FirstEnergy (FE) 10-K2011 FY Annual report

Filed: 28 Feb 12, 12:00am

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New words: aboriginal, accretion, acid, adder, adhere, admitted, AE, AESC, AET, Africa, AGC, Alabama, Albright, Alerian, alia, AMT, Anker, antidilutive, AOCI, architectural, AREPA, Armstrong, Army, arsenic, ASLB, bankruptcy, Bath, biennial, BMP, book, boundary, broke, Brown, Buchanan, CAL, CASPR, CCB, CDWR, CERCLA, CFL, Christopher, clearinghouse, Club, CNX, coalition, Coast, codifying, column, concrete, contact, contemplated, context, coolant, cornerstone, corridor, CSAPR, CSPAR, culminating, culture, customary, CWA, CWIP, Cyber, Daiichi, dam, dealer, decelerate, deconsolidation, dedesignate, dedesignated, defeated, degradation, degraded, Delaware, density, DEP, depressed, deregister, disallowed, dissolve, Dominion, DSP, Durban, earthquake, EDC, elevation, EmPOWER, ENEC, energized, evenly, expertise, export, exterior, fell, Ferry, Florida, fly, foreign, Fort, forty, Frederick, FTR, Fukushima, geography, grace, grown, Gunvor, hairline, hand, harbor, Hardy, Harrison, Hatfield, HCL, Healthy, Hurricane, hydro, hydrochloric, hydrological, ICG, illustrative, impede, Impediment, impoundment, inconsistent, injection, intellectual, inter, interchange, Interior, intermediate, Irene, irrespective, Island, jobbing, Johnson, Julia, Kleisner, LBR, lending, LiDAR, Likewise, Lockyer, lump, Lynn, maker, malfeasance, manipulation, Marion, Martin, Martinsville, Matrix, MDE, MetEd, millionthat, mirrored, Misheff, Mississippi, Mitchell, MLP, Monongahela, moot, moratoria, moratorium, Morgantown, Morristown, MP, Nebraska, necessarily, NJPBU, nonrecoverable, north, Nucor, occupy, OTTI, overlap, overturn, PA, paralyzed, PATH, PE, perfected, phenomenon, platform, PM, postemployment, Potomac, predetermined, preempted, prehearing, prime, properly, PURPA, Putnam, rapid, reagent, reclassification, recourse, recurrence, redefine, refute, renamed, renegotiate, renegotiated, reopen, requisite, rescheduled, reservoir, retraction, revaluation, revealed, rewind, RFC, RGGI, Richland, Rivesville, rod, ROE, root, rose, rotor, Royal, RPS, RRI, run, satisfactorily, SB, Scotland, scrubbed, scrubber, seismic, seq, setoff, shield, Sierra, signatory, Smith, snowstorm, software, southwestern, spanning, spare, Speaking, spill, startup, stolen, stretch, stringency, Stryker, Sue, sulfate, surcharge, suspension, synergy, tagged, TDS, Ted, Tennessee, text, thermal, thousand, TMDL, trademark, TrAIL, transparency, tsunami, type, underling, understood, unopposed, unscrubbed, upcoming, uphold, upward, USC, vendor, verdict, viable, vital, VSP, vulnerable, wastewater, white, Willow, wire, Wisconsin, workable, WP, WV, WVDEP, WVPSC, XBRL

Removed: attractive, avoid, bargaining, begun, Besse, Burger, Byrd, CAMR, Cavalier, collective, compel, compromised, confidence, consecutive, consultant, contested, continuation, creating, dealing, dedicated, defining, dispatching, disputed, diverse, downturn, EMP, enforcing, ensuring, expert, feasible, finalize, govern, Grigg, half, identification, inefficient, initiative, input, investor, ISO, itemizing, Lasky, lender, lose, Luff, managing, maximize, merchant, MRO, northeast, notably, NUGC, Obama, objective, page, panel, Pearson, pollutant, publicized, reflective, rejecting, ReliabilityFirst, reload, repaid, repower, representing, resolution, retrofitting, Richard, RTC, SECA, separation, shelf, snow, spend, staggered, Stanley, stipulated, suitability, technically, thereon, transporting, unbundling, unlimited, upgrading, utilize, Vespoli, widely, winning

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EXHIBIT 12.1

FIRSTENERGY CORP.

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES



	Year Ended December 31,
	2007⁽¹⁾		2008⁽¹⁾		2009⁽¹⁾		2010⁽¹⁾		2011
	(Dollars in millions)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items	$	1,492	$	620	$	856	$	718	$	869
Interest and other charges, before reduction for amounts capitalized and deferred	786		761		978		845		1,008
Provision for income taxes	975		375		184		462		574
Interest element of rentals charged to income ⁽²⁾	206		171		161		151		150

Earnings as defined	$	3,459	$	1,927	$	2,179	$	2,176	$	2,601
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest before reduction for amounts capitalized and deferred	$	786	$	761	$	978	$	845	$	1,008
Interest element of rentals charged to income ⁽²⁾	206		171		161		151		150

Fixed charges as defined	$	992	$	932	$	1,139	$	996	$	1,158

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES	3.49		2.07		1.91		2.18		2.25


⁽¹⁾	Reflects the retrospective change in recognizing pensions and OPEB costs (see Note 1)


⁽²⁾	Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

EXHIBIT 12.2

FIRSTENERGY SOLUTIONS CORP.

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES



	Year Ended December 31,
	2007⁽¹⁾		2008⁽¹⁾		2009⁽¹⁾		2010⁽¹⁾		2011⁽²⁾
	(Dollars in millions)
EARNINGS AS DEFINED IN REGULATION S-K:
Income (loss) before extraordinary items	$	553	$	312	$	498	$	231	$	(59	)
Interest and other charges, before reduction for amounts capitalized and deferred	158		142		152		216		211
Provision for income taxes	313		188		281		125		(11		)
Interest element of rentals charged to income ⁽³⁾	25		99		95		91		86

Earnings as defined	$	1,049	$	741	$	1,026	$	663	$	227
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest before reduction for amounts capitalized and deferred	$	158	$	142	$	152	$	216	$	211
Interest element of rentals charged to income ⁽³⁾	25		99		95		91		86

Fixed charges as defined	$	183	$	241	$	247	$	307	$	297

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES	5.73		3.07		4.15		2.16		0.76


⁽¹⁾	Reflects the retrospective change in recognizing pensions and OPEB costs (see Note 1)


⁽²⁾	The earnings as defined would need to increase $70 million for the fixed charge ratio to be 1.0 in 2011.


⁽³⁾	Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

EXHIBIT 12.3

OHIO EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES



	Year Ended December 31,
	2007⁽¹⁾		2008⁽¹⁾		2009⁽¹⁾		2010⁽¹⁾		2011
	(Dollars in millions)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items	$	245	$	75	$	119	$	155	$	128
Interest and other charges, before reduction for amounts capitalized and deferred	83		75		91		89		88
Provision for income taxes	124		27		62		78		78
Interest element of rentals charged to income ⁽²⁾	80		75		70		63		57

Earnings as defined	$	532	$	252	$	342	$	385	$	351
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest before reduction for amounts capitalized and deferred	$	83	$	75	$	91	$	89	$	88
Interest element of rentals charged to income ⁽²⁾	80		75		70		63		57

Fixed charges as defined	$	163	$	150	$	161	$	152	$	145

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES	3.26		1.68		2.12		2.53		2.42


⁽¹⁾	Reflects the retrospective change in recognizing pensions and OPEB costs (see Note 1)


⁽²⁾	Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

EXHIBIT 12.4

THE CLEVELAND ELECTRIC ILLUMINATING COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES



	Year Ended December 31,
	2007⁽¹⁾		2008⁽¹⁾		2009⁽¹⁾⁽²⁾			2010⁽¹⁾		2011
	(Dollars in thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items	$	307,365	$	231,719	$	(28,757	)	$	77,555	$	71,863
Interest and other charges, before reduction for amounts capitalized and deferred	138,977		125,976		137,171			133,351		129,679
Provision for income taxes	178,341		111,508		(19,794		)	35,127		33,852
Interest element of rentals charged to income ⁽³⁾	29,829		1,919		2,380			1,782		1,733

Earnings as defined	$	654,512	$	471,122	$	91,000		$	247,815	$	237,127
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest before reduction for amounts capitalized and deferred	$	138,977	$	125,976	$	137,171		$	133,351	$	129,679
Interest element of rentals charged to income ⁽³⁾	29,829		1,919		2,380			1,782		1,733

Fixed charges as defined	$	168,806	$	127,895	$	139,551		$	135,133	$	131,412

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES	3.88		3.68		0.65			1.83		1.80


⁽¹⁾	Reflects the retrospective change in recognizing pensions and OPEB costs (see Note 1)


⁽²⁾	The earnings as defined would need to increase $48,551 thousand for the fixed charge ratio to be 1.0 in 2009.


⁽³⁾	Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

EXHIBIT 12.5

THE TOLEDO EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES



	Year Ended December 31,
	2007⁽¹⁾		2008⁽¹⁾		2009⁽¹⁾		2010⁽¹⁾		2011
	(Dollars in thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items	$	108,854	$	49,912	$	18,402	$	36,248	$	34,727
Interest and other charges, before reduction for amounts capitalized and deferred	34,135		23,286		36,512		41,883		41,876
Provision for income taxes	62,743		18,797		5,347		15,756		14,605
Interest element of rentals charged to income ⁽²⁾	57,393		37,172		34,514		31,508		28,428

Earnings as defined	$	263,125	$	129,167	$	94,775	$	125,395	$	119,636
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest before reduction for amounts capitalized and deferred	$	34,135	$	23,286	$	36,512	$	41,883	$	41,876
Interest element of rentals charged to income ⁽²⁾	57,393		37,172		34,514		31,508		28,428

Fixed charges as defined	$	91,528	$	60,458	$	71,026	$	73,391	$	70,304

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES	2.87		2.14		1.33		1.71		1.70


⁽¹⁾	Reflects the retrospective change in recognizing pensions and OPEB costs (see Note 1)


⁽²⁾	Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

EXHIBIT 12.6

JERSEY CENTRAL POWER & LIGHT COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES



	Year Ended December 31,
	2007⁽¹⁾		2008⁽¹⁾		2009⁽¹⁾		2010⁽¹⁾		2011
	(Dollars in millions)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items	$	214	$	53	$	158	$	183	$	144
Interest and other charges, before reduction for amounts capitalized and deferred	107		106		117		120		124
Provision for income taxes	166		65		105		147		117
Interest element of rentals charged to income ⁽²⁾	8		8		7		6		7

Earnings as defined	$	495	$	232	$	387	$	456	$	392
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest before reduction for amounts capitalized and deferred	$	107	$	106	$	117	$	120	$	124
Interest element of rentals charged to income ⁽²⁾	8		8		7		6		7

Fixed charges as defined	$	115	$	114	$	124	$	126	$	131

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES	4.30		2.04		3.12		3.62		2.99


⁽¹⁾	Reflects the retrospective change in recognizing pensions and OPEB costs (see Note 1)


⁽²⁾	Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

EXHIBIT 12.7

METROPOLITAN EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES



	Year Ended December 31,
	2007⁽¹⁾		2008⁽¹⁾		2009⁽¹⁾		2010⁽¹⁾		2011
	(Dollars in thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items	$	110,841	$	6,996	$	53,537	$	60,084	$	67,889
Interest and other charges, before reduction for amounts capitalized and deferred	51,022		43,651		56,683		52,829		52,685
Provision for income taxes	77,474		10,001		28,875		47,733		36,820
Interest element of rentals charged to income ⁽²⁾	2,160		2,132		2,194		2,159		1,334

Earnings as defined	$	241,497	$	62,780	$	141,289	$	162,805	$	158,728
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest before reduction for amounts capitalized and deferred	$	51,022	$	43,651	$	56,683	$	52,829	$	52,685
Interest element of rentals charged to income ⁽²⁾	2,160		2,132		2,194		2,159		1,334

Fixed charges as defined	$	53,182	$	45,783	$	58,877	$	54,988	$	54,019

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES	4.54		1.37		2.40		2.96		2.94


⁽¹⁾	Reflects the retrospective change in recognizing pensions and OPEB costs (see Note 1)


⁽²⁾	Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

EXHIBIT 12.8

PENNSYLVANIA ELECTRIC COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES



	Year Ended December 31,
	2007⁽¹⁾		2008⁽¹⁾		2009⁽¹⁾		2010⁽¹⁾		2011
	(Dollars in thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items	$	109,828	$	18,716	$	50,798	$	63,190	$	63,073
Interest and other charges, before reduction for amounts capitalized and deferred	54,840		59,424		54,605		69,864		69,302
Provision for income taxes	74,069		15,572		38,508		46,340		30,098
Interest element of rentals charged to income ⁽²⁾	3,214		3,319		3,141		3,385		3,313

Earnings as defined	$	241,951	$	97,031	$	147,052	$	182,779	$	165,786
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest before reduction for amounts capitalized and deferred	$	54,840	$	59,424	$	54,605	$	69,864	$	69,302
Interest element of rentals charged to income ⁽²⁾	3,214		3,319		3,141		3,385		3,313

Fixed charges as defined	$	58,054	$	62,743	$	57,746	$	73,249	$	72,615

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES	4.17		1.55		2.55		2.50		2.28


⁽¹⁾	Reflects the retrospective change in recognizing pensions and OPEB costs (see Note 1)


⁽²⁾	Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

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