of recovery of
generation-related transition costs as filed of $4.0 billion net of deferred
income taxes (OE-$1.6 billion, CEI-$1.6 billion and TE-$0.8 billion) and
transition costsissues related to regulatory assets as filed of $2.9 billion net of
deferred income taxes (OE-$1.0 billion, CEI-$1.4 billion and TE-$0.5 billion),
with recovery through no later than 2006 for OE, mid-2007 for TE and 2008 for
CEI, except where a longer period of recovery is provided for in the settlement
agreement. The generation-related transition costs include $1.4 billion, net of
deferred income taxes, (OE-$1.0 billion, CEI-$0.2 billion and TE-$0.2 billion)
of impaired generating assets recognized as regulatory assets as described
further below, $2.4 billion, net of deferred income taxes, (OE-$1.2 billion,
CEI-$0.4 billion and TE-$0.8 billion) of above market operating lease costs and
$0.8 billion, net of deferred income taxes, (CEI-$0.5 billion and TE-$0.3
billion) of additional plant costs that were reflected on CEI's and TE's
regulatory financial statements.
Also asthis investigation. As part of the settlement, agreement, the Ohio Companies give
preferred access over its subsidiariesMet-Ed, Penelec and Penn agreed to nonaffiliated marketers, brokersenhance service reliability, ongoing periodic performance reporting and aggregators to 1,120 megawatts (MW) of generation capacity through 2005 at
established prices for sales to the Ohio Companies' retail customers. Customer
prices are frozen through the five-year market development period, which runs
through the end of 2005, except for certain limited statutory exceptions,
including the 5% reduction referred to above. In February 2003, the Ohio
Companies were authorized increases in annual revenues aggregating approximately
$50 million (OE-$41 million, CEI-$4 million and TE-$5 million) to recover their
higher tax costs resulting from the Ohio deregulation legislation.
The Ohio Companies' customers choosing alternative suppliers receive
an additional incentive applied to the shopping credit (generation component) of
45% for residential customers, 30% for commercialcommunications with customers and 15%to collectively maintain their current spending levels of at least $255 million annually on combined capital and operation and maintenance expenditures for industrial customers.transmission and distribution for the years 2005 through 2007. The amountsettlement also outlines an expedited remediation process to address any alleged non-compliance with terms of the incentivesettlement and an expedited PPUC hearing process if remediation is deferred for future
recovery from customers. Subject to approval byunsuccessful. On November 4, 2004, the PPUC accepted the recommendation of the ALJ approving the settlement.
PUCO recovery will be
accomplished by extending the respective transition cost recovery period.
OnRate Matters
In October 21, 2003, the Ohio Companies filed an application for a Rate Stabilization Plan with the PUCO to establish generation service rates beginning January 1, 2006, in response to expressedPUCO concerns by the PUCO about price and supply uncertainty following the end of the Ohio Companies' transition plan market development period. The filing included two
options:
o A competitive auction, which would establishOn February 24, 2004, the Ohio Companies filed a price for
generation that customers would be charged during the period
covered by the auction, or
o Arevised Rate Stabilization Plan which would extendto address PUCO concerns related to the original Rate Stabilization Plan. On June 9, 2004, the PUCO issued an order approving the revised Rate Stabilization Plan, subject to conducting a competitive bid process. On August 5, 2004, the Ohio Companies accepted the Rate Stabilization Plan as modified and approved by the PUCO on August 4, 2004. In the second quarter of 2004, the Ohio Companies implemented the accounting modifications related to the extended amortization periods and interest costs deferral on the deferred customer shopping incentive balances. On October 1 and October 4, 2004, the OCC and NOAC, respectively, filed appeals with the Supreme Court of Ohio to overturn the June 9, 2004 PUCO order and associated entries on rehearing.
The revised Rate Stabilization Plan extends current generation prices through 2008, ensuring adequate generation supply at stabilized prices, and continuing ourcontinues the Ohio Companies' support of energy efficiency and economic development efforts. UnderOther key components of the first option,revised Rate Stabilization Plan include the following:
· | extension of the transition cost amortization period for OE from 2006 to as late as 2007; for CEI from 2008 to as late as mid-2009 and for TE from mid-2007 to as late as mid-2008; |
| |
· | deferral of interest costs on the accumulated customer shopping incentives as new regulatory assets; and |
| |
· | ability to request increases in generation charges during 2006 through 2008, under certain limited conditions, for increases in fuel costs and taxes. |
| |
On December 9, 2004, the PUCO rejected the auction price results from a required competitive bid process and issued an auction would be conductedentry stating that the pricing under the approved revised Rate Stabilization Plan will take effect on January 1, 2006. The PUCO may cause the Ohio Companies to undertake, no more often than annually, a similar competitive bid process to secure generation service for the Ohio Companies' customers. Beginning in 2006,
customersyears 2007 and 2008. Any acceptance of future competitive bid results would pay market prices for generation as determined by the auction.
Underterminate the Rate Stabilization Plan option, customers would have pricepricing, but not the related approved accounting, and supply stability through 2008 - three years beyond the end of the market
development period - as well as the benefits of a competitive market. Customer
benefits would include: customer savings by extending the current five percent
discount on generation costs and other customer credits; maintaining current
distribution base rates through 2007; market-based auctions that may be
conducted annually to ensure that customers pay the lowest available prices;
extension of the Ohio Companies' support of energy-efficiency programs and the
potential for continuing the program to give preferred access to nonaffiliated
entities to generation capacity if shopping drops below 20%. Under the proposed
plan, FirstEnergy is requesting:
o Extension of the transition cost amortization period for OE from
2006 to 2007; for CEI from 2008 to mid-2009 and for TE from
mid-2007 to mid-2008;
7
o Deferral of interest costs on the accumulated shopping
incentives and other cost deferrals as new regulatory assets;
and
o Ability to initiate a request to increase generation rates under
certain limited conditions.
On January 7, 2004,not until twelve months after the PUCO staff filed testimony on the proposed
rate plan generally supporting the Rate Stabilization Plan as opposed to the
competitive auction proposal. Hearings began on February 11, 2004 and were
completed on March 1, 2004. On February 23 2004, after consideration of PUCO
Staff comments and testimony as well as those provided by some of the
intervening parties, FirstEnergy made certain modifications to the Rate
Stabilization Plan. A decision is expected from the PUCO in the Spring of 2004.
authorizes such termination.
NJBPU Rate Matters
JCP&L's 2001 Final Decision and Order (Final Order) with respect to
its rate unbundling, stranded cost and restructuring filings confirmed rate
reductions set forth in its 1999 Summary Order, which had been in effect at
increasing levels through July 2003. The Final Order also confirmed the
establishment of a non-bypassable societal benefits charge (SBC) to recover
costs which include nuclear plant decommissioning and manufactured gas plant
remediation, as well as a non-bypassable market transition charge (MTC)
primarily to recover stranded costs. The NJBPU has deferred making a final
determination of the net proceeds and stranded costs related to prior generating
asset divestitures until JCP&L's request for an Internal Revenue Service (IRS)
ruling regarding the treatment of associated federal income tax benefits is
acted upon. Should the IRS ruling support the return of the tax benefits to
customers, there would be no effect on FirstEnergy's or JCP&L's net income since
the contingency existed prior to the merger.
In addition, the Final Order provided for the ability to securitize
stranded costs associated with the divested Oyster Creek Nuclear Generating
Station. Under NJBPU authorization in 2002, JCP&L issued through its wholly
owned subsidiary, JCP&L Transition Funding LLC, $320 million of transition bonds
(recognized on the Consolidated Balance Sheet) which securitized the recovery of
these costs and which provided for a usage-based non-bypassable transition bond
charge (TBC) and for the transfer of the bondable transition property to another
entity.
Prior to August 1, 2003, JCP&L's PLR obligation to provide basic
generation service (BGS) to non-shopping customers was supplied almost entirely
from contracted and open market purchases.
JCP&L is permitted to defer for future collection from customers the amounts by which its costs of supplying BGS to non-shopping customers and costs incurred under nonutility generation (NUG)NUG agreements exceed amounts collected through BGS and MTC rates. As of December 31, 2003,2004, the accumulated deferred cost balance totaled approximately $440
million, after the charge discussed below. The NJBPU also allowed$446 million. New Jersey law allows for securitization of JCP&L's deferred balance to the extent permitted by law upon application by JCP&L and a determination by the NJBPU that the conditions of the New Jersey restructuring legislation are met. On February 14, 2003, JCP&L filed for approval of the securitization of the deferred balance. There can be no assurance as to the extent, if any, that the NJBPU will permit such securitization.
Under New Jersey transition legislation, all electric distribution
companies were required to file rate cases to determine the level of unbundled
rate components to become effective August 1, 2003. JCP&L's two August 2002 rate
filings requested increases in base electric rates of approximately $98 million
annually and requested the recovery of deferred costs that exceeded amounts
being recovered under the current MTC and SBC rates; one proposed method of
recovery of these costs is the securitization of the deferred balance. This
securitization methodology is similar to the Oyster Creek securitization
discussed above. On
In July 25, 2003, the NJBPU announced its JCP&L base electric rate proceeding decision, which reduced JCP&L's annual revenues by approximately
$62 million effective August 1, 2003.2003 and disallowed $153 million of deferred energy costs. The NJBPU decision also provided for an interim return on equity of 9.5 percent9.5% on JCP&L's rate base for 6base. The decision ordered a Phase II proceeding be conducted to 12 months.
Duringreview whether JCP&L is in compliance with current service reliability and quality standards. The BPU also ordered that period,any expenditures and projects undertaken by JCP&L to increase its system's reliability will initiate anotherbe reviewed as part of the Phase II proceeding, to request recovery
of additional costs incurred to enhance system reliability.determine their prudence and reasonableness for rate recovery. In that Phase II proceeding, the NJBPU could increase theJCP&L’s return on equity to 9.75 percent9.75% or decrease it to 9.25 percent,9.25%, depending on its assessment of the reliability of JCP&L's service. Any reduction would be retroactive to August 1, 2003. The net revenue decrease
from the NJBPU's decision consists of a $223 million decrease in the electricity
delivery charge, a $111 million increase due to the August 1, 2003 expiration of
annual customer credits previously mandated by the New Jersey transition
legislation, a $49 million increase in the MTC tariff component, and a net $1
million increase in the SBC charge. The MTC allows for the recovery of $465
million in deferred energy costs over the next ten years on an interim basis,
thus disallowing $153 million of the $618 million provided for in a preliminary
settlement agreement between certain parties. As a result, JCP&L recorded charges to net income for the year ended December 31, 2003, aggregating $185 million ($109 million net of tax) consisting of the $153 million of disallowed deferred energy costs and $32 million of other disallowed regulatory assets. In its final decision and order issued on May 17, 2004, the NJPBU clarified the method for calculating interest attributable to the cost disallowances, resulting in a $5.4 million reduction from the amount estimated in 2003. JCP&L filed aan August 15, 2003 interim motion for rehearing and reconsideration with the NJBPU and a June 1, 2004 supplemental and amended motion for rehearing and reconsideration. On July 7, 2004, the NJBPU granted limited reconsideration and rehearing on August 15, 2003 with respect to the following issues: (1) the disallowance of the $153 million deferred energy
costs;cost disallowances, (2) the reducedcapital structure including the rate of return, on equity; and (3) $42.7 millionmerger savings, including amortization of
disallowed costs to achieve merger savings. savings; and (4) decommissioning costs. Management is unable to predict when a decision may be reached by the NJBPU.
On October 10, 2003,July 16, 2004, JCP&L filed the Phase II petition and testimony with the NJBPU, held
the motionrequesting an increase in abeyance until the final NJBPU decision and order which is
expected to be issued in the first quarterbase rates of 2004.
8
JCP&L's BGS obligation$36 million for the twelve month period beginning August 1,
2003 was auctioned in February 2003.recovery of system reliability costs and a 9.75% return on equity. The auction covered a fixed price bid
(applicablefiling also requests an increase to all residentialthe MTC deferred balance recovery of approximately $20 million annually. The Ratepayer Advocate filed testimony on November 16, 2004 and smaller commercial and industrial customers)
and an hourly price bid (applicable to all large industrial customers) process.
JCP&L submitted rebuttal testimony on January 4, 2005. Settlement conferences are ongoing. JCP&L sells all self-supplied energy (NUGs and owned generation) to the wholesale market with offsetting credits to its deferred energy balances.balance with the exception of 300 MW from JCP&L's NUG committed supply currently being used to serve BGS customers pursuant to NJBPU order. The BGS auction for the subsequent periodperiods beginning June 1, 2004 was completed in February 2004 and new BGS tariffs reflecting the auction results became effective June 1, 2004. The NJBPU adjusteddecision on the generation componentBGS post transition year three process was announced on October 22, 2004, approving with minor modifications the BGS procurement process filed by JCP&L and the other New Jersey electric distribution companies and authorizing the continued use of NUG committed supply to serve 300 MW of BGS load. The auction for the supply period beginning June 1, 2005 was completed in February 2005.
In accordance with an April 28, 2004 NJBPU order, JCP&L's retail rates&L filed testimony on August 1, 2003 to
reflect the resultsJune 7, 2004 supporting a continuation of the BGS auction.current level and duration of the funding of TMI-2 decommissioning costs by New Jersey customers without a reduction, termination or capping of the funding. On July 5, 2003,September 30, 2004, JCP&L experienced a series of 34.5 kilo-volt
sub-transmission line faults thatfiled an updated TMI-2 decommissioning study (see Exhibit 13, Note 11 - Asset Retirement Obligations). This study resulted in outagesan updated total decommissioning cost estimate of $729 million (in 2003 dollars) compared to the estimated $528 million (in 2003 dollars) from the prior 1995 decommissioning study. The Ratepayer Advocate filed comments on February 28, 2008. A schedule for further proceedings has not yet been set.
In response to the New Jersey shore.
The NJBPU instituted an investigation into these outages, and directed that a
Special Reliability Master be hired to oversee the investigation. On December 8,
2003, the Special Reliability Master issued his Interim Report recommending that
JCP&L implement a series of actions to improve reliability in the area affectedongoing work stoppage by the outages. Themembers of IBEW System Council U-3, the NJBPU adoptedhas made inquiries of JCP&L regarding its preparedness to assure service reliability and respond to storm or other emergency conditions during the findingsstrike. JCP&L has responded to these inquiries and recommendations ofhas provided the Interim Report on December 17, 2003, and ordered JCP&L to implement the
recommended actions on a staggered basis, with initial actions to be completed
by March 31, 2004. JCP&L expects to spend $12.5 million implementing these
actions during 2004.
requested information.
PPUC Rate Matters
The PPUC authorized 1998 rate restructuring plans for Penn, Met-Ed and
Penelec. In 2000, the PPUC disallowed a portion of the requested additional
stranded costs above those amounts granted in Met-Ed's and Penelec's 1998 rate
restructuring plan orders. The PPUC required Met-Ed and Penelec to seek an IRS
ruling regarding the return of certain unamortized investment tax credits and
excess deferred income tax benefits to customers. Similar to JCP&L's situation,
if the IRS ruling ultimately supports returning these tax benefits to customers,
there would be no effect to FirstEnergy's, Met-Ed's or Penelec's net income
since the contingency existed prior to the merger.
In June 2001, the PPUC approved the Settlement Stipulation with all of the major parties in the combined merger and rate relief proceedings, which approved the FirstEnergy/GPU merger and provided Met-Ed and Penelec PLR deferred accounting treatment for energy costs,
permitting Met-Ed and Penelec to defer, for future recovery, energy costs in
excess of amounts reflected in their capped generation rates retroactive to
January 1, 2001. This PLR deferral accounting procedure was later denied in acosts. A February 2002 Commonwealth Court of Pennsylvania decision. The court decision
also affirmed the PPUC decision regarding approval of the merger, remanding the decision to
the PPUC only with respect to the issue of merger savings. FirstEnergy
established reserves in 2002 for Met-Ed's and Penelec's PLR deferred energy
costs which aggregated $287.1 million, reflecting the potential adverse impact
of the then pending Pennsylvania Supreme Court decision whether to review the
Commonwealth Court decision.
On April 2, 2003, the PPUC remanded the issue relating toissues of quantification and allocation of merger savings to the Office of Administrative Law for hearings, directed Met-EdPPUC and Penelec to file a position paper ondenied the effect of the Commonwealth Court order
on the Settlement Stipulation and allowed other parties to file responses to the
position paper. Met-Ed and Penelec filed a letter with the Administrative Law
Judge (ALJ) on June 11, 2003, voiding the Stipulation in its entirety and
reinstating Met-Ed's and Penelec's restructuring settlement previously approved
by the PPUC.
OnPLR deferral accounting treatment. In October 2, 2003, the PPUC issued an order concluding that the Commonwealth Court reversed the PPUC'sPPUC’s June 20, 2001 order in its entirety. The
PPUC directedIn accordance with the PPUC's direction, Met-Ed and Penelec filed supplements to filetheir tariffs within thirty days ofwhich were effective October 2003 that reflected the order
to reflect the competitive transition charge (CTC)CTC rates and shopping credits
that were in effect prior to the June 21, 2001 order to be effective upon one
day's notice. order.
In response to that order, Met-Ed and Penelec filed these
supplements to their tariffs to become effective October 24, 2003.
Onits October 8, 2003 Met-Ed and Penelec filed a petition, for
clarification relating to the October 2, 2003 order on two issues: to establishPPUC approved June 30, 2004 as the date to fully refund thefor Met-Ed's and Penelec's NUG trust fund refunds and to clarify that
the ordereddenied their accounting treatmentrequest regarding the CTC rate/shopping credit swap should follow the ratemaking, and that the PPUC's findings would not impair
their rights to recover all of their stranded costs. On October 9, 2003, ARIPPA
(an intervenor in the proceedings) petitioned the PPUC to direct Met-Ed and
Penelec to reinstate accounting for the CTC rate/shopping credit swap
retroactive to January 1, 2002. Several other parties also filed petitions. On
October 16, 2003, the PPUC issued a reconsideration order granting the date
requested by Met-Ed and Penelec for the NUG trust fund refund, denying Met-Ed's
and Penelec's other clarification requests and granting ARIPPA's petition with
respect to the accounting treatment of the changes to the CTC rate/shopping
credit swap. On October 22, 2003, Met-Ed and Penelec filed an Objection with the
Commonwealth Court asking that the Court reverse the PPUC's finding that
requiresrequiring Met-Ed and Penelec to treat the stipulated CTC rates that were in effect from January 1, 2002 on a retroactive basis. Met-Ed and Penelec are
considering filing an appeal tosubsequently filed with the Commonwealth Court, on the PPUC orders as
well.
On October 27, 2003, a Commonwealth Court judge issued an Order
denying Met-Ed's and Penelec's objection without explanation. Due to the
vagueness of the Order, Met-Ed and Penelec, on October 31, 2003, filed an Application for Clarification with the judge. Concurrent with this filing,
Met-Ed and Penelec, in order to preserve their rights, also filed with the
Commonwealth Court bothjudge, a Petition for Review of the PPUC's October 162 and October 2216 Orders, and an application for reargument if the judge, in his clarification order, indicates that Met-Ed's and Penelec's objectionObjection was intended to be denied on the merits. The Reargument Brief before the Commonwealth Court was filed January 28, 2005.
In addition to these findings,accordance with PPUC directives, Met-Ed and Penelec have been negotiating with interested parties in compliance withan attempt to resolve the PPUC's Orders, filed revised PPUC quarterly
9
reports formerger savings issues that are the twelve months ended December 31, 2001 and 2002, and forsubject of remand from the first two quartersCommonwealth Court. These companies' combined portion of 2003, reflecting balances consistent with the PPUC's
findings in their Orders.
Effective September 1, 2002,total merger savings is estimated at approximately $31.5 million. If no settlement can be reached, Met-Ed and Penelec assignedwill take the position that any portion of such savings should be allocated to customers during each company's next rate proceeding.
Met-Ed and Penelec purchase a portion of their PLR responsibility to theirrequirements from FES affiliate through a wholesale power sale agreement. The PLR sale will beis automatically extended for each successive calendar year unless any party elects to cancel the agreement by November 1 of the preceding year. Under the terms of the wholesale agreement, FES assumedretains the supply obligation and the supply profit and loss risk, for the portion of power supply requirements not self-supplied by Met-Ed and Penelec under their NUG contracts and other power contracts with nonaffiliated third party suppliers. This arrangement reduces Met-Ed's and Penelec's exposure to high wholesale power prices by providing power at a fixed price for their uncommitted PLR energy costs during the term of the agreement with FES. FES has hedged most of Met-Ed's
and Penelec's unfilled PLR on-peak obligation through 2004 and a portion of
2005, the period during which deferred accounting was previously allowed under
the PPUC's order. Met-Ed and Penelec are authorized to continue deferring differences between NUG contract costs and current market prices.
In late
Transmission Rate Matters
On November 1, 2004, ATSI requested authority from the FERC to defer approximately $54 million of vegetation management costs ($13 deferred as of December 31, 2004 pending authorization) estimated to be incurred from 2004 through 2007. The FERC issued an order granting approval of the deferral on March 2, 2005.
ATSI and MISO filed with the FERC on December 2, 2004, seeking approval for ATSI to have transmission rates established based on a FERC-approved cost of service formula rate included in Attachment O under the MISO tariff. The ATSI Network Service net revenue requirement increased under the formula rate to approximately $159 million. On January 28, 2005, the FERC accepted for filing the revised tariff sheets to become effective February 1, 2005, subject to refund, and ordered a public hearing be held to address the reasonableness of the proposal to eliminate the voltage-differentiated rate design for the ATSI zone.
On December 30, 2004, the Ohio Companies filed an application with the PUCO seeking tariff adjustments to recover increases of approximately $30 million in transmission and ancillary service-related costs beginning January 1, 2006. The Ohio Companies also filed an application for authority to defer costs such as those associated with MISO Day 1, MISO Day 2, congestion fees, FERC assessment fees, and the ATSI rate increase, as applicable, from October 1, 2003 through December 31, 2005.
On January 12, 2005, Met-Ed and Penelec filed, before the PPUC, issued a Tentative Order implementing new
reliability benchmarks and standards. In connection therewith, the PPUC
commenced a rulemaking procedure to amend the Electric Service Reliability
Regulations to implement these new benchmarks, and create additional reporting
on reliability. Although neither the Tentative Order nor the Reliability
Rulemaking has been finalized, the PPUC ordered all Pennsylvania utilities to
begin filing quarterly reports on Novemberrequest for deferral of transmission-related costs beginning January 1, 2003. The comment period for both
the Tentative Order and the Proposed Rulemaking Order has closed. Met-Ed,
Penelec and Penn are currently awaiting the PPUC to issue a final order in both
matters. The order will determine (1) the standards and benchmarks2005, estimated to be utilized, and (2) the details required in the quarterly and annual reports. It
is expected that these Orders will be finalized in March of 2004.
approximately $8 million per month.
On JanuarySeptember 16, 2004, the PPUC initiated a formal investigation of
Met-Ed's, Penelec's and Penn's levels of compliance with the Public Utility CodeFERC issued an order that imposed additional obligations on CEI under certain pre-Open Access transmission contracts among CEI and the PPUC's regulationscities of Cleveland and orders with regard to reliable electric service.
Hearings willPainesville. Under the FERC’s decision, CEI may be heldresponsible for a portion of new energy market charges imposed by MISO when its energy markets begin in August in this investigation, and the ALJ has been
directed to issue a Recommended Decision by September 30, 2004, in order to
allow the PPUC time to issue a Final Order before December 16, 2004. FirstEnergy
is unable to predict the outcomespring of 2005. CEI filed for rehearing of the investigation ororder from the FERC on October 18, 2004. The impact of the PPUC
order.
FERC Rate Matters
The Companies provide wholesale power anddecision on CEI is dependent upon many factors, including the arrangements made by the cities for transmission service, subject
to the jurisdictionstartup date for the MISO energy market, and the resolution of the FERC.
Following the FirstEnergy/GPU merger, the transmission facilities of
JCP&L, Met-Edrehearing request, and Penelec continue tocannot be operated by PJM. PJM was approved by
the FERC as a regional transmission organization (RTO) on December 20, 2002.
Transmission service over the facilities of FirstEnergy's PJM operating
companies is provided under the PJM Open Access Transmission Tariff.
ATSI transferred operational control of its transmission facilities in
the East Central Area Reliability Agreement (ECAR) area to the MISO RTO as part
of GridAmerica, LLC, an independent transmission company. This transfer of
control became effective on October 1, 2003. Transmission service over the
facilities of ATSI is now provided under the MISO Open Access Transmission
Tariff. A settlement of all rate matters related to ATSI's integration into MISO
was filed with FERC on December 18, 2003 and is waiting decision by FERC.
determined at this time.
PJM and MISO were ordered by the FERC to develop a common market between the regions by October 31, 2004. The FERC also initiated a Section 206 investigation into the reasonableness of the "through-and-out"“through-and-out” transmission rates charged by PJM and MISO. OnBy order issued November 17, 2003, the FERC issuedas modified by subsequent orders,
directing MISO, PJM, and certain unaffiliated transmission owners in the Midwest were directed to eliminate their transmission rates for point-to-point service between the two RTOs effective AprilDecember 1, 2004. AOn October 1, 2004, proponents of a Regional Pricing Plan and a Unified Plan filed competing proposals for FERC’s consideration. Protests and reply comments were filed with the FERC. On November 18, 2004, FERC issued an order conditionally accepting the Regional Pricing Plan and directing compliance filings by MISO and PJM. On November 24, 2004, compliance filings were submitted to FERC that proposed surcharges for collection of lost revenues in both MISO and PJM for December 1, 2004 through March 31, 2006. Numerous parties protested the proposed surcharges on January 7, 2005. On February 10, 2005, FERC issued an order setting the case for hearing. The outcome of this proceeding cannot be predicted.
On January 31, 2005, certain PJM transmission owners made filings pursuant to a settlement judge has been appointedagreement approved by FERC in Docket ER04-156-000. JCP&L, Met-Ed and Penelec were parties to that proceeding. Three filings were made. First, the settling transmission owners submitted a filing justifying continuation of their existing “license plate” rate design within the PJM RTO. Second, the settling transmission owners proposed a revised Schedule 12 to the PJM Tariff designed to harmonize the rate treatment of new and existing transmission facilities. Finally, Baltimore Gas & Electric Company and certain public utility affiliates of PEPCO Holdings, Inc. made a filing to implement a transmission cost of service formula rate for their load zones within PJM. JCP&L, Met-Ed and Penelec did not join in this filing. Interventions and protests were due on these filings in late February, and we expect the FERC to resolveact in late March 2005 on the filings.
On August 6, 2004, FERC issued an order conditionally approving the MISO’s proposed energy market tariff effective March 1, 2005. FERC affirmed this order on rehearing on November 6, 2004. The implementation of MISO’s energy market is subject to successful completion of market test runs and approval of certain compliance filings byfilings. On January 27, 2005, MISO announced that financially binding market activities would be postponed until April 1, 2005 to permit additional testing of systems and training. FirstEnergy affiliates have been certified as market participants and will participate in the affected transmission providers. As part of the settlement
process, the FERC extended the date for elimination of through-and-out rates
until May 1, 2004. AEP, Commonwealth Edison, and other transmission owning
utilities have appealed the FERC's November 17, 2003 orders to the federal court
of appeals for the District of Columbia.
Regulatory Accounting
All of the Companies' regulatory assets (deferred costs) are expected
to continue to be recovered under provisions of the Ohio transition plan and the
respective Pennsylvania and New Jersey regulatory plans. The application of
Statement of Financial Accounting Standards (SFAS) No. 71, "Accounting for the
Effects of Certain Types of Regulation", has been discontinued with respect to
the Companies' generation operations.
MISO markets when they begin operation.
Capital Requirements
Capital expenditures for the Companies, FES and FirstEnergy's other subsidiaries for the years 20042005 through 20062007 excluding nuclear fuel, are shown
10
in the following table. Such costs include expenditures for the betterment of existing facilities and for the construction of generating capacity, facilities for environmental compliance, transmission lines, distribution lines, substations and other assets.
Capital Expenditures Forecast
2003 ------------------------------
Actual 2004 2005-2006 Total
------ ---- --------- -----
(In millions)
OE.................. $ 87 $110 $ 185 $ 295
Penn................ 46 64 79 143
CEI................. 114 92 183 275
TE.................. 71 50 91 141
JCP&L............... 125 146 300 446
Met-Ed.............. 44 55 113 168
Penelec............. 46 66 132 198
ATSI................ 18 23 43 66
FES................. 141 69 374 443
Other subsidiaries.. 100 38 87 125
----- ---- ------- ------
Total............... $ 792 $713 $ 1,587 $2,300
Amounts shown above for 2004 and 2005-2006 include $45 million and
$120 million, respectively, for the replacement of steam generators at the
Beaver Valley Nuclear Power Plant.
assets.
| | 2004 | | Capital Expenditures Forecast | |
| | Actual | | 2005 | | 2006-2007 | | Total | |
| | (In millions) | |
OE | | $ | 112 | | $ | 133 | | $ | 307 | | $ | 440 | |
Penn | | | 76 | | | 82 | | | 145 | | | 227 | |
CEI | | | 93 | | | 103 | | | 265 | | | 368 | |
TE | | | 51 | | | 56 | | | 136 | | | 192 | |
JCP&L | | | 153 | | | 178 | | | 333 | | | 511 | |
Met-Ed | | | 53 | | | 67 | | | 138 | | | 205 | |
Penelec | | | 53 | | | 89 | | | 183 | | | 272 | |
ATSI | | | 22 | | | 74 | | | 225 | | | 299 | |
FES | | | 92 | | | 163 | | | 542 | | | 705 | |
Other subsidiaries | | | 26 | | | 34 | | | 69 | | | 103 | |
Total | | $ | 731 | | $ | 979 | | $ | 2,343 | | $ | 3,322 | |
During the 2004-20062005-2007 period, maturities of, and sinking fund requirements for, long-term debt and preferred stock of FirstEnergy and its subsidiaries are:
Preferred Stock and Long-Term Debt
Redemption Schedule
----------------------------------
2004 2005-2006 Total
---- --------- -----
(In millions)
OE........................ $ 60 $ 180 $ 240
Penn...................... 64 4 68
CEI*...................... 289 2 291
TE........................ 230 -- 230
JCP&L..................... 176 275 451
Met-Ed.................... 40 181 221
Penelec................... 125 8 133
FirstEnergy............... 270 1,300 1,570
Other subsidiaries........ 4 18 22
------ ------ ------
Total..................... $1,258 $1,968 $3,226
| | Preferred Stock and Long-Term Debt | |
| | Redemption Schedule | |
| | 2005 | | 2006-2007 | | Total | |
| | (In millions) | |
| | | | | | | |
OE | | $ | 134 | | $ | 9 | | $ | 143 | |
Penn | | | 2 | | | 14 | | | 16 | |
CEI* | | | 1 | | | 122 | | | 123 | |
TE | | | 0 | | | 30 | | | 30 | |
JCP&L | | | 17 | | | 226 | | | 243 | |
Met-Ed | | | 30 | | | 151 | | | 181 | |
Penelec | | | 8 | | | 3 | | | 11 | |
FirstEnergy | | | 300 | | | 1,215 | | | 1,515 | |
Other subsidiaries | | | 5 | | | 23 | | | 28 | |
Total | | $ | 497 | | $ | 1,793 | | $ | 2,290 | |
*CEI has an additional $22$21 million due to associated companies in 2005-2006.
2006-2007.
The Companies'Companies’ and FES's respective investments for additional nuclear fuel, and nuclear fuel investment reductions as the fuel is consumed, during the 2004-20062005-2007 period are presented in the following table. The table also displays the Companies'Companies’ operating lease commitments, net of capital trust cash receipts for the 2004-20062005-2007 period.
Nuclear Fuel Forecasts
---------------------------------------------------- Net
New Investments Consumption Operating Lease Commitments
----------------------- ------------------------- -----------------------------
2004 2005-2006 Total 2004 2005-2006 Total 2004 2005-2006 Total
---- --------- ----- ---- --------- ----- ---- --------- -----
(In millions)
OE.................. $28 $20 $48 $25 $25 $50 $ 80 $163 $243
Penn................ 20 14 34 17 18 35 -- -- --
CEI................. 29 32 61 30 30 60 27 33 60
TE.................. 13 29 42 21 21 42 73 161 234
JCP&L............... -- -- -- -- -- -- 1 3 4
Met-Ed.............. -- -- -- -- -- -- 1 3 4
FES................. -- 138 138 -- 98 98 -- -- --
------ ----- ----- ----- ----- ----- -------- ------- -------
Total............... $90 $233 $323 $93 $192 $285 $182 $363 $545
| | Nuclear Fuel Forecasts | | Net | |
| | New Investments | | Consumption | | Operating Lease Commitments | |
| | 2005 | | 2006-2007 | | Total | | 2005 | | 2006-2007 | | Total | | 2005 | | 2006-2007 | | Total | |
| | (In millions) | |
| | | | | | | | | | | | | | | | | | | |
OE | | $ | 21 | | $ | 54 | | $ | 75 | | $ | 24 | | $ | 49 | | $ | 73 | | $ | 82 | | $ | 160 | | $ | 242 | |
Penn | | | 13 | | | 50 | | | 63 | | | 17 | | | 35 | | | 52 | | | -- | | | -- | | | -- | |
CEI | | | 11 | | | 65 | | | 76 | | | 28 | | | 63 | | | 91 | | | 18 | | | 25 | | | 43 | |
TE | | | 8 | | | 46 | | | 54 | | | 20 | | | 44 | | | 64 | | | 80 | | | 158 | | | 238 | |
JCP&L | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 2 | | | 3 | | | 5 | |
Met-Ed | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 1 | | | 3 | | | 4 | |
Total | | $ | 53 | | $ | 215 | | $ | 268 | | $ | 89 | | $ | 191 | | $ | 280 | | $ | 183 | | $ | 349 | | $ | 532 | |
Short-term borrowings outstanding as of December 31, 2003,2004, consisted of $372$29 million of bank borrowings (FirstEnergy-$280 million, OE-$22(OE - $25 million and TE-$70HVACs - $4 million), and $150$142 million of OES Capital, Incorporated commercial paper.Incorporated. OES Capital is a wholly owned subsidiary of OE whose borrowings are secured by customer accounts receivable.receivable purchased from OE. OES Capital can borrow up to $170 million under a receivables financing agreement at rates based on certain bank commercial paper. FirstEnergy and OE had $516 million$1.4 billion available under $1.25$1.75 billion of revolving lines of credit as of December 31, 2003.2004. FirstEnergy may borrow under its facilitythese facilities and could transfer any of its borrowings to affiliated companies. OE had $477its subsidiaries. These revolving credit facilities, combined with an aggregate $550 million of accounts receivable financing facilities for OE, CEI, TE, Met-Ed, Penelec and Penn, are intended to provide liquidity to meet our short-term working capital requirements and those of our subsidiaries. Total unused bankborrowing capability under existing facilities and accounts receivable financing facilities totaled $1.7 billion as of December 31, 2003.2004. An additional source of ongoing cash for FirstEnergy, as a holding company, is cash dividends from its subsidiaries. In 2003,2004, the holding company received $864$782 million of cash dividends on common stock from its subsidiaries.
11
Based on their present plans, the Companies could provide for their cash requirements in 20042005 from the following sources: funds to be received from operations; available cash and temporary cash investments as of December 31, 2003 (Company's2004 (Company’s nonutility subsidiaries-$85subsidiaries - $51 million, OE-$2 million, CEI-$25
million, TE-$2and OE - $1 million); the issuance of long-term debt (for refunding purposes); and funds available under revolving credit arrangements. Cash and
cash equivalents as of December 31, 2003 included $32 million received in
December 2003 which was included in the NRG settlement claim sold in January
2004.
The extent and type of future financings will depend on the need for external funds as well as market conditions, the maintenance of an appropriate capital structure and the ability of the Companies to comply with coverage requirements in order to issue first mortgage bondsFMB and preferred stock. The Companies will continue to monitor financial market conditions and, where appropriate, may take advantage of economic opportunities to refund debt and preferred stock to the extent that their financial resources permit.
The coverage requirements contained in the first mortgage indentures under which the Companies issue first mortgage bondsFMB provide that, except for certain refunding purposes, the Companies may not issue first mortgage bondsFMB unless applicable net earnings (before income taxes), calculated as provided in the indentures, for any period of twelve consecutive months within the fifteen calendar months preceding the month in which such additional bonds are issued, are at least twice annual interest requirements on outstanding first mortgage
bonds,FMB, including those being issued. Under OE's first mortgage indenture,At the availabilityend of 2004, the Ohio Companies and Penn had the aggregate capability to issue approximately $4.4 billion of additional FMB on the basis of property additions is more restrictive thanand retired bonds under the earnings test atterms of their respective mortgage indentures. The issuance of FMB by OE and CEI are also subject to provisions of their senior note indentures generally limiting the present timeincurrence of additional secured debt, subject to certain exceptions that would permit, among other things, the issuance of secured debt (including FMB) (i) supporting pollution control notes or similar obligations, or (ii) as an extension, renewal or replacement of previously outstanding secured debt. In addition, these provisions would permit OE and would limitCEI to incur additional secured debt not otherwise permitted by a specified exception of up to $641 million and $588 million, respectively, as of December 31, 2004. Under the amountprovisions of first mortgage bonds issuable
against property additions to $238 million. OE is currently ableits senior note indenture, JCP&L may issue additional FMB only as collateral for senior notes. As of December 31, 2004, JCP&L had the capability to issue approximately $1.4 billion principal amount of first mortgage bonds against
previously retired bonds without the need to meet the above restrictions. Under
Penn's first mortgage indenture, other requirements also apply and are more
restrictive than the earnings test at the present time. Penn is currently able
to issue $451 million principal amount of first mortgage bonds, with up to $237$644 million of such amount issuable against property additions;additional senior notes upon the remainder could
be issued against previously retired bonds. CEI can issue approximately $1.1
billion principal amountbasis of first mortgage bonds against a combination of
previously retired bonds and property additions. TE cannot currently issue first
mortgage bonds. JCP&L, Met-Ed and Penelec are able to issue $126 million, $189
million and $23 million principal amount, respectively, of first mortgage bonds.
OE's, Penn's, TE'sFMB collateral.
OE’s, Penn’s, TE’s and JCP&L's respective articles of incorporation prohibit the sale of preferred stock unless applicable gross income, calculated as provided in the articles of incorporation, is equal to at least 1-1/2 times the aggregate of the annual interest requirements on indebtedness and annual dividend requirements on preferred stock outstanding immediately thereafter. Based upon earnings for 2003 an assumed dividend rate of 7.38% (OE and Penn) and
7.25% (JCP&L), and no additional indebtedness, OE, Penn and JCP&L would be
permitted, under theapplicable earnings coverage test containedtests in their respective charters, toOE, Penn, TE and JCP&L could issue at least $2.4a total of $4.5 billion $244 million and $189 million of preferred stock respectively; TE cannot currently issue preferred stock. There
are(assuming no additional debt was issued) as of the end of 2004. CEI, Met-Ed and Penelec have no restrictions on the abilityissuance of CEI, Met-Ed and Penelec to issue preferred stock.
To the extent that coverage requirements or market conditions restrict the Companies'Companies’ abilities to issue desired amounts of first mortgage bondsFMB or preferred stock, the Companies may seek other methods of financing. Such financings could include the sale of preferred and/or preference stock or of such other types of securities as might be authorized by applicable regulatory authorities which would not otherwise be sold and could result in annual interest charges and/or dividend requirements in excess of those that would otherwise be incurred.
Met-Ed Capital Trust and Penelec Capital Trust
In 1999, Met-Ed Capital Trust, a wholly owned subsidiary of Met-Ed,
issued $100 million of trust preferred securities (Met-Ed Trust Preferred
Securities) at 7.35%, due 2039. The sole assets of Met-Ed Capital Trust are the
7.35% Cumulative Preferred Securities of Met-Ed Capital II, L.P. (Met-Ed
Partnership Preferred Securities) and its only revenues are the quarterly cash
distributions it receives on the Met-Ed Partnership Preferred Securities. Each
Met-Ed Trust Preferred Security represents a Met-Ed Partnership Preferred
Security. Met-Ed Capital II, L.P. is a wholly-owned subsidiary of Met-Ed and the
sponsor of Met-Ed Capital Trust. The sole assets of Met-Ed Capital II, L.P. are
Met-Ed's 7.35% Subordinated Debentures, Series A, due 2039, which have an
aggregate principal amount of $103.1 million. Distributions were made on the
Trust Preferred Securities during 2003 in the aggregate amount of $7,350,000.
Expenses of Met-Ed Trust for 2003 were approximately $5,000, all of which were
paid by Met-Ed Preferred Capital II, Inc., the general partner of Met-Ed Capital
II, L.P. The Trust Preferred Securities are issued in book-entry form only so
that there is only one holder of record. Met-Ed has fully and unconditionally
guaranteed the Met-Ed Partnership Preferred Securities, and, therefore, the
Met-Ed Trust Preferred Securities.
In 1999, Penelec Capital Trust, a wholly owned subsidiary of Penelec,
issued $100 million of trust preferred securities (Penelec Trust Preferred
Securities) at 7.34%, due 2039. The sole assets of Penelec Capital Trust are the
12
7.34% Cumulative Preferred Securities of Penelec Capital II, L.P. (Penelec
Partnership Preferred Securities) and its only revenues are the quarterly cash
distributions it receives on the Penelec Partnership Preferred Securities. Each
Penelec Trust Preferred Security represents a Penelec Partnership Preferred
Security. Penelec Capital II, L.P. is a wholly-owned subsidiary of Penelec and
the sponsor of Penelec Capital Trust. The sole assets of Penelec Capital II,
L.P. are Penelec's 7.34% Subordinated Debentures, Series A, due 2039, which have
an aggregate principal amount of $103.1 million. Distributions were made on the
Trust Preferred Securities during 2003 in the aggregate amount of $7,340,000.
Expenses of Penelec Trust for 2003 were approximately $5,000, all of which were
paid by Penelec Preferred Capital II, Inc., the general partner of Penelec
Capital II, L.P. The Trust Preferred Securities are issued in book-entry form
only so that there is only one holder of record. Penelec has fully and
unconditionally guaranteed the Penelec Partnership Preferred Securities, and,
therefore, the Penelec Trust Preferred Securities.
Upon adoption of FIN 46R, "Consolidation of Variable Interest
Entities", the limited partnerships and statutory business trusts discussed
above are not consolidated on the financial statements of FirstEnergy, CEI,
Met-Ed and Penelec as
As of December 31, 2003.
2004, approximately $1.0 billion was remaining under FirstEnergy's shelf registration statement, filed with the SEC in 2003, to support future securities issues. The shelf registration provides the flexibility to issue and sell various types of securities, including common stock, debt securities, and share purchase contracts and related share purchase units.
Nuclear Regulation
The construction, operation and decommissioning of nuclear generating units are subject to the regulatory jurisdiction of the Nuclear Regulatory
Commission (NRC)NRC including the issuance by it of construction permits, operating licenses, and possession only licenses for decommissioning reactors. The NRC's procedures with respect to the amendment of nuclear reactor operating licenses afford opportunities for interested parties to request adjudicatory hearings on health, safety and environmental issues subject to meeting NRC "standing" requirements. The NRC may require substantial changes in operation or the installation of additional equipment to meet safety or environmental standards, subject to the backfit rule requiring the NRC to justify such new requirements as necessary for the overall protection of public health and safety. The possibility also exists for modification, denial or revocation of licenses. As a result of the merger with GPU, FirstEnergy now owns the Three Mile Island Unit 2
(TMI-2)TMI-2 and the Saxton Nuclear Experimental Facility. Both facilities are in various stages of decommissioning. TMI-2 is in a post-defueling monitored storage condition, with decommissioning planned in 2014.2014, absent an extension of the operating license to the owner of TMI-1. Saxton is in the final stages of decommissioning, with license termination and final site restoration scheduled for the fourththird quarter of 2004 and its final site restoration is scheduled for the end of 2004.2005. Beaver Valley Unit 1 was placed in commercial operation in 1976, and its operating license expires in 2016. Davis-Besse was placed in commercial operation in 1977, and its operating license expires in 2017. Perry Unit 1 and Beaver Valley Unit 2 were placed in commercial operation in 1987, and their operating licenses expire in 2026 and 2027, respectively. FirstEnergy submitted a license renewal application with the NRC seeking to extend the operation of Beaver Valley Units 1 and 2 to 2036 and 2047, respectively.
Davis-Besse, which is operated by FENOC, began its scheduled refueling outage on February 16, 2002. The plant was originally scheduled to return to service by the end of March 2002. During the refueling outage, visual and
ultrasonic testings were conducted on all 69 of the Control Rod Drive Mechanism
penetration nozzles. This testing was performed to check for the kind of
circular or circumferential cracking in these nozzles that had been found at
some other plants similar in design and vintage to Davis-Besse. Based on the
inspection and test results, five nozzles were scheduled for repair during the
refueling outage.
As repair work began on one of the nozzles, FENOC found corrosion in the reactor vessel head near some of the control rod drive mechanism penetration holes,nozzles, created by boric acid deposits from leaks in the nozzles. As a result, the NRC issued a confirmatory action letter stating that restart of the plant would be subject to prior NRC approval, and it established an Inspection Manual Chapter 0350 Oversight Panel to ensure close NRC oversight of Davis-Besse'sDavis-Besse’s corrective actions.
In response to the reactor vessel head degradation, FENOC initiated a
number of root cause analyses and other assessments, and established a Return to
Service Plan to correct the causes and ensure a safe and reliable return to
service. The Return to Service Plan included actions to: replace the reactor
vessel head, inspect and correct other components in the containment that may
have been affected by boric acid, review important systems and programs to
ensure their readiness for restart, and improve management and human
performance. FENOC has completed all of the actions under the Return to Service
Plan and is currently implementing corrective actions and performing assessments
for operations issues identified in the late 2003 and early 2004.
On March 8, 2004, FENOC received NRC authorization to restart Davis-Besse. FENOC formally requested startup authorization at the February 12,
2004, NRC 0350 panel meeting in Port Clinton, Ohio. The plant will be restarted
in a deliberateDavis-Besse and controlled manner, with reactor operators incrementally
increasing reactor power, stopping at the 50-percent and 100-percent power
levels to test equipment and assess operational performance. Also, post-restart
assessments will be conducted two weeks and one month after the plant reaches
100-percent power. Operators expect to reachachieved full power by mid-March.
on April 4, 2004.
The NRC granted restart authorization in an order containing several commitments for Davis-Besse. Those requirements include ongoing independent assessments of the site'ssite’s operational performance, safety culture and safety conscious work environment, and corrective action and engineering programs for 13
five years, as well as visual inspection of the reactor head and lower vessel during the plant'splant’s mid-cycle outage, slatedwhich took place in about one year.
late January and early February of 2005.
In 2002, FENOC spent approximately $115 million in additional nuclear-related operation and maintenance costs, approximately $120 million in replacement power costs and approximately $63 million in capital expenditures related to the reactor head and restart. In 2003, FENOC spent approximately $93 million in additional nuclear-related operation and maintenance costs, approximately $196 million in replacement power costs and approximately $21 million in capital expenditures related to the reactor head and restart. ForIn 2004, FENOC expects to spendspent approximately $10 million$900,000 in additional nuclear-related operation and maintenance costs and approximately $15-20$64 million in replacement power costs per month during the remaining period of the outage.
FENOC recently received a subpoena from a grand jury sitting in the
United States District Court for the Northern District of Ohio, Eastern Division
requesting the production of certain documents and records relating to the
inspection and maintenance of the reactor vessel head at the Davis-Besse plant.
We are unable to predict the outcome of this investigation. In addition, FENOC
remains subject to possible civil enforcement action by the NRC in connection
with the events leading to the Davis Besse outage. If it were ultimately
determined that FirstEnergy has legal liability or is otherwise made subject to
regulatory or civil enforcement action with respect to the Davis-Besse outage,
it could have a material adverse effect on FirstEnergy's financial condition and
results of operations.
The NRC has promulgated and continues to promulgate orders and regulations related to the safe operation of nuclear power plants and standards for decommissioning clean-up and final license termination. The Companies cannot predict what additional orders and regulations (including post-September 11, 2001 security enhancements) may be promulgated, design changes required or the effect that any such regulations or design changes or additional clean-up standards for final site release, or the consideration thereof, may have upon their nuclear plants. Although the Companies have no reason to anticipate an accident at any of their nuclear plants, if such an accident did happen, it could have a material but currently undeterminable adverse effect on FirstEnergy's consolidated financial position. In addition, such an accident at any operating nuclear plant, whether or not owned by the Companies, could result in regulations or requirements that could affect the operation, licensing, or decommissioning of plants that the Companies do own with a consequent but currently undeterminable adverse impact, and could affect the Companies'Companies’ abilities to raise funds in the capital markets.
Nuclear Insurance
The Price-Anderson Act limits the public liability which can be assessed with respect to a nuclear power plant to $10.9$10.8 billion (assuming 105104 units licensed to operate) for a single nuclear incident, which amount is covered by: (i) private insurance amounting to $300 million; and (ii) $10.6$10.5 billion provided by an industry retrospective rating plan required by the NRC pursuant thereto. Under such retrospective rating plan, in the event of a nuclear incident at any unit in the United States resulting in losses in excess of private insurance, up to $100.6 million (but not more than $10 million per unit per year in the event of more than one incident) must be contributed for each nuclear unit licensed to operate in the country by the licensees thereof to cover liabilities arising out of the incident. Based on their present nuclear ownership and leasehold interests, the Companies'Companies’ maximum potential assessment under these provisions would be $402.4 million (OE-$107.5 million, Penn-$84.5 million, CEI-$121.4 million and TE-$89.0 million) per incident but not more than $40.0 million (OE-$10.7 million, Penn-$8.4 million, CEI-$12.1 million and TE-$8.8 million) in any one year for each incident.
In addition to the public liability insurance provided pursuant to the Price-Anderson Act, the Companies have also obtained insurance coverage in limited amounts for economic loss and property damage arising out of nuclear incidents. The Companies are members of NEIL which provides coverage (NEIL I) for the extra expense of replacement power incurred due to prolonged accidental outages of nuclear units. Under NEIL I, the Companies have policies, renewable yearly, corresponding to their respective nuclear interests, which provide an aggregate indemnity of up to approximately $1.182$1.488 billion (OE-$315397.2 million, Penn-$222280.1 million, CEI-$382478.9 million and TE-$263332.1 million) for replacement power costs incurred during an outage after an initial 12-week20-week waiting period. Members of NEIL I pay annual premiums and are subject to assessments if losses exceed the accumulated funds available to the insurer. The Companies'Companies’ present maximum aggregate assessment for incidents at any covered nuclear facility occurring during a policy year would be approximately $8.6$10.4 million (OE-$2.32.8 million, Penn-$1.62.0 million, CEI-$2.83.3 million and TE-$1.92.3 million).
The Companies are insured as to their respective nuclear interests under property damage insurance provided by NEIL to the operating company for each plant. Under these arrangements, $2.75 billion of coverage for decontamination costs, decommissioning costs, debris removal and repair and/or replacement of property is provided. The Companies pay annual premiums for this coverage and are liable for retrospective assessments of up to approximately $55.5$57.1 million (OE-$14.916.0 million, Penn-$10.211.2 million, CEI-$17.717.5 million, TE-$12.011.6 million, JCP&L-$0.2 million, Met-Ed-$0.30.4 million and Penelec-$0.2 million) during a policy year. On September 30, 2003, CEI and TE tendered Proofs of Loss under the Nuclear Electric Insurance Limited (NEIL) Property Damage and Accidental Outage Policies for the Davis-Besse Nuclear Power Station related to an outage that began in 2002 at that station. The property damage losses claimed by CEI and TE total $77.9 million and the Accidental Outage losses claimed by CEI and TE total $106.7 million. On December 18, 2004, NEIL denied CEI’s and TE’s claims. CEI and TE are considering their options with respect to pursuing an arbitration of this matter.
The Companies intend to maintain insurance against nuclear risks as described above as long as it is available. To the extent that replacement power, property damage, decontamination, decommissioning, repair and replacement costs and other such costs arising from a nuclear incident at any of the 14
Companies'Companies’ plants exceed the policy limits of the insurance in effect with respect to that plant, to the extent a nuclear incident is determined not to be covered by the Companies'Companies’ insurance policies, or to the extent such insurance becomes unavailable in the future, the Companies would remain at risk for such costs.
The NRC requires nuclear power plant licensees to obtain minimum property insurance coverage of $1.06 billion or the amount generally available from private sources, whichever is less. The proceeds of this insurance are required to be used first to ensure that the licensed reactor is in a safe and stable condition and can be maintained in that condition so as to prevent any significant risk to the public health and safety. Within 30 days of stabilization, the licensee is required to prepare and submit to the NRC a cleanup plan for approval. The plan is required to identify all cleanup operations necessary to decontaminate the reactor sufficiently to permit the resumption of operations or to commence decommissioning. Any property insurance proceeds not already expended to place the reactor in a safe and stable condition must be used first to complete those decontamination operations that are ordered by the NRC. The Companies are unable to predict what effect these requirements may have on the availability of insurance proceeds to the Companies for the Companies'Companies’ bondholders.
Environmental Matters
Various federal, state and local authorities regulate the Companies with regard to air and water quality and other environmental matters. The effects of compliance on the Companies with regard to environmental matters could have a material adverse effect on FirstEnergy's earnings and competitive position. These environmental regulations affect FirstEnergy's earnings and competitive position to the extent that its subsidiaries competeit competes with companies that are not subject to such regulations and therefore do not bear the risk of costs associated with compliance, or failure to comply, with such regulations. Overall, FirstEnergy believes its subsidiaries areit is in material compliance with existing regulations but is unable to predict future change in regulatory policies and what, if any, the effects of such change would be. FirstEnergy estimates additional capital expenditures for environmental compliance of approximately $91$430 million for 20042005 through 2006,2007, which is included in the $2.3$3.3 billion of forecasted capital expenditures for 20042005 through 2006. Additional
estimated capital expenditures of $481 million relating to proposed
environmental laws could be required after 2006.
2007.
Clean Air Act Compliance
FirstEnergy is
The Companies are required to meet federally approved sulfur dioxide
(SO2)SO2 regulations. Violations of such regulations can result in shutdown of the generating unit involved and/or civil or criminal penalties of up to $31,500$32,500 for each day the unit is in violation. The Environmental Protection Agency (EPA)EPA has an interim enforcement policy for SO2SO2 regulations in Ohio that allows for compliance based on a 30-day averaging period. The Companies cannot predict what action the EPA may take in the future with respect to the interim enforcement policy.
FirstEnergy is
The Companies believe they are complying with SO2SO2 reduction requirements under the Clean Air Act Amendments of 1990 by burning lower-sulfur fuel, generating more electricity from lower-emitting plants, and/or using emission allowances. NOxNOx reductions required by the 1990 Amendments are being achieved through combustion controls and the generation of more electricity at lower-emitting plants. In September 1998, the EPA finalized regulations requiring additional NOxNOx reductions from the Companies' Ohio and Pennsylvania facilities. The EPA's NOxNOx Transport Rule imposes uniform reductions of NOxNOx emissions (an approximate 85%85 percent reduction in utility plant NOxNOx emissions from projected 2007 emissions) across a region of nineteen states (including Michigan, New Jersey, Ohio and Pennsylvania) and the District of Columbia based on a conclusion that such NOxNOx emissions are contributing significantly to ozone pollutionlevels in the eastern United States. The Companies believe their facilities are also complying with the NOx budgets established under State Implementation Plans (SIP) must comply by May 31, 2004 with
individual state NOx budgets established by the EPA. New Jersey(SIPs) through combustion controls and Pennsylvania
submitted a SIP that required compliance with the NOx budgets at the Companies'
New Jerseypost-combustion controls, including Selective Catalytic Reduction and Pennsylvania facilities by May 1, 2003. The Companies' New Jersey
and Pennsylvania facilities complied with the NOx budgets in 2003 and all
facilities will comply with the NOx budgets in 2004 and thereafter. Michigan and
Ohio submitted a SIP that requires compliance with the NOx budgets at the
Companies' Michigan and Ohio facilities by May 31, 2004.
Selective Non-Catalytic Reduction systems, and/or using emission allowances.
National Ambient Air Quality Standards
In July 1997, the EPA promulgated changes in the National Ambient Air
Quality Standard (NAAQS)NAAQS for ozone and proposed a new NAAQS for fine particulate matter. On December 17, 2003, the EPA proposed the "Interstate Air Quality Rule" covering a total of 29 states (including Michigan, New Jersey, Ohio and Pennsylvania) and the District of Columbia based on proposed findings that air pollution emissions from 29 eastern states and the District of Columbia significantly contribute to nonattainment of the NAAQS for fine particles and/or the "8-hour" ozone NAAQS in other states. The EPA has proposed the Interstate Air Quality Rule to "cap-and-trade" NOxNOx and SO2SO2 emissions in two phases (Phase I in 2010 and Phase II in 2015). According to the EPA, SO2SO2 emissions would be reduced by approximately 3.6 million tons inannually by 2010, across states covered by the rule, with reductions ultimately reaching more than 5.5 million tons annually. NOxNOx emission reductions would measure about 1.5 million tons in 2010 and 1.8 million tons in 2015. The future cost of compliance with these proposed regulations may be substantial and will depend on whether and how they are ultimately implemented by the states in which the Companies operate affected facilities.
Mercury Emissions
In December 2000, the EPA announced it would proceed with the development of regulations regarding hazardous air pollutants from electric power plants, identifying mercury as the hazardous air pollutant of greatest concern. On December 15, 2003, the EPA proposed two different approaches to reduce mercury emissions from coal-fired power plants. The first approach would require plants to install controls known as "maximum achievable control
technologies" (MACT)MACT based on the type of coal burned. According to the EPA, if implemented, the MACT proposal would reduce nationwide mercury emissions from coal-fired power plants by fourteen14 tons to approximately thirty-four34 tons per year. The second approach proposes a cap-and-trade program that would reduce mercury emissions in two distinct phases. Initially, mercury emissions would be reduced by 2010 as a "co-benefits""co-benefit" from implementation of SO2SO2 and NOxNOx emission caps under the EPA's proposed Interstate Air Quality Rule. Phase II of the mercury cap-and-trade program would be implemented in 2018 to cap nationwide mercury emissions from coal-fired power plants at fifteen15 tons per year. The EPA has agreed to choose between these two options and issue a final rule by DecemberMarch 15, 2004.2005. The future cost of compliance with these regulations may be substantial.
W. H. Sammis Plant
In 1999 and 2000, the EPA issued Notices of Violation (NOV)NOV or a
Compliance OrderOrders to nine utilities covering 44 power plants, including the W. H. Sammis Plant.Plant, which is owned by OE and Penn. In addition, the U.S. Department of Justice filed eight civil complaints against various investor-owned utilities, which included a complaint against OE and Penn in the U.S. District Court for the Southern District of Ohio. These cases are referred to as New Source Review cases. The NOV and complaint allege violations of the Clean Air Act based on operation and maintenance of the W. H. Sammis Plant dating back to 1984. The complaint requests permanent injunctive relief to require the installation of "best available control technology" and civil penalties of up to $27,500 per day of violation. On August 7, 2003, the United States District Court for the Southern District of Ohio ruled that 11 projects undertaken at the W. H. Sammis Plant between 1984 and 1998 required pre-construction permits under the Clean Air Act. The ruling concludes the liability phase of the case, which deals with applicability of Prevention of Significant Deterioration provisions of the Clean Air Act. The remedy phase which is currently scheduledof the trial to be ready for trial
beginning July 19, 2004, will address civil penalties and what, if any, actions should be taken to further reduce emissions at the plant. In the ruling,plant has been delayed without rescheduling by the Court because the parties are engaged in meaningful settlement negotiations. The Court indicated, in its August 2003 ruling, that the remedies it "may consider and impose involved a much broader, equitable analysis, requiring the Court to consider air quality, public health, economic impact, and employment consequences. The Court may also consider the less than consistent efforts of the EPA to apply and further enforce the Clean Air Act." The potential penalties that may be imposed, as well as the capital expenditures necessary to comply with substantive remedial measures that may be required, could have a material adverse impact on FirstEnergy's, OE's and Penn's respective financial condition and results of operations. ManagementWhile the parties are engaged in meaningful settlement discussions, management is unable to predict the ultimate outcome of this matter and no liability has been accrued as of December 31, 2003.
Climate Change
In December 1997, delegates to the United Nations' climate summit in
Japan adopted an agreement, the Kyoto Protocol (Protocol), to address global
warming by reducing the amount of man-made greenhouse gases emitted by developed
countries by 5.2% from 1990 levels between 2008 and 2012. The United States
signed the Protocol in 1998 but it failed to receive the two-thirds vote of the
U.S. Senate required for ratification. However, the Bush administration has
committed the United States to a voluntary climate change strategy to reduce
domestic greenhouse gas intensity - the ratio of emissions to economic output -
by 18% through 2012.
We cannot currently estimate the financial impact of climate change
policies although the potential restrictions on carbon dioxide (CO2) emissions
could require significant capital and other expenditures. However, the CO2
emissions per kilowatt-hour of electricity generated by the Companies is lower
than many regional competitors due to the Companies' diversified generation
sources which includes low or non-CO2 emitting gas-fired and nuclear generators.
2004.
Regulation of Hazardous Waste
As a result of the Resource Conservation and Recovery Act of 1976, as amended, and the Toxic Substances Control Act of 1976, federal and state hazardous waste regulations have been promulgated. Certain fossil-fuel combustion waste products, such as coal ash, were exempted from hazardous waste disposal requirements pending the EPA's evaluation of the need for future regulation. The EPA subsequently determined that regulation of coal ash as a hazardous waste is unnecessary. In April 2000, the EPA announced that it will develop national standards regulating disposal of coal ash under its authority to regulate nonhazardous waste.
The Companies have been named as "potentially responsible parties"
(PRPs)PRPs at waste disposal sites, which may require cleanup under the Comprehensive Environmental Response, Compensation and Liability Act of 1980. Allegations of disposal of hazardous substances at historical sites and the liability involved 16
are often unsubstantiated and subject to dispute; however, federal law provides that all PRPs for a particular site be heldare liable on a joint and several basis. Therefore, environmental liabilities that are considered probable have been recognized on the Consolidated Balance Sheet as of December 31, 2003,2004, based on estimates of the total costs of cleanup, the Companies' proportionate responsibility for such costs and the financial ability of other nonaffiliated entities to pay. In addition, JCP&L has accrued liabilities for environmental remediation of former manufactured gas plants in New Jersey; those costs are being recovered by JCP&L through a non-bypassable societal benefits charge. The
Companies have totalSBC. Included in Current Liabilities and Other Noncurrent Liabilities are accrued liabilities aggregating approximately $65 million as of December 31, 2003.
2004. The Companies accrue environmental liabilities only when they conclude that it is probable that they have an obligation for such costs and can reasonably determine the amount of such costs. Unasserted claims are reflected in the Companies’ determination of environmental liabilities and are accrued in the period that they are both probable and reasonably estimable.
Climate Change
In December 1997, delegates to the United Nations' climate summit in Japan adopted an agreement, the Kyoto Protocol (Protocol), to address global warming by reducing the amount of man-made greenhouse gases emitted by developed countries by 5.2% from 1990 levels between 2008 and 2012. The United States signed the Protocol in 1998 but it failed to receive the two-thirds vote of the United States Senate required for ratification. However, the Bush administration has committed the United States to a voluntary climate change strategy to reduce domestic greenhouse gas intensity - the ratio of emissions to economic output - by 18 percent through 2012.
The Companies cannot currently estimate the financial impact of climate change policies, although the potential restrictions on CO2 emissions could require significant capital and other expenditures. However, the CO2 emissions per kilowatt-hour of electricity generated by the Companies is lower than many regional competitors due to the Companies' diversified generation sources which include low or non-CO2 emitting gas-fired and nuclear generators.
Clean Water Act
Various water quality regulations, the majority of which are the result of the federal Clean Water Act and its amendments, apply to the Companies' plants. In addition, Ohio, New Jersey and Pennsylvania have water quality standards applicable to the Companies' operations. As provided in the Clean Water Act, authority to grant federal National Pollutant Discharge Elimination System water discharge permits can be assumed by a state. Ohio, New Jersey and Pennsylvania have assumed such authority.
Summary
Environmental controls
On September 7, 2004, the EPA established new performance standards under Clean Water Act Section 316(b) for reducing impacts on fish and shellfish from cooling water intake structures at certain existing large electric generating plants. The regulations call for reductions in impingement mortality, when aquatic organisms are still developing and require, in many
instances, balancing the needs for additional quantities of energy in future
years and the need to protect the environment. As a result, the Companies cannot
now estimate the precise effect of existing and potential regulations and
legislation upon any of their existing and proposed facilities and operations or
upon their ability to issue additional first mortgage bonds under their
respective mortgages. These mortgages contain covenants by the Companies to
observe and conform to all valid governmental requirements at the time
applicable unless in course of contest, and provisions which, in effect, prevent
the issuance of additional bonds if there is a completed default under the
mortgage. The provisions of each of the mortgages, in effect, also require, in
the opinion of counsel for the respective Companies, that certification of
property additions as the basis for the issuance of bondspinned against screens or other action underparts of a cooling water intake system and entrainment, which occurs when aquatic species are drawn into a facility's cooling water system. The Companies are conducting comprehensive demonstration studies, due in 2008, to determine the mortgages be accompanied by an opinion of counsel that the company
certifying such property additions has all governmental permissions at the timeoperational measures, equipment or restoration activities, if any, necessary for its then current ownership and operationcompliance by their facilities with the performance standards. FirstEnergy is unable to predict the outcome of such property
additions. The Companies intend to contest any requirements they deem
unreasonable or impossible forstudies. Depending on the outcome of such studies, the future cost of compliance or otherwise contrary to the public
interest. Developments inwith these and other areas of regulationstandards may require the
Companies to modify, supplement or replace equipment and facilities, and may
delay or impede the construction and operation of new facilities, at costs which
could be substantial.
material capital expenditures.
Fuel Supply
FirstEnergy currently has long-term coal contracts to provide approximately 17.418.4 million tons for the year 2004.2005. The contracts are shared among the Companies based on various economic considerations. This contract coal is produced primarily from mines located in Pennsylvania, Kentucky, Wyoming and West Virginia. The contracts expire at various times through December 31, 2021.
The Companies estimate their 20042005 coal requirements to be approximately 18.722.4 million tons (OE - 6.46.7 million, Penn - 7.47.7 million, CEI - 3.66.0 million, and TE - 1.32.0 million) to be met from the long-term contracts discussed above and spot market purchases. See "Environmental Matters"“Environmental Matters” for factors pertaining to meeting environmental regulations affecting coal-fired generating units.
CEI, TE, OE and Penn have contracts for uranium material and conversion services through 2007. One supplier of natural uranium provided
notice that it will not deliver under its contract for the year 2004. The
Companies will cover this quantity of natural uranium from other contracts or
other sources.2008. The enrichment services are contracted for all of the enrichment requirements for nuclear fuel through 2006. A portion of enrichment requirements is also contracted through 2011. Fabrication services for fuel assemblies are contracted for the next threetwo reloads for Beaver Valley Unit 1, the next two reloads for Beaver Valley Unit 2 (through approximately 2007 and 2006, respectively), the next reload for Davis-Besse (through approximately 2006) and through the operating license period for Perry (through approximately 2026). The Davis-Besse fabrication contract also has an extension provision for services through about 2008.the current operating license period (about 2017). In addition to the existing commitments, the Companies intend to make additional arrangements for the supply of uranium and for the subsequent conversion, enrichment, fabrication, and waste disposal services.
On-site spent fuel storage facilities are expected to be adequate for Perry through 2011; facilities at Beaver Valley Units 1 and 2 are expected to be adequate through 2015 and 2008, respectively. With the plant modifications completed in 2002, Davis-Besse has adequate storage through the remainder of its current operating license period. After current on-site storage capacity is exhausted, additional storage capacity will have to be obtained either through plant modifications, interim off-site disposal, or permanent waste disposal facilities. The Federal Nuclear Waste Policy Act of 1982 provides for the construction of facilities for the permanent disposal of high-level nuclear wastes, including spent fuel from nuclear power plants operated by electric utilities. CEI, TE, OE and Penn have contracts with the U.S. Department of Energy (DOE) for the disposal of spent fuel for Beaver Valley, Davis-Besse and Perry. On February 15, 2002, President Bush approved the DOE's recommendation of Yucca Mountain for underground disposal of spent nuclear fuel from nuclear power plants and high level waste from U.S. defense programs. The approval by 17
President Bush enables the process to proceed to the licensing phase. Based on the DOE schedule published in the July 1999 Draft Environmental Impact Statement, the Yucca Mountain Repository is currently projected to start receiving spent fuel in 2010. The Repository is expected to be delayed further as the result of an announced delay in submission of the license application. The Companies intend to make additional arrangements for storage capacity as a contingency for further delays with the DOE acceptance of spent fuel for disposal past 2010.
System Capacity and Reserves
The 20032004 net maximum hourly demand for each of the Companies was: OE-6,097OE-5,461 MW (including an additional 272273 MW of firm power sales under a contract which extends through 2005) on August 21, 2003; Penn-952June 9, 2004; Penn-987 MW (including an additional 6356 MW of firm power sales under a contract which extends through 2005) on August 14, 2003; CEI-4,160 MW on June 26, 2003; TE-2,03715, 2004; CEI-4,126 MW on August 25, 2003; JCP&L-5,645 MW on June 26, 2003; Met-Ed-2,50627, 2004; TE-2,032 MW on August 21, 2003;
and Penelec-2,6613, 2004; JCP&L-5,457 MW on January 23, 2003.August 20, 2004; Met-Ed-2,548 MW on August 3, 2004; and Penelec-2,830 MW on December 20, 2004. JCP&L's load was auctioned off in the New Jersey BGS Auction, transferring the full 5,100 MW load obligation to other parties for the supply period through July 31, 2004.beginning June 1, 2005. FES participated in the auction and won a segment of that load.
Based on existing capacity plans, ongoing arrangements for firm purchase contracts, and anticipated term power sales and purchases, FirstEnergy has sufficient supply resources to meet load obligations. The current FirstEnergy capacity portfolio contains 13,387 MW of owned generation and approximately 1,600 MW of long-term purchases from non-utility generators.
The Companies' sources of generation during 2003 were:
Coal Nuclear
---- -------
OE.................... 76.5% 23.5%
Penn.................. 42.0% 58.0%
CEI................... 69.3% 30.7%
TE.................... 64.0% 36.0%
Total FirstEnergy..... 68.4% 31.6%
AnyNUGs.Any remaining load obligations will be met through a mix of multi-year forward purchases, short-term forward purchases (less than one year) and spot market purchases.
The Companies’ sources of generation during 2004 were:
| | Coal | | Nuclear | |
| | | | | |
OE | | | 72.5 | % | | 27.5 | % |
Penn | | | 39.8 | % | | 60.2 | % |
CEI | | | 58.7 | % | | 41.3 | % |
TE | | | 48.1 | % | | 51.9 | % |
Total FirstEnergy | | | 60.2 | % | | 39.8 | % |
Regional Reliability
The Ohio Companies and Penn participate with 24 other electric companies operating in nine states in ECAR, which was organized for the purpose of furthering the reliability of bulk power supply in the area through coordination of the planning and operation by the ECAR members of their bulk power supply facilities. The ECAR members have established principles and procedures regarding matters affecting the reliability of the bulk power supply within the ECAR region. Procedures have been adopted regarding: i) the evaluation and simulated testing of systems'systems’ performance; ii) the establishment of minimum levels of daily operating reserves; iii) the development of a program regarding emergency procedures during conditions of declining system frequency; and iv) the basis for uniform rating of generating equipment.
Following the FirstEnergy/GPU merger, the
The transmission facilities of JCP&L, Met-Ed and Penelec continue to beare operated by PJM. PJM is the organization responsible for the operation and control of the bulk electric power system throughout major portions of five Mid-Atlantic states and the District of Columbia. PJM is dedicated to meeting the reliability criteria and standards of the North American Electric Reliability CouncilNERC and the Mid-Atlantic Area Council.
Competition
The Companies traditionally competedcompete with other utilities for intersystem bulk power sales and for sales to municipalities and cooperatives. The Companies also compete with suppliers of natural gas and other forms of energy in connection with their industrial and commercial sales and in the home climate control market, both with respect to new customers and conversions, and with all other suppliers of electricity. To date, there has been no substantial cogeneration by the Companies'Companies’ customers.
18
As a result of the actions taken by state legislative bodies over the last few years, major changes in the electric utility business are occurring in parts of the United States, including Ohio, New Jersey and Pennsylvania where FirstEnergy's utility subsidiaries operate. These changes have resulted in fundamental alterations in the way traditional integrated utilities and holding company systems, like FirstEnergy, conduct their business. In accordance with the Ohio electric utility restructuring law under which Ohio electric customers could begin choosing their electric generation suppliers starting in January 2001, FirstEnergy has further aligned its business units to accommodate its retail strategy and participate in the competitive electricity marketplace in Ohio. The organizational changes deal with the unbundling of electric utility services and new ways of conducting business. Sales of electricity in deregulated markets are diversifying
FirstEnergy's revenue sources through our competitive subsidiaries in areas
outside of the Companies' franchise areas. This strategy has positioned
FirstEnergy to compete in the northeast and mid-Atlantic region of the United
States - the area targeted by FirstEnergy for growth. FirstEnergy'sFirstEnergy’s competitive segment participates in deregulated energy markets in Ohio, Pennsylvania, New Jersey and Michigan. Currently, FES is providing electric generation service to
customers within those states. As additional states within the northeast and
mid-Atlantic region of the United States become deregulated, FES is preparing to
enter these markets.
Competition in Ohio'sOhio’s electric generation began on January 1, 2001. FirstEnergy moved the operation of the generation portion of its business to its competitive business unit as reflected in its approved Ohio transition plan. The Companies continue to provide generation services to regulated franchise customers who have not chosen an alternative, competitive generation supplier, except in New Jersey where JCP&L's obligation to provide BGS has been removed through a transitional mechanism of auctioning the obligation (see "NJBPU Rate Matters"). In September 2002, Met-Ed and Penelec assigned their PLR responsibility to FES through a wholesale power sale agreement. Under the terms of the wholesale agreement, FES assumed the supply obligation and the supply profit and loss risk, for the portion of power supply requirements not self-supplied by Met-Ed and Penelec. The agreement will be automatically extended on an annual basis unless any party elects to cancel the agreement by November 1 of the preceding year (see "PPUC Rate Matters" for further discussion). The Ohio Companies and Penn obtain their generation through power supply agreements with FES. In addition to electric generation, FES is also
competing in deregulated natural gas markets as well as offering other
energy-related products and services.
Research and Development
The Companies participate in funding the Electric Power Research Institute (EPRI), which was formed for the purpose of expanding electric research and development under the voluntary sponsorship of the nation'snation’s electric utility industry - public, private and cooperative. Its goal is to mutually benefit utilities and their customers by promoting the development of new and improved technologies to help the utility industry meet present and future electric energy needs in environmentally and economically acceptable ways. EPRI conducts research on all aspects of electric power production and use, including fuels, generation, delivery, energy management and conservation, environmental effects and energy analysis. The major portion of EPRI research and development projects is directed toward practical solutions and their applications to problems currently facing the electric utility industry. In
2003, approximately 45% of the Companies' research and development expenditures
were related to EPRI.
Executive Officers
The executive officers are elected at the annual organization meeting of the Board of Directors, held immediately after the annual meeting of stockholders, and hold office until the next such organization meeting, unless the Board of Directors shall otherwise determine, or unless a resignation is submitted.
| | Position Held During
Name Age Past Five Years | |
Name | Age | Dates
- ------------------ --- ------------------------------------------------------------- -------------
|
| | | |
A. J. Alexander** 52 Alexander | 53 | President and Chief Executive Officer | 2004-present |
| | President and Chief Operating Officer | 2001-2004 |
| | President | 2000-2001 |
| | Executive Vice President and General Counsel *-2000
| *-2000 |
| | | |
L. M. Cavalier 52 | 53 | Vice President - Human Resources | 2001-present |
| | President - Eastern Region *-2001
| *-2001 |
| | | |
M. T. Clark 53 | 54 | Senior Vice President - Strategic Planning and Operations | 2004-present |
| | Vice President - Business Development | 2000-2004 |
| | Managing Director - Business Development *-2000
| *-2000 |
| | | |
D. S. Elliott 49 | 50 | Senior Vice President - FirstEnergy Solutions | 2001-present |
| | Vice President | *-2001 |
| | | |
R. R. Grigg | 56 | Executive Vice President *-2001
and Chief Operating Officer | 2004-present |
| | President and Chief Executive Officer - WE Generation | *-2004 |
| | | |
C. E. Jones 48 | 49 | Senior Vice President | 2003-present |
| | Vice President - Regional Operations | 2001-2003 |
| | President - Northern Region *-2001
| *-2001 |
| | | |
K. J. Keough 44 | 45 | Senior Vice President | 2001-present |
| | Vice President - Business Planning & Ventures 1999-2001
Partner - McKinsey & Company *-1999
| *-2001 |
| | | |
G. R. Leidich 53 | 54 | President and Chief Nuclear Officer - FENOC | 2003-present |
| | Executive Vice President - FENOC | 2002-2003 |
| | Executive Vice President - Institute of Nuclear Power Operations *-2002
| *-2002 |
| | | |
R. H. Marsh 53 | 54 | Senior Vice President and Chief Financial Officer | 2001-present |
| | Vice President and Chief Financial Officer *-2001
| *-2001 |
| | | |
S. E. Morgan 53 | 54 | President - JCP&L | 2003-present |
| | Vice President - Energy Delivery | 2002-2003 |
| | President - Central Region *-2002
| *-2002 |
| | | |
G. L. Pipitone 53 | 54 | President - FES | 2004-present |
| | Senior Vice President | 2001-2004 |
| | Vice President | *-2001 |
| | | |
D. R. Schneider | 43 | Vice President - Commodity Operations 2001-present
Vice President *-2001
D. R. Schneider 42 | 2004-present |
| | Vice President - Fossil Operations 2001-present
| 2001-2004 |
| | Plant Manager *-2001
| *-2001 |
| | | |
C. B. Snyder 58 | 59 | Senior Vice President | 2001-present |
| | Executive Vice President - Corporate Affairs - GPU *-2001
| *-2001 |
| | | |
L. L. Vespoli 44 | 45 | Senior Vice President and General Counsel | 2001-present |
| | Vice President and General Counsel | 2000-2001 |
| | Associate General Counsel *-2000
| *-2000 |
| | | |
H. L. Wagner 51 | 52 | Vice President, Controller and Chief Accounting Officer | 2001-present |
| | Controller and Chief Accounting Officer *-2001
| *-2001 |
| | | |
T. M. Welsh 54 | 55 | Senior Vice President | 2004-present |
| | Vice President - Communications | 2001-2004 |
| | Manager - Communications Services *-2001
| *-2001 |
Mrs. Vespoli and Messrs. Alexander, Marsh and Wagner are the executive officers, as noted above, of OE, Penn, CEI, TE, Met-Ed and Penelec. Mrs. Vespoli and Messrs. Marsh, Morgan and Wagner are the executive officers of JCP&L.
*Indicates position held at least since January 1, 1999.
** Mr. Alexander was elected "Acting Chief Executive Officer" on December 22,
2003 when H. Peter Burg, the Chairman and Chief Executive Officer, began a
medical leave of absence. Mr. Alexander was elected Chief Executive Officer
effective January 2000.
20 2004, succeeding Mr. Burg, who passed away on January
13, 2004.
Employees
As of January 1, 2004, FirstEnergy's2005, FirstEnergy’s nonutility subsidiaries and the Companies had a total of 15,90515,245 employees located in the United States as follows: FirstEnergy-2,677, OE-1,320, CEI-949, TE-446, Penn-201,
FESC | | | 2,712 | |
OE | | | 1,170 | |
CEI | | | 905 | |
TE | | | 414 | |
Penn | | | 200 | |
JCP&L | | | 1,444 | |
Met-Ed | | | 651 | |
Penelec | | | 843 | |
ATSI | | | 33 | |
FES | | | 2,001 | |
FENOC | | | 2,756 | |
FSG | | | 2,023 | |
First Communications | | | 93 | |
Total | | | 15,245 | |
Approximately 7,218 of the above employees (including 720 for OE, 635 for CEI, 317 for TE, 153 for Penn, 1,155 for JCP&L-1,557,
Met-Ed-659, Penelec-887, ATSI-31, FES-2,078, FENOC-2,954, FSG-2,042,&L, 490 for Met-Ed and First
Communications - 104.
20
605 for Penelec) are covered by collective bargaining agreements.
On December 8, 2004, employees represented by IBEW System Council U-3 began a strike against JCP&L. JCP&L continues to utilize management, other non-union personnel from around FirstEnergy's system and contractors to perform service reliability and priority maintenance work while the union members are on strike. The labor agreement between JCP&L and System Council U-3 originally expired on October 31, 2003 but was extended several times and ultimately expired on December 7, 2004. JCP&L and the leadership of System Council U-3 continue to negotiate in an attempt to reach a new agreement and end the work stoppage. It is unknown when such an agreement will be reached or when the work stoppage will end. On January 31, 2005, IBEW Local 245, ratified a three-year contract agreement with TE, FENOC, and FGCO. On February 4, 2005, IBEW Local 272, representing approximately 350 employees of the Bruce Mansfield Plant, ratified a three-year contract with FGCO.
FirstEnergy Website
Each of the registrant's annual reportreports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed with or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are also made available free of charge on or through FirstEnergy's internet website at www.firstenergycorp.com. These reports are posted on the website as soon as reasonably practicable after they are electronically filed with the SEC.
ITEM 2. PROPERTIES
The Companies'Companies’ respective first mortgage indentures constitute, in the opinion of the Companies'Companies’ counsel, direct first liens on substantially all of the respective Companies'Companies’ physical property, subject only to excepted encumbrances, as defined in the indentures. See "Leases"“Leases” and "Capitalization"“Capitalization” notes to the respective financial statements for information concerning leases and financing encumbrances affecting certain of the Companies'Companies’ properties.
The Companies own, individually or together as tenants in common, and/or lease, the generating units in service as of March 1, 2004,2005, shown on the table below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | ___________ | | | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | | ___________ | |
| | | | NOC (MW) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | OE | | Penn | | CEI | | TE | | JCP&L | | Met-Ed | | FES | |
_________________________________ | | Unit | | Total | | % | | MW | | % | | MW | | % | | MW | | % | | MW | | % | | MW | | % | | MW | | % | | MW | |
Plant - Location | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Coal-Fired Units | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ashtabula- Ashtabula, OH | | | 5 | | | 244 | | | -- | | | -- | | | -- | | | -- | | | 100.00 | % | | 244 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Bay Shore- | | | 1-4 | | | 631 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 100.00 | % | | 631 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Toledo, OH | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
R. E. Burger- Shadyside, OH | | | 3-5 | | | 406 | | | 100.00 | % | | 406 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Eastlake-Eastlake, OH | | | 1-5 | | | 1,233 | | | -- | | | -- | | | -- | | | -- | | | 100.00 | % | | 1,233 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Lakeshore- Cleveland, OH | | | 18 | | | 245 | | | -- | | | -- | | | -- | | | -- | | | 100.00 | % | | 245 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Bruce Mansfield- | | | 1 | | | 780 | | | 60.00 | % | | 468 | | | 33.50 | % | | 261 | | | 6.50 | % | | 51 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Shippingport, PA | | | 2 | | | 780 | | | 43.06 | % | | 336 | | | 9.36 | % | | 73 | | | 30.28 | % | (a) | 236 | | | 17.30 | % | (a) | 135 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
| | | 3 | | | 800 | | | 49.34 | % | | 395 | | | 6.28 | % | | 50 | | | 24.47 | % | | 196 | | | 19.91 | % | | 159 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
W. H. Sammis- | | | 1-6 | | | 1,620 | | | 100.00 | % | | 1,620 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Stratton, OH | | | 7 | | | 600 | | | 48.00 | % | | 288 | | | 20.80 | % | | 125 | | | 31.20 | % | | 187 | | | -- | | | -- | | | | | | -- | | | -- | | | -- | | | -- | | | -- | |
Total | | | | | | 7,339 | | | | | | 3,513 | | | | | | 509 | | | -- | | | 2,392 | | | -- | | | 925 | | | | | | -- | | | | | | -- | | | | | | -- | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nuclear Units | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beaver Valley- | | | 1 | | | 821 | | | 35.00 | % | | 287 | | | 65.00 | % | | 534 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Shippingport, PA | | | 2 | | | 831 | | | 41.88 | % | (b) | 348 | | | 13.74 | % | | 114 | | | 24.47 | % | | 203 | | | 19.91 | % | | 166 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Davis-Besse- | | | 1 | | | 883 | | | -- | | | -- | | | -- | | | -- | | | 51.38 | % | | 454 | | | 48.62 | % | | 429 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Oak Harbor, OH | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Perry- N. Perry Village, OH | | | 1 | | | 1,260 | | | 30.00 | % | (b) | 378 | | | 5.24 | % | | 66 | | | 44.85 | % | | 565 | | | 19.91 | % | (c) | 251 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Total | | | | | | 3,795 | | | | | | 1,013 | | | | | | 714 | | | | | | 1,222 | | | | | | 846 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil/Gas-Fired/Pumped Storage Units | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Richland-Defiance, OH | | | 1-3 | | | 42 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 100.00 | % | | 42 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
| | | 4-6 | | | 390 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 100.00 | % | | 390 | |
Seneca-Warren, PA | | | 1-3 | | | 435 | | | -- | | | -- | | | -- | | | -- | | | 100.00 | % | | 435 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Sumpter- Sumpter Twp., MI | | | 1-4 | | | 340 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 100.00 | % | | 340 | |
West Lorain | | | 1-1 | | | 120 | | | 100.00 | % | | 120 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
Lorain, OH | | | 2-6 | | | 425 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 100.00 | % | | 425 | |
Yard's Creek-Blairstown Twp., NJ | | | 1-3 | | | 200 | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | | | 50 | % | | 200 | | | -- | | | -- | | | -- | | | -- | |
Other | | | | | | 301 | | | | | | 109 | | | | | | 19 | | | | | | 33 | | | | | | 35 | | | | | | 86 | | | | | | 19 | | | | | | -- | |
Total | | | | | | 2,253 | | | | | | 229 | | | | | | 19 | | | | | | 468 | | | | | | 77 | | | | | | 286 | | | | | | 19 | | | | | | 1,155 | |
Total | | | | | | 13,387 | | | | | | 4,755 | | | | | | 1,242 | | | | | | 4,082 | | | | | | 1,848 | | | | | | 286 | | | | | | 19 | | | | | | 1,155 | |
Net
Demonstrated
Capacity (MW)
--------------- OE Penn CEI TE JCP&L Met-Ed FES
----------- --------- ---------- ----------- ---------- ------- ---------
Unit Total % MW % MW % MW % MW % MW % MW % MW
---- ----- - -- - -- - -- - -- - -- - -- - --
Plant - Location
- ----------------
Coal-Fired Units
- ----------------
Ashtabula-........ 5 244 -- -- -- -- 100.00% 244 -- -- -- -- -- -- -- --
Ashtabula, OH
Bay Shore-........ 1-4 631 -- -- -- -- -- -- 100.00% 631 -- -- -- -- -- --
Toledo, OH
R. E. Burger-..... 3-5 406 100.00% 406 -- -- -- -- -- -- -- -- -- -- -- --
Shadyside, OH
Eastlake-Eastlake, OH 1-5 1,233 -- -- -- -- 100.00% 1,233 -- -- -- -- -- -- -- --
Lakeshore-........ 18 245 -- -- -- -- 100.00% 245 -- -- -- -- -- -- -- --
Cleveland, OH
Bruce Mansfield-.. 1 780 60.00% 468 33.50% 261 6.50% 51 -- -- -- -- -- -- -- --
Shippingport, PA 2 780 43.06% 336 9.36% 73 30.28%Notes: | (a) 236 17.30%(a) 135 -- -- -- -- -- --
3 800 49.34% 395 6.28% 50 24.47% 196 19.91% 159 -- -- -- -- -- --
W. H. Sammis-..... 1-6 1,620 100.00% 1,620 -- -- -- -- -- -- -- -- -- -- -- --
Stratton, OH... 7 600 48.00% 288 20.80% 125 31.20% 187 -- -- -- -- -- -- -- --
------ ----- ---- ----- ----- --- ----- -----
Total........ 7,339 3,513 509 2,392 925 -- -- --
------ ----- ---- ------ ----- --- ----- -----
Nuclear Units
- -------------
Beaver Valley-.... 1 821 35.00% 287 65.00% 534 -- -- -- -- -- -- -- -- -- --
Shippingport, PA 2 831 41.88%(b) 348 13.74% 114 24.47% 203 19.91%(c) 166 -- -- -- -- -- --
Davis-Besse-...... 1 883 -- -- -- -- 51.38% 454 48.62% 429 -- -- -- -- -- --
Oak Harbor, OH
Perry-............ 1 1,260 30.00%(b) 378 5.24% 66 44.85% 565 19.91% 251 -- -- -- -- -- --
N. Perry Village, OH
------ ----- ----- ----- ----- ---- ---- -----
Total........ 3,795 1,013 714 1,222 846 -- -- --
------ ----- ----- ----- ----- ---- ---- -----
Oil/Gas-Fired/
Pumped Storage Units
- --------------------
Richland-Defiance, OH 1-3 42 -- -- -- -- -- -- 100.00% 42 -- -- -- -- -- --
4-6 390 -- -- -- -- -- -- -- -- -- -- -- -- 100.00% 390
Seneca-Warren, PA. 1-3 435 -- -- -- -- 100.00% 435 -- -- -- -- -- -- -- --
Sumpter-Sumpter Twp., MI 1-4 340 -- -- -- -- -- -- -- -- -- -- -- -- 100.00% 340
West Lorain....... 1-1 120 100.00% 120 -- -- -- -- -- -- -- -- -- -- -- --
Lorain, OH..... 2-6 425 -- -- -- -- -- -- -- -- -- -- -- -- 100.00% 425
Yard's Creek-Blairstown
Twp., NJ....... 1-3 200 -- -- -- -- -- -- -- -- 50% 200 -- -- -- --
Other............. 301 109 19 33 35 86 19
------ ----- ----- ----- ---- ---- ---- -----
Total........ 2,253 229 19 468 77 286 19 1,155
------- ----- ----- ----- ----- ---- ---- -----
13,387 4,755 1,242 4,082 1,848 286 19 1,155
Total........ ====== ===== ===== ===== ===== -=== ==== =====
Notes: (a) CEI's | CEI’s interests consist of 1.68% owned and 28.60% leased and TE's interests are leased. |
| (b) OE's | OE’s interests consist of 20.22% owned and 21.66% leased for Beaver Valley Unit 2; and 17.42% owned (representing portion leased from a wholly owned subsidiary of OE) and 12.58% leased for Perry. |
| (c) TE's | TE’s interests consist of 1.65% owned and 18.26% leased. |
Prolonged outages of existing generating units might make it necessary for the Companies, depending upon the demand for electric service upon their system, to use to a greater extent than otherwise, less efficient and less economic generating units, or purchased power, and in some cases may require the reduction of load during peak periods under the Companies'Companies’ interruptible programs, all to an extent not presently determinable.
The Companies'Companies’ generating plants and load centers are connected by a transmission system consisting of elements having various voltage ratings ranging from 23 kV to 345500 kV. The Companies'Companies’ overhead and underground transmission lines aggregate 14,94414,978 pole miles.
21
The Companies'Companies’ electric distribution systems include 112,709114,177 miles of overhead pole line and underground conduit carrying primary, secondary and street lighting circuits. They own substations with a total installed transformer capacity of 91,822,00091,117,000 kilovolt-amperes.
The transmission facilities that are owned and operated by ATSI also interconnect with those of AEP, DPL, Duquesne, Allegheny, MEC and Penelec. The transmission facilities of JCP&L, Met-Ed and Penelec are physically interconnected and are operated on an integrated basis as part of the PJM RTO.
FirstEnergy's distribution and transmission systems as of December 31, 2003,2004, consist of the following:
Substation
Distribution Transmission Transformer
Lines Lines Capacity
------------ ------------ ------------
(Miles) (kV-amperes)
OE.................... 29,064 550 9,679,000
Penn.................. 5,548 44 1,777,000
CEI................... 24,729 2,144 9,937,000
TE.................... 1,445 223 3,586,000
JCP&L................. 18,219 2,106 21,154,000
Met-Ed................ 14,235 1,407 9,985,000
Penelec............... 19,469 2,690 13,182,000
ATSI.................. -- 5,780 22,522,000
------- ------ ----------
Total................. 112,709 14,944 91,822,000
FirstEnergy's subsidiary, MARBEL Energy, holds a 50% ownership
interest in Great Lakes Energy Partners, LLC, an oil and natural gas exploration
and production venture. The joint venture in Great Lakes includes interests in
more than 7,700 oil and natural gas wells, drilling rights to nearly one million
acres, proved reserves of 450 billion cubic feet equivalent of natural gas and
oil and 5,000 miles of pipelines in the Appalachian Basin.
ITEM 3. LEGAL PROCEEDINGS
| | Substation | | | | | |
| | Distribution | | Transmission | | Transformer | |
| | Lines | | Lines | | Capacity | |
| | (Miles) | | (kV-amperes) | |
| | | | | | | |
OE | | | 29,402 | | | 550 | | | 8,318,000 | |
Penn | | | 5,636 | | | 44 | | | 1,750,000 | |
CEI | | | 24,860 | | | 2,144 | | | 9,300,000 | |
TE | | | 1,622 | | | 223 | | | 3,691,000 | |
JCP&L | | | 18,493 | | | 2,106 | | | 21,154,000 | |
Met-Ed | | | 14,424 | | | 1,407 | | | 9,985,000 | |
Penelec | | | 19,740 | | | 2,690 | | | 14,238,000 | |
ATSI* | | | -- | | | 5,814 | | | 22,681,000 | |
| | | | | | | | | | |
Total | | | 114,177 | | | 14,978 | | | 91,117,000 | |
| * | Represents transmission lines of 69kv and above in service areas of OE, Penn, CEI and TE. |
Reference is made to Note 7,13, Commitments, Guarantees and Contingencies, of the Notes to Consolidated Financial Statements contained in Item 8 for a description of certain legal proceedings involving FirstEnergy, OE, CEI, TE, Penn, JCP&L, Met-Ed and Penelec.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
ITEM | 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
None.
PART II
ITEM 5 5. MARKET FOR REGISTRANT'SREGISTRANT’S COMMON EQUITY, AND RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The information required by this item for FirstEnergyItem 5. regarding FirstEnergy’s market information, including stock exchange listings and quarterly stock market prices, dividends and holders of common stock is included on page 5 of FirstEnergy's 2003FirstEnergy’s 2004 Annual Report to Stockholders (Exhibit 13). The information required for OE, CEI, TE, Penn, JCP&L, Met-Ed and Penelec is not applicable because they are wholly owned subsidiaries.
ITEM 6. SELECTED FINANCIAL DATA
ITEM 7. MANAGEMENT'S
The table below includes information on a monthly basis for the fourth quarter, regarding purchases made by FirstEnergy of its common stock.
Period | | Total Number Of Shares Purchased (a) | | Average Price Paid per Share | | Total Number of Shares Purchased As Part of Publicly Announced Plans Or Programs(b) | | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans Or Programs | |
October 1-31, 2004 | | | 175,290 | | $ | 41.13 | | | -- | | | -- | |
November 1-30, 2004 | | | 379,505 | | $ | 42.68 | | | -- | | | -- | |
December 1-31, 2004 | | | 306,911 | | $ | 39.96 | | | -- | | | -- | |
| | | | | | | | | | | | | |
Fourth Quarter | | | 861,706 | | $ | 41.40 | | | -- | | | -- | |
(a) | Share amounts reflect purchases on the open market to satisfy FirstEnergy’s obligations to deliver common stock under its Executive and Director Incentive Compensation Plan, Deferred Compensation Plan for Outside Directors, Executive Deferred Compensation Plan, Savings Plan and Stock Investment Plan. In addition, such amounts reflect shares tendered by employees to pay the exercise price or withholding taxes upon exercise of stock options granted under the Executive and Director Incentive Compensation Plan. |
(b) | FirstEnergy does not currently have any publicly announced plan or program for share purchases. |
ITEM | 6.SELECTED FINANCIAL DATA |
ITEM | 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND ANALYSIS OF FINANCIAL CONDITION AND |
RESULTS OF OPERATIONS
ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM | 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM | 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
The information required for items 6 through 8 is incorporated herein by reference to Selected Financial Data, Management'sManagement’s Discussion and Analysis of Results of Operations and Financial Condition, and Financial Statements included on the pages shown in the following table in the respective company's 2003company’s 2004 Annual Report to Stockholders (Exhibit 13).
Item 6 Item 7 Item 7A Item 8
------ ------ ------- ------
FirstEnergy.............. 5 6-38 26-29 39-85
OE....................... 1 2-13 7 14-39
Penn..................... 1 2-10 6 11-30
CEI...................... 1 2-13 7 14-39
TE....................... 1 2-12 6-7 13-37
JCP&L.................... 1 2-12 6-7 13-33
Met-Ed................... 1 2-12 6-7 13-34
Penelec.................. 1 2-12 5-7 13-34
22
ITEM 9.
| Item 6 | Item 7 | Item 7A | Item 8 |
| | | | |
FirstEnergy | 3 | 4-38 | 26-28 | 39-85 |
OE | 3 | 4-16 | 10 | 17-44 |
Penn | 3 | 4-13 | 8-9 | 14-35 |
CEI | 3 | 4-15 | 9 | 16-41 |
TE | 3 | 4-16 | 9-10 | 17-43 |
JCP&L | 3 | 4-13 | 8-10 | 14-35 |
Met-Ed | 3 | 4-13 | 8-10 | 14-36 |
Penelec | 3 | 4-12 | 8-9 | 13-34 |
ITEM | 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING |
AND FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
(a)
ITEM | 9A. CONTROLS AND PROCEDURES |
Evaluation of Disclosure Controls and Procedures
Each registrant'sregistrant’s Chief Executive Officer and Chief Financial Officer have reviewed and evaluated such registrant'sregistrant’s disclosure controls and procedures, as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e), as of the end date covered by this report. Based upon this evaluation, the respective Chief Executive Officer and Chief Financial Officer concluded that except as described below, such registrant'sregistrant’s disclosure controls and procedures are effective.
During
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934. Using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission inInternal Control - Integrated Framework, management conducted an evaluation of the effectiveness of the registrants’ internal control over financial reporting under the supervision of each registrant’s chief executive officer and chief financial officer. Based on that evaluation, management concluded that the registrants’ internal control over financial reporting was effective as of December 31, 2004. Management’s assessment of the effectiveness of the registrants’ internal control over financial reporting, as of December 31, 2004, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their reports included in each registrant’s 2004 Annual Report to Stockholders and incorporated by reference hereto.
Changes in Internal Controls over Financial Reporting
There were no changes in the registrants’ internal controls over financial reporting during the fourth quarter of 2003, management identified expenses
recognized during the first three quarters of 2003 related to activities that
should have been recorded as capital expenditures as a result of untimely table
updates in the registrants' automated work management system and inconsistent
application of the allocation of costs to capital projects in the registrants'
work management system.
Management believes that this condition, which has been defined as a
material weakness, was attributable to employee training and process changes
that were not uniformly applied in connection with the registrants' recent
implementation of a new Enterprise Resource Planning system. As a result, the
quarterly financial results for JCP&L, Penelec and TE have been restated in each
registrant's respective annual reports.
As discussed below, management has corrected this condition by
strengthening the registrants' internal control procedures.
(b) Changes in Internal Controls
During the quarter ended December 31, 2003, management implemented the
following measures to correct the condition discussed above:
1. Increased training of field employees regarding the proper
accounting for capital and expense projects;
2. Established procedures to ensure that tables within the
registrants' automated work management system are updated on a
timely basis; and
3. Reconfigured the registrants' automated work management system to
identify the proper allocation of capital and expense projects.
Except for the changes noted above, there were no other changes in the
registrants' internal controls over the financial reporting2004 that have materially affected, or are reasonably likely to materially affect, the registrants'registrants’ internal control over financial reporting.
ITEM | 9B.OTHER INFORMATION |
Severance Agreements
On February 15, 2005, in response to a shareholder proposal at the 2004 Annual Meeting that received the affirmative vote of approximately 64 percent of the votes cast, the Board of Directors adopted a new policy with respect to severance agreements. The Board’s policy requires that any future severance agreement offered to any FirstEnergy employee that would be triggered by a change in control of FirstEnergy limit the multiplier of base salary and target short-term incentive compensation to 2.99 times. The Board’s policy also requires that such severance agreements only contain such other terms, conditions and provisions as may be recommended by the Compensation Committee and approved by the independent directors of the Board and, at the discretion of such independent directors, approved by the shareholders. The Board’s policy also requires that the Compensation Committee retain an independent third-party consultant to periodically review the prevailing competitive practices concerning severance agreements triggered by a change in control and report on such review to the Board.
In accordance with this policy, the Compensation Committee authorized, and FirstEnergy entered into, separate severance agreements with Guy L. Pipitone, Mark T. Clark, Lynn M. Cavalier and Richard R. Grigg on March 7, 2005, effective immediately. Severance benefits are limited to 2.99 times base salary and target short-term incentive compensation for Ms. Cavalier and Messrs. Clark and Grigg. Severance benefits are limited to 2.0 times base salary and target short-term incentive compensation for Mr. Pipitone. In addition, the Compensation Committee recommended, and the Board approved, the following additional terms. With respect to the retirement benefits of Ms. Cavalier and Messrs. Clark and Grigg, (a) three years will be added to his or her age and service at termination, (b) pension benefits will be calculated with the enhanced age and service, and (c) benefits will be paid out no earlier than an adjusted age of 55. With regard to health care, he or she will receive health care benefits on the same terms as an active employee for three years. Lastly, with regard to life insurance, he or she will receive life insurance benefits on the same terms as an active employee for three years. Mr. Pipitone’s agreement provides that, in regard to retirement plans, (a) two years will be added to his age and service at termination, (b) pension benefits will be calculated with the enhanced age and service, and (c) benefits will be paid out no earlier than an adjusted age of 55. In regard to health care, he will receive health care benefits on the same terms as an active employee for two years. Lastly, in regard to life insurance, he will receive life insurance benefits on the same terms as an active employee for two years.
Under the agreements, a change in control includes the acquisition of the beneficial ownership of 50 percent or more of the outstanding shares of common stock or other voting stock of FirstEnergy, a change in the majority of the members of the Board of Directors, or a reorganization, merger, or dissolution of FirstEnergy. The agreements are intended to ensure that the individuals are free from personal distractions in the context of a potential change in control, when the Board needs the objective assessment and advice of these executives to determine whether an offer is in the best interests of the Company and its shareholders. The principal severance benefits may be triggered when the individual is terminated or resigns for good reason, which generally is defined as a material change, following a change of control, inconsistent with the individual’s previous job duties or compensation.
Under all of the above severance agreements, the executive would be prohibited for two years from working for or with competing entities after receiving severance benefits from this change in control agreement.
FirstEnergy also has in place separate severance agreements with Anthony J. Alexander, Richard H. Marsh, Carole B. Snyder, and Leila L. Vespoli, in the form applicable to Ms. Cavalier and Messrs. Clark and Grigg described above, except that such agreements provide for a benefit equal to 2.99 times the sum of the individual’s base salary plus the average of his or her annual incentive compensation awards over the past three years. Additionally, in the case of Mr. Alexander, he is eligible for the specified severance benefits if he resigns, for any reason, during a 90-day period commencing 18 months following a change in control. Because the agreements for Mr. Marsh, Ms. Vespoli, and Ms. Snyder do not become effective until January 1, 2006, they remain covered under the severance agreements that were previously in place for each of them through December 31, 2005.
FirstEnergy also has in place separate severance agreements with Kevin J. Keough and Kathryn W. Dindo in the form applicable to Mr. Pipitone as described above, except that such agreements provide for a benefit equal to 2.00 times the sum of the individual’s base salary plus the average of his or her annual incentive compensation awards over the past three years.
Executive Bonus Plan
FirstEnergy adopted an Executive Bonus Plan effective November 3, 2004. The plan was established for the purpose of providing for the purchase of personal life insurance for participants who are each deemed to be a member of a select group of highly compensated and/or management employees of FirstEnergy and its subsidiaries. The plan is part of an integrated executive compensation program that is intended to attract, retain and motivate certain key executives who are in a position to make significant contributions to the operation and profitability of FirstEnergy for the benefit of stockholders and customers. Employees of FirstEnergy and its subsidiaries who are or become subject to the provisions of Section 402 of the Sarbanes-Oxley Act of 2002, as amended, and are designated by the CEO or, in the case of the CEO, by the Compensation Committee of the Board, are eligible to participate in the Plan.
Policies under the plan will insure the participant’s life and shall provide a death benefit equal to the participant’s annual base salary as of a specified date.
A copy of the plan was filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2004.
Executive and Director Incentive Compensation Plan Awards
On March 3, 2005, FirstEnergy notified the following executive officers that they were to receive the indicated performance-based restricted stock unit awards and restricted stock awards under the FirstEnergy Executive and Director Incentive Compensation Plan:
| Restricted | Restricted |
| Stock Units(1) | Stock Shares |
| | |
A. J. Alexander | 47,954 | -- |
| | |
R. H. Marsh | 5,131 | -- |
| | |
L. L. Vespoli | 5,644 | 25,000(2) |
| | 25,000(3) |
| | |
M. T. Clark | 4,950 | 50,000(2) |
| | |
G. L. Pipitone | 3,863 | -- |
| | |
R. R. Grigg | 16,901 | -- |
| (1) | Period of Restriction expires upon the earlier of (i) March 1, 2008, (ii) recipient’s death, (iii) recipient’s termination from employment due to disability and (iv) a change in control occurs. |
| (2) | Period of Restriction expires upon the earlier of (i) March 1, 2010, (ii) recipient’s death, (iii) recipient’s termination from employment due to disability and (iv) a change in control occurs. |
| (3) | Period of Restriction expires upon the earlier of (i) March 1, 2015, (ii) recipient’s death, (iii) recipient’s termination from employment due to disability and (iv) a change in control occurs. |
Each award become effective upon acknowledgement by the recipient. The Plan gives recipients the right to acquire stock after the Period of Restriction indicated above, and subject to forfeiture and other provisions under the Plan and the agreements between FirstEnergy and the recipient. The forms of the respective performance-based restricted stock unit and restricted stock agreements are filed as exhibits to this Annual Report on Form 10-K.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
ITEM | 10.DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT |
FirstEnergy
The information required by Item 10, with respect to Identification of FirstEnergy'sFirstEnergy’s Directors and with respect to reports required to be filed under Section 16 of the Securities Exchange Act of 1934, is incorporated herein by reference to FirstEnergy's 2004FirstEnergy’s 2005 Proxy Statement filed with the SEC pursuant to Regulation 14A and, with respect to Identification of Executive Officers, to "Part“Part I, Item 1. Business - Executive Officers"Officers” herein.
The Board of Directors has determined that Robert Loughhead,Ernest J. Novak, Jr., an independent director, is the audit committee financial expert.
FirstEnergy makes available on its website athttp://www.firstenergycorp.com/ir its Corporate Governance Policies and the charters for each of the following committees of the Board of Directors: Audit; Corporate Governance; Compensation; Finance; and Nuclear. The Corporate Governance Policies and Board committee charters are also available in print upon written request to David W. Whitehead, Corporate Secretary, FirstEnergy Corp., 76 South Main Street, Akron, OH 44308-1890.
FirstEnergy has adopted a Code of Business Conduct, which applies to all employees, including the Chief Executive Officer, the Chief Financial Officer and the Chief Accounting Officer. In addition, the Board of Directors 23
has its own Code of Business Conduct. These Codes can be found on our website provided in the previous paragraph or upon written request to the Corporate Secretary.
Pursuant to Section 303A.12(a) of the New York Stock Exchange Listed Company Manual, the Company submitted the Annual CEO Certification to the NYSE on June 16, 2004.
OE, Penn, CEI, TE, JCP&L, Met-Ed and Penelec
--------------------------------------------
A. J. Alexander, R. H. Marsh and L. L. VespoliR. R. Grigg are the Directors of OE, Penn, CEI, TE, Met-Ed and Penelec. Information concerning these individuals is shown in the "Executive Officers"“Executive Officers” section of Item 1. S. E. Morgan, C. E. Jones, L. L. Vespoli, B. S. Ewing, M. A. Julian, G. E. Persson and S. C. Van Ness are the Directors of JCP&L.
Mr. Ewing (Age 44) has served as FirstEnergy Service Company'sCompany’s Vice President - Energy Delivery since 2003. From 1999 to 2003, Mr. Ewing served as Director of Operations Services - Northern Region.
Mr. Julian (Age 48) has served as FirstEnergy Service Company'sCompany’s Vice President
- - Energy Delivery since 2003. From 2001 to 2003, Mr. Julian served as Director of Energy Delivery Technical Services. He was Director of Operations Services - Northern Region from 2000 to 2001 and Director of Operations Support Services - Central Region from 1999-2000.
Mrs. Persson (Age 74) has served in the New Jersey Division of Consumer Affairs Elder Fraud Investigation Unit since 1999. She previously served as liaison (Special Assistant Director) between the New Jersey Division of Consumer Affairs and various state boards. Prior to 1995, she was owner and President of Business Dynamics AssociatesAssociated of Red Bank, NJ. Mrs. Persson is a member of the United States Small Business Administration National Advisory Board, the New Jersey Small Business Advisory Council, the Board of Advisors of Brookdale Community College and the Board of Advisors of Georgian Court College.
Mr. Van Ness (Age 71) has been Of Counsel in the firm of Hubert, Van Ness, Cayci and Goodell, LP of Princeton, NJ since 1998. Prior to that he was affiliated with the law firm of Pico, Mack, Kennedy, Jaffe, Perrella and Yoskin of Trenton, NJ since 1990. He is also a director of The Prudential Insurance Company of America.
Information concerning the other Directors of JCP&L is shown in the "Executive Officers"“Executive Officers” section of Item 1.
ITEM 11. EXECUTIVE COMPENSATION
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
| Section 16(a) Beneficial Ownership Reporting Compliance - OE, Penn, CEI, TE, JCP&L, Met-Ed and Penelec |
Prior to February 2005, FirstEnergy and OE, Penn, CEI, TE, JCP&L, Met-Ed and Penelec (the “Reporting Subsidiaries”) recommended to persons who were insiders of both FirstEnergy and a Reporting Subsidiary or Reporting Subsidiaries that single insider reports be filed with respect to FirstEnergy and the Reporting Subsidiaries rather than separate reports for each. This position was based in part on an instruction to the insider reporting forms that applies in the case of registered public utility holding companies. Insiders of FirstEnergy and the Reporting Subsidiaries filed Forms 3 in this manner and further, did not set forth information about any Reporting Subsidiary on grounds that they had no holdings of any such issuer.
It recently came to FirstEnergy’s attention that there is a difference of opinion as to the proper method of reporting where a subsidiary of a registered public utility holding company has equity securities registered under the Securities Exchange Act of 1934 (as do the Reporting Subsidiaries). SEC guidance in this area is unclear, and industry practice varies. After further review, FirstEnergy and the Reporting Subsidiaries determined to recommend that their insiders follow a more conservative approach and file separate reports for each Reporting Subsidiary.
Accordingly, in March 2005, Forms 3 will be filed on behalf of the following insiders in respect of the Reporting Subsidiaries indicated: Richard H. Marsh, Leila L. Vespoli, Charles E. Jones, Harvey L. Wagner, Thomas C. Navin, in each case, for all of the Reporting Subsidiaries: Anthony J. Alexander and Richard R. Grigg, in each case, for all of the Reporting Subsidiaries except JCP&L: Gelorma E. Persson, Stanley C. Van Ness, Bradley S. Ewing, Mark A. Julian and Stephen E. Morgan, in each case, for JCP&L; Kevin J. Keough, Thomas A. Clark and Jeffrey A. Elser for OE, Ronald P. Lantzy for OE and Met-Ed; Dennis E. Chack and Paul W. Allison for CEI; and James M. Murray and Charles H. Krueger for TE. Although arguably these Forms are not required to be filed at all particularly since the reporting persons have no holdings in the Reporting Subsidiaries, the Reporting Subsidiaries nonetheless are reporting these Forms 3 as having not yet been filed for purposes of this Report on Form 10-K.
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
FirstEnergy, OE, CEI, TE, Penn, JCP&L, Met-Ed and Penelec -
-----------------------------------------------------------
The information required by Items 11, 12 and 13 is incorporated herein by reference to FirstEnergy's 2004FirstEnergy’s 2005 Proxy Statement filed with the SEC pursuant to Regulation 14A.
ITEM 14.PRINCIPAL ACCOUNTING FEES AND SERVICES
A summary of the audit and audit-related fees rendered by PricewaterhouseCoopers LLP for the years ended December 31, 20032004 and 20022003 are as follows:
Audit
| | Audit Fees(1) | | Audit-Related Fees(2) | |
Company | | 2004 | | 2003 | | 2004 | | 2003 | |
| | (In thousands) | |
OE | | $ | 1,036 | | $ | 676 | | $ | -- | | $ | 58 | |
CEI | | | 797 | | | 806 | | | -- | | | 54 | |
TE | | | 650 | | | 684 | | | -- | | | 48 | |
Penn | | | 624 | | | 230 | | | -- | | | 18 | |
JCP&L | | | 810 | | | 402 | | | -- | | | 28 | |
Met-Ed | | | 609 | | | 377 | | | -- | | | 22 | |
Penelec | | | 595 | | | 275 | | | -- | | | 22 | |
Other subsidiaries | | | 1,542 | | | 983 | | | 18 | | | 182 | |
| | | | | | | | | | | | | |
Total FirstEnergy | | $ | 6,663 | | $ | 4,433 | | $ | 18 | | $ | 432 | |
(1) | Professional services rendered for the audits of FirstEnergy’s annual financial statements and reviews of financial statements included in FirstEnergy’s Quarterly Reports on Form 10-Q and for services in connection with statutory and regulatory filings or engagements, including comfort letters and consents for financings and filings made with the SEC. |
(2) | Assurance and related services principally related to: (i) audits of employee benefit plans; (ii) consultation to ensure appropriate accounting and reporting in connection with FIN 46 and the Rate Stabilization Plan (OE, CEI and TE); and (iii) assistance with Sarbanes-Oxley. |
Tax and Other Fees (1) Audit Related Fees (2)
-------------------- -----------------------
Company 2003 2002 2003 2002
---------------------- ------- -------- -------- ---------
(In thousands)
OE.................... $ 676 $ 427 $ 58 $ --
CEI................... 806 332 54 --
TE.................... 684 258 48 --
Penn.................. 230 168 18 --
JCP&L................. 402 310 28 --
Met-Ed................ 377 241 22 --
Penelec............... 275 241 22 --
Other subsidiaries.... 983 948 182 89
------- ------- -------- ---------
Total FirstEnergy $ 4,433 $ 2,925 $ 432 $ 89
======= ======= ======== =========
(1) Professional services rendered for the audits of FirstEnergy's annual
financial statements and reviews of financial statements included in
FirstEnergy's Quarterly Reports on Form 10-Q and for services in connection
with statutory and regulatory filings or engagements, including comfort
letters and consents for financings and filings made with the SEC.
24
(2) Assurance and related services principally related to: (i) audits of
employee benefit plans; (ii) consultation to ensure appropriate accounting
and reporting in connection with FIN 46 and the Ohio Rate Plan (OE, CEI and
TE); and (iii) assistance with Sarbanes-Oxley.
Tax Fees
The aggregate There were no fees billed to FirstEnergy for tax services or other services not discussed above for the fiscal years ended December 31, 20032004 and December 31, 2002 for professional services rendered by
PricewaterhouseCoopers LLP for tax-related services were $0 and $263,673,
respectively.
All Other Fees
There were no additional fees billed by PricewaterhouseCoopers LLP for
the fiscal year ended December 31, 2003. The aggregate fees billed by
PricewaterhouseCoopers LLP for the fiscal year ended December 31, 2002 for
services rendered to FirstEnergy other than the Audit Fees, Audit-Related Fees
and Tax Fees included above were $661,167. These fees principally related to
services provided prior to PricewaterhouseCoopers LLP being engaged as
FirstEnergy's independent auditor. PricewaterhouseCoopers LLP no longer provides
this type of service for FirstEnergy or any of its affiliates.
PART IV
ITEM 15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) 1. Financial Statements
(a) | 1.Financial Statements |
Included in Part II of this report and incorporated herein by reference to the respective company's 2003company’s 2004 Annual Report to Stockholders (Exhibit 13 below) at the pages indicated.
First-
Energy OE Penn CEI TE JCP&L Met-Ed Penelec
------ -- ---- --- -- ----- ------ -------
Report of Independent Auditors.................................... 3-4 40-41 31-32 40 38 34-35 35-36 35-36
Statements of Income-Three Years Ended December 31, 2003.......... 39 14 11 14 13 13 13 13
Balance Sheets-December 31, 2003 and 2002......................... 40 15 12 15 14 14 14 14
Statements of Capitalization-December 31, 2003 and 2002........... 41-44 16-17 13 16-17 15-16 15 15 15
Statements of Common Stockholders' Equity-Three Years
Ended December 31, 2003........................................ 45 18 14 18 17 16 16 16
Statements of Preferred Stock-Three Years Ended December 31, 2003. 46 18 14 18 17 16 16 16
Statements of Cash Flows-Three Years Ended December 31, 2003...... 47 19 15 19 18 17 17 17
Statements of Taxes-Three Years Ended December 31, 2003........... 48 20 16 20 19 18 18 18
Notes to Financial Statements..................................... 49-85 21-39 17-30 21-39 20-37 19-33 19-34 19-34
25
| | First- Energy | �� | OE | | Penn | | CEI | | TE | | JCP&L | | Met-Ed | | Penelec | |
| |
| | | | | | | | | | | | | | | | | |
Management Report | | | 1 | | | 1 | | | 1 | | | 1 | | | 1 | | | 1 | | | 1 | | | 1 | |
Report of Independent Registered Public Accounting Firm | | | 2 | | | 2 | | | 2 | | | 2 | | | 2 | | | 2 | | | 2 | | | 2 | |
Statements of Income-Three Years Ended December 31, 2004 | | | 39 | | | 17 | | | 14 | | | 16 | | | 17 | | | 14 | | | 14 | | | 13 | |
Balance Sheets-December 31, 2004 and 2003 | | | 40 | | | 18 | | | 15 | | | 17 | | | 18 | | | 15 | | | 15 | | | 14 | |
Statements of Capitalization-December 31, 2004 and 2003 | | | 41-43 | | | 19-20 | | | 16 | | | 18 | | | 19 | | | 16 | | | 16 | | | 15 | |
Statements of Common Stockholders’ Equity-Three Years Ended December 31, 2004 | | | 44 | | | 21 | | | 17 | | | 19 | | | 20 | | | 17 | | | 17 | | | 16 | |
Statements of Preferred Stock-Three Years Ended December 31, 2004 | | | 45 | | | 21 | | | 17 | | | 19 | | | 20 | | | 17 | | | 17 | | | 16 | |
Statements of Cash Flows-Three Years Ended December 31, 2004 | | | 46 | | | 22 | | | 18 | | | 20 | | | 21 | | | 18 | | | 18 | | | 17 | |
Statements of Taxes-Three Years Ended December 31, 2004 | | | 47 | | | 23 | | | 19 | | | 21 | | | 22 | | | 19 | | | 18 | | | 18 | |
Notes to Financial Statements | | | 48-85 | | | 24-44 | | | 20-35 | | | 22-41 | | | 23-43 | | | 20-35 | | | 20-36 | | | 19-34 | |
2.Financial Statement Schedules
Included in Part IV of this report:
First-
Energy OE Penn CEI TE JCP&L Met-Ed Penelec
------ -- ---- --- -- ----- ------ -------
Report of Independent Auditors.......................... 59-60 61-62 65-66 63 64 67-68 69-70 71-72
Schedule - Three Years Ended December 31, 2003:
II - Consolidated Valuation and Qualifying Accounts..... 73 74 77 75 76 78 79 80
| | First- Energy | | OE | | Penn | | CEI | | TE | | JCP&L | | Met-Ed | | Penelec | |
| |
| | | | | | | | | | | | | | | | | |
Report of Independent Registered Public Accounting Firm | | | 65 | | | 66 | | | 69 | | | 67 | | | 68 | | | 70 | | | 71 | | | 72 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Schedule- Three Years Ended December 31, 2004: II - Consolidated Valuation and Qualifying Accounts | | | 73 | | | 74 | | | 77 | | | 75 | | | 76 | | | 78 | | | 79 | | | 80 | |
Schedules other than the schedule listed above are omitted for the reason that they are not required or are not applicable, or the required information is shown in the financial statements or notes thereto.
3.Exhibits - - FirstEnergy
Exhibit
Number
3-1 | Articles of Incorporation constituting FirstEnergy Corp.’s Articles of Incorporation, dated September 17, 1996. (September 17, 1996 Form 8-K, Exhibit C) |
| |
3-1(a) | Amended Articles of Incorporation of FirstEnergy Corp. (Registration No. 333-21011, Exhibit (3)-1) |
| |
3-2 | Regulations of FirstEnergy Corp. (September 17, 1996 Form 8-K, Exhibit D) |
| |
3-2(a) | FirstEnergy Corp. Amended Code of Regulations. (Registration No. 333-21011, Exhibit (3)-2) |
| |
4-1 | Rights Agreement (December 1, 1997 Form 8-K, Exhibit 4.1) |
| |
4-2 | FirstEnergy Corp. to The Bank of New York, Supplemental Indenture, dated November 7, 2001. (2001 Form 10-K, Exhibit 4-2) |
| |
(C)10-1 | FirstEnergy Corp. Executive and Director Incentive Compensation Plan, revised November 15, 1999. (1999 Form 10-K, Exhibit 10-1) |
| |
(C)10-2 | Amended FirstEnergy Corp. Deferred Compensation Plan for Directors, revised November 15, 1999. (1999 Form 10-K, Exhibit 10-2) |
| |
(C)10-3 | Form of Employment, severance and change of control agreement between FirstEnergy Corp. and the following executive officers: L.L. Vespoli, C.B. Snyder, and R.H. Marsh, through December 31, 2005 (1999 Form 10-K, Exhibit 10-3) |
| |
(C)10-4 | FirstEnergy Corp. Supplemental Executive Retirement Plan, amended January 1, 1999. (1999 Form 10-K, Exhibit 10-4) |
| |
(C)10-5 | FirstEnergy Corp. Executive Incentive Compensation Plan. (1999 Form 10-K, Exhibit 10-5) |
| |
10-6 | Restricted stock agreement between FirstEnergy Corp. and A. J. Alexander. (1999 Form 10-K, Exhibit 10-6) |
| |
(C)10-7 | FirstEnergy Corp. Executive and Director Incentive Compensation Plan. (1998 Form 10-K, Exhibit 10-1) |
| |
(C)10-8 | Amended FirstEnergy Corp. Deferred Compensation Plan for Directors, amended February 15, 1999. (1998 Form 10-K, Exhibit 10-2) |
| |
10-9 | Restricted Stock Agreement between FirstEnergy Corp. and A. J. Alexander. (2000 Form 10-K, Exhibit 10-9) |
| |
10-10 | Restricted Stock Agreement between FirstEnergy Corp. and H. P. Burg. (2000 Form 10-K, Exhibit 10-10) |
| |
10-11 | Stock Option Agreement between FirstEnergy Corp. and officers dated November 22, 2000. (2000 Form 10-K, Exhibit 10-11) |
| |
10-12 | Stock Option Agreement between FirstEnergy Corp. and officers dated March 1, 2000. (2000 Form 10-K, Exhibit 10-12) |
| |
10-13 | Stock Option Agreement between FirstEnergy Corp. and director dated January 1, 2000. (2000 Form 10-K, Exhibit 10-13) |
| |
10-14 | Stock Option Agreement between FirstEnergy Corp. and two directors dated January 1, 2001. (2000 Form 10-K, Exhibit 10-14) |
| |
(C)10-15 | Executive and Director Incentive Compensation Plan dated May 15, 2001. (2001 Form 10-K, Exhibit 10-15) |
| |
(C)10-16 | Amended FirstEnergy Corp. Deferred Compensation Plan for Directors, revised September 18, 2000. (2001 Form 10-K, Exhibit 10-16) |
| |
10-17 | Stock Option Agreements between FirstEnergy Corp. and Officers dated May 16, 2001. (2001 Form 10-K, Exhibit 10-17) |
| |
10-18 | Form of Restricted Stock Agreements between FirstEnergy Corp. and Officers. (2001 Form 10-K, Exhibit 10-18) |
| |
10-19 | Stock Option Agreements between FirstEnergy Corp. and One Director dated January 1, 2002. (2001 Form 10-K, Exhibit 10-19) |
| |
(C)10-20 | FirstEnergy Corp. Executive Deferred Compensation Plan. (2001 Form 10-K, Exhibit 10-20) |
| |
(C)10-21 | Executive Incentive Compensation Plan-Tier 2. (2001 Form 10-K, Exhibit 20-21) |
| |
(C)10-22 | Executive Incentive Compensation Plan-Tier 3. (2001 Form 10-K, Exhibit 20-22) |
| |
(C)10-23 | Executive Incentive Compensation Plan-Tier 4. (2001 Form 10-K, Exhibit 10-23) |
| |
(C)10-24 | Executive Incentive Compensation Plan-Tier 5. (2001 Form 10-K, Exhibit 10-24) |
| |
10-25 | Amendment to GPU, Inc. 1990 Stock Plan for Employees of GPU, Inc. and Subsidiaries, effective April 5, 2001. (2001 Form 10-K, Exhibit 10-25) |
| |
(C)10-26 | Form of Amendment, effective November 7, 2001, to GPU, Inc. 1990 Stock Plan for Employees of GPU, Inc. and Subsidiaries, Deferred Remuneration Plan for Outside Directors of GPU, Inc., and Retirement Plan for Outside Directors of GPU, Inc. (2001 Form 10-K, Exhibit 10-26) |
| |
10-27 | GPU, Inc. Stock Option and Restricted Stock Plan for MYR Group, Inc. Employees. (2001 Form 10-K, Exhibit 10-27) |
| |
10-28 | Executive and Director Stock Option Agreement dated June 11, 2002. (2002 Form 10-K, Exhibit 10-28). |
| |
10-29 | Director Stock Option Agreement. (2002 Form 10-K, Exhibit 10-29). |
| |
(C)10-30 | Executive and Director Executive Incentive Compensation Plan, Amendment dated May 21, 2002. (2002 Form 10-K, Exhibit 10-30). |
| |
(C)10-31 | Directors Deferred Compensation Plan, Revised Nov. 19, 2002. (2002 Form 10-K, Exhibit 10-31). |
| |
(C)10-32 | Executive Incentive Compensation Plan 2002. (2002 Form 10-K, Exhibit 10-32). |
| |
10-33 | GPU, Inc. 1990 Stock Plan for Employees of GPU, Inc. and Subsidiaries as amended and restated to reflect amendments through June 3, 1999. (1999 Form 10-K, Exhibit 10-V, File No. 1-6047, GPU, Inc.) |
| |
10-34 | Form of 1998 Stock Option Agreement under the GPU, Inc. 1990 Stock Plan for Employees of GPU, Inc. and Subsidiaries. (1997 Form 10-K, Exhibit 10-Q, File No. 1-6047, GPU, Inc.) |
10-35 | Form of 1999 Stock Option Agreement under the GPU, Inc. 1990 Stock Plan for Employees of GPU, Inc. and Subsidiaries. (1999 Form 10-K, Exhibit 10-W, File No. 1-6047, GPU, Inc.) |
| |
10-36 | Form of 2000 Stock Option Agreement under the GPU, Inc. 1990 Stock Plan for Employees of GPU, Inc. and Subsidiaries. (2000 Form 10-K, Exhibit 10-W, File No. 1-6047, GPU, Inc.) |
| |
(C)10-37 | Deferred Remuneration Plan for Outside Directors of GPU, Inc. as amended and restated effective August 8, 2000. (2000 Form 10-K, Exhibit 10-O, File No. 1-6047, GPU, Inc.) |
| |
(C)10-38 | Retirement Plan for Outside Directors of GPU, Inc. as amended and restated as of August 8, 2000. (2000 Form 10-K, Exhibit 10-N, File No. 1-6047, GPU, Inc.) |
| |
(C)10-39 | Forms of Estate Enhancement Program Agreements entered into by certain former GPU directors. (1999 Form 10-K, Exhibit 10-JJ, File No. 1-6047, GPU, Inc.) |
(A)10-40 | $1Billion Three-Year Credit Agreement dated as of June 22, 2004 among FirstEnergy Corp., the Banks named therein, Citicorp USA, Inc., as Administrative and Fronting Bank and Barclays Bank PLC as Fronting Bank. |
| |
(A)10-41 | $375,000,000 Three-Year Credit Agreement dated as of October 23, 2003 among FirstEnergy Corp., the Banks named therein, Citibank, N.A., as Administrative Agent and Bank One, NA, as Fronting Bank. |
| |
(C)10-42 | Deferred Compensation Plan for Outside Directors, effective November 7, 2001, incorporated by reference to Exhibit 4(f), Form S-8, File No. 333-101472. |
| |
(C)10-43 | Employment Agreement between FirstEnergy and an officer dated July 20, 2004. (September 30, 2004 Form 10-Q, Exhibit 10-41). |
| |
(C)10-44 | Stock Option Agreement between FirstEnergy and an officer dated August 20, 2004. (September 30, 2004 Form 10-Q, Exhibit 10-42). |
| |
(C)10-45 | Restricted Stock Agreement between FirstEnergy and an officer dated August 20, 2004. (September 30, 2004 Form 10-Q, Exhibit 10-43). |
| |
(C)10-46 | Executive Bonus Plan between FirstEnergy and Officers dated October 31, 2004. (September 30, 2004 Form 10-Q, Exhibit 10-44). |
| |
(A)(C)10-47 | Form of Employment, Severance, and Change of Control Agreement, between FirstEnergy and A. J. Alexander. |
| |
(A)(C)10-48 | Form of Employment, Severance, and Change of Control Agreement, Tier 1, between FirstEnergy and the following executive officers: C.B. Snyder, L.L. Vespoli, and R.H. Marsh (effective January 1, 2006). |
| |
(A)(C)10-49 | Form of Employment, Severance, and Change of Control Agreement, Tier 1, between FirstEnergy and the following executive officers: L.M. Cavalier, M.T. Clark, and R.R. Grigg. |
| |
(A)(C)10-50 | Form of Employment, Severance, and Change of Control Agreement, Tier 2, between FirstEnergy and the following executive officers: K.J. Keough and K.W. Dindo (effective January 1, 2006). |
| |
(A)(C)10-51 | Form of Employment, Severance, and Change of Control Agreement, Tier 2, between FirstEnergy and G. L. Pipitone. |
| |
(A)(C)10-52 | Executive and Director Incentive Compensation Plan, Amendment dated January 18, 2005. |
| |
(A)(C)10-53 | Form of Restricted Stock Agreements, between FirstEnergy and Officers |
| |
(A)(C)10-54 | Form of Restricted Stock Unit Agreements (Performance Adjusted), between FirstEnergy and Officers |
| |
(A)(C)10-55 | Form of Restricted Stock Agreement, between FirstEnergy and an Officer. |
| |
(A)12.1 | Consolidated fixed charge ratios. |
| |
(A)13 | FirstEnergy 2004 Annual Report to Stockholders. (Only those portions expressly incorporated by reference in this Form 10-K are to be deemed “filed” with the SEC.) |
| |
(A)21 | List of Subsidiaries of the Registrant at December 31, 2004. |
| |
(A)23 | Consent of Independent Registered Public Accounting Firm. |
| |
(A)31.1 | Certification of chief executive officer, as adopted pursuant to Rule 13a-15(e)/15d-15(e) (FirstEnergy, OE, CEI, TE, Penn, Met-Ed and Penelec). |
| |
(A)31.2 | Certification of chief financial officer, as adopted pursuant to Rule 13a-15(e)/15d-15(e) (FirstEnergy, OE, CEI, TE, Penn, JCP&L, Met-Ed and Penelec). |
(A)32.1 | Certification of chief executive officer and chief financial officer, pursuant to 18 U.S.C. §1350 (FirstEnergy, OE, CEI, TE, Penn, Met-Ed and Penelec). |
(A) | Provided herein in electronic format as an exhibit. |
| |
(C) | Management contract or compensatory plan contract or arrangement filed pursuant to Item 601 of Regulation S-K. |
(B) | 3.Exhibits - Ohio Edison |
2-1 | Agreement and Plan of Merger, dated as of September 13, 1996, between Ohio Edison Company (OE) and Centerior Energy Corporation. (September 17, 1996 Form 8-K, Exhibit 2-1) |
| |
3-1 | Amended Articles of Incorporation, Effective June 21, 1994, constituting OE’s Articles of Incorporation. (1994 Form 10-K, Exhibit 3-1) |
| |
(A)3-2 | Amendment to Articles of Incorporation, Effective November 12, 1999 |
| |
3-3 | Amended and Restated Code of Regulations, amended March 15, 2002. (2001 Form 10-K, Exhibit 3-2) |
| |
(B)4-1 | Indenture dated as of August 1, 1930 between OE and Bankers Trust Company, (now the Bank of New York), as Trustee, as amended and supplemented by Supplemental Indentures: |
| | Incorporated by |
| | Reference to |
Dated as of | File Reference | Exhibit No. |
March 3, 1931 | 2-1725 | B1, B-1(a),B-1(b) |
November 1, 1935 | 2-2721 | B-4 |
January 1, 1937 | 2-3402 | B-5 |
September 1, 1937 | Form 8-A | B-6 |
June 13, 1939 | 2-5462 | 7(a)-7 |
August 1, 1974 | Form 8-A, August 28, 1974 | 2(b) |
July 1, 1976 | Form 8-A, July 28, 1976 | 2(b) |
December 1, 1976 | Form 8-A, December 15, 1976 | 2(b) |
June 15, 1977 | Form 8-A, June 27, 1977 | 2(b) |
Supplemental Indentures: | | |
September 1, 1944 | 2-61146 | 2(b)(2) |
April 1, 1945 | 2-61146 | 2(b)(2) |
September 1, 1948 | 2-61146 | 2(b)(2) |
May 1, 1950 | 2-61146 | 2(b)(2) |
January 1, 1954 | 2-61146 | 2(b)(2) |
May 1, 1955 | 2-61146 | 2(b)(2) |
August 1, 1956 | 2-61146 | 2(b)(2) |
March 1, 1958 | 2-61146 | 2(b)(2) |
April 1, 1959 | 2-61146 | 2(b)(2) |
June 1, 1961 | 2-61146 | 2(b)(2) |
September 1, 1969 | 2-34351 | 2(b)(2) |
May 1, 1970 | 2-37146 | 2(b)(2) |
Dated as of | File Reference | Exhibit No. |
September 1, 1970 | 2-38172 | 2(b)(2) |
June 1, 1971 | 2-40379 | 2(b)(2) |
August 1, 1972 | 2-44803 | 2(b)(2) |
September 1, 1973 | 2-48867 | 2(b)(2) |
May 15, 1978 | 2-66957 | 2(b)(4) |
February 1, 1980 | 2-66957 | 2(b)(5) |
April 15, 1980 | 2-66957 | 2(b)(6) |
June 15, 1980 | 2-68023 | (b)(4)(b)(5) |
October 1, 1981 | 2-74059 | (4)(d) |
October 15, 1981 | 2-75917 | (4)(e) |
February 15, 1982 | 2-75917 | (4)(e) |
July 1, 1982 | 2-89360 | (4)(d) |
March 1, 1983 | 2-89360 | (4)(e) |
March 1, 1984 | 2-89360 | (4)(f) |
September 15, 1984 | 2-92918 | (4)(d) |
September 27, 1984 | 33-2576 | (4)(d) |
November 8, 1984 | 33-2576 | (4)(d) |
December 1, 1984 | 33-2576 | (4)(d) |
December 5, 1984 | 33-2576 | (4)(e) |
January 30, 1985 | 33-2576 | (4)(e) |
February 25, 1985 | 33-2576 | (4)(e) |
July 1, 1985 | 33-2576 | (4)(e) |
October 1, 1985 | 33-2576 | (4)(e) |
January 15, 1986 | 33-8791 | (4)(d) |
May 20, 1986 | 33-8791 | (4)(d) |
June 3, 1986 | 33-8791 | (4)(e) |
October 1, 1986 | 33-29827 | (4)(d) |
August 25, 1989 | 33-34663 | (4)(d) |
February 15, 1991 | 33-39713 | (4)(d) |
May 1, 1991 | 33-45751 | (4)(d) |
May 15, 1991 | 33-45751 | (4)(d) |
September 15, 1991 | 33-45751 | (4)(d) |
April 1, 1992 | 33-48931 | (4)(d) |
June 15, 1992 | 33-48931 | (4)(d) |
September 15, 1992 | 33-48931 | (4)(e) |
April 1, 1993 | 33-51139 | (4)(d) |
June 15, 1993 | 33-51139 | (4)(d) |
September 15, 1993 | 33-51139 | (4)(d) |
November 15, 1993 | 1-2578 | (4)(2) |
April 1, 1995 | 1-2578 | (4)(2) |
May 1, 1995 | 1-2578 | (4)(2) |
July 1, 1995 | 1-2578 | (4)(2) |
June 1, 1997 | 1-2578 | (4)(2) |
April 1, 1998 | 1-2578 | (4)(2) |
June 1, 1998 | 1-2578 | (4)(2) |
September 29, 1999 | 1-2578 | (4)(2) |
April 1, 2000 | 1-2578 | (4)(2)(a) |
April 1, 2000 | 1-2578 | (4)(2)(b) |
June 1, 2001 | 1-2578 | |
February 1, 2003 | 1-2578 | 4(2) |
March 1, 2003 | 1-2578 | 4(2) |
August 1, 2003 | 1-2578 | 4(2) |
(A)June 1, 2004 | 1-2578 | 4(2) |
(A)June 1, 2004 | 1-2578 | 4(2) |
(A)December 1, 2004 | 1-2578 | 4(2) |
(B) 4-2 | General Mortgage Indenture and Deed of Trust dated as of January 1, 1998 between OE and the Bank of New York, as Trustee, as amended and supplemented by Supplemental Indentures; (Registration No. 333-05277, Exhibit 4(g)). |
| | Incorporated by |
| | Reference to |
Dated as of | File Reference | Exhibit No. |
February 1, 2003 | 1-2578 | 4-2 |
March 1, 2003 | 1-2578 | 4-2 |
August 1, 2003 | 1-2578 | 4-2 |
(A)June 1, 2004 | 1-2578 | 4-2 |
(A)June 1, 2004 | 1-2578 | 4-2 |
(A)December 1, 2004 | 1-2578 | 4-2 |
4-3 | Indenture dated as of April 1, 2003 between OE and The Bank of New York, as Trustee. |
| |
10-1 | Administration Agreement between the CAPCO Group dated as of September 14, 1967. (Registration No. 2-43102, Exhibit 5(c)(2) |
| |
10-2 | Amendment No. 1 dated January 4, 1974 to Administration Agreement between the CAPCO Group dated as of September 14, 1967. (Registration No. 2-68906, Exhibit 5(c)(3)) |
10-3 | Transmission Facilities Agreement between the CAPCO Group dated as of September 14, 1967. (Registration No. 2-43102, Exhibit 5(c)(3)) |
| |
10-4 | Amendment No. 1 dated as of January 1, 1993 to Transmission Facilities Agreement between the CAPCO Group dated as of September 14, 1967. (1993 Form 10-K, Exhibit 10-4) |
| |
10-5 | Agreement for the Termination or Construction of Certain Agreements effective September 1, 1980 among the CAPCO Group. (Registration No. 2-68906, Exhibit 10-4) |
| |
10-6 | Amendment dated as of December 23, 1993 to Agreement for the Termination or Construction of Certain Agreements effective September 1, 1980 among the CAPCO Group. (1993 Form 10-K, Exhibit 10-6) |
| |
10-7 | CAPCO Basic Operating Agreement, as amended September 1, 1980. (Registration No. 2-68906, Exhibit 10-5) |
| |
10-8 | Amendment No. 1 dated August 1, 1981, and Amendment No. 2 dated September 1, 1982 to CAPCO Basic Operating Agreement, as amended September 1, 1980. (September 30, 1981 Form 10-Q, Exhibit 20-1 and 1982 Form 10-K, Exhibit 19-3, respectively) |
| |
10-9 | Amendment No. 3 dated July 1, 1984 to CAPCO Basic Operating Agreement, as amended September 1, 1980. (1985 Form 10-K, Exhibit 10-7) |
| |
10-10 | Basic Operating Agreement between the CAPCO Companies as amended October 1, 1991. (1991 Form 10-K, Exhibit 10-8) |
| |
10-11 | Basic Operating Agreement between the CAPCO Companies as amended January 1, 1993. (1993 Form 10-K, Exhibit 10-11) |
| |
10-12 | Memorandum of Agreement effective as of September 1, 1980 among the CAPCO Group. (1982 Form 10-K, Exhibit 19-2) |
| |
10-13 | Operating Agreement for Beaver Valley Power Station Units Nos. 1 and 2 as Amended and Restated September 15, 1987, by and between the CAPCO Companies. (1987 Form 10-K, Exhibit 10-15) |
| |
10-14 | Construction Agreement with respect to Perry Plant between the CAPCO Group dated as of July 22, 1974. (Registration No. 2-52251 of Toledo Edison Company, Exhibit 5(yy)) |
| |
10-15 | Amendment No. 3 dated as of October 31, 1980 to the Bond Guaranty dated as of October 1, 1973, as amended, with respect to the CAPCO Group. (Registration No. 2-68906 of Pennsylvania Power Company, Exhibit 10-16) |
| |
10-16 | Amendment No. 4 dated as of July 1, 1985 to the Bond Guaranty dated as October 1, 1973, as amended, by the CAPCO Companies to National City Bank as Bond Trustee. (1985 Form 10-K, Exhibit 10-30) |
| |
10-17 | Amendment No. 5 dated as of May 1, 1986, to the Bond Guaranty by the CAPCO Companies to National City Bank as Bond Trustee. (1986 Form 10-K, Exhibit 10-33) |
| |
10-18 | Amendment No. 6A dated as of December 1, 1991, to the Bond Guaranty dated as of October 1, 1973, by The Cleveland Electric Illuminating Company, Duquesne Light Company, Ohio Edison Company, Pennsylvania Power Company, The Toledo Edison Company to National City Bank, as Bond Trustee. (1991 Form 10-K, Exhibit 10-33) |
| |
10-19 | Amendment No. 6B dated as of December 30, 1991, to the Bond Guaranty dated as of October 1, 1973 by The Cleveland Electric Illuminating Company, Duquesne Light Company, Ohio Edison Company, Pennsylvania Power Company, The Toledo Edison Company to National City Bank, as Bond Trustee. (1991 Form 10-K, Exhibit 10-34) |
| |
10-20 | Bond Guaranty dated as of December 1, 1991, by The Cleveland Electric Illuminating Company, Duquesne Light Company, Ohio Edison Company, Pennsylvania Power Company, The Toledo Edison Company to National City Bank, as Bond Trustee. (1991 Form 10-K, Exhibit 10-35) |
10-21 | Memorandum of Understanding dated March 31, 1985 among the CAPCO Companies. (1985 Form 10-K, Exhibit 10-35) |
| |
(C)10-22 | Ohio Edison System Executive Supplemental Life Insurance Plan. (1995 Form 10-K, Exhibit 10-44) |
| |
(C)10-23 | Ohio Edison System Executive Incentive Compensation Plan. (1995 Form 10-K, Exhibit 10-45.) |
| |
(C)10-24 | Ohio Edison System Restated and Amended Executive Deferred Compensation Plan. (1995 Form 10-K, Exhibit 10-46.) |
| |
(C)10-25 | Ohio Edison System Restated and Amended Supplemental Executive Retirement Plan. (1995 Form 10-K, Exhibit 10-47.) |
| |
(C)10-28 | Severance pay agreement between Ohio Edison Company and A. J. Alexander. (1995 Form 10-K, Exhibit 10-50.) |
| |
(D)10-30 | Participation Agreement dated as of March 16, 1987 among Perry One Alpha Limited Partnership, as Owner Participant, the Original Loan Participants listed in Schedule 1 Hereto, as Original Loan Participants, PNPP Funding Corporation, as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee and Ohio Edison Company, as Lessee. (1986 Form 10-K, Exhibit 28-1.) |
| |
(D)10-31 | Amendment No. 1 dated as of September 1, 1987 to Participation Agreement dated as of March 16, 1987 among Perry One Alpha Limited Partnership, as Owner Participant, the Original Loan Participants listed in Schedule 1 thereto, as Original Loan Participants, PNPP Funding Corporation, as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company (now The Bank of New York), as Indenture Trustee, and Ohio Edison Company, as Lessee. (1991 Form 10-K, Exhibit 10-46.) |
| |
(D)10-32 | Amendment No. 3 dated as of May 16, 1988 to Participation Agreement dated as of March 16, 1987, as amended among Perry One Alpha Limited Partnership, as Owner Participant, PNPP Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee, and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-47.) |
| |
(D)10-33 | Amendment No. 4 dated as of November 1, 1991 to Participation Agreement dated as of March 16, 1987 among Perry One Alpha Limited Partnership, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNPP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1991 Form 10-K, Exhibit 10-47.) |
| |
(D)10-34 | Amendment No. 5 dated as of November 24, 1992 to Participation Agreement dated as of March 16, 1987, as amended, among Perry One Alpha Limited Partnership, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNPP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company as Lessee. (1992 Form 10-K, Exhibit 10-49.) |
| |
(D)10-35 | Amendment No. 6 dated as of January 12, 1993 to Participation Agreement dated as of March 16, 1987 among Perry One Alpha Limited Partnership, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNPP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-50.) |
(D)10-36 | Amendment No. 7 dated as of October 12, 1994 to Participation Agreement dated as of March 16, 1987 as amended, among Perry One Alpha Limited Partnership, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNPP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-54.) |
(D)10-37 | Facility Lease dated as of March 16, 1987 between The First National Bank of Boston, as Owner Trustee, with Perry One Alpha Limited Partnership, Lessor, and Ohio Edison Company, Lessee. (1986 Form 10-K, Exhibit 28-2.) |
| |
(D)10-38 | Amendment No. 1 dated as of September 1, 1987 to Facility Lease dated as of March 16, 1997 between The First National Bank of Boston, as Owner Trustee, Lessor and Ohio Edison Company, Lessee. (1991 Form 10-K, Exhibit 10-49.) |
| |
(D)10-39 | Amendment No. 2 dated as of November 1, 1991, to Facility Lease dated as of March 16, 1987, between The First National Bank of Boston, as Owner Trustee, Lessor and Ohio Edison Company, Lessee. (1991 Form 10-K, Exhibit 10-50.) |
| |
(D)10-40 | Amendment No. 3 dated as of November 24, 1992 to Facility Lease dated as March 16, 1987 as amended, between The First National Bank of Boston, as Owner Trustee, with Perry One Alpha Limited partnership, as Owner Participant and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-54.) |
| |
(D)10-41 | Amendment No. 4 dated as of January 12, 1993 to Facility Lease dated as of March 16, 1987 as amended, between, The First National Bank of Boston, as Owner Trustee, with Perry One Alpha Limited Partnership, as Owner Participant, and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-59.) |
| |
(D)10-42 | Amendment No. 5 dated as of October 12, 1994 to Facility Lease dated as of March 16, 1987 as amended, between, The First National Bank of Boston, as Owner Trustee, with Perry One Alpha Limited Partnership, as Owner Participant, and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-60.) |
| |
(D)10-43 | Letter Agreement dated as of March 19, 1987 between Ohio Edison Company, Lessee, and The First National Bank of Boston, Owner Trustee under a Trust dated March 16, 1987 with Chase Manhattan Realty Leasing Corporation, required by Section 3(d) of the Facility Lease. (1986 Form 10-K, Exhibit 28-3.) |
| |
(D)10-44 | Ground Lease dated as of March 16, 1987 between Ohio Edison Company, Ground Lessor, and The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with the Owner Participant, Tenant. (1986 Form 10-K, Exhibit 28-4.) |
| |
(D)10-45 | Trust Agreement dated as of March 16, 1987 between Perry One Alpha Limited Partnership, as Owner Participant, and The First National Bank of Boston. (1986 Form 10-K, Exhibit 28-5.) |
| |
(D)10-46 | Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of March 16, 1987 between The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of March 16, 1987 with Perry One Alpha Limited Partnership, and Irving Trust Company, as Indenture Trustee. (1986 Form 10-K, Exhibit 28-6.) |
| |
(D)10-47 | Supplemental Indenture No. 1 dated as of September 1, 1987 to Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of March 16, 1987 between The First National Bank of Boston as Owner Trustee and Irving Trust Company (now The Bank of New York), as Indenture Trustee. (1991 Form 10-K, Exhibit 10-55.) |
| |
(D)10-48 | Supplemental Indenture No. 2 dated as of November 1, 1991 to Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of March 16, 1987 between The First National Bank of Boston, as Owner Trustee and The Bank of New York, as Indenture Trustee. (1991 Form 10-K, Exhibit 10-56.) |
(D)10-49 | Tax Indemnification Agreement dated as of March 16, 1987 between Perry One, Inc. and PARock Limited Partnership as General Partners and Ohio Edison Company, as Lessee. (1986 Form 10-K, Exhibit 28-7.) |
| |
(D)10-50 | Amendment No. 1 dated as of November 1, 1991 to Tax Indemnification Agreement dated as of March 16, 1987 between Perry One, Inc. and PARock Limited Partnership and Ohio Edison Company. (1991 Form 10-K, Exhibit 10-58.) |
(D)10-51 | Amendment No. 2 dated as of January 12, 1993 to Tax Indemnification Agreement dated as of March 16, 1987 between Perry One, Inc. and PARock Limited Partnership and Ohio Edison Company. (1994 Form 10-K, Exhibit 10-69.) |
| |
(D)10-52 | Amendment No. 3 dated as of October 12, 1994 to Tax Indemnification Agreement dated as of March 16, 1987 between Perry One, Inc. and PARock Limited Partnership and Ohio Edison Company. (1994 Form 10-K, Exhibit 10-70.) |
| |
(D)10-53 | Partial Mortgage Release dated as of March 19, 1987 under the Indenture between Ohio Edison Company and Bankers Trust Company, as Trustee, dated as of the 1st day of August 1930. (1986 Form 10-K, Exhibit 28-8.) |
| |
(D)10-54 | Assignment, Assumption and Further Agreement dated as of March 16, 1987 among The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Perry One Alpha Limited Partnership, The Cleveland Electric Illuminating Company, Duquesne Light Company, Ohio Edison Company, Pennsylvania Power Company and Toledo Edison Company. (1986 Form 10-K, Exhibit 28-9.) |
| |
(D)10-55 | Additional Support Agreement dated as of March 16, 1987 between The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Perry One Alpha Limited Partnership, and Ohio Edison Company. (1986 Form 10-K, Exhibit 28-10.) |
| |
(D)10-56 | Bill of Sale, Instrument of Transfer and Severance Agreement dated as of March 19, 1987 between Ohio Edison Company, Seller, and The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Perry One Alpha Limited Partnership. (1986 Form 10-K, Exhibit 28-11.) |
| |
(D)10-57 | Easement dated as of March 16, 1987 from Ohio Edison Company, Grantor, to The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Perry One Alpha Limited Partnership, Grantee. (1986 Form 10-K, File Exhibit 28-12.) |
| |
10-58 | Participation Agreement dated as of March 16, 1987 among Security Pacific Capital Leasing Corporation, as Owner Participant, the Original Loan Participants listed in Schedule 1 Hereto, as Original Loan Participants, PNPP Funding Corporation, as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee and Ohio Edison Company, as Lessee. (1986 Form 10-K, as Exhibit 28-13.) |
| |
10-59 | Amendment No. 1 dated as of September 1, 1987 to Participation Agreement dated as of March 16, 1987 among Security Pacific Capital Leasing Corporation, as Owner Participant, The Original Loan Participants Listed in Schedule 1 thereto, as Original Loan Participants, PNPP Funding Corporation, as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee and Ohio Edison Company, as Lessee. (1991 Form 10-K, Exhibit 10-65.) |
| |
10-60 | Amendment No. 4 dated as of November 1, 1991, to Participation Agreement dated as of March 16, 1987 among Security Pacific Capital Leasing Corporation, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNPP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1991 Form 10-K, Exhibit 10-66.) |
10-61 | Amendment No. 5 dated as of November 24, 1992 to Participation Agreement dated as of March 16, 1987 as amended among Security Pacific Capital Leasing Corporation, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNNP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-71.) |
10-62 | Amendment No. 6 dated as of January 12, 1993 to Participation Agreement dated as of March 16, 1987 as amended among Security Pacific Capital Leasing Corporation, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNPP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-80.) |
| |
10-63 | Amendment No. 7 dated as of October 12, 1994 to Participation Agreement dated as of March 16, 1987 as amended among Security Pacific Capital Leasing Corporation, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNPP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-81.) |
| |
10-64 | Facility Lease dated as of March 16, 1987 between The First National Bank of Boston, as Owner Trustee, with Security Pacific Capital Leasing Corporation, Lessor, and Ohio Edison Company, as Lessee. (1986 Form 10-K, Exhibit 28-14.) |
| |
10-65 | Amendment No. 1 dated as of September 1, 1987 to Facility Lease dated as of March 16, 1987 between The First National Bank of Boston as Owner Trustee, Lessor and Ohio Edison Company, Lessee. (1991 Form 10-K, Exhibit 10-68.) |
| |
10-66 | Amendment No. 2 dated as of November 1, 1991 to Facility Lease dated as of March 16, 1987 between The First National Bank of Boston as Owner Trustee, Lessor and Ohio Edison Company, Lessee. (1991 Form 10-K, Exhibit 10-69.) |
| |
10-67 | Amendment No. 3 dated as of November 24, 1992 to Facility Lease dated as of March 16, 1987, as amended, between, The First National Bank of Boston, as Owner Trustee, with Security Pacific Capital Leasing Corporation, as Owner Participant and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-75.) |
| |
10-68 | Amendment No. 4 dated as of January 12, 1993 to Facility Lease dated as of March 16, 1987 as amended between, The First National Bank of Boston, as Owner Trustee, with Security Pacific Capital Leasing Corporation, as Owner Participant, and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-76.) |
| |
10-69 | Amendment No. 5 dated as of October 12, 1994 to Facility Lease dated as of March 16, 1987 as amended between, The First National Bank of Boston, as Owner Trustee, with Security Pacific Capital Leasing Corporation, as Owner Participant, and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-87.) |
| |
10-70 | Letter Agreement dated as of March 19, 1987 between Ohio Edison Company, as Lessee, and The First National Bank of Boston, as Owner Trustee under a Trust, dated as of March 16, 1987, with Security Pacific Capital Leasing Corporation, required by Section 3(d) of the Facility Lease. (1986 Form 10-K, Exhibit 28-15.) |
| |
10-71 | Ground Lease dated as of March 16, 1987 between Ohio Edison Company, Ground Lessor, and The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Perry One Alpha Limited Partnership, Tenant. (1986 Form 10-K, Exhibit 28-16.) |
| |
10-72 | Trust Agreement dated as of March 16, 1987 between Security Pacific Capital Leasing Corporation, as Owner Participant, and The First National Bank of Boston. (1986 Form 10-K, Exhibit 28-17.) |
10-73 | Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of March 16, 1987 between The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Security Pacific Capital Leasing Corporation, and Irving Trust Company, as Indenture Trustee. (1986 Form 10-K, Exhibit 28-18.) |
10-74 | Supplemental Indenture No. 1 dated as of September 1, 1987 to Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of March 16, 1987 between The First National Bank of Boston, as Owner Trustee and Irving Trust Company (now The Bank of New York), as Indenture Trustee. (1991 Form 10-K, Exhibit 10-74.) |
| |
10-75 | Supplemental Indenture No. 2 dated as of November 1, 1991 to Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of March 16, 1987 between The First National Bank of Boston, as Owner Trustee and The Bank of New York, as Indenture Trustee. (1991 Form 10-K, Exhibit 10-75.) |
| |
10-76 | Tax Indemnification Agreement dated as of March 16, 1987 between Security Pacific Capital Leasing Corporation, as Owner Participant, and Ohio Edison Company, as Lessee. (1986 Form 10-K, Exhibit 28-19.) |
| |
10-77 | Amendment No. 1 dated as of November 1, 1991 to Tax Indemnification Agreement dated as of March 16, 1987 between Security Pacific Capital Leasing Corporation and Ohio Edison Company. (1991 Form 10-K, Exhibit 10-77.) |
| |
10-78 | Amendment No. 2 dated as of January 12, 1993 to Tax Indemnification Agreement dated as of March 16, 1987 between Security Pacific Capital Leasing Corporation and Ohio Edison Company. (1994 Form 10-K, Exhibit 10-96.) |
| |
10-79 | Amendment No. 3 dated as of October 12, 1994 to Tax Indemnification Agreement dated as of March 16, 1987 between Security Pacific Capital Leasing Corporation and Ohio Edison Company. (1994 Form 10-K, Exhibit 10-97.) |
| |
10-80 | Assignment, Assumption and Further Agreement dated as of March 16, 1987 among The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Security Pacific Capital Leasing Corporation, The Cleveland Electric Illuminating Company, Duquesne Light Company, Ohio Edison Company, Pennsylvania Power Company and Toledo Edison Company. (1986 Form 10-K, Exhibit 28-20.) |
| |
10-81 | Additional Support Agreement dated as of March 16, 1987 between The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Security Pacific Capital Leasing Corporation, and Ohio Edison Company. (1986 Form 10-K, Exhibit 28-21.) |
| |
10-82 | Bill of Sale, Instrument of Transfer and Severance Agreement dated as of March 19, 1987 between Ohio Edison Company, Seller, and The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Security Pacific Capital Leasing Corporation, Buyer. (1986 Form 10-K, Exhibit 28-22.) |
| |
10-83 | Easement dated as of March 16, 1987 from Ohio Edison Company, Grantor, to The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of March 16, 1987, with Security Pacific Capital Leasing Corporation, Grantee. (1986 Form 10-K, Exhibit 28-23.) |
| |
10-84 | Refinancing Agreement dated as of November 1, 1991 among Perry One Alpha Limited Partnership, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNPP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee, The Bank of New York, as Collateral Trust Trustee, The Bank of New York, as New Collateral Trust Trustee and Ohio Edison Company, as Lessee. (1991 Form 10-K, Exhibit 10-82.) |
10-85 | Refinancing Agreement dated as of November 1, 1991 among Security Pacific Leasing Corporation, as Owner Participant, PNPP Funding Corporation, as Funding Corporation, PNPP II Funding Corporation, as New Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee, The Bank of New York, as Collateral Trust Trustee, The Bank of New York as New Collateral Trust Trustee and Ohio Edison Company, as Lessee. (1991 Form 10-K, Exhibit 10-83.) |
10-86 | Ohio Edison Company Master Decommissioning Trust Agreement for Perry Nuclear Power Plant Unit One, Perry Nuclear Power Plant Unit Two, Beaver Valley Power Station Unit One and Beaver Valley Power Station Unit Two dated July 1, 1993. (1993 Form 10-K, Exhibit 10-94.) |
| |
10-87 | Nuclear Fuel Lease dated as of March 31, 1989, between OES Fuel, Incorporated, as Lessor, and Ohio Edison Company, as Lessee. (1989 Form 10-K, Exhibit 10-62.) |
| |
10-89 | Guarantee Agreement entered into by Ohio Edison Company dated as of January 17, 1991. (1990 Form 10-K, Exhibit 10-64.) |
| |
10-90 | Transfer and Assignment Agreement among Ohio Edison Company and Chemical Bank, as trustee under the OE Power Contract Trust. (1990 Form 10-K, Exhibit 10-65.) |
| |
10-91 | Renunciation of Payments and Assignment among Ohio Edison Company, Monongahela Power Company, West Penn Power Company, and the Potomac Edison Company dated as of January 4, 1991. (1990 Form 10-K, Exhibit 10-66.) |
| |
10-92 | Transfer and Assignment Agreement dated May 20, 1994 among Ohio Edison Company and Chemical Bank, as trustee under the OE Power Contract Trust. (1994 Form 10-K, Exhibit 10-110.) |
| |
10-93 | Renunciation of Payments and Assignment among Ohio Edison Company, Monongahela Power Company, West Penn Power Company, and the Potomac Edison Company dated as of May 20, 1994. (1994 Form 10-K, Exhibit 10-111.) |
| |
10-94 | Transfer and Assignment Agreement dated October 12, 1994 among Ohio Edison Company and Chemical Bank, as trustee under the OE Power Contract Trust. (1994 Form 10-K, Exhibit 10-112.) |
| |
10-95 | Renunciation of Payments and Assignment among Ohio Edison Company, Monongahela Power Company, West Penn Power Company, and the Potomac Edison Company dated as of October 12, 1994. (1994 Form 10-K, Exhibit 10-113.) |
| |
(E)10-96 | Participation Agreement dated as of September 15, 1987, among Beaver Valley Two Pi Limited Partnership, as Owner Participant, the Original Loan Participants listed in Schedule 1 Thereto, as Original Loan Participants, BVPS Funding Corporation, as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee and Ohio Edison Company as Lessee. (1987 Form 10-K, Exhibit 28-1.) |
| |
(E)10-97 | Amendment No. 1 dated as of February 1, 1988, to Participation Agreement dated as of September 15, 1987, among Beaver Valley Two Pi Limited Partnership, as Owner Participant, the Original Loan Participants listed in Schedule 1 Thereto, as Original Loan Participants, BVPS Funding Corporation, as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee and Ohio Edison Company, as Lessee. (1987 Form 10-K, Exhibit 28-2.) |
| |
(E)10-98 | Amendment No. 3 dated as of March 16, 1988 to Participation Agreement dated as of September 15, 1987, as amended, among Beaver Valley Two Pi Limited Partnership, as Owner Participant, BVPS Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-99.) |
(E)10-99 | Amendment No. 4 dated as of November 5, 1992 to Participation Agreement dated as of September 15, 1987, as amended, among Beaver Valley Two Pi Limited Partnership, as Owner Participant, BVPS Funding Corporation, BVPS II Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-100.) |
(E)10-100 | Amendment No. 5 dated as of September 30, 1994 to Participation Agreement dated as of September 15, 1987, as amended, among Beaver Valley Two Pi Limited Partnership, as Owner Participant, BVPS Funding Corporation, BVPS II Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-118.) |
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(E)10-101 | Facility Lease dated as of September 15, 1987, between The First National Bank of Boston, as Owner Trustee, with Beaver Valley Two Pi Limited Partnership, Lessor, and Ohio Edison Company, Lessee. (1987 Form 10-K, Exhibit 28-3.) |
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(E)10-102 | Amendment No. 1 dated as of February 1, 1988, to Facility Lease dated as of September 15, 1987, between The First National Bank of Boston, as Owner Trustee, with Beaver Valley Two Pi Limited Partnership, Lessor, and Ohio Edison Company, Lessee. (1987 Form 10-K, Exhibit 28-4.) |
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(E)10-103 | Amendment No. 2 dated as of November 5, 1992, to Facility Lease dated as of September 15, 1987, as amended, between The First National Bank of Boston, as Owner Trustee, with Beaver Valley Two Pi Limited Partnership, as Owner Participant, and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-103.) |
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(E)10-104 | Amendment No. 3 dated as of September 30, 1994 to Facility Lease dated as of September 15, 1987, as amended, between The First National Bank of Boston, as Owner Trustee, with Beaver Valley Two Pi Limited Partnership, as Owner Participant, and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-122.) |
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(E)10-105 | Ground Lease and Easement Agreement dated as of September 15, 1987, between Ohio Edison Company, Ground Lessor, and The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of September 15, 1987, with Beaver Valley Two Pi Limited Partnership, Tenant. (1987 Form 10-K, Exhibit 28-5.) |
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(E)10-106 | Trust Agreement dated as of September 15, 1987, between Beaver Valley Two Pi Limited Partnership, as Owner Participant, and The First National Bank of Boston. (1987 Form 10-K, Exhibit 28-6.) |
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(E)10-107 | Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of September 15, 1987, between The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of September 15, 1987, with Beaver Valley Two Pi Limited Partnership, and Irving Trust Company, as Indenture Trustee. (1987 Form 10-K, Exhibit 28-7.) |
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(E)10-108 | Supplemental Indenture No. 1 dated as of February 1, 1988 to Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of September 15, 1987 between The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of September 15, 1987 with Beaver Valley Two Pi Limited Partnership and Irving Trust Company, as Indenture Trustee. (1987 Form 10-K, Exhibit 28-8.) |
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(E)10-109 | Tax Indemnification Agreement dated as of September 15, 1987, between Beaver Valley Two Pi Inc. and PARock Limited Partnership as General Partners and Ohio Edison Company, as Lessee. (1987 Form 10-K, Exhibit 28-9.) |
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(E)10-110 | Amendment No. 1 dated as of November 5, 1992 to Tax Indemnification Agreement dated as of September 15, 1987, between Beaver Valley Two Pi Inc. and PARock Limited Partnership as General Partners and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-128.) |
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(E)10-111 | Amendment No. 2 dated as of September 30, 1994 to Tax Indemnification Agreement dated as of September 15, 1987, between Beaver Valley Two Pi Inc. and PARock Limited Partnership as General Partners and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-129.) |
(E)10-112 | Tax Indemnification Agreement dated as of September 15, 1987, between HG Power Plant, Inc., as Limited Partner and Ohio Edison Company, as Lessee. (1987 Form 10-K, Exhibit 28-10.) |
(E)10-113 | Amendment No. 1 dated as of November 5, 1992 to Tax Indemnification Agreement dated as of September 15, 1987, between HG Power Plant, Inc., as Limited Partner and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-131.) |
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(E)10-114 | Amendment No. 2 dated as of September 30, 1994 to Tax Indemnification Agreement dated as of September 15, 1987, between HG Power Plant, Inc., as Limited Partner and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-132.) |
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(E)10-115 | Assignment, Assumption and Further Agreement dated as of September 15, 1987, among The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of September 15, 1987, with Beaver Valley Two Pi Limited Partnership, The Cleveland Electric Illuminating Company, Duquesne Light Company, Ohio Edison Company, Pennsylvania Power Company and Toledo Edison Company. (1987 Form 10-K, Exhibit 28-11.) |
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(E)10-116 | Additional Support Agreement dated as of September 15, 1987, between The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of September 15, 1987, with Beaver Valley Two Pi Limited Partnership, and Ohio Edison Company. (1987 Form 10-K, Exhibit 28-12.) |
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(F)10-117 | Participation Agreement dated as of September 15, 1987, among Chrysler Consortium Corporation, as Owner Participant, the Original Loan Participants listed in Schedule 1 Thereto, as Original Loan Participants, BVPS Funding Corporation as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee and Ohio Edison Company, as Lessee. (1987 Form 10-K, Exhibit 28-13.) |
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(F)10-118 | Amendment No. 1 dated as of February 1, 1988, to Participation Agreement dated as of September 15, 1987, among Chrysler Consortium Corporation, as Owner Participant, the Original Loan Participants listed in Schedule 1 Thereto, as Original Loan Participants, BVPS Funding Corporation, as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee, and Ohio Edison Company, as Lessee. (1987 Form 10-K, Exhibit 28-14.) |
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(F)10-119 | Amendment No. 3 dated as of March 16, 1988 to Participation Agreement dated as of September 15, 1987, as amended, among Chrysler Consortium Corporation, as Owner Participant, BVPS Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee, and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-114.) |
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(F)10-120 | Amendment No. 4 dated as of November 5, 1992 to Participation Agreement dated as of September 15, 1987, as amended, among Chrysler Consortium Corporation, as Owner Participant, BVPS Funding Corporation, BVPS II Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-115.) |
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(F)10-121 | Amendment No. 5 dated as of January 12, 1993 to Participation Agreement dated as of September 15, 1987, as amended, among Chrysler Consortium Corporation, as Owner Participant, BVPS Funding Corporation, BVPS II Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-139.) |
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(F)10-122 | Amendment No. 6 dated as of September 30, 1994 to Participation Agreement dated as of September 15, 1987, as amended, among Chrysler Consortium Corporation, as Owner Participant, BVPS Funding Corporation, BVPS II Funding Corporation, The First National Bank of Boston, as Owner Trustee, The Bank of New York, as Indenture Trustee and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-140.) |
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(F)10-123 | Facility Lease dated as of September 15, 1987, between The First National Bank of Boston, as Owner Trustee, with Chrysler Consortium Corporation, Lessor, and Ohio Edison Company, as Lessee. (1987 Form 10-K, Exhibit 28-15.) |
(F)10-124 | Amendment No. 1 dated as of February 1, 1988, to Facility Lease dated as of September 15, 1987, between The First National Bank of Boston, as Owner Trustee, with Chrysler Consortium Corporation, Lessor, and Ohio Edison Company, Lessee. (1987 Form 10-K, Exhibit 28-16.) |
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(F)10-125 | Amendment No. 2 dated as of November 5, 1992 to Facility Lease dated as of September 15, 1987, as amended, between The First National Bank of Boston, as Owner Trustee, with Chrysler Consortium Corporation, as Owner Participant, and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-118.) |
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(F)10-126 | Amendment No. 3 dated as of January 12, 1993 to Facility Lease dated as of September 15, 1987, as amended, between The First National Bank of Boston, as Owner Trustee, with Chrysler Consortium Corporation, as Owner Participant, and Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit 10-119.) |
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(F)10-127 | Amendment No. 4 dated as of September 30, 1994 to Facility Lease dated as of September 15, 1987, as amended, between The First National Bank of Boston, as Owner Trustee, with Chrysler Consortium Corporation, as Owner Participant, and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-145.) |
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(F)10-128 | Ground Lease and Easement Agreement dated as of September 15, 1987, between Ohio Edison Company, Ground Lessor, and The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of September 15, 1987, with Chrysler Consortium Corporation, Tenant. (1987 Form 10-K, Exhibit 28-17.) |
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(F)10-129 | Trust Agreement dated as of September 15, 1987, between Chrysler Consortium Corporation, as Owner Participant, and The First National Bank of Boston. (1987 Form 10-K, Exhibit 28-18.) |
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(F)10-130 | Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of September 15, 1987, between The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of September 15, 1987, with Chrysler Consortium Corporation and Irving Trust Company, as Indenture Trustee. (1987 Form 10-K, Exhibit 28-19.) |
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(F)10-131 | Supplemental Indenture No. 1 dated as of February 1, 1988 to Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease dated as of September 15, 1987 between The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of September 15, 1987 with Chrysler Consortium Corporation and Irving Trust Company, as Indenture Trustee. (1987 Form 10-K, Exhibit 28-20.) |
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(F)10-132 | Tax Indemnification Agreement dated as of September 15, 1987, between Chrysler Consortium Corporation, as Owner Participant, and Ohio Edison Company, Lessee. (1987 Form 10-K, Exhibit 28-21.) |
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(F)10-133 | Amendment No. 1 dated as of November 5, 1992 to Tax Indemnification Agreement dated as of September 15, 1987, between Chrysler Consortium Corporation, as Owner Participant, and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-151.) |
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(F)10-134 | Amendment No. 2 dated as of January 12, 1993 to Tax Indemnification Agreement dated as of September 15, 1987, between Chrysler Consortium Corporation, as Owner Participant, and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-152.) |
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(F)10-135 | Amendment No. 3 dated as of September 30, 1994 to Tax Indemnification Agreement dated as of September 15, 1987, between Chrysler Consortium Corporation, as Owner Participant, and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-153.) |
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(F)10-136 | Assignment, Assumption and Further Agreement dated as of September 15, 1987, among The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of September 15, 1987, with Chrysler Consortium Corporation, The Cleveland Electric Illuminating Company, Duquesne Light Company, Ohio Edison Company, Pennsylvania Power Company, and Toledo Edison Company. (1987 Form 10-K, Exhibit 28-22.) |
(F)10-137 | Additional Support Agreement dated as of September 15, 1987, between The First National Bank of Boston, as Owner Trustee under a Trust Agreement, dated as of September 15, 1987, with Chrysler Consortium Corporation, and Ohio Edison Company. (1987 Form 10-K, Exhibit 28-23.) |
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10-138 | Operating Agreement dated March 10, 1987 with respect to Perry Unit No. 1 between the CAPCO Companies. (1987 Form 10-K, Exhibit 28-24.) |
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10-139 | Operating Agreement for Bruce Mansfield Units Nos. 1, 2 and 3 dated as of June 1, 1976, and executed on September 15, 1987, by and between the CAPCO Companies. (1987 Form 10-K, Exhibit 28-25.) |
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10-140 | Operating Agreement for W. H. Sammis Unit No. 7 dated as of September 1, 1971 by and between the CAPCO Companies. (1987 Form 10-K, Exhibit 28-26.) |
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10-141 | OE-APS Power Interchange Agreement dated March 18, 1987, by and among Ohio Edison Company and Pennsylvania Power Company, and Monongahela Power Company and West Penn Power Company and The Potomac Edison Company. (1987 Form 10-K, Exhibit 28-27.) |
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10-142 | OE-PEPCO Power Supply Agreement dated March 18, 1987, by and among Ohio Edison Company and Pennsylvania Power Company and Potomac Electric Power Company. (1987 Form 10-K, Exhibit 28-28.) |
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10-143 | Supplement No. 1 dated as of April 28, 1987, to the OE-PEPCO Power Supply Agreement dated March 18, 1987, by and among Ohio Edison Company, Pennsylvania Power Company, and Potomac Electric Power Company. (1987 Form 10-K, Exhibit 28-29.) |
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10-144 | APS-PEPCO Power Resale Agreement dated March 18, 1987, by and among Monongahela Power Company, West Penn Power Company, and The Potomac Edison Company and Potomac Electric Power Company. (1987 Form 10-K, Exhibit 28-30.) |
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(A)10-145 | Electric Power Supply Agreement, between the Cleveland Electric Illuminating Company, Ohio Edison Company, Pennsylvania Power Company, the Toledo Edison Company, and First Energy Solutions Corp. (f.k.a. FirstEnergy Services Corp.), dated January 1, 2001. |
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(A)10-146 | Revised Electric Power Supply Agreement, between FirstEnergy Solutions Corp., the Cleveland Electric Illuminating Company, Ohio Edison Company, Pennsylvania Power Company, and the Toledo Edison Company, dated October 1, 2003. |
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(A)10-147 | Master Facility Lease, between Ohio Edison Company, Pennsylvania Power Company, the Cleveland Electric Illuminating Company, the Toledo Edison Company, and FirstEnergy Generation Corp., dated January 1, 2001. |
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(A)10-148 | $125,000,000 Three-Year Credit Agreement dated as of October 23, 2003 by and among Ohio Edison Company, Citibank, N.A., as Administrative Agent, and the other lenders named therein. |
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(A)10-149 | $250,000,000 Credit Agreement dated as of May 12, 2003 by and among Ohio Edison Company, JPMorgan Chase Bank, as Administrative Agent, and the other lenders named therein. |
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(A)12.2 | Consolidated fixed charge ratios. |
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(A)13.1 | OE 2004 Annual Report to Stockholders (Only those portions expressly incorporated by reference in this Form 10-K are to be deemed “filed” with the SEC.) |
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(A)21.1 | List of Subsidiaries of the Registrant at December 31, 2004. |
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(A)23.1 | Consent of Independent Registered Public Accounting Firm. |
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(A) | Provided herein in electronic format as an exhibit. |
(B) | Pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S-K, OE has not filed as an exhibit to this Form 10-K any instrument with respect to long-term debt if the total amount of securities authorized thereunder does not exceed 10% of the total assets of OE and its subsidiaries on a consolidated basis, but hereby agrees to furnish to the SEC on request any such instruments. |
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(C) | Management contract or compensatory plan contract or arrangement filed pursuant to Item 601 of Regulation S-K. |
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(D) | Substantially similar documents have been entered into relating to three additional Owner Participants. |
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(E) | Substantially similar documents have been entered into relating to five additional Owner Participants. |
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(F) | Substantially similar documents have been entered into relating to two additional Owner Participants. |
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| Note: Reports of OE on Forms 10-Q and 10-K are on file with the SEC under number 1-2578. |
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| Pursuant to Rule 14a - 3 (10) of the Securities Exchange Act of 1934, the Company will furnish any exhibit in this Report upon the payment of the Company’s expenses in furnishing such exhibit. |
3-1 | Amended and Restated Articles of Incorporation, as amended March 15, 2002. (2001 Form 10-K, Exhibit 3-1) |
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3-2 | Amended and Restated By-Laws of Penn, as amended March 15, 2002. (2001 Form 10-K, Exhibit 3-2) |
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4-1 | Indenture dated as of November 1, 1945, between Penn and The First National Bank of the City of New York (now Citibank, N.A.), as Trustee, as supplemented and amended by Supplemental Indentures dated as of May 1, 1948, March 1, 1950, February 1, 1952, October 1, 1957, September 1, 1962, June 1, 1963, June 1, 1969, May 1, 1970, April 1, 1971, October 1, 1971, May 1, 1972, December 1, 1974, October 1, 1975, September 1, 1976, April 15, 1978, June 28, 1979, January 1, 1980, June 1, 1981, January 14, 1982, August 1, 1982, December 15, 1982, December 1, 1983, September 6, 1984, December 1, 1984, May 30, 1985, October 29, 1985, August 1, 1987, May 1, 1988, November 1, 1989, December 1, 1990, September 1, 1991, May 1, 1992, July 15, 1992, August 1, 1992, and May 1, 1993, July 1, 1993, August 31, 1993, September 1, 1993, September 15, 1993, October 1, 1993, November 1, 1993, and August 1, 1994. (Physically filed and designated as Exhibits 2(b)(1)-1 through 2(b)(1)-15 in Registration Statement File No. 2-60837; as Exhibits 2(b)(2), 2(b)(3), and 2(b)(4) in Registration Statement File No. 2-68906; as Exhibit 4-2 in Form 10-K for 1981 File No. 1-3491; as Exhibit 19-1 in Form 10-K for 1982 File No. 1-3491; as Exhibit 19-1 in Form 10-K for 1983 File No. 1-3491; as Exhibit 19-1 in Form 10-K for 1984 File No. 1-3491; as Exhibit 19-1 in Form 10-K for 1985 File No. 1-3491; as Exhibit 19-1 in Form 10-K for 1987 File No. 1-3491; as Exhibit 19-1 in Form 10-K for 1988 File No. 1-3491; as Exhibit 19 in Form 10-K for 1989 File No. 1-3491; as Exhibit 19 in Form 10-K for 1990 File No. 1-3491; as Exhibit 19 in Form 10-K for 1991 File No. 1-3491; as Exhibit 19-1 in Form 10-K for 1992 File No. 1-3491; as Exhibit 4-2 in Form 10-K for 1993 File No. 1-3491; and as Exhibit 4-2 in Form 10-K for 1994 File No. 1-3491.) |
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4-2 | Supplemental Indenture dated as of September 1, 1995, between Penn and Citibank, N.A., as Trustee. (1995 Form 10-K, Exhibit 4-2.) |
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4-3 | Supplemental Indenture dated as of June 1, 1997, between Penn and Citibank, N.A., as Trustee. (1997 Form 10-K, Exhibit 4-3.) |
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4-4 | Supplemental Indenture dated as of June 1, 1998, between Penn and Citibank, N. A., as Trustee. (1998 Form 10-K, Exhibit 4-4.) |
4-5 | Supplemental Indenture dated as of September 29, 1999, between Penn and Citibank, N.A., as Trustee. (1999 Form 10-K, Exhibit 4-5.) |
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4-6 | Supplemental Indenture dated as of November 15, 1999, between Penn and Citibank, N.A., as Trustee. (1999 Form 10-K, Exhibit 4-6.) |
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4-7 | Supplemental Indenture dated as of June 1, 2001. (2001 Form 10-K, Exhibit 4-7) |
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(A)4-8 | Supplemental Indenture dated as of December 1, 2004. |
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10-1 | Administration Agreement between the CAPCO Group dated as of September 14, 1967. (Registration Statement of Ohio Edison Company, File No. 2-43102, Exhibit 5(c)(2).) |
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10-2 | Amendment No. 1 dated January 4, 1974 to Administration Agreement between the CAPCO Group dated as of September 14, 1967. (Registration Statement No. 2-68906, Exhibit 5 (c)(3).) |
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10-3 | Transmission Facilities Agreement between the CAPCO Group dated as of September 14, 1967. (Registration Statement of Ohio Edison Company, File No. 2-43102, Exhibit 5 (c)(3).) |
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10-4 | Amendment No. 1 dated as of January 1, 1993 to Transmission Facilities Agreement between the CAPCO Group dated as of September 14, 1967. (1993 Form 10-K, Exhibit 10-4, Ohio Edison Company.) |
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10-5 | Agreement for the Termination or Construction of Certain Agreements effective September 1, 1980 among the CAPCO Group. (Registration Statement No. 2-68906, Exhibit 10-4.) |
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10-6 | Amendment dated as of December 23, 1993 to Agreement for the Termination or Construction of Certain Agreements effective September 1, 1980 among the CAPCO Group. (1993 Form 10-K, Exhibit 10-6, Ohio Edison Company.) |
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10-7 | CAPCO Basic Operating Agreement, as amended September 1, 1980. (Registration Statement No. 2-68906, as Exhibit 10-5.) |
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10-8 | Amendment No. 1 dated August 1, 1981 and Amendment No. 2 dated September 1, 1982, to CAPCO Basic Operating Agreement as amended September 1, 1980. (September 30, 1981 Form 10-Q, Exhibit 20-1 and 1982 Form 10-K, Exhibit 19-3, File No. 1-2578, of Ohio Edison Company.) |
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10-9 | Amendment No. 3 dated as of July 1, 1984, to CAPCO Basic Operating Agreement as amended September 1, 1980. (1985 Form 10-K, Exhibit 10-7, File No. 1-2578, of Ohio Edison Company.) |
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10-10 | Basic Operating Agreement between the CAPCO Companies as amended October 1, 1991. (1991 Form 10-K, Exhibit 10-8, File No. 1-2578, of Ohio Edison Company.) |
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10-11 | Basic Operating Agreement between the CAPCO Companies as amended January 1, 1993. (1993 Form 10-K, Exhibit 10-11, Ohio Edison.) |
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10-12 | Memorandum of Agreement effective as of September 1, 1980, among the CAPCO Group. (1991 Form 10-K, Exhibit 19-2, Ohio Edison Company.) |
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10-13 | Operating Agreement for Beaver Valley Power Station Units Nos. 1 and 2 as Amended and Restated September 15, 1987, by and between the CAPCO Companies. (1987 Form 10-K, Exhibit 10-15, File No. 1-2578, of Ohio Edison Company.) |
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10-14 | Construction Agreement with respect to Perry Plant between the CAPCO Group dated as of July 22, 1974. (Registration Statement of Toledo Edison Company, File No. 2-52251, as Exhibit 5 (yy).) |
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10-15 | Memorandum of Understanding dated as of March 31, 1985, among the CAPCO Companies. (1985 Form 10-K, Exhibit 10-35, File No. 1-2578, Ohio Edison Company.) |
(B)10-16 | Ohio Edison System Executive Supplemental Life Insurance Plan. (1995 Form 10-K, Exhibit 10-44, File No. 1-2578, Ohio Edison Company.) |
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(B)10-17 | Ohio Edison System Executive Incentive Compensation Plan. (1995 Form 10-K, Exhibit 10-45, File No. 1-2578, Ohio Edison Company.) |
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(B)10-18 | Ohio Edison System Restated and Amended Executive Deferred Compensation Plan. (1995 Form 10-K, Exhibit 10-46, File No. 1-2578, Ohio Edison Company.) |
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(B)10-19 | Ohio Edison System Restated and Amended Supplemental Executive Retirement Plan. (1995 Form 10-K, Exhibit 10-47, File No. 1-2578, Ohio Edison Company.) |
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10-20 | Operating Agreement for Perry Unit No. 1 dated March 10, 1987, by and between the CAPCO Companies. (1987 Form 10-K, Exhibit 28-24, File No. 1-2578, Ohio Edison Company.) |
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10-21 | Operating Agreement for Bruce Mansfield Units Nos. 1, 2 and 3 dated as of June 1, 1976, and executed on September 15, 1987, by and between the CAPCO Companies. (1987 Form 10-K, Exhibit 28-25, File No. 1-2578, Ohio Edison Company.) |
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10-22 | Operating Agreement for W. H. Sammis Unit No. 7 dated as of September 1, 1971, by and between the CAPCO Companies. (1987 Form 10-K, Exhibit 28-26, File No. 1-2578, Ohio Edison Company.) |
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10-23 | OE-APS Power Interchange Agreement dated March 18, 1987, by and among Ohio Edison Company and Pennsylvania Power Company, and Monongahela Power Company and West Penn Power Company and The Potomac Edison Company. (1987 Form 10-K, Exhibit 28-27, File No. 1-2578, of Ohio Edison Company.) |
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10-24 | OE-PEPCO Power Supply Agreement dated March 18, 1987, by and among Ohio Edison Company and Pennsylvania Power Company and Potomac Electric Power Company. (1987 Form 10-K, Exhibit 28-28, File No. 1-2578, of Ohio Edison Company.) |
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10-25 | Supplement No. 1 dated as of April 28, 1987, to the OE-PEPCO Power Supply Agreement dated March 18, 1987, by and among Ohio Edison Company, Pennsylvania Power Company and Potomac Electric Power Company. (1987 Form 10-K, Exhibit 28-29, File No. 1-2578, of Ohio Edison Company.) |
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10-26 | APS-PEPCO Power Resale Agreement dated March 18, 1987, by and among Monongahela Power Company, West Penn Power Company, and The Potomac Edison Company and Potomac Electric Power Company. (1987 Form 10-K, Exhibit 28-30, File No. 1-2578, of Ohio Edison Company.) |
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10-27 | Pennsylvania Power Company Master Decommissioning Trust Agreement for Beaver Valley Power Station and Perry Nuclear Power Plant dated as of April 21, 1995. (Quarter ended June 30, 1995 Form 10-Q, Exhibit 10, File No. 1-3491.) |
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10-28 | Nuclear Fuel Lease dated as of March 31, 1989, between OES Fuel, Incorporated, as Lessor, and Pennsylvania Power Company, as Lessee. (1989 Form 10-K, Exhibit 10-39, File No. 1-3491.) |
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10-29 | Electric Power Supply Agreement, between the Cleveland Electric Illuminating Company, Ohio Edison Company, Pennsylvania Power Company, the Toledo Edison Company, and First Energy Solutions Corp. (f.k.a. FirstEnergy Services Corp.), dated January 1, 2001. (Filed as Ohio Edison Exhibit 10-145 in 2004 Form 10-K) |
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10-30 | Revised Electric Power Supply Agreement, between FirstEnergy Solutions Corp., the Cleveland Electric Illuminating Company, Ohio Edison Company, Pennsylvania Power Company, and the Toledo Edison Company, dated October 1, 2003. (Filed as Ohio Edison Exhibit 10-146 in 2004 Form 10-K) |
10-31 | Master Facility Lease, between Ohio Edison Company, Pennsylvania Power Company, the Cleveland Electric Illuminating Company, the Toledo Edison Company, and FirstEnergy Generation Corp., dated January 1, 2001. (Filed as Ohio Edison Exhibit 10-147 in 2004 Form 10-K) |
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(A)12.5 | Fixed Charge Ratios |
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(A)13.4 | Penn 2004 Annual Report to Stockholders. (Only those portions expressly incorporated by reference in this Form 10-K are to be deemed “filed” with the Securities and Exchange Commission.) |
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(A)21.4 | List of Subsidiaries of the Registrant at December 31, 2004. |
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(A)23.2 | Consent of Independent Registered Public Accounting Firm. |
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(A) | Provided herein in electronic format as an exhibit. |
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(B) | Pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S-K, Penn has not filed as an exhibit to this Form 10-K any instrument with respect to long-term debt if the total amount of securities authorized thereunder does not exceed 10% of the total assets of Penn, but hereby agrees to furnish to the Commission on request any such instruments. |
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(C) | Management contract or compensatory plan contract or arrangement filed pursuant to Item 601 of Regulation S-K. |
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| Pursuant to Rule 14a-3(10) of the Securities Exchange Act of 1934, the Company will furnish any exhibit in this Report upon the payment of the Company’s expenses in furnishing such exhibit. |
3. | Exhibits - Common Exhibits to CEI and TE |
Exhibit
Number
2(a) | Agreement and Plan of Merger between Ohio Edison and Centerior Energy dated as of September 13, 1996 (Exhibit (2)-1, Form S-4 File No. 333-21011, filed by FirstEnergy). |
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2(b) | Merger Agreement by and among Centerior Acquisition Corp., FirstEnergy and Centerior (Exhibit (2)-3, Form S-4 File No. 333-21011, filed by FirstEnergy). |
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4(a) | Rights Agreement (Exhibit 4, June 25, 1996 Form 8-K, File Nos. 1-9130, 1-2323 and 1-3583). |
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4(b)(1) | Form of Note Indenture between Cleveland Electric, Toledo Edison and The Chase Manhattan Bank, as Trustee dated as of June 13, 1997 (Exhibit 4(c), Form S-4 File No. 333-35931, filed by Cleveland Electric and Toledo Edison). |
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4(b)(2) | Form of First Supplemental Note Indenture between Cleveland Electric, Toledo Edison and The Chase Manhattan Bank, as Trustee dated as of June 13, 1997 (Exhibit 4(d), Form S-4 File No. 333-35931, filed by Cleveland Electric and Toledo Edison). |
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10b(1)(a) | CAPCO Administration Agreement dated November 1, 1971, as of September 14, 1967, among the CAPCO Group members regarding the organization and procedures for implementing the objectives of the CAPCO Group (Exhibit 5(p), Amendment No. 1, File No. 2-42230, filed by Cleveland Electric). |
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10b(1)(b) | Amendment No. 1, dated January 4, 1974, to CAPCO Administration Agreement among the CAPCO Group members (Exhibit 5(c)(3), File No. 2-68906, filed by Ohio Edison). |
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10b(2) | CAPCO Transmission Facilities Agreement dated November 1, 1971, as of September 14, 1967, among the CAPCO Group members regarding the installation, operation and maintenance of transmission facilities to carry out the objectives of the CAPCO Group (Exhibit 5(q), Amendment No. 1, File No. 2-42230, filed by Cleveland Electric). |
10b(2)(1) | Amendment No. 1 to CAPCO Transmission Facilities Agreement, dated December 23, 1993 and effective as of January 1, 1993, among the CAPCO Group members regarding requirements for payment of invoices at specified times, for payment of interest on non-timely paid invoices, for restricting adjustment of invoices after a four-year period, and for revising the method for computing the Investment Responsibility charge for use of a member’s transmission facilities (Exhibit 10b(2)(1), 1993 Form 10-K, File Nos. 1-9130, 1-2323 and 1-3583). |
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10b(3) | CAPCO Basic Operating Agreement As Amended January 1, 1993 among the CAPCO Group members regarding coordinated operation of the members’ systems (Exhibit 10b(3), 1993 Form 10-K, File Nos. 1-9130, 1-2323 and 1-3583). |
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10b(4) | Agreement for the Termination or Construction of Certain Agreement By and Among the CAPCO Group members, dated December 23, 1993 and effective as of September 1, 1980 (Exhibit 10b(4), 1993 Form 10-K, File Nos. 1-9130, 1-2323 and 1-3583). |
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10b(5) | Construction Agreement, dated July 22, 1974, among the CAPCO Group members and relating to the Perry Nuclear Plant (Exhibit 5 (yy), File No. 2-52251, filed by Toledo Edison). |
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10b(6) | Contract, dated as of December 5, 1975, among the CAPCO Group members for the construction of Beaver Valley Unit No. 2 (Exhibit 5 (g), File No. 2-52996, filed by Cleveland Electric). |
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10b(7) | Amendment No. 1, dated May 1, 1977, to Contract, dated as of December 5, 1975, among the CAPCO Group members for the construction of Beaver Valley Unit No. 2 (Exhibit 5(d)(4), File No. 2-60109, filed by Ohio Edison). |
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10d(1)(a) | Form of Collateral Trust Indenture among CTC Beaver Valley Funding Corporation, Cleveland Electric, Toledo Edison and Irving Trust Company, as Trustee (Exhibit 4(a), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(1)(b) | Form of Supplemental Indenture to Collateral Trust Indenture constituting Exhibit 10d(1)(a) above, including form of Secured Lease Obligation bond (Exhibit 4(b), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(1)(c) | Form of Collateral Trust Indenture among Beaver Valley II Funding Corporation, The Cleveland Electric Illuminating Company and The Toledo Edison Company and The Bank of New York, as Trustee (Exhibit (4)(a), File No. 33-46665, filed by Cleveland Electric and Toledo Edison). |
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10d(1)(d) | Form of Supplemental Indenture to Collateral Trust Indenture constituting Exhibit 10d(1)(c) above, including form of Secured Lease Obligation Bond (Exhibit (4)(b), File No. 33-46665, filed by Cleveland Electric and Toledo Edison). |
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10d(2)(a) | Form of Collateral Trust Indenture among CTC Mansfield Funding Corporation, Cleveland Electric, Toledo Edison and IBJ Schroder Bank & Trust Company, as Trustee (Exhibit 4(a), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(2)(b) | Form of Supplemental Indenture to Collateral Trust Indenture constituting Exhibit 10d(2)(a) above, including forms of Secured Lease Obligation bonds (Exhibit 4(b), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(3)(a) | Form of Facility Lease dated as of September 15, 1987 between The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of September 15, 1987 with the limited partnership Owner Participant named therein, Lessor, and Cleveland Electric and Toledo Edison, Lessee (Exhibit 4(c), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(3)(b) | Form of Amendment No. 1 to Facility Lease constituting Exhibit 10d(3)(a) above (Exhibit 4(e), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(4)(a) | Form of Facility Lease dated as of September 15, 1987 between The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of September 15, 1987 with the corporate Owner Participant named therein, Lessor, and Cleveland Electric and Toledo Edison, Lessees (Exhibit 4(d), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
10d(4)(b) | Form of Amendment No. 1 to Facility Lease constituting Exhibit 10d(4)(a) above (Exhibit 4(f), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(5)(a) | Form of Facility Lease dated as of September 30, 1987 between Meridian Trust Company, as Owner Trustee under a Trust Agreement dated as of September 30, 1987 with the Owner Participant named therein, Lessor, and Cleveland Electric and Toledo Edison, Lessees (Exhibit 4(c), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(5)(b) | Form of Amendment No. 1 to the Facility Lease constituting Exhibit 10d(5)(a) above (Exhibit 4(f), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(6)(a) | Form of Participation Agreement dated as of September 15, 1987 among the limited partnership Owner Participant named therein, the Original Loan Participants listed in Schedule 1 thereto, as Original Loan Participants, CTC Beaver Valley Fund Corporation, as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee, and Cleveland Electric and Toledo Edison, as Lessees (Exhibit 28(a), File No. 33-18755, filed by Cleveland Electric And Toledo Edison). |
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10d(6)(b) | Form of Amendment No. 1 to Participation Agreement constituting Exhibit 10d(6)(a) above (Exhibit 28(c), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(7)(a) | Form of Participation Agreement dated as of September 15, 1987 among the corporate Owner Participant named therein, the Original Loan Participants listed in Schedule 1 thereto, as Owner Loan Participants, CTC Beaver Valley Funding Corporation, as Funding Corporation, The First National Bank of Boston, as Owner Trustee, Irving Trust Company, as Indenture Trustee, and Cleveland Electric and Toledo Edison, as Lessees (Exhibit 28(b), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(7)(b) | Form of Amendment No. 1 to Participation Agreement constituting Exhibit 10d(7)(a) above (Exhibit 28(d), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(8)(a) | Form of Participation Agreement dated as of September 30, 1987 among the Owner Participant named therein, the Original Loan Participants listed in Schedule II thereto, as Owner Loan Participants, CTC Mansfield Funding Corporation, Meridian Trust Company, as Owner Trustee, IBJ Schroder Bank & Trust Company, as Indenture Trustee, and Cleveland Electric and Toledo Edison, as Lessees (Exhibit 28(a), File No. 33-0128, filed by Cleveland Electric and Toledo Edison). |
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10d(8)(b) | Form of Amendment No. 1 to the Participation Agreement constituting Exhibit 10d(8)(a) above (Exhibit 28(b), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(9) | Form of Ground Lease dated as of September 15, 1987 between Toledo Edison, Ground Lessor, and The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of September 15, 1987 with the Owner Participant named therein, Tenant (Exhibit 28(e), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(10) | Form of Site Lease dated as of September 30, 1987 between Toledo Edison, Lessor, and Meridian Trust Company, as Owner Trustee under a Trust Agreement dated as of September 30, 1987 with the Owner Participant named therein, Tenant (Exhibit 28(c), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(11) | Form of Site Lease dated as of September 30, 1987 between Cleveland Electric, Lessor, and Meridian Trust Company, as Owner Trustee under a Trust Agreement dated as of September 30, 1987 with the Owner Participant named therein, Tenant (Exhibit 28(d), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(12) | Form of Amendment No. 1 to the Site Leases constituting Exhibits 10d(10) and 10d(11) above (Exhibit 4(f), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
10d(13) | Form of Assignment, Assumption and Further Agreement dated as of September 15, 1987 among The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of September 15, 1987 with the Owner Participant named therein, Cleveland Electric, Duquesne, Ohio Edison, Pennsylvania Power and Toledo Edison (Exhibit 28(f), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(14) | Form of Additional Support Agreement dated as of September 15, 1987 between The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of September 15, 1987 with the Owner Participant named therein, and Toledo Edison (Exhibit 28(g), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(15) | Form of Support Agreement dated as of September 30, 1987 between Meridian Trust Company, as Owner Trustee under a Trust Agreement dated as of September 30, 1987 with the Owner Participant named therein, Toledo Edison, Cleveland Electric, Duquesne, Ohio Edison and Pennsylvania Power (Exhibit 28(e), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(16) | Form of Indenture, Bill of Sale, Instrument of Transfer and Severance Agreement dated as of September 30, 1987 between Toledo Edison, Seller, and The First National Bank of Boston, as Owner Trustee under a Trust Agreement dated as of September 15, 1987 with the Owner Participant named therein, Buyer (Exhibit 28(h), File No. 33-18755, filed by Cleveland Electric and Toledo Edison). |
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10d(17) | Form of Bill of Sale, Instrument of Transfer and Severance Agreement dated as of September 30, 1987 between Toledo Edison, Seller, and Meridian Trust Company, as Owner Trustee under a Trust Agreement dated as of September 30, 1987 with the Owner Participant named therein, Buyer (Exhibit 28(f), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(18) | Form of Bill of Sale, Instrument of Transfer and Severance Agreement dated as of September 30, 1987 between Cleveland Electric, Seller, and Meridian Trust Company, as Owner Trustee under a Trust Agreement dated as of September 30, 1987 with the Owner Participant named therein, Buyer (Exhibit 28(g), File No. 33-20128, filed by Cleveland Electric and Toledo Edison). |
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10d(19) | Forms of Refinancing Agreement, including exhibits thereto, among the Owner Participant named therein, as Owner Participant, CTC Beaver Valley Funding Corporation, as Funding Corporation, Beaver Valley II Funding Corporation, as New Funding Corporation, The Bank of New York, as Indenture Trustee, The Bank of New York, as New Collateral Trust Trustee, and The Cleveland Electric Illuminating Company and The Toledo Edison Company, as Lessees (Exhibit (28)(e)(i), File No. 33-46665, filed by Cleveland Electric and Toledo Edison). |
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10d(20)(a) | Form of Amendment No. 2 to Facility Lease among Citicorp Lescaman, Inc., Cleveland Electric and Toledo Edison (Exhibit 10(a), Form S-4 File No. 333-47651, filed by Cleveland Electric). |
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10d(20)(b) | Form of Amendment No. 3 to Facility Lease among Citicorp Lescaman, Inc., Cleveland Electric and Toledo Edison (Exhibit 10(b), Form S-4 File No. 333-47651, filed by Cleveland Electric). |
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10d(21)(a) | Form of Amendment No. 2 to Facility Lease among US West Financial Services, Inc., Cleveland Electric and Toledo Edison (Exhibit 10(c), Form S-4 File No. 333-47651, filed by Cleveland Electric). |
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10d(21)(b) | Form of Amendment No. 3 to Facility Lease among US West Financial Services, Inc., Cleveland Electric and Toledo Edison (Exhibit 10(d), Form S-4 File No. 333-47651, filed by Cleveland Electric). |
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10d(22) | Form of Amendment No. 2 to Facility Lease among Midwest Power Company, Cleveland Electric and Toledo Edison (Exhibit 10(e), Form S-4 File No. 333-47651, filed by Cleveland Electric). |
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10e(1) | Centerior Energy Corporation Equity Compensation Plan (Exhibit 99, Form S-8, File No. 33-59635). |
3. | Exhibits - Cleveland Electric Illuminating (CEI) |
3a | Amended Articles of Incorporation of CEI, as amended, effective May 28, 1993 (Exhibit 3a, 1993 Form 10-K, File No. 1-2323). |
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3b | Regulations of CEI, dated April 29, 1981, as amended effective October 1, 1988 and April 24, 1990 (Exhibit 3b, 1990 Form 10-K, File No. 1-2323). |
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3c | Amended and Restated Code of Regulations, dated March 15, 2002, incorporated by reference to Exhibit 3-2, 2001 Form 10-K, File No. 1-02323. |
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(B) 4b(1) | Mortgage and Deed of Trust between CEI and Guaranty Trust Company of New York (now The Chase Manhattan Bank (National Association)), as Trustee, dated July 1, 1940 (Exhibit 7(a), File No. 2-4450). |
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| Supplemental Indentures between CEI and the Trustee, supplemental to Exhibit 4b(1), dated as follows: |
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4b(2) | July 1, 1940 (Exhibit 7(b), File No. 2-4450). |
4b(3) | August 18, 1944 (Exhibit 4(c), File No. 2-9887). |
4b(4) | December 1, 1947 (Exhibit 7(d), File No. 2-7306). |
4b(5) | September 1, 1950 (Exhibit 7(c), File No. 2-8587). |
4b(6) | June 1, 1951 (Exhibit 7(f), File No. 2-8994). |
4b(7) | May 1, 1954 (Exhibit 4(d), File No. 2-10830). |
4b(8) | March 1, 1958 (Exhibit 2(a)(4), File No. 2-13839). |
4b(9) | April 1, 1959 (Exhibit 2(a)(4), File No. 2-14753). |
4b(10) | December 20, 1967 (Exhibit 2(a)(4), File No. 2-30759). |
4b(11) | January 15, 1969 (Exhibit 2(a)(5), File No. 2-30759). |
4b(12) | November 1, 1969 (Exhibit 2(a)(4), File No. 2-35008). |
4b(13) | June 1, 1970 (Exhibit 2(a)(4), File No. 2-37235). |
4b(14) | November 15, 1970 (Exhibit 2(a)(4), File No. 2-38460). |
4b(15) | May 1, 1974 (Exhibit 2(a)(4), File No. 2-50537). |
4b(16) | April 15, 1975 (Exhibit 2(a)(4), File No. 2-52995). |
4b(17) | April 16, 1975 (Exhibit 2(a)(4), File No. 2-53309). |
4b(18) | May 28, 1975 (Exhibit 2(c), June 5, 1975 Form 8-A, File No. 1-2323). |
4b(19) | February 1, 1976 (Exhibit 3(d)(6), 1975 Form 10 K, File No. 1-2323). |
4b(20) | November 23, 1976 (Exhibit 2(a)(4), File No. 2-57375). |
4b(21) | July 26, 1977 (Exhibit 2(a)(4), File No. 2-59401). |
4b(22) | September 7, 1977 (Exhibit 2(a)(5), File No. 2-67221). |
4b(23) | May 1, 1978 (Exhibit 2(b), June 30, 1978 Form 10-Q, File No. 1-2323). |
4b(24) | September 1, 1979 (Exhibit 2(a), September 30, 1979 Form 10-Q, File No. 1-2323). |
4b(25) | April 1, 1980 (Exhibit 4(a)(2), September 30, 1980 Form 10-Q, File No. 1-2323). |
4b(26) | April 15, 1980 (Exhibit 4(b), September 30, 1980 Form 10-Q, File No. 1-2323). |
4b(27) | May 28, 1980 (Exhibit 2(a)(4), Amendment No. 1, File No. 2-67221). |
4b(28) | June 9, 1980 (Exhibit 4(d), September 30, 1980 Form 10-Q, File No. 1-2323). |
4b(29) | December 1, 1980 (Exhibit 4(b)(29), 1980 Form 10-K, File No. 1-2323). |
4b(30) | July 28, 1981 (Exhibit 4(a), September 30, 1981, Form 10-Q, File No. 1-2323). |
4b(31) | August 1, 1981 (Exhibit 4(b), September 30, 1981, Form 10-Q, File No. 1-2323). |
4b(32) | March 1, 1982 (Exhibit 4(b)(3), Amendment No. 1, File No. 2-76029). |
4b(33) | July 15, 1982 (Exhibit 4(a), September 30, 1982 Form 10-Q, File No. 1-2323). |
4b(34) | September 1, 1982 (Exhibit 4(a)(1), September 30, 1982 Form 10-Q, File No. 1-2323). |
4b(35) | November 1, 1982 (Exhibit (a)(2), September 30, 1982 Form 10-Q, File No. 1-2323). |
4b(36) | November 15, 1982 (Exhibit 4(b)(36), 1982 Form 10-K, File No. 1-2323). |
4b(37) | May 24, 1983 (Exhibit 4(a), June 30, 1983 Form 10-Q, File No. 1-2323). |
4b(38) | May 1, 1984 (Exhibit 4, June 30, 1984 Form 10-Q, File No. 1-2323). |
4b(39) | May 23, 1984 (Exhibit 4, May 22, 1984 Form 8-K, File No. 1-2323). |
4b(40) | June 27, 1984 (Exhibit 4, June 11, 1984 Form 8-K, File No. 1-2323). |
4b(41) | September 4, 1984 (Exhibit 4b(41), 1984 Form 10-K, File No. 1-2323). |
4b(42) | November 14, 1984 (Exhibit 4b(42), 1984 Form 10 K, File No. 1-2323). |
4b(43) | November 15, 1984 (Exhibit 4b(43), 1984 Form 10-K, File No. 1-2323). |
4b(44) | April 15, 1985 (Exhibit 4(a), May 8, 1985 Form 8-K, File No. 1-2323). |
4b(45) | May 28, 1985 (Exhibit 4(b), May 8, 1985 Form 8-K, File No. 1-2323). |
4b(46) | August 1, 1985 (Exhibit 4, September 30, 1985 Form 10-Q, File No. 1-2323). |
4b(47) | September 1, 1985 (Exhibit 4, September 30, 1985 Form 8-K, File No. 1-2323). |
4b(48) | November 1, 1985 (Exhibit 4, January 31, 1986 Form 8-K, File No. 1-2323). |
4b(49) | April 15, 1986 (Exhibit 4, March 31, 1986 Form 10-Q, File No. 1-2323). |
4b(50) | May 14, 1986 (Exhibit 4(a), June 30, 1986 Form 10-Q, File No. 1-2323). |
4b(51) | May 15, 1986 (Exhibit 4(b), June 30, 1986 Form 10-Q, File No. 1-2323). |
4b(52) | February 25, 1987 (Exhibit 4b(52), 1986 Form 10-K, File No. 1-2323). |
4b(53) | October 15, 1987 (Exhibit 4, September 30, 1987 Form 10-Q, File No. 1-2323). |
4b(54) | February 24, 1988 (Exhibit 4b(54), 1987 Form 10-K, File No. 1-2323). |
4b(55) | September 15, 1988 (Exhibit 4b(55), 1988 Form 10-K, File No. 1-2323). |
4b(56) | May 15, 1989 (Exhibit 4(a)(2)(i), File No. 33-32724). |
4b(57) | June 13, 1989 (Exhibit 4(a)(2)(ii), File No. 33-32724). |
4b(58) | October 15, 1989 (Exhibit 4(a)(2)(iii), File No. 33-32724). |
4b(59) | January 1, 1990 (Exhibit 4b(59), 1989 Form 10-K, File No. 1-2323). |
4b(60) | June 1, 1990 (Exhibit 4(a). September 30, 1990 Form 10-Q, File No. 1-2323). |
4b(61) | August 1, 1990 (Exhibit 4(b), September 30, 1990 Form 10-Q, File No. 1-2323). |
4b(62) | May 1, 1991 (Exhibit 4(a), June 30, 1991 Form 10-Q, File No. 1-2323). |
4b(63) | May 1, 1992 (Exhibit 4(a)(3), File No. 33-48845). |
4b(64) | July 31, 1992 (Exhibit 4(a)(3), File No. 33-57292). |
4b(65) | January 1, 1993 (Exhibit 4b(65), 1992 Form 10-K, File No. 1-2323). |
4b(66) | February 1, 1993 (Exhibit 4b(66), 1992 Form 10-K, File No. 1-2323). |
4b(67) | May 20, 1993 (Exhibit 4(a), July 14, 1993 Form 8-K, File No. 1-2323). |
4b(68) | June 1, 1993 (Exhibit 4(b), July 14, 1993 Form 8-K, File No. 1-2323). |
4b(69) | September 15, 1994 (Exhibit 4(a), September 30, 1994 Form 10-Q, File No. 1-2323). |
4b(70) | May 1, 1995 (Exhibit 4(a), September 30, 1995 Form 10-Q, File No. 1-2323). |
4b(71) | May 2, 1995 (Exhibit 4(b), September 30, 1995 Form 10-Q, File No. 1-2323). |
4b(72) | June 1, 1995 (Exhibit 4(c), September 30, 1995 Form 10-Q, File No. 1-2323). |
4b(73) | July 15, 1995 (Exhibit 4b(73), 1995 Form 10-K, File No. 1-2323). |
4b(74) | August 1, 1995 (Exhibit 4b(74), 1995 Form 10-K, File No. 1-2323). |
4b(75) | June 15, 1997 (Exhibit 4(a), Form S-4 File No. 333-35931, filed by Cleveland Electric and Toledo Edison). |
4b(76) | October 15, 1997 (Exhibit 4(a), Form S-4 File No. 333-47651, filed by Cleveland Electric). |
4b(77) | June 1, 1998 (Exhibit 4b(77), Form S-4 File No. 333-72891). |
4b(78) | October 1, 1998 (Exhibit 4b(78), Form S-4 File No. 333-72891). |
4b(79) | October 1, 1998 (Exhibit 4b(79), Form S-4 File No. 333-72891). |
4b(80) | February 24, 1999 (Exhibit 4b(80), Form S-4 File No. 333-72891). |
4b(81) | September 29, 1999. (Exhibit 4b(81), 1999 Form 10-K, File No. 1-2323). |
4b(82) | January 15, 2000. (Exhibit 4b(82), 1999 Form 10-K, File No. 1-2323). |
4b(83) | May 15, 2002 (Exhibit 4b(83), 2002 Form 10-K, File No. 1-2323). |
4b(84) | October 1, 2002 (Exhibit 4b(84), 2002 Form 10-K, File No. 1-2323). |
4b(85) | Supplemental Indenture dated as of September 1, 2004 (Exhibit 4-1(85), September 2004 10-Q, File No. 1-2323). |
4b(86) | Supplemental Indenture dated as of October 1, 2004 (Exhibit 4-1(86), September 2004 10-Q, File No. 1-2323). |
4d | Form of Note Indenture between Cleveland Electric and The Chase Manhattan Bank, as Trustee dated as of October 24, 1997 (Exhibit 4(b), Form S-4 File No. 333-47651, filed by Cleveland Electric). |
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4d(1) | Form of Supplemental Note Indenture between Cleveland Electric and The Chase Manhattan Bank, as Trustee dated as of October 24, 1997 (Exhibit 4(c), Form S-4 File No. 333-47651, filed by Cleveland Electric). |
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4-1 | Indenture dated as of December 1, 2003 between CEI and JPMorgan Chase Bank, as Trustee, Incorporated by reference to Exhibit 4-8, 2003 Annual Report on Form 10-K, SEC File No. 1-02323. |
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10-1 | Administration Agreement between the CAPCO Group dated as of September 14, 1967. (Registration No. 2-43102, Exhibit 5(c)(2).) |
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10-2 | Amendment No. 1 dated January 4, 1974 to Administration Agreement between the CAPCO Group dated as of September 14, 1967. (Registration No. 2-68906, Exhibit 5(c)(3).) |
10-3 | Transmission Facilities Agreement between the CAPCO Group dated as of September 14, 1967. (Registration No. 2-43102, Exhibit 5(c)(3).) |
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10-4 | Amendment No. 1 dated as of January 1, 1993 to Transmission Facilities Agreement between the CAPCO Group dated as of September 14, 1967. (1993 Form 10-K, Exhibit 10-4.) |
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10-5 | Agreement for the Termination or Construction of Certain Agreements effective September 1, 1980, October 15, 1997 (Exhibit 4(a), Form S-4 File No. 333-47651, filed by Cleveland Electric). |
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10-6 | Electric Power Supply Agreement, between the Cleveland Electric Illuminating Company, Ohio Edison Company, Pennsylvania Power Company, the Toledo Edison Company, and First Energy Solutions Corp. (f.k.a. FirstEnergy Services Corp.), dated January 1, 2001. (Filed as Ohio Edison Exhibit 10-145 in 2004 Form 10-K) |
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10-7 | Revised Electric Power Supply Agreement, between FirstEnergy Solutions Corp., the Cleveland Electric Illuminating Company, Ohio Edison Company, Pennsylvania Power Company, and the Toledo Edison Company, dated October 1, 2003. (Filed as Ohio Edison Exhibit 10-146 in 2004 Form 10-K) |
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10-8 | Master Facility Lease, between Ohio Edison Company, Pennsylvania Power Company, the Cleveland Electric Illuminating Company, the Toledo Edison Company, and FirstEnergy Generation Corp., dated January 1, 2001. (Filed as Ohio Edison Exhibit 10-147 in 2004 Form 10-K) |
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(A)12.3 | Consolidated fixed charge ratios. |
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(A)13.2 | CEI 2004 Annual Report to Stockholders. (Only those portions expressly incorporated by reference in this Form 10-K are to be deemed “filed” with the SEC.) |
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(A)21.2 | List of Subsidiaries of the Registrant at December 31, 2004. |
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(A) | Provided herein in electronic format as an exhibit. |
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(B) | Pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S-K, CEI has not filed as an exhibit to this Form 10-K any instrument with respect to long-term debt if the total amount of securities authorized thereunder does not exceed 10% of the total assets of CEI, but hereby agrees to furnish to the Commission on request any such instruments. |
3. | Exhibits - Toledo Edison (TE) |
Exhibit
Number
3a | Amended Articles of Incorporation of TE, as amended effective October 2, 1992 (Exhibit 3a, 1992 Form 10-K, File No. 1-3583). |
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3b | Amended and Restated Code of Regulations, dated March 15, 2002. (2001 Form 10-K, Exhibit 3b) |
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(B)4b(1) | Indenture, dated as of April 1, 1947, between TE and The Chase National Bank of the City of New York (now The Chase Manhattan Bank (National Association)) (Exhibit 2(b), File No. 2-26908). |
4b(2) | September 1, 1948 (Exhibit 2(d), File No. 2-26908). |
4b(3) | April 1, 1949 (Exhibit 2(e), File No. 2-26908). |
4b(4) | December 1, 1950 (Exhibit 2(f), File No. 2-26908). |
4b(5) | March 1, 1954 (Exhibit 2(g), File No. 2-26908). |
4b(6) | February 1, 1956 (Exhibit 2(h), File No. 2-26908). |
4b(7) | May 1, 1958 (Exhibit 5(g), File No. 2-59794). |
4b(8) | August 1, 1967 (Exhibit 2(c), File No. 2-26908). |
4b(9) | November 1, 1970 (Exhibit 2(c), File No. 2-38569). |
4b(10) | August 1, 1972 (Exhibit 2(c), File No. 2-44873). |
4b(11) | November 1, 1973 (Exhibit 2(c), File No. 2-49428). |
4b(12) | July 1, 1974 (Exhibit 2(c), File No. 2-51429). |
4b(13) | October 1, 1975 (Exhibit 2(c), File No. 2-54627). |
4b(14) | June 1, 1976 (Exhibit 2(c), File No. 2-56396). |
4b(15) | October 1, 1978 (Exhibit 2(c), File No. 2-62568). |
4b(16) | September 1, 1979 (Exhibit 2(c), File No. 2-65350). |
4b(17) | September 1, 1980 (Exhibit 4(s), File No. 2-69190). |
4b(18) | October 1, 1980 (Exhibit 4(c), File No. 2-69190). |
4b(19) | April 1, 1981 (Exhibit 4(c), File No. 2-71580). |
4b(20) | November 1, 1981 (Exhibit 4(c), File No. 2-74485). |
4b(21) | June 1, 1982 (Exhibit 4(c), File No. 2-77763). |
4b(22) | September 1, 1982 (Exhibit 4(x), File No. 2-87323). |
4b(23) | April 1, 1983 (Exhibit 4(c), March 31, 1983, Form 10-Q, File No. 1-3583). |
4b(24) | December 1, 1983 (Exhibit 4(x), 1983 Form 10-K, File No. 1-3583). |
4b(25) | April 1, 1984 (Exhibit 4(c), File No. 2-90059). |
4b(26) | October 15, 1984 (Exhibit 4(z), 1984 Form 10-K, File No. 1-3583). |
4b(27) | October 15, 1984 (Exhibit 4(aa), 1984 Form 10-K, File No. 1-3583). |
4b(28) | August 1, 1985 (Exhibit 4(dd), File No. 33-1689). |
4b(29) | August 1, 1985 (Exhibit 4(ee), File No. 33-1689). |
4b(30) | December 1, 1985 (Exhibit 4(c), File No. 33-1689). |
4b(31) | March 1, 1986 (Exhibit 4b(31), 1986 Form 10-K, File No. 1-3583). |
4b(32) | October 15, 1987 (Exhibit 4, September 30, 1987 Form 10-Q, File No. 1-3583). |
4b(33) | September 15, 1988 (Exhibit 4b(33), 1988 Form 10-K, File No. 1-3583). |
4b(34) | June 15, 1989 (Exhibit 4b(34), 1989 Form 10-K, File No. 1-3583). |
4b(35) | October 15, 1989 (Exhibit 4b(35), 1989 Form 10-K, File No. 1-3583). |
4b(36) | May 15, 1990 (Exhibit 4, June 30, 1990 Form 10-Q, File No. 1-3583). |
4b(37) | March 1, 1991 (Exhibit 4(b), June 30, 1991 Form 10-Q, File No. 1-3583). |
4b(38) | May 1, 1992 (Exhibit 4(a)(3), File No. 33-48844). |
4b(39) | August 1, 1992 (Exhibit 4b(39), 1992 Form 10-K, File No. 1-3583). |
4b(40) | October 1, 1992 (Exhibit 4b(40), 1992 Form 10-K, File No. 1-3583). |
4b(41) | January 1, 1993 (Exhibit 4b(41), 1992 Form 10-K, File No. 1-3583). |
4b(42) | September 15, 1994 (Exhibit 4(b), September 30, 1994 Form 10-Q, File No. 1-3583). |
4b(43) | May 1, 1995 (Exhibit 4(d), September 30, 1995 Form 10-Q, File No. 1-3583). |
4b(44) | June 1, 1995 (Exhibit 4(e), September 30, 1995 Form 10-Q, File No. 1-3583). |
4b(45) | July 14, 1995 (Exhibit 4(f), September 30, 1995 Form 10-Q, File No. 1-3583). |
4b(46) | July 15, 1995 (Exhibit 4(g), September 30, 1995 Form 10-Q, File No. 1-3583). |
4b(47) | August 1, 1997 (Exhibit 4b(47), 1998 Form 10-K, File No. 1-3583). |
4b(48) | June 1, 1998 (Exhibit 4b (48), 1998 Form 10-K, File No. 1-3583). |
4b(49) | January 15, 2000 (Exhibit 4b(49), 1999 Form 10-K, File No. 1-3583). |
4b(50) | May 1, 2000 (Exhibit 4b(50), 2000 Form 10-K, File No. 1-3583). |
4b(51) | September 1, 2000 (Exhibit 4b(51), 2002 Form 10-K, File No. 1-3583). |
4b(52) | October 1, 2002 (Exhibit 4b(52), 2002 Form 10-K, File No. 1-3583). |
4b(53) | April 1, 2003 (Exhibit 4b(53). |
| |
10-1 | Electric Power Supply Agreement, between the Cleveland Electric Illuminating Company, Ohio Edison Company, Pennsylvania Power Company, the Toledo Edison Company, and First Energy Solutions Corp. (f.k.a. FirstEnergy Services Corp.), dated January 1, 2001.(Filed as Ohio Edison Exhibit 10-145 in 2004 Form 10-K) |
| |
10-2 | Revised Electric Power Supply Agreement, between FirstEnergy Solutions Corp., the Cleveland Electric Illuminating Company, Ohio Edison Company, Pennsylvania Power Company, and the Toledo Edison Company, dated October 1, 2003. (Filed as Ohio Edison Exhibit 10-146 in 2004 Form 10-K) |
| |
10-3 | Master Facility Lease, between Ohio Edison Company, Pennsylvania Power Company, the Cleveland Electric Illuminating Company, the Toledo Edison Company, and FirstEnergy Generation Corp., dated January 1, 2001. (Filed as Ohio Edison Exhibit 10-147 in 2004 Form 10-K) |
| |
(A)12.4 | Consolidated fixed charge ratios. |
| |
(A)13.3 | TE 2004 Annual Report to Stockholders. (Only those portions expressly incorporated by reference in this Form 10-K are to be deemed “filed” with the SEC.) |
(A)21.3 | List of Subsidiaries of the Registrant at December 31, 2004. |
| |
(A) | Provided herein in electronic format as an exhibit. |
| |
(B) | Pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S-K, TE has not filed as an exhibit to this Form 10-K any instrument with respect to long-term debt if the total amount of securities authorized thereunder does not exceed 10% of the total assets of TE, but hereby agrees to furnish to the Commission on request any such instruments. |
3. | Exhibits - Exhibits for Jersey Central Power & Light Company (JCP&L) |
3-A | Restated Certificate of Incorporation of JCP&L, as amended - Incorporated by reference to Exhibit 3-A, 1990 Annual Report on Form 10-K, SEC File No. 1-3141. |
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3-A-1 | Certificate of Amendment to Restated Certificate of Incorporation of JCP&L, dated June 19, 1992 - Incorporated by reference to Exhibit A-2(a), Certificate Pursuant to Rule 24, SEC File No. 70-7949. |
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3-A-2 | Certificate of Amendment to Restated Certificate of Incorporation of JCP&L, dated June 19, 1992 - Incorporated by reference to Exhibit A-2(a)(i), Certificate Pursuant to Rule 24, SEC File No. 70-7949. |
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3-B | By-Laws of JCP&L, as amended May 25, 1993 - Incorporated by reference to Exhibit 3-B, 1993 Annual Report on Form 10-K, SEC File No. 1-3141. |
| |
4-A | Indenture of JCP&L, dated March 1, 1946, between JCP&L and United States Trust Company of New York, Successor Trustee, as amended and supplemented by eight supplemental indentures dated December 1, 1948 through June 1, 1960 - Incorporated by reference to JCP&L’s Instruments of Indebtedness Nos. 1 to 7, inclusive, and 9 and 10 filed as part of Amendment No. 1 to 1959 Annual Report of GPU on Form U5S, SEC File Nos. 30-126 and 1-3292. |
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4-A-1 | Ninth Supplemental Indenture of JCP&L, dated November 1, 1962 - Incorporated by reference to Exhibit 2-C, Registration No. 2-20732. |
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4-A-2 | Tenth Supplemental Indenture of JCP&L, dated October 1, 1963 - Incorporated by reference to Exhibit 2-C, Registration No. 2-21645. |
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4-A-3 | Eleventh Supplemental Indenture of JCP&L, dated October 1, 1964 - Incorporated by reference to Exhibit 5-A-3, Registration No. 2-59785. |
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4-A-4 | Twelfth Supplemental Indenture of JCP&L, dated November 1, 1965 - Incorporated by reference to Exhibit 5-A-4, Registration No. 2-59785. |
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4-A-5 | Thirteenth Supplemental Indenture of JCP&L, dated August 1, 1966 - Incorporated by reference to Exhibit 4-C, Registration No. 2-25124. |
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4-A-6 | Fourteenth Supplemental Indenture of JCP&L, dated September 1, 1967 - Incorporated by reference to Exhibit 5-A-6, Registration No. 2-59785. |
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4-A-7 | Fifteenth Supplemental Indenture of JCP&L, dated October 1, 1968 - Incorporated by reference to Exhibit 5-A-7, Registration No. 2-59785. |
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4-A-8 | Sixteenth Supplemental Indenture of JCP&L, dated October 1, 1969 - Incorporated by reference to Exhibit 5-A-8, Registration No. 2-59785. |
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4-A-9 | Seventeenth Supplemental Indenture of JCP&L, dated June 1, 1970 - Incorporated by reference to Exhibit 5-A-9, Registration No. 2-59785. |
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4-A-10 | Eighteenth Supplemental Indenture of JCP&L, dated December 1, 1970 - Incorporated by reference to Exhibit 5-A-10, Registration No. 2-59785. |
4-A-11 | Nineteenth Supplemental Indenture of JCP&L, dated February 1, 1971 - Incorporated by reference to Exhibit 5-A-11, Registration No. 2-59785. |
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4-A-12 | Twentieth Supplemental Indenture of JCP&L, dated November 1, 1971 - Incorporated by reference to Exhibit 5-A-12, Registration No. 2-59875. |
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4-A-13 | Twenty-first Supplemental Indenture of JCP&L, dated August 1, 1972 - Incorporated by reference to Exhibit 5-A-13, Registration No. 2-59785. |
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4-A-14 | Twenty-second Supplemental Indenture of JCP&L, dated August 1, 1973 - Incorporated by reference to Exhibit 5-A-14, Registration No. 2-59785. |
| |
4-A-15 | Twenty-third Supplemental Indenture of JCP&L, dated October 1, 1973 - Incorporated by reference to Exhibit 5-A-15, Registration No. 2-59785. |
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4-A-16 | Twenty-fourth Supplemental Indenture of JCP&L, dated December 1, 1973 - Incorporated by reference to Exhibit 5-A-16, Registration No. 2-59785. |
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4-A-17 | Twenty-fifth Supplemental Indenture of JCP&L, dated November 1, 1974 - Incorporated by reference to Exhibit 5-A-17, Registration No. 2-59785. |
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4-A-18 | Twenty-sixth Supplemental Indenture of JCP&L, dated March 1, 1975 - Incorporated by reference to Exhibit 5-A-18, Registration No. 2-59785. |
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4-A-19 | Twenty-seventh Supplemental Indenture of JCP&L, dated July 1, 1975 - Incorporated by reference to Exhibit 5-A-19, Registration No. 2-59785. |
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4-A-20 | Twenty-eighth Supplemental Indenture of JCP&L, dated October 1, 1975 - Incorporated by reference to Exhibit 5-A-20, Registration No. 2-59785. |
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4-A-21 | Twenty-ninth Supplemental Indenture of JCP&L, dated February 1, 1976 - Incorporated by reference to Exhibit 5-A-21, Registration No. 2-59785. |
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4-A-22 | Supplemental Indenture No. 29A of JCP&L, dated May 31, 1976 - Incorporated by reference to Exhibit 5-A-22, Registration No. 2-59785. |
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4-A-23 | Thirtieth Supplemental Indenture of JCP&L, dated June 1, 1976 - Incorporated by reference to Exhibit 5-A-23, Registration No. 2-59785. |
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4-A-24 | Thirty-first Supplemental Indenture of JCP&L, dated May 1, 1977 - Incorporated by reference to Exhibit 5-A-24, Registration No. 2-59785. |
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4-A-25 | Thirty-second Supplemental Indenture of JCP&L, dated January 20, 1978 - Incorporated by reference to Exhibit 5-A-25, Registration No. 2-60438. |
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4-A-26 | Thirty-third Supplemental Indenture of JCP&L, dated January 1, 1979 - Incorporated by reference to Exhibit A-20(b), Certificate Pursuant to Rule 24, SEC File No. 70-6242. |
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4-A-27 | Thirty-fourth Supplemental Indenture of JCP&L, dated June 1, 1979 - Incorporated by reference to Exhibit A-28, Certificate Pursuant to Rule 24, SEC File No. 70-6290. |
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4-A-28 | Thirty-sixth Supplemental Indenture of JCP&L, dated October 1, 1979 - Incorporated by reference to Exhibit A-30, Certificate Pursuant to Rule 24, SEC File No. 70-6354. |
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4-A-29 | Thirty-seventh Supplemental Indenture of JCP&L, dated September 1, 1984 - Incorporated by reference to Exhibit A-1(cc), Certificate Pursuant to Rule 24, SEC File No. 70-7001. |
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4-A-30 | Thirty-eighth Supplemental Indenture of JCP&L, dated July 1, 1985 - Incorporated by reference to Exhibit A-1(dd), Certificate Pursuant to Rule 24, SEC File No. 70-7109. |
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4-A-31 | Thirty-ninth Supplemental Indenture of JCP&L, dated April 1, 1988 - Incorporated by reference to Exhibit A-1(a), Certificate Pursuant to Rule 24, SEC File No. 70-7263. |
4-A-32 | Fortieth Supplemental Indenture of JCP&L, dated June 14, 1988 - Incorporated by reference to Exhibit A-1(ff), Certificate Pursuant to Rule 24, SEC File No. 70-7603. |
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4-A-33 | Forty-first Supplemental Indenture of JCP&L, dated April 1, 1989 - Incorporated by reference to Exhibit A-1(gg), Certificate Pursuant to Rule 24, SEC File No. 70-7603. |
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4-A-34 | Forty-second Supplemental Indenture of JCP&L, dated July 1, 1989 - Incorporated by reference to Exhibit A-1(hh), Certificate Pursuant to Rule 24, SEC File No. 70-7603. |
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4-A-35 | Forty-third Supplemental Indenture of JCP&L, dated March 1, 1991 - Incorporated by reference to Exhibit 4-A-35, Registration No. 33-45314. |
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4-A-36 | Forty-fourth Supplemental Indenture of JCP&L, dated March 1, 1992 - Incorporated by reference to Exhibit 4-A-36, Registration No. 33-49405. |
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4-A-37 | Forty-fifth Supplemental Indenture of JCP&L, dated October 1, 1992 - Incorporated by reference to Exhibit 4-A-37, Registration No. 33-49405. |
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4-A-38 | Forty-sixth Supplemental Indenture of JCP&L, dated April 1, 1993 - Incorporated by reference to Exhibit C-15, 1992 Annual Report of GPU on Form U5S, SEC File No. 30-126. |
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4-A-39 | Forty-seventh Supplemental Indenture of JCP&L, dated April 10, 1993 - Incorporated by reference to Exhibit C-16, 1992 Annual Report of GPU on Form U5S, SEC File No. 30-126. |
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4-A-40 | Forty-eighth Supplemental Indenture of JCP&L, dated April 15, 1993 - Incorporated by reference to Exhibit C-17, 1992 Annual Report of GPU on Form U5S, SEC File No. 30-126. |
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4-A-41 | Forty-ninth Supplemental Indenture of JCP&L, dated October 1, 1993 - Incorporated by reference to Exhibit C-18, 1993 Annual Report of GPU on Form U5S, SEC File No. 30-126. |
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4-A-42 | Fiftieth Supplemental Indenture of JCP&L, dated August 1, 1994 - Incorporated by reference to Exhibit C-19, 1994 Annual Report of GPU on Form U5S, SEC File No. 30-126. |
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4-A-43 | Fifty-first Supplemental Indenture of JCP&L, dated August 15, 1996 - Incorporated by reference to Exhibit 4-A-43, 1996 Annual Report on Form 10-K, SEC File No. 1-6047. |
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4-A-44 | Fifty-second Supplemental Indenture of JCP&L, dated July 1, 1999 - Incorporated by reference to Exhibit 4-B-44, Registration No. 333-88783. |
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4-A-45 | Fifty-third Supplemental Indenture of JCP&L, dated November 1, 1999 - Incorporated by reference to Exhibit 4-A-45, 1999 Annual Report on Form 10-K, SEC File No. 1-3141. |
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4-A-46 | Subordinated Debenture Indenture of JCP&L, dated May 1, 1995 - Incorporated by reference to Exhibit A-8(a), Certificate Pursuant to Rule 24, SEC File No. 70-8495. |
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4-A-47 | Fifty-fourth Supplemental Indenture of JCP&L, dated May 1, 2001, Incorporated by reference to Exhibit 4-4, 2001 Annual Report on Form 10-K, SEC File No. 1-3141. |
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(A)4-A-48 | Fifty-fifth Supplemental Indenture of JCP&L, dated April 23, 2004. |
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4-D | Amended and Restated Limited Partnership Agreement of JCP&L Capital, L.P., dated May 11, 1995 - Incorporated by reference to Exhibit A-5(a), Certificate Pursuant to Rule 24, SEC File No. 70-8495. |
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4-E | Action Creating Series A Preferred Securities of JCP&L Capital, L.P., dated May 11, 1995 - Incorporated by reference to Exhibit A-6(a), Certificate Pursuant to Rule 24, SEC File No. 70-8495. |
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4-F | Payment and Guarantee Agreement of JCP&L, dated May 18, 1995 - Incorporated by reference to Exhibit B-1(a), Certificate Pursuant to Rule 24, SEC File No. 70-8495. |
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(A) 12.6 | Consolidated fixed charge ratios - JCP&L. |
(A) 13.5 | JCP&L 2004 Annual Report to Stockholders (Only those portions expressly incorporated by reference in this Form 10-K are to be deemed "filed" with SEC.) |
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(A)21.5 | List of Subsidiaries of JCP&L at December 31, 2004. |
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(A)31.3 | Certification of chief executive officer, as adopted pursuant to Rule 13a-15(e)/15d-15(e). |
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(A)32.2 | Certification of chief executive officer and chief financial officer, pursuant to 18 U.S.C. Section 1350. |
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(A) | Provided herein electronic format as an exhibit. |
3. Exhibits - FirstEnergy
Exhibit
Number
- -------
3-1 -- Articles of Incorporation constituting FirstEnergy Corp.'s
Articles of Incorporation, dated September 17, 1996.
(September 17, 1996 Form 8-K, Exhibit C)
3-1(a) -- Amended Articles of Incorporation of FirstEnergy Corp.
(Registration No. 333-21011, Exhibit (3)-1)
3-2 -- Regulations of FirstEnergy Corp. (September 17, 1996 Form 8-K,
Exhibit D)
3-2(a) -- FirstEnergy Corp. Amended Code of Regulations. (Registration
No. 333-21011, Exhibit (3)-2)
4-1 -- Rights Agreement (December 1, 1997 Form 8-K, Exhibit 4.1)
4-2 -- FirstEnergy Corp. to The Bank of New York, Supplemental
Indenture, dated November 7, 2001. (2001 Form 10-K,
Exhibit 4-2)
10-1 -- FirstEnergy Corp. Executive and Director Incentive Compensation
Plan, revised November 15, 1999. (1999 Form 10-K, Exhibit 10-1)
10-2 -- Amended FirstEnergy Corp. Deferred Compensation PlanExhibits for Directors, revised November 15, 1999. (1999 Form 10-K,
Exhibit 10-2)
10-3 -- Employment, severance and change of control agreement between
FirstEnergy Corp. and executive officers. (1999 Form 10-K,
Exhibit 10-3)
10-4 -- FirstEnergy Corp. Supplemental Executive Retirement Plan,
amended January 1, 1999. (1999 Form 10-K, Exhibit 10-4)
10-5 -- FirstEnergy Corp. Executive Incentive Compensation Plan. (1999
Form 10-K, Exhibit 10-5)
10-6 -- Restricted stock agreement between FirstEnergy Corp. and
A. J. Alexander. (1999 Form 10-K, Exhibit 10-6)
10-7 -- FirstEnergy Corp. Executive and Director Incentive Compensation
Plan. (1998 Form 10-K, Exhibit 10-1)
10-8 -- Amended FirstEnergy Corp. Deferred Compensation Plan for
Directors, amended February 15, 1999. (1998 Form 10-K,
Exhibit 10-2)
10-9 -- Restricted stock agreement between FirstEnergy Corp. and .
A. J. Alexander. (2000 Form 10-K, Exhibit 10-9)
10-10 -- Restricted stock agreement between FirstEnergy Corp. and H. P.
Burg. (2000 Form 10-K, Exhibit 10-10)
10-11 -- Stock option agreement between FirstEnergy Corp. and officers
dated November 22, 2000. (2000 Form 10-K, Exhibit 10-11)
10-12 -- Stock option agreement between FirstEnergy Corp. and officers
dated March 1, 2000. (2000 Form 10-K, Exhibit 10-12)
26
Exhibit
Number
- ------
10-13 -- Stock option agreement between FirstEnergy Corp. and director
dated January 1, 2000. (2000 Form 10-K, Exhibit 10-13)
10-14 -- Stock option agreement between FirstEnergy Corp. and two
directors dated January 1, 2001. (2000 Form 10-K,
Exhibit 10-14)
10-15 -- Executive and Director Incentive Compensation Plan dated
May 15, 2001. (2001 Form 10-K, Exhibit 10-15)
10-16 -- Amended FirstEnergy Corp. Deferred Compensation Plan for
Directors, revised September 18, 2000. (2001 Form 10-K,
Exhibit 10-16)
10-17 -- Stock Option Agreements between FirstEnergy Corp. and Officers
dated May 16, 2001. (2001 Form 10-K, Exhibit 10-17)
10-18 -- Restricted Stock Agreements between FirstEnergy Corp. and
Officers dated February 20, 2002. (2001 Form 10-K,
Exhibit 10-18)
10-19 -- Stock Option Agreements between FirstEnergy Corp. and One
Director dated January 1, 2002. (2001 Form 10-K, Exhibit 10-19)
10-20 -- FirstEnergy Corp. Executive Deferred Compensation Plan. (2001
Form 10-K, Exhibit 10-20)
10-21 -- Executive Incentive Compensation Plan-Tier 2. (2001 Form 10-K,
Exhibit 20-21)
10-22 -- Executive Incentive Compensation Plan-Tier 3. (2001 Form 10-K,
Exhibit 20-22)
10-23 -- Executive Incentive Compensation Plan-Tier 4. (2001 Form 10-K,
Exhibit 10-23)
10-24 -- Executive Incentive Compensation Plan-Tier 5. (2001 Form 10-K,
Exhibit 10-24)
10-25 -- Amendment to GPU, Inc. 1990 Stock Plan for Employees of
GPU, Inc. and Subsidiaries, effective April 5, 2001. (2001
Form 10-K, Exhibit 10-25)
10-26 -- Form of Amendment, effective November 7, 2001, to GPU, Inc.
1990 Stock Plan for Employees of GPU, Inc. and Subsidiaries,
Deferred Remuneration Plan for Outside Directors of GPU, Inc.,
and Retirement Plan for Outside Directors of GPU, Inc. (2001
Form 10-K, Exhibit 10-26)
10-27 -- GPU, Inc. Stock Option and Restricted Stock Plan for MYR Group,
Inc. Employees. (2001 Form 10-K, Exhibit 10-27)
10-28 -- Executive and Director Stock Option Agreement dated June 11,
2002. (2002 Form 10-K, Exhibit 10-28).
10-29 -- Director Stock Option Agreement. (2002 Form 10-K,
Exhibit 10-29).
10-30 -- Executive and Director Executive Incentive Compensation Plan,
Amendment dated May 21, 2002. (2002 Form 10-K, Exhibit 10-30).
10-31 -- Directors Deferred Compensation Plan, Revised Nov. 19, 2002.
(2002 Form 10-K, Exhibit 10-31).
10-32 -- Executive Incentive Compensation Plan 2002. (2002 Form 10-K,
Exhibit 10-32).
10-33 -- GPU, Inc. 1990 Stock Plan for Employees of GPU, Inc. and
Subsidiaries as amended and restated to reflect amendments
through June 3, 1999. (1999 Form 10-K, Exhibit 10-V, File No.
1-6047, GPU, Inc.)
10-34 -- Form of 1998 Stock Option Agreement under the GPU, Inc. 1990
Stock Plan for Employees of GPU, Inc. and Subsidiaries. (1997
Form 10-K, Exhibit 10-Q, File No. 1-6047, GPU, Inc.)
10-35 -- Form of 1999 Stock Option Agreement under the GPU, Inc. 1990
Stock Plan for Employees of GPU, Inc. and Subsidiaries. (1999
Form 10-K, Exhibit 10-W, File No. 1-6047, GPU, Inc.)
10-36 -- Form of 2000 Stock Option Agreement under the GPU, Inc. 1990
Stock Plan for Employees of GPU, Inc. and Subsidiaries. (2000
Form 10-K, Exhibit 10-W, File No. 1-6047, GPU, Inc.)
27
Exhibit
Number
- ------
10-37 -- Deferred Remuneration Plan for Outside Directors of GPU, Inc.
as amended and restated effective August 8, 2000. (2000
Form 10-K, Exhibit 10-O, File No. 1-6047, GPU, Inc.)
10-38 -- Retirement Plan for Outside Directors of GPU, Inc. as amended
and restated as of August 8, 2000. (2000 Form 10-K, Exhibit
10-N, File No. 1-6047, GPU, Inc.)
10-39 -- Forms of Estate Enhancement Program Agreements entered into by
certain former GPU directors. (1999 Form 10-K, Exhibit 10-JJ,
File No. 1-6047, GPU, Inc.)
(A) 12.1 -- Consolidated fixed charge ratios.
(A) 13 -- FirstEnergy 2003 Annual Report to Stockholders. (Only those
portions expressly incorporated by reference in this Form 10-K
are to be deemed "filed" with the SEC.)
(A) 21 -- List of Subsidiaries of the Registrant at December 31, 2003.
(A) 23 -- Consent of Independent Accountants.
(A) 31.1 -- Certification of chief executive officer, as adopted
pursuant to Rule 13a-15(e)/15d-15(e) (FirstEnergy, OE, CEI, TE,
Penn, Met-Ed and Penelec).
(A) 31.2 -- Certification of chief financial officer, as adopted
pursuant to Rule 13a-15(e)/15d-15(e) (FirstEnergy, OE, CEI, TE,
Penn, Met-Ed and Penelec).
(A) 32.1 -- Certification of chief executive officer and chief
financial officer, pursuant to 18 U.S.C.ss.1350 (FirstEnergy,
OE, CEI, TE, Penn, Met-Ed and Penelec).
(A) Provided herein in electronic format as an exhibit.
(B) 3.Exhibits - Ohio Edison
2-1 -- Agreement and Plan of Merger, dated as of September 13, 1996,
between OhioMetropolitan Edison Company (OE) and Centerior Energy
Corporation. (September 17, 1996 Form 8-K, (Met-Ed)
3-C | Restated Articles of Incorporation of Met-Ed, dated March 8, 1999 - Incorporated by reference to Exhibit 3-E, 1999 Annual Report on Form 10-K, SEC File No. 1-446. |
| |
3-D | By-Laws of Met-Ed as amended May 16, 2000, Incorporated by reference to Exhibit 3-F, 2000 Annual Report on Form 10-K, SEC File No. 1-06047. |
| |
4-B | Indenture of Met-Ed, dated November 1, 1944, between Met-Ed and United States Trust Company of New York, Successor Trustee, as amended and supplemented by fourteen supplemental indentures dated February 1, 1947 through May 1, 1960 - Incorporated by reference to Met-Ed’s Instruments of Indebtedness Nos. 1 to 14 inclusive, and 16, filed as part of Amendment No. 1 to 1959 Annual Report of GPU on Form U5S, SEC File Nos. 30-126 and 1-3292. |
| |
4-B-1 | Supplemental Indenture of Met-Ed, dated December 1, 1962 - Incorporated by reference to Exhibit 2-E(1), Registration No. 2-59678. |
| |
4-B-2 | Supplemental Indenture of Met-Ed, dated March 20, 1964 - Incorporated by reference to Exhibit 2-E(2), Registration No. 2-59678. |
| |
4-B-3 | Supplemental Indenture of Met-Ed, dated July 1, 1965 - Incorporated by reference to Exhibit 2-E(3), Registration No. 2-59678. |
| |
4-B-4 | Supplemental Indenture of Met-Ed, dated June 1, 1966 - Incorporated by reference to Exhibit 2-B-4, Registration No. 2-24883. |
| |
4-B-5 | Supplemental Indenture of Met-Ed, dated March 22, 1968 - Incorporated by reference to Exhibit 4-C-5, Registration No. 2-29644. |
| |
4-B-6 | Supplemental Indenture of Met-Ed, dated September 1, 1968 - Incorporated by reference to Exhibit 2-E(6), Registration No. 2-59678. |
| |
4-B-7 | Supplemental Indenture of Met-Ed, dated August 1, 1969 - Incorporated by reference to Exhibit 2-E(7), Registration No. 2-59678. |
| |
4-B-8 | Supplemental Indenture of Met-Ed, dated November 1, 1971 - Incorporated by reference to Exhibit 2-E(8), Registration No. 2-59678. |
| |
4-B-9 | Supplemental Indenture of Met-Ed, dated May 1, 1972 - Incorporated by reference to Exhibit 2-E(9), Registration No. 2-59678. |
| |
4-B-10 | Supplemental Indenture of Met-Ed, dated December 1, 1973 - Incorporated by reference to Exhibit 2-E(10), Registration No. 2-59678. |
| |
4-B-11 | Supplemental Indenture of Met-Ed, dated October 30, 1974 - Incorporated by reference to Exhibit 2-E(11), Registration No. 2-59678. |
| |
4-B-12 | Supplemental Indenture of Met-Ed, dated October 31, 1974 - Incorporated by reference to Exhibit 2-E(12), Registration No. 2-59678. |
Exhibit 2-1)
3-1 -- Amended Articles of Incorporation, Effective June 21, 1994,
constituting OE's Articles of Incorporation. (1994 Form 10-K,
Number
4-B-13 | Supplemental Indenture of Met-Ed, dated March 20, 1975 - Incorporated by reference to Exhibit 2-E(13), Registration No. 2-59678. |
| |
4-B-14 | Supplemental Indenture of Met-Ed, dated September 25, 1975 - Incorporated by reference to Exhibit 2-E(15), Registration No. 2-59678. |
| |
4-B-15 | Supplemental Indenture of Met-Ed, dated January 12, 1976 - Incorporated by reference to Exhibit 2-E(16), Registration No. 2-59678. |
| |
4-B-16 | Supplemental Indenture of Met-Ed, dated March 1, 1976 - Incorporated by reference to Exhibit 2-E(17), Registration No. 2-59678. |
| |
4-B-17 | Supplemental Indenture of Met-Ed, dated September 28, 1977 - Incorporated by reference to Exhibit 2-E(18), Registration No. 2-62212. |
| |
4-B-18 | Supplemental Indenture of Met-Ed, dated January 1, 1978 - Incorporated by reference to Exhibit 2-E(19), Registration No. 2-62212. |
| |
4-B-19 | Supplemental Indenture of Met-Ed, dated September 1, 1978 - Incorporated by reference to Exhibit 4-A(19), Registration No. 33-48937. |
| |
4-B-20 | Supplemental Indenture of Met-Ed, dated June 1, 1979 - Incorporated by reference to Exhibit 4-A(20), Registration No. 33-48937. |
| |
4-B-21 | Supplemental Indenture of Met-Ed, dated January 1, 1980 - Incorporated by reference to Exhibit 4-A(21), Registration No. 33-48937. |
| |
4-B-22 | Supplemental Indenture of Met-Ed, dated September 1, 1981 - Incorporated by reference to Exhibit 4-A(22), Registration No. 33-48937. |
| |
4-B-23 | Supplemental Indenture of Met-Ed, dated September 10, 1981 - Incorporated by reference to Exhibit 4-A(23), Registration No. 33-48937. |
| |
4-B-24 | Supplemental Indenture of Met-Ed, dated December 1, 1982 - Incorporated by reference to Exhibit 4-A(24), Registration No. 33-48937. |
| |
4-B-25 | Supplemental Indenture of Met-Ed, dated September 1, 1983 - Incorporated by reference to Exhibit 4-A(25), Registration No. 33-48937. |
| |
4-B-26 | Supplemental Indenture of Met-Ed, dated September 1, 1984 - Incorporated by reference to Exhibit 4-A(26), Registration No. 33-48937. |
| |
4-B-27 | Supplemental Indenture of Met-Ed, dated March 1, 1985 - Incorporated by reference to Exhibit 4-A(27), Registration No. 33-48937. |
| |
4-B-28 | Supplemental Indenture of Met-Ed, dated September 1, 1985 - Incorporated by reference to Exhibit 4-A(28), Registration No. 33-48937. |
| |
4-B-29 | Supplemental Indenture of Met-Ed, dated June 1, 1988 - Incorporated by reference to Exhibit 4-A(29), Registration No. 33-48937. |
| |
4-B-30 | Supplemental Indenture of Met-Ed, dated April 1, 1990 - Incorporated by reference to Exhibit 4-A(30), Registration No. 33-48937. |
| |
4-B-31 | Amendment dated May 22, 1990 to Supplemental Indenture of Met-Ed, dated April 1, 1990 - Incorporated by reference to Exhibit 4-A(31), Registration No. 33-48937. |
| |
4-B-32 | Supplemental Indenture of Met-Ed, dated September 1, 1992 - Incorporated by reference to Exhibit 4-A(32)(a), Registration No. 33-48937. |
| |
4-B-33 | Supplemental Indenture of Met-Ed, dated December 1, 1993 - Incorporated by reference to Exhibit C-58, 1993 Annual Report of GPU on Form U5S, SEC File No. 30-126. |
Exhibit 3-1)
3-2 -- Amended and Restated Code of Regulations, amended March 15,
2002. (2001
Number
4-B-34 | Supplemental Indenture of Met-Ed, dated July 15, 1995 - Incorporated by reference to Exhibit 4-B-35, 1995 Annual Report on Form 10-K, SEC File No. 1-446. |
| |
4-B-35 | Supplemental Indenture of Met-Ed, dated August 15, 1996 - Incorporated by reference to Exhibit 4-B-35, 1996 Annual Report on Form 10-K, SEC File No. 1-446. |
| |
4-B-36 | Supplemental Indenture of Met-Ed, dated May 1, 1997 - Incorporated by reference to Exhibit 4-B-36, 1997 Annual Report on Form 10-K, SEC File No. 1-446. |
| |
4-B-37 | Supplemental Indenture of Met-Ed, dated July 1, 1999 - Incorporated by reference to Exhibit 4-B-38, 1999 Annual Report on Form 10-K, SEC File No. 1-446. |
| |
4-B-38 | Indenture between Met-Ed and United States Trust Company of New York, dated May 1, 1999 - Incorporated by reference to Exhibit A-11(a), Certificate Pursuant to Rule 24, SEC File No. 70-9329. |
| |
4-B-39 | Senior Note Indenture between Met-Ed and United States Trust Company of New York, dated July 1, 1999 Incorporated by reference to Exhibit C-154 to GPU, Inc.’s Annual Report on Form U5S for the year 1999, SEC File No. 30-126. |
| |
4-B-40 | First Supplemental Indenture between Met-Ed and United States Trust Company of New York, dated August 1, 2000 - Incorporated by reference to Exhibit 4-A, June 30, 2000 Quarterly Report on Form 10-Q, SEC File No. 1-446. |
| |
4-B-41 | Supplemental Indenture of Met-Ed, dated May 1, 2001. Incorporated by reference to Exhibit 4-5, 2001 Annual Report on Form 10-K, SEC File No. 1-446. |
| |
4-B-42 | Supplemental Indenture of Met-Ed, dated March 1,2003. Incorporated by reference to Exhibit 4-10, 2003 Annual Report on Form 10-K, SEC File No. 1-446. |
| |
4-G | Payment and Guarantee Agreement of Met-Ed, dated May 28, 1999 - Incorporated by reference to Exhibit B-1(a), Certificate Pursuant to Rule 24, SEC No. 70-9329. |
| |
4-H | Amendment No. 1 to Payment and Guarantee Agreement of Met-Ed, dated November 23, 1999 - Incorporated by reference to Exhibit 4-H, 1999 Annual Report on Form 10-K, SEC File No. 1-446. |
| |
(A) 12.7 | Consolidated fixed charge ratios - Met-Ed. |
| |
(A) 13.6 | Met-Ed 2004 Annual Report to Stockholders (Only those portions expressly incorporated by reference in this Form 10-K are to be deemed "filed" with SEC.) |
| |
(A) 21.6 | List of Subsidiaries of Met-Ed at December 31, 2004. |
| |
(A) | Provided herein electronic format as an exhibit. |
| |
3. | Exhibits - Exhibits for Pennsylvania Electric Company (Penelec) |
3-E | Restated Articles of Incorporation of Penelec, dated March 8, 1999 - Incorporated by reference to Exhibit 3-G, 1999 Annual Report on Form 10-K, SEC File No. 1-3522. |
| |
3-F | By-Laws of Penelec as amended May 16, 2000, Incorporated by reference to Exhibit 3-F, 2000 Annual Report on Form 10-K, SEC File No. 1-03522. |
| |
4-C | Mortgage and Deed of Trust of Penelec, dated January 1, 1942, between Penelec and United States Trust Company of New York, Successor Trustee, and indentures supplemental thereto dated March 7, 1942 through May 1, 1960 - Incorporated by reference to Penelec’s Instruments of Indebtedness Nos. 1-20, inclusive, filed as a part of Amendment No. 1 to 1959 Annual Report of GPU on Form U5S, SEC File Nos. 30-126 and 1-3292. |
| |
4-C-1 | Supplemental Indentures to Mortgage and Deed of Trust of Penelec, dated May 1, 1961 through December 1, 1977 - Incorporated by reference to Exhibit 2-D(1) to 2-D(19), Registration No. 2-61502. |
Exhibit 3-2)
(B) 4-1 -- Indenture dated as of August 1, 1930 between OE and Bankers
Trust Company, (now the Bank of New York), as Trustee, as
amended and supplemented by Supplemental Indentures:
Dated as of File Reference
Number
4-C-2 | Supplemental Indenture of Penelec, dated June 1, 1978 - Incorporated by reference to Exhibit 4-A(2), Registration No. 33-49669. |
| |
4-C-3 | Supplemental Indenture of Penelec, dated June 1, 1979 - Incorporated by reference to Exhibit 4-A(3), Registration No. 33-49669. |
| |
4-C-4 | Supplemental Indenture of Penelec, dated September 1, 1984 - Incorporated by reference to Exhibit 4-A(4), Registration No. 33-49669. |
| |
4-C-5 | Supplemental Indenture of Penelec, dated December 1, 1985 - Incorporated by reference to Exhibit 4-A(5), Registration No. 33-49669. |
| |
4-C-6 | Supplemental Indenture of Penelec, dated December 1, 1986 - Incorporated by reference to Exhibit 4-A(6), Registration No. 33-49669. |
| |
4-C-7 | Supplemental Indenture of Penelec, dated May 1, 1989 - Incorporated by reference to Exhibit 4-A(7), Registration No. 33-49669. |
| |
4-C-8 | Supplemental Indenture of Penelec, dated December 1, 1990-Incorporated by reference to Exhibit 4-A(8), Registration No. 33-45312. |
| |
4-C-9 | Supplemental Indenture of Penelec, dated March 1, 1992 - Incorporated by reference to Exhibit 4-A(9), Registration No. 33-45312. |
| |
4-C-10 | Supplemental Indenture of Penelec, dated June 1, 1993 - Incorporated by reference to Exhibit C-73, 1993 Annual Report of GPU on Form U5S, SEC File No. 30-126. |
| |
4-C-11 | Supplemental Indenture of Penelec, dated November 1, 1995 - Incorporated by reference to Exhibit 4-C-11, 1995 Annual Report on Form 10-K, SEC File No. 1-3522. |
| |
4-C-12 | Supplemental Indenture of Penelec, dated August 15, 1996 - Incorporated by reference to Exhibit 4-C-12, 1996 Annual Report on Form 10-K, SEC File No. 1-3522. |
| |
4-C-13 | Senior Note Indenture between Penelec and United States Trust Company of New York, dated April 1, 1999 - Incorporated by reference to Exhibit 4-C-13, 1999 Annual Report on Form 10-K, SEC File No. 1-3522. |
| |
4-C-14 | Indenture between Penelec and United States Trust Company of New York, dated June 1, 1999 - Incorporated by reference to Exhibit A-11(a), Certificate Pursuant to Rule 24, SEC File No. 70-9327. |
| |
4-C-15 | First Supplemental Indenture between Penelec and United States Trust Company of New York, dated August 1, 2000 - Incorporated by reference to Exhibit 4-B, June 30, 2000 Quarterly Report on Form 10-Q, SEC File No. 1-3522. |
| |
4-C-16 | Supplemental Indenture of Penelec, dated May 1, 2001. |
| |
4-C-17 | Supplemental Indenture No. 1 of Penelec, dated May 1, 2001. |
| |
4-I | Payment and Guarantee Agreement of Penelec, dated June 16, 1999 - Incorporated by reference to Exhibit B-1(a), Certificate Pursuant to Rule 24, SEC File No. 70-9327. |
| |
4-J | Amendment No. 1 to Payment and Guarantee Agreement of Penelec, dated November 23, 1999 - Incorporated by reference to Exhibit 4-J, 1999 Annual Report on Form 10-K, SEC File No. 1-3522. |
| |
(A) 12.8 | Consolidated fixed charge ratios - Penelec. |
| |
(A) 13.7 | Penelec 2004 Annual Report to Stockholders (Only those portions expressly incorporated by reference in this Form 10-K are to be deemed "filed" with SEC.) |
| |
(A) 21.7 | List of Subsidiaries of Penelec at December 31, 2004. |
Exhibit No.
----------- -------------- -----------
March 3, 1931 2-1725 B1, B-1(a),B-1(b)
November 1, 1935 2-2721 B-4
January 1, 1937 2-3402 B-5
September 1, 1937 Form 8-A B-6
June 13, 1939 2-5462 7(a)-7
August 1, 1974 Form 8-A, August 28, 1974 2(b)
July 1, 1976 Form 8-A, July 28, 1976 2(b)
December 1, 1976 Form 8-A, December 15, 1976 2(b)
June 15, 1977 Form 8-A, June 27, 1977 2(b)
Supplemental Indentures:
September 1, 1944 2-61146 2(b)(2)
April 1, 1945 2-61146 2(b)(2)
September 1, 1948 2-61146 2(b)(2)
May 1, 1950 2-61146 2(b)(2)
January 1, 1954 2-61146 2(b)(2)
May 1, 1955 2-61146 2(b)(2)
August 1, 1956 2-61146 2(b)(2)
March 1, 1958 2-61146 2(b)(2)
April 1, 1959 2-61146 2(b)(2)
June 1, 1961 2-61146 2(b)(2)
28
Exhibit
Number
- ------
Dated as of File Reference Exhibit No.
----------- -------------- -----------
September 1, 1969 2-34351 2(b)(2)
May 1, 1970 2-37146 2(b)(2)
September 1, 1970 2-38172 2(b)(2)
June 1, 1971 2-40379 2(b)(2)
August 1, 1972 2-44803 2(b)(2)
September 1, 1973 2-48867 2(b)(2)
May 15, 1978 2-66957 2(b)(4)
February 1, 1980 2-66957 2(b)(5)
April 15, 1980 2-66957 2(b)(6)
June 15, 1980 2-68023 (b)(4)(b)(5)
October 1, 1981 2-74059 (4)(d)
October 15, 1981 2-75917 (4)(e)
February 15, 1982 2-75917 (4)(e)
July 1, 1982 2-89360 (4)(d)
March 1, 1983 2-89360 (4)(e)
March 1, 1984 2-89360 (4)(f)
September 15, 1984 2-92918 (4)(d)
September 27, 1984 33-2576 (4)(d)
November 8, 1984 33-2576 (4)(d)
December 1, 1984 33-2576 (4)(d)
December 5, 1984 33-2576 (4)(e)
January 30, 1985 33-2576 (4)(e)
February 25, 1985 33-2576 (4)(e)
July 1, 1985 33-2576 (4)(e)
October 1, 1985 33-2576 (4)(e)
January 15, 1986 33-8791 (4)(d)
May 20, 1986 33-8791 (4)(d)
June 3, 1986 33-8791 (4)(e)
October 1, 1986 33-29827 (4)(d)
August 25, 1989 33-34663 (4)(d)
February 15, 1991 33-39713 (4)(d)
May 1, 1991 33-45751 (4)(d)
May 15, 1991 33-45751 (4)(d)
September 15, 1991 33-45751 (4)(d)
April 1, 1992 33-48931 (4)(d)
June 15, 1992 33-48931 (4)(d)
September 15, 1992 33-48931 (4)(e)
April 1, 1993 33-51139 (4)(d)
June 15, 1993 33-51139 (4)(d)
September 15, 1993 33-51139 (4)(d)
November 15, 1993 1-2578 (4)(2)
April 1, 1995 1-2578 (4)(2)
May 1, 1995 1-2578 (4)(2)
July 1, 1995 1-2578 (4)(2)
June 1, 1997 1-2578 (4)(2)
April 1, 1998 1-2578 (4)(2)
June 1, 1998 1-2578 (4)(2)
September 29, 1999 1-2578 (4)(2)
April 1, 2000 1-2578 (4)(2)(a)
April 1, 2000 1-2578 (4)(2)(b)
June 1, 2001 1-2578
(A) February 1, 2003 1-2578 4(2)
(A) March 1, 2003 1-2578 4(2)
(A) August 1, 2003 1-2578 4(2)
(B) 4-2 -- General Mortgage Indenture and Deed of Trust dated as of
January 1, 1998 between OE and the Bank of New York, as
Trustee. Registration No. 333-05277, Exhibit 4(g))
Dated as of File Reference Exhibit No.
----------- -------------- -----------
(A) February 1, 2003 1-2578 4-2
(A) March 1, 2003 1-2578 4-2
(A) August 1, 2003 1-2578 4-2
29
Exhibit
Number
- ------
(A) 4-3 -- Indenture dated as of April 1, 2003 between OE and The Bank of
New York, as Trustee.
10-1 -- Administration Agreement between the CAPCO Group dated as of
September 14, 1967. (Registration No. 2-43102, Exhibit 5(c)(2)
10-2 -- Amendment No. 1 dated January 4, 1974 to Administration
Agreement between the CAPCO Group dated as of September 14,
1967. (Registration No. 2-68906, Exhibit 5(c)(3))
10-3 -- Transmission Facilities Agreement between the CAPCO Group dated
as of September 14, 1967. (Registration No. 2-43102, Exhibit
5(c)(3))
10-4 -- Amendment No. 1 dated as of January 1, 1993 to Transmission
Facilities Agreement between the CAPCO Group dated as of
September 14, 1967. (1993 Form 10-K, Exhibit 10-4)
10-5 -- Agreement for the Termination or Construction of Certain
Agreements effective September 1, 1980 among the CAPCO Group.
(Registration No. 2-68906, Exhibit 10-4)
10-6 -- Amendment dated as of December 23, 1993 to Agreement for the
Termination or Construction of Certain Agreements effective
September 1, 1980 among the CAPCO Group. (1993 Form 10-K,
Exhibit 10-6)
10-7 -- CAPCO Basic Operating Agreement, as amended September 1, 1980.
(Registration No. 2-68906, Exhibit 10-5)
10-8 -- Amendment No. 1 dated August 1, 1981, and Amendment No. 2
dated September 1, 1982 to CAPCO Basic Operating Agreement, as
amended September 1, 1980. (September 30, 1981 Form 10-Q,
Exhibit 20-1 and 1982 Form 10-K, Exhibit 19-3, respectively)
10-9 -- Amendment No. 3 dated July 1, 1984 to CAPCO Basic Operating
Agreement, as amended September 1, 1980. (1985 Form 10-K,
Exhibit 10-7)
10-10 -- Basic Operating Agreement between the CAPCO Companies as
amended October 1, 1991. (1991 Form 10-K, Exhibit 10-8)
10-11 -- Basic Operating Agreement between the CAPCO Companies as
amended January 1, 1993. (1993 Form 10-K, Exhibit 10-11)
10-12 -- Memorandum of Agreement effective as of September 1, 1980 among
the CAPCO Group. (1982 Form 10-K, Exhibit 19-2)
10-13 -- Operating Agreement for Beaver Valley Power Station Units
Nos. 1 and 2 as Amended and Restated September 15, 1987, by and
between the CAPCO Companies. (1987 Form 10-K, Exhibit 10-15)
10-14 -- Construction Agreement with respect to Perry Plant between the
CAPCO Group dated as of July 22, 1974. (Registration No.
2-52251 of Toledo Edison Company, Exhibit 5(yy))
10-15 -- Amendment No. 3 dated as of October 31, 1980 to the Bond
Guaranty dated as of October 1, 1973, as amended, with respect
to the CAPCO Group. (Registration No. 2-68906 of Pennsylvania
Power Company, Exhibit 10-16)
10-16 -- Amendment No. 4 dated as of July 1, 1985 to the Bond Guaranty
dated as October 1, 1973, as amended, by the CAPCO Companies to
National City Bank as Bond Trustee. (1985 Form 10-K, Exhibit
10-30)
10-17 -- Amendment No. 5 dated as of May 1, 1986, to the Bond Guaranty
by the CAPCO Companies to National City Bank as Bond Trustee.
(1986 Form 10-K, Exhibit 10-33)
10-18 -- Amendment No. 6A dated as of December 1, 1991, to the Bond
Guaranty dated as of October 1, 1973, by The Cleveland Electric
Illuminating Company, Duquesne Light Company, Ohio Edison
Company, Pennsylvania Power Company, The Toledo Edison Company
to National City Bank, as Bond Trustee. (1991 Form 10-K,
Exhibit 10-33)
10-19 -- Amendment No. 6B dated as of December 30, 1991, to the Bond
Guaranty dated as of October 1, 1973 by The Cleveland Electric
Illuminating Company, Duquesne Light Company, Ohio Edison
Company, Pennsylvania Power Company, The Toledo Edison Company
to National City Bank, as Bond Trustee. (1991 Form 10-K,
Exhibit 10-34)
30
Exhibit
Number
- ------
10-20 -- Bond Guaranty dated as of December 1, 1991, by The Cleveland
Electric Illuminating Company, Duquesne Light Company, Ohio
Edison Company, Pennsylvania Power Company, The Toledo Edison
Company to National City Bank, as Bond Trustee. (1991
Form 10-K, Exhibit 10-35)
10-21 -- Memorandum of Understanding dated March 31, 1985 among the
CAPCO Companies. (1985 Form 10-K, Exhibit 10-35)
(C) 10-22 -- Ohio Edison System Executive Supplemental Life Insurance
Plan. (1995 Form 10-K, Exhibit 10-44)
(C) 10-23 -- Ohio Edison System Executive Incentive Compensation Plan.
(1995 Form 10-K, Exhibit 10-45.)
(C) 10-24 -- Ohio Edison System Restated and Amended Executive
Deferred Compensation Plan. (1995 Form 10-K, Exhibit 10-46.)
(C) 10-25 -- Ohio Edison System Restated and Amended Supplemental
Executive Retirement Plan. (1995 Form 10-K, Exhibit 10-47.)
(C) 10-26 -- Severance pay agreement between Ohio Edison Company and
W. R. Holland. (1995 Form 10-K, Exhibit 10-48.)
(C) 10-27 -- Severance pay agreement between Ohio Edison Company and
H. P. Burg. (1995 Form 10-K, Exhibit 10-49.)
(C) 10-28 -- Severance pay agreement between Ohio Edison Company and
A. J. Alexander. (1995 Form 10-K, Exhibit 10-50.)
(C) 10-29 -- Severance pay agreement between Ohio Edison Company and
J. A. Gill. (1995 Form 10K, Exhibit 10-51.)
(D) 10-30 -- Participation Agreement dated as of March 16, 1987 among
Perry One Alpha Limited Partnership, as Owner Participant, the
Original Loan Participants listed in Schedule 1 Hereto, as
Original Loan Participants, PNPP Funding Corporation, as
Funding Corporation, The First National Bank of Boston, as
Owner Trustee, Irving Trust Company, as Indenture Trustee and
Ohio Edison Company, as Lessee. (1986 Form 10-K, Exhibit 28-1.)
(D) 10-31 -- Amendment No. 1 dated as of September 1, 1987 to
Participation Agreement dated as of March 16, 1987 among Perry
One Alpha Limited Partnership, as Owner Participant, the
Original Loan Participants listed in Schedule 1 thereto,
as Original Loan Participants, PNPP Funding Corporation, as
Funding Corporation, The First National Bank of Boston, as
Owner Trustee, Irving Trust Company (now The Bank of New York),
as Indenture Trustee, and Ohio Edison Company, as Lessee.
(1991 Form 10-K, Exhibit 10-46.)
(D) 10-32 -- Amendment No. 3 dated as of May 16, 1988 to Participation
Agreement dated as of March 16, 1987, as amended among Perry
One Alpha Limited Partnership, as Owner Participant, PNPP
Funding Corporation, The First National Bank of Boston, as
Owner Trustee, Irving Trust Company, as Indenture Trustee,
and Ohio Edison Company, as Lessee. (1992 Form 10-K,
Exhibit 10-47.)
(D) 10-33 -- Amendment No. 4 dated as of November 1, 1991 to Participation
Agreement dated as of March 16, 1987 among Perry One Alpha
Limited Partnership, as Owner Participant, PNPP Funding
Corporation, as Funding Corporation, PNPP II Funding
Corporation, as New Funding Corporation, The First National
Bank of Boston, as Owner Trustee, The Bank of New York, as
Indenture Trustee and Ohio Edison Company, as Lessee. (1991
Form 10-K, Exhibit 10-47.)
(D) 10-34 -- Amendment No. 5 dated as of November 24, 1992 to Participation
Agreement dated as of March 16, 1987, as amended, among Perry
One Alpha Limited Partnership, as Owner Participant, PNPP
Funding Corporation, as Funding Corporation, PNPP II Funding
Corporation, as New Funding Corporation, The First National
Bank of Boston, as Owner Trustee, The Bank of New York, as
Indenture Trustee and Ohio Edison Company as Lessee. (1992
Form 10-K, Exhibit 10-49.)
31
Exhibit
Number
- ------
(D) 10-35 -- Amendment No. 6 dated as of January 12, 1993 to Participation
Agreement dated as of March 16, 1987 among Perry One Alpha
Limited Partnership, as Owner Participant, PNPP Funding
Corporation, as Funding Corporation, PNPP II Funding
Corporation, as New Funding Corporation, The First National
Bank of Boston, as Owner Trustee, The Bank of New York, as
Indenture Trustee and Ohio Edison Company, as Lessee.
(1992 Form 10-K, Exhibit 10-50.)
(D) 10-36 -- Amendment No. 7 dated as of October 12, 1994 to Participation
Agreement dated as of March 16, 1987 as amended, among Perry
One Alpha Limited Partnership, as Owner Participant, PNPP
Funding Corporation, as Funding Corporation, PNPP II Funding
Corporation, as New Funding Corporation, The First National
Bank of Boston, as Owner Trustee, The Bank of New York, as
Indenture Trustee and Ohio Edison Company, as Lessee. (1994
Form 10-K, Exhibit 10-54.)
(D) 10-37 -- Facility Lease dated as of March 16, 1987 between The First
National Bank of Boston, as Owner Trustee, with Perry One
Alpha Limited Partnership, Lessor, and Ohio Edison Company,
Lessee. (1986 Form 10-K, Exhibit 28-2.)
(D) 10-38 -- Amendment No. 1 dated as of September 1, 1987 to Facility Lease
dated as of March 16, 1997 between The First National Bank of
Boston, as Owner Trustee, Lessor and Ohio Edison Company,
Lessee. (1991 Form 10-K, Exhibit 10-49.)
(D) 10-39 -- Amendment No. 2 dated as of November 1, 1991, to Facility Lease
dated as of March 16, 1987, between The First National Bank of
Boston, as Owner Trustee, Lessor and Ohio Edison Company,
Lessee. (1991 Form 10-K, Exhibit 10-50.)
(D) 10-40 -- Amendment No. 3 dated as of November 24, 1992 to Facility Lease
dated as March 16, 1987 as amended, between The First National
Bank of Boston, as Owner Trustee, with Perry One Alpha Limited
partnership, as Owner Participant and Ohio Edison Company, as
Lessee. (1992 Form 10-K, Exhibit 10-54.)
(D) 10-41 -- Amendment No. 4 dated as of January 12, 1993 to Facility Lease
dated as of March 16, 1987 as amended, between, The First
National Bank of Boston, as Owner Trustee, with Perry One Alpha
Limited Partnership, as Owner Participant, and Ohio Edison
Company, as Lessee. (1994 Form 10-K, Exhibit 10-59.)
(D) 10-42 -- Amendment No. 5 dated as of October 12, 1994 to Facility Lease
dated as of March 16, 1987 as amended, between, The First
National Bank of Boston, as Owner Trustee, with Perry One Alpha
Limited Partnership, as Owner Participant, and Ohio Edison
Company, as Lessee. (1994 Form 10-K, Exhibit 10-60.)
(D) 10-43 -- Letter Agreement dated as of March 19, 1987 between Ohio Edison
Company, Lessee, and The First National Bank of Boston, Owner
Trustee under a Trust dated March 16, 1987 with Chase Manhattan
Realty Leasing Corporation, required by Section 3(d) of the
Facility Lease. (1986 Form 10-K, Exhibit 28-3.)
(D) 10-44 -- Ground Lease dated as of March 16, 1987 between Ohio Edison
Company, Ground Lessor, and The First National Bank of Boston,
as Owner Trustee under a Trust Agreement, dated as of March 16,
1987, with the Owner Participant, Tenant. (1986 Form 10-K,
Exhibit 28-4.)
(D) 10-45 -- Trust Agreement dated as of March 16, 1987 between Perry One
Alpha Limited Partnership, as Owner Participant, and The First
National Bank of Boston. (1986 Form 10-K, Exhibit 28-5.)
(D) 10-46 -- Trust Indenture, Mortgage, Security Agreement and Assignment of
Facility Lease dated as of March 16, 1987 between The First
National Bank of Boston, as Owner Trustee under a Trust
Agreement dated as of March 16, 1987 with Perry One Alpha
Limited Partnership, and Irving Trust Company, as Indenture
Trustee. (1986 Form 10-K, Exhibit 28-6.)
(D) 10-47 -- Supplemental Indenture No. 1 dated as of September 1, 1987 to
Trust Indenture, Mortgage, Security Agreement and Assignment of
Facility Lease dated as of March 16, 1987 between The First
National Bank of Boston as Owner Trustee and Irving Trust
Company (now The Bank of New York), as Indenture Trustee. (1991
Form 10-K, Exhibit 10-55.)
32
Exhibit
Number
- ------
(D) 10-48 -- Supplemental Indenture No. 2 dated as of November 1, 1991 to
Trust Indenture, Mortgage, Security Agreement and Assignment of
Facility Lease dated as of March 16, 1987 between The First
National Bank of Boston, as Owner Trustee and The Bank of New
York, as Indenture Trustee. (1991 Form 10-K, Exhibit 10-56.)
(D) 10-49 -- Tax Indemnification Agreement dated as of March 16, 1987
between Perry One, Inc. and PARock Limited Partnership as
General Partners and Ohio Edison Company, as Lessee. (1986 Form
10-K, Exhibit 28-7.)
(D) 10-50 -- Amendment No. 1 dated as of November 1, 1991 to Tax
Indemnification Agreement dated as of March 16, 1987 between
Perry One, Inc. and PARock Limited Partnership and Ohio Edison
Company. (1991 Form 10-K, Exhibit 10-58.)
(D) 10-51 -- Amendment No. 2 dated as of January 12, 1993 to Tax
Indemnification Agreement dated as of March 16, 1987 between
Perry One, Inc. and PARock Limited Partnership and Ohio Edison
Company. (1994 Form 10-K, Exhibit 10-69.)
(D) 10-52 -- Amendment No. 3 dated as of October 12, 1994 to Tax
Indemnification Agreement dated as of March 16, 1987 between
Perry One, Inc. and PARock Limited Partnership and Ohio Edison
Company. (1994 Form 10-K, Exhibit 10-70.)
(D) 10-53 -- Partial Mortgage Release dated as of March 19, 1987 under the
Indenture between Ohio Edison Company and Bankers Trust
Company, as Trustee, dated as of the 1st day of August 1930.
(1986 Form 10-K, Exhibit 28-8.)
(D) 10-54 -- Assignment, Assumption and Further Agreement dated as of March
16, 1987 among The First National Bank of Boston, as Owner
Trustee under a Trust Agreement, dated as of March 16, 1987,
with Perry One Alpha Limited Partnership, The Cleveland
Electric Illuminating Company, Duquesne Light Company, Ohio
Edison Company, Pennsylvania Power Company and Toledo Edison
Company. (1986 Form 10-K, Exhibit 28-9.)
(D) 10-55 -- Additional Support Agreement dated as of March 16, 1987 between
The First National Bank of Boston, as Owner Trustee under a
Trust Agreement, dated as of March 16, 1987, with Perry One
Alpha Limited Partnership, and Ohio Edison Company. (1986 Form
10-K, Exhibit 28-10.)
(D) 10-56 -- Bill of Sale, Instrument of Transfer and Severance Agreement
dated as of March 19, 1987 between Ohio Edison Company, Seller,
and The First National Bank of Boston, as Owner Trustee under a
Trust Agreement, dated as of March 16, 1987, with Perry One
Alpha Limited Partnership. (1986 Form 10-K, Exhibit 28-11.)
(D) 10-57 -- Easement dated as of March 16, 1987 from Ohio Edison Company,
Grantor, to The First National Bank of Boston, as Owner Trustee
under a Trust Agreement, dated as of March 16, 1987, with Perry
One Alpha Limited Partnership, Grantee. (1986 Form 10-K, File
Exhibit 28-12.)
10-58 -- Participation Agreement dated as of March 16, 1987 among
Security Pacific Capital Leasing Corporation, as Owner
Participant, the Original Loan Participants listed in Schedule
1 Hereto, as Original Loan Participants, PNPP Funding
Corporation, as Funding Corporation, The First National Bank of
Boston, as Owner Trustee, Irving Trust Company, as Indenture
Trustee and Ohio Edison Company, as Lessee. (1986 Form 10-K, as
Exhibit 28-13.)
10-59 -- Amendment No. 1 dated as of September 1, 1987 to Participation
Agreement dated as of March 16, 1987 among Security Pacific
Capital Leasing Corporation, as Owner Participant, The Original
Loan Participants Listed in Schedule 1 thereto, as Original
Loan Participants, PNPP Funding Corporation, as Funding
Corporation, The First National Bank of Boston, as Owner
Trustee, Irving Trust Company, as Indenture Trustee and Ohio
Edison Company, as Lessee. (1991 Form 10-K, Exhibit 10-65.)
10-60 -- Amendment No. 4 dated as of November 1, 1991, to Participation
Agreement dated as of March 16, 1987 among Security Pacific
Capital Leasing Corporation, as Owner Participant, PNPP Funding
Corporation, as Funding Corporation, PNPP II Funding
Corporation, as New Funding Corporation, The First National
Bank of Boston, as Owner Trustee, The Bank of New York, as
Indenture Trustee and Ohio Edison Company, as Lessee. (1991
Form 10-K, Exhibit 10-66.)
33
Exhibit
Number
- ------
10-61 -- Amendment No. 5 dated as of November 24, 1992 to Participation
Agreement dated as of March 16, 1987 as amended among Security
Pacific Capital Leasing Corporation, as Owner Participant, PNPP
Funding Corporation, as Funding Corporation, PNNP II Funding
Corporation, as New Funding Corporation, The First National
Bank of Boston, as Owner Trustee, The Bank of New York, as
Indenture Trustee and Ohio Edison Company, as Lessee. (1992
Form 10-K, Exhibit 10-71.)
10-62 -- Amendment No. 6 dated as of January 12, 1993 to Participation
Agreement dated as of March 16, 1987 as amended among Security
Pacific Capital Leasing Corporation, as Owner Participant, PNPP
Funding Corporation, as Funding Corporation, PNPP II Funding
Corporation, as New Funding Corporation, The First National
Bank of Boston, as Owner Trustee, The Bank of New York, as
Indenture Trustee and Ohio Edison Company, as Lessee. (1994
Form 10-K, Exhibit 10-80.)
10-63 -- Amendment No. 7 dated as of October 12, 1994 to Participation
Agreement dated as of March 16, 1987 as amended among Security
Pacific Capital Leasing Corporation, as Owner Participant, PNPP
Funding Corporation, as Funding Corporation, PNPP II Funding
Corporation, as New Funding Corporation, The First National
Bank of Boston, as Owner Trustee, The Bank of New York, as
Indenture Trustee and Ohio Edison Company, as Lessee. (1994
Form 10-K, Exhibit 10-81.)
10-64 -- Facility Lease dated as of March 16, 1987 between The First
National Bank of Boston, as Owner Trustee, with Security
Pacific Capital Leasing Corporation, Lessor, and Ohio Edison
Company, as Lessee. (1986 Form 10-K, Exhibit 28-14.)
10-65 -- Amendment No. 1 dated as of September 1, 1987 to Facility Lease
dated as of March 16, 1987 between The First National Bank of
Boston as Owner Trustee, Lessor and Ohio Edison Company,
Lessee. (1991 Form 10-K, Exhibit 10-68.)
10-66 -- Amendment No. 2 dated as of November 1, 1991 to Facility Lease
dated as of March 16, 1987 between The First National Bank of
Boston as Owner Trustee, Lessor and Ohio Edison Company,
Lessee. 1991 Form 10-K, Exhibit 10-69.)
10-67 -- Amendment No. 3 dated as of November 24, 1992 to Facility Lease
dated as of March 16, 1987, as amended, between, The First
National Bank of Boston, as Owner Trustee, with Security
Pacific Capital Leasing Corporation, as Owner Participant and
Ohio Edison Company, as Lessee. (1992 Form 10-K,
Exhibit 10-75.)
10-68 -- Amendment No. 4 dated as of January 12, 1993 to Facility Lease
dated as of March 16, 1987 as amended between, The First
National Bank of Boston, as Owner Trustee, with Security
Pacific Capital Leasing Corporation, as Owner Participant, and
Ohio Edison Company, as Lessee. (1992 Form 10-K,
Exhibit 10-76.)
10-69 -- Amendment No. 5 dated as of October 12, 1994 to Facility Lease
dated as of March 16, 1987 as amended between, The First
National Bank of Boston, as Owner Trustee, with Security
Pacific Capital Leasing Corporation, as Owner Participant, and
Ohio Edison Company, as Lessee. (1994 Form 10-K,
Exhibit 10-87.)
10-70 -- Letter Agreement dated as of March 19, 1987 between Ohio Edison
Company, as Lessee, and The First National Bank of Boston, as
Owner Trustee under a Trust, dated as of March 16, 1987, with
Security Pacific Capital Leasing Corporation, required by
Section 3(d) of the Facility Lease. (1986 Form 10-K, Exhibit
28-15.)
10-71 -- Ground Lease dated as of March 16, 1987 between Ohio Edison
Company, Ground Lessor, and The First National Bank of Boston,
as Owner Trustee under a Trust Agreement, dated as of March 16,
1987, with Perry One Alpha Limited Partnership, Tenant. (1986
Form 10-K, Exhibit 28-16.)
10-72 -- Trust Agreement dated as of March 16, 1987 between Security
Pacific Capital Leasing Corporation, as Owner Participant, and
The First National Bank of Boston. (1986 Form 10-K,
Exhibit 28-17.)
34
Exhibit
Number
- ------
10-73 -- Trust Indenture, Mortgage, Security Agreement and Assignment of
Facility Lease dated as of March 16, 1987 between The First
National Bank of Boston, as Owner Trustee under a Trust
Agreement, dated as of March 16, 1987, with Security Pacific
Capital Leasing Corporation, and Irving Trust Company, as
Indenture Trustee. (1986 Form 10-K, Exhibit 28-18.)
10-74 -- Supplemental Indenture No. 1 dated as of September 1, 1987 to
Trust Indenture, Mortgage, Security Agreement and Assignment of
Facility Lease dated as of March 16, 1987 between The First
National Bank of Boston, as Owner Trustee and Irving Trust
Company (now The Bank of New York), as Indenture Trustee. (1991
Form 10-K, Exhibit 10-74.)
10-75 -- Supplemental Indenture No. 2 dated as of November 1, 1991 to
Trust Indenture, Mortgage, Security Agreement and Assignment of
Facility Lease dated as of March 16, 1987 between The First
National Bank of Boston, as Owner Trustee and The Bank of New
York, as Indenture Trustee. (1991 Form 10-K, Exhibit 10-75.)
10-76 -- Tax Indemnification Agreement dated as of March 16, 1987
between Security Pacific Capital Leasing Corporation, as Owner
Participant, and Ohio Edison Company, as Lessee. (1986 Form
10-K, Exhibit 28-19.)
10-77 -- Amendment No. 1 dated as of November 1, 1991 to Tax
Indemnification Agreement dated as of March 16, 1987 between
Security Pacific Capital Leasing Corporation and Ohio Edison
Company. (1991 Form 10-K, Exhibit 10-77.)
10-78 -- Amendment No. 2 dated as of January 12, 1993 to Tax
Indemnification Agreement dated as of March 16, 1987 between
Security Pacific Capital Leasing Corporation and Ohio Edison
Company. (1994 Form 10-K, Exhibit 10-96.)
10-79 -- Amendment No. 3 dated as of October 12, 1994 to Tax
Indemnification Agreement dated as of March 16, 1987 between
Security Pacific Capital Leasing Corporation and Ohio Edison
Company. (1994 Form 10-K, Exhibit 10-97.)
10-80 -- Assignment, Assumption and Further Agreement dated as of March
16, 1987 among The First National Bank of Boston, as Owner
Trustee under a Trust Agreement, dated as of March 16, 1987,
with Security Pacific Capital Leasing Corporation, The
Cleveland Electric Illuminating Company, Duquesne Light
Company, Ohio Edison Company, Pennsylvania Power Company and
Toledo Edison Company. (1986 Form 10-K, Exhibit 28-20.)
10-81 -- Additional Support Agreement dated as of March 16, 1987 between
The First National Bank of Boston, as Owner Trustee under a
Trust Agreement, dated as of March 16, 1987, with Security
Pacific Capital Leasing Corporation, and Ohio Edison Company.
(1986 Form 10-K, Exhibit 28-21.)
10-82 -- Bill of Sale, Instrument of Transfer and Severance Agreement
dated as of March 19, 1987 between Ohio Edison Company, Seller,
and The First National Bank of Boston, as Owner Trustee under a
Trust Agreement, dated as of March 16, 1987, with Security
Pacific Capital Leasing Corporation, Buyer. (1986 Form 10-K,
Exhibit 28-22.)
10-83 -- Easement dated as of March 16, 1987 from Ohio Edison Company,
Grantor, to The First National Bank of Boston, as Owner Trustee
under a Trust Agreement, dated as of March 16, 1987, with
Security Pacific Capital Leasing Corporation, Grantee. (1986
Form 10-K, Exhibit 28-23.)
10-84 -- Refinancing Agreement dated as of November 1, 1991 among Perry
One Alpha Limited Partnership, as Owner Participant, PNPP
Funding Corporation, as Funding Corporation, PNPP II Funding
Corporation, as New Funding Corporation, The First National
Bank of Boston, as Owner Trustee, The Bank of New York, as
Indenture Trustee, The Bank of New York, as Collateral Trust
Trustee, The Bank of New York, as New Collateral Trust Trustee
and Ohio Edison Company, as Lessee. (1991 Form 10-K,
Exhibit 10-82.)
10-85 -- Refinancing Agreement dated as of November 1, 1991 among
Security Pacific Leasing Corporation, as Owner Participant,
PNPP Funding Corporation, as Funding Corporation, PNPP II
Funding Corporation, as New Funding Corporation, The First
National Bank of Boston, as Owner Trustee, The Bank of New
York, as Indenture Trustee, The Bank of New York, as Collateral
Trust Trustee, The Bank of New York as New Collateral Trust
Trustee and Ohio Edison Company, as Lessee. (1991 Form 10-K,
Exhibit 10-83.)
35
Exhibit
Number
- ------
10-86 -- Ohio Edison Company Master Decommissioning Trust Agreement for
Perry Nuclear Power Plant Unit One, Perry Nuclear Power Plant
Unit Two, Beaver Valley Power Station Unit One and Beaver
Valley Power Station Unit Two dated July 1, 1993. (1993
Form 10-K, Exhibit 10-94.)
10-87 -- Nuclear Fuel Lease dated as of March 31, 1989, between OES
Fuel, Incorporated, as Lessor, and Ohio Edison Company, as
Lessee. (1989 Form 10-K, Exhibit 10-62.)
10-88 -- Receivables Purchase Agreement dated as November 28, 1989, as
amended and restated as of April 23, 1993, between OES Capital,
Incorporated, Corporate Asset Funding Company, Inc. and
Citicorp North America, Inc. (1994 Form 10-K, Exhibit 10-106.)
10-89 -- Guarantee Agreement entered into by Ohio Edison Company dated
as of January 17, 1991. (1990 Form 10-K, Exhibit 10-64.)
10-90 -- Transfer and Assignment Agreement among Ohio Edison Company and
Chemical Bank, as trustee under the OE Power Contract Trust.
(1990 Form 10-K, Exhibit 10-65.)
10-91 -- Renunciation of Payments and Assignment among Ohio Edison
Company, Monongahela Power Company, West Penn Power Company,
and the Potomac Edison Company dated as of January 4, 1991.
(1990 Form 10-K, Exhibit 10-66.)
10-92 -- Transfer and Assignment Agreement dated May 20, 1994 among Ohio
Edison Company and Chemical Bank, as trustee under the OE Power
Contract Trust. (1994 Form 10-K, Exhibit 10-110.)
10-93 -- Renunciation of Payments and Assignment among Ohio Edison
Company, Monongahela Power Company, West Penn Power Company,
and the Potomac Edison Company dated as of May 20, 1994. (1994
Form 10-K, Exhibit 10-111.)
10-94 -- Transfer and Assignment Agreement dated October 12, 1994 among
Ohio Edison Company and Chemical Bank, as trustee under the OE
Power Contract Trust. (1994 Form 10-K, Exhibit 10-112.)
10-95 -- Renunciation of Payments and Assignment among Ohio Edison
Company, Monongahela Power Company, West Penn Power Company,
and the Potomac Edison Company dated as of October 12, 1994.
(1994 Form 10-K, Exhibit 10-113.)
(E) 10-96 -- Participation Agreement dated as of September 15, 1987,
among Beaver Valley Two Pi Limited Partnership, as Owner
Participant, the Original Loan Participants listed in
Schedule 1 Thereto, as Original Loan Participants, BVPS Funding
Corporation, as Funding Corporation, The First National Bank of
Boston, as Owner Trustee, Irving Trust Company, as Indenture
Trustee and Ohio Edison Company as Lessee. (1987 Form 10-K,
Exhibit 28-1.)
(E) 10-97 -- Amendment No. 1 dated as of February 1, 1988, to Participation
Agreement dated as of September 15, 1987, among Beaver Valley
Two Pi Limited Partnership, as Owner Participant, the Original
Loan Participants listed in Schedule 1 Thereto, as Original
Loan Participants, BVPS Funding Corporation, as Funding
Corporation, The First National Bank of Boston, as Owner
Trustee, Irving Trust Company, as Indenture Trustee and Ohio
Edison Company, as Lessee. (1987 Form 10-K, Exhibit 28-2.)
(E) 10-98 -- Amendment No. 3 dated as of March 16, 1988 to Participation
Agreement dated as of September 15, 1987, as amended, among
Beaver Valley Two Pi Limited Partnership, as Owner Participant,
BVPS Funding Corporation, The First National Bank of Boston, as
Owner Trustee, Irving Trust Company, as Indenture Trustee and
Ohio Edison Company, as Lessee. (1992 Form 10-K,
Exhibit 10-99.)
(E) 10-99 -- Amendment No. 4 dated as of November 5, 1992 to Participation
Agreement dated as of September 15, 1987, as amended, among
Beaver Valley Two Pi Limited Partnership, as Owner Participant,
BVPS Funding Corporation, BVPS II Funding Corporation, The
First National Bank of Boston, as Owner Trustee, The Bank of
New York, as Indenture Trustee and Ohio Edison Company, as
Lessee. (1992 Form 10-K, Exhibit 10-100.)
36
Exhibit
Number
- ------
(E) 10-100 -- Amendment No. 5 dated as of September 30, 1994 to
Participation Agreement dated as of September 15, 1987, as
amended, among Beaver Valley Two Pi Limited Partnership, as
Owner Participant, BVPS Funding Corporation, BVPS II Funding
Corporation, The First National Bank of Boston, as Owner
Trustee, The Bank of New York, as Indenture Trustee and Ohio
Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-118.)
(E) 10-101 -- Facility Lease dated as of September 15, 1987, between The
First National Bank of Boston, as Owner Trustee, with Beaver
Valley Two Pi Limited Partnership, Lessor, and Ohio Edison
Company, Lessee. (1987 Form 10-K, Exhibit 28-3.)
(E) 10-102 -- Amendment No. 1 dated as of February 1, 1988, to Facility
Lease dated as of September 15, 1987, between The First
National Bank of Boston, as Owner Trustee, with Beaver Valley
Two Pi Limited Partnership, Lessor, and Ohio Edison Company,
Lessee. (1987 Form 10-K, Exhibit 28-4.)
(E) 10-103 -- Amendment No. 2 dated as of November 5, 1992, to Facility
Lease dated as of September 15, 1987, as amended, between The
First National Bank of Boston, as Owner Trustee, with Beaver
Valley Two Pi Limited Partnership, as Owner Participant, and
Ohio Edison Company, as Lessee. (1992 Form 10-K, Exhibit
10-103.)
(E) 10-104 -- Amendment No. 3 dated as of September 30, 1994 to Facility
Lease dated as of September 15, 1987, as amended, between The
First National Bank of Boston, as Owner Trustee, with Beaver
Valley Two Pi Limited Partnership, as Owner Participant, and
Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit
10-122.)
(E) 10-105 -- Ground Lease and Easement Agreement dated as of September 15,
1987, between Ohio Edison Company, Ground Lessor, and The First
National Bank of Boston, as Owner Trustee under a Trust
Agreement, dated as of September 15, 1987, with Beaver Valley
Two Pi Limited Partnership, Tenant. (1987 Form 10-K, Exhibit
28-5.)
(E) 10-106 -- Trust Agreement dated as of September 15, 1987, between Beaver
Valley Two Pi Limited Partnership, as Owner Participant, and
The First National Bank of Boston. (1987 Form 10-K,
Exhibit 28-6.)
(E) 10-107 -- Trust Indenture, Mortgage, Security Agreement and Assignment
of Facility Lease dated as of September 15, 1987, between The
First National Bank of Boston, as Owner Trustee under a Trust
Agreement dated as of September 15, 1987, with Beaver Valley
Two Pi Limited Partnership, and Irving Trust Company, as
Indenture Trustee. (1987 Form 10-K, Exhibit 28-7.)
(E) 10-108 -- Supplemental Indenture No. 1 dated as of February 1, 1988 to
Trust Indenture, Mortgage, Security Agreement and Assignment of
Facility Lease dated as of September 15, 1987 between The First
National Bank of Boston, as Owner Trustee under a Trust
Agreement dated as of September 15, 1987 with Beaver Valley Two
Pi Limited Partnership and Irving Trust Company, as Indenture
Trustee. (1987 Form 10-K, Exhibit 28-8.)
(E) 10-109 -- Tax Indemnification Agreement dated as of September 15, 1987,
between Beaver Valley Two Pi Inc. and PARock Limited
Partnership as General Partners and Ohio Edison Company, as
Lessee. (1987 Form 10-K, Exhibit 28-9.)
(E) 10-110 -- Amendment No. 1 dated as of November 5, 1992 to Tax
Indemnification Agreement dated as of September 15, 1987,
between Beaver Valley Two Pi Inc. and PARock Limited
Partnership as General Partners and Ohio Edison Company, as
Lessee. (1994 Form 10-K, Exhibit 10-128.)
(E) 10-111 -- Amendment No. 2 dated as of September 30, 1994 to Tax
Indemnification Agreement dated as of September 15, 1987,
between Beaver Valley Two Pi Inc. and PARock Limited
Partnership as General Partners and Ohio Edison Company, as
Lessee. (1994 Form 10-K, Exhibit 10-129.)
(E) 10-112 -- Tax Indemnification Agreement dated as of September 15, 1987,
between HG Power Plant, Inc., as Limited Partner and Ohio
Edison Company, as Lessee. (1987 Form 10-K, Exhibit 28-10.)
37
Exhibit
Number
- ------
(E) 10-113 -- Amendment No. 1 dated as of November 5, 1992 to Tax
Indemnification Agreement dated as of September 15, 1987,
between HG Power Plant, Inc., as Limited Partner and Ohio
Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-131.)
(E) 10-114 -- Amendment No. 2 dated as of September 30, 1994 to Tax
Indemnification Agreement dated as of September 15, 1987,
between HG Power Plant, Inc., as Limited Partner and Ohio
Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-132.)
(E) 10-115 -- Assignment, Assumption and Further Agreement dated as of
September 15, 1987, among The First National Bank of Boston,
as Owner Trustee under a Trust Agreement, dated as of
September 15, 1987, with Beaver Valley Two Pi Limited
Partnership, The Cleveland Electric Illuminating Company,
Duquesne Light Company, Ohio Edison Company, Pennsylvania Power
Company and Toledo Edison Company. (1987 Form 10-K,
Exhibit 28-11.)
(E) 10-116 -- Additional Support Agreement dated as of September 15, 1987,
between The First National Bank of Boston, as Owner Trustee
under a Trust Agreement, dated as of September 15, 1987, with
Beaver Valley Two Pi Limited Partnership, and Ohio Edison
Company. (1987 Form 10-K, Exhibit 28-12.)
(F) 10-117 -- Participation Agreement dated as of September 15, 1987, among
Chrysler Consortium Corporation, as Owner Participant, the
Original Loan Participants listed in Schedule 1 Thereto, as
Original Loan Participants, BVPS Funding Corporation as Funding
Corporation, The First National Bank of Boston, as Owner
Trustee, Irving Trust Company, as Indenture Trustee and Ohio
Edison Company, as Lessee. (1987 Form 10-K, Exhibit 28-13.)
(F) 10-118 -- Amendment No. 1 dated as of February 1, 1988, to Participation
Agreement dated as of September 15, 1987, among Chrysler
Consortium Corporation, as Owner Participant, the Original Loan
Participants listed in Schedule 1 Thereto, as Original Loan
Participants, BVPS Funding Corporation, as Funding Corporation,
The First National Bank of Boston, as Owner Trustee, Irving
Trust Company, as Indenture Trustee, and Ohio Edison Company,
as Lessee. (1987 Form 10-K, Exhibit 28-14.)
(F) 10-119 -- Amendment No. 3 dated as of March 16, 1988 to Participation
Agreement dated as of September 15, 1987, as amended, among
Chrysler Consortium Corporation, as Owner Participant, BVPS
Funding Corporation, The First National Bank of Boston, as
Owner Trustee, Irving Trust Company, as Indenture Trustee, and
Ohio Edison Company, as Lessee. (1992 Form 10-K,
Exhibit 10-114.)
(F) 10-120 -- Amendment No. 4 dated as of November 5, 1992 to Participation
Agreement dated as of September 15, 1987, as amended, among
Chrysler Consortium Corporation, as Owner Participant, BVPS
Funding Corporation, BVPS II Funding Corporation, The First
National Bank of Boston, as Owner Trustee, The Bank of New
York, as Indenture Trustee and Ohio Edison Company, as Lessee.
(1992 Form 10-K, Exhibit 10-115.)
(F) 10-121 -- Amendment No. 5 dated as of January 12, 1993 to Participation
Agreement dated as of September 15, 1987, as amended, among
Chrysler Consortium Corporation, as Owner Participant, BVPS
Funding Corporation, BVPS II Funding Corporation, The First
National Bank of Boston, as Owner Trustee, The Bank of New
York, as Indenture Trustee and Ohio Edison Company, as Lessee.
(1994 Form 10-K, Exhibit 10-139.)
(F) 10-122 -- Amendment No. 6 dated as of September 30, 1994 to
Participation Agreement dated as of September 15, 1987, as
amended, among Chrysler Consortium Corporation, as Owner
Participant, BVPS Funding Corporation, BVPS II Funding
Corporation, The First National Bank of Boston, as Owner
Trustee, The Bank of New York, as Indenture Trustee and Ohio
Edison Company, as Lessee. (1994 Form 10-K, Exhibit 10-140.)
(F) 10-123 -- Facility Lease dated as of September 15, 1987, between The
First National Bank of Boston, as Owner Trustee, with Chrysler
Consortium Corporation, Lessor, and Ohio Edison Company, as
Lessee. (1987 Form 10-K, Exhibit 28-15.)
38
Exhibit
Number
- ------
(F) 10-124 -- Amendment No. 1 dated as of February 1, 1988, to Facility
Lease dated as of September 15, 1987, between The First
National Bank of Boston, as Owner Trustee, with Chrysler
Consortium Corporation, Lessor, and Ohio Edison Company,
Lessee. (1987 Form 10-K, Exhibit 28-16.)
(F) 10-125 -- Amendment No. 2 dated as of November 5, 1992 to Facility Lease
dated as of September 15, 1987, as amended, between The First
National Bank of Boston, as Owner Trustee, with Chrysler
Consortium Corporation, as Owner Participant, and Ohio Edison
Company, as Lessee. (1992 Form 10-K, Exhibit 10-118.)
(F) 10-126 -- Amendment No. 3 dated as of January 12, 1993 to Facility Lease
dated as of September 15, 1987, as amended, between The First
National Bank of Boston, as Owner Trustee, with Chrysler
Consortium Corporation, as Owner Participant, and Ohio Edison
Company, as Lessee. (1992 Form 10-K, Exhibit 10-119.)
(F) 10-127 -- Amendment No. 4 dated as of September 30, 1994 to Facility
Lease dated as of September 15, 1987, as amended, between The
First National Bank of Boston, as Owner Trustee, with Chrysler
Consortium Corporation, as Owner Participant, and Ohio Edison
Company, as Lessee. (1994 Form 10-K, Exhibit 10-145.)
(F) 10-128 -- Ground Lease and Easement Agreement dated as of September 15,
1987, between Ohio Edison Company, Ground Lessor, and The First
National Bank of Boston, as Owner Trustee under a Trust
Agreement, dated as of September 15, 1987, with Chrysler
Consortium Corporation, Tenant. (1987 Form 10-K,
Exhibit 28-17.)
(F) 10-129 -- Trust Agreement dated as of September 15, 1987, between
Chrysler Consortium Corporation, as Owner Participant, and The
First National Bank of Boston. (1987 Form 10-K, Exhibit 28-18.)
(F) 10-130 -- Trust Indenture, Mortgage, Security Agreement and Assignment
of Facility Lease dated as of September 15, 1987, between The
First National Bank of Boston, as Owner Trustee under a Trust
Agreement, dated as of September 15, 1987, with Chrysler
Consortium Corporation and Irving Trust Company, as Indenture
Trustee. (1987 Form 10-K, Exhibit 28-19.)
(F) 10-131 -- Supplemental Indenture No. 1 dated as of February 1, 1988 to
Trust Indenture, Mortgage, Security Agreement and Assignment of
Facility Lease dated as of September 15, 1987 between The First
National Bank of Boston, as Owner Trustee under a Trust
Agreement dated as of September 15, 1987 with Chrysler
Consortium Corporation and Irving Trust Company, as Indenture
Trustee. (1987 Form 10-K, Exhibit 28-20.)
(F) 10-132 -- Tax Indemnification Agreement dated as of September 15, 1987,
between Chrysler Consortium Corporation, as Owner Participant,
and Ohio Edison Company, Lessee. (1987 Form 10-K, Exhibit
28-21.)
(F) 10-133 -- Amendment No. 1 dated as of November 5, 1992 to Tax
Indemnification Agreement dated as of September 15, 1987,
between Chrysler Consortium Corporation, as Owner Participant,
and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit
10-151.)
(F) 10-134 -- Amendment No. 2 dated as of January 12, 1993 to Tax
Indemnification Agreement dated as of September 15, 1987,
between Chrysler Consortium Corporation, as Owner Participant,
and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit
10-152.)
(F) 10-135 -- Amendment No. 3 dated as of September 30, 1994 to Tax
Indemnification Agreement dated as of September 15, 1987,
between Chrysler Consortium Corporation, as Owner Participant,
and Ohio Edison Company, as Lessee. (1994 Form 10-K, Exhibit
10-153.)
(F) 10-136 -- Assignment, Assumption and Further Agreement dated as of
September 15, 1987, among The First National Bank of Boston, as
Owner Trustee under a Trust Agreement, dated as of September
15, 1987, with Chrysler Consortium Corporation, The Cleveland
Electric Illuminating Company, Duquesne Light Company, Ohio
Edison Company, Pennsylvania Power Company, and Toledo Edison
Company. (1987 Form 10-K, Exhibit 28-22.)
(F) 10-137 -- Additional Support Agreement dated as of September 15, 1987,
between The First National Bank of Boston, as Owner Trustee
under a Trust Agreement, dated as of September 15, 1987, with
Chrysler Consortium Corporation, and Ohio Edison Company. (1987
Form 10-K, Exhibit 28-23.)
39
Exhibit
Number
- ------
10-138 -- Operating Agreement dated March 10, 1987 with respect to Perry
Unit No. 1 between the CAPCO Companies. (1987 Form 10-K,
Exhibit 28-24.)
10-139 -- Operating Agreement for Bruce Mansfield Units Nos. 1, 2 and 3
dated as of June 1, 1976, and executed on September 15, 1987,
by and between the CAPCO Companies. (1987 Form 10-K,
Exhibit 28-25.)
10-140 -- Operating Agreement for W. H. Sammis Unit No. 7 dated as of
September 1, 1971 by and between the CAPCO Companies. (1987
Form 10-K, Exhibit 28-26.)
10-141 -- OE-APS Power Interchange Agreement dated March 18, 1987, by
and among Ohio Edison Company and Pennsylvania Power Company,
and Monongahela Power Company and West Penn Power Company and
The Potomac Edison Company. (1987 Form 10-K, Exhibit 28-27.)
10-142 -- OE-PEPCO Power Supply Agreement dated March 18, 1987, by and
among Ohio Edison Company and Pennsylvania Power Company and
Potomac Electric Power Company. (1987 Form 10-K,
Exhibit 28-28.)
10-143 -- Supplement No. 1 dated as of April 28, 1987, to the OE-PEPCO
Power Supply Agreement dated March 18, 1987, by and among Ohio
Edison Company, Pennsylvania Power Company, and Potomac
Electric Power Company. (1987 Form 10-K, Exhibit 28-29.)
10-144 -- APS-PEPCO Power Resale Agreement dated March 18, 1987, by and
among Monongahela Power Company, West Penn Power Company, and
The Potomac Edison Company and Potomac Electric Power Company.
(1987 Form 10-K, Exhibit 28-30.)
(A) 12.2 -- Consolidated fixed charge ratios.
(A) 13.1 -- OE 2003 Annual Report to Stockholders (Only those portions
expressly incorporated by reference in this Form 10-K are to be
deemed "filed" with the SEC.)
(A) 21.1 -- List of Subsidiaries of the Registrant at December 31, 2003.
(A) 23.1 -- Consent of Independent Accountants.
(A) Provided herein in electronic format as an exhibit.
(B) Pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S-K, OE
has not filed as an exhibit to this Form 10-K any instrument with
respect to long-term debt if the total amount of securities authorized
thereunder does not exceed 10% of the total assets of OE and its
subsidiaries on a consolidated basis, but hereby agrees to furnish to
the SEC on request any such instruments.
(C) Management contract or compensatory plan contract or arrangement
filed pursuant to Item 601 of Regulation S-K.
(D) Substantially similar documents have been entered into relating to
three additional Owner Participants.
(E) Substantially similar documents have been entered into relating to
five additional Owner Participants.
(F) Substantially similar documents have been entered into relating to
two additional Owner Participants.
Note: Reports of OE on Forms 10-Q and 10-K are on file with the SEC
under number 1-2578.
Pursuant to Rule 14a - 3 (10) of the Securities Exchange Act of 1934,
the Company will furnish any exhibit in this Report upon the payment
of the Company's expenses in furnishing such exhibit.
3. Exhibits - Penn
3-1 -- Amended and Restated Articles of Incorporation, as amended
March 15, 2002. (2001 Form 10-K, Exhibit 3-1)
40
Exhibit
Number
- ------
3-2 -- Amended and Restated By-Laws of Penn, as amended March 15,
2002. (2001 Form 10-K, Exhibit 3-2)
4-1* -- Indenture dated as of November 1, 1945, between Penn and The
First National Bank of the City of New York (now Citibank,
N.A.), as Trustee, as supplemented and amended by Supplemental
Indentures dated as of May 1, 1948, March 1, 1950, February 1,
1952, October 1, 1957, September 1, 1962, June 1, 1963, June
1, 1969, May 1, 1970, April 1, 1971, October 1, 1971, May 1,
1972, December 1, 1974, October 1, 1975, September 1, 1976,
April 15, 1978, June 28, 1979, January 1, 1980, June 1, 1981,
January 14, 1982, August 1, 1982, December 15, 1982, December
1, 1983, September 6, 1984, December 1, 1984, May 30, 1985,
October 29, 1985, August 1, 1987, May 1, 1988, November 1,
1989, December 1, 1990, September 1, 1991, May 1, 1992, July
15, 1992, August 1, 1992, and May 1, 1993, July 1, 1993,
August 31, 1993, September 1, 1993, September 15, 1993,
October 1, 1993, November 1, 1993, and August 1, 1994.
(Physically filed and designated as Exhibits 2(b)(1)-1 through
2(b)(1)-15 in Registration Statement File No. 2-60837; as
Exhibits 2(b)(2), 2(b)(3), and 2(b)(4) in Registration
Statement File No. 2-68906; as Exhibit 4-2 in Form 10-K for
1981 File No. 1-3491; as Exhibit 19-1 in Form 10-K for 1982
File No. 1-3491; as Exhibit 19-1 in Form 10-K for 1983 File
No. 1-3491; as Exhibit 19-1 in Form 10-K for 1984 File No.
1-3491; as Exhibit 19-1 in Form 10-K for 1985 File No. 1-3491;
as Exhibit 19-1 in Form 10-K for 1987 File No. 1-3491; as
Exhibit 19-1 in Form 10-K for 1988 File No. 1-3491; as Exhibit
19 in Form 10-K for 1989 File No. 1-3491; as Exhibit 19 in
Form 10-K for 1990 File No. 1-3491; as Exhibit 19 in Form 10-K
for 1991 File No. 1-3491; as Exhibit 19-1 in Form 10-K for
1992 File No. 1-3491; as Exhibit 4-2 in Form 10-K for 1993
File No. 1-3491; and as Exhibit 4-2 in Form 10-K for 1994 File
No. 1-3491.)
4-2 -- Supplemental Indenture dated as of September 1, 1995,
between Penn and Citibank, N.A., as Trustee. (1995 Form 10-K,
Exhibit 4-2.)
4-3 -- Supplemental Indenture dated as of June 1, 1997, between
Penn and Citibank, N.A., as Trustee. (1997 Form 10-K, Exhibit
4-3.)
4-4 -- Supplemental Indenture dated as of June 1, 1998, between
Penn and Citibank, N. A., as Trustee. (1998 Form 10-K, Exhibit
4-4.)
4-5 -- Supplemental Indenture dated as of September 29, 1999,
between Penn and Citibank, N.A., as Trustee. (1999 Form 10-K,
Exhibit 4-5.)
4-6 -- Supplemental Indenture dated as of November 15, 1999, between
Penn and Citibank, N.A., as Trustee. (1999 Form 10-K,
Exhibit 4-6.)
4-7 -- Supplemental Indenture dated as of June 1, 2001. (2001 Form
10-K, Exhibit 4-7)
10-1 -- Administration Agreement between the CAPCO Group dated as
of September 14, 1967. (Registration Statement of Ohio Edison
Company, File No. 2-43102, Exhibit 5(c)(2).)
10-2 -- Amendment No. 1 dated January 4, 1974 to Administration
Agreement between the CAPCO Group dated as of September 14,
1967. (Registration Statement No. 2-68906, Exhibit 5 (c)(3).)
10-3 -- Transmission Facilities Agreement between the CAPCO Group dated
as of September 14, 1967. (Registration Statement of Ohio
Edison Company, File No. 2-43102, Exhibit 5 (c)(3).)
10-4 -- Amendment No. 1 dated as of January 1, 1993 to Transmission
Facilities Agreement between the CAPCO Group dated as of
September 14, 1967. (1993 Form 10-K, Exhibit 10-4, Ohio Edison
Company.)
10-5 -- Agreement for the Termination or Construction of Certain
Agreements effective September 1, 1980 among the CAPCO
Group. (Registration Statement No. 2-68906, Exhibit 10-4.)
- -----------------------------
* Pursuant to paragraph (b)(4)(iii) (A) of Item 601 of Regulation S-K, Penn
has not filed as an exhibit to this Form 10-K any instrument with respect to
long-term debt if the total amount of securities authorized thereunder does
not exceed 10% of the total assets of Penn, but hereby agrees to furnish to
the Commission on request any such instruments.
41
Exhibit
Number
- ------
10-6 -- Amendment dated as of December 23, 1993 to Agreement for
the Termination or Construction of Certain Agreements
effective September 1, 1980 among the CAPCO Group. (1993 Form
10-K, Exhibit 10-6, Ohio Edison Company.)
10-7 -- CAPCO Basic Operating Agreement, as amended September 1,
1980. (Registration Statement No. 2-68906, as Exhibit 10-5.)
10-8 -- Amendment No. 1 dated August 1, 1981 and Amendment No. 2
dated September 1, 1982, to CAPCO Basic Operating Agreement as
amended September 1, 1980. (September 30, 1981 Form 10-Q,
Exhibit 20-1 and 1982 Form 10-K, Exhibit 19-3, File No.
1-2578, of Ohio Edison Company.)
10-9 -- Amendment No. 3 dated as of July 1, 1984, to CAPCO Basic
Operating Agreement as amended September 1, 1980. (1985 Form
10-K, Exhibit 10-7, File No. 1-2578, of Ohio Edison Company.)
10-10 -- Basic Operating Agreement between the CAPCO Companies as
amended October 1, 1991. (1991 Form 10-K, Exhibit 10-8, File
No. 1-2578, of Ohio Edison Company.)
10-11 -- Basic Operating Agreement between the CAPCO Companies as
amended January 1, 1993. (1993 Form 10-K, Exhibit 10-11, Ohio
Edison.)
10-12 -- Memorandum of Agreement effective as of September 1, 1980,
among the CAPCO Group. (1991 Form 10-K, Exhibit 19-2, Ohio
Edison Company.)
10-13 -- Operating Agreement for Beaver Valley Power Station Units
Nos. 1 and 2 as Amended and Restated September 15, 1987, by and
between the CAPCO Companies. (1987 Form 10-K, Exhibit 10-15,
File No. 1-2578, of Ohio Edison Company.)
10-14 -- Construction Agreement with respect to Perry Plant between
the CAPCO Group dated as of July 22, 1974. (Registration
Statement of Toledo Edison Company, File No. 2-52251, as
Exhibit 5 (yy).)
10-15 -- Memorandum of Understanding dated as of March 31, 1985, among
the CAPCO Companies. (1985 Form 10-K, Exhibit 10-35, File No.
1-2578, Ohio Edison Company.)
(B) 10-16 -- Ohio Edison System Executive Supplemental Life Insurance Plan.
(1995 Form 10-K, Exhibit 10-44, File No. 1-2578, Ohio Edison
Company.)
(B) 10-17 -- Ohio Edison System Executive Incentive Compensation Plan. (1995
Form 10-K, Exhibit 10-45, File No. 1-2578, Ohio Edison
Company.)
(B) 10-18 -- Ohio Edison System Restated and Amended Executive Deferred
Compensation Plan. (1995 Form 10-K, Exhibit 10-46, File
No. 1-2578, Ohio Edison Company.)
(B) 10-19 -- Ohio Edison System Restated and Amended Supplemental Executive
Retirement Plan. (1995 Form 10-K, Exhibit 10-47, File
No. 1-2578, Ohio Edison Company.)
10-20 -- Operating Agreement for Perry Unit No. 1 dated March 10,
1987, by and between the CAPCO Companies. (1987 Form 10-K,
Exhibit 28-24, File No. 1-2578, Ohio Edison Company.)
10-21 -- Operating Agreement for Bruce Mansfield Units Nos. 1, 2 and 3
dated as of June 1, 1976, and executed on September 15, 1987,
by and between the CAPCO Companies. (1987 Form 10-K,
Exhibit 28-25, File No. 1-2578, Ohio Edison Company.)
10-22 -- Operating Agreement for W. H. Sammis Unit No. 7 dated as of
September 1, 1971, by and between the CAPCO Companies. (1987
Form 10-K, Exhibit 28-26, File No. 1-2578, Ohio Edison
Company.)
10-23 -- OE-APS Power Interchange Agreement dated March 18, 1987, by
and among Ohio Edison Company and Pennsylvania Power Company,
and Monongahela Power Company and West Penn Power Company and
The Potomac Edison Company. (1987 Form 10-K, Exhibit 28-27,
File No. 1-2578, of Ohio Edison Company.)
42
Exhibit
Number
- ------
10-24 -- OE-PEPCO Power Supply Agreement dated March 18, 1987, by and
among Ohio Edison Company and Pennsylvania Power Company and
Potomac Electric Power Company. (1987 Form 10-K, Exhibit 28-28,
File No. 1-2578, of Ohio Edison Company.)
10-25 -- Supplement No. 1 dated as of April 28, 1987, to the OE-PEPCO
Power Supply Agreement dated March 18, 1987, by and among Ohio
Edison Company, Pennsylvania Power Company and Potomac Electric
Power Company. (1987 Form 10-K, Exhibit 28-29, File No. 1-2578,
of Ohio Edison Company.)
10-26 -- APS-PEPCO Power Resale Agreement dated March 18, 1987, by and
among Monongahela Power Company, West Penn Power Company, and
The Potomac Edison Company and Potomac Electric Power Company.
(1987 Form 10-K, Exhibit 28-30, File No. 1-2578, of Ohio Edison
Company.)
10-27 -- Pennsylvania Power Company Master Decommissioning Trust
Agreement for Beaver Valley Power Station and Perry Nuclear
Power Plant dated as of April 21, 1995. (Quarter ended June 30,
1995 Form 10-Q, Exhibit 10, File No. 1-3491.)
10-28 -- Nuclear Fuel Lease dated as of March 31, 1989, between OES
Fuel, Incorporated, as Lessor, and Pennsylvania Power Company,
as Lessee. (1989 Form 10-K, Exhibit 10-39, File No. 1-3491.)
(A) 12.5 -- Fixed Charge Ratios
(A) 13.4 -- Penn 2003 Annual Report to Stockholders. (Only those
portions expressly incorporated by reference in this Form 10-K
are to be deemed "filed" with the Securities and Exchange
Commission.)
(A) 23.2 -- Consent of Independent Accountants.
(A) Provided herein in electronic format as an exhibit.
(B) -- Management contract or compensatory plan contract or
arrangement filed pursuant to Item 601 of Regulation S-K.
Pursuant to Rule 14a-3(10) of the Securities Exchange Act of
1934, the Company will furnish any exhibit in this Report upon
the payment of the Company's expenses in furnishing such
exhibit.
3. Exhibits - Common Exhibits to CEI and TE
Exhibit
Number
2(a) -- Agreement and Plan of Merger between Ohio Edison and Centerior
Energy dated as of September 13, 1996 (Exhibit (2)-1,
Form S-4 File No. 333-21011, filed by FirstEnergy).
2(b) -- Merger Agreement by and among Centerior Acquisition Corp.,
FirstEnergy and Centerior (Exhibit (2)-3, Form S-4 File No.
333-21011, filed by FirstEnergy).
4(a) -- Rights Agreement (Exhibit 4, June 25, 1996 Form 8-K, File Nos.
1-9130, 1-2323 and 1-3583).
4(b)(1) -- Form of Note Indenture between Cleveland Electric, Toledo
Edison and The Chase Manhattan Bank, as Trustee dated as of
June 13, 1997 (Exhibit 4(c), Form S-4 File No. 333-35931,
filed by Cleveland Electric and Toledo Edison).
4(b)(2) -- Form of First Supplemental Note Indenture between Cleveland
Electric, Toledo Edison and The Chase Manhattan Bank, as
Trustee dated as of June 13, 1997 (Exhibit 4(d), Form S-4 File
No. 333-35931, filed by Cleveland Electric and Toledo Edison).
10b(1)(a) -- CAPCO Administration Agreement dated November 1, 1971, as of
September 14, 1967, among the CAPCO Group members regarding the
organization and procedures for implementing the objectives of
the CAPCO Group (Exhibit 5(p), Amendment No. 1, File
No. 2-42230, filed by Cleveland Electric).
43
Exhibit
Number
- ------
10b(1)(b) -- Amendment No. 1, dated January 4, 1974, to CAPCO Administration
Agreement among the CAPCO Group members (Exhibit 5(c)(3),
File No. 2-68906, filed by Ohio Edison).
10b(2) -- CAPCO Transmission Facilities Agreement dated November 1, 1971,
as of September 14, 1967, among the CAPCO Group members
regarding the installation, operation and maintenance of
transmission facilities to carry out the objectives of the
CAPCO Group (Exhibit 5(q), Amendment No. 1, File No.
2-42230, filed by Cleveland Electric).
10b(2)(1) -- Amendment No. 1 to CAPCO Transmission Facilities Agreement,
dated December 23, 1993 and effective as of January 1, 1993,
among the CAPCO Group members regarding requirements for
payment of invoices at specified times, for payment of
interest on non-timely paid invoices, for restricting
adjustment of invoices after a four-year period, and for
revising the method for computing the Investment
Responsibility charge for use of a member's transmission
facilities (Exhibit 10b(2)(1), 1993 Form 10-K, File Nos.
1-9130, 1-2323 and 1-3583).
10b(3) -- CAPCO Basic Operating Agreement As Amended January 1, 1993
among the CAPCO Group members regarding coordinated
operation of the members' systems (Exhibit 10b(3), 1993 Form
10-K, File Nos. 1-9130, 1-2323 and 1-3583).
10b(4) -- Agreement for the Termination or Construction of Certain
Agreement By and Among the CAPCO Group members, dated
December 23, 1993 and effective as of September 1, 1980
(Exhibit 10b(4), 1993 Form 10-K, File Nos. 1-9130, 1-2323
and 1-3583).
10b(5) -- Construction Agreement, dated July 22, 1974, among the CAPCO
Group members and relating to the Perry Nuclear Plant
(Exhibit 5 (yy), File No. 2-52251, filed by Toledo Edison).
10b(6) -- Contract, dated as of December 5, 1975, among the CAPCO
Group members for the construction of Beaver Valley Unit No. 2
(Exhibit 5 (g), File No. 2-52996, filed by Cleveland Electric).
10b(7) -- Amendment No. 1, dated May 1, 1977, to Contract, dated as of
December 5, 1975, among the CAPCO Group members for the
construction of Beaver Valley Unit No. 2 (Exhibit 5(d)(4),
File No. 2-60109, filed by Ohio Edison).
10d(1)(a) -- Form of Collateral Trust Indenture among CTC Beaver Valley
Funding Corporation, Cleveland Electric, Toledo Edison and
Irving Trust Company, as Trustee (Exhibit 4(a), File No.
33-18755, filed by Cleveland Electric and Toledo Edison).
10d(1)(b) -- Form of Supplemental Indenture to Collateral Trust Indenture
constituting Exhibit 10d(1)(a) above, including form of
Secured Lease Obligation bond (Exhibit 4(b), File No.
33-18755, filed by Cleveland Electric and Toledo Edison).
10d(1)(c) -- Form of Collateral Trust Indenture among Beaver Valley II
Funding Corporation, The Cleveland Electric Illuminating
Company and The Toledo Edison Company and The Bank of New
York, as Trustee (Exhibit (4)(a), File No. 33-46665, filed
by Cleveland Electric and Toledo Edison).
10d(1)(d) -- Form of Supplemental Indenture to Collateral Trust Indenture
constituting Exhibit 10d(1)(c) above, including form of
Secured Lease Obligation Bond (Exhibit (4)(b), File No.
33-46665, filed by Cleveland Electric and Toledo Edison).
10d(2)(a) -- Form of Collateral Trust Indenture among CTC Mansfield
Funding Corporation, Cleveland Electric, Toledo Edison and
IBJ Schroder Bank & Trust Company, as Trustee (Exhibit 4(a),
File No. 33-20128, filed by Cleveland Electric and Toledo
Edison).
10d(2)(b) -- Form of Supplemental Indenture to Collateral Trust Indenture
constituting Exhibit 10d(2)(a) above, including forms of
Secured Lease Obligation bonds (Exhibit 4(b), File No.
33-20128, filed by Cleveland Electric and Toledo Edison).
10d(3)(a) -- Form of Facility Lease dated as of September 15, 1987
between The First National Bank of Boston, as Owner Trustee
under a Trust Agreement dated as of September 15, 1987 with
the limited partnership Owner Participant named therein,
Lessor, and Cleveland Electric and Toledo Edison, Lessee
(Exhibit 4(c), File No. 33-18755, filed by Cleveland
Electric and Toledo Edison).
44
Exhibit
Number
- ------
10d(3)(b) -- Form of Amendment No. 1 to Facility Lease constituting Exhibit
10d(3)(a) above (Exhibit 4(e), File No. 33-18755, filed by
Cleveland Electric and Toledo Edison).
10d(4)(a) -- Form of Facility Lease dated as of September 15, 1987 between
The First National Bank of Boston, as Owner Trustee under a
Trust Agreement dated as of September 15, 1987 with the
corporate Owner Participant named therein, Lessor, and
Cleveland Electric and Toledo Edison, Lessees (Exhibit 4(d),
File No. 33-18755, filed by Cleveland Electric and Toledo
Edison).
10d(4)(b) -- Form of Amendment No. 1 to Facility Lease constituting Exhibit
10d(4)(a) above (Exhibit 4(f), File No. 33-18755, filed by
Cleveland Electric and Toledo Edison).
10d(5)(a) -- Form of Facility Lease dated as of September 30, 1987 between
Meridian Trust Company, as Owner Trustee under a Trust
Agreement dated as of September 30, 1987 with the Owner
Participant named therein, Lessor, and Cleveland Electric and
Toledo Edison, Lessees (Exhibit 4(c), File No. 33-20128, filed
by Cleveland Electric and Toledo Edison).
10d(5)(b) -- Form of Amendment No. 1 to the Facility Lease constituting
Exhibit 10d(5)(a) above (Exhibit 4(f), File No. 33-20128, filed
by Cleveland Electric and Toledo Edison).
10d(6)(a) -- Form of Participation Agreement dated as of September 15, 1987
among the limited partnership Owner Participant named therein,
the Original Loan Participants listed in Schedule 1 thereto, as
Original Loan Participants, CTC Beaver Valley Fund Corporation,
as Funding Corporation, The First National Bank of Boston, as
Owner Trustee, Irving Trust Company, as Indenture Trustee, and
Cleveland Electric and Toledo Edison, as Lessees (Exhibit
28(a), File No. 33-18755, filed by Cleveland Electric and
Toledo Edison).
10d(6)(b) -- Form of Amendment No. 1 to Participation Agreement constituting
Exhibit 10d(6)(a) above (Exhibit 28(c), File No. 33-18755,
filed by Cleveland Electric and Toledo Edison).
10d(7)(a) -- Form of Participation Agreement dated as of September 15, 1987
among the corporate Owner Participant named therein, the
Original Loan Participants listed in Schedule 1 thereto, as
Owner Loan Participants, CTC Beaver Valley Funding Corporation,
as Funding Corporation, The First National Bank of Boston, as
Owner Trustee, Irving Trust Company, as Indenture Trustee, and
Cleveland Electric and Toledo Edison, as Lessees (Exhibit
28(b), File No. 33-18755, filed by Cleveland Electric and
Toledo Edison).
10d(7)(b) -- Form of Amendment No. 1 to Participation Agreement constituting
Exhibit 10d(7)(a) above (Exhibit 28(d), File No. 33-18755,
filed by Cleveland Electric and Toledo Edison).
10d(8)(a) -- Form of Participation Agreement dated as of September 30, 1987
among the Owner Participant named therein, the Original Loan
Participants listed in Schedule II thereto, as Owner Loan
Participants, CTC Mansfield Funding Corporation, Meridian Trust
Company, as Owner Trustee, IBJ Schroder Bank & Trust Company,
as Indenture Trustee, and Cleveland Electric and Toledo Edison,
as Lessees (Exhibit 28(a), File No. 33-0128, filed by Cleveland
Electric and Toledo Edison).
10d(8)(b) -- Form of Amendment No. 1 to the Participation Agreement
constituting Exhibit 10d(8)(a) above (Exhibit 28(b), File No.
33-20128, filed by Cleveland Electric and Toledo Edison).
10d(9) -- Form of Ground Lease dated as of September 15, 1987 between
Toledo Edison, Ground Lessor, and The First National Bank of
Boston, as Owner Trustee under a Trust Agreement dated as of
September 15, 1987 with the Owner Participant named therein,
Tenant (Exhibit 28(e), File No. 33-18755, filed by Cleveland
Electric and Toledo Edison).
10d(10) -- Form of Site Lease dated as of September 30, 1987 between
Toledo Edison, Lessor, and Meridian Trust Company, as Owner
Trustee under a Trust Agreement dated as of September 30, 1987
with the Owner Participant named therein, Tenant
(Exhibit 28(c), File No. 33-20128, filed by Cleveland Electric
and Toledo Edison).
45
Exhibit
Number
- ------
10d(11) -- Form of Site Lease dated as of September 30, 1987 between
Cleveland Electric, Lessor, and Meridian Trust Company, as
Owner Trustee under a Trust Agreement dated as of September
30, 1987 with the Owner Participant named therein, Tenant
(Exhibit 28(d), File No. 33-20128, filed by Cleveland Electric
and Toledo Edison).
10d(12) -- Form of Amendment No. 1 to the Site Leases constituting
Exhibits 10d(10) and 10d(11) above (Exhibit 4(f), File No.
33-20128, filed by Cleveland Electric and Toledo Edison).
10d(13) -- Form of Assignment, Assumption and Further Agreement dated as
of September 15, 1987 among The First National Bank of Boston,
as Owner Trustee under a Trust Agreement dated as of September
15, 1987 with the Owner Participant named therein, Cleveland
Electric, Duquesne, Ohio Edison, Pennsylvania Power and Toledo
Edison (Exhibit 28(f), File No. 33-18755, filed by Cleveland
Electric and Toledo Edison).
10d(14) -- Form of Additional Support Agreement dated as of September 15,
1987 between The First National Bank of Boston, as Owner
Trustee under a Trust Agreement dated as of September 15, 1987
with the Owner Participant named therein, and Toledo Edison
(Exhibit 28(g), File No. 33-18755, filed by Cleveland Electric
and Toledo Edison).
10d(15) -- Form of Support Agreement dated as of September 30, 1987
between Meridian Trust Company, as Owner Trustee under a Trust
Agreement dated as of September 30, 1987 with the Owner
Participant named therein, Toledo Edison, Cleveland Electric,
Duquesne, Ohio Edison and Pennsylvania Power (Exhibit 28(e),
File No. 33-20128, filed by Cleveland Electric and Toledo
Edison).
10d(16) -- Form of Indenture, Bill of Sale, Instrument of Transfer and
Severance Agreement dated as of September 30, 1987 between
Toledo Edison, Seller, and The First National Bank of Boston,
as Owner Trustee under a Trust Agreement dated as of September
15, 1987 with the Owner Participant named therein, Buyer
(Exhibit 28(h), File No. 33-18755, filed by Cleveland Electric
and Toledo Edison).
10d(17) -- Form of Bill of Sale, Instrument of Transfer and Severance
Agreement dated as of September 30, 1987 between Toledo Edison,
Seller, and Meridian Trust Company, as Owner Trustee under a
Trust Agreement dated as of September 30, 1987 with the Owner
Participant named therein, Buyer (Exhibit 28(f), File No.
33-20128, filed by Cleveland Electric and Toledo Edison).
10d(18) -- Form of Bill of Sale, Instrument of Transfer and Severance
Agreement dated as of September 30, 1987 between Cleveland
Electric, Seller, and Meridian Trust Company, as Owner Trustee
under a Trust Agreement dated as of September 30, 1987 with the
Owner Participant named therein, Buyer (Exhibit 28(g), File No.
33-20128, filed by Cleveland Electric and Toledo Edison).
10d(19) -- Forms of Refinancing Agreement, including exhibits thereto,
among the Owner Participant named therein, as Owner
Participant, CTC Beaver Valley Funding Corporation, as Funding
Corporation, Beaver Valley II Funding Corporation, as New
Funding Corporation, The Bank of New York, as Indenture
Trustee, The Bank of New York, as New Collateral Trust Trustee,
and The Cleveland Electric Illuminating Company and The Toledo
Edison Company, as Lessees (Exhibit (28)(e)(i), File No.
33-46665, filed by Cleveland Electric and Toledo Edison).
10d(20)(a) -- Form of Amendment No. 2 to Facility Lease among Citicorp
Lescaman, Inc., Cleveland Electric and Toledo Edison (Exhibit
10(a), Form S-4 File No. 333-47651, filed by Cleveland
Electric).
10d(20)(b) -- Form of Amendment No. 3 to Facility Lease among Citicorp
Lescaman, Inc., Cleveland Electric and Toledo Edison (Exhibit
10(b), Form S-4 File No. 333-47651, filed by Cleveland
Electric).
10d(21)(a) -- Form of Amendment No. 2 to Facility Lease among US West
Financial Services, Inc., Cleveland Electric and Toledo Edison
(Exhibit 10(c), Form S-4 File No. 333-47651, filed by Cleveland
Electric).
10d(21)(b) -- Form of Amendment No. 3 to Facility Lease among US West
Financial Services, Inc., Cleveland Electric and Toledo Edison
(Exhibit 10(d), Form S-4 File No. 333-47651, filed by
Cleveland Electric).
46
Exhibit
Number
- ------
10d(22) -- Form of Amendment No. 2 to Facility Lease among Midwest Power
Company, Cleveland Electric and Toledo Edison (Exhibit 10(e),
Form S-4 File No. 333-47651, filed by Cleveland Electric).
10e(1) -- Centerior Energy Corporation Equity Compensation Plan
(Exhibit 99,
Form S-8, File No. 33-59635).
3. Exhibits - Cleveland Electric Illuminating (CEI)
3a -- Amended Articles of Incorporation of CEI, as amended, effective
May 28, 1993 (Exhibit 3a, 1993 Form 10-K, File No. 1-2323).
3b -- Regulations of CEI, dated April 29, 1981, as amended effective
October 1, 1988 and April 24, 1990 (Exhibit 3b, 1990 Form 10-K,
File No. 1-2323).
3c -- Amended and Restated Code of Regulations, dated March 15, 2002.
(B)4b(1) -- Mortgage and Deed of Trust between CEI and Guaranty
Trust Company of New York (now The Chase Manhattan Bank
(National Association)), as Trustee, dated July 1, 1940
(Exhibit 7(a), File No. 2-4450).
Supplemental Indentures between CEI and the Trustee,
supplemental to Exhibit 4b(1), dated as follows:
4b(2) -- July 1, 1940 (Exhibit 7(b), File No. 2-4450).
4b(3) -- August 18, 1944 (Exhibit 4(c), File No. 2-9887).
4b(4) -- December 1, 1947 (Exhibit 7(d), File No. 2-7306).
4b(5) -- September 1, 1950 (Exhibit 7(c), File No. 2-8587).
4b(6) -- June 1, 1951 (Exhibit 7(f), File No. 2-8994).
4b(7) -- May 1, 1954 (Exhibit 4(d), File No. 2-10830).
4b(8) -- March 1, 1958 (Exhibit 2(a)(4), File No. 2-13839).
4b(9) -- April 1, 1959 (Exhibit 2(a)(4), File No. 2-14753).
4b(10) -- December 20, 1967 (Exhibit 2(a)(4), File No. 2-30759).
4b(11) -- January 15, 1969 (Exhibit 2(a)(5), File No. 2-30759).
4b(12) -- November 1, 1969 (Exhibit 2(a)(4), File No. 2-35008).
4b(13) -- June 1, 1970 (Exhibit 2(a)(4), File No. 2-37235).
4b(14) -- November 15, 1970 (Exhibit 2(a)(4), File No. 2-38460).
4b(15) -- May 1, 1974 (Exhibit 2(a)(4), File No. 2-50537).
4b(16) -- April 15, 1975 (Exhibit 2(a)(4), File No. 2-52995).
4b(17) -- April 16, 1975 (Exhibit 2(a)(4), File No. 2-53309).
4b(18) -- May 28, 1975 (Exhibit 2(c), June 5, 1975 Form 8-A, File
No. 1-2323).
4b(19) -- February 1, 1976 (Exhibit 3(d)(6), 1975 Form 10 K, File
No. 1-2323).
4b(20) -- November 23, 1976 (Exhibit 2(a)(4), File No. 2-57375).
4b(21) -- July 26, 1977 (Exhibit 2(a)(4), File No. 2-59401).
4b(22) -- September 7, 1977 (Exhibit 2(a)(5), File No. 2-67221).
4b(23) -- May 1, 1978 (Exhibit 2(b), June 30, 1978 Form 10-Q, File
No. 1-2323).
4b(24) -- September 1, 1979 (Exhibit 2(a), September 30, 1979 Form 10-Q,
File No. 1-2323).
4b(25) -- April 1, 1980 (Exhibit 4(a)(2), September 30, 1980 Form 10-Q,
File No. 1-2323).
4b(26) -- April 15, 1980 (Exhibit 4(b), September 30, 1980 Form 10-Q,
File No. 1-2323).
4b(27) -- May 28, 1980 (Exhibit 2(a)(4), Amendment No. 1, File
No. 2-67221).
4b(28) -- June 9, 1980 (Exhibit 4(d), September 30, 1980 Form 10-Q, File
No. 1-2323).
4b(29) -- December 1, 1980 (Exhibit 4(b)(29), 1980 Form 10-K, File
No. 1-2323).
4b(30) -- July 28, 1981 (Exhibit 4(a), September 30, 1981, Form 10-Q,
File No. 1-2323).
4b(31) -- August 1, 1981 (Exhibit 4(b), September 30, 1981, Form 10-Q,
File No. 1-2323).
4b(32) -- March 1, 1982 (Exhibit 4(b)(3), Amendment No. 1, File
No. 2-76029).
4b(33) -- July 15, 1982 (Exhibit 4(a), September 30, 1982 Form 10-Q, File
No. 1-2323).
4b(34) -- September 1, 1982 (Exhibit 4(a)(1), September 30, 1982
orm 10-Q, File No. 1-2323).
4b(35) -- November 1, 1982 (Exhibit (a)(2), September 30, 1982
Form 10-Q, File No. 1-2323).
4b(36) -- November 15, 1982 (Exhibit 4(b)(36), 1982 Form 10-K,
File No. 1-2323).
47
Exhibit
Number
- ------
4b(37) -- May 24, 1983 (Exhibit 4(a), June 30, 1983 Form 10-Q,
File No. 1-2323).
4b(38) -- May 1, 1984 (Exhibit 4, June 30, 1984 Form 10-Q,
File No. 1-2323).
4b(39) -- May 23, 1984 (Exhibit 4, May 22, 1984 Form 8-K,
File No. 1-2323).
4b(40) -- June 27, 1984 (Exhibit 4, June 11, 1984 Form 8-K,
File No. 1-2323).
4b(41) -- September 4, 1984 (Exhibit 4b(41), 1984 Form 10-K,
File No. 1-2323).
4b(42) -- November 14, 1984 (Exhibit 4b(42), 1984 Form 10 K,
File No. 1-2323).
4b(43) -- November 15, 1984 (Exhibit 4b(43), 1984 Form 10-K,
File No. 1-2323).
4b(44) -- April 15, 1985 (Exhibit 4(a), May 8, 1985 Form 8-K,
File No. 1-2323).
4b(45) -- May 28, 1985 (Exhibit 4(b), May 8, 1985 Form 8-K,
File No. 1-2323).
4b(46) ---August 1, 1985 (Exhibit 4, September 30, 1985 Form 10-Q,
File No. 1-2323).
File No. 1-2323).
4b(48) -- November 1, 1985 (Exhibit 4, January 31, 1986 Form 8-K,
File No. 1-2323).
4b(49) -- April 15, 1986 (Exhibit 4, March 31, 1986 Form 10-Q,
ile No. 1-2323).
4b(50) -- May 14, 1986 (Exhibit 4(a), June 30, 1986 Form 10-Q,
File No. 1-2323).
4b(51) -- May 15, 1986 (Exhibit 4(b), June 30, 1986 Form 10-Q,
File No. 1-2323).
4b(52) -- February 25, 1987 (Exhibit 4b(52), 1986 Form 10-K,
File No. 1-2323).
4b(53) -- October 15, 1987 (Exhibit 4, September 30, 1987 Form 10-Q,
File No. 1-2323).
4b(54) -- February 24, 1988 (Exhibit 4b(54), 1987 Form 10-K,
File No. 1-2323).
4b(55) -- September 15, 1988 (Exhibit 4b(55), 1988 Form 10-K,
File No. 1-2323).
4b(56) -- May 15, 1989 (Exhibit 4(a)(2)(i), File No. 33-32724).
4b(57) -- June 13, 1989 (Exhibit 4(a)(2)(ii), File No. 33-32724).
4b(58) -- October 15, 1989 (Exhibit 4(a)(2)(iii), File No. 33-32724).
4b(59) -- January 1, 1990 (Exhibit 4b(59), 1989 Form 10-K,
File No. 1-2323).
4b(60) -- June 1, 1990 (Exhibit 4(a). September 30, 1990 Form 10-Q,
File No. 1-2323).
4b(61) -- August 1, 1990 (Exhibit 4(b), September 30, 1990 Form 10-Q,
File No. 1-2323).
4b(62) -- May 1, 1991 (Exhibit 4(a), June 30, 1991 Form 10-Q,
File No. 1-2323).
4b(63) -- May 1, 1992 (Exhibit 4(a)(3), File No. 33-48845).
4b(64) -- July 31, 1992 (Exhibit 4(a)(3), File No. 33-57292).
4b(65) -- January 1, 1993 (Exhibit 4b(65), 1992 Form 10-K,
File No. 1-2323).
4b(66) -- February 1, 1993 (Exhibit 4b(66), 1992 Form 10-K,
File No. 1-2323).
4b(67) -- May 20, 1993 (Exhibit 4(a), July 14, 1993 Form 8-K,
File No. 1-2323).
4b(68) -- June 1, 1993 (Exhibit 4(b), July 14, 1993 Form 8-K,
File No. 1-2323).
4b(69) -- September 15, 1994 (Exhibit 4(a), September 30, 1994 Form 10-Q,
File No. 1-2323).
4b(70) -- May 1, 1995 (Exhibit 4(a), September 30, 1995 Form 10-Q,
File No. 1-2323).
4b(71) -- May 2, 1995 (Exhibit 4(b), September 30, 1995 Form 10-Q,
File No. 1-2323).
4b(72) -- June 1, 1995 (Exhibit 4(c), September 30, 1995 Form 10-Q,
File No. 1-2323).
4b(73) -- July 15, 1995 (Exhibit 4b(73), 1995 Form 10-K, File No. 1-232).
4b(74) -- August 1, 1995 (Exhibit 4b(74), 1995 Form 10-K,
File No. 1-2323).
4b(75) -- June 15, 1997 (Exhibit 4(a), Form S-4 File No. 333-35931, filed
by Cleveland Electric and Toledo Edison).
4b(76) -- October 15, 1997 (Exhibit 4(a), Form S-4 File No. 333-47651,
filed by Cleveland Electric).
4b(77) -- June 1, 1998 (Exhibit 4b(77), Form S-4 File No. 333-72891).
4b(78) -- October 1, 1998 (Exhibit 4b(78), Form S-4 File No. 333-72891).
4b(79) -- October 1, 1998 (Exhibit 4b(79), Form S-4 File No. 333-72891).
4b(80) -- February 24, 1999 (Exhibit 4b(80), Form S-4 File
No. 333-72891).
4b(81) -- September 29, 1999. (Exhibit 4b(81), 1999 Form 10-K,
File No. 1-2323).
4b(82) -- January 15, 2000. (Exhibit 4b(82), 1999 Form 10-K,
File No. 1-2323).
4b(83) -- May 15, 2002 (Exhibit 4b(83), 2002 Form 10-K, Fil
File No. 1-2323).
4d -- Form of Note Indenture between Cleveland Electric and The
Chase Manhattan Bank, as Trustee dated as of October 24,
1997 (Exhibit 4(b), Form S-4 File No. 333-47651, filed by
Cleveland Electric).
4d(1) -- Form of Supplemental Note Indenture between
Cleveland Electric and The Chase Manhattan Bank, as Trustee
dated as of October 24, 1997 (Exhibit 4(c), Form S-4 File No.
333-47651, filed by Cleveland Electric).
(A) 4-1 -- Indenture dated as of December 1, 2003 between CEI and JPMorgan
Chase Bank, as Trustee.
48
Exhibit
Number
- ------
10-1 -- Administration Agreement between the CAPCO Group dated as of
September 14, 1967. (Registration No. 2-43102,
Exhibit 5(c)(2).)
10-2 -- Amendment No. 1 dated January 4, 1974 to Administration
Agreement between the CAPCO Group dated as of
September 14, 1967. (Registration No. 2-68906,
Exhibit 5(c)(3).)
10-3 -- Transmission Facilities Agreement between the CAPCO Group dated
as of September 14, 1967. (Registration No. 2-43102, Exhibit
5(c)(3).)
10-4 -- Amendment No. 1 dated as of January 1, 1993 to Transmission
Facilities Agreement between the CAPCO Group dated as of
September 14, 1967. (1993 Form 10-K, Exhibit 10-4.)
10-5 -- Agreement for the Termination or Construction of Certain
Agreements effective September 1, 1980, October 15, 1997
(Exhibit 4(a), Form S-4 File No. 333-47651, filed by Cleveland
Electric).
(A)12.3 -- Consolidated fixed charge ratios.
(A)13.2 -- CEI 2003 Annual Report to Stockholders. (Only those
portions expressly incorporated by reference in this
Form 10-K are to be deemed "filed" with the SEC.)
(A)21.2 -- List of Subsidiaries of the Registrant at December 31, 2003.
(A) Provided herein in electronic format as an exhibit.
(B) -- Pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation
S-K, CEI has not filed as an exhibit to this Form 10-K any
instrument with respect to long-term debt if the total amount
of securities authorized thereunder does not exceed 10% of the
total assets of CEI, but hereby agrees to furnish to the
Commission on request any such instruments.
3. Exhibits - Toledo Edison (TE)
Exhibit
Number
3a -- Amended Articles of Incorporation of TE, as amended effective
October 2, 1992 (Exhibit 3a, 1992 Form 10-K, File No. 1-3583).
3b -- Amended and Restated Code of Regulations, dated March 15, 2002.
(2001 Form 10-K, Exhibit 3b)
(B)4b(1) b-- Indenture, dated as of April 1, 1947, between TE and The
Chase National Bank of the City of New York (now The Chase
Manhattan Bank (National Association)) (Exhibit 2(b),
File No. 2-26908).
4b(2) -- September 1, 1948 (Exhibit 2(d), File No. 2-26908).
4b(3) -- April 1, 1949 (Exhibit 2(e), File No. 2-26908).
4b(4) -- December 1, 1950 (Exhibit 2(f), File No. 2-26908).
4b(5) -- March 1, 1954 (Exhibit 2(g), File No. 2-26908).
4b(6) -- February 1, 1956 (Exhibit 2(h), File No. 2-26908).
4b(7) -- May 1, 1958 (Exhibit 5(g), File No. 2-59794).
4b(8) -- August 1, 1967 (Exhibit 2(c), File No. 2-26908).
4b(9) -- November 1, 1970 (Exhibit 2(c), File No. 2-38569).
4b(10) -- August 1, 1972 (Exhibit 2(c), File No. 2-44873).
4b(11) -- November 1, 1973 (Exhibit 2(c), File No. 2-49428).
4b(12) -- July 1, 1974 (Exhibit 2(c), File No. 2-51429).
4b(13) -- October 1, 1975 (Exhibit 2(c), File No. 2-54627).
4b(14) -- June 1, 1976 (Exhibit 2(c), File No. 2-56396).
4b(15) -- October 1, 1978 (Exhibit 2(c), File No. 2-62568).
4b(16) -- September 1, 1979 (Exhibit 2(c), File No. 2-65350).
4b(17) -- September 1, 1980 (Exhibit 4(s), File No. 2-69190).
4b(18) -- October 1, 1980 (Exhibit 4(c), File No. 2-69190).
4b(19) -- April 1, 1981 (Exhibit 4(c), File No. 2-71580).
49
Exhibit
Number
- ------
4b(20) -- November 1, 1981 (Exhibit 4(c), File No. 2-74485).
4b(21) -- June 1, 1982 (Exhibit 4(c), File No. 2-77763).
4b(22) -- September 1, 1982 (Exhibit 4(x), File No. 2-87323).
4b(23) -- April 1, 1983 (Exhibit 4(c), March 31, 1983, Form 10-Q, File
No. 1-3583).
4b(24) -- December 1, 1983 (Exhibit 4(x), 1983 Form 10-K, File
No. 1-3583).
4b(25) -- April 1, 1984 (Exhibit 4(c), File No. 2-90059).
4b(26) -- October 15, 1984 (Exhibit 4(z), 1984 Form 10-K, File
No. 1-3583).
4b(27) -- October 15, 1984 (Exhibit 4(aa), 1984 Form 10-K, File
No. 1-3583).
4b(28) -- August 1, 1985 (Exhibit 4(dd), File No. 33-1689).
4b(29) -- August 1, 1985 (Exhibit 4(ee), File No. 33-1689).
4b(30) -- December 1, 1985 (Exhibit 4(c), File No. 33-1689).
4b(31) -- March 1, 1986 (Exhibit 4b(31), 1986 Form 10-K, File
No. 1-3583).
4b(32) -- October 15, 1987 (Exhibit 4, September 30, 1987 Form 10-Q, File
No. 1-3583).
4b(33) -- September 15, 1988 (Exhibit 4b(33), 1988 Form 10-K, File
No. 1-3583).
4b(34) -- June 15, 1989 (Exhibit 4b(34), 1989 Form 10-K, File
No. 1-3583).
4b(35) -- October 15, 1989 (Exhibit 4b(35), 1989 Form 10-K, File
No. 1-3583).
4b(36) -- May 15, 1990 (Exhibit 4, June 30, 1990 Form 10-Q, File
No. 1-3583).
4b(37) -- March 1, 1991 (Exhibit 4(b), June 30, 1991 Form 10-Q, File
No. 1-3583).
4b(38) -- May 1, 1992 (Exhibit 4(a)(3), File No. 33-48844).
4b(39) -- August 1, 1992 (Exhibit 4b(39), 1992 Form 10-K, File
No. 1-3583).
4b(40) -- October 1, 1992 (Exhibit 4b(40), 1992 Form 10-K, File
No. 1-3583).
4b(41) -- January 1, 1993 (Exhibit 4b(41), 1992 Form 10-K, File
No. 1-3583).
4b(42) -- September 15, 1994 (Exhibit 4(b), September 30, 1994 Form 10-Q,
File No. 1-3583).
No. 1-3583).
4b(44) -- June 1, 1995 (Exhibit 4(e), September 30, 1995 Form 10-Q, File
No. 1-3583).
4b(45) -- July 14, 1995 (Exhibit 4(f), September 30, 1995 Form 10-Q, File
No. 1-3583).
4b(46) -- July 15, 1995 (Exhibit 4(g), September 30, 1995 Form 10-Q, File
No. 1-3583).
4b(47) -- August 1, 1997 (Exhibit 4b(47), 1998 Form 10-K, Fil
No. 1-3583).
4b(48) -- June 1, 1998 (Exhibit 4b (48), 1998 Form 10-K, File
No. 1-3583).
4b(49) -- January 15, 2000 (Exhibit 4b(49), 1999 Form 10-K, File
No 1-3583).
4b(50) -- May 1, 2000 (Exhibit 4b(50), 2000 Form 10-K, File No. 1-3583).
4b(51) -- September 1, 2000 (Exhibit 4b(51), 2002 Form 10-K, File
No. 1-3583).
4b(52) -- October 1, 2002 (Exhibit 4b(52), 2002 Form 10-K, File
No. 1-3583).
(A) 4b(53) -- April 1, 2003 (Exhibit 4b(53).
(A) 12.4 -- Consolidated fixed charge ratios.
(A) 13.3 -- TE 2003 Annual Report to Stockholders. (Only those portions
expressly incorporated by reference in this Form 10-K are to
be deemed "filed" with the SEC.)
(A) 21.3 -- List of Subsidiaries of the Registrant at December 31, 2003.
(A) Provided herein in electronic format as an exhibit.
(B) -- Pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation
S-K, TE has not filed as an exhibit to this Form 10-K any
instrument with respect to long-term debt if the total amount
of securities authorized thereunder does not exceed 10% of the
total assets of TE, but hereby agrees to furnish to the
Commission on request any such instruments.
3. Exhibits - Combined Exhibits for JCP&L, Met-Ed and Penelec
Exhibit
Number
3-A -- Restated Certificate of Incorporation of JCP&L, as amended -
Incorporated by reference to Exhibit 3-A, 1990 Annual Report on
Form 10-K, SEC File No. 1-3141.
3-A-1 -- Certificate of Amendment to Restated Certificate of
Incorporation of JCP&L, dated June 19, 1992 - Incorporated by
reference to Exhibit A-2(a), Certificate Pursuant to Rule 24,
SEC File No. 70-7949.
50
Exhibit
Number
- ------
3-A-2 -- Certificate of Amendment to Restated Certificate of
Incorporation of JCP&L, dated June 19, 1992 - Incorporated by
reference to Exhibit A-2(a)(i), Certificate Pursuant to
Rule 24, SEC File No. 70-7949.
3-B -- By-Laws of JCP&L, as amended May 25, 1993 - Incorporated by
reference to Exhibit 3-B, 1993 Annual Report on Form 10-K, SEC
File No. 1-3141.
3-C -- Restated Articles of Incorporation of Met-Ed, dated March 8,
1999 - Incorporated by reference to Exhibit 3-E, 1999 Annual
Report on Form 10-K, SEC File No. 1-446.
3-D -- By-Laws of Met-Ed as amended May 16, 2000.
3-E -- Restated Articles of Incorporation of Penelec, dated March 8,
1999 - Incorporated by reference to Exhibit 3-G, 1999 Annual
Report on Form 10-K, SEC File No. 1-3522.
3-F -- By-Laws of Penelec as amended May 16, 2000.
4-A -- Indenture of JCP&L, dated March 1, 1946, between JCP&L and
United States Trust Company of New York, Successor Trustee, as
amended and supplemented by eight supplemental indentures dated
December 1, 1948 through June 1, 1960 - Incorporated by
reference to JCP&L's Instruments of Indebtedness Nos. 1 to 7,
inclusive, and 9 and 10 filed as part of Amendment No. 1 to
1959 Annual Report of GPU on Form U5S, SEC File Nos. 30-126 and
1-3292.
4-A-1 -- Ninth Supplemental Indenture of JCP&L, dated November 1, 1962 -
Incorporated by reference to Exhibit 2-C, Registration No.
2-20732.
4-A-2 -- Tenth Supplemental Indenture of JCP&L, dated October 1, 1963 -
Incorporated by reference to Exhibit 2-C, Registration No.
2-21645.
4-A-3 -- Eleventh Supplemental Indenture of JCP&L, dated October 1, 1964
- Incorporated by reference to Exhibit 5-A-3, Registration No.
2-59785.
4-A-4 -- Twelfth Supplemental Indenture of JCP&L, dated November 1, 1965
- Incorporated by reference to Exhibit 5-A-4, Registration No.
2-59785.
4-A-5 -- Thirteenth Supplemental Indenture of JCP&L, dated August 1,
1966 - Incorporated by reference to Exhibit 4-C, Registration
No. 2-25124.
4-A-6 -- Fourteenth Supplemental Indenture of JCP&L, dated September 1,
1967 - Incorporated by reference to Exhibit 5-A-6, Registration
No. 2-59785.
4-A-7 -- Fifteenth Supplemental Indenture of JCP&L, dated October 1,
1968 - Incorporated by reference to Exhibit 5-A-7, Registration
No. 2-59785.
4-A-8 -- Sixteenth Supplemental Indenture of JCP&L, dated October 1,
1969 - Incorporated by reference to Exhibit 5-A-8, Registration
No. 2-59785.
4-A-9 -- Seventeenth Supplemental Indenture of JCP&L, dated June 1, 1970
- Incorporated by reference to Exhibit 5-A-9, Registration No.
2-59785.
4-A-10 -- Eighteenth Supplemental Indenture of JCP&L, dated December 1,
1970 - Incorporated by reference to Exhibit 5-A-10,
Registration No. 2-59785.
4-A-11 -- Nineteenth Supplemental Indenture of JCP&L, dated February 1,
1971 - Incorporated by reference to Exhibit 5-A-11,
Registration No. 2-59785.
4-A-12 -- Twentieth Supplemental Indenture of JCP&L, dated November 1,
1971 - Incorporated by reference to Exhibit 5-A-12,
Registration No. 2-59875.
4-A-13 -- Twenty-first Supplemental Indenture of JCP&L, dated August 1,
1972 - Incorporated by reference to Exhibit 5-A-13,
Registration No. 2-59785.
51
Exhibit
Number
- ------
4-A-14 -- Twenty-second Supplemental Indenture of JCP&L, dated August 1,
1973 - Incorporated by reference to Exhibit 5-A-14,
Registration No. 2-59785.
4-A-15 -- Twenty-third Supplemental Indenture of JCP&L, dated October 1,
1973 - Incorporated by reference to Exhibit A-15, Registration
No. 2-59785.
4-A-16 -- Twenty-fourth Supplemental Indenture of JCP&L, dated
December 1, 1973 - Incorporated by reference to Exhibit 5-A-16,
Registration No. 2-59785.
4-A-17 -- Twenty-fifth Supplemental Indenture of JCP&L, dated November 1,
1974 - Incorporated by reference to Exhibit 5-A-17,
Registration No. 2-59785.
4-A-18 -- Twenty-sixth Supplemental Indenture of JCP&L, dated March 1,
1975 - Incorporated by reference to Exhibit 5-A-18,
Registration No. 2-59785.
4-A-19 -- Twenty-seventh Supplementa Indenture of JCP&L, dated July 1,
1975 - Incorporated by reference to Exhibit 5-A-19,
Registration No. 2-59785.
4-A-20 -- Twenty-eighth Supplemental Indenture of JCP&L, dated October 1,
1975 - Incorporated by reference to Exhibit 5-A-20,
Registration No. 2-59785.
4-A-21 -- Twenty-ninth Supplemental Indenture of JCP&L, dated February 1,
1976 - Incorporated by reference to Exhibit 5-A-21,
Registration No. 2-59785.
4-A-22 -- Supplemental Indenture No. 29A of JCP&L, dated May 31, 1976 -
Incorporated by reference to Exhibit 5-A-22, Registration
No. 2-59785.
4-A-23 -- Thirtieth Supplemental Indenture of JCP&L, dated June 1, 1976 -
Incorporated by reference to Exhibit 5-A-23, Registration
No. 2-59785.
4-A-24 -- Thirty-first Supplemental Indenture of JCP&L, dated May 1,
1977 - Incorporated by reference to Exhibit 5-A-24,
Registration No. 2-59785.
4-A-25 -- Thirty-second Supplemental Indenture of JCP&L, dated
January 20, 1978 - Incorporated by reference to Exhibit 5-A-25,
Registration No. 2-60438.
4-A-26 -- Thirty-third Supplemental Indenture of JCP&L, dated January 1,
1979 - Incorporated by reference to Exhibit A-20(b),
Certificate Pursuant to Rule 24, SEC File No. 70-6242.
4-A-27 -- Thirty-fourth Supplemental Indenture of JCP&L, dated June 1,
1979 - Incorporated by reference to Exhibit A-28, Certificate
Pursuant to Rule 24, SEC File No. 70-6290.
4-A-28 -- Thirty-sixth Supplemental Indenture of JCP&L, dated October 1,
1979 - Incorporated by reference to Exhibit A-30, Certificate
Pursuant to Rule 24, SEC File No. 70-6354.
4-A-29 -- Thirty-seventh Supplemental Indenture of JCP&L, dated
September 1, 1984 - Incorporated by reference to
Exhibit A-1(cc), Certificate Pursuant to Rule 24, SEC File
No. 70-7001.
4-A-30 -- Thirty-eighth Supplemental Indenture of JCP&L, dated July 1,
1985 - Incorporated by reference to Exhibit A-1(dd),
Certificate Pursuant to Rule 24, SEC File No. 70-7109.
4-A-31 -- Thirty-ninth Supplemental Indenture of JCP&L, dated April 1,
1988 - Incorporated by reference to Exhibit A-1(a),
Certificate Pursuant to Rule 24, SEC File No. 70-7263.
4-A-32 -- Fortieth Supplemental Indenture of JCP&L, dated June 14, 1988 -
Incorporated by reference to Exhibit A-1(ff), Certificate
Pursuant to Rule 24, SEC File No. 70-7603.
4-A-33 -- Forty-first Supplemental Indenture of JCP&L, dated April 1,
1989 - Incorporated by reference to Exhibit A-1(gg),
Certificate Pursuant to Rule 24, SEC File No. 70-7603.
4-A-34 -- Forty-second Supplemental Indenture of JCP&L, dated July 1,
1989 - Incorporated by reference to Exhibit A-1(hh),
Certificate Pursuant to Rule 24, SEC File No. 70-7603.
52
Exhibit
Number
- ------
4-A-35 -- Forty-third Supplemental Indenture of JCP&L, dated March 1,
1991 - Incorporated by reference to Exhibit 4-A-35,
Registration No. 33-45314.
4-A-36 -- Forty-fourth Supplemental Indenture of JCP&L, dated March 1,
1992 - Incorporated by reference to Exhibit 4-A-36,
Registration No. 33-49405.
4-A-37 -- Forty-fifth Supplemental Indenture of JCP&L, dated October 1,
1992 - Incorporated by reference to Exhibit 4-A-37,
Registration No. 33-49405.
4-A-38 -- Forty-sixth Supplemental Indenture of JCP&L, dated April 1,
1993 - Incorporated by reference to Exhibit C-15, 1992 Annual
Report of GPU on Form U5S, SEC File No. 30-126.
4-A-39 -- Forty-seventh Supplemental Indenture of JCP&L, dated April 10,
1993 - Incorporated by reference to Exhibit C-16, 1992
Annual Report of GPU on Form U5S, SEC File No. 30-126.
4-A-40 -- Forty-eighth Supplemental Indenture of JCP&L, dated April 15,
1993 - Incorporated by reference to Exhibit C-17, 1992 Annual
Report of GPU on Form U5S, SEC File No. 30-126.
4-A-41 -- Forty-ninth Supplemental Indenture of JCP&L, dated October 1,
1993 - Incorporated by reference to Exhibit C-18, 1993 Annual
Report of GPU on Form U5S, SEC File No. 30-126.
4-A-42 -- Fiftieth Supplemental Indenture of JCP&L, dated August 1,
1994 - Incorporated by reference to Exhibit C-19, 1994 Annual
Report of GPU on Form U5S, SEC File No. 30-126.
4-A-43 -- Fifty-first Supplemental Indenture of JCP&L, dated August 15,
1996 - Incorporated by reference to Exhibit 4-A-43, 1996 Annual
Report on Form 10-K, SEC File No. 1-6047.
4-A-44 -- Fifty-second Supplemental Indenture of JCP&L, dated July 1,
1999 - Incorporated by reference to Exhibit 4-B-44,
Registration No. 333-88783.
4-A-45 -- Fifty-third Supplemental Indenture of JCP&L, dated November 1,
1999 - Incorporated by reference to Exhibit 4-A-45, 1999 Annual
Report on Form 10-K, SEC File No. 1-3141.
4-A-46 -- Subordinated Debenture Indenture of JCP&L, dated May 1, 1995 -
Incorporated by reference to Exhibit A-8(a), Certificate
Pursuant to Rule 24, SEC File No. 70-8495.
4-A-47 -- Fifty-fourth Supplemental Indenture of JCP&L, dated November 7,
2001.
4-B -- Indenture of Met-Ed, dated November 1, 1944, between Met-Ed and
United States Trust Company of New York, Successor Trustee, as
amended and supplemented by fourteen supplemental indentures
dated February 1, 1947 through May 1, 1960 - Incorporated by
reference to Met-Ed's Instruments of Indebtedness Nos. 1 to 14
inclusive, and 16, filed as part of Amendment No. 1 to 1959
Annual Report of GPU on Form U5S, SEC File Nos. 30-126 and
1-3292.
4-B-1 -- Supplemental Indenture of Met-Ed, dated December 1, 1962 -
Incorporated by reference to Exhibit 2-E(1), Registration No.
2-59678.
4-B-2 -- Supplemental Indenture of Met-Ed, dated March 20, 1964 -
Incorporated by reference to Exhibit 2-E(2), Registration No.
2-59678.
4-B-3 -- Supplemental Indenture of Met-Ed, dated July 1, 1965 -
Incorporated by reference to Exhibit 2-E(3), Registration No.
2-59678.
4-B-4 -- Supplemental Indenture of Met-Ed, dated June 1, 1966 -
Incorporated by reference to Exhibit 2-B-4, Registration No.
2-24883.
4-B-5 -- Supplemental Indenture of Met-Ed, dated March 22, 1968 -
Incorporated by reference to Exhibit 4-C-5, Registration No.
2-29644.
4-B-6 -- Supplemental Indenture of Met-Ed, dated September 1, 1968 -
Incorporated by reference to Exhibit 2-E(6), Registration No.
2-59678.
53
Exhibit
Number
- ------
4-B-7 -- Supplemental Indenture of Met-Ed, dated August 1, 1969 -
Incorporated by reference to Exhibit 2-E(7), Registration
No. 2-59678.
4-B-8 -- Supplemental Indenture of Met-Ed, dated November 1, 1971 -
Incorporated by reference to Exhibit 2-E(8), Registration No.
2-59678.
4-B-9 -- Supplemental Indenture of Met-Ed, dated May 1, 1972 -
Incorporated by reference to Exhibit 2-E(9), Registration No.
2-59678.
4-B-10 -- Supplemental Indenture of Met-Ed, dated December 1, 1973 -
Incorporated by reference to Exhibit 2-E(10), Registration No.
2-59678.
4-B-11 -- Supplemental Indenture of Met-Ed, dated October 30, 1974 -
Incorporated by reference to Exhibit 2-E(11), Registration No.
2-59678.
4-B-12 -- Supplemental Indenture of Met-Ed, dated October 31, 1974 -
Incorporated by reference to Exhibit 2-E(12), Registration No.
2-59678.
4-B-13 -- Supplemental Indenture of Met-Ed, dated March 20, 1975 -
Incorporated by reference to Exhibit 2-E(13), Registration No.
2-59678.
4-B-14 -- Supplemental Indenture of Met-Ed, dated September 25, 1975 -
Incorporated by reference to Exhibit 2-E(15), Registration No.
2-59678.
4-B-15 -- Supplemental Indenture of Met-Ed, dated January 12, 1976 -
Incorporated by reference to Exhibit 2-E(16), Registration No.
2-59678.
4-B-16 -- Supplemental Indenture of Met-Ed, dated March 1, 1976 -
Incorporated by reference to Exhibit 2-E(17), Registration No.
2-59678.
4-B-17 -- Supplemental Indenture of Met-Ed, dated September 28, 1977 -
Incorporated by reference to Exhibit 2-E(18), Registration No.
2-62212.
4-B-18 -- Supplemental Indenture of Met-Ed, dated January 1, 1978 -
Incorporated by reference to Exhibit 2-E(19), Registration No.
2-62212.
4-B-19 -- Supplemental Indenture of Met-Ed, dated September 1, 1978 -
Incorporated by reference to Exhibit 4-A(19), Registration No.
33-48937.
4-B-20 -- Supplemental Indenture of Met-Ed, dated June 1, 1979 -
Incorporated by reference to Exhibit 4-A(20), Registration No.
33-48937.
4-B-21 -- Supplemental Indenture of Met-Ed, dated January 1, 1980 -
Incorporated by reference to Exhibit 4-A(21), Registration No.
33-48937.
4-B-22 -- Supplemental Indenture of Met-Ed, dated September 1, 1981 -
Incorporated by reference to Exhibit 4-A(22), Registration No.
33-48937.
4-B-23 -- Supplemental Indenture of Met-Ed, dated September 10, 1981 -
Incorporated by reference to Exhibit 4-A(23), Registration No.
33-48937.
4-B-24 -- Supplemental Indenture of Met-Ed, dated December 1, 1982 -
Incorporated by reference to Exhibit 4-A(24), Registration No.
33-48937.
4-B-25 -- Supplemental Indenture of Met-Ed, dated September 1, 1983 -
Incorporated by reference to Exhibit 4-A(25), Registration No.
33-48937.
4-B-26 -- Supplemental Indenture of Met-Ed, dated September 1, 1984 -
Incorporated by reference to Exhibit 4-A(26), Registration No.
33-48937.
4-B-27 -- Supplemental Indenture of Met-Ed, dated March 1, 1985 -
Incorporated by reference to Exhibit 4-A(27), Registration No.
33-48937.
54
Exhibit
Number
- ------
4-B-28 -- Supplemental Indenture of Met-Ed, dated September 1, 1985 -
Incorporated by reference to Exhibit 4-A(28), Registration No.
33-48937.
4-B-29 -- Supplemental Indenture of Met-Ed, dated June 1, 1988 -
Incorporated by reference to Exhibit 4-A(29), Registration No.
33-48937.
4-B-30 -- Supplemental Indenture of Met-Ed, dated April 1, 1990 -
Incorporated by reference to Exhibit 4-A(30), Registration No.
33-48937.
4-B-31 -- Amendment dated May 22, 1990 to Supplemental Indenture of
Met-Ed, dated April 1, 1990 - Incorporated by reference to
Exhibit 4-A(31), Registration No. 33-48937.
4-B-32 -- Supplemental Indenture of Met-Ed, dated September 1, 1992 -
Incorporated by reference to Exhibit 4-A(32)(a), Registration
No. 33-48937.
4-B-33 -- Supplemental Indenture of Met-Ed, dated December 1, 1993 -
Incorporated by reference to Exhibit C-58, 1993 Annual Report
of GPU on Form U5S, SEC File No. 30-126.
4-B-34 -- Supplemental Indenture of Met-Ed, dated July 15, 1995 -
Incorporated by reference to Exhibit 4-B-35, 1995 Annual Report
on Form 10-K, SEC File No. 1-446.
4-B-35 -- Supplemental Indenture of Met-Ed, dated August 15, 1996 -
Incorporated by reference to Exhibit 4-B-35, 1996 Annual Report
on Form 10-K, SEC File No. 1-446.
4-B-36 -- Supplemental Indenture of Met-Ed, dated May 1, 1997 -
Incorporated by reference to Exhibit 4-B-36, 1997 Annual Report
on Form 10-K, SEC File No. 1-446.
4-B-37 -- Supplemental Indenture of Met-Ed, dated July 1, 1999 -
Incorporated by reference to Exhibit 4-B-38, 1999 Annual Report
on Form 10-K, SEC File No. 1-446.
4-B-38 -- Indenture between Met-Ed and United States Trust Company of New
York, dated May 1, 1999 - Incorporated by reference to Exhibit
A-11(a), Certificate Pursuant to Rule 24, SEC File No. 70-9329.
4-B-39 -- Senior Note Indenture between Met-Ed and United States Trust
Company of New York, dated July 1, 1999 Incorporated by
reference to Exhibit C-154 to GPU, Inc.'s Annual Report on Form
U5S for the year 1999, SEC File No. 30-126.
4-B-40 -- First Supplemental Indenture between Met-Ed and United States
Trust Company of New York, dated August 1, 2000 - Incorporated
by reference to Exhibit 4-A, June 30, 2000 Quarterly Report on
Form 10-Q, SEC File No. 1-446.
4-B-41 -- Supplemental Indenture of Met-Ed, dated May 1, 2001.
(A) 4-B-42 -- Supplemental Indenture of Met-Ed, dated March 1,2003.
4-C -- Mortgage and Deed of Trust of Penelec, dated January 1, 1942,
between Penelec and United States Trust Company of New York,
Successor Trustee, and indentures supplemental thereto dated
March 7, 1942 through May 1, 1960 - Incorporated by reference
to Penelec's Instruments of Indebtedness Nos. 1-20, inclusive,
filed as a part of Amendment No. 1 to 1959 Annual Report of GPU
on Form U5S, SEC File Nos. 30-126 and 1-3292.
4-C-1 -- Supplemental Indentures to Mortgage and Deed of Trust of
Penelec, dated May 1, 1961 through December 1, 1977 -
Incorporated by reference to Exhibit 2-D(1) to 2-D(19),
Registration No. 2-61502.
4-C-2 -- Supplemental Indenture of Penelec, dated June 1, 1978 -
Incorporated by reference to Exhibit 4-A(2), Registration No.
33-49669.
4-C-3 -- Supplemental Indenture of Penelec, dated June 1, 1979 -
Incorporated by reference to Exhibit 4-A(3), Registration No.
33-49669.
55
Exhibit
Number
- ------
4-C-4 -- Supplemental Indenture of Penelec, dated September 1, 1984 -
Incorporated by reference to Exhibit 4-A(4), Registration No.
33-49669.
4-C-5 -- Supplemental Indenture of Penelec, dated December 1, 1985 -
Incorporated by reference to Exhibit 4-A(5), Registration No.
33-49669.
4-C-6 -- Supplemental Indenture of Penelec, dated December 1, 1986 -
Incorporated by reference to Exhibit 4-A(6), Registration No.
33-49669.
4-C-7 -- Supplemental Indenture of Penelec, dated May 1, 1989 -
Incorporated by reference to Exhibit 4-A(7), Registration No.
33-49669.
4-C-8 -- Supplemental Indenture of Penelec, dated December 1, 1990 -
Incorporated by reference to Exhibit 4-A(8), Registration No.
33-45312.
4-C-9 -- Supplemental Indenture of Penelec, dated March 1, 1992 -
Incorporated by reference to Exhibit 4-A(9), Registration No.
33-45312.
4-C-10 -- Supplemental Indenture of Penelec, dated June 1, 1993 -
Incorporated by reference to Exhibit C-73, 1993 Annual Report
of GPU on Form U5S, SEC File No. 30-126.
4-C-11 -- Supplemental Indenture of Penelec, dated November 1, 1995 -
Incorporated by reference to Exhibit 4-C-11, 1995 Annual Report
on Form 10-K, SEC File No.1-3522.
4-C-12 -- Supplemental Indenture of Penelec, dated August 15, 1996 -
Incorporated by reference to Exhibit 4-C-12, 1996 Annual Report
on Form 10-K, SEC File No. 1-3522.
4-C-13 -- Senior Note Indenture between Penelec and United States Trust
Company of New York, dated April 1, 1999 - Incorporated by
reference to Exhibit 4-C-13, 1999 Annual Report on Form 10-K,
SEC File No. 1-3522.
4-C-14 -- Indenture between Penelec and United States Trust Company of
New York, dated June 1, 1999 - Incorporated by reference to
No. 70-9327.
4-C-15 -- First Supplemental Indenture between Penelec and United States
Trust Company of New York, dated August 1, 2000 - Incorporated
by reference to Exhibit 4-B, June 30, 2000 Quarterly Report on
Form 10-Q, SEC File No. 1-3522.
4-C-16 -- Supplemental Indenture of Penelec, dated May 1, 2001.
4-C-17 -- Supplemental Indenture No. 1 of Penelec, dated May 1, 2001.
4-D -- Amended and Restated Limited Partnership Agreement of JCP&L
Capital, L.P., dated May 11, 1995 - Incorporated by reference
to Exhibit A-5(a), Certificate Pursuant to Rule 24, SEC File
No. 70-8495.
4-E -- Action Creating Series A Preferred Securities of JCP&L Capital,
L.P., dated May 11, 1995 - Incorporated by reference to Exhibit
A-6(a), Certificate Pursuant to Rule 24, SEC File No. 70-8495.
4-F -- Payment and Guarantee Agreement of JCP&L, dated May 18, 1995 -
Incorporated by reference to Exhibit B-1(a), Certificate
Pursuant to Rule 24, SEC File No. 70-8495.
4-G -- Payment and Guarantee Agreement of Met-Ed, dated May 28, 1999 -
Incorporated by reference to Exhibit B-1(a), Certificate
Pursuant to Rule 24, SEC No. 70-9329.
4-H -- Amendment No. 1 to Payment and Guarantee Agreement of Met-Ed,
dated November 23, 1999 - Incorporated by reference to Exhibit
4-H, 1999 Annual Report on Form 10-K, SEC File No. 1-446.
4-I -- Payment and Guarantee Agreement of Penelec, dated June 16, 1999
- Incorporated by reference to Exhibit B-1(a), Certificate
Pursuant to Rule 24, SEC File No. 70-9327.
56
Exhibit
Number
- ------
4-J -- Amendment No. 1 to Payment and Guarantee Agreement of Penelec,
dated November 23, 1999 - Incorporated by reference to Exhibit
4-J, 1999 Annual Report on Form 10-K, SEC File No. 1-3522.
* 10-A -- Deferred Remuneration Plan for Outside Directors of Jersey
Central Power & Light Company, as amended and restated
effective August 8, 2000. (2000 Form 10-K, Exhibit 10-H, File
No. 1-3141, Jersey Central Power & Light Company.)
10-B -- Form of Amendment, effective November 7, 2001, to Deferred
Remuneration Plan for Outside Directors of Jersey Central Power
and Light Company.
(A) 12.6 -- Consolidated fixed charge ratios - JCP&L.
(A) 12.7 -- Consolidated fixed charge ratios - Met-Ed.
(A) 12.8 -- Consolidated fixed charge ratios - Penelec.
(A) 13.5 -- JCP&L 2003 Annual Report to Stockholders (Only those portions
expressly incorporated by reference in this Form 10-K are to be
deemed "filed" with SEC.)
(A) 13.6 -- Met-Ed 2003 Annual Report to Stockholders (Only those portions
expressly incorporated by reference in this Form 10-K are to be
deemed "filed" with SEC.)
(A) 13.7 -- Penelec 2003 Annual Report to Stockholders (Only those portions
expressly incorporated by reference in this Form 10-K are to be
deemed "filed" with SEC.)
(A) 21.4 -- List of Subsidiaries of JCP&L at December 31, 2003.
(A) 21.5 -- List of Subsidiaries of Met-Ed at December 31, 2003.
(A) 21.6 -- List of Subsidiaries of Penelec at December 31, 2003.
(A) 23.3 - Consent of Independent Accountants - Penelec.
(A) 31.2 - Certification of chief financial officer, as adopted pursuan
t to Rule 13a-15(e)/15d-15(e).
(A) 31.3 - Certification of chief executive officer, as adopted pursuant
to Rule 13a-15(e)/15d-15(e).
(A) 32.2 - Certification of chief executive officer and chief financial
officer, pursuant to 18 U.S.C. Section 1350.
(A) Provided here in electronic format as an exhibit.
(b) Reports on Form 8-K
FirstEnergy-
FirstEnergy filed the following eight reports on Form 8-K since
September 30, 2003: A report dated November 13, 2003 reported the announcement
of a settlement agreement of FirstEnergy's claim against NRG Energy for the
cancellation of a generating plants sale. A report dated November 21, 2003
reported FirstEnergy received a subpoena for Davis-Besse related matters. A
report dated December 22, 2003 reported FirstEnergy Chief Executive Officer H.
Peter Burg on extended medical leave. A report dated December 23, 2003 reported
Standard and Poor's lowers credit ratings for FirstEnergy and subsidiaries. A
report dated January 13, 2004 reported FirstEnergy Chief Executive Officer H.
Peter Burg passed away. A report dated January 20, 2004 reported Anthony J.
Alexander elected as FirstEnergy Chief Executive Officer and George M. Smart
elected as FirstEnergy Chairman of the Board of Directors. A report dated
February 9, 2004 reported Moody's lowered debt ratings for FirstEnergy and
subsidiaries. A report dated March 8, 2004 reported that FirstEnergy began
Davis-Besse restart with NRC authorization.
57
OE
OE filed the following five reports on Form 8-K since September 30,
2003: A report dated December 22, 2003 reported FirstEnergy Chief Executive
Officer H. Peter Burg on extended medical leave. A report dated December 23,
2003 reported Standard and Poor's lowers credit ratings for FirstEnergy and
subsidiaries. A report dated January 13, 2004 reported FirstEnergy Chief
Executive Officer H. Peter Burg passed away. A report dated January 20, 2004
reported Anthony J. Alexander elected as FirstEnergy Chief Executive Officer and
George M. Smart elected as FirstEnergy Chairman of the Board of Directors. A
report dated February 9, 2004 reported Moody's lowered debt ratings for
FirstEnergy and subsidiaries.
CEI and TE
CEI and TE each filed the following nine reports on Form 8-K since
September 30, 2003: A report dated October 21, 2003 reported the filing of a
proposed rate stabilization plan with the PUCO. A report dated November 13, 2003
reported the announcement of a settlement agreement of FirstEnergy's claim
against NRG Energy for the cancellation of a generating plants sale. A report
dated November 21, 2003 reported FirstEnergy received a subpoena for Davis-Besse
related matters. A report dated December 22, 2003 reported FirstEnergy Chief
Executive Officer H. Peter Burg on extended medical leave. A report dated
December 23, 2003 reported Standard and Poor's lowers credit ratings for
FirstEnergy and subsidiaries. A report dated January 13, 2004 reported
FirstEnergy Chief Executive Officer H. Peter Burg passed away. A report dated
January 20, 2004 reported Anthony J. Alexander elected as FirstEnergy Chief
Executive Officer and George M. Smart elected as FirstEnergy Chairman of the
Board of Directors. A report dated February 9, 2004 reported Moody's lowered
debt ratings for FirstEnergy and subsidiaries. A report dated March 8, 2004
reported that FirstEnergy began Davis-Besse restart with NRC authorization.
Penn, JCP&L, Met-Ed and Penelec
Penn, JCP&L, Met-Ed and Penelec filed the following five reports on
Form 8-K since September 30, 2003: A report dated December 22, 2003 reported
Chief Executive Officer H. Peter Burg on extended medical leave. A report dated
December 23, 2003 reported Standard and Poor's lowers credit ratings for
FirstEnergy and subsidiaries. A report dated January 13, 2004 reported
FirstEnergy Chief Executive Officer H. Peter Burg passed away. A report dated
January 20, 2004 reported Anthony J. Alexander elected as FirstEnergy Chief
Executive Officer and George M. Smart elected as FirstEnergy Chairman of the
Board of Directors. A report dated February 9, 2004 reported Moody's lowered
debt ratings for FirstEnergy and subsidiaries.
58
(A) 23.3 | Consent of Independent Registered Public Accounting Firm - Penelec. |
| |
(A) | Provided here in electronic format as an exhibit. |
3. | Exhibits - Combined Exhibit for Met-Ed and Penelec |
(A)10-1 | First Amendment to Restated Partial Requirements Agreement, between Met-Ed, Penelec, and FES, dated January 1, 2003. |
| |
(A) | Provided here in electronic format as an exhibit. |
Report of Independent Auditors Registered Public Accounting Firm
on
Financial Statement Schedules
To the Stockholders and Board of Directors of
FirstEnergy Corp.:
Our audits of
the consolidatedtheconsolidated financial statements,
of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our
report
dated February 25, 2004reportdated March 7, 2005 appearing in the
20032004 Annual Report to Stockholders of FirstEnergy Corp. (which report,
and consolidated financial statements are
incorporated by reference in this Annual Report on Form 10-K) also included an
audit of the financial statement schedules for the years ended December 31, 2003
and 2002 listed in Item 15(a)(2) of this Form 10-K. In our opinion, these
financial statement schedules present fairly, in all material respects, the
information set forth therein when read in conjunction with the related
consolidated financial statements. The financial statement schedule of
FirstEnergy Corp. for the year ended December 31, 2001 was audited by other
independent auditors who have ceased operations. Those independent auditors
expressed an unqualified opinion on the financial statement schedule in their
report dated March 18, 2002.
PricewaterhouseCoopers LLP
Cleveland, Ohio
February 25, 2004
59
The following report is a copy of a report previously issued by Arthur Andersen
LLP and has not been reissued by Arthur Andersen LLP.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Stockholders and Board of Directors of FirstEnergy Corp.:
We have audited, in accordance with auditing standards generally accepted in the
United States, the consolidated financial statements included in FirstEnergy
Corp.'s Annual Report to Stockholders incorporated by reference in this Form
10-K and have issued our report thereon dated March 18, 2002. Our audit was made
for the purpose of forming an opinion on those statements taken as a whole. The
schedule of consolidated valuation and qualifying accounts listed in Item 14 is
the responsibility of the Company's management and is presented for the purpose
of complying with the Securities and Exchange Commission's rules and is not part
of the basic consolidated financial statements. This schedule has been subjected
to the auditing procedures applied in the audit of the basic consolidated financial statements and in our opinion, fairly states in all material respects
the financial data required to be set forth therein in relation to the basic
consolidated financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Cleveland, Ohio,
March 18, 2002.
60
Report of Independent Auditors on
Financial Statement Schedules
To the Stockholders and Board of Directors of Ohio Edison Company:
Our audits of the consolidated financial statements referred to in our report
dated February 25, 2004 appearing in the 2003 Annual Report to Stockholders of
Ohio Edison Company (which report and consolidated financial statements are
incorporated by reference in this Annual Report on Form 10-K) also included an
audit of the financial statement schedules for the years ended December 31, 2003
and 2002 listed in Item 15(a)(2) of this Form 10-K. In our opinion, these
financial statement schedules present fairly, in all material respects, the
information set forth therein when read in conjunction with the related
consolidated financial statements. The financial statement schedule of Ohio
Edison Company for the year ended December 31, 2001 was audited by other
independent auditors who have ceased operations. Those independent auditors
expressed an unqualified opinion on the financial statement schedule in their
report dated March 18, 2002.
PricewaterhouseCoopers LLP
Cleveland, Ohio
February 25, 2004
61
The following report is a copy of a report previously issued by Arthur Andersen
LLP and has not been reissued by Arthur Andersen LLP.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Stockholders and Board of Directors of Ohio Edison Company:
We have audited, in accordance with auditing standards generally accepted in the
United States, the consolidated financial statements included in Ohio Edison
Company's Annual Report to Stockholders incorporated by reference in this Form
10-K and have issued our report thereon dated March 18, 2002. Our audit was made
for the purpose of forming an opinion on those statements taken as a whole. The
schedule of consolidated valuation and qualifying accounts listed in Item 14 is
the responsibility of the Company's management and is presented for the purpose
of complying with the Securities and Exchange Commission's rules and is not part
of the basic consolidated financial statements. This schedule has been subjected
to the auditing procedures applied in the audit of the basic consolidated
financial statements and, in our opinion, fairly states in all material respects
the financial data required to be set forth therein in relation to the basic
consolidated financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Cleveland, Ohio,
March 18, 2002.
62
Report of Independent Auditors on
Financial Statement Schedules
To the Stockholders and Board of Directors of
The Cleveland Electric Illuminating Company:
Our audits of the consolidated financial statements referred to in our report
dated February 25, 2004 appearing in the 2003 Annual Report to Stockholders of
The Cleveland Electric Illuminating Company (which report and consolidated
financial statementsassessment are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedules listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.
PricewaterhouseCoopers LLP
Cleveland, Ohio
February 25, 2004
63
March 7, 2005
Report of Independent Auditors Registered Public Accounting Firm
on
Financial Statement Schedules
To the Stockholders and Board of Directors of
The Toledo
Ohio Edison Company:
Our audits of the consolidatedtheconsolidated financial statements, of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our report
dated February 25, 2004reportdated March 7, 2005 appearing in the 20032004 Annual Report to Stockholders of The ToledoOhio Edison Company (which report, and consolidated financial statements and assessment are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedules listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.
PricewaterhouseCoopers LLP
Cleveland, Ohio
February 25, 2004
64
March 7, 2005
Report of Independent Auditors Registered Public Accounting Firm
on
Financial Statement Schedules
To the Stockholders and Board of Directors of Pennsylvania Power
The Cleveland Electric Illuminating Company:
Our audits of thetheconsolidated financial statements, of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our report dated February
25, 2004 datedMarch 7, 2005appearing in the 2003 Annualthe2004Annual Report to Stockholders of Pennsylvania
PowerTheCleveland Electric Illuminating Company (which report,consolidated financial statements and financial statementsassessment are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedules for the years ended December 31, 2003 and 2002 listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the relatedrelatedconsolidated financial statements. The financial statement schedule
PricewaterhouseCoopers LLP
Cleveland, Ohio
March 7, 2005
Report of Pennsylvania Power Company for
the year ended December 31, 2001 was audited by other independent auditors who
have ceased operations. Those independent auditors expressed an unqualified
opinion IndependentRegistered Public Accounting Firm
on the financial statement schedule in their report dated March 18,
2002.
PricewaterhouseCoopers LLP
Cleveland, Ohio
February 25, 2004
65
The following report is a copy of a report previously issued by Arthur Andersen
LLP and has not been reissued by Arthur Andersen LLP.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
Financial Statement Schedules
To the Stockholders and Board of Directors of Pennsylvania Power
The Toledo Edison Company:
We have audited, in accordance with auditing standards generally accepted in the
United States, the financial statements included in Pennsylvania Power Company's
Annual Report to Stockholders incorporated by reference in this Form 10-K and
have issued our report thereon dated March 18, 2002. Our audit was made for the
purpose of forming an opinion on those statements taken as a whole. The schedule
of valuation and qualifying accounts listed in Item 14 is the responsibility of
the Company's management and is presented for the purpose of complying with the
Securities and Exchange Commission's rules and is not part of the basic
financial statements. This schedule has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, fairly states in all material respects the financial data required to
be set forth therein in relation to the basic financial statements taken as a
whole.
ARTHUR ANDERSEN LLP
Cleveland, Ohio,
March 18, 2002.
66
Report of Independent Auditors on
Financial Statement Schedules
To the Stockholders and Board of Directors of
Jersey Central Power & Light Company:
Our audits of the consolidatedtheconsolidated financial statements, of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our report dated February 25, 2004 datedMarch 7, 2005appearing in the 2003 Annualthe2004Annual Report to Stockholders of Jersey Central Power & LightTheToledo Edison Company (which report, and consolidated financial statements and assessment are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedules for the years ended
December 31, 2003 and 2002 listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidatedrelatedconsolidated financial statements. The financial statement schedule of
Jersey Central Power & Light Company for the year ended December 31, 2001 was
audited by other independent auditors who have ceased operations. Those
independent auditors expressed an unqualified opinion on the financial statement
schedule in their report dated March 18, 2002.
PricewaterhouseCoopers LLP
Cleveland, Ohio
February 25, 2004
67
The following report is a copy of a report previously issued by Arthur Andersen
LLP and has not been reissued by Arthur Andersen LLP.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Stockholders and Board of Directors of Jersey Central Power &
Light Company:
We have audited, in accordance with auditing standards generally accepted in the
United States, the consolidated financial statements as of December 31, 2001 and
for the periods from January 1, 2001 to November 6, 2001 and from NovemberMarch 7, 2001 to December 31, 2001, included in Jersey Central Power & Light Company's
Annual Report to Stockholders incorporated by reference in this Form 10-K and
have issued our report thereon dated March 18, 2002. Our audit was made for the
purpose of forming an opinion on those statements taken as a whole. The schedule
of consolidated valuation and qualifying accounts listed in Item 14 is the
responsibility of the Company's management and is presented for the purpose of
complying with the Securities and Exchange Commission's rules and is not part of
the basic consolidated financial statements. The information included in this
schedule for the year ended December 31, 2001 has been subjected to the auditing
procedures applied in the audit of the basic consolidated financial statements
and, in our opinion, fairly states in all material respects the financial data
required to be set forth therein in relation to the basic consolidated financial
statements taken as a whole. The consolidated financial statements as of
December 31, 2000 and for each of the two years in the period ended December 31,
2000, together with the related information included in this schedule, were
audited by other auditors whose report dated January 31, 2001, expressed an
unqualified opinion.
ARTHUR ANDERSEN LLP
Cleveland, Ohio,
March 18, 2002.
2005
Report of Independent Auditors Registered Public Accounting Firm
on
Financial Statement Schedules
To the Stockholders and Board of Directors of
Metropolitan EdisonDirectorsof
Pennsylvania Power Company:
Our audits of the consolidatedtheconsolidated financial statements, of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our report dated February 25, 2004 datedMarch 7, 2005appearing in the 2003 Annualthe2004Annual Report to Stockholders of
Metropolitan EdisonofPennsylvania Power Company (which report, and consolidated financial statements and assessment are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedules for the years ended December 31,
2003 and 2002 listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related
consolidatedrelatedconsolidated financial statements. The financial statement schedule
PricewaterhouseCoopers LLP
Cleveland, Ohio
March 7, 2005
Report of Metropolitan Edison Company for the year ended December 31, 2001 was audited by
other independent auditors who have ceased operations. Those independent
auditors expressed an unqualified opinion IndependentRegistered Public Accounting Firm
on the financial statement schedule in
their report dated March 18, 2002.
PricewaterhouseCoopers LLP
Cleveland, Ohio
February 25, 2004
69
The following report is a copy of a report previously issued by Arthur Andersen
LLP and has not been reissued by Arthur Andersen LLP.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
Financial Statement Schedules
To the Stockholders and Board of Directors of Metropolitan Edison
Jersey Central Power
& Light Company:
We have audited, in accordance with auditing standards generally accepted in the
United States, the consolidated financial statements as of December 31, 2001 and
for the periods from January 1, 2001 to November 6, 2001 and from November 7,
2001 to December 31, 2001, included in Metropolitan Edison Company's Annual
Report to Stockholders incorporated by reference in this Form 10-K and have
issued our report thereon dated March 18, 2002. Our audit was made for the
purpose of forming an opinion on those statements taken as a whole. The schedule
of consolidated valuation and qualifying accounts listed in Item 14 is the
responsibility of the Company's management and is presented for the purpose of
complying with the Securities and Exchange Commission's rules and is not part of
the basic consolidated financial statements. The information included in this
schedule for the year ended December 31, 2001 has been subjected to the auditing
procedures applied in the audit of the basic consolidated financial statements
and, in our opinion, fairly states in all material respects the financial data
required to be set forth therein in relation to the basic consolidated financial
statements taken as a whole. The consolidated financial statements as of
December 31, 2000 and for each of the two years in the period ended December 31,
2000, together with the related information included in this schedule, were
audited by other auditors whose report dated January 31, 2001, expressed an
unqualified opinion.
ARTHUR ANDERSEN LLP
Cleveland, Ohio,
March 18, 2002.
70
Report of Independent Auditors on
Financial Statement Schedules
To the Stockholders and Board of Directors of
Pennsylvania Electric Company:
Our audits of the consolidatedtheconsolidated financial statements, of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our report dated February 25, 2004 datedMarch 7, 2005appearing in the 2003 Annualthe2004Annual Report to Stockholders of
Pennsylvania ElectricofJersey Central Power & Light Company (which report, and consolidated financial statements and assessment are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedules for the years ended
December 31, 2003 and 2002 listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidatedrelatedconsolidated financial statements. The financial statement schedule
PricewaterhouseCoopers LLP
Cleveland, Ohio
March 7, 2005
Report of Pennsylvania Electric Company for the year ended December 31, 2001 was audited
by other independent auditors who have ceased operations. Those independent
auditors expressed an unqualified opinion IndependentRegistered Public Accounting Firm
on the financial statement schedule in
their report dated March 18, 2002.
PricewaterhouseCoopers LLP
Cleveland, Ohio
February 25, 2004
71
The following report is a copy of a report previously issued by Arthur Andersen
LLP and has not been reissued by Arthur Andersen LLP.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
Financial Statement Schedules
To the Stockholders and Board of Directors of Pennsylvania Electric
Metropolitan Edison Company:
We have audited,
Our audits of theconsolidated financial statements, of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in accordance with auditing standards generally acceptedour report datedMarch 7, 2005appearing in the
United States, the the2004Annual Report to Stockholders ofMetropolitan Edison Company (which report,consolidated financial statements as of December 31, 2001 and for the periods from January 1, 2001 to November 6, 2001 and from November 7,
2001 to December 31, 2001, included in Pennsylvania Electric Company's Annual
Report to Stockholdersassessment are incorporated by reference in this Annual Report on Form 10-K and have
issued our report thereon dated March 18, 2002. Our10-K) also included an audit was made forof the purpose of forming an opinion on those statements taken as a whole. The schedule
of consolidated valuation and qualifying accountsfinancial statement schedules listed in Item 14 is the
responsibility15(a)(2) of the Company's management and is presented for the purpose of
complying with the Securities and Exchange Commission's rules and is not part of
the basic consolidated financial statements. The information included in this schedule for the year ended December 31, 2001 has been subjected to the auditing
procedures applied in the audit of the basic consolidated financial statements
and, inForm 10-K. In our opinion, these financial statement schedules present fairly, states in all material respects, the financial data
required to beinformation set forth therein when read in relationconjunction with the relatedconsolidated financial statements.
PricewaterhouseCoopers LLP
Cleveland, Ohio
March 7, 2005
Report of IndependentRegistered Public Accounting Firm
on
Financial Statement Schedules
To the Board of Directorsof
Pennsylvania Electric Company:
Our audits of theconsolidated financial statements, of management’s assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to the basic in our report datedMarch 7, 2005appearing in the2004Annual Report to Stockholders ofPennsylvania Electric Company (which report,consolidated financial statements taken as a whole. The consolidated financial statements as of
December 31, 2000 and for eachassessment are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the two yearsfinancial statement schedules listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the period ended December 31,
2000, togetherinformation set forth therein when read in conjunction with the related information included in this schedule, were
audited by other auditors whose report dated Januaryrelatedconsolidated financial statements.
PricewaterhouseCoopers LLP
Cleveland, Ohio
March 7, 2005
SCHEDULE II
FIRSTENERGY CORP.
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2001, expressed an
unqualified opinion.
ARTHUR ANDERSEN LLP
Cleveland, Ohio,
March 18, 2002.
72
SCHEDULE II
FIRSTENERGY CORP.
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
Additions
---------------------
Charged
Beginning Charged to Other Ending
Description Balance to Income Accounts Deductions Balance
----------- --------- --------- ---------- ---------- -------
(In thousands)
Year Ended December 31, 2003:
Accumulated provision for
uncollectible accounts - customers......... $ 52,514 $63,535 $15,966 (a) $81,768 (c) $ 50,247
========= ======= ======= ======= =========
- other............. $ 12,851 $ 6,516 $10,002 (a) $11,086 $ 18,283
========= ======= ======= ======= =========
Loss carryforward
tax valuation reserve...................... $ 482,061 $29,575 $50,503 $91,326 (d) $ 470,813
========= ======= ======= ======= =========
Year Ended December 31, 2002:
Accumulated provision for
uncollectible accounts - customers......... $ 65,358 $43,601 $ 5,637 (a) $62,082(c) $ 52,514
========= ======= ======== ======= =========
- other............. $ 7,947 $ 4,316 $ 4,089 $ 3,501 $ 12,851
========= ======= ======= ======= =========
Loss carryforward
tax valuation reserve...................... $ 459,170 $17,500 $ 5,391 $ -- $482,061
========= ======= ======== ======= ========
Year Ended December 31, 2001:
Accumulated provision for
uncollectible accounts - customers......... $ 32,251 $27,805 $ 41,071(a)(b) $35,769(c) $ 65,358
========= ======= ======== ======= =========
- other............. $ 4,035 $3,912 $ -- $ -- $ 7,947
========= ======= ======== ======= =========
Loss carryforward
tax valuation reserve (Unaudited).......... $ -- $ -- $459,170 $ -- $ 459,170
========= ======= ======== ======= =========
- ---------------------
(a) Represents recoveries and reinstatements of accounts previously written off.
(b) Represents amount assumed from the former GPU companies as of November 7, 2001, the effective date of the merger.
(c) Represents the write-off of accounts considered to be uncollectible.
(d) Includes a reclassification of a valuation allowance to a contingent liability.
73
SCHEDULE II
OHIO EDISON COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
Additions
---------------------
Charged
Beginning Charged to Other Ending
Description Balance to Income Accounts Deductions Balance
----------- --------- --------- -------- ---------- -------
(In thousands)
Year Ended December 31, 2003:
Accumulated provision for
uncollectible accounts - customers...... $ 5,240 $18,157 $4,384 (a) $19,034 (b) $ 8,747
======== ======= ====== ======= =======
- other.......... $ 1,000 $ 1,282 $ -- $ -- $ 2,282
======== ======= ====== ======= =======
Year Ended December 31, 2002:
Accumulated provision for
uncollectible accounts - customers...... $ 4,522 $12,792 $2,777(a) $14,851 $ 5,240
======== ======= ====== ======= =======
- other.......... $ 1,000 $ -- $ -- $ -- $ 1,000
======== ======= ====== ======= =======
Year Ended December 31, 2001:
Accumulated provision for
uncollectible accounts - customers...... $ 11,777 $16,460 $2,401(a) $26,116 $ 4,522
======== ======= ====== ======= =======
- other.......... $ 1,000 $ -- $ -- $ -- $ 1,000
======== ======= ====== ======= =======
- --------------------
(a) Represents recoveries and reinstatements of accounts previously written off.
(b) Represents the write-off of accounts considered to be uncollectible.
74
SCHEDULE II
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
Additions
---------------------
Charged
Beginning Charged to Other Ending
Description Balance to Income Accounts Deductions Balance
----------- --------- --------- --------- ---------- -------
(In thousands)
Year Ended December 31, 2003:
Accumulated provision for
uncollectible accounts.................. $1,015 $ 765 $ -- $ 15 $1,765
====== ======= ====== ===== ======
Year Ended December 31, 2002:
Accumulated provision for
uncollectible accounts.................. $1,015 $ -- $ -- $ -- $1,015
====== ========== ====== ====== ======
Year Ended December 31, 2001:
Accumulated provision for
uncollectible accounts.................. $1,000 $ 15 $ -- $ -- $1,015
====== ======== ====== ====== ======
75
SCHEDULE II
THE TOLEDO EDISON COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
Additions
---------------------
Charged
Beginning Charged to Other Ending
Description Balance to Income Accounts Deductions Balance
--------- --------- -------- ---------- --------
(In thousands)
Year Ended December 31, 2003:
Accumulated provision for
uncollectible accounts.................. $ 2 $1,160 $ 712 (c) $ 1,840 (c) $ 34
======== ====== ======= ======= ========
Year Ended December 31, 2002:
Accumulated provision for
uncollectible accounts.................. $ 2 $ -- $ -- $ -- $ 2
======== ====== ======= ======= ========
Year Ended December 31, 2001:
Accumulated provision for
uncollectible accounts.................. $ -- $ 2 $ -- $ -- $ 2
======== ====== ======= ======= ========
- --------------------
(a) Represents recoveries and reinstatements of accounts previously written off.
(b) Represents the write-off of accounts considered to be uncollectible.
76
SCHEDULE II
PENNSYLVANIA POWER COMPANY
VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
Additions
-----------------------
Charged
Beginning Charged to Other Ending
Description Balance to Income Accounts Deductions Balance
--------- --------- --------- ---------- -------
(In thousands)
Year Ended December 31, 2003:
Accumulated provision for
uncollectible accounts - customers...... $ 702 $1,931 $ 664(a) $2,528 $ 769
======== ====== ====== ====== =======
- other.......... $ -- $ 102 $ -- $ -- $ 102
======== ====== ====== ====== =======
Year Ended December 31, 2002:
Accumulated provision for
uncollectible accounts - customers...... $ 619 $1,808 $ 333 (a) $2,058(b) $ 702
====== ====== ===== ====== =====
Year Ended December 31, 2001:
Accumulated provision for
uncollectible accounts - customers...... $ 628 $1,172 $ 311 (a) $1,492(b) $ 619
====== ====== ===== ====== =====
- --------------------
(a) Represents recoveries and reinstatements of accounts previously written off.
(b) Represents the write-off of accounts considered to be uncollectible.
77
SCHEDULE II
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
Additions
---------------------
Charged
Beginning Charged to Other Ending
Description Balance to Income Accounts Deductions Balance
----------- --------- --------- -------- ---------- -------
(In thousands)
Year Ended December 31, 2003:
Accumulated provision for
uncollectible accounts - customers...... $ 4,509 $ 7,867 $2,991 (a) $11,071(b) $ 4,296
======== ======== ====== ====== =======
- other.......... $ -- $ 1,183 $ -- $ -- $ 1,183
======== ======== ====== ======= =======
Year Ended December 31, 2002:
Accumulated provision for
uncollectible accounts - customers...... $ 12,923 $ 9,057 $1,305 (a) $18,776(b) $ 4,509
======== ======== ====== ======= =======
Year Ended December 31, 2001:
Accumulated provision for
uncollectible accounts - customers
Nov. 7-Dec. 31, 2001 $ 12,858 $ 1,869 $ 57 (a) $ 1,861(b) $12,923
======== ======== ======== ======= =======
Jan. 1-Nov. 6, 2001 $ 21,479 $ 390 $1,778 (a) $10,789(b) $12,858
======== ======== ====== ======= =======
- --------------------
() Represents recoveries and reinstatements of accounts previously written off.
(b) Represents the write-off of accounts considered to be uncollectible.
78
SCHEDULE II
METROPOLITAN EDISON COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
Additions
---------------------
Charged
Beginning Charged to Other Ending
Description Balance to Income Accounts Deductions Balance
--------- --------- -------- ---------- -------
(In thousands)
Year Ended December 31, 2003:
Accumulated provision for
uncollectible accounts - customers...... $ 4,810 $ 8,617 $4,595 (a) $13,079(b) $ 4,943
======= ======= ====== ======= ========
- other.......... $ -- $ 68 $ -- $ -- $ 68
======= ======= ====== ======= ========
Year Ended December 31, 2002:
Accumulated provision for
uncollectible accounts - customers...... $12,271 $ 3,332 $ 851 (a) $11,644(b) $ 4,810
======= ======= ====== ======= ========
Year Ended December 31, 2001:
Accumulated provision for
uncollectible accounts - customers
Nov. 7-Dec. 31, 2001 $11,244 $ 2,669 $ 78 (a) $ 1,720(b) $ 12,271
======= ======= ====== ======= ========
____________________________________________________________________________________________________________________
Jan. 1-Nov. 6, 2001 $13,004 $ 7,354 $ 743 (a) $ 9,857(b) $ 11,244
======= ======= ====== ======= ========
- --------------------
(a) Represents recoveries and reinstatements of accounts previously written off.
(b) Represents the write-off of accounts considered to be uncollectible.
79
SCHEDULE II
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
Additions
---------------------
Charged
Beginning Charged to Other Ending
Description Balance to Income Accounts Deductions Balance
--------- --------- --------- ---------- --------
(In thousands)
Year Ended December 31, 2003:
Accumulated provision for
uncollectible accounts - customers...... $ 6,216 $ 9,287 $3,995 (a) $13,665(b) $ 5,833
======== ======== ====== ======= ========
- other.......... $ -- $ 399 $ -- $ -- $ 399
======== ======== ====== ======= ========
Year Ended December 31, 2002:
Accumulated provision for
uncollectible accounts - customers...... $ 14,719 $ 2,991 $ 704 (a) $12,198(b) $ 6,216
======== ======== ====== ======= ========
Year Ended December 31, 2001:
Accumulated provision for
uncollectible accounts - customers
Nov. 7-Dec. 31, 2001 $ 13,509 $ 3,686 $ 83 (a) $ 2,559(b) $ 14,719
======== ======== ====== ======= ========
- --------------------------------------------------------------------------------------------------------------------
Jan. 1-Nov. 6, 2001 $ 14,851 $ 10,833 $1,069 (a) $13,244(b) $ 13,509
======== ======= ====== ======= ========
- --------------------
(a) Represents recoveries and reinstatements of accounts previously written off.
(b) Represents the write-off of accounts considered to be uncollectible.
80
2004, 2003 AND 2002 | | | | Additions | | | | | | | |
| | | | | | Charged | | | | | | | |
| | Beginning | | Charged | | to Other | | | | | | Ending | |
Description | | Balance | | to Income | | Accounts | | | Deductions | | | Balance | |
| | (In thousands) | |
Year Ended December 31, 2004: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 50,247 | | $ | 38,492 | | $ | 22,102 | (a) | | $ | 76,365 | (b) | | $ | 34,476 | |
- other | | $ | 18,283 | | $ | 1,038 | | $ | 15,836 | (a) | | $ | 9,087 | (b) | | $ | 26,070 | |
| | | | | | | | | | | | | | | | | | |
Loss carryforward | | | | | | | | | | | | | | | | | | |
tax valuation reserve | | $ | 470,813 | | $ | (34,803 | ) | $ | (16,032 | ) | | $ | -- | | | $ | 419,978 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2003: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 52,514 | | $ | 63,535 | | $ | 15,966 | (a) | | $ | 81,768 | (b) | | $ | 50,247 | |
- other | | $ | 12,851 | | $ | 6,516 | | $ | 10,002 | (a) | | $ | 11,086 | (b) | | $ | 18,283 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Loss carryforward | | | | | | | | | | | | | | | | | | |
tax valuation reserve | | $ | 482,061 | | $ | 29,575 | | $ | 50,503 | | | $ | 91,326 | (c) | | $ | 470,813 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2002: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 65,358 | | $ | 43,601 | | $ | 5,637 | (a) | | $ | 62,082 | (b) | | $ | 52,514 | |
- other | | $ | 7,947 | | $ | 4,316 | | $ | 4,089 | | | $ | 3,501 | | | $ | 12,851 | |
| | | | | | | | | | | | | | | | | | |
Loss carryforward | | | | | | | | | | | | | | | | | | |
tax valuation reserve | | $ | 459,170 | | $ | 17,500 | | $ | 5,391 | | | $ | -- | | | $ | 482,061 | |
(a)Represents recoveries and reinstatements of accounts previously written off.
(b)Represents the write-off of accounts considered to be uncollectible.
(c)Includes a reclassification of a valuation allowance to a contingent liability.
SCHEDULE II
OHIO EDISON COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
| | | | Additions | | | | | | | |
| | | | | | Charged | | | | | | | |
| | Beginning | | Charged | | to Other | | | | | | Ending | |
Description | | Balance | | to Income | | Accounts | | | Deductions | | | Balance | |
| | (In thousands) | |
Year Ended December 31, 2004: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 8,747 | | $ | 17,477 | | $ | 7,275 | (a) | | $ | 27,197 | (b) | | $ | 6,302 | |
- other | | $ | 2,282 | | $ | 376 | | $ | 215 | (a) | | $ | 2,809 | (b) | | $ | 64 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2003: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 5,240 | | $ | 18,157 | | $ | 4,384 | (a) | | $ | 19,034 | (b) | | $ | 8,747 | |
- other | | $ | 1,000 | | $ | 1,282 | | $ | -- | | | $ | -- | | | $ | 2,282 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2002: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 4,522 | | $ | 12,792 | | $ | 2,777 | (a) | | $ | 14,851 | (b) | | $ | 5,240 | |
- other | | $ | 1,000 | | $ | -- | | $ | -- | | | $ | -- | | | $ | 1,000 | |
(a)Represents recoveries and reinstatements of accounts previously written off.
(b) Represents the write-off of accounts considered to be uncollectible.
SCHEDULE II
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
| | | | Additions | | | | | |
| | | | | | Charged | | | | | |
| | Beginning | | Charged | | to Other | | Ending | | | |
Description | | Balance | | to Income | | Accounts | | Deductions | | Balance | |
| | (In thousands) | |
| | | | | | | | | | | |
Year Ended December 31, 2004: | | | | | | | | | | | |
| | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | |
uncollectible accounts | | $ | 1,765 | | $ | (1,181 | ) | $ | 12 | | $ | 303 | | $ | 293 | |
| | | | | | | | | | | | | | | | |
Year Ended December 31, 2003: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | |
uncollectible accounts | | $ | 1,015 | | $ | 765 | | $ | -- | | $ | 15 | | $ | 1,765 | |
| | | | | | | | | | | | | | | | |
Year Ended December 31, 2002: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | |
uncollectible accounts | | $ | 1,015 | | $ | -- | | $ | -- | | $ | -- | | $ | 1,015 | |
SCHEDULE II
THE TOLEDO EDISON COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
| | | | Additions | | | | | | | |
| | | | | | Charged | | | | | | | |
| | Beginning | | Charged | | to Other | | | | | | Ending | |
Description | | Balance | | to Income | | Accounts | | | Deductions | | | Balance | |
| | (In thousands) | |
| | | | | | | | | | | | | |
Year Ended December 31, 2004: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | |
uncollectible accounts | | $ | 34 | | $ | (33 | ) | $ | 2 | | (a) | $ | 1 | | (b) | $ | 2 | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2003: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts | | $ | 2 | | $ | 1,160 | | $ | 712 | | (a) | $ | 1,840 | | (b) | $ | 34 | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2002: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts | | $ | 2 | | $ | -- | | $ | -- | | | $ | -- | | | $ | 2 | |
________________________
(a)Represents recoveries and reinstatements of accounts previously written off.
(b)Represents the write-off of accounts considered to be uncollectible.
SCHEDULE II
PENNSYLVANIA POWER COMPANY
VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
| | | | Additions | | | | | | | |
| | | | | | Charged | | | | | | | |
| | Beginning | | Charged | | to Other | | | | | | Ending | |
Description | | Balance | | to Income | | Accounts | | | Deductions | | | Balance | |
| | (In thousands) | |
Year Ended December 31, 2004: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 769 | | $ | 2,467 | | $ | 1,002 | | (a) | $ | 3,350 | | (b) | $ | 888 | |
- other | | $ | 102 | | $ | (93 | ) | $ | 13 | | (a) | $ | 16 | | (b) | $ | 6 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2003: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 702 | | $ | 1,931 | | $ | 644 | | (a) | $ | 2,528 | | (b) | $ | 769 | |
- other | | $ | -- | | $ | 102 | | $ | -- | | | $ | -- | | | $ | 102 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2002: | | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 619 | | $ | 1,808 | | $ | 333 | | (a) | $ | 2,058 | | (b) | $ | 702 | |
(a)Represents recoveries and reinstatements of accounts previously written off.
(b)Represents the write-off of accounts considered to be uncollectible.
SCHEDULE II
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
| | | | Additions | | | | | | | |
| | | | | | Charged | | | | | | | |
| | Beginning | | Charged | | to Other | | | | | | Ending | |
Description | | Balance | | to Income | | Accounts | | | Deductions | | | Balance | |
| | (In thousands) | |
Year Ended December 31, 2004: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 4,296 | | $ | 6,515 | | $ | 3,664 | | (a) | $ | 10,594 | | (b) | $ | 3,881 | |
- other | | $ | 1,183 | | $ | (111 | ) | $ | (354 | ) | | $ | 556 | | | $ | 162 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2003: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 4,509 | | $ | 7,867 | | $ | 2,991 | | (a) | $ | 11,071 | | (b) | $ | 4,296 | |
- other | | $ | -- | | $ | 1,183 | | $ | -- | | | $ | -- | | | $ | 1,183 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2002: | | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 12,923 | | $ | 9,057 | | $ | 1,305 | | (a) | $ | 18,776 | | (b) | $ | 4,509 | |
(a)Represents recoveries and reinstatements of accounts previously written off.
(b)Represents the write-off of accounts considered to be uncollectible.
SCHEDULE II
METROPOLITAN EDISON COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
| | | | Additions | | | | | | | |
| | | | | | Charged | | | | | | | |
| | Beginning | | Charged | | to Other | | | | | | Ending | |
Description | | Balance | | to Income | | Accounts | | | Deductions | | | Balance | |
| | (In thousands) | |
| | | | | | | | | | | | | |
Year Ended December 31, 2004: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 4,943 | | $ | 7,841 | | $ | 5,128 | | (a) | $ | 13,334 | | (b) | $ | 4,578 | |
- other | | $ | 68 | | $ | (68 | ) | $ | -- | | | $ | -- | | | $ | -- | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2003: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 4,810 | | $ | 8,617 | | $ | 4,595 | | (a) | $ | 13,079 | | (b) | $ | 4,943 | |
- other | | $ | -- | | $ | 68 | | $ | -- | | | $ | -- | | | $ | 68 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2002: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 12,271 | | $ | 3,332 | | $ | 851 | | (a) | $ | 11,644 | | (b) | $ | 4,810 | |
(a)Represents recoveries and reinstatements of accounts previously written off.
(b)Represents the write-off of accounts considered to be uncollectible.
SCHEDULE II
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
| | | | Additions | | | | | | | |
| | | | | | Charged | | | | | | | |
| | Beginning | | Charged | | to Other | | | Ending | | | | |
Description | | Balance | | to Income | | Accounts | | | Deductions | | | Balance | |
| | (In thousands) | |
| | | | | | | | | | | | | |
Year Ended December 31, 2004: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 5,833 | | $ | 5,977 | | $ | 5,351 | | (a) | $ | 12,449 | | (b) | $ | 4,712 | |
- other | | $ | 399 | | $ | (324 | ) | $ | 24 | | | $ | 95 | | | $ | 4 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2003: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 6,216 | | $ | 9,287 | | $ | 3,995 | | (a) | $ | 13,665 | | (b) | $ | 5,833 | |
- other | | $ | -- | | $ | 399 | | $ | -- | | | $ | -- | | | $ | 399 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2002: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Accumulated provision for | | | | | | | | | | | | | | | | | | |
uncollectible accounts - customers | | $ | 14,719 | | $ | 2,991 | | $ | 704 | | (a) | $ | 12,198 | | (b) | $ | 6,216 | |
______________________
(a)Represents recoveries and reinstatements of accounts previously written off.
(b)Represents the write-off of accounts considered to be uncollectible.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FIRSTENERGY CORP.
BY /s/ Anthony J. Alexander
----------------------------------------
Anthony J. Alexander
President and Chief Executive Officer
| FIRSTENERGY CORP. |
| |
| |
| BY:/s/ Anthony J. Alexander |
| Anthony J. Alexander |
| President and Chief Executive Officer |
Date: March 15, 2004
9, 2005
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:
/s/George M. Smart /s/Anthony J. Alexander
- -------------------------------- ---------------------------------------
George M. Smart Anthony J. Alexander
Chairman of the Board
| | |
/s/George M. Smart | | /s/ Anthony J. Alexander |
George M. Smart | | Anthony J. Alexander |
Chairman of the Board | | President and Chief Executive Officer |
| | and Chief Executive Officer
and Director (Principal
Executive Officer)
/s/Richard H. Marsh /s/Harvey L. Wagner
- -------------------------------- ---------------------------------------
Richard H. Marsh Harvey L. Wagner
Senior Vice President and Vice President, Controller and
Chief Financial Officer Chief Accounting Officer
(Principal Financial Officer) (Principal Accounting Officer)
/s/Paul T. Addison
- -------------------------------- ---------------------------------------
Paul T. Addison Robert N. Pokewaldt
Director Director
/s/William T. Cottle /s/Paul J. Powers
- -------------------------------- ---------------------------------------
William T. Cottle Paul J. Powers
Director Director
/s/Carol A. Cartwright /s/Catherine A. Rein
- -------------------------------- ---------------------------------------
Carol A. Cartwright Catherine A. Rein
Director Director
/s/Robert B. Heisler, Jr. /s/Robert C. Savage
- -------------------------------- ---------------------------------------
Robert B. Heisler, Jr. Robert C. Savage
Director Director
/s/Robert L. Loughhead /s/Jesse T. Williams, Sr.
- -------------------------------- ---------------------------------------
Robert L. Loughhead Jesse T. Williams, Sr.
Director Director
/s/Russell W. Maier /s/Patricia K. Woolf
- -------------------------------- ---------------------------------------
Russell W. Maier Patricia K. Woolf
Director Director
- --------------------------------
/s/John M. Pietruski
John M. Pietruski Director (Principal Executive Officer) |
| | |
| | |
/s/Richard H. Marsh | | /s/ Harvey L. Wagner |
Richard H. Marsh | | Harvey L. Wagner |
Senior Vice President and Chief Financial | | Vice President, Controller and Chief Accounting |
Officer (Principal Financial Officer) | | Officer (Principal Accounting Officer) |
| | |
| | |
/s/Paul T. Addison | | /s/ Paul J. Powers |
Paul T. Addison | | Paul J. Powers |
Director | | Director |
| | |
| | |
/s/Carol A. Cartwright | | /s/ Catherine A. Rein |
Carol A. Cartwright | | Catherine A. Rein |
Director | | Director |
| | |
| | |
/s/ William T. Cottle | | /s/ Robert C. Savage |
William T. Cottle | | Robert C. Savage |
Director | | Director |
| | |
| | |
/s/ Russell W. Maier | | /s/ Wes M. Taylor |
Russell W. Maier | | Wes M. Taylor |
Director | | Director |
| | |
| | |
/s/ Ernest J. Novak, Jr. | | /s/ Jesse T. Williams, Sr. |
Ernest J. Novak, Jr. | | Jesse T. Williams, Sr. |
Director | | Director |
| | |
| | |
/s/ Robert N. Pokewaldt | | /s/ Patricia K. Woolf |
Robert N. Pokewaldt | | Patricia K. Woolf |
Director | | Director |
| | |
Date: March 15, 2004
9, 2005
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
OHIO EDISON COMPANY
BY /s/ Anthony J. Alexander
-----------------------------
Anthony J. Alexander
President
| OHIO EDISON COMPANY |
| |
| |
| BY: /s/Anthony J. Alexander |
| Anthony J. Alexander |
| President |
Date: March 15, 2004
9, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:
/s/ Anthony J. Alexander /s/Richard H. Marsh
- ----------------------------------- ---------------------------------------
Anthony J. Alexander Richard H. Marsh
President and Director Senior Vice President and Director
(Principal Executive Officer) (Principal Financial Officer)
/s/ Harvey L. Wagner /s/Leila L. Vespoli
- ----------------------------------- ---------------------------------------
Harvey L. Wagner Leila L. Vespoli
Vice President and Controller Senior Vice President and Director
(Principal Accounting Officer)
/s/ Anthony J. Alexander | | /s/Richard R. Grigg |
Anthony J. Alexander | | Richard R. Grigg |
President and Director | | Executive Vice President and Chief |
(Principal Executive Officer) | | Operating Officer and Director |
| | |
| | |
| | |
| | |
/s/Richard H. Marsh | | /s/ Harvey L. Wagner |
Richard H. Marsh | | Harvey L. Wagner |
Senior Vice President and Chief | | Vice President and Controller |
Financial Officer and Director | | (Principal Accounting Officer) |
(Principal Financial Officer) | | |
Date: March 15, 2004
9, 2005
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE CLEVELAND ELECTRIC
ILLUMINATING COMPANY
BY /s/ Anthony J. Alexander
----------------------------
Anthony J. Alexander
President
| THE CLEVELAND ELECTRIC ILLUMINATING COMPANY |
| |
| |
| BY: /s/Anthony J. Alexander |
| Anthony J. Alexander |
| President |
Date: March 15, 2004
9, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:
/s/ Anthony J. Alexander /s/Richard H. Marsh
- ---------------------------------- ---------------------------------------
Anthony J. Alexander Richard H. Marsh
President and Director Senior Vice President and Director
(Principal Executive Officer) (Principal Financial Officer)
/s/ Harvey L. Wagner /s/Leila L. Vespoli
- ---------------------------------- ------------------------------------
Harvey L. Wagner Leila L. Vespoli
Vice President and Controller Senior Vice President and Director
(Principal Accounting Officer)
/s/ Anthony J. Alexander | | /s/ Richard R. Grigg |
Anthony J. Alexander | | Richard R. Grigg |
President and Director | | Executive Vice President and Chief |
(Principal Executive Officer) | | Operating Officer and Director |
| | |
| | |
| | |
| | |
/s/ Richard H. Marsh | | /s/ Harvey L. Wagner |
Richard H. Marsh | | Harvey L. Wagner |
Senior Vice President and Chief | | Vice President and Controller |
Financial Officer and Director | | (Principal Accounting Officer) |
(Principal Financial Officer) | | |
Date: March 15, 2004
9, 2005
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE TOLEDO EDISON COMPANY
BY /s/ Anthony J. Alexander
--------------------------
Anthony J. Alexander
President
| THE TOLEDO EDISON COMPANY |
| |
| |
| BY: /s/Anthony J. Alexander |
| Anthony J. Alexander |
| President |
Date: March 15, 2004
9, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:
/s/ Anthony J. Alexander /s/Richard H. Marsh
- ---------------------------------- -------------------------------------
Anthony J. Alexander Richard H. Marsh
President and Director Senior Vice President and Director
(Principal Executive Officer) (Principal Financial Officer)
/s/ Harvey L. Wagner /s/Leila L. Vespoli
- ---------------------------------- -------------------------------------
Harvey L. Wagner Leila L. Vespoli
Vice President and Controller Senior Vice President and Director
(Principal Accounting Officer)
/s/Anthony J. Alexander | | /s/Richard R. Grigg |
Anthony J. Alexander | | Richard R. Grigg |
President and Director | | Executive Vice President and Chief |
(Principal Executive Officer) | | Operating Officer and Director |
| | |
| | |
| | |
| | |
/s/Richard H. Marsh | | /s/Harvey L. Wagner |
Richard H. Marsh | | Harvey L. Wagner |
Senior Vice President and Chief | | Vice President and Controller |
Financial Officer and Director | | (Principal Accounting Officer) |
(Principal Financial Officer) | | |
Date: March 15, 2004
9, 2005
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
JERSEY CENTRAL POWER & LIGHT COMPANY
BY /s/ Stephen E. Morgan
--------------------------------
Stephen E. Morgan
President
| JERSEY CENTRAL POWER & LIGHT COMPANY |
| |
| |
| BY:/s/ Stephen E. Morgan |
| Stephen E. Morgan |
| President |
Date: March 15, 2004
9, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:
/s/ Stephen E. Morgan s/Richard H. Marsh
- ---------------------------------- ---------------------------------------
Stephen E. Morgan Richard H. Marsh
President and Director Senior Vice President
(Principal Executive Officer) (Principal Financial Officer)
/s/ Harvey L. Wagner /s/Leila L. Vespoli
- ---------------------------------- ---------------------------------------
Harvey L. Wagner Leila L. Vespoli
Vice President and Controller Senior Vice President and Director
(Principal Accounting Officer)
/s/ Charles E. Jones /s/Stanley C. Van Ness
- ---------------------------------- ---------------------------------------
Charles E. Jones Stanley C. Van Ness
Director Director
/s/ Gelorma E. Persson /s/Mark A. Julian
- ---------------------------------- ---------------------------------------
Gelorma E. Persson Mark A. Julian
Director Director
- ----------------------------------
/s/ Bradley S. Ewing
Bradley S. Ewing
Director
/s/Stephen E. Morgan | | /s/Richard H. Marsh |
Stephen E. Morgan | | Richard H. Marsh |
President and Director (Principal Executive Officer) | | Senior Vice President and Chief Financial Officer |
| | (Principal Financial Officer) |
| | |
| | |
| | |
/s/ Harvey L. Wagner | | /s/ Leila L. Vespoli |
Harvey L. Wagner | | Leila L. Vespoli |
Vice President and Controller (Principal Accounting Officer) | | Senior Vice President and General Counsel and Director |
| | |
| | |
| | |
| | |
/s/ Charles E. Jones | | /s/ Stanley C. Van Ness |
Charles E. Jones | | Stanley C. Van Ness |
Director | | Director |
| | |
| | |
| | |
/s/ Gelorma E. Persson | | /s/ Mark A. Julian |
Gelorma E. Persson | | Mark A. Julian |
Director | | Director |
| | |
| | |
| | |
/s/ Bradley S. Ewing | | |
Bradley S. Ewing | | |
Director | | |
| | |
Date: March 15, 2004
9, 2005
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
METROPOLITAN EDISON COMPANY
BY /s/ Anthony J. Alexander
-----------------------------
Anthony J. Alexander
President
| METROPOLITAN EDISON COMPANY |
| |
| |
| BY:/s/ Anthony J. Alexander |
| Anthony J. Alexander |
| President |
Date: March 15, 2004
9, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:
/s/ Anthony J. Alexander /s/Richard H. Marsh
- ----------------------------------- --------------------------------------
Anthony J. Alexander Richard H. Marsh
President and Director Senior Vice President and Director
(Principal Executive Officer) (Principal Financial Officer)
/s/ Harvey L. Wagner /s/Leila L. Vespoli
- ----------------------------------- --------------------------------------
Harvey L. Wagner Leila L. Vespoli
Vice President and Controller Senior Vice President and Director
(Principal Accounting Officer)
/s/Anthony J. Alexander | | /s/Richard R. Grigg |
Anthony J. Alexander | | Richard R. Grigg |
President and Director | | Executive Vice President and Chief |
(Principal Executive Officer) | | Operating Officer and Director |
| | |
| | |
| | |
| | |
/s/Richard H. Marsh | | /s/ Harvey L. Wagner |
Richard H. Marsh | | Harvey L. Wagner |
Senior Vice President and Chief | | Vice President and Controller |
Financial Officer and Director | | (Principal Accounting Officer) |
(Principal Financial Officer) | | |
Date: March 15, 2004
9, 2005
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PENNSYLVANIA ELECTRIC COMPANY
BY /s/ Anthony J. Alexander
-------------------------------
Anthony J. Alexander
President
| PENNSYLVANIA ELECTRIC COMPANY |
| |
| |
| BY:/s/ Anthony J. Alexander |
| Anthony J. Alexander |
| President |
Date: March 15, 2004
9, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:
/s/ Anthony J. Alexander /s/Richard H. Marsh
- ---------------------------------- --------------------------------------
Anthony J. Alexander Richard H. Marsh
President and Director Senior Vice President and Director
(Principal Executive Officer) (Principal Financial Officer)
/s/ Harvey L. Wagner /s/Leila L. Vespoli
- ---------------------------------- --------------------------------------
Harvey L. Wagner Leila L. Vespoli
Vice President and Controller Senior Vice President and Director
(Principal Accounting Officer)
/s/Anthony J. Alexander | | /s/ Richard R. Grigg |
Anthony J. Alexander | | Richard R. Grigg |
President and Director | | Executive Vice President and Chief |
(Principal Executive Officer) | | Operating Officer and Director |
| | |
| | |
| | |
| | |
/s/Richard H. Marsh | | /s/ Harvey L. Wagner |
Richard H. Marsh | | Harvey L. Wagner |
Senior Vice President and Chief | | Vice President and Controller |
Financial Officer and Director | | (Principal Accounting Officer) |
(Principal Financial Officer) | | |
Date: March 15, 2004
9, 2005
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PENNSYLVANIA POWER COMPANY
BY /s/ Anthony J. Alexander
-------------------------------
Anthony J. Alexander
President
| PENNSYLVANIA POWER COMPANY |
| |
| |
| BY: /s/Anthony J. Alexander |
| Anthony J. Alexander |
| President |
Date: March 15, 2004
9, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:
/s/ Anthony J. Alexander /s/Richard H. Marsh
- ------------------------------------- --------------------------------------
Anthony J. Alexander Richard H. Marsh
President and Director Senior Vice President and Director
(Principal Executive Officer) (Principal Financial Officer)
/s/ Harvey L. Wagner /s/Leila L. Vespoli
- ------------------------------------- --------------------------------------
Harvey L. Wagner Leila L. Vespoli
Vice President and Controller Senior Vice President and Director
(Principal Accounting Officer)
/s/Anthony J. Alexander | | /s/ Richard R. Grigg |
Anthony J. Alexander | | Richard R. Grigg |
President and Director | | Executive Vice President and Chief |
(Principal Executive Officer) | | Operating Officer and Director |
| | |
| | |
| | |
| | |
/s/Richard H. Marsh | | /s/ Harvey L. Wagner |
Richard H. Marsh | | Harvey L. Wagner |
Senior Vice President and Chief | | Vice President and Controller |
Financial Officer and Director | | (Principal Accounting Officer) |
(Principal Financial Officer) | | |
Date: March 15, 2004
9, 2005