Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'FIRSTENERGY CORP | ' |
Entity Central Index Key | '0001031296 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 420,792,515 |
FES | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'FirstEnergy Solutions Corp. | ' |
Entity Central Index Key | '0001407703 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 7 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (FirstEnergy Corp.) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
REVENUES: | ' | ' | ' | ' | ||||
Electric utilities | $2,554 | $2,526 | $7,542 | $7,128 | ||||
Unregulated businesses | 1,334 | 1,506 | 4,024 | 4,131 | ||||
Total revenues | 3,888 | [1] | 4,032 | [1] | 11,566 | [1] | 11,259 | [1] |
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Fuel | 544 | 657 | 1,711 | 1,915 | ||||
Purchased power | 1,188 | 1,120 | 3,726 | 2,932 | ||||
Other operating expenses | 858 | 877 | 3,061 | 2,645 | ||||
Provision for depreciation | 308 | 316 | 904 | 909 | ||||
Amortization (deferral) of regulatory assets, net | 35 | 312 | 27 | 443 | ||||
General taxes | 239 | 242 | 738 | 747 | ||||
Impairment of long-lived assets | 0 | 0 | 0 | 473 | ||||
Total operating expenses | 3,172 | 3,524 | 10,167 | 10,064 | ||||
OPERATING INCOME (LOSS) | 716 | 508 | 1,399 | 1,195 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Gain (loss) on debt redemptions (Note 8) | 0 | 9 | -8 | -132 | ||||
Investment income (loss) | 16 | 5 | 67 | 8 | ||||
Interest expense | -275 | -257 | -802 | -771 | ||||
Capitalized financing costs | 28 | 21 | 89 | 62 | ||||
Total other expense | -231 | -222 | -654 | -833 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 485 | 286 | 745 | 362 | ||||
INCOME TAXES (BENEFITS) | 152 | 77 | 226 | 129 | ||||
INCOME FROM CONTINUING OPERATIONS | 333 | 209 | 519 | 233 | ||||
Discontinued operations (net of income taxes of $0, $3, $69 and $9, respectively) (Note 13) | 0 | 9 | 86 | 17 | ||||
NET INCOME (LOSS) | $333 | $218 | $605 | $250 | ||||
EARNINGS PER SHARE OF COMMON STOCK: | ' | ' | ' | ' | ||||
Basic - Continuing Operations, in dollars per share | $0.79 | $0.50 | $1.24 | $0.56 | ||||
Basic - Discontinued Operations (Note 14), in dollars per share | $0 | $0.02 | $0.20 | $0.04 | ||||
Basic - Earnings Available to FirstEnergy Corp., in dollars per share | $0.79 | $0.52 | $1.44 | $0.60 | ||||
Diluted - Continuing Operations, in dollars per share | $0.79 | $0.50 | $1.24 | $0.56 | ||||
Diluted - Discontinued Operations (Note 14), in dollars per share | $0 | $0.02 | $0.20 | $0.04 | ||||
Diluted - Earnings Available to FirstEnergy Corp., in dollars per share | $0.79 | $0.52 | $1.44 | $0.60 | ||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: | ' | ' | ' | ' | ||||
Basic, in shares | 420 | 418 | 419 | 418 | ||||
Diluted, in shares | 421 | 419 | 420 | 419 | ||||
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK, in dollars per share | $0.72 | [2] | $1.10 | [2] | $1.44 | $1.65 | ||
[1] | Includes excise tax collections of $105 million and $117 million in the three months ended September 30, 2014 and 2013, respectively, and $321 million and $346 million in the nine months ended September 30, 2014 and 2013, respectively. | |||||||
[2] | The nine months ended September 30, 2014 includes a dividend declared of $0.36 per share on each of January 21, 2014; March 18, 2014; July 15, 2014; and September 16, 2014 paid or payable on March 1, 2014; June 1 2014; September 1, 2014; and December 1, 2014, respectively. The nine months ended September 30, 2013 includes a dividend declared of $0.55 per share on each of March 19, 2013; July 16, 2013; and September 17, 2013 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (FirstEnergy Corp.) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 16, 2014 | Jul. 15, 2014 | Mar. 18, 2014 | Jan. 21, 2014 | Sep. 17, 2013 | Jul. 16, 2013 | Mar. 19, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax effect of discontinued operations | $0 | $3 | $69 | $9 | ' | ' | ' | ' | ' | ' | ' |
Excise taxes collected | $105 | $117 | $321 | $346 | ' | ' | ' | ' | ' | ' | ' |
Dividends declared amount paid per declaration (in dollars per share) | ' | ' | ' | ' | $0.36 | $0.36 | $0.36 | $0.36 | $0.55 | $0.55 | $0.55 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (FirstEnergy Corp.) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET INCOME (LOSS) | $333 | $218 | $605 | $250 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' |
Pension and OPEB prior service costs | -42 | -47 | -126 | -148 |
Amortized gains (losses) on derivative hedges | 0 | 2 | -1 | 4 |
Change in unrealized gain on available-for-sale securities | -11 | 6 | 40 | 3 |
Other comprehensive income (loss) | -53 | -39 | -87 | -141 |
Income tax benefits on other comprehensive loss | -21 | -15 | -35 | -55 |
Other comprehensive income (loss), net of tax | -32 | -24 | -52 | -86 |
COMPREHENSIVE INCOME (LOSS) | $301 | $194 | $553 | $164 |
Consolidated_Balance_Sheets_Fi
Consolidated Balance Sheets (FirstEnergy Corp.) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $109 | $218 |
Receivables- | ' | ' |
Customers, net of allowance for uncollectible accounts of $63 in 2014 and $52 in 2013 | 1,605 | 1,720 |
Other, net of allowance for uncollectible accounts of $5 in 2014 and $3 in 2013 | 214 | 198 |
Materials and supplies, at average cost | 771 | 752 |
Prepaid taxes | 185 | 226 |
Derivatives | 180 | 166 |
Accumulated deferred income taxes | 327 | 366 |
Collateral | 221 | 155 |
Other | 173 | 212 |
Total current assets | 3,785 | 4,013 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
In service | 46,664 | 44,228 |
Less - Accumulated provision for depreciation | 14,040 | 13,280 |
Property, plant and equipment in service net of accumulated provision for depreciation | 32,624 | 30,948 |
Construction work in progress | 2,301 | 2,304 |
Total net property, plant and equipment | 34,925 | 33,252 |
INVESTMENTS: | ' | ' |
Nuclear plant decommissioning trusts | 2,365 | 2,201 |
Other | 894 | 903 |
Total other property and investments | 3,259 | 3,104 |
ASSETS HELD FOR SALE | 0 | 235 |
DEFERRED CHARGES AND OTHER ASSETS: | ' | ' |
Goodwill | 6,418 | 6,418 |
Regulatory assets | 1,668 | 1,854 |
Other | 1,169 | 1,548 |
Total deferred charges and other assets | 9,255 | 9,820 |
Total assets | 51,224 | 50,424 |
CURRENT LIABILITIES: | ' | ' |
Currently payable long-term debt | 1,386 | 1,415 |
Short-term borrowings | 1,621 | 3,404 |
Accounts payable | 1,190 | 1,250 |
Accrued taxes | 489 | 485 |
Accrued compensation and benefits | 277 | 351 |
Derivatives | 166 | 111 |
Other | 850 | 621 |
Total current liabilities | 5,979 | 7,637 |
Common stockholders' equity- | ' | ' |
Common stock, $0.10 par value, authorized 490,000,000 shares - 420,729,105 and 418,628,559 shares outstanding as of September 30, 2014 and December 31, 2013, respectively | 42 | 42 |
Other paid-in capital | 9,836 | 9,776 |
Accumulated other comprehensive income | 232 | 284 |
Retained earnings | 2,592 | 2,590 |
Total common stockholders' equity | 12,702 | 12,692 |
Noncontrolling interest | 2 | 3 |
Total equity | 12,704 | 12,695 |
Long-term debt and other long-term obligations | 18,531 | 15,831 |
Total capitalization | 31,235 | 28,526 |
NONCURRENT LIABILITIES: | ' | ' |
Accumulated deferred income taxes | 7,188 | 6,968 |
Retirement benefits | 2,754 | 2,689 |
Asset retirement obligations | 1,755 | 1,678 |
Deferred gain on sale and leaseback transaction | 833 | 858 |
Adverse power contract liability | 222 | 290 |
Other | 1,258 | 1,778 |
Total noncurrent liabilities | 14,010 | 14,261 |
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 11) | ' | ' |
Total liabilities and capitalization | $51,224 | $50,424 |
Consolidated_Balance_Sheets_Fi1
Consolidated Balance Sheets (FirstEnergy Corp.) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Common stockholders' equity- | ' | ' |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares outstanding | 420,729,105 | 418,628,559 |
Customer [Member] | ' | ' |
Receivables- | ' | ' |
Allowance for uncollectible accounts (in dollars) | $63 | $52 |
Other [Member] | ' | ' |
Receivables- | ' | ' |
Allowance for uncollectible accounts (in dollars) | $5 | $3 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (FirstEnergy Corp.) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME | $605 | $250 |
Adjustments to reconcile net income to net cash from operating activities- | ' | ' |
Income from discontinued operations (Note 14) | -86 | -17 |
Provision for depreciation | 904 | 909 |
Amortization (deferral) of regulatory assets, net | 27 | 443 |
Nuclear fuel amortization | 160 | 156 |
Deferred purchased power and other costs | -89 | -61 |
Deferred income taxes and investment tax credits, net | 327 | 114 |
Impairments of long-lived assets | 0 | 473 |
Investment impairments | 10 | 74 |
Deferred rents and lease market valuation liability | -56 | -48 |
Retirement benefits | -60 | -133 |
Gain on asset sales | 0 | -21 |
Commodity derivative transactions, net (Note 9) | 60 | 15 |
Loss on debt redemptions | 8 | 132 |
Make-whole premiums paid on debt redemptions | 0 | -181 |
Changes in current assets and liabilities- | ' | ' |
Receivables | 90 | -7 |
Materials and supplies | -19 | 117 |
Prepayments and other current assets | 42 | -59 |
Accounts payable | -47 | -279 |
Accrued taxes | -145 | -146 |
Accrued compensation | 66 | 29 |
Accrued compensation and benefits | -74 | -43 |
Cash collateral, net | -71 | -67 |
Other | 85 | 21 |
Net cash provided from operating activities | 1,737 | 1,671 |
New Financing- | ' | ' |
Long-term debt | 3,778 | 2,745 |
Short-term borrowings, net | 0 | 1,435 |
Redemptions and Repayments- | ' | ' |
Long-term debt | -1,062 | -2,662 |
Short-term borrowings, net | -1,783 | 0 |
Tender premiums paid on debt redemptions | 0 | -110 |
Common stock dividend payments | -452 | -690 |
Other | -37 | -64 |
Net cash provided from financing activities | 444 | 654 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Property additions | -2,473 | -1,960 |
Nuclear fuel | -98 | -159 |
Proceeds from asset sales | 394 | 0 |
Sales of investment securities held in trusts | 1,511 | 1,545 |
Purchases of investment securities held in trusts | -1,593 | -1,567 |
Cash investments | 42 | -12 |
Asset removal costs | -80 | -125 |
Other | 7 | 3 |
Net cash used for investing activities | -2,290 | -2,275 |
Net change in cash and cash equivalents | -109 | 50 |
Cash and cash equivalents at beginning of period | 218 | 172 |
Cash and cash equivalents at end of period | $109 | $222 |
Consolidated_Statements_of_Inc2
Consolidated Statements of Income and Comprehensive Income (FirstEnergy Solutions Corp.) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
REVENUES: | ' | ' | ' | ' | ||||
Electric sales | $1,334 | $1,506 | $4,024 | $4,131 | ||||
Total revenues | 3,888 | [1] | 4,032 | [1] | 11,566 | [1] | 11,259 | [1] |
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Fuel | 544 | 657 | 1,711 | 1,915 | ||||
Purchased power | 1,188 | 1,120 | 3,726 | 2,932 | ||||
Other operating expenses | 858 | 877 | 3,061 | 2,645 | ||||
Provision for depreciation | 308 | 316 | 904 | 909 | ||||
General taxes | 239 | 242 | 738 | 747 | ||||
Total operating expenses | 3,172 | 3,524 | 10,167 | 10,064 | ||||
OPERATING INCOME (LOSS) | 716 | 508 | 1,399 | 1,195 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Gain (loss) on debt redemptions (Note 8) | 0 | 9 | -8 | -132 | ||||
Investment income (loss) | 16 | 5 | 67 | 8 | ||||
Interest expense | -275 | -257 | -802 | -771 | ||||
Capitalized interest | 28 | 21 | 89 | 62 | ||||
Total other expense | -231 | -222 | -654 | -833 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 485 | 286 | 745 | 362 | ||||
INCOME TAXES (BENEFITS) | 152 | 77 | 226 | 129 | ||||
INCOME FROM CONTINUING OPERATIONS | 333 | 209 | 519 | 233 | ||||
Discontinued operations (net of income taxes of $0, $5, $70 and $8, respectively) (Note 14) | 0 | 9 | 86 | 17 | ||||
NET INCOME (LOSS) | 333 | 218 | 605 | 250 | ||||
STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' | ||||
NET INCOME (LOSS) | 333 | 218 | 605 | 250 | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' | ||||
Pension and OPEB prior service costs | -42 | -47 | -126 | -148 | ||||
Amortized loss (gain) on derivative hedges | 0 | 2 | -1 | 4 | ||||
Change in unrealized gain on available-for-sale securities | -11 | 6 | 40 | 3 | ||||
Other comprehensive income (loss) | -53 | -39 | -87 | -141 | ||||
Income taxes (benefits) on other comprehensive income (loss) | -21 | -15 | -35 | -55 | ||||
Other comprehensive income (loss), net of tax | -32 | -24 | -52 | -86 | ||||
COMPREHENSIVE INCOME (LOSS) | 301 | 194 | 553 | 164 | ||||
FES | ' | ' | ' | ' | ||||
REVENUES: | ' | ' | ' | ' | ||||
Other | 42 | 38 | 124 | 107 | ||||
Total revenues | 1,521 | 1,679 | 4,802 | 4,655 | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Fuel | 270 | 304 | 923 | 936 | ||||
Other operating expenses | 356 | 339 | 1,276 | 1,105 | ||||
Provision for depreciation | 83 | 80 | 236 | 231 | ||||
General taxes | 31 | 35 | 99 | 106 | ||||
Total operating expenses | 1,431 | 1,614 | 5,011 | 4,534 | ||||
OPERATING INCOME (LOSS) | 90 | 65 | -209 | 121 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Gain (loss) on debt redemptions (Note 8) | -1 | 0 | -6 | -103 | ||||
Investment income (loss) | 13 | -3 | 57 | -4 | ||||
Miscellaneous income | 1 | 21 | 5 | 29 | ||||
Capitalized interest | 7 | 9 | 27 | 28 | ||||
Total other expense | -18 | -9 | -32 | -183 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 72 | 56 | -241 | -62 | ||||
INCOME TAXES (BENEFITS) | 28 | 23 | -95 | -19 | ||||
INCOME FROM CONTINUING OPERATIONS | 44 | 33 | -146 | -43 | ||||
Discontinued operations (net of income taxes of $0, $5, $70 and $8, respectively) (Note 14) | 0 | 7 | 116 | 14 | ||||
NET INCOME (LOSS) | 44 | 40 | -30 | -29 | ||||
STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' | ||||
NET INCOME (LOSS) | 44 | 40 | -30 | -29 | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' | ||||
Pension and OPEB prior service costs | -4 | -5 | -14 | -16 | ||||
Amortized loss (gain) on derivative hedges | -2 | -1 | -7 | -3 | ||||
Change in unrealized gain on available-for-sale securities | -9 | 5 | 35 | 2 | ||||
Other comprehensive income (loss) | -15 | -1 | 14 | -17 | ||||
Income taxes (benefits) on other comprehensive income (loss) | -6 | -1 | 5 | -7 | ||||
Other comprehensive income (loss), net of tax | -9 | 0 | 9 | -10 | ||||
COMPREHENSIVE INCOME (LOSS) | 35 | 40 | -21 | -39 | ||||
FES | Affiliates | ' | ' | ' | ' | ||||
REVENUES: | ' | ' | ' | ' | ||||
Electric sales | 164 | 186 | 689 | 482 | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 64 | 132 | 203 | 401 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | -1 | -1 | -5 | -7 | ||||
FES | Non-Affiliates | ' | ' | ' | ' | ||||
REVENUES: | ' | ' | ' | ' | ||||
Electric sales | 1,315 | 1,455 | 3,989 | 4,066 | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 627 | 724 | 2,274 | 1,755 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | ($37) | ($35) | ($110) | ($126) | ||||
[1] | Includes excise tax collections of $105 million and $117 million in the three months ended SeptemberB 30, 2014 and 2013, respectively, and $321 million and $346 million in the nine months ended SeptemberB 30, 2014 and 2013, respectively. |
Consolidated_Statements_of_Inc3
Consolidated Statements of Income and Comprehensive Income (FirstEnergy Solutions Corp.) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Tax effect of discontinued operations | $0 | $3 | $69 | $9 |
FES | ' | ' | ' | ' |
Tax effect of discontinued operations | $0 | $5 | $70 | $8 |
Consolidated_Balance_Sheets_Fi2
Consolidated Balance Sheets (FirstEnergy Solutions Corp.) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $109 | $218 |
Receivables- | ' | ' |
Customers, net of allowance for uncollectible accounts of $21 in 2014 and $11 in 2013 | 1,605 | 1,720 |
Other, net of allowance for uncollectible accounts of $3 in 2014 and 2013 | 214 | 198 |
Materials and supplies | 771 | 752 |
Derivatives | 180 | 166 |
Collateral | 221 | 155 |
Prepayments and other | 173 | 212 |
Total current assets | 3,785 | 4,013 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
In service | 46,664 | 44,228 |
Less - Accumulated provision for depreciation | 14,040 | 13,280 |
Property, plant and equipment in service net of accumulated provision for depreciation | 32,624 | 30,948 |
Construction work in progress | 2,301 | 2,304 |
Total net property, plant and equipment | 34,925 | 33,252 |
INVESTMENTS: | ' | ' |
Nuclear plant decommissioning trusts | 2,365 | 2,201 |
Other | 894 | 903 |
Total other property and investments | 3,259 | 3,104 |
ASSETS HELD FOR SALE | 0 | 235 |
DEFERRED CHARGES AND OTHER ASSETS: | ' | ' |
Goodwill | 6,418 | 6,418 |
Other | 1,169 | 1,548 |
Total deferred charges and other assets | 9,255 | 9,820 |
Total assets | 51,224 | 50,424 |
CURRENT LIABILITIES: | ' | ' |
Currently payable long-term debt | 1,386 | 1,415 |
Other | 1,621 | 3,404 |
Accounts payable- | ' | ' |
Accrued taxes | 489 | 485 |
Derivatives | 166 | 111 |
Other | 850 | 621 |
Total current liabilities | 5,979 | 7,637 |
Common stockholders' equity- | ' | ' |
Common stock, without par value, authorized 750 shares - 7 shares outstanding as of September 30, 2014 and December 31, 2013 | 42 | 42 |
Accumulated other comprehensive income | 232 | 284 |
Retained earnings | 2,592 | 2,590 |
Total common stockholders' equity | 12,702 | 12,692 |
Long-term debt and other long-term obligations | 18,531 | 15,831 |
Total capitalization | 31,235 | 28,526 |
NONCURRENT LIABILITIES: | ' | ' |
Deferred gain on sale and leaseback transaction | 833 | 858 |
Accumulated deferred income taxes | 7,188 | 6,968 |
Asset retirement obligations | 1,755 | 1,678 |
Retirement benefits | 2,754 | 2,689 |
Other | 1,258 | 1,778 |
Total noncurrent liabilities | 14,010 | 14,261 |
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 11) | ' | ' |
Total liabilities and capitalization | 51,224 | 50,424 |
FES | ' | ' |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | 2 | 2 |
Receivables- | ' | ' |
Customers, net of allowance for uncollectible accounts of $21 in 2014 and $11 in 2013 | 445 | 539 |
Affiliated companies | 488 | 1,036 |
Other, net of allowance for uncollectible accounts of $3 in 2014 and 2013 | 114 | 81 |
Notes receivable from affiliated companies | 214 | 0 |
Materials and supplies | 471 | 448 |
Derivatives | 168 | 165 |
Collateral | 218 | 136 |
Prepayments and other | 98 | 109 |
Total current assets | 2,218 | 2,516 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
In service | 13,745 | 12,472 |
Less - Accumulated provision for depreciation | 5,087 | 4,755 |
Property, plant and equipment in service net of accumulated provision for depreciation | 8,658 | 7,717 |
Construction work in progress | 688 | 1,308 |
Total net property, plant and equipment | 9,346 | 9,025 |
INVESTMENTS: | ' | ' |
Nuclear plant decommissioning trusts | 1,381 | 1,276 |
Other | 11 | 11 |
Total other property and investments | 1,392 | 1,287 |
ASSETS HELD FOR SALE | 0 | 122 |
DEFERRED CHARGES AND OTHER ASSETS: | ' | ' |
Customer intangibles | 82 | 95 |
Goodwill | 23 | 23 |
Property taxes | 9 | 41 |
Unamortized sale and leaseback costs | 210 | 168 |
Derivatives | 42 | 53 |
Other | 107 | 172 |
Total deferred charges and other assets | 473 | 552 |
Total assets | 13,429 | 13,502 |
CURRENT LIABILITIES: | ' | ' |
Currently payable long-term debt | 535 | 892 |
Other | 21 | 4 |
Accounts payable- | ' | ' |
Affiliated companies | 453 | 765 |
Other | 178 | 290 |
Accrued taxes | 167 | 66 |
Derivatives | 166 | 110 |
Other | 170 | 197 |
Total current liabilities | 1,690 | 2,755 |
Common stockholders' equity- | ' | ' |
Common stock, without par value, authorized 750 shares - 7 shares outstanding as of September 30, 2014 and December 31, 2013 | 3,592 | 3,080 |
Accumulated other comprehensive income | 63 | 54 |
Retained earnings | 2,148 | 2,178 |
Total common stockholders' equity | 5,803 | 5,312 |
Long-term debt and other long-term obligations | 2,631 | 2,130 |
Total capitalization | 8,434 | 7,442 |
NONCURRENT LIABILITIES: | ' | ' |
Deferred gain on sale and leaseback transaction | 833 | 858 |
Accumulated deferred income taxes | 741 | 741 |
Asset retirement obligations | 1,059 | 1,015 |
Retirement benefits | 197 | 185 |
Derivatives | 20 | 14 |
Other | 455 | 492 |
Total noncurrent liabilities | 3,305 | 3,305 |
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 11) | ' | ' |
Total liabilities and capitalization | 13,429 | 13,502 |
FES | Affiliated Entity [Member] | ' | ' |
CURRENT LIABILITIES: | ' | ' |
Affiliated companies | $0 | $431 |
Consolidated_Balance_Sheets_Fi3
Consolidated Balance Sheets (FirstEnergy Solutions Corp.) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Common stockholders' equity- | ' | ' |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares outstanding | 420,729,105 | 418,628,559 |
Customer [Member] | ' | ' |
Receivables- | ' | ' |
Allowance for uncollectible accounts (in dollars) | 63 | 52 |
Other Receivables [Member] | ' | ' |
Receivables- | ' | ' |
Allowance for uncollectible accounts (in dollars) | 5 | 3 |
FES | ' | ' |
Common stockholders' equity- | ' | ' |
Common stock, no par value | ' | ' |
Common stock, shares authorized | 750 | 750 |
Common stock, shares outstanding | 7 | 7 |
FES | Customer [Member] | ' | ' |
Receivables- | ' | ' |
Allowance for uncollectible accounts (in dollars) | 21 | 11 |
FES | Other Receivables [Member] | ' | ' |
Receivables- | ' | ' |
Allowance for uncollectible accounts (in dollars) | 3 | 3 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (FirstEnergy Solutions Corp.) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME (LOSS) | $605 | $250 |
Adjustments to reconcile net income (loss) to net cash from operating activities- | ' | ' |
Income from discontinued operations (Note 14) | -86 | -17 |
Provision for depreciation | 904 | 909 |
Nuclear fuel amortization | 160 | 156 |
Deferred rents and lease market valuation liability | -56 | -48 |
Deferred income taxes and investment tax credits, net | 327 | 114 |
Investment impairments | 10 | 74 |
Commodity derivative transactions, net (Note 9) | 60 | 15 |
Loss on debt redemptions | 8 | 132 |
Make-whole premiums paid on debt redemptions | 0 | -181 |
Changes in current assets and liabilities- | ' | ' |
Receivables | 90 | -7 |
Materials and supplies | -19 | 117 |
Prepayments and other current assets | 42 | -59 |
Accounts payable | -47 | -279 |
Accrued taxes | -145 | -146 |
Accrued compensation and benefits | -74 | -43 |
Cash collateral, net | -71 | -67 |
Other | 85 | 21 |
Net cash provided from operating activities | 1,737 | 1,671 |
New financing- | ' | ' |
Long-term debt | 3,778 | 2,745 |
Redemptions and Repayments- | ' | ' |
Long-term debt | -1,062 | -2,662 |
Short-term borrowings, net | -1,783 | 0 |
Tender premiums paid on debt redemptions | 0 | -110 |
Other | -37 | -64 |
Net cash provided from financing activities | 444 | 654 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Property additions | -2,473 | -1,960 |
Nuclear fuel | -98 | -159 |
Proceeds from asset sales | 394 | 0 |
Sales of investment securities held in trusts | 1,511 | 1,545 |
Purchases of investment securities held in trusts | -1,593 | -1,567 |
Other | 7 | 3 |
Net cash used for investing activities | -2,290 | -2,275 |
Net change in cash and cash equivalents | -109 | 50 |
Cash and cash equivalents at beginning of period | 218 | 172 |
Cash and cash equivalents at end of period | 109 | 222 |
FES | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME (LOSS) | -30 | -29 |
Adjustments to reconcile net income (loss) to net cash from operating activities- | ' | ' |
Income from discontinued operations (Note 14) | -116 | -14 |
Provision for depreciation | 236 | 231 |
Nuclear fuel amortization | 160 | 156 |
Deferred rents and lease market valuation liability | -63 | -61 |
Deferred income taxes and investment tax credits, net | -15 | 205 |
Investment impairments | 9 | 66 |
Gain on asset sales | 0 | -20 |
Commodity derivative transactions, net (Note 9) | 61 | 15 |
Loss on debt redemptions | 6 | 103 |
Make-whole premiums paid on debt redemptions | 0 | -31 |
Changes in current assets and liabilities- | ' | ' |
Receivables | 609 | -214 |
Materials and supplies | -23 | 66 |
Prepayments and other current assets | 26 | -22 |
Accounts payable | -383 | 129 |
Accrued taxes | 7 | -131 |
Accrued compensation and benefits | -15 | -5 |
Cash collateral, net | -82 | -35 |
Other | 41 | -20 |
Net cash provided from operating activities | 428 | 389 |
New financing- | ' | ' |
Long-term debt | 878 | 0 |
Equity contribution from parent | 500 | 1,500 |
Redemptions and Repayments- | ' | ' |
Long-term debt | -749 | -1,179 |
Short-term borrowings, net | -414 | 0 |
Tender premiums paid on debt redemptions | 0 | -67 |
Other | -14 | -7 |
Net cash provided from financing activities | 201 | 247 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Property additions | -586 | -477 |
Nuclear fuel | -98 | -159 |
Proceeds from asset sales | 307 | 21 |
Sales of investment securities held in trusts | 890 | 650 |
Purchases of investment securities held in trusts | -933 | -694 |
Loans to affiliated companies, net | -214 | 22 |
Other | 5 | 0 |
Net cash used for investing activities | -629 | -637 |
Net change in cash and cash equivalents | 0 | -1 |
Cash and cash equivalents at beginning of period | 2 | 3 |
Cash and cash equivalents at end of period | $2 | $2 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
ORGANIZATION AND BASIS OF PRESENTATION | ' |
ORGANIZATION AND BASIS OF PRESENTATION | |
Unless otherwise indicated, defined terms and abbreviations used herein have the meanings set forth in the accompanying Glossary of Terms. | |
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 principal subsidiaries: OE, CEI, TE, Penn (a wholly owned subsidiary of OE), JCP&L, ME, PN, FESC, FES and its principal subsidiaries (FG and NG), AE Supply, MP, PE, WP and FET and its principal subsidiaries ATSI and TrAIL. In addition, FirstEnergy holds all of the outstanding common stock of other direct subsidiaries including: FirstEnergy Properties, Inc., FEV, FENOC, FELHC, Inc., and GPU Nuclear, Inc. | |
These interim financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the financial statements and notes included in the combined Annual Report on Form 10-K for the year ended December 31, 2013. | |
FirstEnergy follows GAAP and complies with the related regulations, orders, policies and practices prescribed by the SEC, FERC, and, as applicable, the PUCO, the PPUC, the MDPSC, the NYPSC, the WVPSC, the VSCC and the NJBPU. The accompanying interim financial statements are unaudited, but reflect all adjustments, consisting of normal recurring adjustments, that, in the opinion of management, are necessary for a fair statement of the financial statements. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not indicative of results of operations for any future period. FE and its subsidiaries have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. | |
FE and its subsidiaries consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation. FE and its subsidiaries consolidate a VIE when it is determined that it is the primary beneficiary (see Note 7, Variable Interest Entities). Investments in affiliates over which FE and its subsidiaries have the ability to exercise significant influence, but with respect to which they are not the primary beneficiary and do not exercise control, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment in the Consolidated Balance Sheets and the percentage share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income. These Notes to the Consolidated Financial Statements are combined for FirstEnergy and FES. | |
For the three months ended September 30, 2014 and 2013, capitalized financing costs on FirstEnergy's Consolidated Statements of Income includes $14 million and $4 million, respectively, of allowance for equity funds used during construction and $14 million and $17 million, respectively, of capitalized interest. For the nine months ended September 30, 2014 and 2013, capitalized financing costs on FirstEnergy's Consolidated Statements of Income includes $35 million and $11 million, respectively, of allowance for equity funds used during construction, and $54 million and $51 million, respectively, of capitalized interest. | |
Certain prior year amounts have been reclassified to conform to the current year presentation. | |
New Accounting Pronouncements | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring entities to recognize revenue by applying a five-step model in accordance with the core principle to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, ASU No. 2014-09 specifies the accounting for costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This standard is effective for fiscal years beginning after December 15, 2016, with no early adoption permitted, and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. FirstEnergy is currently evaluating the impact on its financial statements of adopting this standard. |
Goodwill
Goodwill | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill | ' | ||||||||||||||||||||
GOODWILL | |||||||||||||||||||||
In a business combination, the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill. FirstEnergy evaluates goodwill for impairment annually on July 31 and more frequently if indicators of impairment arise. | |||||||||||||||||||||
FirstEnergy’s reporting units are consistent with its reportable segments and consist of Regulated Distribution, Regulated Transmission, Competitive Energy Services and Other/Corporate. The following table presents goodwill by reporting unit (there have been no changes in goodwill for any reporting unit during 2014): | |||||||||||||||||||||
Goodwill | Regulated Distribution | Regulated Transmission | Competitive Energy Services | Other/Corporate | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
Balance as of September 30, 2014 | $ | 5,092 | $ | 526 | $ | 800 | $ | — | $ | 6,418 | |||||||||||
FirstEnergy performed a quantitative assessment for the Regulated Distribution, Regulated Transmission and Competitive Energy Services reporting units as of July 31, 2014. The fair values for each of the reporting units were calculated using a discounted cash flow analysis and indicated no impairment of goodwill. | |||||||||||||||||||||
The fair value of the Competitive Energy Services reporting unit exceeded its carrying value by approximately 10%, impacted by near term weak economic conditions and low energy and capacity prices. Key assumptions incorporated into the Competitive Energy Services discounted cash flow analysis requiring significant management judgment included: discount rates, future energy and capacity pricing, projected operating income, capital expenditures, including the impact of pending carbon and other environmental legislation, and terminal multiples. The July 31, 2014 assessment for this reporting unit included a discount rate of 8.5% and a terminal multiple of 7.0x earnings before, interest, taxes, depreciation, and amortization. Continued weak economic conditions, lower than forecasted power and capacity prices, and revised environmental requirements could have a negative impact on future goodwill assessments. | |||||||||||||||||||||
Key assumptions incorporated in the Regulated Distribution and Regulated Transmission discounted cash flow analysis requiring significant management judgment included: discount rates, growth rates, projected operating income, changes in working capital, projected capital expenditures, projected funding of pension plans, expected results of future rate proceedings, and terminal multiples. |
Earnings_Per_Share_of_Common_S
Earnings Per Share of Common Stock | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE OF COMMON STOCK | ' | ||||||||||||||||
EARNINGS PER SHARE OF COMMON STOCK | |||||||||||||||||
Basic earnings per share of common stock are computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted earnings per share of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised. | |||||||||||||||||
The following table reconciles basic and diluted earnings per share of common stock: | |||||||||||||||||
(In millions, except per share amounts) | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
Reconciliation of Basic and Diluted Earnings per Share of Common Stock | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations | $ | 333 | $ | 209 | $ | 519 | $ | 233 | |||||||||
Discontinued operations (Note 14) | — | 9 | 86 | 17 | |||||||||||||
Net income | $ | 333 | $ | 218 | $ | 605 | $ | 250 | |||||||||
Weighted average number of basic shares outstanding | 420 | 418 | 419 | 418 | |||||||||||||
Assumed exercise of dilutive stock options and awards(1) | 1 | 1 | 1 | 1 | |||||||||||||
Weighted average number of diluted shares outstanding | 421 | 419 | 420 | 419 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 0.79 | $ | 0.5 | $ | 1.24 | $ | 0.56 | |||||||||
Discontinued operations (Note 14) | — | 0.02 | 0.2 | 0.04 | |||||||||||||
Net earnings per basic share | $ | 0.79 | $ | 0.52 | $ | 1.44 | $ | 0.6 | |||||||||
Diluted earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 0.79 | $ | 0.5 | $ | 1.24 | $ | 0.56 | |||||||||
Discontinued operations (Note 14) | — | 0.02 | 0.2 | 0.04 | |||||||||||||
Net earnings per diluted share | $ | 0.79 | $ | 0.52 | $ | 1.44 | $ | 0.6 | |||||||||
(1) | For the three months ended September 30, 2014 and September 30, 2013, 1 million and 2 million shares, respectively, were excluded from the calculation of diluted shares outstanding, as their inclusion would be antidilutive. For the nine months ended September 30, 2014 and September 30, 2013, 2 million shares were excluded from the calculation of diluted shares outstanding, as their inclusion would be antidilutive. |
Pension_and_Other_Postemployme
Pension and Other Postemployment Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS | ' | ||||||||||||||||
PENSIONS AND OTHER POSTEMPLOYMENT BENEFITS | |||||||||||||||||
On August 25, 2014, the qualified pension plan was amended authorizing a voluntary cashout window program for certain eligible terminated participants with vested benefits. Eligible terminated participants will be able to elect an immediate lump sum cash payment of their vested benefits. Additionally, annuity options will also be offered and may be elected instead of the lump sum cash payment. The election period is September 15, 2014 to October 31, 2014. Payment of benefits for participants that elect an immediate lump sum cash payment or an annuity will commence on December 1, 2014. The components of the consolidated net periodic cost (credits) for pensions and OPEB (including amounts capitalized) were as follows: | |||||||||||||||||
Components of Net Periodic Benefit Costs (Credits) | Pensions | OPEB | |||||||||||||||
For the Three Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | |||||||||||||||||
Service costs | $ | 42 | $ | 49 | $ | 2 | $ | 3 | |||||||||
Interest costs | 100 | 93 | 9 | 9 | |||||||||||||
Expected return on plan assets | (116 | ) | (125 | ) | (8 | ) | (8 | ) | |||||||||
Amortization of prior service costs (credits) | 2 | 3 | (44 | ) | (50 | ) | |||||||||||
Net periodic costs (credits) | $ | 28 | $ | 20 | $ | (41 | ) | $ | (46 | ) | |||||||
Components of Net Periodic Benefit Costs (Credits) | Pensions | OPEB | |||||||||||||||
For the Nine Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | |||||||||||||||||
Service costs | $ | 125 | $ | 147 | $ | 6 | $ | 9 | |||||||||
Interest costs | 301 | 279 | 29 | 27 | |||||||||||||
Expected return on plan assets | (346 | ) | (375 | ) | (24 | ) | (24 | ) | |||||||||
Amortization of prior service costs (credits) | 6 | 9 | (132 | ) | (157 | ) | |||||||||||
Net periodic costs (credits) | $ | 86 | $ | 60 | $ | (121 | ) | $ | (145 | ) | |||||||
FES' share of the net periodic pensions and OPEB costs (credits) were as follows: | |||||||||||||||||
Pensions | OPEB | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
For the Three Months Ended September 30, | $ | 5 | $ | 5 | $ | (5 | ) | $ | (5 | ) | |||||||
For the Nine Months Ended September 30, | $ | 13 | $ | 15 | $ | (15 | ) | $ | (15 | ) | |||||||
Pension and OPEB obligations are allocated to FE's subsidiaries, including FES, employing the plan participants. The net periodic pension and OPEB costs (credits) (net of amounts capitalized) recognized in earnings by FE and FES were as follows: | |||||||||||||||||
Net Periodic Benefit Expense (Credit) | Pensions | OPEB | |||||||||||||||
For the Three Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | |||||||||||||||||
FirstEnergy | $ | 19 | $ | 16 | $ | (24 | ) | $ | (31 | ) | |||||||
FES | 4 | 5 | (4 | ) | (4 | ) | |||||||||||
Net Periodic Benefit Expense (Credit) | Pensions | OPEB | |||||||||||||||
For the Nine Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | |||||||||||||||||
FirstEnergy | $ | 61 | $ | 41 | $ | (78 | ) | $ | (95 | ) | |||||||
FES | 12 | 13 | (13 | ) | (12 | ) | |||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | ||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
The changes in AOCI, net of tax, in the three and nine months ended September 30, 2014 and 2013, for FirstEnergy and FES are shown in the following tables: | |||||||||||||||||||
FirstEnergy | |||||||||||||||||||
Gains & Losses on Cash Flow Hedges | Unrealized Gains on AFS Securities | Defined Benefit Pension & OPEB Plans | Total | ||||||||||||||||
(In millions) | |||||||||||||||||||
AOCI Balance as of July 1, 2014 | $ | (36 | ) | $ | 41 | $ | 259 | $ | 264 | ||||||||||
Other comprehensive income before reclassifications | — | 2 | — | 2 | |||||||||||||||
Amounts reclassified from AOCI | — | (8 | ) | (26 | ) | (34 | ) | ||||||||||||
Net other comprehensive loss | — | (6 | ) | (26 | ) | (32 | ) | ||||||||||||
AOCI Balance as of September 30, 2014 | $ | (36 | ) | $ | 35 | $ | 233 | $ | 232 | ||||||||||
AOCI Balance as of July 1, 2013 | $ | (37 | ) | $ | 13 | $ | 347 | $ | 323 | ||||||||||
Other comprehensive income before reclassifications(1) | — | 5 | — | 5 | |||||||||||||||
Amounts reclassified from AOCI | 1 | (1 | ) | (29 | ) | (29 | ) | ||||||||||||
Net other comprehensive income (loss) | 1 | 4 | (29 | ) | (24 | ) | |||||||||||||
AOCI Balance as of September 30, 2013 | $ | (36 | ) | $ | 17 | $ | 318 | $ | 299 | ||||||||||
(1) Unrealized Gains on AFS Securities is net of tax of $3 million. | |||||||||||||||||||
FES | |||||||||||||||||||
Gains & Losses on Cash Flow Hedges | Unrealized Gains on AFS Securities | Defined Benefit Pension & OPEB Plans | Total | ||||||||||||||||
(In millions) | |||||||||||||||||||
AOCI Balance as of July 1, 2014 | $ | (5 | ) | $ | 36 | $ | 41 | $ | 72 | ||||||||||
Other comprehensive income before reclassifications(1) | — | 1 | — | 1 | |||||||||||||||
Amounts reclassified from AOCI | (1 | ) | (6 | ) | (3 | ) | (10 | ) | |||||||||||
Net other comprehensive loss | (1 | ) | (5 | ) | (3 | ) | (9 | ) | |||||||||||
AOCI Balance as of September 30, 2014 | $ | (6 | ) | $ | 31 | $ | 38 | $ | 63 | ||||||||||
AOCI Balance as of July 1, 2013 | $ | 1 | $ | 12 | $ | 49 | $ | 62 | |||||||||||
Other comprehensive income before reclassifications(2) | — | 4 | — | 4 | |||||||||||||||
Amounts reclassified from AOCI | — | (1 | ) | (3 | ) | (4 | ) | ||||||||||||
Net other comprehensive income (loss) | — | 3 | (3 | ) | — | ||||||||||||||
AOCI Balance as of September 30, 2013 | $ | 1 | $ | 15 | $ | 46 | $ | 62 | |||||||||||
(1) Unrealized Gains on AFS Securities is net of tax of $1 million. | |||||||||||||||||||
(2) Unrealized Gains on AFS Securities is net of tax of $3 million. | |||||||||||||||||||
FirstEnergy | |||||||||||||||||||
Gains & Losses on Cash Flow Hedges | Unrealized Gains on AFS Securities | Defined Benefit Pension & OPEB Plans | Total | ||||||||||||||||
(In millions) | |||||||||||||||||||
AOCI Balance as of January 1, 2014 | $ | (36 | ) | $ | 9 | $ | 311 | $ | 284 | ||||||||||
Other comprehensive income before reclassifications(1) | 1 | 55 | — | 56 | |||||||||||||||
Amounts reclassified from AOCI | (1 | ) | (29 | ) | (78 | ) | (108 | ) | |||||||||||
Net other comprehensive income (loss) | — | 26 | (78 | ) | (52 | ) | |||||||||||||
AOCI Balance as of September 30, 2014 | $ | (36 | ) | $ | 35 | $ | 233 | $ | 232 | ||||||||||
AOCI Balance as of January 1, 2013 | $ | (38 | ) | $ | 15 | $ | 408 | $ | 385 | ||||||||||
Other comprehensive income before reclassifications(2) | — | 19 | — | 19 | |||||||||||||||
Amounts reclassified from AOCI | 2 | (17 | ) | (90 | ) | (105 | ) | ||||||||||||
Net other comprehensive income (loss) | 2 | 2 | (90 | ) | (86 | ) | |||||||||||||
AOCI Balance as of September 30, 2013 | $ | (36 | ) | $ | 17 | $ | 318 | $ | 299 | ||||||||||
(1) Unrealized Gains on AFS Securities is net of tax of $30 million. | |||||||||||||||||||
(2) Unrealized Gains on AFS Securities is net of tax of $11 million. | |||||||||||||||||||
FES | |||||||||||||||||||
Gains & Losses on Cash Flow Hedges | Unrealized Gains on AFS Securities | Defined Benefit Pension & OPEB Plans | Total | ||||||||||||||||
(In millions) | |||||||||||||||||||
AOCI Balance as of January 1, 2014 | $ | (1 | ) | $ | 8 | $ | 47 | $ | 54 | ||||||||||
Other comprehensive income (loss) before reclassifications(1) | (1 | ) | 50 | — | 49 | ||||||||||||||
Amounts reclassified from AOCI | (4 | ) | (27 | ) | (9 | ) | (40 | ) | |||||||||||
Net other comprehensive income (loss) | (5 | ) | 23 | (9 | ) | 9 | |||||||||||||
AOCI Balance as of September 30, 2014 | $ | (6 | ) | $ | 31 | $ | 38 | $ | 63 | ||||||||||
AOCI Balance as of January 1, 2013 | $ | 3 | $ | 13 | $ | 56 | $ | 72 | |||||||||||
Other comprehensive income before reclassifications(2) | — | 17 | — | 17 | |||||||||||||||
Amounts reclassified from AOCI | (2 | ) | (15 | ) | (10 | ) | (27 | ) | |||||||||||
Net other comprehensive income (loss) | (2 | ) | 2 | (10 | ) | (10 | ) | ||||||||||||
AOCI Balance as of September 30, 2013 | $ | 1 | $ | 15 | $ | 46 | $ | 62 | |||||||||||
(1) Unrealized Gains on AFS Securities is net of tax of $29 million. | |||||||||||||||||||
(2) Unrealized Gains on AFS Securities is net of tax of $9 million. | |||||||||||||||||||
The following amounts were reclassified from AOCI in the three months ended September 30, 2014 and 2013: | |||||||||||||||||||
FE | Three Months Ended September 30 | Nine Months Ended September 30 | Affected Line Item in Consolidated Statements of Income | ||||||||||||||||
Reclassifications from AOCI (2) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In millions) | |||||||||||||||||||
Gains & losses on cash flow hedges | |||||||||||||||||||
Commodity contracts | $ | (2 | ) | $ | (1 | ) | $ | (7 | ) | $ | (5 | ) | Other operating expenses | ||||||
Long-term debt | 2 | 3 | 6 | 9 | Interest expense | ||||||||||||||
— | 2 | (1 | ) | 4 | Total before taxes | ||||||||||||||
— | (1 | ) | — | (2 | ) | Income taxes | |||||||||||||
$ | — | $ | 1 | $ | (1 | ) | $ | 2 | Net of tax | ||||||||||
Unrealized gains on AFS securities | |||||||||||||||||||
Realized gains on sales of securities | $ | (13 | ) | $ | (2 | ) | $ | (46 | ) | $ | (27 | ) | Investment income | ||||||
5 | 1 | 17 | 10 | Income taxes | |||||||||||||||
$ | (8 | ) | $ | (1 | ) | $ | (29 | ) | $ | (17 | ) | Net of tax | |||||||
Defined benefit pension and OPEB plans | |||||||||||||||||||
Prior-service costs | $ | (42 | ) | $ | (47 | ) | $ | (126 | ) | $ | (148 | ) | (1) | ||||||
16 | 18 | 48 | 58 | Income taxes | |||||||||||||||
$ | (26 | ) | $ | (29 | ) | $ | (78 | ) | $ | (90 | ) | Net of tax | |||||||
(1) These AOCI components are included in the computation of net periodic pension cost. See Note 4, Pensions and Other Postemployment Benefits for additional details. | |||||||||||||||||||
(2) Parenthesis represent credits to the Consolidated Statements of Income from AOCI. | |||||||||||||||||||
FES | Three Months Ended September 30 | Nine Months Ended September 30 | Affected Line Item in Consolidated Statements of Income (Loss) | ||||||||||||||||
Reclassifications from AOCI (2) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In millions) | |||||||||||||||||||
Gains & losses on cash flow hedges | |||||||||||||||||||
Commodity contracts | $ | (2 | ) | $ | (1 | ) | $ | (7 | ) | $ | (5 | ) | Other operating expenses | ||||||
Long-term debt | — | — | — | 2 | Interest expense — other | ||||||||||||||
(2 | ) | (1 | ) | (7 | ) | (3 | ) | Total before taxes | |||||||||||
1 | 1 | 3 | 1 | Income taxes (benefits) | |||||||||||||||
$ | (1 | ) | $ | — | $ | (4 | ) | $ | (2 | ) | Net of tax | ||||||||
Unrealized gains on AFS securities | |||||||||||||||||||
Realized gains on sales of securities | $ | (11 | ) | $ | (2 | ) | $ | (43 | ) | $ | (24 | ) | Investment income (loss) | ||||||
5 | 1 | 16 | 9 | Income taxes (benefits) | |||||||||||||||
$ | (6 | ) | $ | (1 | ) | $ | (27 | ) | $ | (15 | ) | Net of tax | |||||||
Defined benefit pension and OPEB plans | |||||||||||||||||||
Prior-service costs | $ | (4 | ) | $ | (5 | ) | $ | (14 | ) | $ | (16 | ) | (1) | ||||||
1 | 2 | 5 | 6 | Income taxes (benefits) | |||||||||||||||
$ | (3 | ) | $ | (3 | ) | $ | (9 | ) | $ | (10 | ) | Net of tax | |||||||
(1) These AOCI components are included in the computation of net periodic pension cost. See Note 4, Pensions and Other Postemployment Benefits for additional details. | |||||||||||||||||||
(2) Parenthesis represent credits to the Consolidated Statements of Income (Loss) from AOCI. | |||||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
FirstEnergy’s and FES’ interim effective tax rates reflect the estimated annual effective tax rates for 2014 and 2013, adjusted for tax expense associated with certain discrete items that may occur in any given period, but are not consistent from period to period. | |
FirstEnergy’s effective tax rate from continuing operations for the three months ended September 30, 2014 and 2013 was 31.3% and 26.9%, respectively. The 2014 effective tax rate was impacted primarily from an IRS-approved change in accounting method for costs associated with the refurbishment of meters and transformers, partially offset by a valuation allowance against local NOL carryforwards. The accounting method change resulted in an increase in the tax basis of certain assets for costs previously not deducted for tax purposes. The 2013 effective tax rate benefited from reductions to valuation allowances against state NOL carryforwards, as well as changes in state apportionment factors, which reduced deferred tax liabilities. | |
FirstEnergy's effective tax rates from continuing operations for the nine months ended September 30, 2014 and 2013 were 30.3% and 35.6%, respectively. The decrease in the effective tax rate is primarily due to a change in accounting method as described above, the elimination of certain future tax liabilities associated with basis differences, a reduction in state deferred tax liabilities resulting from changes in state apportionment factors, and a reduction in the amount of valuation allowance against state and local NOL carryforwards recorded year over year. | |
FES’ effective tax rates from continuing operations for the three months ended September 30, 2014 and 2013 were 38.9% and 41.1%, respectively. The decrease in the effective tax rate is primarily due to an increase in pre-tax losses from continuing operations in jurisdictions with higher tax rates, partially offset by valuation allowances on local NOL carryforwards. The effective tax rates for the nine months ended September 30, 2014 and 2013 were 39.4% and 30.6%, respectively. The increase in the effective tax rate on losses from continuing operations is primarily due to an increase in pre-tax losses from continuing operations in jurisdictions with higher tax rates, a benefit resulting from a reduction in state deferred tax liabilities associated with changes in apportionment factors, partially offset by valuation allowances against local NOL carryforwards. | |
On October 15, 2014, approximately $30 million of previously unrecognized income tax benefits including interest, related to positions taken in determining business nexus, were recognized as a result of the statute of limitations expiring, all of which will affect FirstEnergy's effective tax rate in the fourth quarter of 2014. | |
In April 2014, the IRS completed its examination of FirstEnergy’s 2011 and 2012 federal income tax returns and issued Revenue Agent Reports for those years, which did not result in a material impact to FirstEnergy’s effective tax rate. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||
VARIABLE INTEREST ENTITIES | ' | |||||||||||
VARIABLE INTEREST ENTITIES | ||||||||||||
FirstEnergy performs qualitative analyses to determine whether a variable interest gives FirstEnergy a controlling financial interest in a VIE. This analysis identifies the primary beneficiary of a VIE as the enterprise that has both the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. FirstEnergy consolidates a VIE when it is determined that it is the primary beneficiary. | ||||||||||||
VIEs included in FirstEnergy’s consolidated financial statements are: the PNBV capital trusts that were created to refinance debt originally issued in connection with sale and leaseback transactions; wholly-owned limited liability companies of the Ohio Companies (as described below); wholly owned limited liability companies of JCP&L created to sell transition bonds to securitize the recovery of JCP&L’s bondable stranded costs and special purpose limited liability companies created to issue environmental control bonds that were used to construct environmental control facilities. | ||||||||||||
The caption "noncontrolling interest" within the consolidated financial statements is used to reflect the portion of a VIE that FirstEnergy consolidates, but does not own. The change in noncontrolling interest within the Consolidated Balance Sheets during the nine months ended September 30, 2014, was primarily due to a distribution to owners. | ||||||||||||
In order to evaluate contracts for consolidation treatment and entities for which FirstEnergy has an interest, FirstEnergy aggregates variable interests into the following categories based on similar risk characteristics and significance. | ||||||||||||
Ohio Securitization | ||||||||||||
In September 2012, the Ohio Companies formed CEI Funding LLC, OE Funding LLC and TE Funding LLC, respectively, as separate, wholly-owned limited liability SPEs. The phase-in recovery bonds issued by these SPEs are payable only from, and secured by, phase-in recovery property held by the SPEs (i.e. the right to impose, charge and collect irrevocable non-bypassable usage-based charges payable by retail electric customers in the service territories of the Ohio Companies) and the bondholder has no recourse to the general credit of FirstEnergy or any of the Ohio Companies. The SPEs are considered VIEs and each one is consolidated into its applicable utility. | ||||||||||||
Mining Operations | ||||||||||||
FEV holds a 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations. FEV is not the primary beneficiary of the joint venture, as it does not have control over the significant activities affecting the joint venture's economic performance. FEV's ownership interest is subject to the equity method of accounting. | ||||||||||||
Trusts | ||||||||||||
FirstEnergy's consolidated financial statements include PNBV. FirstEnergy used debt and available funds to purchase the notes issued by PNBV for the purchase of lease obligation bonds. Ownership of PNBV includes a 3% equity interest by an unaffiliated third party and a 3% equity interest held by OES Ventures, a wholly owned subsidiary of OE. | ||||||||||||
PATH-WV | ||||||||||||
PATH is a series limited liability company that is comprised of multiple series, each of which has separate rights, powers and duties regarding specified property and the series profits and losses associated with such property. A subsidiary of FirstEnergy owns 100% of the Allegheny Series (PATH-Allegheny) and 50% of the West Virginia Series (PATH-WV), which is a joint venture with a subsidiary of AEP. FirstEnergy is not the primary beneficiary of PATH-WV, as it does not have control over the significant activities affecting the economics of the portion of the PATH project that was to be constructed by PATH-WV. | ||||||||||||
On August 24, 2012, PJM removed the PATH project from its long-range expansion plans. See Note 10, Regulatory Matters, for additional information on the abandonment of PATH. | ||||||||||||
Power Purchase Agreements | ||||||||||||
FirstEnergy evaluated its power purchase agreements and determined that certain NUG entities at its Regulated Distribution segment may be VIEs to the extent that they own a plant that sells substantially all of its output to the applicable utilities and the contract price for power is correlated with the plant’s variable costs of production. FirstEnergy maintains 18 long-term power purchase agreements with NUG entities that were entered into pursuant to PURPA. FirstEnergy was not involved in the creation of, and has no equity or debt invested in, any of these entities. | ||||||||||||
FirstEnergy has determined that for all but two of these NUG entities, it does not have variable interests in the entities or the entities do not meet the criteria to be considered a VIE. FirstEnergy may hold variable interests in the remaining two entities; however, it applied the scope exception that exempts enterprises unable to obtain the necessary information to evaluate entities. | ||||||||||||
Because FirstEnergy has no equity or debt interests in the NUG entities, its maximum exposure to loss relates primarily to the above-market costs incurred for power. FirstEnergy expects any above-market costs incurred at its Regulated Distribution segment to be recovered from customers. Purchased power costs related to the contracts that may contain a variable interest were $49 million and $48 million during the three months ended September 30, 2014 and 2013, respectively, and $150 million and $139 million during the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||
Sale and Leaseback | ||||||||||||
FirstEnergy has variable interests in certain sale and leaseback transactions. FirstEnergy is not the primary beneficiary of these interests as it does not have control over the significant activities affecting the economics of the arrangements. | ||||||||||||
In March of 2013, FG acquired the remaining interests in connection with the 1987 Bruce Mansfield Plant sale and leaseback transactions for approximately $221 million. Also during 2013, NG purchased lessor equity interests in OE's existing sale and leaseback of Beaver Valley Unit 2 for $23 million. | ||||||||||||
In February 2014, NG purchased lessor equity interests in OE's existing sale and leaseback of Beaver Valley Unit 2 for approximately $94 million. As of September 30, 2014, FirstEnergy's leasehold interest was 8.11% of Perry Unit 1, 93.83% of Bruce Mansfield Unit 1 and 2.60% of Beaver Valley Unit 2. On June 24, 2014, OE exercised its irrevocable right to repurchase from the remaining owner participants the lessors' interests in Beaver Valley Unit 2 at the end of the lease term (June 1, 2017), which right to repurchase was assigned to NG. Additionally, on June 24, 2014, NG entered into a purchase agreement with an owner participant to purchase its lessor equity interests representing approximately half of the remaining non-affiliated leasehold interest in Perry Unit 1 on May 23, 2016, which is just prior to the end of the lease term. Finally, NG has recently reached an agreement in principle with the owner participants regarding its acquisition of the remaining lessor equity interests in OE's existing sale and leaseback of Perry Unit 1. However, no assurance can be given that an agreement will be finalized and the acquisition of the remaining Perry Unit 1 lessor equity interests will be completed. | ||||||||||||
FES, and other FE subsidiaries are exposed to losses under their applicable sale and leaseback agreements upon the occurrence of certain contingent events. The maximum exposure under these provisions represents the net amount of casualty value payments due upon the occurrence of specified casualty events. Net discounted lease payments would not be payable if the casualty loss payments were made. The following table discloses each company’s net exposure to loss based upon the casualty value provisions as of September 30, 2014: | ||||||||||||
Maximum | Discounted Lease | Net | ||||||||||
Exposure | Payments, net(1) | Exposure | ||||||||||
(In millions) | ||||||||||||
FES | $ | 1,231 | $ | 1,017 | $ | 214 | ||||||
Other FE subsidiaries | 670 | 399 | 271 | |||||||||
(1)The net present value of FirstEnergy’s consolidated sale and leaseback operating lease commitments is $1.0 billion. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||||||
RECURRING AND NONRECURRING FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||||||
Authoritative accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. The three levels of the fair value hierarchy and a description of the valuation techniques are as follows: | ||||||||||||||||||||||||||||||||||||
Level 1 | - | Quoted prices for identical instruments in active market | ||||||||||||||||||||||||||||||||||
Level 2 | - | Quoted prices for similar instruments in active market | ||||||||||||||||||||||||||||||||||
- | Quoted prices for identical or similar instruments in markets that are not active | |||||||||||||||||||||||||||||||||||
- | Model-derived valuations for which all significant inputs are observable market data | |||||||||||||||||||||||||||||||||||
Models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. | ||||||||||||||||||||||||||||||||||||
Level 3 | - | Valuation inputs are unobservable and significant to the fair value measurement | ||||||||||||||||||||||||||||||||||
FirstEnergy produces a long-term power and capacity price forecast annually with periodic updates as market conditions change. When underlying prices are not observable, prices from the long-term price forecast, which has been reviewed and approved by FirstEnergy's Risk Policy Committee, are used to measure fair value. A more detailed description of FirstEnergy's valuation process for FTRs and NUGs are as follows: | ||||||||||||||||||||||||||||||||||||
FTRs are financial instruments that entitle the holder to a stream of revenues (or charges) based on the hourly day-ahead congestion price differences across transmission paths. FTRs are acquired by FirstEnergy in the annual, monthly and long-term RTO auctions and are initially recorded using the auction clearing price less cost. After initial recognition, FTRs' carrying values are periodically adjusted to fair value using a mark-to-model methodology, which approximates market. The primary inputs into the model, which are generally less observable than objective sources, are the most recent RTO auction clearing prices and the FTRs' remaining hours. The model calculates the fair value by multiplying the most recent auction clearing price by the remaining FTR hours less the prorated FTR cost. Generally, significant increases or decreases in inputs in isolation could result in a higher or lower fair value measurement. See Note 9, Derivative Instruments, for additional information regarding FirstEnergy's FTRs. | ||||||||||||||||||||||||||||||||||||
NUG contracts represent purchase power agreements with third-party non-utility generators that are transacted to satisfy certain obligations under PURPA. NUG contract carrying values are recorded at fair value and adjusted periodically using a mark-to-model methodology, which approximates market. The primary unobservable inputs into the model are regional power prices and generation MWH. Pricing for the NUG contracts is a combination of market prices for the current year and next three years based on observable data and internal models using historical trends and market data for the remaining years under contract. The internal models use forecasted energy purchase prices as an input when prices are not defined by the contract. Forecasted market prices are based on ICE quotes and management assumptions. Generation MWH reflects data provided by contractual arrangements and historical trends. The model calculates the fair value by multiplying the prices by the generation MWH. Generally, significant increases or decreases in inputs in isolation could result in a higher or lower fair value measurement. | ||||||||||||||||||||||||||||||||||||
LCAPP contracts are financially settled agreements that allow eligible generators to receive payments from, or make payments to, JCP&L, pursuant to an annually calculated load-ratio share of the capacity produced by the generator based upon the annual forecasted peak demand as determined by PJM. LCAPP contracts are recorded at fair value. During the fourth quarter of 2013, all LCAPP contracts were terminated. See Note 9, Derivative Instruments for additional information. | ||||||||||||||||||||||||||||||||||||
FirstEnergy primarily applies the market approach for recurring fair value measurements using the best information available. Accordingly, FirstEnergy maximizes the use of observable inputs and minimizes the use of unobservable inputs. There were no changes in valuation methodologies used as of September 30, 2014, from those used as of December 31, 2013. The determination of the fair value measures takes into consideration various factors, including but not limited to, nonperformance risk, counterparty credit risk and the impact of credit enhancements (such as cash deposits, LOCs and priority interests). The impact of these forms of risk was not significant to the fair value measurements. | ||||||||||||||||||||||||||||||||||||
Transfers between levels are recognized at the end of the reporting period. There were no transfers between levels during the nine months ended September 30, 2014. The following tables set forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy: | ||||||||||||||||||||||||||||||||||||
FirstEnergy | ||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | (In millions) | |||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | — | $ | 1,230 | $ | — | $ | 1,230 | $ | — | $ | 1,365 | $ | — | $ | 1,365 | ||||||||||||||||||||
Derivative assets - commodity contracts | 1 | 187 | — | 188 | 7 | 208 | — | 215 | ||||||||||||||||||||||||||||
Derivative assets - FTRs | — | — | 35 | 35 | — | — | 4 | 4 | ||||||||||||||||||||||||||||
Derivative assets - NUG contracts(1) | — | — | 2 | 2 | — | — | 20 | 20 | ||||||||||||||||||||||||||||
Equity securities(2) | 711 | — | — | 711 | 317 | — | — | 317 | ||||||||||||||||||||||||||||
Foreign government debt securities | — | 79 | — | 79 | — | 109 | — | 109 | ||||||||||||||||||||||||||||
U.S. government debt securities | — | 172 | — | 172 | — | 165 | — | 165 | ||||||||||||||||||||||||||||
U.S. state debt securities | — | 244 | — | 244 | — | 228 | — | 228 | ||||||||||||||||||||||||||||
Other(3) | 70 | 236 | — | 306 | 187 | 255 | — | 442 | ||||||||||||||||||||||||||||
Total assets | $ | 782 | $ | 2,148 | $ | 37 | $ | 2,967 | $ | 511 | $ | 2,330 | $ | 24 | $ | 2,865 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities - commodity contracts | $ | (18 | ) | $ | (158 | ) | $ | — | $ | (176 | ) | $ | (13 | ) | $ | (100 | ) | $ | — | $ | (113 | ) | ||||||||||||||
Derivative liabilities - FTRs | — | — | (11 | ) | (11 | ) | — | — | (12 | ) | (12 | ) | ||||||||||||||||||||||||
Derivative liabilities - NUG contracts(1) | — | — | (157 | ) | (157 | ) | — | — | (222 | ) | (222 | ) | ||||||||||||||||||||||||
Total liabilities | $ | (18 | ) | $ | (158 | ) | $ | (168 | ) | $ | (344 | ) | $ | (13 | ) | $ | (100 | ) | $ | (234 | ) | $ | (347 | ) | ||||||||||||
Net assets (liabilities)(4) | $ | 764 | $ | 1,990 | $ | (131 | ) | $ | 2,623 | $ | 498 | $ | 2,230 | $ | (210 | ) | $ | 2,518 | ||||||||||||||||||
(1) | NUG contracts are subject to regulatory accounting treatment and do not impact earnings. | |||||||||||||||||||||||||||||||||||
(2) | NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index or the Wells Fargo Hybrid and Preferred Securities REIT index. | |||||||||||||||||||||||||||||||||||
(3) | Primarily consists of short-term cash investments. | |||||||||||||||||||||||||||||||||||
(4) | Excludes $(45) million and $10 million as of September 30, 2014 and December 31, 2013, respectively, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table. | |||||||||||||||||||||||||||||||||||
Rollforward of Level 3 Measurements | ||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of changes in the fair value of NUG contracts, LCAPP contracts and FTRs that are classified as Level 3 in the fair value hierarchy for the periods ended September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
NUG Contracts(1) | LCAPP Contracts | FTRs | ||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Net | Derivative Assets | Derivative Liabilities | Net | Derivative Assets | Derivative Liabilities | Net | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
January 1, 2013 Balance | $ | 36 | $ | (290 | ) | $ | (254 | ) | $ | — | $ | (144 | ) | $ | (144 | ) | $ | 8 | $ | (9 | ) | $ | (1 | ) | ||||||||||||
Unrealized gain (loss) | (8 | ) | (17 | ) | (25 | ) | — | (22 | ) | (22 | ) | 3 | 1 | 4 | ||||||||||||||||||||||
Purchases | — | — | — | — | — | — | 6 | (15 | ) | (9 | ) | |||||||||||||||||||||||||
Terminations(2) | — | — | — | — | 166 | 166 | — | — | — | |||||||||||||||||||||||||||
Settlements | (8 | ) | 85 | 77 | — | — | — | (13 | ) | 11 | (2 | ) | ||||||||||||||||||||||||
December 31, 2013 Balance | $ | 20 | $ | (222 | ) | $ | (202 | ) | $ | — | $ | — | $ | — | $ | 4 | $ | (12 | ) | $ | (8 | ) | ||||||||||||||
Unrealized gain | 2 | 15 | 17 | — | — | — | 33 | 7 | 40 | |||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | 26 | (18 | ) | 8 | ||||||||||||||||||||||||||
Settlements | (20 | ) | 50 | 30 | — | — | — | (28 | ) | 12 | (16 | ) | ||||||||||||||||||||||||
September 30, 2014 Balance | $ | 2 | $ | (157 | ) | $ | (155 | ) | $ | — | $ | — | $ | — | $ | 35 | $ | (11 | ) | $ | 24 | |||||||||||||||
(1) | Changes in the fair value of NUG contracts are generally subject to regulatory accounting treatment and do not impact earnings. | |||||||||||||||||||||||||||||||||||
(2) | See Note 9, Derivative Instruments | |||||||||||||||||||||||||||||||||||
Level 3 Quantitative Information | ||||||||||||||||||||||||||||||||||||
The following table provides quantitative information for FTRs and NUG contracts that are classified as Level 3 in the fair value hierarchy for the period ended September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Fair Value, Net (In millions) | Valuation | Significant Input | Range | Weighted Average | Units | |||||||||||||||||||||||||||||||
Technique | ||||||||||||||||||||||||||||||||||||
FTRs | $ | 24 | Model | RTO auction clearing prices | ($4.60) to $17.70 | $1.25 | Dollars/MWH | |||||||||||||||||||||||||||||
NUG Contracts | $ | (155 | ) | Model | Generation | 500 to 4,979,000 | 872,000 | MWH | ||||||||||||||||||||||||||||
Electricity regional prices | $45.60 to $69.80 | $52.30 | Dollars/MWH | |||||||||||||||||||||||||||||||||
FES | ||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | (In millions) | |||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | — | $ | 670 | $ | — | $ | 670 | $ | — | $ | 792 | $ | — | $ | 792 | ||||||||||||||||||||
Derivative assets - commodity contracts | 1 | 187 | — | 188 | 7 | 208 | — | 215 | ||||||||||||||||||||||||||||
Derivative assets - FTRs | — | — | 22 | 22 | — | — | 3 | 3 | ||||||||||||||||||||||||||||
Equity securities(1) | 468 | — | — | 468 | 207 | — | — | 207 | ||||||||||||||||||||||||||||
Foreign government debt securities | — | 57 | — | 57 | — | 65 | — | 65 | ||||||||||||||||||||||||||||
U.S. government debt securities | — | 37 | — | 37 | — | 27 | — | 27 | ||||||||||||||||||||||||||||
U.S. state debt securities | — | 7 | — | 7 | — | — | — | — | ||||||||||||||||||||||||||||
Other(2) | — | 178 | — | 178 | — | 176 | — | 176 | ||||||||||||||||||||||||||||
Total assets | $ | 469 | $ | 1,136 | $ | 22 | $ | 1,627 | $ | 214 | $ | 1,268 | $ | 3 | $ | 1,485 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities - commodity contracts | $ | (18 | ) | $ | (158 | ) | $ | — | $ | (176 | ) | $ | (13 | ) | $ | (100 | ) | $ | — | $ | (113 | ) | ||||||||||||||
Derivative liabilities - FTRs | — | — | (10 | ) | (10 | ) | — | — | (11 | ) | (11 | ) | ||||||||||||||||||||||||
Total liabilities | $ | (18 | ) | $ | (158 | ) | $ | (10 | ) | $ | (186 | ) | $ | (13 | ) | $ | (100 | ) | $ | (11 | ) | $ | (124 | ) | ||||||||||||
Net assets (liabilities)(3) | $ | 451 | $ | 978 | $ | 12 | $ | 1,441 | $ | 201 | $ | 1,168 | $ | (8 | ) | $ | 1,361 | |||||||||||||||||||
(1) | NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index or the Wells Fargo Hybrid and Preferred Securities REIT index. | |||||||||||||||||||||||||||||||||||
(2) | Primarily consists of short-term cash investments. | |||||||||||||||||||||||||||||||||||
(3) | Excludes $(36) million and $9 million as of September 30, 2014 and December 31, 2013, respectively, of receivables, payables, taxes and accrued income associated with the financial instruments reflected within the fair value table. | |||||||||||||||||||||||||||||||||||
Rollforward of Level 3 Measurements | ||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of changes in the fair value of FTRs held by FES and classified as Level 3 in the fair value hierarchy for the periods ended September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
Derivative Asset FTRs | Derivative Liability FTRs | Net FTRs | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
January 1, 2013 Balance | $ | 6 | $ | (6 | ) | $ | — | |||||||||||||||||||||||||||||
Unrealized loss | — | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||||
Purchases | 5 | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||
Settlements | (8 | ) | 9 | 1 | ||||||||||||||||||||||||||||||||
December 31, 2013 Balance | $ | 3 | $ | (11 | ) | $ | (8 | ) | ||||||||||||||||||||||||||||
Unrealized gain | 23 | 6 | 29 | |||||||||||||||||||||||||||||||||
Purchases | 15 | (17 | ) | (2 | ) | |||||||||||||||||||||||||||||||
Settlements | (19 | ) | 12 | (7 | ) | |||||||||||||||||||||||||||||||
September 30, 2014 Balance | $ | 22 | $ | (10 | ) | $ | 12 | |||||||||||||||||||||||||||||
Level 3 Quantitative Information | ||||||||||||||||||||||||||||||||||||
The following table provides quantitative information for FTRs held by FES that are classified as Level 3 in the fair value hierarchy for the period ended September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Fair Value, Net (In millions) | Valuation | Significant Input | Range | Weighted Average | Units | |||||||||||||||||||||||||||||||
Technique | ||||||||||||||||||||||||||||||||||||
FTRs | $ | 12 | Model | RTO auction clearing prices | ($4.60) to $17.70 | $1.00 | Dollars/MWH | |||||||||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||||||||||||
All temporary cash investments purchased with an initial maturity of three months or less are reported as cash equivalents on the Consolidated Balance Sheets at cost, which approximates their fair market value. Investments other than cash and cash equivalents include held-to-maturity securities, AFS securities and notes receivable. | ||||||||||||||||||||||||||||||||||||
At the end of each reporting period, FirstEnergy evaluates its investments for OTTI. Investments classified as AFS securities are evaluated to determine whether a decline in fair value below the cost basis is other than temporary. FirstEnergy first considers its intent and ability to hold an equity security until recovery and then considers, among other factors, the duration and the extent to which the security's fair value has been less than its cost and the near-term financial prospects of the security issuer when evaluating an investment for impairment. For debt securities, FirstEnergy considers its intent to hold the securities, the likelihood that it will be required to sell the securities before recovery of its cost basis and the likelihood of recovery of the securities' entire amortized cost basis. If the decline in fair value is determined to be other than temporary, the cost basis of the securities is written down to fair value. | ||||||||||||||||||||||||||||||||||||
Unrealized gains and losses on AFS securities are recognized in AOCI. However, unrealized losses held in the NDTs of FES, OE and TE are recognized in earnings since the trust arrangements, as they are currently defined, do not meet the required ability and intent to hold criteria in consideration of OTTI. | ||||||||||||||||||||||||||||||||||||
The investment policy for the NDT funds restricts or limits the trusts' ability to hold certain types of assets including private or direct placements, warrants, securities of FirstEnergy, investments in companies owning nuclear power plants, financial derivatives, securities convertible into common stock and securities of the trust funds' custodian or managers and their parents or subsidiaries. | ||||||||||||||||||||||||||||||||||||
AFS Securities | ||||||||||||||||||||||||||||||||||||
FirstEnergy holds debt and equity securities within its NDT, nuclear fuel disposal and NUG trusts. These trust investments are considered AFS securities, recognized at fair market value. FirstEnergy has no securities held for trading purposes. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the amortized cost basis, unrealized gains (there were no unrealized losses) and fair values of investments held in NDT, nuclear fuel disposal and NUG trusts as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
September 30, 2014(1) | December 31, 2013(2) | |||||||||||||||||||||||||||||||||||
Cost Basis | Unrealized Gains | Fair Value | Cost Basis | Unrealized Gains | Fair Value | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 1,777 | $ | 33 | $ | 1,810 | $ | 1,881 | $ | 33 | $ | 1,914 | ||||||||||||||||||||||||
FES | 845 | 14 | 859 | 918 | 17 | 935 | ||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 628 | $ | 82 | $ | 710 | $ | 308 | $ | 9 | $ | 317 | ||||||||||||||||||||||||
FES | 420 | 48 | 468 | 207 | — | 207 | ||||||||||||||||||||||||||||||
(1) | Excludes short-term cash investments: FE Consolidated - $87 million; FES - $54 million. | |||||||||||||||||||||||||||||||||||
(2) | Excludes short-term cash investments: FE Consolidated - $204 million; FES - $135 million. | |||||||||||||||||||||||||||||||||||
Proceeds from the sale of investments in AFS securities, realized gains and losses on those sales, OTTI and interest and dividend income for the three months and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | Sale Proceeds | Realized Gains | Realized Losses | OTTI | Interest and | |||||||||||||||||||||||||||||||
Dividend Income | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 347 | $ | 30 | $ | (14 | ) | $ | (7 | ) | $ | 24 | ||||||||||||||||||||||||
FES | 183 | 24 | (13 | ) | (6 | ) | 14 | |||||||||||||||||||||||||||||
September 30, 2013 | Sale Proceeds | Realized Gains | Realized Losses | OTTI | Interest and Dividend Income | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 368 | $ | 9 | $ | (15 | ) | $ | (21 | ) | $ | 26 | ||||||||||||||||||||||||
FES | 164 | 5 | (3 | ) | (21 | ) | 16 | |||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | Sale Proceeds | Realized Gains | Realized Losses | OTTI | Interest and | |||||||||||||||||||||||||||||||
Dividend Income | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 1,511 | $ | 93 | $ | (45 | ) | $ | (10 | ) | $ | 73 | ||||||||||||||||||||||||
FES | 890 | 73 | (30 | ) | (9 | ) | 43 | |||||||||||||||||||||||||||||
September 30, 2013 | Sale Proceeds | Realized Gains | Realized Losses | OTTI | Interest and Dividend Income | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 1,545 | $ | 49 | $ | (31 | ) | $ | (74 | ) | $ | 74 | ||||||||||||||||||||||||
FES | 650 | 38 | (14 | ) | (66 | ) | 44 | |||||||||||||||||||||||||||||
Held-To-Maturity Securities | ||||||||||||||||||||||||||||||||||||
The following table provides the amortized cost basis, unrealized gains (there were no unrealized losses) and approximate fair values of investments in held-to-maturity securities as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost Basis | Unrealized Gains | Fair Value | Cost Basis | Unrealized Gains | Fair Value | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 19 | $ | 6 | $ | 25 | $ | 33 | $ | 2 | $ | 35 | ||||||||||||||||||||||||
The held-to-maturity debt securities contractually mature by June 30, 2017. Investments in employee benefit trusts and cost and equity method investments, including FirstEnergy's investment in Global Holding, totaling $633 million as of September 30, 2014 and $636 million as of December 31, 2013, are excluded from the amounts reported above. | ||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONS | ||||||||||||||||||||||||||||||||||||
All borrowings with initial maturities of less than one year are defined as short-term financial instruments under GAAP and are reported as Short-term borrowings on the Consolidated Balance Sheets at cost. Since these borrowings are short-term in nature, FirstEnergy believes that their costs approximate their fair market value. The following table provides the approximate fair value and related carrying amounts of long-term debt and other long-term obligations, excluding capital lease obligations and net unamortized premiums and discounts: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 19,757 | $ | 21,363 | $ | 17,049 | $ | 17,957 | ||||||||||||||||||||||||||||
FES | 3,148 | 3,296 | 3,001 | 3,073 | ||||||||||||||||||||||||||||||||
The fair values of long-term debt and other long-term obligations reflect the present value of the cash outflows relating to those securities based on the current call price, the yield to maturity or the yield to call, as deemed appropriate at the end of each respective period. The yields assumed were based on securities with similar characteristics offered by corporations with credit ratings similar to those of FirstEnergy. FirstEnergy classified short-term borrowings, long-term debt and other long-term obligations as Level 2 in the fair value hierarchy as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||||
On March 31, 2014, FE, FES, AE Supply, FET and FE's other borrower subsidiaries entered into extensions and amendments to the three existing multi-year syndicated revolving credit facilities. Each Facility was extended until March 31, 2019. The FE facility was amended to increase the lending banks' commitments under the facility by $1 billion to a total of $3.5 billion and to increase the individual borrower sublimit for FE by $1 billion to a total of $3.5 billion. The FES/AE Supply facility was amended to decrease the lending banks' commitments by $1 billion to a total of $1.5 billion. The lending banks' commitments under the FET facility remain at $1 billion and that facility was amended to increase ATSI's individual borrower sublimit to $500 million from $100 million and TrAIL's individual borrower sublimit to $400 million from $200 million. FirstEnergy expensed approximately $5 million (FES - $3 million) of unamortized debt expense as a result of the amendments, included in Gain (Loss) on Debt Redemptions in the Consolidated Statement of Income in the first nine months of 2014. | ||||||||||||||||||||||||||||||||||||
On March 31, 2014, FE executed, and fully utilized, a new $1 billion variable rate term loan credit agreement with a maturity date of March 31, 2019. The initial borrowing under the term loan, which took the form of a Eurodollar rate advance, may be converted from time to time, in whole or in part, to alternate base rate advances or other Eurodollar rate advances. The proceeds from this term loan reduced borrowings under the FE Facility. | ||||||||||||||||||||||||||||||||||||
During the first quarter of 2014, FG and NG remarketed approximately $235 million and $182 million, respectively, of PCRBs, previously held by the companies. The NG PCRBs were remarketed with a fixed interest rate of 4% per annum and a mandatory put date of June 3, 2019 and the FG PCRBs were remarketed with a fixed interest rate of 3.75% per annum and a mandatory put date of December 3, 2018. | ||||||||||||||||||||||||||||||||||||
In addition, in the first quarter of 2014, FG and NG repurchased approximately $197 million and $16 million, respectively, of PCRBs, which were subject to a mandatory tender. The PCRBs have been remarketed in the second and third quarter as described below. Additionally, FG retired $50 million of PCRB's at maturity. | ||||||||||||||||||||||||||||||||||||
On April 1, 2014, PN and ME repurchased approximately $45 million and $29 million of PCRBs, respectively, which were subject to a mandatory put on such date. The companies are currently holding the PCRBs for remarketing subject to future market and other conditions. Additionally, on April 1, 2014, ME retired $150 million of long-term debt at maturity. | ||||||||||||||||||||||||||||||||||||
On May 19, 2014, FET issued $600 million of 4.35% senior notes due 2025 and $400 million of 5.45% senior notes due 2044. Proceeds received from the issuance of the senior notes were used to (i) repay borrowings under its revolving credit facility and the FirstEnergy unregulated company money pool; (ii) fund a capital contribution to ATSI; and (iii) for working capital needs and other general business purposes. | ||||||||||||||||||||||||||||||||||||
On June 11, 2014, ME and PN issued $250 million of 4% senior notes due 2025 and $200 million of 4.15% senior notes due 2025, respectively. Proceeds received from the issuance of the senior notes were used to repay ME and PN's borrowings under the FirstEnergy revolving credit facility and the FirstEnergy regulated utility money pool. | ||||||||||||||||||||||||||||||||||||
In addition, in the second quarter of 2014, FG and NG remarketed approximately $57 million and $164 million, respectively, of PCRBs previously held by the companies. The bonds were remarketed with a fixed interest rate of 3.50% per annum and a mandatory put date of June 1, 2020. | ||||||||||||||||||||||||||||||||||||
On September 25, 2014, ATSI issued $400 million of 5% senior notes due 2044. Proceeds received from the issuance of the senior notes were used (i) to fund capital expenditures, including capital expenditures related to its transmission investment plans; and (ii) for working capital needs and other general business purposes. | ||||||||||||||||||||||||||||||||||||
Also during the third quarter, FG and NG remarketed approximately $140.1 million and $101 million, respectively, of PCRBs. Of the total, approximately $45 million of PCRBs were remarketed by NG with a fixed interest rate of 3.63%, of which $15.5 million has a mandatory put date of June 1, 2020 and $29.5 million has a mandatory put date of April 1, 2020. NG also remarketed $56 million of PCRBs with a fixed interest rate of 3.95% and a mandatory put date of May 1, 2020; FG remarketed $50 million of PCRBs with a fixed interest rate of 3.10% and a mandatory put date of March 1, 2019; and $90.1 million of PCRBs with a fixed interest rate of 3.00% and a maturity date of May 15, 2019. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS | |||||||||||||||||
FirstEnergy is exposed to financial risks resulting from fluctuating interest rates and commodity prices, including prices for electricity, natural gas, coal and energy transmission. To manage the volatility relating to these exposures, FirstEnergy’s Risk Policy Committee, comprised of senior management, provides general management oversight for risk management activities throughout FirstEnergy. The Risk Policy Committee is responsible for promoting the effective design and implementation of sound risk management programs and oversees compliance with corporate risk management policies and established risk management practice. FirstEnergy also uses a variety of derivative instruments for risk management purposes including forward contracts, options, futures contracts and swaps. | |||||||||||||||||
FirstEnergy accounts for derivative instruments on its Consolidated Balance Sheets at fair value unless they meet the normal purchases and normal sales criteria. Derivatives that meet those criteria are accounted for under the accrual method of accounting, and their effects are included in earnings at the time of contract performance. Changes in the fair value of derivative instruments that qualified and were designated as cash flow hedge instruments are recorded in AOCI. Changes in the fair value of derivative instruments that are not designated as cash flow hedge instruments are recorded in earnings on a mark-to-market basis. FirstEnergy has contractual derivative agreements through 2020. | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
FirstEnergy has used cash flow hedges for risk management purposes to manage the volatility related to exposures associated with fluctuating commodity prices and interest rates. The effective portion of gains and losses on a derivative contract is reported as a component of AOCI with subsequent reclassification to earnings in the period during which the hedged forecasted transaction affects earnings. | |||||||||||||||||
Total net unamortized gains (losses) included in AOCI associated with instruments previously designated to be in a cash flow hedging relationship totaled $(5) million and $2 million as of September 30, 2014 and December 31, 2013, respectively. Since the forecasted transactions remain probable of occurring, these amounts will be amortized into earnings over the life of the hedging instruments. Approximately $5 million is expected to be amortized to income during the next twelve months. | |||||||||||||||||
FirstEnergy has used forward starting swap agreements to hedge a portion of the consolidated interest rate risk associated with anticipated issuances of fixed-rate, long-term debt securities of its subsidiaries. These derivatives were treated as cash flow hedges, protecting against the risk of changes in future interest payments resulting from changes in benchmark U.S. Treasury rates between the date of hedge inception and the date of the debt issuance. No forward starting swap agreements accounted for as a cash flow hedge were outstanding as of September 30, 2014 or December 31, 2013. Total pre-tax unamortized losses included in AOCI associated with prior interest rate cash flow hedges totaled $52 million and $59 million as of September 30, 2014 and December 31, 2013, respectively. Based on current estimates, approximately $9 million will be amortized to interest expense during the next twelve months. | |||||||||||||||||
As of September 30, 2014 and December 31, 2013, no commodity or interest rate derivatives were designated as cash flow hedges. | |||||||||||||||||
Refer to Note 5, Accumulated Other Comprehensive Income, for reclassifications from AOCI during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||
Fair Value Hedges | |||||||||||||||||
FirstEnergy has used fixed-for-floating interest rate swap agreements to hedge a portion of the consolidated interest rate risk associated with the debt portfolio of its subsidiaries. These derivative instruments were treated as fair value hedges of fixed-rate, long-term debt issues, protecting against the risk of changes in the fair value of fixed-rate debt instruments due to lower interest rates. As of September 30, 2014 and December 31, 2013, no fixed-for-floating interest rate swap agreements were outstanding. | |||||||||||||||||
Unamortized gains included in long-term debt associated with prior fixed-for-floating interest rate swap agreements totaled $35 million and $44 million as of September 30, 2014 and December 31, 2013, respectively. Based on current estimates, approximately $12 million will be amortized to interest expense during the next twelve months. Reclassifications from long-term debt into interest expense totaled approximately $3 million and $4 million during the three months ended September 30, 2014 and 2013, respectively, and $9 million and $15 million during the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
As of September 30, 2014 and December 31, 2013, no commodity or interest rate derivatives were designated as fair value hedges. | |||||||||||||||||
Commodity Derivatives | |||||||||||||||||
FirstEnergy uses both physically and financially settled derivatives to manage its exposure to volatility in commodity prices. Commodity derivatives are used for risk management purposes to hedge exposures when it makes economic sense to do so, including circumstances where the hedging relationship does not qualify for hedge accounting. | |||||||||||||||||
Electricity forwards are used to balance expected sales with expected generation and purchased power. Natural gas futures are entered into based on expected consumption of natural gas primarily for use in FirstEnergy’s combustion turbine units. Heating oil futures are entered into based on expected consumption of oil and the financial risk in FirstEnergy’s coal transportation contracts. Derivative instruments are not used in quantities greater than forecasted needs. | |||||||||||||||||
As of September 30, 2014, FirstEnergy’s net asset position under commodity derivative contracts was $12 million, which related to FES positions. Under these commodity derivative contracts, FES posted $46 million of collateral. Certain commodity derivative contracts include credit risk related contingent features that would require FES to post $20 million of additional collateral if the credit rating for its debt were to fall below investment grade. | |||||||||||||||||
Based on commodity derivative contracts held as of September 30, 2014, an adverse change of 10% in commodity prices would decrease net income by approximately $4 million during the next twelve months. | |||||||||||||||||
Interest Rate Swaps | |||||||||||||||||
During the second quarter of 2014, FE executed notional $500 million of forward-starting, pay-fixed/receive-float, interest rate swaps with an effective date of December 31, 2015 and a weighted average 10-year fixed rate of 3.21%. On June 10, 2014, the interest rate swaps were terminated resulting in a realized gain and cash proceeds of approximately $6 million. The realized gain is recorded as a reduction to interest expense in the Consolidated Statements of Income. | |||||||||||||||||
NUGs | |||||||||||||||||
As of September 30, 2014, FirstEnergy's net liability position under NUG contracts was $155 million, representing contracts held at JCP&L, ME and PN. NUG contracts represent purchased power agreements with third-party non-utility generators that are transacted to satisfy certain obligations under PURPA. Changes in the fair value of NUG contracts are subject to regulatory accounting treatment and do not impact earnings. | |||||||||||||||||
LCAPP | |||||||||||||||||
The LCAPP law was enacted in New Jersey during 2011 to promote the construction of qualified electric generation facilities. JCP&L maintained two LCAPP contracts, which were financially settled agreements that allowed eligible generators to receive payments from, or make payments to, JCP&L pursuant to an annually calculated load-ratio share of the capacity produced by the generator based upon the annual forecasted peak demand as determined by PJM. JCP&L expected to recover from its customers payments made to the generators and give credit to customers for payments from the generators under these contracts. As a result, the projected future obligations for the LCAPP contracts were considered derivative liabilities with a corresponding regulatory asset. Since the LCAPP contracts were subject to regulatory accounting, changes in their fair value did not impact earnings. On October 11, 2013, the U.S. District Court for the District of New Jersey declared that the LCAPP was preempted by the FPA and unconstitutional. Consistent with the provisions of the LCAPP contracts, the U.S. District Court's ruling was a termination event. During the fourth quarter of 2013, JCP&L issued termination notices to the counterparties and reversed the derivative liability and corresponding regulatory asset on its Consolidated Balance Sheet. On October 22, 2013, the Superior Court of New Jersey Appellate Division dismissed two consolidated appeals which had been taken from the final order of the NJBPU which accepted and adopted the recommendation of the NJBPU's Agent regarding implementation of the LCAPP law. Dismissal of the consolidated appeals, along with pending matters currently on remand to the NJBPU, was without prejudice subject to the parties exercising their appellate rights in the federal courts. The parties filed an appeal with the U.S. Court of Appeals for the Third Circuit and briefing by the parties was completed by March 5, 2014. On September 11, 2014, the US Court of Appeals for the Third Circuit upheld the U.S. District Court's ruling that invalidated the LCAPP program on narrower grounds. | |||||||||||||||||
FTRs | |||||||||||||||||
As of September 30, 2014, FirstEnergy's and FES's net asset position under FTRs was $24 million and $12 million, respectively, and FES posted $5 million of collateral. FirstEnergy holds FTRs that generally represent an economic hedge of future congestion charges that will be incurred in connection with FirstEnergy’s load obligations. FirstEnergy acquires the majority of its FTRs in an annual auction through a self-scheduling process involving the use of ARRs allocated to members of an RTO that have load serving obligations and through the direct allocation of FTRs from the PJM RTO. The PJM RTO has a rule that allows directly allocated FTRs to be granted to LSEs in zones that have newly entered PJM. For the first two planning years, PJM permits the LSEs to request a direct allocation of FTRs in these new zones at no cost as opposed to receiving ARRs. The directly allocated FTRs differ from traditional FTRs in that the ownership of all or part of the FTRs may shift to another LSE if customers choose to shop with the other LSE. | |||||||||||||||||
The future obligations for the FTRs acquired at auction are reflected on the Consolidated Balance Sheets and have not been designated as cash flow hedge instruments. FirstEnergy initially records these FTRs at the auction price less the obligation due to the RTO, and subsequently adjusts the carrying value of remaining FTRs to their estimated fair value at the end of each accounting period prior to settlement. Changes in the fair value of FTRs held by FES and AE Supply are included in other operating expenses as unrealized gains or losses. Unrealized gains or losses on FTRs held by FirstEnergy’s utilities are recorded as regulatory assets or liabilities. Directly allocated FTRs are accounted for under the accrual method of accounting, and their effects are included in earnings at the time of contract performance. | |||||||||||||||||
FirstEnergy records the fair value of derivative instruments on a gross basis. The following table summarizes the fair value and classification of derivative instruments on FirstEnergy’s Consolidated Balance Sheets: | |||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | (In millions) | ||||||||||||||||
Current Assets - Derivatives | Current Liabilities - Derivatives | ||||||||||||||||
Commodity Contracts | $ | 146 | $ | 162 | Commodity Contracts | $ | (156 | ) | $ | (102 | ) | ||||||
FTRs | 34 | 4 | FTRs | (10 | ) | (9 | ) | ||||||||||
180 | 166 | (166 | ) | (111 | ) | ||||||||||||
Noncurrent Liabilities - Adverse Power Contract Liability | |||||||||||||||||
Deferred Charges and Other Assets - Other | NUGs | (157 | ) | (222 | ) | ||||||||||||
Commodity Contracts | 42 | 53 | Noncurrent Liabilities - Other | ||||||||||||||
FTRs | 1 | — | Commodity Contracts | (20 | ) | (11 | ) | ||||||||||
NUGs | 2 | 20 | FTRs | (1 | ) | (3 | ) | ||||||||||
45 | 73 | (178 | ) | (236 | ) | ||||||||||||
Derivative Assets | $ | 225 | $ | 239 | Derivative Liabilities | $ | (344 | ) | $ | (347 | ) | ||||||
FirstEnergy enters into contracts with counterparties that allow for net settlement of derivative assets and derivative liabilities. Certain of these contracts contain margining provisions that require the use of collateral to mitigate credit exposure between FirstEnergy and these counterparties. In situations where collateral is pledged to mitigate exposures related to derivative and non-derivative instruments with the same counterparty, FirstEnergy allocates the collateral based on the percentage of the net fair value of derivative instruments to the total fair value of the combined derivative and non-derivative instruments. The following tables summarize the fair value of derivative instruments on FirstEnergy’s Consolidated Balance Sheets and the effect of netting arrangements and collateral on its financial position: | |||||||||||||||||
Amounts Not Offset in Consolidated Balance Sheet | |||||||||||||||||
September 30, 2014 | Fair Value | Derivative Instruments | Cash Collateral (Received)/Pledged | Net Fair Value | |||||||||||||
(In millions) | |||||||||||||||||
Derivative Assets | |||||||||||||||||
Commodity contracts | $ | 188 | $ | (139 | ) | $ | — | $ | 49 | ||||||||
FTRs | 35 | (11 | ) | — | 24 | ||||||||||||
NUG contracts | 2 | — | — | 2 | |||||||||||||
$ | 225 | $ | (150 | ) | $ | — | $ | 75 | |||||||||
Derivative Liabilities | |||||||||||||||||
Commodity contracts | $ | (176 | ) | $ | 139 | $ | 16 | $ | (21 | ) | |||||||
FTRs | (11 | ) | 11 | — | — | ||||||||||||
NUG contracts | (157 | ) | — | — | (157 | ) | |||||||||||
$ | (344 | ) | $ | 150 | $ | 16 | $ | (178 | ) | ||||||||
Amounts Not Offset in Consolidated Balance Sheet | |||||||||||||||||
December 31, 2013 | Fair Value | Derivative Instruments | Cash Collateral (Received)/Pledged | Net Fair Value | |||||||||||||
(In millions) | |||||||||||||||||
Derivative Assets | |||||||||||||||||
Commodity contracts | $ | 215 | $ | (106 | ) | $ | (9 | ) | $ | 100 | |||||||
FTRs | 4 | (4 | ) | — | — | ||||||||||||
NUG contracts | 20 | — | — | 20 | |||||||||||||
$ | 239 | $ | (110 | ) | $ | (9 | ) | $ | 120 | ||||||||
Derivative Liabilities | |||||||||||||||||
Commodity contracts | $ | (113 | ) | $ | 106 | $ | 7 | $ | — | ||||||||
FTRs | (12 | ) | 4 | 5 | (3 | ) | |||||||||||
NUG contracts | (222 | ) | — | — | (222 | ) | |||||||||||
$ | (347 | ) | $ | 110 | $ | 12 | $ | (225 | ) | ||||||||
The following table summarizes the volumes associated with FirstEnergy’s outstanding derivative transactions as of September 30, 2014: | |||||||||||||||||
Purchases | Sales | Net | Units | ||||||||||||||
(In millions) | |||||||||||||||||
Power Contracts | 24 | 32 | (8 | ) | MWH | ||||||||||||
FTRs | 63 | — | 63 | MWH | |||||||||||||
NUGs | 6 | — | 6 | MWH | |||||||||||||
Natural Gas | 40 | 1 | 39 | mmBTU | |||||||||||||
The effect of derivative instruments not in a hedging relationship on FirstEnergy's Consolidated Statements of Income during the three months ended September 30, 2014 and 2013, are summarized in the following tables: | |||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||
Commodity Contracts | FTRs | Interest Rate Swaps | Total | ||||||||||||||
(In millions) | |||||||||||||||||
2014 | |||||||||||||||||
Unrealized Gain (Loss) Recognized in: | |||||||||||||||||
Other Operating Expense (1) | $ | (24 | ) | $ | 4 | $ | — | $ | (20 | ) | |||||||
Realized Gain (Loss) Reclassified to: | |||||||||||||||||
Revenues (2) | $ | 3 | $ | 11 | $ | — | $ | 14 | |||||||||
Purchased Power Expense (3) | (63 | ) | — | — | (63 | ) | |||||||||||
Other Operating Expense (4) | — | (13 | ) | — | (13 | ) | |||||||||||
Fuel Expense | (8 | ) | — | — | (8 | ) | |||||||||||
(1) Includes ($24) million for commodity contracts and $3 million for FTRs associated with FES. | |||||||||||||||||
(2) Represents losses on structured financial contracts. Includes $3 million for commodity contracts and $11 million for FTRs associated with FES. | |||||||||||||||||
(3) Realized gains on financially settled wholesale contracts of $74 million were netted in purchased power. Includes ($63) million for commodity contracts associated with FES. | |||||||||||||||||
(4) Includes ($14) million for FTRs associated with FES. | |||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||
Commodity Contracts | FTRs | Interest Rate Swaps | Total | ||||||||||||||
(In millions) | |||||||||||||||||
2013 | |||||||||||||||||
Unrealized Gain (Loss) Recognized in: | |||||||||||||||||
Other Operating Expense (5) | $ | 11 | $ | (8 | ) | $ | — | $ | 3 | ||||||||
Realized Gain (Loss) Reclassified to: | |||||||||||||||||
Revenues (6) | $ | 14 | $ | 6 | $ | — | $ | 20 | |||||||||
Purchased Power Expense (7) | (17 | ) | — | — | (17 | ) | |||||||||||
Other Operating Expense (8) | — | (10 | ) | — | (10 | ) | |||||||||||
Fuel Expense | (2 | ) | — | — | (2 | ) | |||||||||||
(5) Includes $10 million for commodity contracts and ($8) million for FTRs associated with FES. | |||||||||||||||||
(6) Includes $14 million for commodity contracts and $6 million for FTRs associated with FES. | |||||||||||||||||
(7) Includes ($17) million for commodity contracts associated with FES. | |||||||||||||||||
(8) Includes ($9) million for FTRs associated with FES. | |||||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||
Commodity | FTRs | Interest Rate Swaps | Total | ||||||||||||||
Contracts | |||||||||||||||||
(In millions) | |||||||||||||||||
2014 | |||||||||||||||||
Unrealized Gain (Loss) Recognized in: | |||||||||||||||||
Other Operating Expense(1) | $ | (82 | ) | $ | 22 | $ | — | $ | (60 | ) | |||||||
Realized Gain (Loss) Reclassified to: | |||||||||||||||||
Revenues(2) | $ | (8 | ) | $ | 62 | $ | — | $ | 54 | ||||||||
Purchased Power Expense(3) | 395 | — | — | 395 | |||||||||||||
Other Operating Expense(4) | — | (30 | ) | — | (30 | ) | |||||||||||
Fuel Expense | 3 | — | — | 3 | |||||||||||||
Interest Expense | — | — | 6 | 6 | |||||||||||||
(1) Includes ($82) million for commodity contracts and $21 million for FTRs associated with FES. | |||||||||||||||||
(2) Represents losses on structured financial contracts. Includes ($8) million for commodity contracts and $61 million for FTRs associated with FES. | |||||||||||||||||
(3) Realized losses on financially settled wholesale contracts of $263 million resulting from higher market prices were netted in purchased power. Includes $395 million for commodity contracts associated with FES. | |||||||||||||||||
(4) Includes ($30) million for FTRs associated with FES. | |||||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||
Commodity | FTRs | Interest Rate Swaps | Total | ||||||||||||||
Contracts | |||||||||||||||||
(In millions) | |||||||||||||||||
2013 | |||||||||||||||||
Unrealized Loss Recognized in: | |||||||||||||||||
Other Operating Expense(5) | $ | (5 | ) | $ | (10 | ) | $ | — | $ | (15 | ) | ||||||
Realized Gain (Loss) Reclassified to: | |||||||||||||||||
Revenues(6) | $ | 29 | $ | 19 | $ | — | $ | 48 | |||||||||
Purchased Power Expense(7) | (30 | ) | — | — | (30 | ) | |||||||||||
Other Operating Expense(8) | — | (28 | ) | — | (28 | ) | |||||||||||
(5) Includes ($5) million for commodity contracts and ($10) million for FTRs associated with FES. | |||||||||||||||||
(6) Includes $29 million for commodity contracts and $17 million for FTRs associated with FES. | |||||||||||||||||
(7) Includes ($30) million for commodity contracts associated with FES. | |||||||||||||||||
(8) Includes ($25) million for FTRs associated with FES. | |||||||||||||||||
The unrealized and realized gains (losses) on FirstEnergy’s derivative instruments subject to regulatory accounting during the three months and nine months ended September 30, 2014 and 2013, are summarized in the following tables: | |||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||
Derivatives Not in a Hedging Relationship with Regulatory Offset | NUGs | LCAPP(1) | Regulated FTRs | Total | |||||||||||||
(In millions) | |||||||||||||||||
2014 | |||||||||||||||||
Unrealized Gain (Loss) on Derivative Instrument | $ | (9 | ) | $ | — | $ | 6 | $ | (3 | ) | |||||||
Realized Gain (Loss) on Derivative Instrument | 23 | — | (5 | ) | 18 | ||||||||||||
2013 | |||||||||||||||||
Unrealized Gain (Loss) on Derivative Instrument | $ | 7 | $ | (8 | ) | $ | 1 | $ | — | ||||||||
Realized Gain (Loss) on Derivative Instrument | 14 | — | (1 | ) | 13 | ||||||||||||
Nine Months Ended September 30 | |||||||||||||||||
Derivatives Not in a Hedging Relationship with Regulatory Offset | NUGs | LCAPP(1) | Regulated FTRs | Total | |||||||||||||
(In millions) | |||||||||||||||||
2014 | |||||||||||||||||
Unrealized Gain on Derivative Instrument | $ | 17 | $ | — | $ | 21 | $ | 38 | |||||||||
Realized Gain (Loss) on Derivative Instrument | 30 | — | (10 | ) | 20 | ||||||||||||
2013 | |||||||||||||||||
Unrealized Gain (Loss) on Derivative Instrument | $ | (13 | ) | $ | (22 | ) | $ | 1 | $ | (34 | ) | ||||||
Realized Gain (Loss) on Derivative Instrument | 57 | — | (1 | ) | 56 | ||||||||||||
(1) | During the fourth quarter of 2013, all LCAPP contracts were terminated as discussed above. | ||||||||||||||||
The following tables provide a reconciliation of changes in the fair value of certain contracts that are deferred for future recovery from (or credit to) customers during the three months and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||
Derivatives Not in a Hedging Relationship with Regulatory Offset | NUGs | LCAPP(1) | Regulated FTRs | Total | |||||||||||||
(In millions) | |||||||||||||||||
Outstanding net asset (liability) as of July 1, 2014 | $ | (169 | ) | $ | — | $ | 10 | $ | (159 | ) | |||||||
Additions/Change in value of existing contracts | (9 | ) | — | 6 | (3 | ) | |||||||||||
Settled contracts | 23 | — | (5 | ) | 18 | ||||||||||||
Outstanding net asset (liability) as of September 30, 2014 | $ | (155 | ) | $ | — | $ | 11 | $ | (144 | ) | |||||||
Outstanding net liability as of July 1, 2013 | $ | (231 | ) | $ | (158 | ) | $ | — | $ | (389 | ) | ||||||
Additions/Change in value of existing contracts | 7 | (8 | ) | 1 | — | ||||||||||||
Settled contracts | 14 | — | (1 | ) | 13 | ||||||||||||
Outstanding net liability as of September 30, 2013 | $ | (210 | ) | $ | (166 | ) | $ | — | $ | (376 | ) | ||||||
Nine Months Ended September 30 | |||||||||||||||||
Derivatives Not in a Hedging Relationship with Regulatory Offset | NUGs | LCAPP(1) | Regulated FTRs | Total | |||||||||||||
(In millions) | |||||||||||||||||
Outstanding net liability as of January 1, 2014 | $ | (202 | ) | $ | — | $ | — | $ | (202 | ) | |||||||
Additions/Change in value of existing contracts | 17 | — | 21 | 38 | |||||||||||||
Settled contracts | 30 | — | (10 | ) | 20 | ||||||||||||
Outstanding net asset (liability) as of September 30, 2014 | $ | (155 | ) | $ | — | $ | 11 | $ | (144 | ) | |||||||
Outstanding net liability as of January 1, 2013 | $ | (254 | ) | $ | (144 | ) | $ | — | $ | (398 | ) | ||||||
Additions/Change in value of existing contracts | (13 | ) | (22 | ) | 1 | (34 | ) | ||||||||||
Settled contracts | 57 | — | (1 | ) | 56 | ||||||||||||
Outstanding net liability as of September 30, 2013 | $ | (210 | ) | $ | (166 | ) | $ | — | $ | (376 | ) | ||||||
(1) | During the fourth quarter of 2013, all LCAPP contracts were terminated as discussed above. |
Regulatory_Matters
Regulatory Matters | 9 Months Ended | |
Sep. 30, 2014 | ||
Regulated Operations [Abstract] | ' | |
REGULATORY MATTERS | ' | |
REGULATORY MATTERS | ||
STATE REGULATION | ||
Each of the Utilities' retail rates, conditions of service, issuance of securities and other matters are subject to regulation in the states in which it operates - in Maryland by the MDPSC, in Ohio by the PUCO, in New Jersey by the NJBPU, in Pennsylvania by the PPUC, in West Virginia by the WVPSC and in New York by the NYPSC. The transmission operations of PE in Virginia are subject to certain regulations of the VSCC. In addition, under Ohio law, municipalities may regulate rates of a public utility, subject to appeal to the PUCO if not acceptable to the utility. | ||
As competitive retail electric suppliers serving retail customers primarily in Ohio, Pennsylvania, Illinois, Michigan, New Jersey and Maryland, FES and AE Supply are subject to state laws applicable to competitive electric suppliers in those states, including affiliate codes of conduct that apply to FES, AE Supply and their public utility affiliates. In addition, if any of the FirstEnergy affiliates were to engage in the construction of significant new transmission or generation facilities, depending on the state, they may be required to obtain state regulatory authorization to site, construct and operate the new transmission or generation facility. | ||
MARYLAND | ||
PE provides SOS pursuant to a combination of settlement agreements, MDPSC orders and regulations, and statutory provisions. SOS supply is competitively procured in the form of rolling contracts of varying lengths through periodic auctions that are overseen by the MDPSC and a third party monitor. Although settlements with respect to residential SOS for PE customers expired on December 31, 2012, by statute, service continues in the same manner unless changed by order of the MDPSC. The settlement provisions relating to non-residential SOS have also expired; however, by MDPSC order, the terms of service remain in place unless PE requests or the MDPSC orders a change. PE recovers its costs plus a return for providing SOS. | ||
The Maryland legislature adopted a statute in 2008 codifying the EmPOWER Maryland goals to reduce electric consumption by 10% and reduce electricity demand by 15%, in each case by 2015. PE's initial plan submitted in compliance with the statute was approved in 2009 and covered 2009-2011, the first three years of the statutory period. Expenditures were originally estimated to be approximately $101 million for the PE programs for the entire period of 2009-2015. PE's plan for the second three year period, 2012-2014, included additional and improved programs, and was approved by the MDPSC in December 2011. PE filed its third plan, covering the three-year period 2015-2017, on September 2, 2014. The projected costs of the 2015-2017 plan are approximately $64 million for that three year period. The MDPSC held hearings for the utilities' 2015-2017 plans on October 20-24, 2014. PE continues to recover program costs subject to a five-year amortization. Maryland law only allows for the utility to recover lost distribution revenue attributable to energy efficiency or demand reduction programs through a base rate case proceeding, and to date such recovery has not been sought or obtained by PE. | ||
Pursuant to a bill passed by the Maryland legislature in 2011, the MDPSC adopted rules, effective May 28, 2012, that set utility-specific SAIDI and SAIFI targets for 2012-2015; prescribed detailed tree-trimming requirements, outage restoration and downed wire response deadlines; imposed other reliability and customer satisfaction requirements; and established annual reporting requirements. The MDPSC is required to assess each utility's compliance with the new rules, and may assess penalties of up to $25,000 per day, per violation. PE has advised the MDPSC that compliance with the new rules is expected to increase costs by approximately $106 million over the period 2012-2015. On April 1, 2013, the Maryland electric utilities, including PE, filed their first annual reports on compliance with the new rules, and following a hearing, the MDPSC issued an order on September 3, 2013, which accepted PE's filing and the operational changes proposed therein. PE filed its second annual report on March 27, 2014. The MDPSC held a hearing on the utility reports on July 10, 2014, and on August 27, 2014, the MDPSC issued an order accepting PE's second report. | ||
Following a "derecho" storm through the region on June 29, 2012, the MDPSC convened a proceeding to consider matters relating to the electric utilities' performance in responding to the storm. Hearings on the matter were conducted in September 2012. Concurrently, Maryland's governor convened a special panel to examine possible ways to improve the resilience of the electric distribution system. On October 3, 2012, that panel issued a report calling for various measures including: acceleration and expansion of some of the requirements contained in the reliability standards which had become final on May 28, 2012; selective increased investment in system hardening; creation of separate recovery mechanisms for the costs of those changes and investments; and penalties or bonuses on returns earned by the utilities based on their reliability performance. On February 27, 2013, the MDPSC issued an order (the February 27 Order) requiring the utilities to submit several reports over a series of months, relating to the costs and benefits of making further system and staffing enhancements in order to attempt to reduce storm outage durations. The order further required the Staff of the MDPSC to report on possible performance-based rate structures and to propose additional rules relating to feeder performance standards, outage communication and reporting, and sharing of special needs customer information. PE responded to the requirements in the order consistent with the schedule set forth therein. PE's final filing on September 3, 2013, discussed the steps needed to harden the utility's system in order to attempt to achieve various levels of storm response speed described in the February 27 Order, and projected that it would require approximately $2.7 billion in infrastructure investments over 15 years to attempt to achieve the quickest level of response for the largest storm projected in the February 27 Order. On July 1, 2014, the Staff of the MDPSC issued a set of reports that recommended the imposition of extensive additional requirements in the areas of storm response, feeder performance, estimates of restoration times, and regulatory reporting. The Staff also recommended the imposition of penalties, including customer rebates, for a utility's failure or inability to comply with the escalating standards of storm restoration speed proposed by the Staff. In addition, the Staff proposed that the utilities be required to develop and implement system hardening plans, up to a rate impact cap on cost. The MDPSC conducted a hearing September 15-18, 2014, to consider certain of these matters, and has not yet scheduled further proceedings on any of the matters. | ||
NEW JERSEY | ||
JCP&L currently provides BGS for retail customers who do not choose a third party EGS and for customers of third party EGSs that fail to provide the contracted service. The supply for BGS, which is comprised of two components, is provided through contracts procured through separate, annually held descending clock auctions, the results of which are approved by the NJBPU. One BGS component and auction, reflecting hourly real time energy prices, is available for larger commercial and industrial customers. The other BGS component and auction, providing a fixed price service, is intended for smaller commercial and residential customers. All New Jersey EDCs participate in this competitive BGS procurement process and recover BGS costs directly from customers as a charge separate from base rates. | ||
In a written Order issued July 31, 2012, the NJBPU found that a base rate proceeding "will assure that JCP&L's rates are just and reasonable and that JCP&L is investing sufficiently to assure the provision of safe, adequate and proper utility service to its customers" and ordered JCP&L to file a base rate case using a historical 2011 test year. The rate case petition was filed on November 30, 2012 by JCP&L requesting approval to increase revenues by approximately $31 million, which included the recovery of 2011 storm costs but excluded approximately $603 million of costs incurred in 2012 associated with the impact of Hurricane Sandy. The NJBPU transmitted the case to the New Jersey Office of Administrative Law for further proceedings and an ALJ was assigned. Hearings in the rate case concluded in November 2013. In the initial briefs of the parties filed on January 27, 2014, the Division of Rate Counsel recommended that base rate revenues be reduced by $214.9 million while the NJBPU Staff recommended a $207.4 million reduction (such amounts do not address the revenue requirements associated with the major storm events of 2011 and 2012). Reply briefs were filed on February 24, 2014. On May 5, 2014, JCP&L submitted updated schedules to reflect the result of the generic storm cost proceeding, discussed below, to revise the debt rate to 5.93%, and to request that base rate revenues be increased by $9.1 million, including the recovery of 2011 storm costs. The record in the case was closed as of June 30, 2014, and the matter is pending before the ALJ. On July 24, 2014, the Division of Rate Counsel filed a motion with the NJBPU requesting that effective August 1, 2014, JCP&L's existing rates be continued on a provisional basis until the NJBPU's final order in the base rate case and subject to refund. JCP&L filed a brief opposing the motion on August 4, 2014, and the Division of Rate Counsel filed a reply to JCP&L's opposition on August 8, 2014. On September 30, 2014, the NJBPU granted the request of the ALJ to extend the time for an initial decision in the base rate case until November 13, 2014. | ||
On January 23, 2013, the NJBPU opened a generic proceeding to review its policies with respect to the use of a CTA in base rate cases. The NJBPU and its Staff solicited, and were provided, input from interested stakeholders, including utilities and the Division of Rate Counsel. On June 18, 2014, the NJBPU Staff proposed to amend current CTA policy by: 1) calculating savings using a 5 year look back from the beginning of the test year; 2) allocating savings with 75% retained by the company and 25% allocated to rate payers; and 3) excluding transmission assets of electric distribution companies in the savings calculation. JCP&L and other stakeholders filed written comments on the Staff proposal on August 18, 2014. In its Order issued October 22, 2014, the NJBPU stated it would continue to apply its current CTA policy in base rate cases, subject to incorporating the staff proposed modifications (as discussed above). For pending base rate cases in which the record had closed, such as JCP&L’s, the NJBPU would, following an initial decision of the ALJ, reopen the record for the limited purpose of adding a CTA calculation reflecting the modified policy and allow parties the opportunity to comment. Although FirstEnergy is still reviewing the CTA Order, by our interpretation and calculation, FirstEnergy expects that application of the modified policy in the pending JCP&L base rate case would reduce the CTA revenue adjustment as proposed by certain parties to the case from approximately $56 million to approximately $5 to $6 million. | ||
On March 20, 2013, the NJBPU ordered that a generic proceeding be established to investigate the prudence of costs incurred by all New Jersey utilities for service restoration efforts associated with the major storm events of 2011 and 2012. The Order provided that if any utility had already filed a proceeding for recovery of such storm costs, to the extent the amount of approved recovery had not yet been determined, the prudence of such costs would be reviewed in the generic proceeding. On May 31, 2013, the NJBPU clarified its earlier order to indicate that the 2011 major storm costs would be reviewed expeditiously in the generic proceeding, with the goal of maintaining the base rate case schedule established by the ALJ where recovery of such costs would be addressed. The NJBPU further indicated in the May 31 clarification that it would review the 2012 major storm costs in the generic proceeding and the recovery of such costs would be considered through a Phase II in the existing base rate case or through another appropriate method to be determined at the conclusion of the generic proceeding. On June 21, 2013, consistent with NJBPU's orders, JCP&L filed the detailed report in support of recovery of major storm costs with the NJBPU. On February 24, 2014, a Stipulation was filed with the NJBPU by JCP&L, the Division of Rate Counsel and NJBPU Staff which will allow recovery of $736 million of JCP&L's $744 million of costs related to the significant weather events of 2011 and 2012. As a result, FirstEnergy recorded a regulatory asset impairment charge of approximately $8 million (pre-tax) in the fourth quarter of 2013. By its Order of March 19, 2014, the NJBPU approved the Stipulation of Settlement and on March 25, 2014, transmitted a copy of that Order to the Office of Administrative Law so that “actual recovery of the 2011 costs can be determined in relation to the pending base rate case.” Recovery of 2011 storm costs will be addressed in the pending base rate case and are included in JCP&L's May 5, 2014, proposed rate increase; while recovery of 2012 storm costs will be determined by the NJBPU. | ||
OHIO | ||
The Ohio Companies primarily operate under their ESP 3 plan which expires on May 31, 2016. The material terms of ESP 3 include: | ||
• | Continuing the current base distribution rate freeze through May 31, 2016; | |
• | Continues collection of lost distribution revenues associated with energy efficiency and peak demand reduction programs; | |
• | Continuing to provide economic development and assistance to low-income customers for the two-year plan period at levels established in the existing prior ESP; | |
• | A 6% generation rate discount to certain low income customers provided by the Ohio Companies through a bilateral wholesale contract with FES (FES is one of the wholesale suppliers to the Ohio Companies); | |
• | Continuing to provide power to non-shopping customers at a market-based price set through an auction process; | |
• | Continuing Rider DCR that allows continued investment in the distribution system for the benefit of customers; | |
• | Continuing commitment not to recover from retail customers certain costs related to transmission cost allocations for the longer of the five-year period from June 1, 2011 through May 31, 2016 or when the amount of costs avoided by customers for certain types of products totals $360 million, subject to the outcome of certain FERC proceedings; | |
• | Securing generation supply for a longer period of time by conducting an auction for a three-year period rather than a one-year period, in each of October 2012 and January 2013, to mitigate any potential price spikes for the Ohio Companies' utility customers who do not switch to a competitive generation supplier; and | |
• | Extending the recovery period for costs associated with purchasing RECs mandated by SB221 through the end of the new ESP 3 period. This is expected to initially reduce the monthly renewable energy charge for all non-shopping utility customers of the Ohio Companies by spreading out the costs over the entire ESP period. | |
Notices of appeal to the Supreme Court of Ohio were filed by the Northeast Ohio Public Energy Council and the ELPC. While briefing has been completed, the matter has not yet been scheduled for oral argument. Northeast Ohio Public Energy Council and the ELPC filed a motion to expedite the oral argument on August 28, 2014. The Ohio Companies responded opposing the motion on September 8, 2014. On October 8, 2014, the Supreme Court of Ohio denied the Northeast Ohio Public Energy Council and ELPC's motion to expedite the oral argument. | ||
The Ohio Companies filed an application with the PUCO on August 4, 2014 seeking approval of their ESP IV entitled "Powering Ohio's Progress". The Ohio Companies have requested a decision by the PUCO by April 8, 2015. The evidentiary hearing on the ESP IV is currently scheduled to commence January 20, 2015. The material terms of the proposed plan include: | ||
• | Continuing a base distribution rate freeze through May 31, 2019; | |
• | Continues collection of lost distribution revenues associated with energy efficiency and peak demand reduction programs; | |
• | Providing economic development and assistance to low-income customers for the three-year plan period; | |
• | An Economic Stability Program providing for a retail rate stability rider to flow through charges or credits representing the net result of the costs paid to FES through a proposed 15-year purchase power agreement for the output of Sammis, Davis-Besse and FES’ share of OVEC against the revenues received from selling the output into the PJM markets over the same period; | |
• | Continuing to provide power to non-shopping customers at a market-based price set through an auction process; | |
• | Continuing Rider DCR with increased revenue caps of approximately $30 million per year that allows continued investment supporting the distribution system for the benefit of customers; | |
• | A commitment not to recover from retail customers certain costs related to transmission cost allocations for the longer of the five-year period from June 1, 2011 through May 31, 2016 or when the amount of such costs avoided by customers for certain types of products totals $360 million, including appropriately such costs from MISO along with such costs from PJM, subject to the outcome of certain FERC proceedings; and | |
• | General updates to electric service regulations and tariffs to reflect regulatory orders, administrative rule changes, and current practices. | |
Under R.C. 4928.66 (codification of SB221), and the Ohio Companies' filing of amended energy efficiency plans under SB310, the Ohio Companies are required to implement energy efficiency programs that achieve a total annual energy savings equivalent of approximately 1,200 GWHs in 2012, 1,705 GWHs in 2013, and 2,237 GWHs in 2014, 2015, and 2016. The Ohio Companies are also required to reduce peak demand in 2009 by 1%, with an additional 0.75% reduction each year thereafter through 2014, and retain the 2014 level for 2015 and 2016, and then increase the benchmark by an additional 0.75% thereafter through 2020. The Ohio Companies filed annual status reports in 2013 and 2014 indicating their compliance with the statutory energy efficiency and peak demand reduction benchmarks in 2012 and 2013, respectively. | ||
On March 20, 2013, the PUCO approved the three-year energy efficiency portfolio plans for 2013-2015, estimated to cost the Ohio Companies approximately $250 million over the three-year period, which is expected to be recovered in rates. Applications for rehearing were filed by the Ohio Companies and several other parties. On July 17, 2013, the PUCO denied the Ohio Companies' application for rehearing, in part, but authorized the Ohio Companies to receive 20% of any revenues obtained from bidding energy efficiency and demand response reserves into the PJM auction. The PUCO also confirmed that the Ohio Companies can recover PJM costs and applicable penalties associated with PJM auctions, including the costs of purchasing replacement capacity from PJM incremental auctions, to the extent that such costs or penalties are prudently incurred. On August 16, 2013, ELPC and OCC filed applications for rehearing under the basis that the PUCO's authorization for the Ohio Companies to share in the PJM revenues was unlawful. The PUCO granted rehearing on September 11, 2013 for the sole purpose of further consideration of the issue. On September 24, 2014, the Ohio Companies filed an amendment to their portfolio plan as contemplated by SB310, seeking to suspend certain programs for the 2015-2016 period in order to better align the plan with the new benchmarks under SB310. The PUCO has sixty days to review and approve, or modify and approve, the amended plan. | ||
On September 16, 2013, the Ohio Companies filed with the Supreme Court of Ohio a notice of appeal of the PUCO's July 17, 2013 Entry on Rehearing related to energy efficiency, alternative energy, and long-term forecast rules stating that the rules issued by the PUCO are inconsistent with, and are not supported by, statutory authority. On October 23, 2013, the PUCO filed a motion to dismiss the appeal. The Ohio Companies' response was filed on November 4, 2013. The motion is still pending and additional briefing has followed. While briefing has been completed, the matter has not been scheduled for oral argument. | ||
R.C. 4928.64 requires electric utilities and electric service companies in Ohio to serve part of their load from renewable energy resources measured by an annually increasing percentage amount through 2024, except 2015 and 2016 that remain at the 2014 level. The Ohio Companies conducted RFPs in 2009, 2010 and 2011 to secure RECs to help meet the renewable energy requirements established under SB221. In September 2011, the PUCO opened a docket to review the Ohio Companies' alternative energy recovery rider through which the Ohio Companies recover the costs of acquiring these RECs and selected auditors to perform a financial and management audit. Final audit reports filed with the PUCO generally supported the Ohio Companies' approach to procurement of RECs, but also recommended the PUCO examine, for possible disallowance, certain costs associated with the procurement of in-state renewable obligations that the auditor characterized as excessive. Following the hearing, the PUCO issued an Opinion and Order on August 7, 2013 approving the Ohio Companies' acquisition process and their purchases of RECs to meet statutory mandates in all instances except for part of the purchases arising from one auction and directing the Ohio Companies to credit non-shopping customers in the amount of $43.4 million, plus interest, and to file tariff schedules reflecting the refund and interest costs within 60 days following the issuance of a final appealable order on the basis that the Ohio Companies did not prove such purchases were prudent. The Ohio Companies, along with other parties, timely filed applications for rehearing on September 6, 2013. On December 18, 2013, the PUCO denied all of the applications for rehearing. Based on the PUCO ruling, a regulatory charge of approximately $51 million, including interest, was recorded in the fourth quarter of 2013. On December 24, 2013, the Ohio Companies filed a notice of appeal and a motion for stay of the PUCO's order with the Supreme Court of Ohio. On February 10, 2014, the Supreme Court of Ohio granted the Ohio Companies' motion for stay, which went into effect on February 14, 2014. On February 18, 2014, the OCC and the ELPC also filed appeals of the PUCO's order. The Ohio Companies filed their merit brief with the Supreme Court of Ohio on March 6, 2014. On April 15, 2014, the Supreme Court of Ohio stayed the briefing schedule pending the court's resolution of the Ohio Companies' motion to seal certain confidential portions of the appendix and supplement to their merit brief. On May 6, 2014, the PUCO issued an Entry extending the confidential treatment to February 13, 2015, of all materials and information previously granted confidential treatment. On September 3, 2014, the Supreme Court of Ohio ruled that the documents filed under seal will be maintained under seal pursuant to Supreme Court rules, and that the briefing schedule should recommence. | ||
On April 9, 2014, the PUCO initiated a generic investigation of marketing practices in the competitive retail electric service market, with a focus on the marketing of fixed-price or guaranteed percent-off SSO rate contracts where there is a provision that permits the pass-through of new or additional charges. | ||
PENNSYLVANIA | ||
The Pennsylvania Companies currently operate under DSPs that expire on May 31, 2015, and provide for the competitive procurement of generation supply for customers that do not choose an alternative EGS or for customers of alternative EGSs that fail to provide the contracted service. The default service supply is currently provided by wholesale suppliers through a mix of long-term and short-term contracts procured through descending clock auctions, competitive requests for proposals and spot market purchases. On July 24, 2014, the PPUC unanimously approved a settlement of the Pennsylvania Companies' DSPs for the period of June 1, 2015 through May 31, 2017, that provides for quarterly descending clock auctions to procure 3, 12 and 24-month energy contracts, as well as one RFP seeking 2-year contracts to secure SRECs for ME, PN and Penn. While approving the settlement, the PPUC, however, also denied the Pennsylvania Companies' proposal to recover NITS on a non-bypassable basis. | ||
The PPUC entered an Order on March 3, 2010 that denied the recovery of marginal transmission losses through the TSC rider for the period of June 1, 2007 through March 31, 2008, and directed ME and PN to submit a new tariff or tariff supplement reflecting the removal of marginal transmission losses from the TSC. Pursuant to a plan approved by the PPUC, ME and PN refunded those amounts to customers over a 29-month period that began in January of 2011. On appeal, the Commonwealth Court affirmed the PPUC's Order to the extent that it holds that line loss costs are not transmission costs and, therefore, the approximately $254 million in marginal transmission losses and associated carrying charges for the period prior to January 1, 2011, are not recoverable under ME's and PN's TSC riders. The Pennsylvania Supreme Court denied ME's and PN's Petition for Allowance of Appeal and the Supreme Court of the United States denied ME's and PN's Petition for Writ of Certiorari. The U.S. District Court for the Eastern District of Pennsylvania granted the PPUC's motion to dismiss the complaint filed by ME and PN to obtain an order that would enjoin enforcement of the PPUC and Pennsylvania court orders under a theory of federal preemption on the question of retail rate recovery of the marginal transmission loss charges. As a result of the U.S. District Court's decision, FirstEnergy recorded a regulatory asset impairment charge of approximately $254 million (pre-tax) in the quarter ended September 30, 2013. The balance of marginal transmission losses was fully refunded to customers by the second quarter of 2013. On appeal, on September 16, 2014, in a split decision, two judges of a three-judge panel of the United States Court of Appeals for the Third Circuit affirmed the U.S. District Court's dismissal of the complaint, agreeing that ME and PN had litigated the issue in the state proceedings and thus were precluded from subsequent litigation in federal court. One judge dissented, writing that the Pennsylvania authorities improperly interpreted a matter outside of their jurisdiction and that was in FERC's exclusive jurisdiction (the PJM tariff meaning of line losses), and that preclusion therefore does not apply. On September 30, 2014, ME and PN filed for rehearing and rehearing en banc before the Third Circuit and, on October 15, 2014, the Third Circuit rejected that rehearing request. ME and PN are evaluating next steps, including a possible appeal to the U.S. Supreme Court. | ||
Pennsylvania adopted Act 129 in 2008 to address issues such as: energy efficiency and peak load reduction; generation procurement; time-of-use rates; smart meters; and alternative energy. Among other things, Act 129 required utilities to file with the PPUC an energy efficiency and peak load reduction plan (EE&C Plan) by July 1, 2009, setting forth the utilities' plans to reduce energy consumption by a minimum of 1% and 3% by May 31, 2011 and May 31, 2013, respectively, and to reduce peak demand by a minimum of 4.5% by May 31, 2013. Act 129 provides for potentially significant financial penalties between $1 and $20 million to be assessed on utilities that fail to achieve the required reductions in consumption and peak demand. The Pennsylvania Companies submitted reports in November 2011 and November 2013, in which they reported on their compliance with the statutory benchmarks. On March 20, 2014, the PPUC issued an Order initially determining that ME, PN and Penn achieved the 2011 and 2013 statutory energy efficiency benchmarks and that WP was in compliance with the 2013 statutory energy efficiency and peak demand benchmarks but was not in compliance with the 2011 energy efficiency benchmarks. The PPUC referred the matter of WP's compliance with the 2011 statutory benchmarks, to the PPUC Bureau of Investigation and Enforcement for the initiation of an appropriate proceeding by May 30, 2014 to investigate whether WP is subject to statutory penalties. The initial determination would be deemed final unless any petitions challenging its initial determination were filed within 20 days of the Order. On April 9, 2014, WP filed a petition challenging the PPUC’s initial determination arguing, among other things, that the May 2011 target was not mandatory and WP was in compliance because it achieved its May 2013 targets. On April 21, 2014, WP filed an appeal with the Commonwealth Court of Pennsylvania challenging the PPUC's initial finding of a violation of Act 129 on due process grounds. The Bureau of Investigation and Enforcement also initiated a proceeding by filing a Complaint against WP in which it alleged that WP violated Act 129 and recommended a penalty in the amount of $11.4 million. On August 22, 2014, the PPUC entered an Order approving a joint petition for settlement filed on July 30, 2014, that resolved all issues in the pending proceedings, and included WP making a payment of $1.3 million to the PPUC. On September 9, 2014, WP submitted the $1.3 million payment to the PPUC and withdrew the Commonwealth Court appeal and the petition before the PPUC challenging its initial findings thereby concluding these matters. | ||
Pursuant to Act 129, the PPUC was charged with reviewing the cost effectiveness of energy efficiency and peak demand reduction programs. The PPUC found the energy efficiency programs to be cost effective and directed all of the electric utilities in Pennsylvania to submit by November 15, 2012, a Phase II EE&C Plan that would be in effect for the period June 1, 2013 through May 31, 2016. The PPUC deferred ruling on the need to create peak demand reduction targets until it receives more information from the EE&C statewide evaluator, and therefore did not include a peak demand reduction requirement in the Phase II plans. On March 14, 2013, the PPUC adopted a settlement among the Pennsylvania Companies and interested parties and also approved the Pennsylvania Companies' Phase II EE&C Plans for the period 2013-2016. Total costs of these plans are expected to be approximately $234 million and recoverable through the Pennsylvania Companies' reconcilable EE&C riders. | ||
In the PPUC Order approving the FirstEnergy and AE merger, the PPUC announced that a separate statewide investigation into Pennsylvania's retail electricity market would be conducted with the goal of making recommendations for improvements to ensure that a properly functioning and workable competitive retail electricity market exists in the state. On April 29, 2011, the PPUC entered an Order initiating the investigation and requesting comments from interested parties on eleven directed questions concerning retail markets in Pennsylvania to investigate both intermediate and long term plans that could be adopted to further foster the competitive markets, and to explore the future of default service in Pennsylvania following the expiration of the upcoming DSPs on May 31, 2015. A final order was issued on February 15, 2013, providing recommendations on the entities to provide default service, the products to be offered, billing options, customer education, and licensing fees and assessments, among other items. Subsequently, the PPUC established five workgroups and one comment proceeding in order to seek resolution of certain matters and to clarify certain obligations that arose from that order. | ||
On August 4, 2014, the Pennsylvania Companies each filed tariffs with the PPUC proposing general rate increases associated with their distribution operations. The filings request approval to increase operating revenues by approximately $151.9 million at ME, $119.8 million at PN, $28.5 million at Penn, and $115.5 million at WP based upon fully projected future test years for the twelve months ending April 30, 2016 at each of the Pennsylvania Companies. The filings also propose several new cost recovery riders as well as revisions to certain existing cost recovery riders. An order on the proposed increases is expected in May 2015. | ||
WEST VIRGINIA | ||
MP and PE currently operate under a Joint Stipulation and Agreement of Settlement reached with the other parties and approved by the WVPSC in June 2010 that provided for: | ||
• | $40 million annualized base rate increases effective June 29, 2010; | |
• | Deferral of February 2010 storm restoration expenses over a maximum five-year period; | |
• | Additional $20 million annualized base rate increase effective in January 2011; | |
• | Decrease of $20 million in ENEC rates effective January 2011, providing for deferral of related costs for later recovery in 2012; and | |
• | Moratorium on filing for further increases in base rates before December 1, 2011, except under specified circumstances. | |
On April 30, 2014, MP and PE filed a rate case requesting a base rate increase of approximately $96 million, or 9.3%, based on an historic 2013 test year. The filing also included a surcharge to recover costs of MP's and PE's vegetation management program in the amount of approximately $48 million. On June 13, 2014, MP and PE amended their filing to add an additional $7.5 million of additional revenues to reimburse their expected costs of implementing monthly meter reading for residential and small commercial customers, resulting in a proposed total rate increase request of approximately $152 million, or 14.7%. On November 3, 2014, a Joint Stipulation was submitted by all parties which resolves all issues in the pending proceeding and includes, among other things: a $15 million increase in base rate revenues effective February 25, 2015; the implementation of a Vegetation Management Surcharge effective February 25, 2015 to recover operating and maintenance expenses and capital costs related to a new vegetation maintenance program; authority to establish a regulatory asset for MATS investments placed into service in 2016 and 2017 and recover in the next base rate case; authority to defer, amortize and recover over a 5-year period approximately $46 million of restoration costs associated with the 2012 Derecho and Hurricane Sandy storms; and elimination of the Temporary Transaction Surcharge and movement of the costs currently being collected for the 2013 Harrison generation transaction into base rates effective February 25, 2015. The settlement is subject to review and approval of the WVPSC. The WVPSC has scheduled a hearing for November 7, 2014, to evaluate the settlement and its terms. | ||
On August 29, 2014, MP and PE filed their annual ENEC case proposing an approximate $65.8 million annual increase in rates, which is a 5.7% overall increase over existing rates. The $65.8 million increase is comprised of an actual $51.6 million under-recovered balance as of June 30, 2014, and a projected $14.2 million in under-recovery for the 2015 rate effective period. This proceeding includes a two-year review period as there was not an annual ENEC filing in 2013 pursuant to party agreement and WVPSC consent during MP and PE’s 2013 proceeding authorizing the Harrison/Pleasants asset transfer. An order is expected to be issued before the end of 2014. | ||
RELIABILITY MATTERS | ||
Federally-enforceable mandatory reliability standards apply to the bulk electric system and impose certain operating, record-keeping and reporting requirements on the Utilities, FES, AE Supply, FG, FENOC, ATSI and TrAIL. NERC is the ERO designated by FERC to establish and enforce these reliability standards, although NERC has delegated day-to-day implementation and enforcement of these reliability standards to eight regional entities, including RFC. All of FirstEnergy's facilities are located within the RFC region. FirstEnergy actively participates in the NERC and RFC stakeholder processes, and otherwise monitors and manages its companies in response to the ongoing development, implementation and enforcement of the reliability standards implemented and enforced by RFC. | ||
FirstEnergy believes that it is in compliance with all currently-effective and enforceable reliability standards. Nevertheless, in the course of operating its extensive electric utility systems and facilities, FirstEnergy occasionally learns of isolated facts or circumstances that could be interpreted as excursions from the reliability standards. If and when such items are found, FirstEnergy develops information about the item and develops a remedial response to the specific circumstances, including in appropriate cases “self-reporting” an item to RFC. Moreover, it is clear that the NERC, RFC and FERC will continue to refine existing reliability standards as well as to develop and adopt new reliability standards. Any inability on FirstEnergy's part to comply with the reliability standards for its bulk power system could result in the imposition of financial penalties that could have a material adverse effect on its financial condition, results of operations and cash flows. | ||
FERC MATTERS | ||
PJM Transmission Rates | ||
PJM and its stakeholders have been debating the proper method to allocate costs for new transmission facilities. While FirstEnergy and other parties advocated for a traditional "beneficiary pays" (or usage based) approach, others advocate for “socializing” the costs on a load-ratio share basis, where each customer in the zone would pay based on its total usage of energy within PJM. This question has been the subject of extensive litigation before FERC and the appellate courts, including most recently before the Seventh Circuit. On June 25, 2014, a divided three-judge panel of the U.S. Court of Appeals for the Seventh Circuit ruled that FERC had not quantified the benefits that western PJM utilities would derive from certain new 500 kV or higher lines and thus had not adequately supported its decision to socialize the costs of these lines by means of a "postage-stamp" rate. The majority found that eastern PJM utilities are the primary beneficiaries of the lines, while western PJM utilities are only incidental beneficiaries, and that, while incidental beneficiaries should pay some share of the costs of the lines, that share should be proportionate to the benefit they derive from them, and not based on load-ratio share in PJM as a whole. The court remanded the case to FERC for further proceedings to implement its findings and ruling. On September 5, 2014, the Seventh Circuit denied a petition for rehearing and rehearing en banc of the panel's decision. | ||
Order No. 1000, issued by FERC on July 21, 2011, announced new policies regarding transmission planning and transmission cost allocation. Order No. 1000 required the submission of a compliance filing by PJM or the PJM transmission owners demonstrating that the cost allocation methodology for new transmission projects directed by the PJM Board of Managers satisfied the principles set forth in the order. On August 15, 2014 the D.C. Circuit affirmed Order No. 1000 in every respect, including its termination of certain "right of first refusal" privileges discussed in more detail below. On October 17, 2014, the court denied a request for rehearing that had been filed by representatives of certain public power entities. | ||
In series of orders, including certain of the orders related to the Order No. 1000 proceedings, FERC has asserted that the PJM transmission owners do not hold an incumbent “right of first refusal” to construct, own and operate transmission projects within their respective footprints that are approved as part of PJM’s RTEP process. FirstEnergy and other PJM transmission owners have appealed these rulings, and those appeals are pending before the D.C. Circuit. | ||
To demonstrate compliance with the regional cost allocation principles of Order No. 1000, the PJM transmission owners, including FirstEnergy, submitted a filing to FERC proposing a hybrid method of 50% beneficiary pays and 50% postage stamp to be effective for RTEP projects approved by the PJM Board of Managers on, and after, the effective date of the compliance filings. FERC approved the filing, subject to additional compliance filings. Requests for rehearing by certain parties remain pending. Separately, the PJM transmission owners, including FirstEnergy, submitted filings to FERC setting forth the cost allocation method for projects that cross the borders between: (1) the PJM region and the NYISO region; and (2) the PJM region and the FERC-jurisdictional members of the SERTP region. These filings propose to allocate the cost of these interregional transmission projects based on the costs of projects that otherwise would have been constructed separately in each region. On the same date, also in response to Order No. 1000, the PJM transmission owners, including FirstEnergy, also submitted to FERC a filing stating that the cost allocation provisions for interregional transmission projects provided in the Joint Operating Agreement between PJM and MISO comply with the requirements of Order No. 1000. On December 30, 2013, FERC conditionally accepted the PJM/SERTP cross-border project cost allocation filing, subject to refund and future orders in PJM's and the SERTP region participants' related Order No. 1000 interregional compliance proceedings. The PJM/NYISO and PJM/MISO cross-border project cost allocation filings remain pending before FERC. | ||
The outcome of these proceedings and their impact, if any, on FirstEnergy cannot be predicted at this time. | ||
RTO Realignment | ||
On June 1, 2011, ATSI and the ATSI zone transferred from MISO to PJM. The move was performed as planned with no known operational or reliability issues for ATSI or for the wholesale transmission customers in the ATSI zone. While many of the matters involved with the move have been resolved, FERC denied recovery by means of ATSI's transmission rate for certain charges that collectively can be described as "exit fees" and certain other transmission cost allocation charges totaling approximately $78.8 million until such time as ATSI submits a cost/benefit analysis that demonstrates net benefits to customers from the move. On December 21, 2012, ATSI and other parties filed a proposed settlement agreement with FERC to resolve the exit fee and transmission cost allocation issues. However, FERC subsequently rejected that settlement, stating that its action is without prejudice to ATSI submitting a cost/benefit analysis demonstrating that the benefits of the RTO realignment decisions outweigh the exit fee and transmission cost allocation charges. On October 21, 2013, FirstEnergy filed a request for rehearing of FERC's order, which remains pending. | ||
Separately, the question of ATSI's responsibility for certain costs for the “Michigan Thumb” transmission project continues to be disputed. Potential responsibility arises under the MISO MVP tariff, which has been litigated in complex proceedings before FERC and certain U.S. appellate courts. In the event of a final non-appealable order that rules that ATSI must pay these charges, ATSI will seek recovery of these charges through its formula rate. A separate but related issue is the allocation of certain congestion revenue rights (described as "MISO LTTRs") that result from constructing MVP projects. Although MISO and the MISO transmission owners agree that the ATSI zone should pay for the Michigan Thumb MVP project, they submitted a proposed tariff that, among other things, would have the effect of depriving ATSI of ATSI’s share of the most valuable class of MISO LTTRs associated with that project. ATSI protested this proposal but, on September 18, 2014, FERC issued an order approving the MISO LTTR proposal. On October 20, 2014, ATSI requested rehearing of FERC’s September 18, 2014 order. | ||
In addition, in a May 31, 2011 order, FERC ruled that the costs for certain "legacy RTEP" transmission projects in PJM approved before ATSI joined PJM could be charged to transmission customers in the ATSI zone. The amount to be paid, and the question of derived benefits, is pending before FERC as a result of the Seventh Circuit's June 25, 2014 order described above under PJM Transmission Rates. | ||
The outcome of those proceedings that address the remaining open issues related to ATSI's move into PJM cannot be predicted at this time. | ||
2014 ATSI Formula Rate Filing | ||
On October 31, 2014, ATSI filed a proposal with FERC to change the structure of its formula rate. The proposed change requested a move from an “historical looking” approach, where transmission rates reflect actual costs for the prior year, to a “forward looking” approach, where transmission rates would be based on the estimated costs for the coming year, with an annual true up. ATSI has requested FERC approval of the proposal with an effective date of January 1, 2015. FirstEnergy expects that FERC will issue an initial ruling by the end of 2014. | ||
California Claims Matters | ||
In October 2006, several California governmental and utility parties presented AE Supply with a settlement proposal to resolve alleged overcharges for power sales by AE Supply to the California Energy Resource Scheduling division of the CDWR during 2001. The settlement proposal claims that CDWR is owed approximately $190 million for these alleged overcharges. This proposal was made in the context of mediation efforts by FERC and the U.S. Court of Appeals for the Ninth Circuit in several pending proceedings to resolve all outstanding refund and other claims, including claims of alleged price manipulation in the California energy markets, during 2000 and 2001. The Ninth Circuit had previously remanded one of those proceedings to FERC, which dismissed the claims of the California Parties in May 2011, and affirmed the dismissal in June 2012. The California Parties appealed FERC's decision back to the Ninth Circuit, where the appeal remains pending. | ||
In another proceeding, in June 2009, the California Attorney General, on behalf of certain California parties, filed another complaint with FERC against various sellers, including AE Supply, again seeking refunds for transactions in the California energy markets during 2000 and 2001. The above-noted transactions with CDWR are the basis for including AE Supply in this complaint. AE Supply filed a motion to dismiss, which was granted by FERC in May 2011, and affirmed by FERC in June 2012. The California Attorney General appealed FERC's dismissal of its complaint to the Ninth Circuit, which has consolidated the case with other pending appeals related to California refund claims, and stayed the proceedings pending further order. | ||
FirstEnergy cannot predict the outcome of either of the above matters or estimate the possible loss or range of loss. | ||
PATH Transmission Project | ||
On August 24, 2012, the PJM Board of Managers canceled the PATH project, a proposed transmission line from West Virginia through Virginia and into Maryland, which it had suspended in February 2011. As a result, approximately $62 million and approximately $59 million in costs incurred by PATH-Allegheny and PATH-WV, respectively, were reclassified from net property, plant and equipment to a regulatory asset for future recovery. On September 28, 2012, those companies requested authorization from FERC to recover the costs with a proposed ROE of 10.9% (10.4% base plus 0.5% for RTO membership) from PJM customers over the next five years. Several parties protested the request. On November 30, 2012, FERC issued an order denying the 0.5% ROE adder for RTO membership and allowing the tariff changes enabling recovery of these costs to become effective on December 1, 2012, subject to settlement judge procedures and hearing if the parties do not agree to a settlement. | ||
On March 24, 2014, the FERC Chief ALJ terminated settlement judge procedures and appointed an ALJ to preside over the hearing phase of the case. The FERC Chief ALJ extended the procedural schedule to allow time for the parties to address the applicability of FERC’s Opinion No. 531 to the PATH proceedings. FERC’s Opinion No. 531, as discussed below, revises FERC’s methodology for calculating ROE. The hearing is scheduled to commence in March 2015. | ||
MISO Capacity Portability | ||
On June 11, 2012, in response to certain arguments advanced by MISO, FERC issued a Notice of Request for Comments regarding whether existing rules on transfer capability act as barriers to the delivery of capacity between MISO and PJM. FirstEnergy and other parties have submitted filings arguing that MISO's concerns largely are without foundation and suggesting that FERC order that the remaining concerns be addressed in the existing stakeholder process that is described in the PJM/MISO Joint Operating Agreement. FERC has not mandated a solution, and the RTOs and affected parties are working to address the MISO's proposal in stakeholder proceedings. Changes to the criteria and qualifications for participation in the PJM RPM capacity auctions could have a significant impact on the outcome of those auctions, including a negative impact on the prices at which those auctions would clear. | ||
MOPR Reform | ||
On May 2, 2013, FERC issued an order in large part accepting PJM's proposed reform of the MOPR, including two proposed categorical exemptions and applicability to existing resources, and also requiring PJM to commit to future review and, if necessary, additional revisions to the MOPR to accommodate changing market conditions. On June 3, 2013, FirstEnergy submitted a request for rehearing of FERC's May 2, 2013 order. In its rehearing request, FirstEnergy referenced the results of the May 2013 PJM RPM capacity auction, and publicly-available data about the reasons for the unexpectedly low "rest-of-RTO" clearing price of $59 per MW-day, as supporting its contention that the MOPR reform depressed prices as predicted in FirstEnergy's December 28, 2012 and January 25, 2013 comments. FirstEnergy's request for rehearing is pending before FERC. | ||
FTR Underfunding Complaint | ||
In PJM, FTRs are a mechanism to hedge congestion and they operate as a financial replacement for physical firm transmission service. FTRs are financially-settled instruments that entitle the holder to a stream of revenues based on the hourly congestion price differences across a specific transmission path in the PJM Day-ahead Energy Market. FE also performs bilateral transactions for the purpose of hedging the price differences between the location of supply resources and retail load obligations. Due to certain language in the PJM tariff, the funds that are set aside to pay FTRs can be diverted to other uses, resulting in “underfunding” of FTR payments. Since June 2010, FES and AE Supply have lost more than $94 million in revenues that they otherwise would have received as FTR holders to hedge congestion costs. FES and AE Supply expect to continue to experience significant underfunding. | ||
On February 15, 2013, FES and AE Supply filed a renewed complaint with FERC for the purpose of changing the PJM tariff to eliminate FTR underfunding. Various parties filed responsive pleadings, including PJM. On June 5, 2013, FERC issued its order denying the new complaint. On July 5, 2013, FESC, on behalf of FES and AE Supply, filed a request for rehearing of FERC's order. That request for rehearing, and all subsequent filings in the docket, are pending before FERC. The PJM stakeholders continue to discuss the problem of FTR underfunding. | ||
A recent and related issue is the effect that certain financial trades have on congestion. On August 29, 2014, FERC instituted an investigation to address the question of whether the current rules regarding “Up-to Congestion” transactions are just and reasonable. On September 29, 2014, FESC, on behalf of certain of its affiliates, filed comments supporting the investigation, arguing that tariff changes would decrease the incidence of Up-to Congestion transactions, and funding for FTRs likely would increase. | ||
2013-2014 PJM RPM Tariff Amendments | ||
In November 2013, PJM began to submit a series of amendments to its RPM capacity tariff in order to address certain problems that have been observed in recent auctions. These problems can be grouped into four categories: (i) DR; (ii) imports; (iii) modeling of transmission upgrades in calculating geographic clearing prices; and (iv) arbitrage/capacity replacement. The purpose of PJM’s tariff amendments is to ensure that resources that clear in the RPM auctions are available as physical resources in the delivery year and that the rules implement comparable obligations for different types of resources. In each of the relevant dockets, FirstEnergy and other parties submitted comments largely supporting PJM's proposed amendments. FERC largely approved the tariff amendments as proposed by PJM regarding DR, imports, and transmission upgrade modeling. Compliance filings pursuant to and requests for rehearing of certain of these orders are pending before FERC, and a technical conference announced by FERC regarding the arbitrage/capacity replacement issue has yet to be scheduled. | ||
On August 20, 2014, PJM announced that it is contemplating major revisions to its RPM program for the purpose of addressing issues that were identified in the January 2014 polar vortex. On October 7, 2014, PJM released a document that describes its proposed revisions. Highlights of the proposed revisions include: (i) classifying capacity into two products, Base Capacity and Capacity Performance, and capping the amount of Base Capacity that would be procured; (ii) allowing all Capacity Performance units to offer at the Net Cost-of-New-Entry (Net CONE); (iii) eliminating the “2.5% holdback” in the BRA; (iv) imposing significant new penalties on Performance Capacity units that fail to operate when called by PJM; and (v) suggesting a mechanism to limit price change year-over-year between RPM auctions. PJM expects that these changes will increase the RPM auction clearing prices by a significant amount. FirstEnergy is participating in the stakeholder processes where these PJM proposals are being developed. PJM has announced its plans to file tariff revisions that implement some version of these proposed revisions in time for the May 2015 BRA. | ||
PJM RPM Auctions - Calculation of Unit-Specific Offer Caps | ||
The PJM RPM capacity tariff describes the rules for calculating the “offer cap” for each unit that offers into the RPM auctions. In summary, the offer cap is calculated by identifying certain going-forward costs, including the going-forward capital requirements, for a given unit, and then subtracting the projected energy and ancillary services revenues, net of marginal costs, from the going-forward costs. The remainder becomes the offer cap. FES disagreed with the Market Monitor's approach for calculating the offer caps, and earlier in 2014, FES asked FERC to determine which tariff interpretation, FES or the Market Monitor's, was correct. On August 25, 2014, FERC issued a declaratory order agreeing with the FES interpretation of the PJM tariff language. FERC went on, however, to initiate a new proceeding to examine whether the existing PJM tariff language is just and reasonable. FERC directed PJM to file a brief by November 3, 2014 explaining why the existing tariff language is just and reasonable, and that responsive briefs are due thirty days after PJM files its brief. | ||
PJM Market Reform: FERC Order No. 745 - Demand Response | ||
On May 23, 2014, a divided three-judge panel of the U.S. Court of Appeals for the D.C. Circuit issued an opinion vacating FERC Order No. 745, which required that, under certain parameters, DR participating in organized wholesale energy markets be compensated at LMP, just as if DR were a traditional energy resource. The majority concluded that DR is a retail service, and therefore falls under state, and not federal, jurisdiction, and that FERC therefore lacked jurisdiction to regulate DR, such as via the PJM tariffs and programs. The majority also found that even if FERC had jurisdiction over DR, Order No. 745 would be arbitrary and capricious because, under its requirements, DR was receiving a double payment (LMP plus the savings of foregone energy purchases). On September 17, 2014, the U.S. Court of Appeals for the D.C. Circuit denied FERC's request for review of the May 23, 2014 D.C. Circuit Panel's decision on Order No. 745. On October 20, 2014, and in response to a motion by FERC, the U.S. Court of Appeals for the D.C. Circuit "stayed" issuance of its mandate until December 16, 2014, pending potential appeal by FERC to the U.S. Supreme Court. | ||
On May 23, 2014, FESC, on behalf of FE entities with market-based rate authority, filed a complaint asking FERC to direct PJM to remove all portions of the PJM OATT, which allow or require PJM to include DR in the PJM capacity market, and to invalidate the results of the May 2014 RPM capacity auction on the grounds that the U.S. Court of Appeals for the D.C. Circuit’s May 23, 2014 decision required removal of DR from the wholesale capacity markets. FESC filed an amended complaint on September 22, 2014, renewing its request that DR be removed from the May 2014 BRA. On October 22, 2014, PJM filed its answer to the complaint. Various other parties also filed comments on and protests of the amended complaint. The timing of FERC action and the outcome of this proceeding cannot be predicted at this time. | ||
PJM RPM, 2014 Triennial Review | ||
PJM’s tariff obligates it to perform a thorough review of its RPM program every three years. PJM’s usual practice is to work through the stakeholder process to retain a consultant to perform a study. PJM and the stakeholders then review the study results, and incremental changes to the tariff then are filed at FERC. PJM's consultant recently completed the 2014 triennial review and, on September 25, 2014, PJM filed proposed changes to the RPM tariff, purportedly in response to the consultant's study results. Highlights of the September 25, 2014 filing include shifting the VRR curve one percentage point to the right, which, if accepted by FERC, will have the effect of increasing the amount of capacity supply that is procured in the RPM auctions and increasing the clearing price. Another highlight is a proposed change of the index that is used for calculating the generation plant construction costs of the Net Cost-of-New-Entry formula for the future years between triennial reviews. On October 16, 2014, FirstEnergy, as part of a coalition, filed comments supporting the proposal to move the VRR curve, but protesting the proposal to revise the index. This matter is pending before FERC. | ||
Market-Based Rate Authority, Triennial Update | ||
OE, CEI, TE, Penn, JCP&L, ME, PN, MP, WP, PE, AE Supply, FES, FG, NG, FirstEnergy Generation Mansfield Unit 1 Corp., Buchanan Generation, LLC, and Green Valley Hydro, LLC each hold authority from FERC to sell electricity at market-based rates. One condition for retaining this authority is that every three years each entity must file an update with the FERC that demonstrates that each entity continues to meet FERC’s requirements for holding market-based rate authority. On December 20, 2013, FESC submitted to FERC the most recent triennial market power analysis filing for each market-based rate holder for the current cycle of this filing requirement. On August 13, 2014, FERC accepted the triennial filing as submitted. | ||
TrAIL, Petition for Authorization to Pay Dividends | ||
On October 7, 2014, TrAIL filed a petition with FERC requesting authorization to declare and pay periodic dividends out of paid-in-capital from time to time on an as-needed basis to maintain its capital structure within the range of capital structures approved by FERC for transmission-owning investor-owned utilities. This authorization will provide flexibility to TrAIL to maintain its capital structure without having to issue new long-term debt. | ||
FERC Opinion No. 531 | ||
On June 19, 2014, FERC issued Opinion No. 531, in which FERC revised its approach for calculating the discounted cash flow element of FERC’s ROE methodology, and announced a qualitative adjustment to the ROE methodology results. Under the old methodology, FERC used a five-year forecast for the dividend growth variable, whereas going forward the growth variable will consist of two parts: (a) a five-year forecast for dividend growth (2/3 weight) and (b) a long-term dividend growth based on a forecast for the U.S. economy (1/3 weight). Regarding the qualitative adjustment, FERC formerly pegged ROE at the mid-point of the “zone of reasonableness” that came out of the ROE formula, whereas going forward, FERC may rely on record evidence to make qualitative adjustments to the outcome of the ROE methodology in order to reach a level sufficient to attract future investment. Requests for rehearing of Opinion No. 531 are currently pending before FERC. On October 16, 2014, FERC issued its Opinion No. 531-A, applying the revised ROE methodology to certain RTO transmission owners. FirstEnergy is evaluating the potential impact of Opinion No. 531 on the authorized ROE of our FERC regulated transmission utilities and the cost-of-service wholesale power generation transactions of MP. |
Commitments_Guarantees_and_Con
Commitments, Guarantees and Contingencies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
COMMITMENTS, GUARANTEES AND CONTINGENCIES | ' | ||||||||||||||||
COMMITMENTS, GUARANTEES AND CONTINGENCIES | |||||||||||||||||
GUARANTEES AND OTHER ASSURANCES | |||||||||||||||||
FirstEnergy has various financial and performance guarantees and indemnifications which are issued in the normal course of business. These contracts include performance guarantees, stand-by letters of credit, debt guarantees, surety bonds and indemnifications. FirstEnergy enters into these arrangements to facilitate commercial transactions with third parties by enhancing the value of the transaction to the third party. | |||||||||||||||||
As of September 30, 2014, outstanding guarantees and other assurances aggregated approximately $4.0 billion, consisting of parental guarantees ($672 million), subsidiaries' guarantees ($2,311 million), other guarantees ($330 million) and other assurances ($648 million). | |||||||||||||||||
FES' debt obligations are generally guaranteed by its subsidiaries, FG and NG, and FES guarantees the debt obligations of each of FG and NG. Accordingly, present and future holders of indebtedness of FES, FG, and NG would have claims against each of FES, FG and NG, regardless of whether their primary obligor is FES, FG or NG. | |||||||||||||||||
COLLATERAL AND CONTINGENT-RELATED FEATURES | |||||||||||||||||
In the normal course of business, FE and its subsidiaries routinely enter into physical or financially settled contracts for the sale and purchase of electric capacity, energy, fuel, and emission allowances. Certain bilateral agreements and derivative instruments contain provisions that require FE or its subsidiaries to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon FE's or its subsidiaries' credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. The incremental collateral requirement allows for the offsetting of assets and liabilities with the same counterparty, where the contractual right of offset exists under applicable master netting agreements. | |||||||||||||||||
Bilateral agreements and derivative instruments entered into by FirstEnergy and its subsidiaries have margining provisions that require posting of collateral. Based on the Competitive Energy Segments power portfolio exposures as of September 30, 2014, FES has posted collateral of $197 million and AE Supply has posted no collateral. The Regulated Distribution segment has posted collateral of $3 million. | |||||||||||||||||
These credit-risk-related contingent features stipulate that if the subsidiary were to be downgraded or lose its investment grade credit rating (based on its senior unsecured debt rating), it would be required to provide additional collateral. Depending on the volume of forward contracts and future price movements, higher amounts for margining could be required. | |||||||||||||||||
Subsequent to the occurrence of a senior unsecured credit rating downgrade to below S&P's BBB- and Moody's Baa3, or a “material adverse event,” the immediate posting of collateral or accelerated payments may be required of FE or its subsidiaries. The following table discloses the additional credit contingent contractual obligations as of September 30, 2014: | |||||||||||||||||
Collateral Provisions | FES | AE Supply | Utilities | Total | |||||||||||||
(In millions) | |||||||||||||||||
Split Rating (One rating agency's rating below investment grade) | $ | 490 | $ | 6 | $ | 56 | $ | 552 | |||||||||
BB+/Ba1 Credit Ratings | $ | 533 | $ | 6 | $ | 56 | $ | 595 | |||||||||
Full impact of credit contingent contractual obligations | $ | 784 | $ | 68 | $ | 94 | $ | 946 | |||||||||
Excluded from the preceding table is the potential collateral obligations due to affiliate transactions between the Regulated Distribution Segment and Competitive Energy Services Segment. As of September 30, 2014, neither FES nor AE Supply had any collateral posted with their affiliates. In the event of a senior unsecured credit rating downgrade to below S&P's BB- or Moody's Ba3, FES would be required to post $78 million with affiliated parties. | |||||||||||||||||
OTHER COMMITMENTS AND CONTINGENCIES | |||||||||||||||||
FE is a guarantor under a syndicated three-year senior secured term loan facility dated October 18, 2011, as amended, that matures October 18, 2015, under which Global Holding borrowed $350 million. Proceeds from the loan were used to repay Signal Peak's and Global Rail's maturing $350 million syndicated two-year senior secured term loan facility. In addition to FE, Signal Peak, Global Rail, Global Mining Group, LLC and Global Coal Sales Group, LLC, each being a direct or indirect subsidiary of Global Holding, have also provided their joint and several guarantees of the obligations of Global Holding under the new facility. | |||||||||||||||||
In connection with the facility, 69.99% of Global Holding's direct and indirect membership interests in Signal Peak, Global Rail and their affiliates along with FEV's and WMB Marketing Ventures, LLC's respective 33-1/3% membership interests in Global Holding, are pledged to the lenders as collateral. | |||||||||||||||||
FE, FEV and the other two co-owners of Global Holding, Pinesdale LLC, a Gunvor Group, Ltd. subsidiary, and WMB Marketing Ventures, LLC, have agreed, most recently as of August 14, 2013, to use their best efforts to refinance the facility no later than July 20, 2015, on a non-recourse basis so that FE's guaranty can be terminated and/or released. If that refinancing does not occur, FE may require each co-owner to lend to Global Holding, on a pro rata basis, funds sufficient to prepay the facility in full. In lieu of providing such funding, the co-owners, at FE's option, may provide their several guaranties of Global Holding's obligations under the facility. Since January 1, 2013, FE has received a fee for providing its guaranty. The fee is payable semiannually, and accrues at a rate of 5% per annum on the average daily outstanding aggregate commitments under the facility for each semiannual period. | |||||||||||||||||
ENVIRONMENTAL MATTERS | |||||||||||||||||
Various federal, state and local authorities regulate FirstEnergy with regard to air and water quality and other environmental matters. Compliance with environmental regulations could have a material adverse effect on FirstEnergy's earnings and competitive position to the extent that FirstEnergy 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. | |||||||||||||||||
Clean Air Act | |||||||||||||||||
FirstEnergy complies with SO2 and NOx emission reduction requirements under the CAA and SIP(s) by burning lower-sulfur fuel, utilizing combustion controls and post-combustion controls, generating more electricity from lower or non-emitting plants and/or using emission allowances. | |||||||||||||||||
In August 2000, AE received an information request pursuant to section 114(a) of the CAA from the EPA requesting that it provide information and documentation relevant to the operation and maintenance of the following ten coal-fired plants, which collectively include 22 electric generation units: Albright, Armstrong, Fort Martin, Harrison, Hatfield's Ferry, Mitchell, Pleasants, Rivesville, R. Paul Smith and Willow Island to determine compliance with the NSR provisions under the CAA, which can require the installation of additional air emission control equipment when a major modification of an existing facility results in an increase in emissions. In September 2007, AE received an NOV from the EPA alleging NSR and PSD violations under the CAA, as well as Pennsylvania and West Virginia state laws at the coal-fired Hatfield's Ferry and Armstrong plants in Pennsylvania and the coal-fired Fort Martin and Willow Island plants in West Virginia. On June 29, 2012, January 31, 2013, and March 27, 2013, EPA issued additional CAA section 114 requests for the Harrison coal-fired plant seeking information and documentation relevant to its operation and maintenance, including capital projects undertaken since 2007. FirstEnergy intends to comply with the CAA but, at this time, is unable to predict the outcome of this matter or estimate the possible loss or range of loss. | |||||||||||||||||
In June 2005, the PA DEP and the Attorneys General of New York, New Jersey, Connecticut and Maryland filed suit against AE, AE Supply, MP, PE and WP in the U.S. District Court for the Western District of Pennsylvania alleging, among other things, that AE performed major modifications in violation of the NSR provisions of the CAA and the Pennsylvania Air Pollution Control Act at the coal-fired Hatfield's Ferry, Armstrong and Mitchell Plants in Pennsylvania. A non-jury trial on liability only was held in September 2010. On February 6, 2014, the Court entered judgment for AE, AE Supply, MP, PE and WP finding they had not violated the CAA or the Pennsylvania Air Pollution Control Act. On March 10, 2014, New York, Connecticut, and Maryland filed an appeal with the U.S. Court of Appeals for the Third Circuit. This decision does not change the status of these plants which remain deactivated. | |||||||||||||||||
In July 2008, three complaints representing multiple plaintiffs were filed against FG in the U.S. District Court for the Western District of Pennsylvania seeking damages based on air emissions from the coal-fired Bruce Mansfield Plant. Two of these complaints also seek to enjoin the Bruce Mansfield Plant from operating except in a “safe, responsible, prudent and proper manner.” One complaint was filed on behalf of twenty-one individuals and the other is a class action complaint seeking certification as a class with the eight named plaintiffs as the class representatives. FG believes the claims are without merit and intends to vigorously defend itself against the allegations made in these complaints, but, at this time, is unable to predict the outcome of this matter or estimate the possible loss or range of loss. | |||||||||||||||||
In January 2009, the EPA issued an NOV to GenOn Energy, Inc. alleging NSR violations at the Keystone, Portland and Shawville coal-fired plants based on “modifications” dating back to the mid-1980s. JCP&L, as the former owner of 16.67% of the Keystone Station, ME, as a former owner and operator of the Portland Station, and PN as former owner and operator of the Shawville Station, are unable to predict the outcome of this matter or estimate the possible loss or range of loss. | |||||||||||||||||
In August 2009, the EPA issued a Finding of Violation and NOV alleging violations of the CAA and Ohio regulations, including the PSD, NNSR and Title V regulations, at the Eastlake, Lakeshore, Bay Shore and Ashtabula coal-fired plants. The EPA's NOV alleges equipment replacements during maintenance outages dating back to 1990 triggered the pre-construction permitting requirements under the PSD and NNSR programs. In June 2011, EPA issued another Finding of Violation and NOV alleging violations of the CAA and Ohio regulations, specifically, opacity limitations and requirements to continuously operate opacity monitoring systems at the Eastlake, Lakeshore, Bay Shore and Ashtabula coal-fired plants. FG intends to comply with the CAA and Ohio regulations, but, at this time, is unable to predict the outcome of this matter or estimate the possible loss or range of loss. | |||||||||||||||||
National Ambient Air Quality Standards | |||||||||||||||||
The EPA's CAIR requires reductions of NOx and SO2 emissions in two phases (2009/2010 and 2015), ultimately capping SO2 emissions in affected states to 2.5 million tons annually and NOx emissions to 1.3 million tons annually. In 2008, the U.S. Court of Appeals for the D.C. Circuit decided that CAIR violated the CAA but allowed CAIR to remain in effect to “temporarily preserve its environmental values” until the EPA replaces CAIR with a new rule consistent with the Court's decision. In July 2011, the EPA finalized CSAPR, to replace CAIR, requiring reductions of NOx and SO2 emissions in two phases (2012 and 2014), ultimately capping SO2 emissions in affected states to 2.4 million tons annually and NOx emissions to 1.2 million tons annually. CSAPR allows trading of NOx and SO2 emission allowances between power plants located in the same state and interstate trading of NOx and SO2 emission allowances with some restrictions. On December 30, 2011, CSAPR was stayed by the U.S. Court of Appeals for the D.C. Circuit and was ultimately vacated by the Court on August 21, 2012. The Court has ordered the EPA to continue administration of CAIR until it finalizes a valid replacement for CAIR. On April 29, 2014, the U.S. Supreme Court reversed the D.C Circuit decision vacating CSAPR and generally upheld the EPA's authority under the CAA to establish the regulatory structure underpinning CSAPR. On October 23, 2014, the D.C. Circuit lifted its stay of CSAPR allowing its Phase 1 reductions of NOx and SO2 emissions to begin in 2015, a 3 year delay from EPA's original rule. CSAPR Phase 2 will also be delayed by 3 years to 2017. Depending on the outcome of further proceedings in this matter and how the EPA and the states implement the final rules, the future cost of compliance may be substantial and changes to FirstEnergy's and FES' operations may result. | |||||||||||||||||
Hazardous Air Pollutant Emissions | |||||||||||||||||
On December 21, 2011, the EPA finalized the MATS imposing emission limits for mercury, PM, and HCL for all existing and new coal-fired electric generating units effective in April 2015 with averaging of emissions from multiple units located at a single plant. Under the CAA, state permitting authorities can grant an additional compliance year through April 2016, as needed, including instances when necessary to maintain reliability where electric generating units are being closed. On December 28, 2012, the WVDEP granted a conditional extension through April 16, 2016 for MATS compliance at the Fort Martin, Harrison and Pleasants stations. On March 20, 2013, the PA DEP granted an extension through April 16, 2016 for MATS compliance at the Hatfield's Ferry and Bruce Mansfield stations. In addition, an EPA enforcement policy document contemplates up to an additional year to achieve compliance, through April 2017, under certain circumstances for reliability critical units. MATS was challenged in the U.S. Court of Appeals for the D.C. Circuit by various entities, including FirstEnergy's challenge of the PM emission limit imposed on petroleum coke boilers, such as Bay Shore Unit 1. On April 15, 2014, MATS was upheld by the U.S. Court of Appeals for the D.C. Circuit, however, the Court refused to decide FirstEnergy's challenge of the PM emission limit imposed on petroleum coke boilers due to a January 2013 petition for reconsideration still pending but not addressed by EPA. On July 14, 2014, various entities filed a petition seeking further review by the U.S. Supreme Court. Depending on the outcome of further appeals, if any, and how the MATS are ultimately implemented, FirstEnergy's total cost of compliance with MATS is currently estimated to be approximately $370 million (Competitive Energy Services segment of $178 million and Regulated Distribution segment of $192 million), reduced from the previous estimate of $465 million. | |||||||||||||||||
As of September 1, 2012, Albright, Armstrong, Bay Shore Units 2-4, Eastlake Units 4-5, R. Paul Smith, Rivesville and Willow Island were deactivated. FG entered into RMR arrangements with PJM for Eastlake Units 1-3, Ashtabula Unit 5 and Lake Shore Unit 18 through the spring of 2015, when they are scheduled to be deactivated. In February 2014, PJM notified FG that Eastlake Units 1-3 and Lake Shore Unit 18 will be released from RMR status as of September 15, 2014. FG intends to operate the plants through April 2015, subject to market conditions. As of October 9, 2013, the Hatfield's Ferry and Mitchell stations were also deactivated. | |||||||||||||||||
FirstEnergy and FES have various long-term coal transportation agreements, some of which run through 2025 and certain of which are related to the plants described above. FE and FES have asserted force majeure defenses for delivery shortfalls under certain agreements, and are in discussion with the applicable counterparties. As to two agreements, FE and FES have agreed to pay liquidated damages for delivery shortfalls for 2014. If FE and FES fail to reach a resolution with applicable counterparties for coal transportation agreements associated with the deactivated plants or unresolved aspects of the transportation agreements and it were ultimately determined that, contrary to their belief, the force majeure provisions or other defenses do not excuse delivery shortfalls, the results of operations and financial condition of both FirstEnergy and FES could be materially adversely impacted. If that were to occur, FE and FES are unable to estimate the loss or range of loss. On July 1, 2014, FES terminated a long-term fuel supply agreement. In connection with this termination, FES recognized a pre-tax charge of $67 million in the second quarter of 2014. | |||||||||||||||||
Climate Change | |||||||||||||||||
There are a number of initiatives to reduce GHG emissions at the state, federal and international level. Certain northeastern states are participating in the RGGI and western states led by California, have implemented programs, primarily cap and trade mechanisms, to control emissions of certain GHGs. Additional policies to reduce GHG emissions, such as demand reduction programs, renewable portfolio standards and renewable subsidies have been implemented across the nation. In his 2013 State of the Union address, President Obama called for Congressional action on GHG emissions indicating his administration will take executive action in the event Congress does not pass climate legislation that he supports. To date, Congress has not passed the President's GHG cap and trade proposal. In June 2013, the President's Climate Action Plan outlined goals to: (1) cut carbon pollution in America by 17% by 2020 (from 2005 levels); (2) prepare the United States for the impacts of climate change; and (3) lead international efforts to combat global climate change and prepare for its impacts. GHG emissions have already been reduced by 10% between 2005 and 2012 according to an April, 2014 EPA Report. Due to plant deactivations and increased efficiencies, FirstEnergy anticipates its CO2 emissions will be reduced 25% below 2005 levels by 2015, exceeding the President’s Climate Action Plan goals both in terms of timing and reduction levels. | |||||||||||||||||
850 mmBTU/hr), and 1,100 lbs. CO2/MWH for other natural gas fired units (≤ 850 mmBTU/hr), and 1,100 lbs. CO2/MWH for fossil fuel fired units which would require partial carbon capture and storage. On June 2, 2014, the EPA proposed regulations to reduce CO2 emissions from existing fossil fuel electric generating units that would require each state to develop implementation plans by June 30, 2016, to meet EPA’s state specific emission rate goals. EPA’s proposal allows states to request a 1-year extension for single-state implementation plans (June 30, 2017) or a 2-year extension for multi-state implementation plans (June 30, 2018). EPA also proposed separate regulations imposing additional CO2 emission limits on modified and reconstructed fossil fuel electric generating units. On October 15, 2013, the U.S. Supreme Court agreed to review a June 2012 U.S. Court of Appeals for the D.C. Circuit decision upholding the EPA's May 2010 regulations to decide a single narrow question: "Whether EPA permissibly determined that its regulation of greenhouse gas emissions from new motor vehicles triggered permitting requirements under the CAA for stationary sources that emit greenhouse gases?" On June 23, 2014, the U.S. Supreme Court decided that CO2 or other greenhouse gas emissions alone cannot trigger permitting requirements under the CAA, but that air emission sources that need PSD permits due to other regulated air pollutants can be required by EPA to install greenhouse gas control technologies. Depending on how any final rules are ultimately implemented, the future cost of compliance may be substantial and changes to FirstEnergy's and FES' operations may result." id="sjs-B79">In September 2009, the EPA finalized a national GHG emissions collection and reporting rule that required the measurement and reporting of GHG emissions commencing in 2010. In December 2009, the EPA released its final “Endangerment and Cause or Contribute Findings for Greenhouse Gases under the Clean Air Act.” The EPA's finding concludes that concentrations of several key GHGs constitutes an "endangerment" and may be regulated as “air pollutants” under the CAA. In April 2010, the EPA finalized new GHG standards for model years 2012 to 2016 passenger cars, light-duty trucks and medium-duty passenger vehicles and clarified that GHG regulation under the CAA would not be triggered for electric generating plants and other stationary sources until January 2, 2011, at the earliest. In May 2010, the EPA finalized new thresholds for GHG emissions that define when NSR pre-construction permits would be required including an emissions applicability threshold of 75,000 tons per year of CO2 equivalents for existing facilities under the CAA's PSD program. On April 13, 2012, the EPA proposed new source performance standards for GHG emissions from newly constructed fossil fuel generating units that are larger than 25 MW, which were ultimately withdrawn. On June 25, 2013, a Presidential memorandum directed the EPA to complete, in a timely fashion, proposed new source performance standards for GHG emissions from newly constructed fossil fuel generating units, starting with re-proposal by September 20, 2013. The memorandum further directed the EPA to propose by June 1, 2014 and complete by June 1, 2015, GHG emission standards for existing fossil fuel electric generating units. On September 20, 2013, the EPA proposed a new source performance standard, which would not apply to any existing, modified, or reconstructed fossil fuel generating units, of 1,000 lbs. CO2/MWH for large natural gas fired units (> 850 mmBTU/hr), and 1,100 lbs. CO2/MWH for other natural gas fired units (≤ 850 mmBTU/hr), and 1,100 lbs. CO2/MWH for fossil fuel fired units which would require partial carbon capture and storage. On June 2, 2014, the EPA proposed regulations to reduce CO2 emissions from existing fossil fuel electric generating units that would require each state to develop implementation plans by June 30, 2016, to meet EPA’s state specific emission rate goals. EPA’s proposal allows states to request a 1-year extension for single-state implementation plans (June 30, 2017) or a 2-year extension for multi-state implementation plans (June 30, 2018). EPA also proposed separate regulations imposing additional CO2 emission limits on modified and reconstructed fossil fuel electric generating units. On October 15, 2013, the U.S. Supreme Court agreed to review a June 2012 U.S. Court of Appeals for the D.C. Circuit decision upholding the EPA's May 2010 regulations to decide a single narrow question: "Whether EPA permissibly determined that its regulation of greenhouse gas emissions from new motor vehicles triggered permitting requirements under the CAA for stationary sources that emit greenhouse gases?" On June 23, 2014, the U.S. Supreme Court decided that CO2 or other greenhouse gas emissions alone cannot trigger permitting requirements under the CAA, but that air emission sources that need PSD permits due to other regulated air pollutants can be required by EPA to install greenhouse gas control technologies. Depending on how any final rules are ultimately implemented, the future cost of compliance may be substantial and changes to FirstEnergy's and FES' operations may result. | |||||||||||||||||
At the international level, the United Nations Framework Convention on Climate Change resulted in the Kyoto Protocol requiring participating countries, which does not include the U.S., to reduce GHGs commencing in 2008 and has been extended through 2020. FirstEnergy cannot currently estimate the financial impact of climate change policies, although potential legislative or regulatory programs restricting CO2 emissions, or litigation alleging damages from GHG emissions, could require significant capital and other expenditures or result in changes to its operations. The CO2 emissions per KWH of electricity generated by FirstEnergy is lower than many of its regional competitors due to its 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 CWA and its amendments, apply to FirstEnergy's plants. In addition, the states in which FirstEnergy operates have water quality standards applicable to FirstEnergy's operations. | |||||||||||||||||
In 2004, the EPA established new performance standards under Section 316(b) of the CWA for reducing impacts on fish and shellfish from cooling water intake structures at certain existing electric generating plants. The regulations call for reductions in impingement mortality (when aquatic organisms are pinned against screens or other parts of a cooling water intake system) and entrainment (which occurs when aquatic life is drawn into a facility's cooling water system). In 2007, the U.S. Court of Appeals for the Second Circuit invalidated portions of the Section 316(b) performance standards and the EPA has taken the position that until further rulemaking occurs, permitting authorities should continue the existing practice of applying their best professional judgment to minimize impacts on fish and shellfish from cooling water intake structures. In April 2009, the U.S. Supreme Court reversed one significant aspect of the Second Circuit's opinion and decided that Section 316(b) of the CWA authorizes the EPA to compare costs with benefits in determining the best technology available for minimizing adverse environmental impact at cooling water intake structures. On March 28, 2011, the EPA released a new proposed regulation under Section 316(b) of the CWA to reduce fish impingement to a 12% annual average and determine site-specific controls, if any, to reduce entrainment of aquatic life following studies to be provided to permitting authorities. On May 19, 2014, the EPA finalized Section 316(b) regulations requiring cooling water intake structures with an intake velocity greater than 0.5 feet per second to reduce fish impingement to a 12% annual average and determine site-specific controls, if any, to reduce entrainment of aquatic life following studies by cooling water intake structures exceeding 125 million gallons per day. FirstEnergy is studying various control options and their costs and effectiveness, including pilot testing of reverse louvers in a portion of the Bay Shore power plant's cooling water intake channel to divert fish away from the plant's water intake system. Depending on the results of such studies and any final action taken by the states exercising best professional judgment, the future costs of compliance with these standards may require material capital expenditures. | |||||||||||||||||
On April 19, 2013, the EPA proposed regulatory changes to the waste water effluent limitations guidelines and standards for the Steam Electric Power Generating category (40 CFR Part 423). The EPA proposed eight treatment options for waste water discharges from electric power plants, of which four are "preferred" by the Agency. The preferred options range from more stringent chemical and biological treatment requirements to zero discharge requirements. The EPA is required to finalize this rulemaking by September 30, 2015, under a consent decree entered by a U.S. District Court and the treatment obligations are proposed to phase-in as waste water discharge permits are renewed on a 5-year cycle from 2017 to 2022. Depending on the content of the EPA's final rule, the future costs of compliance with these standards may require material capital expenditures. | |||||||||||||||||
In October 2009, the WVDEP issued an NPDES water discharge permit for the Fort Martin Plant, which imposes TDS, sulfate concentrations and other effluent limitations for heavy metals, as well as temperature limitations. Concurrent with the issuance of the Fort Martin NPDES permit, WVDEP also issued an administrative order setting deadlines for MP to meet certain of the effluent limits that were effective immediately under the terms of the NPDES permit. MP appealed, and a stay of certain conditions of the NPDES permit and order have been granted pending a final decision on the appeal and subject to WVDEP moving to dissolve the stay. The Fort Martin NPDES permit could require an initial capital investment ranging from $150 million to $300 million in order to install technology to meet the TDS and sulfate limits, which technology may also meet certain of the other effluent limits. Additional technology may be needed to meet certain other limits in the Fort Martin NPDES permit. MP intends to vigorously pursue these issues but cannot predict the outcome of these appeals or estimate the possible loss or range of loss. | |||||||||||||||||
In December 2010, PA DEP submitted its CWA 303(d) list to the EPA with a recommended sulfate impairment designation for an approximately 68 mile stretch of the Monongahela River north of the West Virginia border. In May 2011, the EPA agreed with PA DEP's recommended sulfate impairment designation which requires the development of a TMDL limit for the river, a process that will take PA DEP approximately five years. Based on the stringency of the TMDL, MP may incur significant costs to reduce sulfate discharges into the Monongahela River if the NPDES permit for the coal-fired Fort Martin plant in West Virginia is required to be modified or renewed to include more stringent effluent limitations for sulfate. However, the Hatfield's Ferry and Mitchell Plants in Pennsylvania that discharge into the Monongahela River were deactivated on October 9, 2013. On April 21, 2014, PA DEP recommended that the sulfate impairment designation for the Monongahela River be removed in its bi-annual water report. A 45-day public comment period ended on June 10, 2014, and PA DEP must obtain EPA approval to remove the sulfate impairment designation which would eliminate the need to develop a TMDL. | |||||||||||||||||
FirstEnergy intends to vigorously defend against the CWA matters described above but, except as indicated above, cannot predict their outcomes or estimate the possible loss or range of loss. | |||||||||||||||||
Regulation of Waste Disposal | |||||||||||||||||
Federal and state hazardous waste regulations have been promulgated as a result of the RCRA, as amended, and the Toxic Substances Control Act. Certain fossil-fuel combustion residuals, such as coal ash, were exempted from hazardous waste disposal requirements pending the EPA's evaluation of the need for future regulation. | |||||||||||||||||
In December 2009, in an advance notice of public rulemaking, the EPA asserted that the large volumes of CCRs produced by electric utilities pose significant financial risk to the industry. In May 2010, the EPA proposed two options for additional regulation of CCRs, including the option of regulation as a special waste under the EPA's hazardous waste management program which could have a significant impact on the management, beneficial use and disposal of CCRs. On April 19, 2013, the EPA stated it would "align" its proposed CCR regulations with revised waste water discharge effluent limitations guidelines and standards for the Steam Electric Power Generating category (40 CFR Part 423) that were proposed on that date. On July 25, 2013, the House of Representatives passed H.R. 221 that would require CCRs to be regulated under Subtitle D of RCRA, as non-hazardous. On January 29, 2014, EPA agreed to take final action by December 19, 2014 on whether or not to pursue the proposed non-hazardous waste option for regulating CCRs in a consent decree entered by a U.S. District Court. Depending on the content of the EPA's final effluent limitations rule, the specifics of any "alignment", whether EPA chooses to pursue the non-hazardous or hazardous waste option and the potential enactment of legislation, the future costs of compliance with such standards may require material capital expenditures. | |||||||||||||||||
On July 27, 2012, the PA DEP filed a complaint against FG in the U.S. District Court for the Western District of Pennsylvania with claims under the RCRA and Pennsylvania's Solid Waste Management Act regarding the LBR CCB Impoundment and simultaneously proposed a consent decree between PA DEP and FG to resolve those claims. On December 14, 2012, a modified consent decree that addresses public comments received by PA DEP was entered by the court, requiring FG to conduct monitoring studies and submit a closure plan to the PA DEP, no later than March 31, 2013, and discontinue disposal to LBR as currently permitted by December 31, 2016. The modified consent decree also required payment of civil penalties of $800,000 to resolve claims under the Solid Waste Management Act. On December 20, 2012, the Environmental Integrity Project and others served FG with a citizen suit notice alleging CWA and PA Clean Streams Law Violations at LBR. On February 1, 2013, FG submitted a feasibility study analyzing various technical issues relevant to the closure of LBR. On March 28, 2013, FG submitted to the PA DEP a Closure Plan Major Permit Modification Application which provides for placing a final cap over LBR that would require 15 years to fully implement following the closure of LBR. The estimated cost for the proposed closure plan is $234 million, including environmental and other post closure costs. On October 3, 2013, the PA DEP issued a technical deficiency letter citing four main deficiencies with the closure plan: (1) seeking to accelerate the 15 year period proposed by FG for closure activities to complete closure in 9 years by commencing closure activities prior to 2017 as proposed by FG; (2) seeking to extend bond closure and post closure activities beyond the 45 years proposed by FG; (3) seeking active dewatering of the CCBs in areas where there are seeps impacted by the Impoundment; and (4) seeking an abatement plan for groundwater impacted by arsenic. FG responded to the PA DEP on December 3, 2013, and as a result of the closure plan, FG increased its ARO for LBR by $163 million in 2013. On April 3, 2014, PA DEP issued a permit requiring FE to provide bonding for 45 years of closure and post-closure activities and to complete closure within a 12-year period, but authorizing FE to seek a permit modification based on "unexpected site conditions that have or will slow closure progress." The permit does not require active dewatering of the CCBs, but does require a groundwater assessment for arsenic and abatement if certain conditions in the permit are met. The Bruce Mansfield Plant is pursuing several options for its CCBs following December 31, 2016, and on January 23, 2013, announced a plan for beneficial use of its CCBs for mine reclamation in LaBelle, Pennsylvania. In June 2013, a complaint filed in the U.S. District Court for the Western District of Pennsylvania, against the owner and operator of that mine, alleged the LaBelle site is in violation of RCRA and state laws. On July 14, 2014, Citizens Coal Council served FE, FG and NRG with a citizen suit notice alleging violations of RCRA due to beneficial reuse of "coal ash" at the LaBelle Site. | |||||||||||||||||
Lawsuits initially filed on October 10, 2013 and December 5, 2013, are pending against FG involving approximately 61 individuals in the U.S. District Court for the Northern District of West Virginia and approximately 26 individuals (16 of which have settled their claims) in the U.S. District Court for the Western District of Pennsylvania seeking damages for alleged property damage, bodily injury and emotional distress related to the LBR CCB Impoundment. The complaints state claims for private nuisance, negligence, negligence per se, reckless conduct and trespass related to alleged groundwater contamination and odors emanating from the Impoundment. FG believes the claims are without merit and intends to vigorously defend itself against the allegations made in the complaints, but, at this time, is unable to predict the outcome of the above matter or estimate the possible loss or range of loss. | |||||||||||||||||
FirstEnergy's future cost of compliance with any CCR regulations that may be promulgated could be substantial and would depend, in part, on the regulatory action taken by the EPA and implementation by the EPA or the states. Compliance with those regulations could have an adverse impact on FirstEnergy's results of operations and financial condition. | |||||||||||||||||
Certain of FirstEnergy's utilities have been named as potentially responsible parties at waste disposal sites, which may require cleanup under the CERCLA. Allegations of disposal of hazardous substances at historical sites and the liability involved are often unsubstantiated and subject to dispute; however, federal law provides that all potentially responsible parties for a particular site may be liable on a joint and several basis. Environmental liabilities that are considered probable have been recognized on the Consolidated Balance Sheet as of September 30, 2014 based on estimates of the total costs of cleanup, FE's and its subsidiaries' proportionate responsibility for such costs and the financial ability of other unaffiliated entities to pay. Total liabilities of approximately $117 million have been accrued through September 30, 2014. Included in the total are accrued liabilities of approximately $82 million for environmental remediation of former manufactured gas plants and gas holder facilities in New Jersey, which are being recovered by JCP&L through a non-bypassable SBC. FirstEnergy or its subsidiaries could be found potentially responsible for additional amounts or additional sites, but the possible losses or range of losses cannot be determined or reasonably estimated at this time. | |||||||||||||||||
OTHER LEGAL PROCEEDINGS | |||||||||||||||||
Nuclear Plant Matters | |||||||||||||||||
Under NRC regulations, FirstEnergy must ensure that adequate funds will be available to decommission its nuclear facilities. As of September 30, 2014, FirstEnergy had approximately $2.4 billion invested in external trusts to be used for the decommissioning and environmental remediation of Davis-Besse, Beaver Valley, Perry and TMI-2. The values of FirstEnergy's NDT fluctuate based on market conditions. If the value of the trusts decline by a material amount, FirstEnergy's obligation to fund the trusts may increase. Disruptions in the capital markets and their effects on particular businesses and the economy could also affect the values of the NDT. By a letter dated July 2, 2014, FENOC submitted a $155 million FES parental guaranty relating to a shortfall in nuclear decommissioning funding for Beaver Valley Unit 1 and Perry to the NRC for approval. FE and FES have also entered into a total of $23 million in parental guaranties in support of the decommissioning of the spent fuel storage facilities located at the nuclear facilities. As required by the NRC, FirstEnergy annually recalculates and adjusts the amount of its parental guaranties, as appropriate. | |||||||||||||||||
In August 2010, FENOC submitted an application to the NRC for renewal of the Davis-Besse operating license for an additional twenty years, until 2037. A NRC ASLB granted a hearing on the Davis-Besse license renewal application to a group of Intervenors. On July 9, 2012, the Intervenors proposed a contention on the environmental impacts of spent fuel storage in the Davis-Besse license renewal proceeding. In an order dated August 7, 2012, the Commissioners stated that they would not issue final licensing decisions until they had appropriately addressed the challenges to the NRC Waste Confidence Decision and Temporary Storage Rule and all pending contentions on this topic should be held in abeyance. On August 26, 2014, the Commissioners issued an order, which lifted the suspension on issuing final licensing decisions, based on a final rule on waste confidence that was approved by the NRC on that date. On October 8, 2014, the ASLB dismissed the proposed contention on the environmental impacts of the temporary storage and ultimate disposal of spent nuclear fuel. On September 29, 2014, the Intervenors filed a new petition, accompanied by a request to admit a new contention, to suspend the final licensing decision on Davis-Besse license renewal. These filings argue that the NRC’s recent rulemaking on waste confidence failed to make necessary safety findings regarding the technical feasibility of spent fuel disposal and the adequacy of future repository capacity required by the Atomic Energy Act. On October 31, 2014, FENOC and the NRC Staff filed their opposition to these requests. | |||||||||||||||||
As part of routine inspections of the concrete shield building at Davis-Besse in 2013, FENOC identified changes to the subsurface laminar cracking condition originally discovered in 2011. The shield building is a 2 1/2-foot thick reinforced concrete structure that provides biological shielding, protection from natural phenomena including wind and tornadoes and additional shielding in the event of an accident. These inspections revealed that the cracking condition had propagated a small amount in select areas. FENOC's analysis confirms that the building continues to maintain its structural integrity, and its ability to safely perform all of its functions. On September 2, 2014, the Intervenors in the Davis-Besse license renewal proceeding requested that the ASLB admit a new contention based on FENOC's plans to manage the subsurface laminar cracking in the Davis-Besse shield building. On October 3, 2014, FENOC and the NRC Staff filed their opposition to the admission of this new contention. | |||||||||||||||||
On March 12, 2012, the NRC issued orders requiring safety enhancements at U.S. reactors based on recommendations from the lessons learned Task Force review of the accident at Japan's Fukushima Daiichi nuclear power plant. These orders require additional mitigation strategies for beyond-design-basis external events, and enhanced equipment for monitoring water levels in spent fuel pools. The NRC also requested that licensees including FENOC: re-analyze earthquake and flooding risks using the latest information available; conduct earthquake and flooding hazard walkdowns at their nuclear plants; assess the ability of current communications systems and equipment to perform under a prolonged loss of onsite and offsite electrical power; and assess plant staffing levels needed to fill emergency positions. These and other NRC requirements adopted as a result of the accident at Fukushima Daiichi are likely to result in additional material costs from plant modifications and upgrades at FENOC's nuclear facilities. | |||||||||||||||||
ICG Litigation | |||||||||||||||||
On December 28, 2006, AE Supply and MP filed a complaint in the Court of Common Pleas of Allegheny County, Pennsylvania against ICG, Anker WV, and Anker Coal. Anker WV entered into a long term CSA with AE Supply and MP for the supply of coal to the Harrison generating facility. Prior to the time of trial, ICG was dismissed as a defendant by the Court. As a result of defendants' past and continued failure to supply the contracted coal, AE Supply and MP have incurred and will continue to incur significant additional costs for purchasing replacement coal. A non-jury trial was held from January 10, 2011 through February 1, 2011. At trial, AE Supply and MP presented evidence that they incurred in excess of $80 million in damages for replacement coal purchased through the end of 2010 and will incur additional damages in excess of $150 million for future shortfalls. Defendants primarily claimed their performance was excused by the force majeure clause in the CSA and presented evidence at trial that they could not provide the contracted yearly tonnage amounts. On May 2, 2011, the court entered a verdict in favor of AE Supply and MP for $104 million ($90 million in future damages and $14 million for past damages/interest). On August 25, 2011, the Allegheny County Court denied all Motions for Post-Trial relief and the May 2, 2011 verdict became final. On August 26, 2011, the defendants posted bond and filed a Notice of Appeal with the Superior Court. On August 13, 2012, the Superior Court affirmed the $14 million past damages award but vacated the $90 million future damages award. While the Superior Court found that defendants still owed future damages, it remanded the calculation of those damages back to the trial court. On August 27, 2012, AE Supply and MP filed an Application for Reargument En Banc with the Superior Court, which was denied on October 19, 2012. AE Supply and MP filed a Petition for Allowance of Appeal with the Pennsylvania Supreme Court on November 19, 2012. On July 2, 2013, the Petition for Allowance of Appeal was denied and in the second quarter of 2013 the final past damage award of $15.5 million (including interest) was recognized. The case was sent back to the trial court to recalculate the future damages only, and a multi-day hearing was held beginning May 13, 2014. A ruling is expected in the fourth quarter of 2014. In a related proceeding before the same court, ICG is appealing a ruling by the court that prohibited their reliance on a price re-opener clause to limit future damages. | |||||||||||||||||
Other Legal Matters | |||||||||||||||||
There are various lawsuits, claims (including claims for asbestos exposure) and proceedings related to FirstEnergy's normal business operations pending against FirstEnergy and its subsidiaries. The loss or range of loss in these matters is not expected to be material to FirstEnergy or its subsidiaries. The other potentially material items not otherwise discussed above are described under Note 10, Regulatory Matters of the Combined Notes to Consolidated Financial Statements. | |||||||||||||||||
FirstEnergy accrues legal liabilities only when it concludes that it is probable that it has an obligation for such costs and can reasonably estimate the amount of such costs. In cases where FirstEnergy determines that it is not probable, but reasonably possible that it has a material obligation, it discloses such obligations and the possible loss or range of loss if such estimate can be made. If it were ultimately determined that FirstEnergy or its subsidiaries have legal liability or are otherwise made subject to liability based on any of the matters referenced above, it could have a material adverse effect on FirstEnergy's or its subsidiaries' financial condition, results of operations and cash flows. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | ' | ||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | |||||||||||||||||||||
In 2007, FG completed a sale and leaseback transaction for a 93.83% undivided interest in Bruce Mansfield Unit 1. FES has fully and unconditionally and irrevocably guaranteed all of FG's obligations under each of the leases. The related lessor notes and pass through certificates are not guaranteed by FES or FG, but the notes are secured by, among other things, each lessor trust's undivided interest in Unit 1, rights and interests under the applicable lease and rights and interests under other related agreements, including FES' lease guaranty. This transaction is classified as an operating lease for FES and FirstEnergy and as a financing lease for FG. | |||||||||||||||||||||
The Condensed Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) for the three and nine months ended September 30, 2014 and 2013, Condensed Consolidating Balance Sheets as of September 30, 2014 and December 31, 2013, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2014 and 2013, for FES (parent and guarantor), FG and NG (non-guarantor) are presented below. These statements are provided as FES fully and unconditionally guarantees outstanding registered securities of FG as well as FG's obligations under the facility lease for the Bruce Mansfield sale and leaseback that underlie outstanding registered pass-through trust certificates. Investments in wholly owned subsidiaries are accounted for by FES using the equity method. Results of operations for FG and NG are, therefore, reflected in FES’ investment accounts and earnings as if operating lease treatment was achieved. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions and the entries required to reflect operating lease treatment associated with the 2007 Bruce Mansfield Unit 1 sale and leaseback transaction. | |||||||||||||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Three Months Ended September 30, 2014 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES | $ | 1,481 | $ | 477 | $ | 592 | $ | (1,029 | ) | $ | 1,521 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Fuel | — | 216 | 54 | — | 270 | ||||||||||||||||
Purchased power from affiliates | 1,026 | — | 64 | (1,026 | ) | 64 | |||||||||||||||
Purchased power from non-affiliates | 627 | — | — | — | 627 | ||||||||||||||||
Other operating expenses | 178 | 59 | 106 | 13 | 356 | ||||||||||||||||
Provision for depreciation | 2 | 30 | 52 | (1 | ) | 83 | |||||||||||||||
General taxes | 17 | 7 | 7 | — | 31 | ||||||||||||||||
Total operating expenses | 1,850 | 312 | 283 | (1,014 | ) | 1,431 | |||||||||||||||
OPERATING INCOME (LOSS) | (369 | ) | 165 | 309 | (15 | ) | 90 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Loss on debt redemptions | — | — | (1 | ) | — | (1 | ) | ||||||||||||||
Investment income | 2 | 3 | 13 | (5 | ) | 13 | |||||||||||||||
Miscellaneous income (expense), including net income from equity investees | 289 | (2 | ) | — | (286 | ) | 1 | ||||||||||||||
Interest expense — affiliates | (3 | ) | (2 | ) | — | 4 | (1 | ) | |||||||||||||
Interest expense — other | (13 | ) | (26 | ) | (14 | ) | 16 | (37 | ) | ||||||||||||
Capitalized interest | — | 2 | 5 | — | 7 | ||||||||||||||||
Total other income (expense) | 275 | (25 | ) | 3 | (271 | ) | (18 | ) | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (BENEFITS) | (94 | ) | 140 | 312 | (286 | ) | 72 | ||||||||||||||
INCOME TAXES (BENEFITS) | (138 | ) | 49 | 117 | — | 28 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 44 | 91 | 195 | (286 | ) | 44 | |||||||||||||||
Discontinued operations (Note 14) | — | — | — | — | — | ||||||||||||||||
NET INCOME | $ | 44 | $ | 91 | $ | 195 | $ | (286 | ) | $ | 44 | ||||||||||
STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
NET INCOME | $ | 44 | $ | 91 | $ | 195 | $ | (286 | ) | $ | 44 | ||||||||||
OTHER COMPREHENSIVE LOSS: | |||||||||||||||||||||
Pensions and OPEB prior service costs | (4 | ) | (4 | ) | — | 4 | (4 | ) | |||||||||||||
Amortized gain on derivative hedges | (2 | ) | — | — | — | (2 | ) | ||||||||||||||
Change in unrealized gain on available-for-sale securities | (9 | ) | — | (9 | ) | 9 | (9 | ) | |||||||||||||
Other comprehensive loss | (15 | ) | (4 | ) | (9 | ) | 13 | (15 | ) | ||||||||||||
Income tax benefits on other comprehensive loss | (6 | ) | (2 | ) | (3 | ) | 5 | (6 | ) | ||||||||||||
Other comprehensive loss, net of tax | (9 | ) | (2 | ) | (6 | ) | 8 | (9 | ) | ||||||||||||
COMPREHENSIVE INCOME | $ | 35 | $ | 89 | $ | 189 | $ | (278 | ) | $ | 35 | ||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
STATEMENTS OF INCOME (LOSS) | |||||||||||||||||||||
REVENUES | $ | 4,690 | $ | 1,297 | $ | 1,391 | $ | (2,576 | ) | $ | 4,802 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Fuel | — | 776 | 147 | — | 923 | ||||||||||||||||
Purchased power from affiliates | 2,573 | — | 203 | (2,573 | ) | 203 | |||||||||||||||
Purchased power from non-affiliates | 2,270 | 4 | — | — | 2,274 | ||||||||||||||||
Other operating expenses | 648 | 200 | 391 | 37 | 1,276 | ||||||||||||||||
Provision for depreciation | 6 | 89 | 143 | (2 | ) | 236 | |||||||||||||||
General taxes | 56 | 24 | 19 | — | 99 | ||||||||||||||||
Total operating expenses | 5,553 | 1,093 | 903 | (2,538 | ) | 5,011 | |||||||||||||||
OPERATING INCOME (LOSS) | (863 | ) | 204 | 488 | (38 | ) | (209 | ) | |||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Loss on debt redemptions | (3 | ) | (1 | ) | (2 | ) | — | (6 | ) | ||||||||||||
Investment income | 5 | 6 | 57 | (11 | ) | 57 | |||||||||||||||
Miscellaneous income, including net income from equity investees | 551 | 1 | — | (547 | ) | 5 | |||||||||||||||
Interest expense — affiliates | (8 | ) | (5 | ) | (2 | ) | 10 | (5 | ) | ||||||||||||
Interest expense — other | (41 | ) | (75 | ) | (40 | ) | 46 | (110 | ) | ||||||||||||
Capitalized interest | — | 3 | 24 | — | 27 | ||||||||||||||||
Total other income (expense) | 504 | (71 | ) | 37 | (502 | ) | (32 | ) | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (BENEFITS) | (359 | ) | 133 | 525 | (540 | ) | (241 | ) | |||||||||||||
INCOME TAXES (BENEFITS) | (327 | ) | 41 | 188 | 3 | (95 | ) | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (32 | ) | 92 | 337 | (543 | ) | (146 | ) | |||||||||||||
Discontinued operations (net of income taxes of $70) (Note 14) | — | 116 | — | — | 116 | ||||||||||||||||
NET INCOME (LOSS) | $ | (32 | ) | $ | 208 | $ | 337 | $ | (543 | ) | $ | (30 | ) | ||||||||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
NET INCOME (LOSS) | $ | (32 | ) | $ | 208 | $ | 337 | $ | (543 | ) | $ | (30 | ) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS): | |||||||||||||||||||||
Pensions and OPEB prior service costs | (14 | ) | (13 | ) | — | 13 | (14 | ) | |||||||||||||
Amortized gain on derivative hedges | (7 | ) | — | — | — | (7 | ) | ||||||||||||||
Change in unrealized gain on available-for-sale securities | 35 | — | 35 | (35 | ) | 35 | |||||||||||||||
Other comprehensive income (loss) | 14 | (13 | ) | 35 | (22 | ) | 14 | ||||||||||||||
Income taxes (benefits) on other comprehensive income (loss) | 5 | (5 | ) | 13 | (8 | ) | 5 | ||||||||||||||
Other comprehensive income (loss), net of tax | 9 | (8 | ) | 22 | (14 | ) | 9 | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (23 | ) | $ | 200 | $ | 359 | $ | (557 | ) | $ | (21 | ) | ||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Three Months Ended September 30, 2013 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
STATEMENTS OF INCOME | |||||||||||||||||||||
REVENUES | $ | 1,654 | $ | 528 | $ | 440 | $ | (943 | ) | $ | 1,679 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Fuel | — | 249 | 55 | — | 304 | ||||||||||||||||
Purchased power from affiliates | 1,009 | — | 65 | (942 | ) | 132 | |||||||||||||||
Purchased power from non-affiliates | 720 | 4 | — | — | 724 | ||||||||||||||||
Other operating expenses | 147 | 65 | 114 | 13 | 339 | ||||||||||||||||
Provision for depreciation | 1 | 33 | 46 | — | 80 | ||||||||||||||||
General taxes | 21 | 9 | 5 | — | 35 | ||||||||||||||||
Total operating expenses | 1,898 | 360 | 285 | (929 | ) | 1,614 | |||||||||||||||
OPERATING INCOME (LOSS) | (244 | ) | 168 | 155 | (14 | ) | 65 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Investment income (loss) | 2 | — | (1 | ) | (4 | ) | (3 | ) | |||||||||||||
Miscellaneous income, including net income from equity investees | 180 | 19 | — | (178 | ) | 21 | |||||||||||||||
Interest expense — affiliates | (3 | ) | (2 | ) | (1 | ) | 5 | (1 | ) | ||||||||||||
Interest expense — other | (13 | ) | (24 | ) | (13 | ) | 15 | (35 | ) | ||||||||||||
Capitalized interest | — | 1 | 8 | — | 9 | ||||||||||||||||
Total other income (expense) | 166 | (6 | ) | (7 | ) | (162 | ) | (9 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (BENEFITS) | (78 | ) | 162 | 148 | (176 | ) | 56 | ||||||||||||||
INCOME TAXES (BENEFITS) | (118 | ) | 111 | 28 | 2 | 23 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 40 | 51 | 120 | (178 | ) | 33 | |||||||||||||||
Discontinued operations (net of income taxes of $5) (Note 14) | — | 7 | — | — | 7 | ||||||||||||||||
NET INCOME | $ | 40 | $ | 58 | $ | 120 | $ | (178 | ) | $ | 40 | ||||||||||
STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
NET INCOME | $ | 40 | $ | 58 | $ | 120 | $ | (178 | ) | $ | 40 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS): | |||||||||||||||||||||
Pensions and OPEB prior service costs | (5 | ) | (5 | ) | — | 5 | (5 | ) | |||||||||||||
Amortized gain on derivative hedges | (1 | ) | — | — | — | (1 | ) | ||||||||||||||
Change in unrealized gain on available for sale securities | 5 | — | 5 | (5 | ) | 5 | |||||||||||||||
Other comprehensive income (loss) | (1 | ) | (5 | ) | 5 | — | (1 | ) | |||||||||||||
Income taxes (benefits) on other comprehensive income (loss) | (1 | ) | (2 | ) | 3 | (1 | ) | (1 | ) | ||||||||||||
Other comprehensive income (loss), net of tax | — | (3 | ) | 2 | 1 | — | |||||||||||||||
COMPREHENSIVE INCOME | $ | 40 | $ | 55 | $ | 122 | $ | (177 | ) | $ | 40 | ||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
STATEMENTS OF INCOME (LOSS) | |||||||||||||||||||||
REVENUES | $ | 4,575 | $ | 1,612 | $ | 1,337 | $ | (2,869 | ) | $ | 4,655 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Fuel | — | 782 | 154 | — | 936 | ||||||||||||||||
Purchased power from affiliates | 3,072 | — | 197 | (2,868 | ) | 401 | |||||||||||||||
Purchased power from non-affiliates | 1,749 | 6 | — | — | 1,755 | ||||||||||||||||
Other operating expenses | 484 | 208 | 376 | 37 | 1,105 | ||||||||||||||||
Provision for depreciation | 4 | 96 | 134 | (3 | ) | 231 | |||||||||||||||
General taxes | 60 | 28 | 18 | — | 106 | ||||||||||||||||
Total operating expenses | 5,369 | 1,120 | 879 | (2,834 | ) | 4,534 | |||||||||||||||
OPERATING INCOME (LOSS) | (794 | ) | 492 | 458 | (35 | ) | 121 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Loss on debt redemptions | (103 | ) | — | — | — | (103 | ) | ||||||||||||||
Investment income | 4 | — | 3 | (11 | ) | (4 | ) | ||||||||||||||
Miscellaneous income, including net income from equity investees | 543 | 23 | — | (537 | ) | 29 | |||||||||||||||
Interest expense — affiliates | (10 | ) | (4 | ) | (5 | ) | 12 | (7 | ) | ||||||||||||
Interest expense — other | (50 | ) | (79 | ) | (42 | ) | 45 | (126 | ) | ||||||||||||
Capitalized interest | 1 | 1 | 26 | — | 28 | ||||||||||||||||
Total other income (expense) | 385 | (59 | ) | (18 | ) | (491 | ) | (183 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (BENEFITS) | (409 | ) | 433 | 440 | (526 | ) | (62 | ) | |||||||||||||
INCOME TAXES (BENEFITS) | (380 | ) | 215 | 138 | 8 | (19 | ) | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (29 | ) | 218 | 302 | (534 | ) | (43 | ) | |||||||||||||
Discontinued operations (net of income taxes of $8) Note (14) | — | 14 | — | — | 14 | ||||||||||||||||
NET INCOME (LOSS) | $ | (29 | ) | $ | 232 | $ | 302 | $ | (534 | ) | $ | (29 | ) | ||||||||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
NET INCOME (LOSS) | $ | (29 | ) | $ | 232 | $ | 302 | $ | (534 | ) | $ | (29 | ) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS): | |||||||||||||||||||||
Pensions and OPEB prior service costs | (16 | ) | (15 | ) | — | 15 | (16 | ) | |||||||||||||
Amortized gain on derivative hedges | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
Change in unrealized gain on available-for-sale securities | 2 | — | 2 | (2 | ) | 2 | |||||||||||||||
Other comprehensive income (loss) | (17 | ) | (15 | ) | 2 | 13 | (17 | ) | |||||||||||||
Income taxes (benefits) on other comprehensive income (loss) | (7 | ) | (6 | ) | 1 | 5 | (7 | ) | |||||||||||||
Other comprehensive income (loss), net of tax | (10 | ) | (9 | ) | 1 | 8 | (10 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (39 | ) | $ | 223 | $ | 303 | $ | (526 | ) | $ | (39 | ) | ||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
As of September 30, 2014 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||
Receivables- | |||||||||||||||||||||
Customers | 445 | — | — | — | 445 | ||||||||||||||||
Affiliated companies | 408 | 339 | 538 | (797 | ) | 488 | |||||||||||||||
Other | 61 | 21 | 32 | — | 114 | ||||||||||||||||
Notes receivable from affiliated companies | 408 | 769 | 364 | (1,327 | ) | 214 | |||||||||||||||
Materials and supplies | 59 | 194 | 218 | — | 471 | ||||||||||||||||
Derivatives | 168 | — | — | — | 168 | ||||||||||||||||
Collateral | 218 | — | — | — | 218 | ||||||||||||||||
Prepayments and other | 43 | 54 | 1 | — | 98 | ||||||||||||||||
1,810 | 1,379 | 1,153 | (2,124 | ) | 2,218 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT: | |||||||||||||||||||||
In service | 128 | 6,195 | 7,805 | (383 | ) | 13,745 | |||||||||||||||
Less — Accumulated provision for depreciation | 34 | 2,032 | 3,211 | (190 | ) | 5,087 | |||||||||||||||
94 | 4,163 | 4,594 | (193 | ) | 8,658 | ||||||||||||||||
Construction work in progress | 6 | 146 | 536 | — | 688 | ||||||||||||||||
100 | 4,309 | 5,130 | (193 | ) | 9,346 | ||||||||||||||||
INVESTMENTS: | |||||||||||||||||||||
Nuclear plant decommissioning trusts | — | — | 1,381 | — | 1,381 | ||||||||||||||||
Investment in affiliated companies | 6,345 | — | — | (6,345 | ) | — | |||||||||||||||
Other | — | 11 | — | — | 11 | ||||||||||||||||
6,345 | 11 | 1,381 | (6,345 | ) | 1,392 | ||||||||||||||||
DEFERRED CHARGES AND OTHER ASSETS: | |||||||||||||||||||||
Accumulated deferred income tax benefits | 307 | 39 | — | (346 | ) | — | |||||||||||||||
Customer intangibles | 82 | — | — | — | 82 | ||||||||||||||||
Goodwill | 23 | — | — | — | 23 | ||||||||||||||||
Property taxes | — | 4 | 5 | — | 9 | ||||||||||||||||
Unamortized sale and leaseback costs | — | — | — | 210 | 210 | ||||||||||||||||
Derivatives | 42 | — | — | — | 42 | ||||||||||||||||
Other | 40 | 278 | 3 | (214 | ) | 107 | |||||||||||||||
494 | 321 | 8 | (350 | ) | 473 | ||||||||||||||||
$ | 8,749 | $ | 6,020 | $ | 7,672 | $ | (9,012 | ) | $ | 13,429 | |||||||||||
LIABILITIES AND CAPITALIZATION | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Currently payable long-term debt | $ | 18 | $ | 163 | $ | 377 | $ | (23 | ) | $ | 535 | ||||||||||
Short-term borrowings- | |||||||||||||||||||||
Affiliated companies | 946 | 381 | — | (1,327 | ) | — | |||||||||||||||
Other | 12 | 9 | — | — | 21 | ||||||||||||||||
Accounts payable- | |||||||||||||||||||||
Affiliated companies | 704 | 115 | 338 | (704 | ) | 453 | |||||||||||||||
Other | 66 | 112 | — | — | 178 | ||||||||||||||||
Accrued taxes | 251 | 27 | 30 | (141 | ) | 167 | |||||||||||||||
Derivatives | 166 | — | — | — | 166 | ||||||||||||||||
Other | 52 | 67 | 16 | 35 | 170 | ||||||||||||||||
2,215 | 874 | 761 | (2,160 | ) | 1,690 | ||||||||||||||||
CAPITALIZATION: | |||||||||||||||||||||
Total equity | 5,772 | 2,491 | 3,855 | (6,315 | ) | 5,803 | |||||||||||||||
Long-term debt and other long-term obligations | 694 | 2,229 | 881 | (1,173 | ) | 2,631 | |||||||||||||||
6,466 | 4,720 | 4,736 | (7,488 | ) | 8,434 | ||||||||||||||||
NONCURRENT LIABILITIES: | |||||||||||||||||||||
Deferred gain on sale and leaseback transaction | — | — | — | 833 | 833 | ||||||||||||||||
Accumulated deferred income taxes | — | — | 937 | (196 | ) | 741 | |||||||||||||||
Asset retirement obligations | — | 189 | 870 | — | 1,059 | ||||||||||||||||
Retirement benefits | 23 | 175 | — | (1 | ) | 197 | |||||||||||||||
Derivatives | 20 | — | — | — | 20 | ||||||||||||||||
Other | 25 | 62 | 368 | — | 455 | ||||||||||||||||
68 | 426 | 2,175 | 636 | 3,305 | |||||||||||||||||
$ | 8,749 | $ | 6,020 | $ | 7,672 | $ | (9,012 | ) | $ | 13,429 | |||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
As of December 31, 2013 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||
Receivables- | |||||||||||||||||||||
Customers | 539 | — | — | — | 539 | ||||||||||||||||
Affiliated companies | 938 | 787 | 227 | (916 | ) | 1,036 | |||||||||||||||
Other | 52 | 12 | 17 | — | 81 | ||||||||||||||||
Notes receivable from affiliated companies | 203 | 23 | 683 | (909 | ) | — | |||||||||||||||
Materials and supplies | 76 | 159 | 213 | — | 448 | ||||||||||||||||
Derivatives | 165 | — | — | — | 165 | ||||||||||||||||
Collateral | 136 | — | — | — | 136 | ||||||||||||||||
Prepayments and other | 52 | 50 | 7 | — | 109 | ||||||||||||||||
2,161 | 1,033 | 1,147 | (1,825 | ) | 2,516 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT: | |||||||||||||||||||||
In service | 104 | 6,105 | 6,645 | (382 | ) | 12,472 | |||||||||||||||
Less — Accumulated provision for depreciation | 28 | 1,953 | 2,962 | (188 | ) | 4,755 | |||||||||||||||
76 | 4,152 | 3,683 | (194 | ) | 7,717 | ||||||||||||||||
Construction work in progress | 23 | 148 | 1,137 | — | 1,308 | ||||||||||||||||
99 | 4,300 | 4,820 | (194 | ) | 9,025 | ||||||||||||||||
INVESTMENTS: | |||||||||||||||||||||
Nuclear plant decommissioning trusts | — | — | 1,276 | — | 1,276 | ||||||||||||||||
Investment in affiliated companies | 5,801 | — | — | (5,801 | ) | — | |||||||||||||||
Other | — | 11 | — | — | 11 | ||||||||||||||||
5,801 | 11 | 1,276 | (5,801 | ) | 1,287 | ||||||||||||||||
ASSETS HELD FOR SALE | — | 122 | — | — | 122 | ||||||||||||||||
DEFERRED CHARGES AND OTHER ASSETS: | |||||||||||||||||||||
Accumulated deferred income tax benefits | — | 131 | — | (131 | ) | — | |||||||||||||||
Customer intangibles | 95 | — | — | — | 95 | ||||||||||||||||
Goodwill | 23 | — | — | — | 23 | ||||||||||||||||
Property taxes | — | 15 | 26 | — | 41 | ||||||||||||||||
Unamortized sale and leaseback costs | — | — | — | 168 | 168 | ||||||||||||||||
Derivatives | 53 | — | — | — | 53 | ||||||||||||||||
Other | 81 | 228 | 18 | (155 | ) | 172 | |||||||||||||||
252 | 374 | 44 | (118 | ) | 552 | ||||||||||||||||
$ | 8,313 | $ | 5,840 | $ | 7,287 | $ | (7,938 | ) | $ | 13,502 | |||||||||||
LIABILITIES AND CAPITALIZATION | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Currently payable long-term debt | $ | 1 | $ | 367 | $ | 547 | $ | (23 | ) | $ | 892 | ||||||||||
Short-term borrowings- | |||||||||||||||||||||
Affiliated companies | 977 | 212 | 151 | (909 | ) | 431 | |||||||||||||||
Other | — | 4 | — | — | 4 | ||||||||||||||||
Accounts payable- | |||||||||||||||||||||
Affiliated companies | 741 | 400 | 362 | (738 | ) | 765 | |||||||||||||||
Other | 94 | 196 | — | — | 290 | ||||||||||||||||
Accrued taxes | 204 | 23 | 23 | (184 | ) | 66 | |||||||||||||||
Derivatives | 110 | — | — | — | 110 | ||||||||||||||||
Other | 70 | 63 | 18 | 46 | 197 | ||||||||||||||||
2,197 | 1,265 | 1,101 | (1,808 | ) | 2,755 | ||||||||||||||||
CAPITALIZATION: | |||||||||||||||||||||
Total equity | 5,312 | 2,283 | 3,493 | (5,776 | ) | 5,312 | |||||||||||||||
Long-term debt and other long-term obligations | 712 | 1,860 | 742 | (1,184 | ) | 2,130 | |||||||||||||||
6,024 | 4,143 | 4,235 | (6,960 | ) | 7,442 | ||||||||||||||||
NONCURRENT LIABILITIES: | |||||||||||||||||||||
Deferred gain on sale and leaseback transaction | — | — | — | 858 | 858 | ||||||||||||||||
Accumulated deferred income taxes | 32 | — | 736 | (27 | ) | 741 | |||||||||||||||
Asset retirement obligations | — | 187 | 828 | — | 1,015 | ||||||||||||||||
Retirement benefits | 22 | 163 | — | — | 185 | ||||||||||||||||
Derivatives | 14 | — | — | — | 14 | ||||||||||||||||
Other | 24 | 82 | 387 | (1 | ) | 492 | |||||||||||||||
92 | 432 | 1,951 | 830 | 3,305 | |||||||||||||||||
$ | 8,313 | $ | 5,840 | $ | 7,287 | $ | (7,938 | ) | $ | 13,502 | |||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
NET CASH PROVIDED FROM (USED FOR) OPERATING ACTIVITIES | $ | (269 | ) | $ | 197 | $ | 511 | $ | (11 | ) | $ | 428 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
New Financing- | |||||||||||||||||||||
Long-term debt | — | 431 | 447 | — | 878 | ||||||||||||||||
Short-term borrowings, net | — | 173 | — | (173 | ) | — | |||||||||||||||
Equity contribution from parent | 500 | — | — | — | 500 | ||||||||||||||||
Redemptions and Repayments- | |||||||||||||||||||||
Long-term debt | — | (258 | ) | (502 | ) | 11 | (749 | ) | |||||||||||||
Short-term borrowings, net | (20 | ) | — | (150 | ) | (244 | ) | (414 | ) | ||||||||||||
Other | — | (10 | ) | (4 | ) | — | (14 | ) | |||||||||||||
Net cash provided from (used for) financing activities | 480 | 336 | (209 | ) | (406 | ) | 201 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Property additions | (6 | ) | (99 | ) | (481 | ) | — | (586 | ) | ||||||||||||
Nuclear fuel | — | — | (98 | ) | — | (98 | ) | ||||||||||||||
Proceeds from asset sales | — | 307 | — | — | 307 | ||||||||||||||||
Sales of investment securities held in trusts | — | — | 890 | — | 890 | ||||||||||||||||
Purchases of investment securities held in trusts | — | — | (933 | ) | — | (933 | ) | ||||||||||||||
Loans to affiliated companies, net | (205 | ) | (746 | ) | 320 | 417 | (214 | ) | |||||||||||||
Other | — | 5 | — | — | 5 | ||||||||||||||||
Net cash used for investing activities | (211 | ) | (533 | ) | (302 | ) | 417 | (629 | ) | ||||||||||||
Net change in cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 2 | — | — | 2 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
NET CASH PROVIDED FROM (USED FOR) OPERATING ACTIVITIES | $ | (1,018 | ) | $ | 712 | $ | 705 | $ | (10 | ) | $ | 389 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
New Financing- | |||||||||||||||||||||
Short-term borrowings, net | 338 | — | — | (338 | ) | — | |||||||||||||||
Equity contribution from parent | 1,500 | — | — | — | 1,500 | ||||||||||||||||
Redemptions and Repayments- | |||||||||||||||||||||
Long-term debt | (769 | ) | (352 | ) | (68 | ) | 10 | (1,179 | ) | ||||||||||||
Short-term borrowings, net | — | (32 | ) | — | 32 | — | |||||||||||||||
Tender premiums | (67 | ) | — | — | — | (67 | ) | ||||||||||||||
Other | (3 | ) | (4 | ) | — | — | (7 | ) | |||||||||||||
Net cash provided from (used for) financing activities | 999 | (388 | ) | (68 | ) | (296 | ) | 247 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Property additions | (9 | ) | (192 | ) | (276 | ) | — | (477 | ) | ||||||||||||
Nuclear fuel | — | — | (159 | ) | — | (159 | ) | ||||||||||||||
Proceeds from asset sales | — | 21 | — | — | 21 | ||||||||||||||||
Sales of investment securities held in trusts | — | — | 650 | — | 650 | ||||||||||||||||
Purchases of investment securities held in trusts | — | — | (694 | ) | — | (694 | ) | ||||||||||||||
Loans to affiliated companies, net | 28 | (156 | ) | (156 | ) | 306 | 22 | ||||||||||||||
Other | — | 2 | (2 | ) | — | — | |||||||||||||||
Net cash provided from (used for) investing activities | 19 | (325 | ) | (637 | ) | 306 | (637 | ) | |||||||||||||
Net change in cash and cash equivalents | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 3 | — | — | 3 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||||||||||
FirstEnergy continues to have three reportable operating segments - Regulated Distribution, Regulated Transmission and Competitive Energy Services. The external reporting is consistent with the internal financial reporting used by FirstEnergy’s Chief Executive Officer (its chief operating decision maker) to regularly assess the performance of the business and allocate resources. | |||||||||||||||||||||||||
Financial information for each of FirstEnergy’s reportable segments is presented in the tables below. FES does not have separate reportable operating segments. | |||||||||||||||||||||||||
The Regulated Distribution segment distributes electricity through FirstEnergy’s ten utility operating companies, serving approximately six million customers within 65,000 square miles of Ohio, Pennsylvania, West Virginia, Maryland, New Jersey and New York, and purchases power for its POLR, SOS, SSO and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland. This segment also includes regulated electric generation facilities in West Virginia and New Jersey that MP and JCP&L, respectively, own or contractually control. Its results reflect the commodity costs of securing electric generation and the deferral and amortization of certain fuel costs. This business segment currently controls approximately 3,790 MWs of generation capacity. | |||||||||||||||||||||||||
The Regulated Transmission segment transmits electricity through transmission facilities owned and operated by ATSI, TrAIL, and certain of FirstEnergy's utilities (JCP&L, ME, PN, MP, PE and WP) and the regulatory asset associated with the abandoned PATH project. The segment's revenues are primarily derived from rates that recover costs and provide a return on transmission capital investment. Except for the recovery of the PATH abandoned project regulatory asset, these revenues are derived from transmission services provided pursuant to the PJM open access transmission tariff to LSEs. Its results also reflect the net transmission expenses related to the delivery of electricity on FirstEnergy's transmission facilities. | |||||||||||||||||||||||||
The Competitive Energy Services segment, through FES and AE Supply, supplies electricity to end-use customers through retail and wholesale arrangements, including competitive retail sales to customers primarily in Ohio, Pennsylvania, Illinois, Michigan, New Jersey and Maryland, and the provision of partial POLR and default service for some utilities in Ohio, Pennsylvania and Maryland, including the Utilities. This business segment currently controls approximately 14,000 MWs of capacity, including 885 MWs of capacity scheduled to be deactivated by April 2015. This segment also purchases electricity to meet sales obligations. The segment’s net income is primarily derived from electric generation sales less the related costs of electricity generation, including fuel, purchased power and net transmission (including congestion) and ancillary costs charged by PJM to deliver energy to the segment’s customers. | |||||||||||||||||||||||||
The Competitive Energy Services segment is taking action to reduce its exposure to weather-sensitive loads, including maintaining competitive generation in excess of committed sales, eliminating load obligations that do not adequately cover risk premiums, pursuing more certain revenue streams, and modifying its hedging strategy to optimize risk management and market upside opportunities. As part of this, the Competitive Energy Services segment has eliminated future selling efforts in certain sales channels, such as mass market, medium commercial-industrial and select large commercial-industrial, to focus on a selective mix of retail sales channels, wholesale sales that hedge generation more effectively, and maintain a small open position to take advantage of market upside opportunities resulting from volatility as was experienced in the first quarter of 2014. Going forward, the Competitive Energy Services segment will target 65 to 75 million MWHs of sales with a target portfolio mix of approximately 10 to 15 million MWHs in Governmental Aggregation sales, 0 to 10 million MWHs of POLR sales, 0 to 20 million MWHs in large commercial and industrial sales, 10 to 20 million MWHs in block wholesale sales and 10 to 20 million MWHs of spot wholesale sales. Support for current customers in the channels to be exited will remain through their respective contract terms. | |||||||||||||||||||||||||
The Other/Corporate Segment contains corporate items and other businesses that are below the quantifiable threshold for separate disclosure as a reportable segment. Reconciling adjustments primarily consist of elimination of intersegment transactions. | |||||||||||||||||||||||||
Segment Financial Information | |||||||||||||||||||||||||
Three Months Ended | Regulated Distribution | Regulated Transmission | Competitive Energy Services | Other/Corporate | Reconciling Adjustments | Consolidated | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
External revenues | $ | 2,357 | $ | 197 | $ | 1,406 | $ | (39 | ) | $ | (33 | ) | $ | 3,888 | |||||||||||
Internal revenues | — | — | 193 | — | (193 | ) | — | ||||||||||||||||||
Total revenues | 2,357 | 197 | 1,599 | (39 | ) | (226 | ) | 3,888 | |||||||||||||||||
Depreciation, amortization and deferrals | 198 | 36 | 100 | 11 | (2 | ) | 343 | ||||||||||||||||||
Investment income | 14 | — | 11 | 4 | (13 | ) | 16 | ||||||||||||||||||
Interest expense | 147 | 35 | 49 | 46 | (2 | ) | 275 | ||||||||||||||||||
Income taxes (benefits) | 124 | 30 | 36 | (42 | ) | 4 | 152 | ||||||||||||||||||
Income (loss) from continuing operations | 227 | 55 | 66 | (15 | ) | — | 333 | ||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) | 227 | 55 | 66 | (15 | ) | — | 333 | ||||||||||||||||||
Property additions | 271 | 279 | 97 | 17 | — | 664 | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
External revenues | $ | 2,337 | $ | 189 | $ | 1,570 | $ | (31 | ) | $ | (33 | ) | $ | 4,032 | |||||||||||
Internal revenues | — | — | 196 | — | (196 | ) | — | ||||||||||||||||||
Total revenues | 2,337 | 189 | 1,766 | (31 | ) | (229 | ) | 4,032 | |||||||||||||||||
Depreciation, amortization and deferrals | 460 | 31 | 125 | 12 | — | 628 | |||||||||||||||||||
Investment income (loss) | 14 | — | (2 | ) | 3 | (10 | ) | 5 | |||||||||||||||||
Interest expense | 134 | 23 | 53 | 47 | — | 257 | |||||||||||||||||||
Income taxes (benefits) | 50 | 32 | 47 | (44 | ) | (8 | ) | 77 | |||||||||||||||||
Income (loss) from continuing operations | 85 | 54 | 68 | (10 | ) | 12 | 209 | ||||||||||||||||||
Discontinued operations, net of tax | — | — | 9 | — | — | 9 | |||||||||||||||||||
Net income (loss) | 85 | 54 | 77 | (10 | ) | 12 | 218 | ||||||||||||||||||
Property additions | 261 | 105 | 162 | 20 | — | 548 | |||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
External revenues | $ | 6,972 | $ | 570 | $ | 4,239 | $ | (110 | ) | $ | (105 | ) | $ | 11,566 | |||||||||||
Internal revenues | — | — | 624 | — | (624 | ) | — | ||||||||||||||||||
Total revenues | 6,972 | 570 | 4,863 | (110 | ) | (729 | ) | 11,566 | |||||||||||||||||
Depreciation, amortization and deferrals | 509 | 102 | 287 | 35 | (2 | ) | 931 | ||||||||||||||||||
Investment income | 44 | — | 46 | 9 | (32 | ) | 67 | ||||||||||||||||||
Interest expense | 445 | 90 | 143 | 128 | (4 | ) | 802 | ||||||||||||||||||
Income taxes (benefits) | 326 | 92 | (102 | ) | (98 | ) | 8 | 226 | |||||||||||||||||
Income (loss) from continuing operations | 599 | 169 | (177 | ) | (73 | ) | 1 | 519 | |||||||||||||||||
Discontinued operations, net of tax | — | — | 86 | — | — | 86 | |||||||||||||||||||
Net income (loss) | 599 | 169 | (91 | ) | (73 | ) | 1 | 605 | |||||||||||||||||
Total assets | 27,774 | 6,102 | 16,839 | 509 | — | 51,224 | |||||||||||||||||||
Total goodwill | 5,092 | 526 | 800 | — | — | 6,418 | |||||||||||||||||||
Property additions | 780 | 980 | 655 | 58 | — | 2,473 | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
External revenues | $ | 6,584 | $ | 544 | $ | 4,352 | $ | (89 | ) | $ | (132 | ) | $ | 11,259 | |||||||||||
Internal revenues | — | — | 588 | — | (588 | ) | — | ||||||||||||||||||
Total revenues | 6,584 | 544 | 4,940 | (89 | ) | (720 | ) | 11,259 | |||||||||||||||||
Depreciation, amortization and deferrals | 882 | 91 | 347 | 32 | — | 1,352 | |||||||||||||||||||
Investment income (loss) | 41 | — | (8 | ) | 6 | (31 | ) | 8 | |||||||||||||||||
Interest expense | 404 | 68 | 187 | 112 | — | 771 | |||||||||||||||||||
Income taxes (benefits) | 284 | 93 | (189 | ) | (55 | ) | (4 | ) | 129 | ||||||||||||||||
Income (loss) from continuing operations | 474 | 156 | (317 | ) | (92 | ) | 12 | 233 | |||||||||||||||||
Discontinued operations, net of tax | — | — | 17 | — | — | 17 | |||||||||||||||||||
Net income (loss) | 474 | 156 | (300 | ) | (92 | ) | 12 | 250 | |||||||||||||||||
Total assets | 27,030 | 5,038 | 17,809 | 591 | — | 50,468 | |||||||||||||||||||
Total goodwill | 5,025 | 526 | 867 | — | — | 6,418 | |||||||||||||||||||
Property additions | 980 | 291 | 630 | 59 | — | 1,960 | |||||||||||||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
DISCONTINUED OPERATIONS | |
On September 4, 2013, certain of FirstEnergy subsidiaries applied for authorization from the FERC to sell eleven hydroelectric power stations in Pennsylvania, Virginia and West Virginia to subsidiaries of Harbor Hydro, a subsidiary of LS Power. The asset purchase agreement was entered into on August 23, 2013, and amended and restated as of September 4, 2013. On February 12, 2014, the sale of the hydroelectric power plants to LS Power closed for approximately $394 million (FES - $307 million). The carrying value of the assets sold was $235 million (FES - $122 million), including goodwill of $29 million (FES - $1 million) which was allocated to the hydroelectric plants to be sold. | |
Pre-tax income for the hydroelectric facilities of $155 million (FES - $186 million) for the nine months ended September 30, 2014, and $12 million and $26 million (FES - $12 million and $22 million) for the three and nine months ended September 30, 2013, respectively, were included in discontinued operations in the Consolidated Statement of Income (Loss). Included in income from discontinued operations in the nine months ended September 30, 2014, was a pre-tax gain on the sale of assets of $142 million (FES - $177 million). Revenues for the hydroelectric facilities of $5 million (FES - $5 million) for the nine months ended September 30, 2014 and $11 million and $24 million (FES - $10 million and $22 million) for the three and nine months ended September 30, 2013, respectively, were included in discontinued operations in the Consolidated Statement of Income. |
Impairment_of_Longlived_Assets
Impairment of Long-lived Assets | 9 Months Ended | ||
Sep. 30, 2014 | |||
Restructuring and Related Activities [Abstract] | ' | ||
Impairment Of Long-Lived Assets | ' | ||
IMPAIRMENT OF LONG-LIVED ASSETS | |||
On July 8, 2013, officers of FirstEnergy and AE Supply committed to deactivating the following generating units by October 9, 2013: | |||
Generating Units | MW Capacity | Location | |
Hatfield's Ferry, Units 1-3 | 1,710 | Masontown, Pennsylvania | |
Mitchell, Units 2-3 | 370 | Courtney, Pennsylvania | |
As a result of this decision, in the second quarter of 2013, FirstEnergy recorded a pre-tax impairment of approximately $473 million to continuing operations, which also includes pre-tax impairments of $13 million related to excessive inventory at these facilities. The impairment charge is included within the results of the Competitive Energy Services segment. On October 9, 2013, Hatfield's Ferry Units 1-3 and Mitchell Units 2-3 were deactivated. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting | ' |
FirstEnergy follows GAAP and complies with the related regulations, orders, policies and practices prescribed by the SEC, FERC, and, as applicable, the PUCO, the PPUC, the MDPSC, the NYPSC, the WVPSC, the VSCC and the NJBPU. The accompanying interim financial statements are unaudited, but reflect all adjustments, consisting of normal recurring adjustments, that, in the opinion of management, are necessary for a fair statement of the financial statements. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not indicative of results of operations for any future period. FE and its subsidiaries have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. | |
Consolidation Policy | ' |
FE and its subsidiaries consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation. FE and its subsidiaries consolidate a VIE when it is determined that it is the primary beneficiary (see Note 7, Variable Interest Entities). Investments in affiliates over which FE and its subsidiaries have the ability to exercise significant influence, but with respect to which they are not the primary beneficiary and do not exercise control, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment in the Consolidated Balance Sheets and the percentage share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income. These Notes to the Consolidated Financial Statements are combined for FirstEnergy and FES. | |
Reclassification Policy | ' |
Certain prior year amounts have been reclassified to conform to the current year presentation. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring entities to recognize revenue by applying a five-step model in accordance with the core principle to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, ASU No. 2014-09 specifies the accounting for costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This standard is effective for fiscal years beginning after December 15, 2016, with no early adoption permitted, and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. FirstEnergy is currently evaluating the impact on its financial statements of adopting this standard. | |
Earnings Per Share | ' |
Basic earnings per share of common stock are computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted earnings per share of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised. | |
Variable Interest Entities | ' |
FirstEnergy performs qualitative analyses to determine whether a variable interest gives FirstEnergy a controlling financial interest in a VIE. This analysis identifies the primary beneficiary of a VIE as the enterprise that has both the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. FirstEnergy consolidates a VIE when it is determined that it is the primary beneficiary. | |
Investment Policy | ' |
At the end of each reporting period, FirstEnergy evaluates its investments for OTTI. Investments classified as AFS securities are evaluated to determine whether a decline in fair value below the cost basis is other than temporary. FirstEnergy first considers its intent and ability to hold an equity security until recovery and then considers, among other factors, the duration and the extent to which the security's fair value has been less than its cost and the near-term financial prospects of the security issuer when evaluating an investment for impairment. For debt securities, FirstEnergy considers its intent to hold the securities, the likelihood that it will be required to sell the securities before recovery of its cost basis and the likelihood of recovery of the securities' entire amortized cost basis. If the decline in fair value is determined to be other than temporary, the cost basis of the securities is written down to fair value. |
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||
Goodwill | Regulated Distribution | Regulated Transmission | Competitive Energy Services | Other/Corporate | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
Balance as of September 30, 2014 | $ | 5,092 | $ | 526 | $ | 800 | $ | — | $ | 6,418 | |||||||||||
Earnings_Per_Share_of_Common_S1
Earnings Per Share of Common Stock (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of basic and diluted earnings per share | ' | ||||||||||||||||
The following table reconciles basic and diluted earnings per share of common stock: | |||||||||||||||||
(In millions, except per share amounts) | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
Reconciliation of Basic and Diluted Earnings per Share of Common Stock | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations | $ | 333 | $ | 209 | $ | 519 | $ | 233 | |||||||||
Discontinued operations (Note 14) | — | 9 | 86 | 17 | |||||||||||||
Net income | $ | 333 | $ | 218 | $ | 605 | $ | 250 | |||||||||
Weighted average number of basic shares outstanding | 420 | 418 | 419 | 418 | |||||||||||||
Assumed exercise of dilutive stock options and awards(1) | 1 | 1 | 1 | 1 | |||||||||||||
Weighted average number of diluted shares outstanding | 421 | 419 | 420 | 419 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 0.79 | $ | 0.5 | $ | 1.24 | $ | 0.56 | |||||||||
Discontinued operations (Note 14) | — | 0.02 | 0.2 | 0.04 | |||||||||||||
Net earnings per basic share | $ | 0.79 | $ | 0.52 | $ | 1.44 | $ | 0.6 | |||||||||
Diluted earnings per share: | |||||||||||||||||
Income from continuing operations | $ | 0.79 | $ | 0.5 | $ | 1.24 | $ | 0.56 | |||||||||
Discontinued operations (Note 14) | — | 0.02 | 0.2 | 0.04 | |||||||||||||
Net earnings per diluted share | $ | 0.79 | $ | 0.52 | $ | 1.44 | $ | 0.6 | |||||||||
(1) | For the three months ended September 30, 2014 and September 30, 2013, 1 million and 2 million shares, respectively, were excluded from the calculation of diluted shares outstanding, as their inclusion would be antidilutive. For the nine months ended September 30, 2014 and September 30, 2013, 2 million shares were excluded from the calculation of diluted shares outstanding, as their inclusion would be antidilutive. |
Pension_and_Other_Postemployme1
Pension and Other Postemployment Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Costs | ' | ||||||||||||||||
The components of the consolidated net periodic cost (credits) for pensions and OPEB (including amounts capitalized) were as follows: | |||||||||||||||||
Components of Net Periodic Benefit Costs (Credits) | Pensions | OPEB | |||||||||||||||
For the Three Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | |||||||||||||||||
Service costs | $ | 42 | $ | 49 | $ | 2 | $ | 3 | |||||||||
Interest costs | 100 | 93 | 9 | 9 | |||||||||||||
Expected return on plan assets | (116 | ) | (125 | ) | (8 | ) | (8 | ) | |||||||||
Amortization of prior service costs (credits) | 2 | 3 | (44 | ) | (50 | ) | |||||||||||
Net periodic costs (credits) | $ | 28 | $ | 20 | $ | (41 | ) | $ | (46 | ) | |||||||
Components of Net Periodic Benefit Costs (Credits) | Pensions | OPEB | |||||||||||||||
For the Nine Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | |||||||||||||||||
Service costs | $ | 125 | $ | 147 | $ | 6 | $ | 9 | |||||||||
Interest costs | 301 | 279 | 29 | 27 | |||||||||||||
Expected return on plan assets | (346 | ) | (375 | ) | (24 | ) | (24 | ) | |||||||||
Amortization of prior service costs (credits) | 6 | 9 | (132 | ) | (157 | ) | |||||||||||
Net periodic costs (credits) | $ | 86 | $ | 60 | $ | (121 | ) | $ | (145 | ) | |||||||
Net Periodic Pension and OPEB Costs | ' | ||||||||||||||||
FES' share of the net periodic pensions and OPEB costs (credits) were as follows: | |||||||||||||||||
Pensions | OPEB | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
For the Three Months Ended September 30, | $ | 5 | $ | 5 | $ | (5 | ) | $ | (5 | ) | |||||||
For the Nine Months Ended September 30, | $ | 13 | $ | 15 | $ | (15 | ) | $ | (15 | ) | |||||||
Pension and OPEB obligations are allocated to FE's subsidiaries, including FES, employing the plan participants. The net periodic pension and OPEB costs (credits) (net of amounts capitalized) recognized in earnings by FE and FES were as follows: | |||||||||||||||||
Net Periodic Benefit Expense (Credit) | Pensions | OPEB | |||||||||||||||
For the Three Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | |||||||||||||||||
FirstEnergy | $ | 19 | $ | 16 | $ | (24 | ) | $ | (31 | ) | |||||||
FES | 4 | 5 | (4 | ) | (4 | ) | |||||||||||
Net Periodic Benefit Expense (Credit) | Pensions | OPEB | |||||||||||||||
For the Nine Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | |||||||||||||||||
FirstEnergy | $ | 61 | $ | 41 | $ | (78 | ) | $ | (95 | ) | |||||||
FES | 12 | 13 | (13 | ) | (12 | ) | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||
The changes in AOCI, net of tax, in the three and nine months ended September 30, 2014 and 2013, for FirstEnergy and FES are shown in the following tables: | |||||||||||||||||||
FirstEnergy | |||||||||||||||||||
Gains & Losses on Cash Flow Hedges | Unrealized Gains on AFS Securities | Defined Benefit Pension & OPEB Plans | Total | ||||||||||||||||
(In millions) | |||||||||||||||||||
AOCI Balance as of July 1, 2014 | $ | (36 | ) | $ | 41 | $ | 259 | $ | 264 | ||||||||||
Other comprehensive income before reclassifications | — | 2 | — | 2 | |||||||||||||||
Amounts reclassified from AOCI | — | (8 | ) | (26 | ) | (34 | ) | ||||||||||||
Net other comprehensive loss | — | (6 | ) | (26 | ) | (32 | ) | ||||||||||||
AOCI Balance as of September 30, 2014 | $ | (36 | ) | $ | 35 | $ | 233 | $ | 232 | ||||||||||
AOCI Balance as of July 1, 2013 | $ | (37 | ) | $ | 13 | $ | 347 | $ | 323 | ||||||||||
Other comprehensive income before reclassifications(1) | — | 5 | — | 5 | |||||||||||||||
Amounts reclassified from AOCI | 1 | (1 | ) | (29 | ) | (29 | ) | ||||||||||||
Net other comprehensive income (loss) | 1 | 4 | (29 | ) | (24 | ) | |||||||||||||
AOCI Balance as of September 30, 2013 | $ | (36 | ) | $ | 17 | $ | 318 | $ | 299 | ||||||||||
(1) Unrealized Gains on AFS Securities is net of tax of $3 million. | |||||||||||||||||||
FES | |||||||||||||||||||
Gains & Losses on Cash Flow Hedges | Unrealized Gains on AFS Securities | Defined Benefit Pension & OPEB Plans | Total | ||||||||||||||||
(In millions) | |||||||||||||||||||
AOCI Balance as of July 1, 2014 | $ | (5 | ) | $ | 36 | $ | 41 | $ | 72 | ||||||||||
Other comprehensive income before reclassifications(1) | — | 1 | — | 1 | |||||||||||||||
Amounts reclassified from AOCI | (1 | ) | (6 | ) | (3 | ) | (10 | ) | |||||||||||
Net other comprehensive loss | (1 | ) | (5 | ) | (3 | ) | (9 | ) | |||||||||||
AOCI Balance as of September 30, 2014 | $ | (6 | ) | $ | 31 | $ | 38 | $ | 63 | ||||||||||
AOCI Balance as of July 1, 2013 | $ | 1 | $ | 12 | $ | 49 | $ | 62 | |||||||||||
Other comprehensive income before reclassifications(2) | — | 4 | — | 4 | |||||||||||||||
Amounts reclassified from AOCI | — | (1 | ) | (3 | ) | (4 | ) | ||||||||||||
Net other comprehensive income (loss) | — | 3 | (3 | ) | — | ||||||||||||||
AOCI Balance as of September 30, 2013 | $ | 1 | $ | 15 | $ | 46 | $ | 62 | |||||||||||
(1) Unrealized Gains on AFS Securities is net of tax of $1 million. | |||||||||||||||||||
(2) Unrealized Gains on AFS Securities is net of tax of $3 million. | |||||||||||||||||||
FirstEnergy | |||||||||||||||||||
Gains & Losses on Cash Flow Hedges | Unrealized Gains on AFS Securities | Defined Benefit Pension & OPEB Plans | Total | ||||||||||||||||
(In millions) | |||||||||||||||||||
AOCI Balance as of January 1, 2014 | $ | (36 | ) | $ | 9 | $ | 311 | $ | 284 | ||||||||||
Other comprehensive income before reclassifications(1) | 1 | 55 | — | 56 | |||||||||||||||
Amounts reclassified from AOCI | (1 | ) | (29 | ) | (78 | ) | (108 | ) | |||||||||||
Net other comprehensive income (loss) | — | 26 | (78 | ) | (52 | ) | |||||||||||||
AOCI Balance as of September 30, 2014 | $ | (36 | ) | $ | 35 | $ | 233 | $ | 232 | ||||||||||
AOCI Balance as of January 1, 2013 | $ | (38 | ) | $ | 15 | $ | 408 | $ | 385 | ||||||||||
Other comprehensive income before reclassifications(2) | — | 19 | — | 19 | |||||||||||||||
Amounts reclassified from AOCI | 2 | (17 | ) | (90 | ) | (105 | ) | ||||||||||||
Net other comprehensive income (loss) | 2 | 2 | (90 | ) | (86 | ) | |||||||||||||
AOCI Balance as of September 30, 2013 | $ | (36 | ) | $ | 17 | $ | 318 | $ | 299 | ||||||||||
(1) Unrealized Gains on AFS Securities is net of tax of $30 million. | |||||||||||||||||||
(2) Unrealized Gains on AFS Securities is net of tax of $11 million. | |||||||||||||||||||
FES | |||||||||||||||||||
Gains & Losses on Cash Flow Hedges | Unrealized Gains on AFS Securities | Defined Benefit Pension & OPEB Plans | Total | ||||||||||||||||
(In millions) | |||||||||||||||||||
AOCI Balance as of January 1, 2014 | $ | (1 | ) | $ | 8 | $ | 47 | $ | 54 | ||||||||||
Other comprehensive income (loss) before reclassifications(1) | (1 | ) | 50 | — | 49 | ||||||||||||||
Amounts reclassified from AOCI | (4 | ) | (27 | ) | (9 | ) | (40 | ) | |||||||||||
Net other comprehensive income (loss) | (5 | ) | 23 | (9 | ) | 9 | |||||||||||||
AOCI Balance as of September 30, 2014 | $ | (6 | ) | $ | 31 | $ | 38 | $ | 63 | ||||||||||
AOCI Balance as of January 1, 2013 | $ | 3 | $ | 13 | $ | 56 | $ | 72 | |||||||||||
Other comprehensive income before reclassifications(2) | — | 17 | — | 17 | |||||||||||||||
Amounts reclassified from AOCI | (2 | ) | (15 | ) | (10 | ) | (27 | ) | |||||||||||
Net other comprehensive income (loss) | (2 | ) | 2 | (10 | ) | (10 | ) | ||||||||||||
AOCI Balance as of September 30, 2013 | $ | 1 | $ | 15 | $ | 46 | $ | 62 | |||||||||||
(1) Unrealized Gains on AFS Securities is net of tax of $29 million. | |||||||||||||||||||
(2) Unrealized Gains on AFS Securities is net of tax of $9 million. | |||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||
The following amounts were reclassified from AOCI in the three months ended September 30, 2014 and 2013: | |||||||||||||||||||
FE | Three Months Ended September 30 | Nine Months Ended September 30 | Affected Line Item in Consolidated Statements of Income | ||||||||||||||||
Reclassifications from AOCI (2) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In millions) | |||||||||||||||||||
Gains & losses on cash flow hedges | |||||||||||||||||||
Commodity contracts | $ | (2 | ) | $ | (1 | ) | $ | (7 | ) | $ | (5 | ) | Other operating expenses | ||||||
Long-term debt | 2 | 3 | 6 | 9 | Interest expense | ||||||||||||||
— | 2 | (1 | ) | 4 | Total before taxes | ||||||||||||||
— | (1 | ) | — | (2 | ) | Income taxes | |||||||||||||
$ | — | $ | 1 | $ | (1 | ) | $ | 2 | Net of tax | ||||||||||
Unrealized gains on AFS securities | |||||||||||||||||||
Realized gains on sales of securities | $ | (13 | ) | $ | (2 | ) | $ | (46 | ) | $ | (27 | ) | Investment income | ||||||
5 | 1 | 17 | 10 | Income taxes | |||||||||||||||
$ | (8 | ) | $ | (1 | ) | $ | (29 | ) | $ | (17 | ) | Net of tax | |||||||
Defined benefit pension and OPEB plans | |||||||||||||||||||
Prior-service costs | $ | (42 | ) | $ | (47 | ) | $ | (126 | ) | $ | (148 | ) | (1) | ||||||
16 | 18 | 48 | 58 | Income taxes | |||||||||||||||
$ | (26 | ) | $ | (29 | ) | $ | (78 | ) | $ | (90 | ) | Net of tax | |||||||
(1) These AOCI components are included in the computation of net periodic pension cost. See Note 4, Pensions and Other Postemployment Benefits for additional details. | |||||||||||||||||||
(2) Parenthesis represent credits to the Consolidated Statements of Income from AOCI. | |||||||||||||||||||
FES | Three Months Ended September 30 | Nine Months Ended September 30 | Affected Line Item in Consolidated Statements of Income (Loss) | ||||||||||||||||
Reclassifications from AOCI (2) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
(In millions) | |||||||||||||||||||
Gains & losses on cash flow hedges | |||||||||||||||||||
Commodity contracts | $ | (2 | ) | $ | (1 | ) | $ | (7 | ) | $ | (5 | ) | Other operating expenses | ||||||
Long-term debt | — | — | — | 2 | Interest expense — other | ||||||||||||||
(2 | ) | (1 | ) | (7 | ) | (3 | ) | Total before taxes | |||||||||||
1 | 1 | 3 | 1 | Income taxes (benefits) | |||||||||||||||
$ | (1 | ) | $ | — | $ | (4 | ) | $ | (2 | ) | Net of tax | ||||||||
Unrealized gains on AFS securities | |||||||||||||||||||
Realized gains on sales of securities | $ | (11 | ) | $ | (2 | ) | $ | (43 | ) | $ | (24 | ) | Investment income (loss) | ||||||
5 | 1 | 16 | 9 | Income taxes (benefits) | |||||||||||||||
$ | (6 | ) | $ | (1 | ) | $ | (27 | ) | $ | (15 | ) | Net of tax | |||||||
Defined benefit pension and OPEB plans | |||||||||||||||||||
Prior-service costs | $ | (4 | ) | $ | (5 | ) | $ | (14 | ) | $ | (16 | ) | (1) | ||||||
1 | 2 | 5 | 6 | Income taxes (benefits) | |||||||||||||||
$ | (3 | ) | $ | (3 | ) | $ | (9 | ) | $ | (10 | ) | Net of tax | |||||||
(1) These AOCI components are included in the computation of net periodic pension cost. See Note 4, Pensions and Other Postemployment Benefits for additional details. | |||||||||||||||||||
(2) Parenthesis represent credits to the Consolidated Statements of Income (Loss) from AOCI. | |||||||||||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||
Net exposure to loss based upon the casualty value provisions | ' | |||||||||||
The following table discloses each company’s net exposure to loss based upon the casualty value provisions as of September 30, 2014: | ||||||||||||
Maximum | Discounted Lease | Net | ||||||||||
Exposure | Payments, net(1) | Exposure | ||||||||||
(In millions) | ||||||||||||
FES | $ | 1,231 | $ | 1,017 | $ | 214 | ||||||
Other FE subsidiaries | 670 | 399 | 271 | |||||||||
(1)The net present value of FirstEnergy’s consolidated sale and leaseback operating lease commitments is $1.0 billion. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Assets and liabilities measured on recurring basis | ' | |||||||||||||||||||||||||||||||||||
The following tables set forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy: | ||||||||||||||||||||||||||||||||||||
FirstEnergy | ||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | (In millions) | |||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | — | $ | 1,230 | $ | — | $ | 1,230 | $ | — | $ | 1,365 | $ | — | $ | 1,365 | ||||||||||||||||||||
Derivative assets - commodity contracts | 1 | 187 | — | 188 | 7 | 208 | — | 215 | ||||||||||||||||||||||||||||
Derivative assets - FTRs | — | — | 35 | 35 | — | — | 4 | 4 | ||||||||||||||||||||||||||||
Derivative assets - NUG contracts(1) | — | — | 2 | 2 | — | — | 20 | 20 | ||||||||||||||||||||||||||||
Equity securities(2) | 711 | — | — | 711 | 317 | — | — | 317 | ||||||||||||||||||||||||||||
Foreign government debt securities | — | 79 | — | 79 | — | 109 | — | 109 | ||||||||||||||||||||||||||||
U.S. government debt securities | — | 172 | — | 172 | — | 165 | — | 165 | ||||||||||||||||||||||||||||
U.S. state debt securities | — | 244 | — | 244 | — | 228 | — | 228 | ||||||||||||||||||||||||||||
Other(3) | 70 | 236 | — | 306 | 187 | 255 | — | 442 | ||||||||||||||||||||||||||||
Total assets | $ | 782 | $ | 2,148 | $ | 37 | $ | 2,967 | $ | 511 | $ | 2,330 | $ | 24 | $ | 2,865 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities - commodity contracts | $ | (18 | ) | $ | (158 | ) | $ | — | $ | (176 | ) | $ | (13 | ) | $ | (100 | ) | $ | — | $ | (113 | ) | ||||||||||||||
Derivative liabilities - FTRs | — | — | (11 | ) | (11 | ) | — | — | (12 | ) | (12 | ) | ||||||||||||||||||||||||
Derivative liabilities - NUG contracts(1) | — | — | (157 | ) | (157 | ) | — | — | (222 | ) | (222 | ) | ||||||||||||||||||||||||
Total liabilities | $ | (18 | ) | $ | (158 | ) | $ | (168 | ) | $ | (344 | ) | $ | (13 | ) | $ | (100 | ) | $ | (234 | ) | $ | (347 | ) | ||||||||||||
Net assets (liabilities)(4) | $ | 764 | $ | 1,990 | $ | (131 | ) | $ | 2,623 | $ | 498 | $ | 2,230 | $ | (210 | ) | $ | 2,518 | ||||||||||||||||||
(1) | NUG contracts are subject to regulatory accounting treatment and do not impact earnings. | |||||||||||||||||||||||||||||||||||
(2) | NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index or the Wells Fargo Hybrid and Preferred Securities REIT index. | |||||||||||||||||||||||||||||||||||
(3) | Primarily consists of short-term cash investments. | |||||||||||||||||||||||||||||||||||
(4) | Excludes $(45) million and $10 million as of September 30, 2014 and December 31, 2013, respectively, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table. | |||||||||||||||||||||||||||||||||||
Reconciliation of changes in the fair value roll forward of level 3 measurements of NUG contracts | ' | |||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of changes in the fair value of NUG contracts, LCAPP contracts and FTRs that are classified as Level 3 in the fair value hierarchy for the periods ended September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
NUG Contracts(1) | LCAPP Contracts | FTRs | ||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Net | Derivative Assets | Derivative Liabilities | Net | Derivative Assets | Derivative Liabilities | Net | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
January 1, 2013 Balance | $ | 36 | $ | (290 | ) | $ | (254 | ) | $ | — | $ | (144 | ) | $ | (144 | ) | $ | 8 | $ | (9 | ) | $ | (1 | ) | ||||||||||||
Unrealized gain (loss) | (8 | ) | (17 | ) | (25 | ) | — | (22 | ) | (22 | ) | 3 | 1 | 4 | ||||||||||||||||||||||
Purchases | — | — | — | — | — | — | 6 | (15 | ) | (9 | ) | |||||||||||||||||||||||||
Terminations(2) | — | — | — | — | 166 | 166 | — | — | — | |||||||||||||||||||||||||||
Settlements | (8 | ) | 85 | 77 | — | — | — | (13 | ) | 11 | (2 | ) | ||||||||||||||||||||||||
December 31, 2013 Balance | $ | 20 | $ | (222 | ) | $ | (202 | ) | $ | — | $ | — | $ | — | $ | 4 | $ | (12 | ) | $ | (8 | ) | ||||||||||||||
Unrealized gain | 2 | 15 | 17 | — | — | — | 33 | 7 | 40 | |||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | 26 | (18 | ) | 8 | ||||||||||||||||||||||||||
Settlements | (20 | ) | 50 | 30 | — | — | — | (28 | ) | 12 | (16 | ) | ||||||||||||||||||||||||
September 30, 2014 Balance | $ | 2 | $ | (157 | ) | $ | (155 | ) | $ | — | $ | — | $ | — | $ | 35 | $ | (11 | ) | $ | 24 | |||||||||||||||
(1) | Changes in the fair value of NUG contracts are generally subject to regulatory accounting treatment and do not impact earnings. | |||||||||||||||||||||||||||||||||||
Quantitative information for level 3 valuation | ' | |||||||||||||||||||||||||||||||||||
The following table provides quantitative information for FTRs and NUG contracts that are classified as Level 3 in the fair value hierarchy for the period ended September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Fair Value, Net (In millions) | Valuation | Significant Input | Range | Weighted Average | Units | |||||||||||||||||||||||||||||||
Technique | ||||||||||||||||||||||||||||||||||||
FTRs | $ | 24 | Model | RTO auction clearing prices | ($4.60) to $17.70 | $1.25 | Dollars/MWH | |||||||||||||||||||||||||||||
NUG Contracts | $ | (155 | ) | Model | Generation | 500 to 4,979,000 | 872,000 | MWH | ||||||||||||||||||||||||||||
Electricity regional prices | $45.60 to $69.80 | $52.30 | Dollars/MWH | |||||||||||||||||||||||||||||||||
Amortized cost basis, unrealized gains and losses and fair values of investments in available-for-sale securities | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the amortized cost basis, unrealized gains (there were no unrealized losses) and fair values of investments held in NDT, nuclear fuel disposal and NUG trusts as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
September 30, 2014(1) | December 31, 2013(2) | |||||||||||||||||||||||||||||||||||
Cost Basis | Unrealized Gains | Fair Value | Cost Basis | Unrealized Gains | Fair Value | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 1,777 | $ | 33 | $ | 1,810 | $ | 1,881 | $ | 33 | $ | 1,914 | ||||||||||||||||||||||||
FES | 845 | 14 | 859 | 918 | 17 | 935 | ||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 628 | $ | 82 | $ | 710 | $ | 308 | $ | 9 | $ | 317 | ||||||||||||||||||||||||
FES | 420 | 48 | 468 | 207 | — | 207 | ||||||||||||||||||||||||||||||
(1) | Excludes short-term cash investments: FE Consolidated - $87 million; FES - $54 million. | |||||||||||||||||||||||||||||||||||
(2) | Excludes short-term cash investments: FE Consolidated - $204 million; FES - $135 million. | |||||||||||||||||||||||||||||||||||
Proceeds from the sale of investments in available-for-sale securities, realized gains and losses on those sales, and interest and dividend income | ' | |||||||||||||||||||||||||||||||||||
Proceeds from the sale of investments in AFS securities, realized gains and losses on those sales, OTTI and interest and dividend income for the three months and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | Sale Proceeds | Realized Gains | Realized Losses | OTTI | Interest and | |||||||||||||||||||||||||||||||
Dividend Income | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 347 | $ | 30 | $ | (14 | ) | $ | (7 | ) | $ | 24 | ||||||||||||||||||||||||
FES | 183 | 24 | (13 | ) | (6 | ) | 14 | |||||||||||||||||||||||||||||
September 30, 2013 | Sale Proceeds | Realized Gains | Realized Losses | OTTI | Interest and Dividend Income | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 368 | $ | 9 | $ | (15 | ) | $ | (21 | ) | $ | 26 | ||||||||||||||||||||||||
FES | 164 | 5 | (3 | ) | (21 | ) | 16 | |||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | Sale Proceeds | Realized Gains | Realized Losses | OTTI | Interest and | |||||||||||||||||||||||||||||||
Dividend Income | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 1,511 | $ | 93 | $ | (45 | ) | $ | (10 | ) | $ | 73 | ||||||||||||||||||||||||
FES | 890 | 73 | (30 | ) | (9 | ) | 43 | |||||||||||||||||||||||||||||
September 30, 2013 | Sale Proceeds | Realized Gains | Realized Losses | OTTI | Interest and Dividend Income | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 1,545 | $ | 49 | $ | (31 | ) | $ | (74 | ) | $ | 74 | ||||||||||||||||||||||||
FES | 650 | 38 | (14 | ) | (66 | ) | 44 | |||||||||||||||||||||||||||||
Amortized cost basis, unrealized gains and losses, and approximate fair values of investments in held-to-maturity securities | ' | |||||||||||||||||||||||||||||||||||
The following table provides the amortized cost basis, unrealized gains (there were no unrealized losses) and approximate fair values of investments in held-to-maturity securities as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost Basis | Unrealized Gains | Fair Value | Cost Basis | Unrealized Gains | Fair Value | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 19 | $ | 6 | $ | 25 | $ | 33 | $ | 2 | $ | 35 | ||||||||||||||||||||||||
Fair value and related carrying amounts of long-term debt and other long-term obligations | ' | |||||||||||||||||||||||||||||||||||
The following table provides the approximate fair value and related carrying amounts of long-term debt and other long-term obligations, excluding capital lease obligations and net unamortized premiums and discounts: | ||||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
FirstEnergy | $ | 19,757 | $ | 21,363 | $ | 17,049 | $ | 17,957 | ||||||||||||||||||||||||||||
FES | 3,148 | 3,296 | 3,001 | 3,073 | ||||||||||||||||||||||||||||||||
FES | ' | |||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Assets and liabilities measured on recurring basis | ' | |||||||||||||||||||||||||||||||||||
FES | ||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | (In millions) | |||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | — | $ | 670 | $ | — | $ | 670 | $ | — | $ | 792 | $ | — | $ | 792 | ||||||||||||||||||||
Derivative assets - commodity contracts | 1 | 187 | — | 188 | 7 | 208 | — | 215 | ||||||||||||||||||||||||||||
Derivative assets - FTRs | — | — | 22 | 22 | — | — | 3 | 3 | ||||||||||||||||||||||||||||
Equity securities(1) | 468 | — | — | 468 | 207 | — | — | 207 | ||||||||||||||||||||||||||||
Foreign government debt securities | — | 57 | — | 57 | — | 65 | — | 65 | ||||||||||||||||||||||||||||
U.S. government debt securities | — | 37 | — | 37 | — | 27 | — | 27 | ||||||||||||||||||||||||||||
U.S. state debt securities | — | 7 | — | 7 | — | — | — | — | ||||||||||||||||||||||||||||
Other(2) | — | 178 | — | 178 | — | 176 | — | 176 | ||||||||||||||||||||||||||||
Total assets | $ | 469 | $ | 1,136 | $ | 22 | $ | 1,627 | $ | 214 | $ | 1,268 | $ | 3 | $ | 1,485 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities - commodity contracts | $ | (18 | ) | $ | (158 | ) | $ | — | $ | (176 | ) | $ | (13 | ) | $ | (100 | ) | $ | — | $ | (113 | ) | ||||||||||||||
Derivative liabilities - FTRs | — | — | (10 | ) | (10 | ) | — | — | (11 | ) | (11 | ) | ||||||||||||||||||||||||
Total liabilities | $ | (18 | ) | $ | (158 | ) | $ | (10 | ) | $ | (186 | ) | $ | (13 | ) | $ | (100 | ) | $ | (11 | ) | $ | (124 | ) | ||||||||||||
Net assets (liabilities)(3) | $ | 451 | $ | 978 | $ | 12 | $ | 1,441 | $ | 201 | $ | 1,168 | $ | (8 | ) | $ | 1,361 | |||||||||||||||||||
(1) | NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index or the Wells Fargo Hybrid and Preferred Securities REIT index. | |||||||||||||||||||||||||||||||||||
(2) | Primarily consists of short-term cash investments. | |||||||||||||||||||||||||||||||||||
(3) | Excludes $(36) million and $9 million as of September 30, 2014 and December 31, 2013, respectively, of receivables, payables, taxes and accrued income associated with the financial instruments reflected within the fair value table. | |||||||||||||||||||||||||||||||||||
Reconciliation of changes in the fair value roll forward of level 3 measurements of NUG contracts | ' | |||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of changes in the fair value of FTRs held by FES and classified as Level 3 in the fair value hierarchy for the periods ended September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||||||
Derivative Asset FTRs | Derivative Liability FTRs | Net FTRs | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
January 1, 2013 Balance | $ | 6 | $ | (6 | ) | $ | — | |||||||||||||||||||||||||||||
Unrealized loss | — | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||||
Purchases | 5 | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||
Settlements | (8 | ) | 9 | 1 | ||||||||||||||||||||||||||||||||
December 31, 2013 Balance | $ | 3 | $ | (11 | ) | $ | (8 | ) | ||||||||||||||||||||||||||||
Unrealized gain | 23 | 6 | 29 | |||||||||||||||||||||||||||||||||
Purchases | 15 | (17 | ) | (2 | ) | |||||||||||||||||||||||||||||||
Settlements | (19 | ) | 12 | (7 | ) | |||||||||||||||||||||||||||||||
September 30, 2014 Balance | $ | 22 | $ | (10 | ) | $ | 12 | |||||||||||||||||||||||||||||
Quantitative information for level 3 valuation | ' | |||||||||||||||||||||||||||||||||||
The following table provides quantitative information for FTRs held by FES that are classified as Level 3 in the fair value hierarchy for the period ended September 30, 2014: | ||||||||||||||||||||||||||||||||||||
Fair Value, Net (In millions) | Valuation | Significant Input | Range | Weighted Average | Units | |||||||||||||||||||||||||||||||
Technique | ||||||||||||||||||||||||||||||||||||
FTRs | $ | 12 | Model | RTO auction clearing prices | ($4.60) to $17.70 | $1.00 | Dollars/MWH | |||||||||||||||||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Fair value of derivatives instruments | ' | ||||||||||||||||
The following table summarizes the fair value and classification of derivative instruments on FirstEnergy’s Consolidated Balance Sheets: | |||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | (In millions) | ||||||||||||||||
Current Assets - Derivatives | Current Liabilities - Derivatives | ||||||||||||||||
Commodity Contracts | $ | 146 | $ | 162 | Commodity Contracts | $ | (156 | ) | $ | (102 | ) | ||||||
FTRs | 34 | 4 | FTRs | (10 | ) | (9 | ) | ||||||||||
180 | 166 | (166 | ) | (111 | ) | ||||||||||||
Noncurrent Liabilities - Adverse Power Contract Liability | |||||||||||||||||
Deferred Charges and Other Assets - Other | NUGs | (157 | ) | (222 | ) | ||||||||||||
Commodity Contracts | 42 | 53 | Noncurrent Liabilities - Other | ||||||||||||||
FTRs | 1 | — | Commodity Contracts | (20 | ) | (11 | ) | ||||||||||
NUGs | 2 | 20 | FTRs | (1 | ) | (3 | ) | ||||||||||
45 | 73 | (178 | ) | (236 | ) | ||||||||||||
Derivative Assets | $ | 225 | $ | 239 | Derivative Liabilities | $ | (344 | ) | $ | (347 | ) | ||||||
Offsetting assets and liabilities | ' | ||||||||||||||||
The following tables summarize the fair value of derivative instruments on FirstEnergy’s Consolidated Balance Sheets and the effect of netting arrangements and collateral on its financial position: | |||||||||||||||||
Amounts Not Offset in Consolidated Balance Sheet | |||||||||||||||||
September 30, 2014 | Fair Value | Derivative Instruments | Cash Collateral (Received)/Pledged | Net Fair Value | |||||||||||||
(In millions) | |||||||||||||||||
Derivative Assets | |||||||||||||||||
Commodity contracts | $ | 188 | $ | (139 | ) | $ | — | $ | 49 | ||||||||
FTRs | 35 | (11 | ) | — | 24 | ||||||||||||
NUG contracts | 2 | — | — | 2 | |||||||||||||
$ | 225 | $ | (150 | ) | $ | — | $ | 75 | |||||||||
Derivative Liabilities | |||||||||||||||||
Commodity contracts | $ | (176 | ) | $ | 139 | $ | 16 | $ | (21 | ) | |||||||
FTRs | (11 | ) | 11 | — | — | ||||||||||||
NUG contracts | (157 | ) | — | — | (157 | ) | |||||||||||
$ | (344 | ) | $ | 150 | $ | 16 | $ | (178 | ) | ||||||||
Amounts Not Offset in Consolidated Balance Sheet | |||||||||||||||||
December 31, 2013 | Fair Value | Derivative Instruments | Cash Collateral (Received)/Pledged | Net Fair Value | |||||||||||||
(In millions) | |||||||||||||||||
Derivative Assets | |||||||||||||||||
Commodity contracts | $ | 215 | $ | (106 | ) | $ | (9 | ) | $ | 100 | |||||||
FTRs | 4 | (4 | ) | — | — | ||||||||||||
NUG contracts | 20 | — | — | 20 | |||||||||||||
$ | 239 | $ | (110 | ) | $ | (9 | ) | $ | 120 | ||||||||
Derivative Liabilities | |||||||||||||||||
Commodity contracts | $ | (113 | ) | $ | 106 | $ | 7 | $ | — | ||||||||
FTRs | (12 | ) | 4 | 5 | (3 | ) | |||||||||||
NUG contracts | (222 | ) | — | — | (222 | ) | |||||||||||
$ | (347 | ) | $ | 110 | $ | 12 | $ | (225 | ) | ||||||||
Volume of First Energy's outstanding derivative transactions | ' | ||||||||||||||||
The following table summarizes the volumes associated with FirstEnergy’s outstanding derivative transactions as of September 30, 2014: | |||||||||||||||||
Purchases | Sales | Net | Units | ||||||||||||||
(In millions) | |||||||||||||||||
Power Contracts | 24 | 32 | (8 | ) | MWH | ||||||||||||
FTRs | 63 | — | 63 | MWH | |||||||||||||
NUGs | 6 | — | 6 | MWH | |||||||||||||
Natural Gas | 40 | 1 | 39 | mmBTU | |||||||||||||
Effect of derivative instruments on statements of income and comprehensive income | ' | ||||||||||||||||
The effect of derivative instruments not in a hedging relationship on FirstEnergy's Consolidated Statements of Income during the three months ended September 30, 2014 and 2013, are summarized in the following tables: | |||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||
Commodity Contracts | FTRs | Interest Rate Swaps | Total | ||||||||||||||
(In millions) | |||||||||||||||||
2014 | |||||||||||||||||
Unrealized Gain (Loss) Recognized in: | |||||||||||||||||
Other Operating Expense (1) | $ | (24 | ) | $ | 4 | $ | — | $ | (20 | ) | |||||||
Realized Gain (Loss) Reclassified to: | |||||||||||||||||
Revenues (2) | $ | 3 | $ | 11 | $ | — | $ | 14 | |||||||||
Purchased Power Expense (3) | (63 | ) | — | — | (63 | ) | |||||||||||
Other Operating Expense (4) | — | (13 | ) | — | (13 | ) | |||||||||||
Fuel Expense | (8 | ) | — | — | (8 | ) | |||||||||||
(1) Includes ($24) million for commodity contracts and $3 million for FTRs associated with FES. | |||||||||||||||||
(2) Represents losses on structured financial contracts. Includes $3 million for commodity contracts and $11 million for FTRs associated with FES. | |||||||||||||||||
(3) Realized gains on financially settled wholesale contracts of $74 million were netted in purchased power. Includes ($63) million for commodity contracts associated with FES. | |||||||||||||||||
(4) Includes ($14) million for FTRs associated with FES. | |||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||
Commodity Contracts | FTRs | Interest Rate Swaps | Total | ||||||||||||||
(In millions) | |||||||||||||||||
2013 | |||||||||||||||||
Unrealized Gain (Loss) Recognized in: | |||||||||||||||||
Other Operating Expense (5) | $ | 11 | $ | (8 | ) | $ | — | $ | 3 | ||||||||
Realized Gain (Loss) Reclassified to: | |||||||||||||||||
Revenues (6) | $ | 14 | $ | 6 | $ | — | $ | 20 | |||||||||
Purchased Power Expense (7) | (17 | ) | — | — | (17 | ) | |||||||||||
Other Operating Expense (8) | — | (10 | ) | — | (10 | ) | |||||||||||
Fuel Expense | (2 | ) | — | — | (2 | ) | |||||||||||
(5) Includes $10 million for commodity contracts and ($8) million for FTRs associated with FES. | |||||||||||||||||
(6) Includes $14 million for commodity contracts and $6 million for FTRs associated with FES. | |||||||||||||||||
(7) Includes ($17) million for commodity contracts associated with FES. | |||||||||||||||||
(8) Includes ($9) million for FTRs associated with FES. | |||||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||
Commodity | FTRs | Interest Rate Swaps | Total | ||||||||||||||
Contracts | |||||||||||||||||
(In millions) | |||||||||||||||||
2014 | |||||||||||||||||
Unrealized Gain (Loss) Recognized in: | |||||||||||||||||
Other Operating Expense(1) | $ | (82 | ) | $ | 22 | $ | — | $ | (60 | ) | |||||||
Realized Gain (Loss) Reclassified to: | |||||||||||||||||
Revenues(2) | $ | (8 | ) | $ | 62 | $ | — | $ | 54 | ||||||||
Purchased Power Expense(3) | 395 | — | — | 395 | |||||||||||||
Other Operating Expense(4) | — | (30 | ) | — | (30 | ) | |||||||||||
Fuel Expense | 3 | — | — | 3 | |||||||||||||
Interest Expense | — | — | 6 | 6 | |||||||||||||
(1) Includes ($82) million for commodity contracts and $21 million for FTRs associated with FES. | |||||||||||||||||
(2) Represents losses on structured financial contracts. Includes ($8) million for commodity contracts and $61 million for FTRs associated with FES. | |||||||||||||||||
(3) Realized losses on financially settled wholesale contracts of $263 million resulting from higher market prices were netted in purchased power. Includes $395 million for commodity contracts associated with FES. | |||||||||||||||||
(4) Includes ($30) million for FTRs associated with FES. | |||||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||
Commodity | FTRs | Interest Rate Swaps | Total | ||||||||||||||
Contracts | |||||||||||||||||
(In millions) | |||||||||||||||||
2013 | |||||||||||||||||
Unrealized Loss Recognized in: | |||||||||||||||||
Other Operating Expense(5) | $ | (5 | ) | $ | (10 | ) | $ | — | $ | (15 | ) | ||||||
Realized Gain (Loss) Reclassified to: | |||||||||||||||||
Revenues(6) | $ | 29 | $ | 19 | $ | — | $ | 48 | |||||||||
Purchased Power Expense(7) | (30 | ) | — | — | (30 | ) | |||||||||||
Other Operating Expense(8) | — | (28 | ) | — | (28 | ) | |||||||||||
(5) Includes ($5) million for commodity contracts and ($10) million for FTRs associated with FES. | |||||||||||||||||
(6) Includes $29 million for commodity contracts and $17 million for FTRs associated with FES. | |||||||||||||||||
(7) Includes ($30) million for commodity contracts associated with FES. | |||||||||||||||||
(8) Includes ($25) million for FTRs associated with FES. | |||||||||||||||||
Derivative instruments subject to regulatory accounting | ' | ||||||||||||||||
The unrealized and realized gains (losses) on FirstEnergy’s derivative instruments subject to regulatory accounting during the three months and nine months ended September 30, 2014 and 2013, are summarized in the following tables: | |||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||
Derivatives Not in a Hedging Relationship with Regulatory Offset | NUGs | LCAPP(1) | Regulated FTRs | Total | |||||||||||||
(In millions) | |||||||||||||||||
2014 | |||||||||||||||||
Unrealized Gain (Loss) on Derivative Instrument | $ | (9 | ) | $ | — | $ | 6 | $ | (3 | ) | |||||||
Realized Gain (Loss) on Derivative Instrument | 23 | — | (5 | ) | 18 | ||||||||||||
2013 | |||||||||||||||||
Unrealized Gain (Loss) on Derivative Instrument | $ | 7 | $ | (8 | ) | $ | 1 | $ | — | ||||||||
Realized Gain (Loss) on Derivative Instrument | 14 | — | (1 | ) | 13 | ||||||||||||
Nine Months Ended September 30 | |||||||||||||||||
Derivatives Not in a Hedging Relationship with Regulatory Offset | NUGs | LCAPP(1) | Regulated FTRs | Total | |||||||||||||
(In millions) | |||||||||||||||||
2014 | |||||||||||||||||
Unrealized Gain on Derivative Instrument | $ | 17 | $ | — | $ | 21 | $ | 38 | |||||||||
Realized Gain (Loss) on Derivative Instrument | 30 | — | (10 | ) | 20 | ||||||||||||
2013 | |||||||||||||||||
Unrealized Gain (Loss) on Derivative Instrument | $ | (13 | ) | $ | (22 | ) | $ | 1 | $ | (34 | ) | ||||||
Realized Gain (Loss) on Derivative Instrument | 57 | — | (1 | ) | 56 | ||||||||||||
(1) | During the fourth quarter of 2013, all LCAPP contracts were terminated as discussed above. | ||||||||||||||||
Reconciliation of changes in the fair value of certain contracts that are deferred | ' | ||||||||||||||||
The following tables provide a reconciliation of changes in the fair value of certain contracts that are deferred for future recovery from (or credit to) customers during the three months and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30 | |||||||||||||||||
Derivatives Not in a Hedging Relationship with Regulatory Offset | NUGs | LCAPP(1) | Regulated FTRs | Total | |||||||||||||
(In millions) | |||||||||||||||||
Outstanding net asset (liability) as of July 1, 2014 | $ | (169 | ) | $ | — | $ | 10 | $ | (159 | ) | |||||||
Additions/Change in value of existing contracts | (9 | ) | — | 6 | (3 | ) | |||||||||||
Settled contracts | 23 | — | (5 | ) | 18 | ||||||||||||
Outstanding net asset (liability) as of September 30, 2014 | $ | (155 | ) | $ | — | $ | 11 | $ | (144 | ) | |||||||
Outstanding net liability as of July 1, 2013 | $ | (231 | ) | $ | (158 | ) | $ | — | $ | (389 | ) | ||||||
Additions/Change in value of existing contracts | 7 | (8 | ) | 1 | — | ||||||||||||
Settled contracts | 14 | — | (1 | ) | 13 | ||||||||||||
Outstanding net liability as of September 30, 2013 | $ | (210 | ) | $ | (166 | ) | $ | — | $ | (376 | ) | ||||||
Nine Months Ended September 30 | |||||||||||||||||
Derivatives Not in a Hedging Relationship with Regulatory Offset | NUGs | LCAPP(1) | Regulated FTRs | Total | |||||||||||||
(In millions) | |||||||||||||||||
Outstanding net liability as of January 1, 2014 | $ | (202 | ) | $ | — | $ | — | $ | (202 | ) | |||||||
Additions/Change in value of existing contracts | 17 | — | 21 | 38 | |||||||||||||
Settled contracts | 30 | — | (10 | ) | 20 | ||||||||||||
Outstanding net asset (liability) as of September 30, 2014 | $ | (155 | ) | $ | — | $ | 11 | $ | (144 | ) | |||||||
Outstanding net liability as of January 1, 2013 | $ | (254 | ) | $ | (144 | ) | $ | — | $ | (398 | ) | ||||||
Additions/Change in value of existing contracts | (13 | ) | (22 | ) | 1 | (34 | ) | ||||||||||
Settled contracts | 57 | — | (1 | ) | 56 | ||||||||||||
Outstanding net liability as of September 30, 2013 | $ | (210 | ) | $ | (166 | ) | $ | — | $ | (376 | ) | ||||||
(1) | During the fourth quarter of 2013, all LCAPP contracts were terminated as discussed above. |
Commitments_Guarantees_and_Con1
Commitments, Guarantees and Contingencies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Guarantor Obligations | ' | ||||||||||||||||
The following table discloses the additional credit contingent contractual obligations as of September 30, 2014: | |||||||||||||||||
Collateral Provisions | FES | AE Supply | Utilities | Total | |||||||||||||
(In millions) | |||||||||||||||||
Split Rating (One rating agency's rating below investment grade) | $ | 490 | $ | 6 | $ | 56 | $ | 552 | |||||||||
BB+/Ba1 Credit Ratings | $ | 533 | $ | 6 | $ | 56 | $ | 595 | |||||||||
Full impact of credit contingent contractual obligations | $ | 784 | $ | 68 | $ | 94 | $ | 946 | |||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | ' | ||||||||||||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Three Months Ended September 30, 2014 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
REVENUES | $ | 1,481 | $ | 477 | $ | 592 | $ | (1,029 | ) | $ | 1,521 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Fuel | — | 216 | 54 | — | 270 | ||||||||||||||||
Purchased power from affiliates | 1,026 | — | 64 | (1,026 | ) | 64 | |||||||||||||||
Purchased power from non-affiliates | 627 | — | — | — | 627 | ||||||||||||||||
Other operating expenses | 178 | 59 | 106 | 13 | 356 | ||||||||||||||||
Provision for depreciation | 2 | 30 | 52 | (1 | ) | 83 | |||||||||||||||
General taxes | 17 | 7 | 7 | — | 31 | ||||||||||||||||
Total operating expenses | 1,850 | 312 | 283 | (1,014 | ) | 1,431 | |||||||||||||||
OPERATING INCOME (LOSS) | (369 | ) | 165 | 309 | (15 | ) | 90 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Loss on debt redemptions | — | — | (1 | ) | — | (1 | ) | ||||||||||||||
Investment income | 2 | 3 | 13 | (5 | ) | 13 | |||||||||||||||
Miscellaneous income (expense), including net income from equity investees | 289 | (2 | ) | — | (286 | ) | 1 | ||||||||||||||
Interest expense — affiliates | (3 | ) | (2 | ) | — | 4 | (1 | ) | |||||||||||||
Interest expense — other | (13 | ) | (26 | ) | (14 | ) | 16 | (37 | ) | ||||||||||||
Capitalized interest | — | 2 | 5 | — | 7 | ||||||||||||||||
Total other income (expense) | 275 | (25 | ) | 3 | (271 | ) | (18 | ) | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (BENEFITS) | (94 | ) | 140 | 312 | (286 | ) | 72 | ||||||||||||||
INCOME TAXES (BENEFITS) | (138 | ) | 49 | 117 | — | 28 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 44 | 91 | 195 | (286 | ) | 44 | |||||||||||||||
Discontinued operations (Note 14) | — | — | — | — | — | ||||||||||||||||
NET INCOME | $ | 44 | $ | 91 | $ | 195 | $ | (286 | ) | $ | 44 | ||||||||||
STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
NET INCOME | $ | 44 | $ | 91 | $ | 195 | $ | (286 | ) | $ | 44 | ||||||||||
OTHER COMPREHENSIVE LOSS: | |||||||||||||||||||||
Pensions and OPEB prior service costs | (4 | ) | (4 | ) | — | 4 | (4 | ) | |||||||||||||
Amortized gain on derivative hedges | (2 | ) | — | — | — | (2 | ) | ||||||||||||||
Change in unrealized gain on available-for-sale securities | (9 | ) | — | (9 | ) | 9 | (9 | ) | |||||||||||||
Other comprehensive loss | (15 | ) | (4 | ) | (9 | ) | 13 | (15 | ) | ||||||||||||
Income tax benefits on other comprehensive loss | (6 | ) | (2 | ) | (3 | ) | 5 | (6 | ) | ||||||||||||
Other comprehensive loss, net of tax | (9 | ) | (2 | ) | (6 | ) | 8 | (9 | ) | ||||||||||||
COMPREHENSIVE INCOME | $ | 35 | $ | 89 | $ | 189 | $ | (278 | ) | $ | 35 | ||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
STATEMENTS OF INCOME (LOSS) | |||||||||||||||||||||
REVENUES | $ | 4,690 | $ | 1,297 | $ | 1,391 | $ | (2,576 | ) | $ | 4,802 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Fuel | — | 776 | 147 | — | 923 | ||||||||||||||||
Purchased power from affiliates | 2,573 | — | 203 | (2,573 | ) | 203 | |||||||||||||||
Purchased power from non-affiliates | 2,270 | 4 | — | — | 2,274 | ||||||||||||||||
Other operating expenses | 648 | 200 | 391 | 37 | 1,276 | ||||||||||||||||
Provision for depreciation | 6 | 89 | 143 | (2 | ) | 236 | |||||||||||||||
General taxes | 56 | 24 | 19 | — | 99 | ||||||||||||||||
Total operating expenses | 5,553 | 1,093 | 903 | (2,538 | ) | 5,011 | |||||||||||||||
OPERATING INCOME (LOSS) | (863 | ) | 204 | 488 | (38 | ) | (209 | ) | |||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Loss on debt redemptions | (3 | ) | (1 | ) | (2 | ) | — | (6 | ) | ||||||||||||
Investment income | 5 | 6 | 57 | (11 | ) | 57 | |||||||||||||||
Miscellaneous income, including net income from equity investees | 551 | 1 | — | (547 | ) | 5 | |||||||||||||||
Interest expense — affiliates | (8 | ) | (5 | ) | (2 | ) | 10 | (5 | ) | ||||||||||||
Interest expense — other | (41 | ) | (75 | ) | (40 | ) | 46 | (110 | ) | ||||||||||||
Capitalized interest | — | 3 | 24 | — | 27 | ||||||||||||||||
Total other income (expense) | 504 | (71 | ) | 37 | (502 | ) | (32 | ) | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (BENEFITS) | (359 | ) | 133 | 525 | (540 | ) | (241 | ) | |||||||||||||
INCOME TAXES (BENEFITS) | (327 | ) | 41 | 188 | 3 | (95 | ) | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (32 | ) | 92 | 337 | (543 | ) | (146 | ) | |||||||||||||
Discontinued operations (net of income taxes of $70) (Note 14) | — | 116 | — | — | 116 | ||||||||||||||||
NET INCOME (LOSS) | $ | (32 | ) | $ | 208 | $ | 337 | $ | (543 | ) | $ | (30 | ) | ||||||||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
NET INCOME (LOSS) | $ | (32 | ) | $ | 208 | $ | 337 | $ | (543 | ) | $ | (30 | ) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS): | |||||||||||||||||||||
Pensions and OPEB prior service costs | (14 | ) | (13 | ) | — | 13 | (14 | ) | |||||||||||||
Amortized gain on derivative hedges | (7 | ) | — | — | — | (7 | ) | ||||||||||||||
Change in unrealized gain on available-for-sale securities | 35 | — | 35 | (35 | ) | 35 | |||||||||||||||
Other comprehensive income (loss) | 14 | (13 | ) | 35 | (22 | ) | 14 | ||||||||||||||
Income taxes (benefits) on other comprehensive income (loss) | 5 | (5 | ) | 13 | (8 | ) | 5 | ||||||||||||||
Other comprehensive income (loss), net of tax | 9 | (8 | ) | 22 | (14 | ) | 9 | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (23 | ) | $ | 200 | $ | 359 | $ | (557 | ) | $ | (21 | ) | ||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Three Months Ended September 30, 2013 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
STATEMENTS OF INCOME | |||||||||||||||||||||
REVENUES | $ | 1,654 | $ | 528 | $ | 440 | $ | (943 | ) | $ | 1,679 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Fuel | — | 249 | 55 | — | 304 | ||||||||||||||||
Purchased power from affiliates | 1,009 | — | 65 | (942 | ) | 132 | |||||||||||||||
Purchased power from non-affiliates | 720 | 4 | — | — | 724 | ||||||||||||||||
Other operating expenses | 147 | 65 | 114 | 13 | 339 | ||||||||||||||||
Provision for depreciation | 1 | 33 | 46 | — | 80 | ||||||||||||||||
General taxes | 21 | 9 | 5 | — | 35 | ||||||||||||||||
Total operating expenses | 1,898 | 360 | 285 | (929 | ) | 1,614 | |||||||||||||||
OPERATING INCOME (LOSS) | (244 | ) | 168 | 155 | (14 | ) | 65 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Investment income (loss) | 2 | — | (1 | ) | (4 | ) | (3 | ) | |||||||||||||
Miscellaneous income, including net income from equity investees | 180 | 19 | — | (178 | ) | 21 | |||||||||||||||
Interest expense — affiliates | (3 | ) | (2 | ) | (1 | ) | 5 | (1 | ) | ||||||||||||
Interest expense — other | (13 | ) | (24 | ) | (13 | ) | 15 | (35 | ) | ||||||||||||
Capitalized interest | — | 1 | 8 | — | 9 | ||||||||||||||||
Total other income (expense) | 166 | (6 | ) | (7 | ) | (162 | ) | (9 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (BENEFITS) | (78 | ) | 162 | 148 | (176 | ) | 56 | ||||||||||||||
INCOME TAXES (BENEFITS) | (118 | ) | 111 | 28 | 2 | 23 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 40 | 51 | 120 | (178 | ) | 33 | |||||||||||||||
Discontinued operations (net of income taxes of $5) (Note 14) | — | 7 | — | — | 7 | ||||||||||||||||
NET INCOME | $ | 40 | $ | 58 | $ | 120 | $ | (178 | ) | $ | 40 | ||||||||||
STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
NET INCOME | $ | 40 | $ | 58 | $ | 120 | $ | (178 | ) | $ | 40 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS): | |||||||||||||||||||||
Pensions and OPEB prior service costs | (5 | ) | (5 | ) | — | 5 | (5 | ) | |||||||||||||
Amortized gain on derivative hedges | (1 | ) | — | — | — | (1 | ) | ||||||||||||||
Change in unrealized gain on available for sale securities | 5 | — | 5 | (5 | ) | 5 | |||||||||||||||
Other comprehensive income (loss) | (1 | ) | (5 | ) | 5 | — | (1 | ) | |||||||||||||
Income taxes (benefits) on other comprehensive income (loss) | (1 | ) | (2 | ) | 3 | (1 | ) | (1 | ) | ||||||||||||
Other comprehensive income (loss), net of tax | — | (3 | ) | 2 | 1 | — | |||||||||||||||
COMPREHENSIVE INCOME | $ | 40 | $ | 55 | $ | 122 | $ | (177 | ) | $ | 40 | ||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
STATEMENTS OF INCOME (LOSS) | |||||||||||||||||||||
REVENUES | $ | 4,575 | $ | 1,612 | $ | 1,337 | $ | (2,869 | ) | $ | 4,655 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Fuel | — | 782 | 154 | — | 936 | ||||||||||||||||
Purchased power from affiliates | 3,072 | — | 197 | (2,868 | ) | 401 | |||||||||||||||
Purchased power from non-affiliates | 1,749 | 6 | — | — | 1,755 | ||||||||||||||||
Other operating expenses | 484 | 208 | 376 | 37 | 1,105 | ||||||||||||||||
Provision for depreciation | 4 | 96 | 134 | (3 | ) | 231 | |||||||||||||||
General taxes | 60 | 28 | 18 | — | 106 | ||||||||||||||||
Total operating expenses | 5,369 | 1,120 | 879 | (2,834 | ) | 4,534 | |||||||||||||||
OPERATING INCOME (LOSS) | (794 | ) | 492 | 458 | (35 | ) | 121 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Loss on debt redemptions | (103 | ) | — | — | — | (103 | ) | ||||||||||||||
Investment income | 4 | — | 3 | (11 | ) | (4 | ) | ||||||||||||||
Miscellaneous income, including net income from equity investees | 543 | 23 | — | (537 | ) | 29 | |||||||||||||||
Interest expense — affiliates | (10 | ) | (4 | ) | (5 | ) | 12 | (7 | ) | ||||||||||||
Interest expense — other | (50 | ) | (79 | ) | (42 | ) | 45 | (126 | ) | ||||||||||||
Capitalized interest | 1 | 1 | 26 | — | 28 | ||||||||||||||||
Total other income (expense) | 385 | (59 | ) | (18 | ) | (491 | ) | (183 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (BENEFITS) | (409 | ) | 433 | 440 | (526 | ) | (62 | ) | |||||||||||||
INCOME TAXES (BENEFITS) | (380 | ) | 215 | 138 | 8 | (19 | ) | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (29 | ) | 218 | 302 | (534 | ) | (43 | ) | |||||||||||||
Discontinued operations (net of income taxes of $8) Note (14) | — | 14 | — | — | 14 | ||||||||||||||||
NET INCOME (LOSS) | $ | (29 | ) | $ | 232 | $ | 302 | $ | (534 | ) | $ | (29 | ) | ||||||||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
NET INCOME (LOSS) | $ | (29 | ) | $ | 232 | $ | 302 | $ | (534 | ) | $ | (29 | ) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS): | |||||||||||||||||||||
Pensions and OPEB prior service costs | (16 | ) | (15 | ) | — | 15 | (16 | ) | |||||||||||||
Amortized gain on derivative hedges | (3 | ) | — | — | — | (3 | ) | ||||||||||||||
Change in unrealized gain on available-for-sale securities | 2 | — | 2 | (2 | ) | 2 | |||||||||||||||
Other comprehensive income (loss) | (17 | ) | (15 | ) | 2 | 13 | (17 | ) | |||||||||||||
Income taxes (benefits) on other comprehensive income (loss) | (7 | ) | (6 | ) | 1 | 5 | (7 | ) | |||||||||||||
Other comprehensive income (loss), net of tax | (10 | ) | (9 | ) | 1 | 8 | (10 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (39 | ) | $ | 223 | $ | 303 | $ | (526 | ) | $ | (39 | ) | ||||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
As of September 30, 2014 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||
Receivables- | |||||||||||||||||||||
Customers | 445 | — | — | — | 445 | ||||||||||||||||
Affiliated companies | 408 | 339 | 538 | (797 | ) | 488 | |||||||||||||||
Other | 61 | 21 | 32 | — | 114 | ||||||||||||||||
Notes receivable from affiliated companies | 408 | 769 | 364 | (1,327 | ) | 214 | |||||||||||||||
Materials and supplies | 59 | 194 | 218 | — | 471 | ||||||||||||||||
Derivatives | 168 | — | — | — | 168 | ||||||||||||||||
Collateral | 218 | — | — | — | 218 | ||||||||||||||||
Prepayments and other | 43 | 54 | 1 | — | 98 | ||||||||||||||||
1,810 | 1,379 | 1,153 | (2,124 | ) | 2,218 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT: | |||||||||||||||||||||
In service | 128 | 6,195 | 7,805 | (383 | ) | 13,745 | |||||||||||||||
Less — Accumulated provision for depreciation | 34 | 2,032 | 3,211 | (190 | ) | 5,087 | |||||||||||||||
94 | 4,163 | 4,594 | (193 | ) | 8,658 | ||||||||||||||||
Construction work in progress | 6 | 146 | 536 | — | 688 | ||||||||||||||||
100 | 4,309 | 5,130 | (193 | ) | 9,346 | ||||||||||||||||
INVESTMENTS: | |||||||||||||||||||||
Nuclear plant decommissioning trusts | — | — | 1,381 | — | 1,381 | ||||||||||||||||
Investment in affiliated companies | 6,345 | — | — | (6,345 | ) | — | |||||||||||||||
Other | — | 11 | — | — | 11 | ||||||||||||||||
6,345 | 11 | 1,381 | (6,345 | ) | 1,392 | ||||||||||||||||
DEFERRED CHARGES AND OTHER ASSETS: | |||||||||||||||||||||
Accumulated deferred income tax benefits | 307 | 39 | — | (346 | ) | — | |||||||||||||||
Customer intangibles | 82 | — | — | — | 82 | ||||||||||||||||
Goodwill | 23 | — | — | — | 23 | ||||||||||||||||
Property taxes | — | 4 | 5 | — | 9 | ||||||||||||||||
Unamortized sale and leaseback costs | — | — | — | 210 | 210 | ||||||||||||||||
Derivatives | 42 | — | — | — | 42 | ||||||||||||||||
Other | 40 | 278 | 3 | (214 | ) | 107 | |||||||||||||||
494 | 321 | 8 | (350 | ) | 473 | ||||||||||||||||
$ | 8,749 | $ | 6,020 | $ | 7,672 | $ | (9,012 | ) | $ | 13,429 | |||||||||||
LIABILITIES AND CAPITALIZATION | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Currently payable long-term debt | $ | 18 | $ | 163 | $ | 377 | $ | (23 | ) | $ | 535 | ||||||||||
Short-term borrowings- | |||||||||||||||||||||
Affiliated companies | 946 | 381 | — | (1,327 | ) | — | |||||||||||||||
Other | 12 | 9 | — | — | 21 | ||||||||||||||||
Accounts payable- | |||||||||||||||||||||
Affiliated companies | 704 | 115 | 338 | (704 | ) | 453 | |||||||||||||||
Other | 66 | 112 | — | — | 178 | ||||||||||||||||
Accrued taxes | 251 | 27 | 30 | (141 | ) | 167 | |||||||||||||||
Derivatives | 166 | — | — | — | 166 | ||||||||||||||||
Other | 52 | 67 | 16 | 35 | 170 | ||||||||||||||||
2,215 | 874 | 761 | (2,160 | ) | 1,690 | ||||||||||||||||
CAPITALIZATION: | |||||||||||||||||||||
Total equity | 5,772 | 2,491 | 3,855 | (6,315 | ) | 5,803 | |||||||||||||||
Long-term debt and other long-term obligations | 694 | 2,229 | 881 | (1,173 | ) | 2,631 | |||||||||||||||
6,466 | 4,720 | 4,736 | (7,488 | ) | 8,434 | ||||||||||||||||
NONCURRENT LIABILITIES: | |||||||||||||||||||||
Deferred gain on sale and leaseback transaction | — | — | — | 833 | 833 | ||||||||||||||||
Accumulated deferred income taxes | — | — | 937 | (196 | ) | 741 | |||||||||||||||
Asset retirement obligations | — | 189 | 870 | — | 1,059 | ||||||||||||||||
Retirement benefits | 23 | 175 | — | (1 | ) | 197 | |||||||||||||||
Derivatives | 20 | — | — | — | 20 | ||||||||||||||||
Other | 25 | 62 | 368 | — | 455 | ||||||||||||||||
68 | 426 | 2,175 | 636 | 3,305 | |||||||||||||||||
$ | 8,749 | $ | 6,020 | $ | 7,672 | $ | (9,012 | ) | $ | 13,429 | |||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
As of December 31, 2013 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||
Receivables- | |||||||||||||||||||||
Customers | 539 | — | — | — | 539 | ||||||||||||||||
Affiliated companies | 938 | 787 | 227 | (916 | ) | 1,036 | |||||||||||||||
Other | 52 | 12 | 17 | — | 81 | ||||||||||||||||
Notes receivable from affiliated companies | 203 | 23 | 683 | (909 | ) | — | |||||||||||||||
Materials and supplies | 76 | 159 | 213 | — | 448 | ||||||||||||||||
Derivatives | 165 | — | — | — | 165 | ||||||||||||||||
Collateral | 136 | — | — | — | 136 | ||||||||||||||||
Prepayments and other | 52 | 50 | 7 | — | 109 | ||||||||||||||||
2,161 | 1,033 | 1,147 | (1,825 | ) | 2,516 | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT: | |||||||||||||||||||||
In service | 104 | 6,105 | 6,645 | (382 | ) | 12,472 | |||||||||||||||
Less — Accumulated provision for depreciation | 28 | 1,953 | 2,962 | (188 | ) | 4,755 | |||||||||||||||
76 | 4,152 | 3,683 | (194 | ) | 7,717 | ||||||||||||||||
Construction work in progress | 23 | 148 | 1,137 | — | 1,308 | ||||||||||||||||
99 | 4,300 | 4,820 | (194 | ) | 9,025 | ||||||||||||||||
INVESTMENTS: | |||||||||||||||||||||
Nuclear plant decommissioning trusts | — | — | 1,276 | — | 1,276 | ||||||||||||||||
Investment in affiliated companies | 5,801 | — | — | (5,801 | ) | — | |||||||||||||||
Other | — | 11 | — | — | 11 | ||||||||||||||||
5,801 | 11 | 1,276 | (5,801 | ) | 1,287 | ||||||||||||||||
ASSETS HELD FOR SALE | — | 122 | — | — | 122 | ||||||||||||||||
DEFERRED CHARGES AND OTHER ASSETS: | |||||||||||||||||||||
Accumulated deferred income tax benefits | — | 131 | — | (131 | ) | — | |||||||||||||||
Customer intangibles | 95 | — | — | — | 95 | ||||||||||||||||
Goodwill | 23 | — | — | — | 23 | ||||||||||||||||
Property taxes | — | 15 | 26 | — | 41 | ||||||||||||||||
Unamortized sale and leaseback costs | — | — | — | 168 | 168 | ||||||||||||||||
Derivatives | 53 | — | — | — | 53 | ||||||||||||||||
Other | 81 | 228 | 18 | (155 | ) | 172 | |||||||||||||||
252 | 374 | 44 | (118 | ) | 552 | ||||||||||||||||
$ | 8,313 | $ | 5,840 | $ | 7,287 | $ | (7,938 | ) | $ | 13,502 | |||||||||||
LIABILITIES AND CAPITALIZATION | |||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Currently payable long-term debt | $ | 1 | $ | 367 | $ | 547 | $ | (23 | ) | $ | 892 | ||||||||||
Short-term borrowings- | |||||||||||||||||||||
Affiliated companies | 977 | 212 | 151 | (909 | ) | 431 | |||||||||||||||
Other | — | 4 | — | — | 4 | ||||||||||||||||
Accounts payable- | |||||||||||||||||||||
Affiliated companies | 741 | 400 | 362 | (738 | ) | 765 | |||||||||||||||
Other | 94 | 196 | — | — | 290 | ||||||||||||||||
Accrued taxes | 204 | 23 | 23 | (184 | ) | 66 | |||||||||||||||
Derivatives | 110 | — | — | — | 110 | ||||||||||||||||
Other | 70 | 63 | 18 | 46 | 197 | ||||||||||||||||
2,197 | 1,265 | 1,101 | (1,808 | ) | 2,755 | ||||||||||||||||
CAPITALIZATION: | |||||||||||||||||||||
Total equity | 5,312 | 2,283 | 3,493 | (5,776 | ) | 5,312 | |||||||||||||||
Long-term debt and other long-term obligations | 712 | 1,860 | 742 | (1,184 | ) | 2,130 | |||||||||||||||
6,024 | 4,143 | 4,235 | (6,960 | ) | 7,442 | ||||||||||||||||
NONCURRENT LIABILITIES: | |||||||||||||||||||||
Deferred gain on sale and leaseback transaction | — | — | — | 858 | 858 | ||||||||||||||||
Accumulated deferred income taxes | 32 | — | 736 | (27 | ) | 741 | |||||||||||||||
Asset retirement obligations | — | 187 | 828 | — | 1,015 | ||||||||||||||||
Retirement benefits | 22 | 163 | — | — | 185 | ||||||||||||||||
Derivatives | 14 | — | — | — | 14 | ||||||||||||||||
Other | 24 | 82 | 387 | (1 | ) | 492 | |||||||||||||||
92 | 432 | 1,951 | 830 | 3,305 | |||||||||||||||||
$ | 8,313 | $ | 5,840 | $ | 7,287 | $ | (7,938 | ) | $ | 13,502 | |||||||||||
Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
NET CASH PROVIDED FROM (USED FOR) OPERATING ACTIVITIES | $ | (269 | ) | $ | 197 | $ | 511 | $ | (11 | ) | $ | 428 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
New Financing- | |||||||||||||||||||||
Long-term debt | — | 431 | 447 | — | 878 | ||||||||||||||||
Short-term borrowings, net | — | 173 | — | (173 | ) | — | |||||||||||||||
Equity contribution from parent | 500 | — | — | — | 500 | ||||||||||||||||
Redemptions and Repayments- | |||||||||||||||||||||
Long-term debt | — | (258 | ) | (502 | ) | 11 | (749 | ) | |||||||||||||
Short-term borrowings, net | (20 | ) | — | (150 | ) | (244 | ) | (414 | ) | ||||||||||||
Other | — | (10 | ) | (4 | ) | — | (14 | ) | |||||||||||||
Net cash provided from (used for) financing activities | 480 | 336 | (209 | ) | (406 | ) | 201 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Property additions | (6 | ) | (99 | ) | (481 | ) | — | (586 | ) | ||||||||||||
Nuclear fuel | — | — | (98 | ) | — | (98 | ) | ||||||||||||||
Proceeds from asset sales | — | 307 | — | — | 307 | ||||||||||||||||
Sales of investment securities held in trusts | — | — | 890 | — | 890 | ||||||||||||||||
Purchases of investment securities held in trusts | — | — | (933 | ) | — | (933 | ) | ||||||||||||||
Loans to affiliated companies, net | (205 | ) | (746 | ) | 320 | 417 | (214 | ) | |||||||||||||
Other | — | 5 | — | — | 5 | ||||||||||||||||
Net cash used for investing activities | (211 | ) | (533 | ) | (302 | ) | 417 | (629 | ) | ||||||||||||
Net change in cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 2 | — | — | 2 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||
FIRSTENERGY SOLUTIONS CORP. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | FES | FG | NG | Eliminations | Consolidated | ||||||||||||||||
(In millions) | |||||||||||||||||||||
NET CASH PROVIDED FROM (USED FOR) OPERATING ACTIVITIES | $ | (1,018 | ) | $ | 712 | $ | 705 | $ | (10 | ) | $ | 389 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
New Financing- | |||||||||||||||||||||
Short-term borrowings, net | 338 | — | — | (338 | ) | — | |||||||||||||||
Equity contribution from parent | 1,500 | — | — | — | 1,500 | ||||||||||||||||
Redemptions and Repayments- | |||||||||||||||||||||
Long-term debt | (769 | ) | (352 | ) | (68 | ) | 10 | (1,179 | ) | ||||||||||||
Short-term borrowings, net | — | (32 | ) | — | 32 | — | |||||||||||||||
Tender premiums | (67 | ) | — | — | — | (67 | ) | ||||||||||||||
Other | (3 | ) | (4 | ) | — | — | (7 | ) | |||||||||||||
Net cash provided from (used for) financing activities | 999 | (388 | ) | (68 | ) | (296 | ) | 247 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Property additions | (9 | ) | (192 | ) | (276 | ) | — | (477 | ) | ||||||||||||
Nuclear fuel | — | — | (159 | ) | — | (159 | ) | ||||||||||||||
Proceeds from asset sales | — | 21 | — | — | 21 | ||||||||||||||||
Sales of investment securities held in trusts | — | — | 650 | — | 650 | ||||||||||||||||
Purchases of investment securities held in trusts | — | — | (694 | ) | — | (694 | ) | ||||||||||||||
Loans to affiliated companies, net | 28 | (156 | ) | (156 | ) | 306 | 22 | ||||||||||||||
Other | — | 2 | (2 | ) | — | — | |||||||||||||||
Net cash provided from (used for) investing activities | 19 | (325 | ) | (637 | ) | 306 | (637 | ) | |||||||||||||
Net change in cash and cash equivalents | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 3 | — | — | 3 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Financial Information | ' | ||||||||||||||||||||||||
Segment Financial Information | |||||||||||||||||||||||||
Three Months Ended | Regulated Distribution | Regulated Transmission | Competitive Energy Services | Other/Corporate | Reconciling Adjustments | Consolidated | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
External revenues | $ | 2,357 | $ | 197 | $ | 1,406 | $ | (39 | ) | $ | (33 | ) | $ | 3,888 | |||||||||||
Internal revenues | — | — | 193 | — | (193 | ) | — | ||||||||||||||||||
Total revenues | 2,357 | 197 | 1,599 | (39 | ) | (226 | ) | 3,888 | |||||||||||||||||
Depreciation, amortization and deferrals | 198 | 36 | 100 | 11 | (2 | ) | 343 | ||||||||||||||||||
Investment income | 14 | — | 11 | 4 | (13 | ) | 16 | ||||||||||||||||||
Interest expense | 147 | 35 | 49 | 46 | (2 | ) | 275 | ||||||||||||||||||
Income taxes (benefits) | 124 | 30 | 36 | (42 | ) | 4 | 152 | ||||||||||||||||||
Income (loss) from continuing operations | 227 | 55 | 66 | (15 | ) | — | 333 | ||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) | 227 | 55 | 66 | (15 | ) | — | 333 | ||||||||||||||||||
Property additions | 271 | 279 | 97 | 17 | — | 664 | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
External revenues | $ | 2,337 | $ | 189 | $ | 1,570 | $ | (31 | ) | $ | (33 | ) | $ | 4,032 | |||||||||||
Internal revenues | — | — | 196 | — | (196 | ) | — | ||||||||||||||||||
Total revenues | 2,337 | 189 | 1,766 | (31 | ) | (229 | ) | 4,032 | |||||||||||||||||
Depreciation, amortization and deferrals | 460 | 31 | 125 | 12 | — | 628 | |||||||||||||||||||
Investment income (loss) | 14 | — | (2 | ) | 3 | (10 | ) | 5 | |||||||||||||||||
Interest expense | 134 | 23 | 53 | 47 | — | 257 | |||||||||||||||||||
Income taxes (benefits) | 50 | 32 | 47 | (44 | ) | (8 | ) | 77 | |||||||||||||||||
Income (loss) from continuing operations | 85 | 54 | 68 | (10 | ) | 12 | 209 | ||||||||||||||||||
Discontinued operations, net of tax | — | — | 9 | — | — | 9 | |||||||||||||||||||
Net income (loss) | 85 | 54 | 77 | (10 | ) | 12 | 218 | ||||||||||||||||||
Property additions | 261 | 105 | 162 | 20 | — | 548 | |||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
External revenues | $ | 6,972 | $ | 570 | $ | 4,239 | $ | (110 | ) | $ | (105 | ) | $ | 11,566 | |||||||||||
Internal revenues | — | — | 624 | — | (624 | ) | — | ||||||||||||||||||
Total revenues | 6,972 | 570 | 4,863 | (110 | ) | (729 | ) | 11,566 | |||||||||||||||||
Depreciation, amortization and deferrals | 509 | 102 | 287 | 35 | (2 | ) | 931 | ||||||||||||||||||
Investment income | 44 | — | 46 | 9 | (32 | ) | 67 | ||||||||||||||||||
Interest expense | 445 | 90 | 143 | 128 | (4 | ) | 802 | ||||||||||||||||||
Income taxes (benefits) | 326 | 92 | (102 | ) | (98 | ) | 8 | 226 | |||||||||||||||||
Income (loss) from continuing operations | 599 | 169 | (177 | ) | (73 | ) | 1 | 519 | |||||||||||||||||
Discontinued operations, net of tax | — | — | 86 | — | — | 86 | |||||||||||||||||||
Net income (loss) | 599 | 169 | (91 | ) | (73 | ) | 1 | 605 | |||||||||||||||||
Total assets | 27,774 | 6,102 | 16,839 | 509 | — | 51,224 | |||||||||||||||||||
Total goodwill | 5,092 | 526 | 800 | — | — | 6,418 | |||||||||||||||||||
Property additions | 780 | 980 | 655 | 58 | — | 2,473 | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
External revenues | $ | 6,584 | $ | 544 | $ | 4,352 | $ | (89 | ) | $ | (132 | ) | $ | 11,259 | |||||||||||
Internal revenues | — | — | 588 | — | (588 | ) | — | ||||||||||||||||||
Total revenues | 6,584 | 544 | 4,940 | (89 | ) | (720 | ) | 11,259 | |||||||||||||||||
Depreciation, amortization and deferrals | 882 | 91 | 347 | 32 | — | 1,352 | |||||||||||||||||||
Investment income (loss) | 41 | — | (8 | ) | 6 | (31 | ) | 8 | |||||||||||||||||
Interest expense | 404 | 68 | 187 | 112 | — | 771 | |||||||||||||||||||
Income taxes (benefits) | 284 | 93 | (189 | ) | (55 | ) | (4 | ) | 129 | ||||||||||||||||
Income (loss) from continuing operations | 474 | 156 | (317 | ) | (92 | ) | 12 | 233 | |||||||||||||||||
Discontinued operations, net of tax | — | — | 17 | — | — | 17 | |||||||||||||||||||
Net income (loss) | 474 | 156 | (300 | ) | (92 | ) | 12 | 250 | |||||||||||||||||
Total assets | 27,030 | 5,038 | 17,809 | 591 | — | 50,468 | |||||||||||||||||||
Total goodwill | 5,025 | 526 | 867 | — | — | 6,418 | |||||||||||||||||||
Property additions | 980 | 291 | 630 | 59 | — | 1,960 | |||||||||||||||||||
Impairment_of_Longlived_Assets1
Impairment of Long-lived Assets (Tables) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Restructuring and Related Activities [Abstract] | ' | ||
Generating units to be deactivated | ' | ||
On July 8, 2013, officers of FirstEnergy and AE Supply committed to deactivating the following generating units by October 9, 2013: | |||
Generating Units | MW Capacity | Location | |
Hatfield's Ferry, Units 1-3 | 1,710 | Masontown, Pennsylvania | |
Mitchell, Units 2-3 | 370 | Courtney, Pennsylvania |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Capitalized financing costs | $14 | $4 | $35 | $11 |
Capitalized interest | $14 | $17 | $54 | $51 |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 |
Regulated Distribution | Regulated Distribution | Regulated Transmission | Regulated Transmission | Competitive Energy Services | Competitive Energy Services | Competitive Energy Services | Other/Corporate | ||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in goodwill | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $6,418 | $6,418 | $6,418 | $5,092 | $5,025 | $526 | $526 | ' | $800 | $867 | $0 |
Excess of fair value over carrying value (percent) | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Discount rate (percent) | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' |
Terminal Multiple | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' |
Earnings_Per_Share_of_Common_S2
Earnings Per Share of Common Stock (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Income (loss) from continuing operations | $333 | $209 | $519 | $233 | ||||
Discontinued operations (Note 14) | 0 | 9 | 86 | 17 | ||||
EARNINGS AVAILABLE TO FIRSTENERGY CORP. | $333 | $218 | $605 | $250 | ||||
Weighted average number of basic shares outstanding | 420 | 418 | 419 | 418 | ||||
Assumed exercise of dilutive stock options and awards | 1 | [1] | 1 | [1] | 1 | [1] | 1 | [1] |
Weighted average number of diluted shares outstanding | 421 | 419 | 420 | 419 | ||||
Basic earnings per share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations, in dollars per share | $0.79 | $0.50 | $1.24 | $0.56 | ||||
Discontinued operations (Note 14), in dollars per share | $0 | $0.02 | $0.20 | $0.04 | ||||
Basic - Earnings Available to FirstEnergy Corp., in dollars per share | $0.79 | $0.52 | $1.44 | $0.60 | ||||
Diluted earnings per share: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations, in dollars per share | $0.79 | $0.50 | $1.24 | $0.56 | ||||
Discontinued operations (Note 14), in dollars per share | $0 | $0.02 | $0.20 | $0.04 | ||||
Diluted - Earnings Available to FirstEnergy Corp., in dollars per share | $0.79 | $0.52 | $1.44 | $0.60 | ||||
Shares excluded from the calculation of diluted shares outstanding, in shares | 1 | 2 | 2 | 2 | ||||
[1] | For the three months ended SeptemberB 30, 2014 and SeptemberB 30, 2013, 1 million and 2 million shares, respectively, were excluded from the calculation of diluted shares outstanding, as their inclusion would be antidilutive. For the nine months ended SeptemberB 30, 2014 and SeptemberB 30, 2013, 2 million shares were excluded from the calculation of diluted shares outstanding, as their inclusion would be antidilutive. |
Pension_and_Other_Postemployme2
Pension and Other Postemployment Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pensions | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service costs | $42 | $49 | $125 | $147 |
Interest costs | 100 | 93 | 301 | 279 |
Expected return on plan assets | -116 | -125 | -346 | -375 |
Amortization of prior service cost (credit) | 2 | 3 | 6 | 9 |
Net periodic costs (credits) | 28 | 20 | 86 | 60 |
OPEB | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service costs | 2 | 3 | 6 | 9 |
Interest costs | 9 | 9 | 29 | 27 |
Expected return on plan assets | -8 | -8 | -24 | -24 |
Amortization of prior service cost (credit) | -44 | -50 | -132 | -157 |
Net periodic costs (credits) | -41 | -46 | -121 | -145 |
FirstEnergy | Pensions | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Net periodic benefit expense (credit) | 19 | 16 | 61 | 41 |
FirstEnergy | OPEB | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Net periodic benefit expense (credit) | -24 | -31 | -78 | -95 |
FES | Pensions | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Net periodic costs (credits) | 5 | 5 | 13 | 15 |
Net periodic benefit expense (credit) | 4 | 5 | 12 | 13 |
FES | OPEB | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Net periodic costs (credits) | -5 | -5 | -15 | -15 |
Net periodic benefit expense (credit) | ($4) | ($4) | ($13) | ($12) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ' | $3 | $30 | $11 | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||
AOCI Beginning Balance | ' | ' | 284 | 385 | 264 | 323 | ||||
Other comprehensive income (loss) before reclassifications | 2 | 5 | [1] | 56 | [2] | 19 | [3] | ' | ' | |
Amounts reclassified from AOCI | -34 | -29 | -108 | -105 | ' | ' | ||||
Other comprehensive income (loss), net of tax | -32 | -24 | -52 | -86 | ' | ' | ||||
AOCI Ending Balance | 232 | 299 | 232 | 299 | 264 | 323 | ||||
FES | ' | ' | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 1 | 3 | 29 | 9 | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||
AOCI Beginning Balance | ' | ' | 54 | 72 | 72 | 62 | ||||
Other comprehensive income (loss) before reclassifications | 1 | [4] | 4 | [1] | 49 | [5] | 17 | [6] | ' | ' |
Amounts reclassified from AOCI | -10 | -4 | -40 | -27 | ' | ' | ||||
Other comprehensive income (loss), net of tax | -9 | 0 | 9 | -10 | ' | ' | ||||
AOCI Ending Balance | 63 | 62 | 63 | 62 | 72 | 62 | ||||
Gains & Losses on Cash Flow Hedges | ' | ' | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||
AOCI Beginning Balance | ' | ' | -36 | -38 | -36 | -37 | ||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | [1] | 1 | [2] | 0 | [3] | ' | ' | |
Amounts reclassified from AOCI | 0 | 1 | -1 | 2 | ' | ' | ||||
Other comprehensive income (loss), net of tax | 0 | 1 | 0 | 2 | ' | ' | ||||
AOCI Ending Balance | -36 | -36 | -36 | -36 | -36 | -37 | ||||
Gains & Losses on Cash Flow Hedges | FES | ' | ' | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||
AOCI Beginning Balance | ' | ' | -1 | 3 | -5 | 1 | ||||
Other comprehensive income (loss) before reclassifications | 0 | [4] | 0 | [1] | -1 | [5] | 0 | [6] | ' | ' |
Amounts reclassified from AOCI | -1 | 0 | -4 | -2 | ' | ' | ||||
Other comprehensive income (loss), net of tax | -1 | 0 | -5 | -2 | ' | ' | ||||
AOCI Ending Balance | -6 | 1 | -6 | 1 | -5 | 1 | ||||
Unrealized Gains on AFS Securities | ' | ' | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||
AOCI Beginning Balance | ' | ' | 9 | 15 | 41 | 13 | ||||
Other comprehensive income (loss) before reclassifications | 2 | 5 | [1] | 55 | [2] | 19 | [3] | ' | ' | |
Amounts reclassified from AOCI | -8 | -1 | -29 | -17 | ' | ' | ||||
Other comprehensive income (loss), net of tax | -6 | 4 | 26 | 2 | ' | ' | ||||
AOCI Ending Balance | 35 | 17 | 35 | 17 | 41 | 13 | ||||
Unrealized Gains on AFS Securities | FES | ' | ' | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||
AOCI Beginning Balance | ' | ' | 8 | 13 | 36 | 12 | ||||
Other comprehensive income (loss) before reclassifications | 1 | [4] | 4 | [1] | 50 | [5] | 17 | [6] | ' | ' |
Amounts reclassified from AOCI | -6 | -1 | -27 | -15 | ' | ' | ||||
Other comprehensive income (loss), net of tax | -5 | 3 | 23 | 2 | ' | ' | ||||
AOCI Ending Balance | 31 | 15 | 31 | 15 | 36 | 12 | ||||
Defined Benefit Pension & OPEB Plans | ' | ' | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||
AOCI Beginning Balance | ' | ' | 311 | 408 | 259 | 347 | ||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | [1] | 0 | [2] | 0 | [3] | ' | ' | |
Amounts reclassified from AOCI | -26 | -29 | -78 | -90 | ' | ' | ||||
Other comprehensive income (loss), net of tax | -26 | -29 | -78 | -90 | ' | ' | ||||
AOCI Ending Balance | 233 | 318 | 233 | 318 | 259 | 347 | ||||
Defined Benefit Pension & OPEB Plans | FES | ' | ' | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ||||
AOCI Beginning Balance | ' | ' | 47 | 56 | 41 | 49 | ||||
Other comprehensive income (loss) before reclassifications | 0 | [4] | 0 | [1] | 0 | [5] | 0 | [6] | ' | ' |
Amounts reclassified from AOCI | -3 | -3 | -9 | -10 | ' | ' | ||||
Other comprehensive income (loss), net of tax | -3 | -3 | -9 | -10 | ' | ' | ||||
AOCI Ending Balance | $38 | $46 | $38 | $46 | $41 | $49 | ||||
[1] | Unrealized Gains on AFS Securities is net of tax of $3 million. | |||||||||
[2] | Unrealized Gains on AFS Securities is net of tax of $30 million. | |||||||||
[3] | Unrealized Gains on AFS Securities is net of tax of $11 million. | |||||||||
[4] | Unrealized Gains on AFS Securities is net of tax of $1 million. | |||||||||
[5] | Unrealized Gains on AFS Securities is net of tax of $29 million. | |||||||||
[6] | Unrealized Gains on AFS Securities is net of tax of $9 million. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Other operating expenses | $858 | $877 | $3,061 | $2,645 | ||||
Interest expense | 275 | 257 | 802 | 771 | ||||
Investment income (loss) | -16 | -5 | -67 | -8 | ||||
Total before taxes | -485 | -286 | -745 | -362 | ||||
Income taxes (benefits) | 152 | 77 | 226 | 129 | ||||
Net of tax | -333 | -218 | -605 | -250 | ||||
FES | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Other operating expenses | 356 | 339 | 1,276 | 1,105 | ||||
Investment income (loss) | -13 | 3 | -57 | 4 | ||||
Total before taxes | -72 | -56 | 241 | 62 | ||||
Income taxes (benefits) | 28 | 23 | -95 | -19 | ||||
Net of tax | -44 | -40 | 30 | 29 | ||||
Reclassifications from AOCI | Gains & losses on cash flow hedges | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Total before taxes | 0 | [1] | 2 | [1] | -1 | [1] | 4 | [1] |
Income taxes (benefits) | 0 | [1] | -1 | [1] | 0 | [1] | -2 | [1] |
Net of tax | 0 | [1] | 1 | [1] | -1 | [1] | 2 | [1] |
Reclassifications from AOCI | Gains & losses on cash flow hedges | FES | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Total before taxes | -2 | -1 | -7 | -3 | ||||
Income taxes (benefits) | 1 | [1] | 1 | [1] | 3 | [1] | 1 | [1] |
Net of tax | -1 | [1] | 0 | [1] | -4 | [1] | -2 | [1] |
Reclassifications from AOCI | Gains & losses on cash flow hedges | Commodity contracts | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Other operating expenses | -2 | [1] | -1 | [1] | -7 | [1] | -5 | [1] |
Reclassifications from AOCI | Gains & losses on cash flow hedges | Commodity contracts | FES | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Other operating expenses | -2 | [1] | -1 | [1] | -7 | [1] | -5 | [1] |
Reclassifications from AOCI | Gains & losses on cash flow hedges | Long-term debt | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Interest expense | 2 | [1] | 3 | [1] | 6 | [1] | 9 | [1] |
Reclassifications from AOCI | Gains & losses on cash flow hedges | Long-term debt | FES | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Interest expense | 0 | [1] | 0 | [1] | 0 | [1] | 2 | [1] |
Reclassifications from AOCI | Unrealized gains on AFS securities | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Investment income (loss) | -13 | [1] | -2 | [1] | -46 | [1] | -27 | [1] |
Income taxes (benefits) | 5 | [1] | 1 | [1] | 17 | [1] | 10 | [1] |
Net of tax | -8 | [1] | -1 | [1] | -29 | [1] | -17 | [1] |
Reclassifications from AOCI | Unrealized gains on AFS securities | FES | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Investment income (loss) | -11 | [1] | -2 | [1] | -43 | [1] | -24 | [1] |
Income taxes (benefits) | 5 | [1] | 1 | [1] | 16 | [1] | 9 | [1] |
Net of tax | -6 | [1] | -1 | [1] | -27 | [1] | -15 | [1] |
Reclassifications from AOCI | Defined benefit pension and OPEB plans | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Prior-service costs | -42 | [1],[2] | -47 | [1],[2] | -126 | [1],[2] | -148 | [1],[2] |
Income taxes (benefits) | 16 | [1] | 18 | [1] | 48 | [1] | 58 | [1] |
Net of tax | -26 | [1] | -29 | [1] | -78 | [1] | -90 | [1] |
Reclassifications from AOCI | Defined benefit pension and OPEB plans | FES | ' | ' | ' | ' | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Prior-service costs | -4 | [1],[2] | -5 | [1],[2] | -14 | [1],[2] | -16 | [1],[2] |
Income taxes (benefits) | 1 | [1] | 2 | [1] | 5 | [1] | 6 | [1] |
Net of tax | ($3) | [1] | ($3) | [1] | ($9) | [1] | ($10) | [1] |
[1] | Parenthesis represent credits to the Consolidated Statements of Income from AOCI. | |||||||
[2] | These AOCI components are included in the computation of net periodic pension cost. See Note 3, Pensions and Other Postemployment Benefits for additional details. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Subsequent Event | FES | FES | FES | FES | |||||
Income Taxes (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective tax rate | 31.30% | 26.90% | 30.30% | 35.60% | ' | 38.90% | 41.10% | 39.40% | 30.60% |
Unrecognized tax benefits from lapse of statute of limitations | ' | ' | ' | ' | $30 | ' | ' | ' | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Sep. 30, 2014 | |
In Millions, unless otherwise specified | ||
FES | ' | |
Net exposure to loss based upon the casualty value provisions | ' | |
Maximum Exposure | $1,231 | |
Discounted Lease Payments, net | 1,017 | [1] |
Net Exposure | 214 | |
Other FE subsidiaries | ' | |
Net exposure to loss based upon the casualty value provisions | ' | |
Maximum Exposure | 670 | |
Discounted Lease Payments, net | 399 | [1] |
Net Exposure | $271 | |
[1] | The net present value of FirstEnergybs consolidated sale and leaseback operating lease commitments is $1.0 billion. |
Variable_Interest_Entities_Det1
Variable Interest Entities (Details Textuals) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Feb. 12, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
entities | Beaver Valley Unit 2 | Perry Power Plant Unit 1 | Bruce Mansfield Unit 1 | Power Purchase Agreements | OE | Other FE subsidiaries | Other FE subsidiaries | Other FE subsidiaries | Other FE subsidiaries | Other FE subsidiaries | FGCO | Nuclear Generation Corp | Nuclear Generation Corp | Path-WV | Signal Peak | ||||
agreements | Power Purchase Agreements | Power Purchase Agreements | Power Purchase Agreements | Power Purchase Agreements | Bruce Mansfield Plant | Beaver Valley Unit 2 | Beaver Valley Unit 2 | Global Holding | |||||||||||
FEV | |||||||||||||||||||
Variable Interest Entities (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% |
Equity interest by unaffiliated third party in PNBV | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest by OES Ventures in PNBV | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of high-voltage transmission line project owned by subsidiary of AE on the Allegheny Series | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Percentage of high-voltage transmission line project owned by subsidiary of AE on the West Virginia Series | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Number of long-term power purchase agreements maintained by FirstEnergy with NUG entities | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of contracts that may contain variable interest | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased power | $1,188,000,000 | $1,120,000,000 | $3,726,000,000 | $2,932,000,000 | ' | ' | ' | ' | ' | ' | $49,000,000 | $48,000,000 | $150,000,000 | $139,000,000 | ' | ' | ' | ' | ' |
Purchase of lessor equity interests in sale and leaseback, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,000,000 | 94,000,000 | 23,000,000 | ' | ' |
Percentage of undivided interest of non guarantor subsidiary | ' | ' | ' | ' | 2.60% | 8.11% | 93.83% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net present value of FirstEnergy's consolidated sale and leaseback operating lease commitments | $1,000,000,000 | ' | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Fair value, assets | $2,967 | $2,865 | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -344 | -347 | ||
Net assets (liabilities) | 2,623 | [1] | 2,518 | [1] |
FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 1,627 | 1,485 | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -186 | -124 | ||
Net assets (liabilities) | 1,441 | [2] | 1,361 | [2] |
Commodity contracts | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -176 | -113 | ||
Commodity contracts | Derivative Liabilities | FES | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -176 | -113 | ||
FTRs | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -11 | -12 | ||
FTRs | Derivative Liabilities | FES | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -10 | -11 | ||
NUG contracts | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -157 | [3] | -222 | [3] |
Corporate debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 1,230 | 1,365 | ||
Corporate debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 670 | 792 | ||
Commodity contracts | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 188 | 215 | ||
Commodity contracts | Derivative Assets | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 188 | 215 | ||
FTRs | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 35 | 4 | ||
FTRs | Derivative Assets | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 22 | 3 | ||
NUG contracts | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 2 | [3] | 20 | [3] |
Equity securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 711 | [4] | 317 | [4] |
Equity securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 468 | [4] | 207 | [4] |
Foreign government debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 79 | 109 | ||
Foreign government debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 57 | 65 | ||
U.S. government debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 172 | 165 | ||
U.S. government debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 37 | 27 | ||
U.S. state debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 244 | 228 | ||
U.S. state debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 7 | 0 | ||
Other | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 306 | [5] | 442 | [5] |
Other | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 178 | [5] | 176 | [5] |
Level 1 | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 782 | 511 | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -18 | -13 | ||
Net assets (liabilities) | 764 | [1] | 498 | [1] |
Level 1 | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 469 | 214 | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -18 | -13 | ||
Net assets (liabilities) | 451 | [2] | 201 | [2] |
Level 1 | Commodity contracts | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -18 | -13 | ||
Level 1 | Commodity contracts | Derivative Liabilities | FES | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -18 | -13 | ||
Level 1 | FTRs | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | 0 | 0 | ||
Level 1 | FTRs | Derivative Liabilities | FES | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | 0 | 0 | ||
Level 1 | NUG contracts | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | 0 | [3] | 0 | [3] |
Level 1 | Corporate debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | Corporate debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | Commodity contracts | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 1 | 7 | ||
Level 1 | Commodity contracts | Derivative Assets | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 1 | 7 | ||
Level 1 | FTRs | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | FTRs | Derivative Assets | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | NUG contracts | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | [3] | 0 | [3] |
Level 1 | Equity securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 711 | [4] | 317 | [4] |
Level 1 | Equity securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 468 | [4] | 207 | [4] |
Level 1 | Foreign government debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | Foreign government debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | U.S. government debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | U.S. government debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | U.S. state debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | U.S. state debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 1 | Other | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 70 | [5] | 187 | [5] |
Level 1 | Other | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | [5] | 0 | [5] |
Level 2 | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 2,148 | 2,330 | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -158 | -100 | ||
Net assets (liabilities) | 1,990 | [1] | 2,230 | [1] |
Level 2 | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 1,136 | 1,268 | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -158 | -100 | ||
Net assets (liabilities) | 978 | [2] | 1,168 | [2] |
Level 2 | Commodity contracts | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -158 | -100 | ||
Level 2 | Commodity contracts | Derivative Liabilities | FES | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -158 | -100 | ||
Level 2 | FTRs | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | 0 | 0 | ||
Level 2 | FTRs | Derivative Liabilities | FES | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | 0 | 0 | ||
Level 2 | NUG contracts | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | 0 | [3] | 0 | [3] |
Level 2 | Corporate debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 1,230 | 1,365 | ||
Level 2 | Corporate debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 670 | 792 | ||
Level 2 | Commodity contracts | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 187 | 208 | ||
Level 2 | Commodity contracts | Derivative Assets | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 187 | 208 | ||
Level 2 | FTRs | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 2 | FTRs | Derivative Assets | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 2 | NUG contracts | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | [3] | 0 | [3] |
Level 2 | Equity securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | [4] | 0 | [4] |
Level 2 | Equity securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | [4] | 0 | [4] |
Level 2 | Foreign government debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 79 | 109 | ||
Level 2 | Foreign government debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 57 | 65 | ||
Level 2 | U.S. government debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 172 | 165 | ||
Level 2 | U.S. government debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 37 | 27 | ||
Level 2 | U.S. state debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 244 | 228 | ||
Level 2 | U.S. state debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 7 | 0 | ||
Level 2 | Other | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 236 | [5] | 255 | [5] |
Level 2 | Other | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 178 | [5] | 176 | [5] |
Level 3 | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 37 | 24 | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -168 | -234 | ||
Net assets (liabilities) | -131 | [1] | -210 | [1] |
Level 3 | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 22 | 3 | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -10 | -11 | ||
Net assets (liabilities) | 12 | [2] | -8 | [2] |
Level 3 | Commodity contracts | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | 0 | 0 | ||
Level 3 | Commodity contracts | Derivative Liabilities | FES | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | 0 | 0 | ||
Level 3 | FTRs | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -11 | -12 | ||
Level 3 | FTRs | Derivative Liabilities | FES | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -10 | -11 | ||
Level 3 | NUG contracts | Derivative Liabilities | ' | ' | ||
Liabilities | ' | ' | ||
Fair value, liabilities | -157 | [3] | -222 | [3] |
Level 3 | Corporate debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | Corporate debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | Commodity contracts | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | Commodity contracts | Derivative Assets | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | FTRs | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 35 | 4 | ||
Level 3 | FTRs | Derivative Assets | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 22 | 3 | ||
Level 3 | NUG contracts | Derivative Assets | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 2 | [3] | 20 | [3] |
Level 3 | Equity securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | [4] | 0 | [4] |
Level 3 | Equity securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | [4] | 0 | [4] |
Level 3 | Foreign government debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | Foreign government debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | U.S. government debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | U.S. government debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | U.S. state debt securities | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | U.S. state debt securities | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | 0 | ||
Level 3 | Other | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | 0 | [5] | 0 | [5] |
Level 3 | Other | FES | ' | ' | ||
Assets | ' | ' | ||
Fair value, assets | $0 | [5] | $0 | [5] |
[1] | Excludes $(45) million and $10 million as of SeptemberB 30, 2014 and DecemberB 31, 2013, respectively, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table. | |||
[2] | Excludes $(36) million and $9 million as of SeptemberB 30, 2014 and DecemberB 31, 2013, respectively, of receivables, payables, taxes and accrued income associated with the financial instruments reflected within the fair value table. | |||
[3] | NUG contracts are subject to regulatory accounting treatment and do not impact earnings. | |||
[4] | NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index or the Wells Fargo Hybrid and Preferred Securities REIT index. | |||
[5] | Primarily consists of short-term cash investments. |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Level 3, USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Non Utility Generation Contract | ' | ' | ||
Reconciliation of changes in the fair value of NUG contracts | ' | ' | ||
Beginning Balance, Derivative Assets | $20 | [1] | $36 | [1] |
Beginning Balance, Derivative Liabilities | -222 | [1] | -290 | [1] |
Beginning Balance, Net | -202 | [1] | -254 | [1] |
Unrealized gain (loss), Derivative Assets | 2 | [1] | -8 | [1] |
Unrealized gain (loss), Derivative Liabilities | 15 | [1] | -17 | [1] |
Unrealized gain (loss), Net | 17 | [1] | -25 | [1] |
Purchases, Derivative Assets | 0 | [1] | 0 | [1] |
Purchases, Derivative Liabilities | 0 | [1] | 0 | [1] |
Purchases, Net | 0 | [1] | 0 | [1] |
Terminations, Derivative Assets | ' | 0 | [1],[2] | |
Terminations, Derivative Liability | ' | 0 | [1],[2] | |
Terminations, Net | ' | 0 | [1],[2] | |
Settlements, Derivative Assets | -20 | [1] | -8 | [1] |
Settlements, Derivative Liabilities | 50 | [1] | 85 | [1] |
Settlements, Net | 30 | [1] | 77 | [1] |
Ending Balance, Derivative Assets | 2 | [1] | 20 | [1] |
Ending Balance, Derivative Liabilities | -157 | [1] | -222 | [1] |
Ending Balance, Net | -155 | [1] | -202 | [1] |
LCAPP Contracts | ' | ' | ||
Reconciliation of changes in the fair value of NUG contracts | ' | ' | ||
Beginning Balance, Derivative Assets | 0 | [1] | 0 | [1] |
Beginning Balance, Derivative Liabilities | 0 | [1] | -144 | [1] |
Beginning Balance, Net | 0 | [1] | -144 | [1] |
Unrealized gain (loss), Derivative Assets | 0 | [1] | 0 | [1] |
Unrealized gain (loss), Derivative Liabilities | 0 | [1] | -22 | [1] |
Unrealized gain (loss), Net | 0 | [1] | -22 | [1] |
Purchases, Derivative Assets | 0 | [1] | 0 | [1] |
Purchases, Derivative Liabilities | 0 | [1] | 0 | [1] |
Purchases, Net | 0 | [1] | 0 | [1] |
Terminations, Derivative Assets | ' | 0 | [1],[2] | |
Terminations, Derivative Liability | ' | 166 | [1],[2] | |
Terminations, Net | ' | 166 | [1],[2] | |
Settlements, Derivative Assets | 0 | [1] | 0 | [1] |
Settlements, Derivative Liabilities | 0 | [1] | 0 | [1] |
Settlements, Net | 0 | [1] | 0 | [1] |
Ending Balance, Derivative Assets | 0 | [1] | 0 | [1] |
Ending Balance, Derivative Liabilities | 0 | [1] | 0 | [1] |
Ending Balance, Net | 0 | [1] | 0 | [1] |
FTRs | ' | ' | ||
Reconciliation of changes in the fair value of NUG contracts | ' | ' | ||
Beginning Balance, Derivative Assets | 4 | 8 | ||
Beginning Balance, Derivative Liabilities | -12 | -9 | ||
Beginning Balance, Net | -8 | -1 | ||
Unrealized gain (loss), Derivative Assets | 33 | 3 | ||
Unrealized gain (loss), Derivative Liabilities | 7 | 1 | ||
Unrealized gain (loss), Net | 40 | 4 | ||
Purchases, Derivative Assets | 26 | 6 | ||
Purchases, Derivative Liabilities | -18 | -15 | ||
Purchases, Net | 8 | -9 | ||
Terminations, Derivative Assets | ' | 0 | [2] | |
Terminations, Derivative Liability | ' | 0 | [2] | |
Terminations, Net | ' | 0 | [2] | |
Settlements, Derivative Assets | -28 | -13 | ||
Settlements, Derivative Liabilities | 12 | 11 | ||
Settlements, Net | -16 | -2 | ||
Ending Balance, Derivative Assets | 35 | 4 | ||
Ending Balance, Derivative Liabilities | -11 | -12 | ||
Ending Balance, Net | 24 | -8 | ||
FTRs | FES | ' | ' | ||
Reconciliation of changes in the fair value of NUG contracts | ' | ' | ||
Beginning Balance, Derivative Assets | 3 | 6 | ||
Beginning Balance, Derivative Liabilities | -11 | -6 | ||
Beginning Balance, Net | -8 | 0 | ||
Unrealized gain (loss), Derivative Assets | 23 | 0 | ||
Unrealized gain (loss), Derivative Liabilities | 6 | -2 | ||
Unrealized gain (loss), Net | 29 | -2 | ||
Purchases, Derivative Assets | 15 | 5 | ||
Purchases, Derivative Liabilities | -17 | -12 | ||
Purchases, Net | -2 | -7 | ||
Settlements, Derivative Assets | -19 | -8 | ||
Settlements, Derivative Liabilities | 12 | 9 | ||
Settlements, Net | -7 | 1 | ||
Ending Balance, Derivative Assets | 22 | 3 | ||
Ending Balance, Derivative Liabilities | -10 | -11 | ||
Ending Balance, Net | $12 | ($8) | ||
[1] | Changes in the fair value of NUG contracts are generally subject to regulatory accounting treatment and do not impact earnings. | |||
[2] | See Note 9, Derivative Instruments |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (Level 3, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||||||
In Millions, unless otherwise specified | FTRs | FTRs | FTRs | FTRs | FTRs | FTRs | Non Utility Generation Contract | Non Utility Generation Contract | Non Utility Generation Contract | LCAPP Contracts | LCAPP Contracts | LCAPP Contracts | Model | Model | Model | Model | Model | Model | Model | Model | Model | Model | Model | Model | ||||||
FES | FES | FES | FTRs | FTRs | Non Utility Generation Contract | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Weighted Average | Weighted Average | Weighted Average | ||||||||||||||||
FES | FTRs | FTRs | Non Utility Generation Contract | FTRs | FTRs | Non Utility Generation Contract | FTRs | FTRs | Non Utility Generation Contract | |||||||||||||||||||||
FES | MWh | FES | MWh | FES | MWh | |||||||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Fair Value | $24 | ($8) | ($1) | $12 | ($8) | $0 | ($155) | [1] | ($202) | [1] | ($254) | [1] | $0 | [1] | $0 | [1] | ($144) | [1] | $24 | $12 | ($155) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, RTO Auction Clearing Prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.6 | -4.6 | ' | 17.7 | 17.7 | ' | 1.25 | 1 | ' | ||||||
Fair Value Inputs, Power | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | 4,979,000 | ' | ' | 872,000 | ||||||
Fair Value Inputs, Power, Regional Prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.6 | ' | ' | 69.8 | ' | ' | 52.3 | ||||||
[1] | Changes in the fair value of NUG contracts are generally subject to regulatory accounting treatment and do not impact earnings. |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost Basis | $1,777 | [1] | $1,881 | [2] |
Unrealized Gain | 33 | [1] | 33 | [2] |
Fair Value | 1,810 | [1] | 1,914 | [2] |
Equity securities | ' | ' | ||
Amortized cost basis, unrealized gains and losses and fair values of investments in available-for-sale securities | ' | ' | ||
Cost Basis | 628 | [1] | 308 | [2] |
Unrealized Gains | 82 | [1] | 9 | [2] |
Fair Value | 710 | [1] | 317 | [2] |
FES | Debt Securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost Basis | 845 | [1] | 918 | [2] |
Unrealized Gain | 14 | [1] | 17 | [2] |
Fair Value | 859 | [1] | 935 | [2] |
FES | Equity securities | ' | ' | ||
Amortized cost basis, unrealized gains and losses and fair values of investments in available-for-sale securities | ' | ' | ||
Cost Basis | 420 | [1] | 207 | [2] |
Unrealized Gains | 48 | [1] | 0 | [2] |
Fair Value | $468 | [1] | $207 | [2] |
[1] | Excludes short-term cash investments: FE Consolidated - $87 million; FES - $54 million | |||
[2] | Excludes short-term cash investments: FE Consolidated - $204 million; FES - $135 million |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Proceeds from the sale of investments in available-for-sale securities, realized gains and losses on those sales, and interest and dividend income | ' | ' | ' | ' |
Sales Proceeds | $347 | $368 | $1,511 | $1,545 |
Realized Gains | 30 | 9 | 93 | 49 |
Realized Losses | -14 | -15 | -45 | -31 |
OTTI | -7 | -21 | -10 | -74 |
Interest and Dividend Income | 24 | 26 | 73 | 74 |
FES | ' | ' | ' | ' |
Proceeds from the sale of investments in available-for-sale securities, realized gains and losses on those sales, and interest and dividend income | ' | ' | ' | ' |
Sales Proceeds | 183 | 164 | 890 | 650 |
Realized Gains | 24 | 5 | 73 | 38 |
Realized Losses | -13 | -3 | -30 | -14 |
OTTI | -6 | -21 | -9 | -66 |
Interest and Dividend Income | $14 | $16 | $43 | $44 |
Fair_Value_Measurements_Detail5
Fair Value Measurements (Details 5) (Debt Securities, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Securities | ' | ' |
Amortized cost basis, unrealized gains and losses, and approximate fair values of investments in held-to-maturity securities | ' | ' |
Cost Basis | $19 | $33 |
Unrecognized Gains | 6 | 2 |
Fair Value | $25 | $35 |
Fair_Value_Measurements_Detail6
Fair Value Measurements (Details 6) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Carrying Value | ' | ' |
Fair value and related carrying amounts of long-term debt and other long-term obligations | ' | ' |
Long-term debt and other long-term obligations | $19,757 | $17,049 |
Fair Value | ' | ' |
Fair value and related carrying amounts of long-term debt and other long-term obligations | ' | ' |
Long-term debt and other long-term obligations | 21,363 | 17,957 |
FES | Carrying Value | ' | ' |
Fair value and related carrying amounts of long-term debt and other long-term obligations | ' | ' |
Long-term debt and other long-term obligations | 3,148 | 3,001 |
FES | Fair Value | ' | ' |
Fair value and related carrying amounts of long-term debt and other long-term obligations | ' | ' |
Long-term debt and other long-term obligations | $3,296 | $3,073 |
Fair_Value_Measurements_Detail7
Fair Value Measurements (Details Textuals) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Mar. 29, 2014 | Sep. 30, 2014 | Mar. 29, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Apr. 01, 2014 | Apr. 01, 2014 | Apr. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 11, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 19-May-14 | 19-May-14 | Jun. 11, 2014 | Jun. 11, 2014 | Sep. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Revolving Credit Facility | NUG contracts | FirstEnergy | FirstEnergy | FE | FES | FES | FES | FES | FES | FES | FES and AE Supply | FET | ATSI | ATSI | TrAIL | TrAIL | PCRB | PCRB | PCRB | PCRB | PCRB | PCRB | PCRB | PCRB | PCRB | Variable Rate Term Loan Due 2019 | PRCB Put Date June 3, 2019 | PRCB Put Date June 3, 2019 | PRCB Put Date June 3, 2019 | PCRB Put Date December 3, 2018 | 4.35% Senior notes due 2024 | 5.45% Senior Notes Due 2044 | 4 % Senior Notes Due 2025 | 4.15% Senior Notes Due 2025 | 5.0 % Senior Notes Due 2044 | PCRB 3.63% | PCRB Put Date June 1, 2020 | PCRB Put Date April 1, 2020 | Pollution Control Bond Put Date May 1, 2020 [Member] | PCRB Put Date March 1, 2019 | PCRB Maturity Date May 15, 2019 | ||||||
credit_facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | FG | FG | FG | NG | NG | NG | PN | ME | ME | Term Loan | PCRB | PCRB | PCRB | PCRB | FET | FET | ME | PN | Senior Notes | PCRB | PCRB | PCRB | PCRB | PCRB | PCRB | ||||||||||||
FirstEnergy | FG and NG | FG and NG | ATSI | NG | FG | FG | NG | FG | FG | ||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of future observable data to determine contract price | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment excludes Receivables, Payables and Accrued income | ($45,000,000) | ' | ($45,000,000) | ' | $10,000,000 | ' | ' | ' | ' | ' | ($36,000,000) | ' | ($36,000,000) | ' | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash balance excluded from available for sale securities | 87,000,000 | ' | 87,000,000 | ' | 204,000,000 | ' | ' | ' | ' | ' | 54,000,000 | ' | 54,000,000 | ' | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments not required to be disclosed | 633,000,000 | ' | 633,000,000 | ' | 636,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of credit facilities extended | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) of maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | -1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000,000 | 3,500,000,000 | ' | ' | ' | ' | ' | ' | 1,500,000,000 | 1,000,000,000 | 500,000,000 | 100,000,000 | 400,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt redemptions | 0 | -9,000,000 | 8,000,000 | 132,000,000 | ' | ' | ' | 5,000,000 | ' | ' | 1,000,000 | 0 | 6,000,000 | 103,000,000 | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,100,000 | 57,000,000 | 101,000,000 | 164,000,000 | ' | ' | ' | ' | 1,000,000,000 | ' | ' | 182,000,000 | 235,000,000 | 600,000,000 | 400,000,000 | 250,000,000 | 200,000,000 | 400,000,000 | 45,000,000 | 15,500,000 | 29,500,000 | 56,000,000 | 50,000,000 | 90,100,000 |
Stated interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 4.15% | 4.00% | 3.75% | 4.35% | 5.45% | 4.00% | ' | 5.00% | 3.63% | ' | ' | 3.95% | 3.10% | 3.00% |
Face amount of debt repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,000,000 | ' | ' | ' | ' | 16,000,000 | 45,000,000 | ' | 29,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Subordinated Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair value of commodity derivatives | ' | ' |
Derivative Assets | $225 | $239 |
Derivative Liabilities | -344 | -347 |
Current Assets | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Assets | 180 | 166 |
Noncurrent Assets | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Assets | 45 | 73 |
Current Liabilities | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Liabilities | -166 | -111 |
Noncurrent Liabilities | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Liabilities | -178 | -236 |
Commodity contracts | Current Assets | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Assets | 146 | 162 |
Commodity contracts | Noncurrent Assets | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Assets | 42 | 53 |
Commodity contracts | Current Liabilities | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Liabilities | -156 | -102 |
Commodity contracts | Noncurrent Liabilities | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Liabilities | -20 | -11 |
FTRs | Current Assets | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Assets | 34 | 4 |
FTRs | Noncurrent Assets | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Assets | 1 | 0 |
FTRs | Current Liabilities | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Liabilities | -10 | -9 |
FTRs | Noncurrent Liabilities | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Liabilities | -1 | -3 |
NUGs | Noncurrent Assets | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Assets | 2 | 20 |
NUGs | Noncurrent Liabilities | ' | ' |
Fair value of commodity derivatives | ' | ' |
Derivative Liabilities | ($157) | ($222) |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Assets | ' | ' |
Fair Value | $225 | $239 |
Amounts Not Offset in Consolidated Balance Sheet, Derivative Instruments | -150 | -110 |
Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received)/Pledged | 0 | -9 |
Net Fair Value | 75 | 120 |
Derivative Liabilities | ' | ' |
Fair Value | -344 | -347 |
Amounts Not Offset in Consolidated Balance Sheet, Derivative Instruments | 150 | 110 |
Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received)/Pledged | 16 | 12 |
Net Fair Value | -178 | -225 |
Commodity contracts | ' | ' |
Derivative Assets | ' | ' |
Fair Value | 188 | 215 |
Amounts Not Offset in Consolidated Balance Sheet, Derivative Instruments | -139 | -106 |
Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received)/Pledged | 0 | -9 |
Net Fair Value | 49 | 100 |
Derivative Liabilities | ' | ' |
Fair Value | -176 | -113 |
Amounts Not Offset in Consolidated Balance Sheet, Derivative Instruments | 139 | 106 |
Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received)/Pledged | 16 | 7 |
Net Fair Value | -21 | 0 |
FTRs | ' | ' |
Derivative Assets | ' | ' |
Fair Value | 35 | 4 |
Amounts Not Offset in Consolidated Balance Sheet, Derivative Instruments | -11 | -4 |
Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received)/Pledged | 0 | 0 |
Net Fair Value | 24 | 0 |
Derivative Liabilities | ' | ' |
Fair Value | -11 | -12 |
Amounts Not Offset in Consolidated Balance Sheet, Derivative Instruments | 11 | 4 |
Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received)/Pledged | 0 | 5 |
Net Fair Value | 0 | -3 |
NUGs | ' | ' |
Derivative Assets | ' | ' |
Fair Value | 2 | 20 |
Amounts Not Offset in Consolidated Balance Sheet, Derivative Instruments | 0 | 0 |
Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received)/Pledged | 0 | 0 |
Net Fair Value | 2 | 20 |
Derivative Liabilities | ' | ' |
Fair Value | -157 | -222 |
Amounts Not Offset in Consolidated Balance Sheet, Derivative Instruments | 0 | 0 |
Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received)/Pledged | 0 | 0 |
Net Fair Value | ($157) | ($222) |
Derivative_Instruments_Details2
Derivative Instruments (Details 2) | Sep. 30, 2014 |
MWh | |
Power Contracts | ' |
Volume of First Energy's outstanding derivative transactions | ' |
Purchases (in MWH or mmBTUs) | 24,000,000 |
Sales (in MWH or mmBTUs) | 32,000,000 |
Net (in MWH or mmBTUs) | -8,000,000 |
FTRs | ' |
Volume of First Energy's outstanding derivative transactions | ' |
Purchases (in MWH or mmBTUs) | 63,000,000 |
Sales (in MWH or mmBTUs) | 0 |
Net (in MWH or mmBTUs) | 63,000,000 |
NUGs | ' |
Volume of First Energy's outstanding derivative transactions | ' |
Purchases (in MWH or mmBTUs) | 6,000,000 |
Sales (in MWH or mmBTUs) | 0 |
Net (in MWH or mmBTUs) | 6,000,000 |
Natural Gas | ' |
Volume of First Energy's outstanding derivative transactions | ' |
Purchases (in MWH or mmBTUs) | 40,000,000 |
Sales (in MWH or mmBTUs) | 1,000,000 |
Net (in MWH or mmBTUs) | 39,000,000 |
Derivative_Instruments_Details3
Derivative Instruments (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Commodity contracts | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $12 | ' | $12 | ' | ||||
Not Designated as Hedging Instrument | Revenue | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | -14 | [1] | -20 | [2] | -54 | [3] | -48 | [4] |
Not Designated as Hedging Instrument | Purchase Power Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 63 | [5] | 17 | [6] | -395 | [7] | 30 | [8] |
Not Designated as Hedging Instrument | Other Operating Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) Recognized | -20 | [9] | 3 | [10] | -60 | [11] | -15 | [12] |
Realized Gain (Loss) Reclassified | 13 | [13] | 10 | [14] | 30 | [15] | 28 | [16] |
Not Designated as Hedging Instrument | Fuel Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 8 | 2 | -3 | ' | ||||
Not Designated as Hedging Instrument | Interest Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | ' | ' | -6 | ' | ||||
Not Designated as Hedging Instrument | Commodity contracts | Revenue | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | -3 | [1] | -14 | [2] | 8 | [3] | -29 | [4] |
Not Designated as Hedging Instrument | Commodity contracts | Purchase Power Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 63 | [5] | 17 | [6] | -395 | [7] | 30 | [8] |
Not Designated as Hedging Instrument | Commodity contracts | Other Operating Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) Recognized | -24 | [9] | 11 | [10] | -82 | [11] | -5 | [12] |
Realized Gain (Loss) Reclassified | 0 | [13] | 0 | [14] | 0 | [15] | 0 | [16] |
Not Designated as Hedging Instrument | Commodity contracts | Fuel Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 8 | 2 | -3 | ' | ||||
Not Designated as Hedging Instrument | Commodity contracts | Interest Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | ' | ' | ' | ' | ||||
Not Designated as Hedging Instrument | FTRs | Revenue | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | -11 | [1] | -6 | [2] | -62 | [3] | -19 | [4] |
Not Designated as Hedging Instrument | FTRs | Purchase Power Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 0 | [5] | 0 | [6] | 0 | [7] | 0 | [8] |
Not Designated as Hedging Instrument | FTRs | Other Operating Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) Recognized | 4 | [9] | -8 | [10] | 22 | [11] | -10 | [12] |
Realized Gain (Loss) Reclassified | 13 | [13] | 10 | [14] | 30 | [15] | 28 | [16] |
Not Designated as Hedging Instrument | FTRs | Fuel Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 0 | 0 | 0 | ' | ||||
Not Designated as Hedging Instrument | FTRs | Interest Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | ' | ' | ' | ' | ||||
Not Designated as Hedging Instrument | Interest Rate Swap | Revenue | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] |
Not Designated as Hedging Instrument | Interest Rate Swap | Purchase Power Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 0 | [5] | 0 | [6] | 0 | [7] | 0 | [8] |
Not Designated as Hedging Instrument | Interest Rate Swap | Other Operating Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) Recognized | 0 | [9] | 0 | [10] | 0 | [11] | 0 | [12] |
Realized Gain (Loss) Reclassified | 0 | [13] | 0 | [14] | 0 | [15] | 0 | [16] |
Not Designated as Hedging Instrument | Interest Rate Swap | Fuel Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 0 | 0 | 0 | ' | ||||
Not Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | ' | ' | -6 | ' | ||||
FES | Commodity contracts | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | ' | 0 | ' | ||||
FES | Not Designated as Hedging Instrument | Commodity contracts | Revenue | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | -3 | -14 | 8 | -29 | ||||
FES | Not Designated as Hedging Instrument | Commodity contracts | Purchase Power Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | 63 | 17 | -395 | 30 | ||||
FES | Not Designated as Hedging Instrument | Commodity contracts | Other Operating Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) Recognized | -24 | 10 | -82 | -5 | ||||
FES | Not Designated as Hedging Instrument | FTRs | Revenue | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | -11 | -6 | -61 | -17 | ||||
FES | Not Designated as Hedging Instrument | FTRs | Other Operating Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) Recognized | 3 | -8 | 21 | -10 | ||||
Realized Gain (Loss) Reclassified | 14 | 9 | 30 | 25 | ||||
FES | Not Designated as Hedging Instrument | Wholesale Sales Contract | Purchase Power Expense | ' | ' | ' | ' | ||||
Effect of derivative instruments on the statements of income and comprehensive income for instruments designated in cash flow hedging relationships and not in hedging relationships | ' | ' | ' | ' | ||||
Realized Gain (Loss) Reclassified | ($74) | ' | $263 | ' | ||||
[1] | Represents losses on structured financial contracts. Includes $2 million for commodity contracts and $11 million for FTRs associated with FES. | |||||||
[2] | Includes $14 million for commodity contracts and $6 million for FTRs associated with FES. | |||||||
[3] | Represents losses on structured financial contracts. Includes ($8) million for commodity contracts and $61 million for FTRs associated with FES. | |||||||
[4] | Includes $15 million for commodity contracts and $11 million for FTRs associated with FES. | |||||||
[5] | Realized gains on financially settled wholesale contracts of $74 million were netted in purchased power. Includes ($63) million for commodity contracts associated with FES. | |||||||
[6] | Includes ($17) million for commodity contracts associated with FES. | |||||||
[7] | Realized losses on financially settled wholesale contracts of $263 million resulting from higher market prices were netted in purchased power. Includes $395 million for commodity contracts associated with FES. | |||||||
[8] | Includes ($30) million for commodity contracts associated with FES. | |||||||
[9] | Includes ($24) million for commodity contracts and $4 million for FTRs associated with FES. | |||||||
[10] | Includes $11 million for commodity contracts and ($8) million for FTRs associated with FES. | |||||||
[11] | Includes ($82) million for commodity contracts and $21 million for FTRs associated with FES. | |||||||
[12] | Includes ($5) million for commodity contracts and ($10) million for FTRs associated with FES. | |||||||
[13] | Includes ($13) million for FTRs associated with FES. | |||||||
[14] | Includes ($10) million for FTRs associated with FES. | |||||||
[15] | Includes ($30) million for FTRs associated with FES. | |||||||
[16] | Includes ($25) million for FTRs associated with FES. |
Derivative_Instruments_Details4
Derivative Instruments (Details 4) (Not Designated as Hedging Instrument, Subject to Regulatory Accounting, Excluded from Earnings, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) on Derivative Instrument | ($3) | $0 | $38 | ($34) | ||||
Realized Gain (Loss) on Derivative Instrument | 18 | 13 | 20 | 56 | ||||
NUGs | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) on Derivative Instrument | -9 | 7 | 17 | -13 | ||||
Realized Gain (Loss) on Derivative Instrument | 23 | 14 | 30 | 57 | ||||
LCAPP | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) on Derivative Instrument | 0 | [1] | -8 | [1] | 0 | [1] | -22 | [1] |
Realized Gain (Loss) on Derivative Instrument | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Regulated FTRs | ' | ' | ' | ' | ||||
Derivative [Line Items] | ' | ' | ' | ' | ||||
Unrealized Gain (Loss) on Derivative Instrument | 6 | 1 | 21 | 1 | ||||
Realized Gain (Loss) on Derivative Instrument | ($5) | ($1) | ($10) | ($1) | ||||
[1] | During the fourth quarter of 2013, all LCAPP contracts were terminated as discussed above. |
Derivative_Instruments_Details5
Derivative Instruments (Details 5) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Outstanding net asset (liability) [Roll Forward] | ' | ' | ' | ' | ||||
Outstanding net asset (liability), Beginning Balance | ($159) | ($389) | ($202) | ($398) | ||||
Additions/Change in value of existing contracts | -3 | 0 | 38 | -34 | ||||
Settled contracts | 18 | 13 | 20 | 56 | ||||
Outstanding net asset (liability), Ending Balance | -144 | -376 | -144 | -376 | ||||
NUGs | ' | ' | ' | ' | ||||
Outstanding net asset (liability) [Roll Forward] | ' | ' | ' | ' | ||||
Outstanding net asset (liability), Beginning Balance | -169 | -231 | -202 | -254 | ||||
Additions/Change in value of existing contracts | -9 | 7 | 17 | -13 | ||||
Settled contracts | 23 | 14 | 30 | 57 | ||||
Outstanding net asset (liability), Ending Balance | -155 | -210 | -155 | -210 | ||||
LCAPP | ' | ' | ' | ' | ||||
Outstanding net asset (liability) [Roll Forward] | ' | ' | ' | ' | ||||
Outstanding net asset (liability), Beginning Balance | 0 | [1] | -158 | [1] | 0 | [1] | -144 | [1] |
Additions/Change in value of existing contracts | 0 | [1] | -8 | [1] | 0 | [1] | -22 | [1] |
Settled contracts | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Outstanding net asset (liability), Ending Balance | 0 | [1] | -166 | [1] | 0 | [1] | -166 | [1] |
Regulated FTRs | ' | ' | ' | ' | ||||
Outstanding net asset (liability) [Roll Forward] | ' | ' | ' | ' | ||||
Outstanding net asset (liability), Beginning Balance | 10 | 0 | 0 | 0 | ||||
Additions/Change in value of existing contracts | 6 | 1 | 21 | 1 | ||||
Settled contracts | -5 | -1 | -10 | -1 | ||||
Outstanding net asset (liability), Ending Balance | $11 | $0 | $11 | $0 | ||||
[1] | During the fourth quarter of 2013, all LCAPP contracts were terminated as discussed above. |
Derivative_Instruments_Details6
Derivative Instruments (Details Textuals) (USD $) | 0 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||
Jun. 10, 2014 | Sep. 30, 2014 | Jun. 10, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 22, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | |
Commodity contracts | NUGs | FES | FES | JCP&L | JCP&L | Cash Flow Hedges | Cash Flow Hedges | Fair Value Hedging | Fair Value Hedging | Fair Value Hedging | Fair Value Hedging | Fair Value Hedging | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Commodity contracts | FTRs | contracts | appeal | agreements | agreements | agreements | agreements | agreements | FTRs | FTRs | FTRs | FES | FES | FES | Model [Member] | Model [Member] | |||||||||
FTRs | FTRs | FTRs | FTRs | FES | |||||||||||||||||||||
FTRs | |||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized gains or losses associated with designated cash flow hedges | ' | ($5,000,000) | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on cash flow hedge expected to be reclassified to earnings in next twelve months | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of forward starting swap agreements accounted for as a cash flow hedge outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized gains or losses associated with prior interest rate hedges | ' | 52,000,000 | ' | 59,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses to be amortized to interest expenses during next twelve months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of fixed-for-floating interest rate swap agreements outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Gains included in long-term debt associated with prior fixed-for-floating interest rate swap agreements | ' | 35,000,000 | ' | 44,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassifications from long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 4,000,000 | 9,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of outstanding commodity or interest rate derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Net asset position under commodity derivative contracts | ' | ' | ' | ' | 12,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral posted | ' | ' | ' | ' | ' | ' | 46,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional collateral related to commodity derivatives | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Possible adverse change in quoted market prices of derivative instruments | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Possible decrease net income due to ten percent adverse change in commodity prices | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivatives | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fixed interest rate | ' | ' | 3.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on interest rate derivative instruments not designated as hedging instruments | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability position | ' | ' | ' | ' | ' | 155,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of outstanding LCAPP contracts | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of appeals dismissed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | -8,000,000 | -1,000,000 | 12,000,000 | -8,000,000 | 0 | 24,000,000 | 12,000,000 |
Period in which LSEs may request direct allocation of FTRs | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct allocation of FTRs, cost | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | 31-May-13 | Dec. 07, 2012 | Sep. 25, 2014 | Sep. 25, 2014 | Sep. 30, 2014 | Aug. 24, 2012 | Aug. 24, 2012 | Aug. 24, 2012 | Sep. 30, 2014 | Sep. 02, 2014 | Sep. 03, 2013 | Dec. 22, 2011 | Dec. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2009 | Sep. 02, 2014 | Oct. 06, 2009 | Sep. 30, 2014 | 5-May-14 | Feb. 22, 2013 | Nov. 30, 2012 | Aug. 07, 2013 | Sep. 30, 2014 | Dec. 31, 2009 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 10, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2010 | Feb. 15, 2013 | 31-May-11 | Apr. 29, 2011 | Aug. 04, 2014 | Aug. 04, 2014 | Aug. 04, 2014 | Aug. 04, 2014 | Sep. 30, 2014 | Oct. 10, 2013 | Oct. 10, 2013 | Oct. 10, 2013 | Sep. 30, 2014 | Feb. 06, 2013 | Apr. 21, 2014 | Apr. 21, 2014 | Apr. 30, 2010 | Jun. 30, 2014 | Aug. 29, 2014 | Jun. 13, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Nov. 03, 2014 | Nov. 03, 2014 | Oct. 31, 2006 | Sep. 30, 2014 | Jan. 27, 2014 | Dec. 31, 2013 | Aug. 07, 2013 | Jan. 27, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Feb. 24, 2014 | Oct. 22, 2014 | Oct. 22, 2014 | |
entities | FERC | FERC | FERC | FERC | FERC | FERC | FERC | FERC | FERC | FERC | MARYLAND | MARYLAND | MARYLAND | MARYLAND | MARYLAND | MARYLAND | MARYLAND | MARYLAND | NEW JERSEY | NEW JERSEY | NEW JERSEY | NEW JERSEY | OHIO | OHIO | OHIO | OHIO | OHIO | OHIO | OHIO | OHIO | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | Pennsylvania | West Virginia | West Virginia | West Virginia | West Virginia | West Virginia | West Virginia | West Virginia | West Virginia | West Virginia | California Claims Matters | California Claims Matters | Division Of Rate Counsel | Public Utilities Commission Of Ohio | Public Utilities Commission Of Ohio | Board Of Public Utilities | Board Of Public Utilities | Board Of Public Utilities | Board Of Public Utilities | Board Of Public Utilities | Board Of Public Utilities | |||||
MOPR Reform | MOPR Reform | PJM Reliability Pricing Model Triennial Review | PJM Reliability Pricing Model Triennial Review | PJM | PATH | PATH-Allegheny | Path-WV | FES and AE Supply | bgs | Year 2012 | Year 2013 | Year 2014 | Annually Through 2014 | Annually Through 2017 through 2020 | proposals | comment | questions | WP | ME | PN | Pennsylvania Power Company | Year 2013 | Three Month Period | Twelve Month Period | Twenty-Four Month Period | Unfavorable Regulatory Action | Unfavorable Regulatory Action | Unfavorable Regulatory Action | Unfavorable Regulatory Action | MP and PE | MP and PE | MP and PE | MP and PE | MP and PE | MP and PE | MP and PE | FERC | FERC | NEW JERSEY | OHIO | OHIO | NEW JERSEY | NEW JERSEY | NEW JERSEY | NEW JERSEY | NEW JERSEY | NEW JERSEY | |||||||||||||||||||||||||||
exemption | Minimum | Maximum | FTR Underfunding Complaint | component | MWh | MWh | MWh | workgroup | WP | Pennsylvania Companies | Subsequent Event | Subsequent Event | Proceedings | JCP&L | auctions | JCP&L | JCP&L | JCP&L | JCP&L | JCP&L | JCP&L | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Minimum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed electric consumption reduction percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed electric demand reduction percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenditures for cost recovery program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $64,000,000 | $101,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovery period for expenditures for cost recovery program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '5 years | '3 years | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Recovery of Deferred Costs, Allowed Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 736,000,000 | ' | ' |
Public Utilities, Requested Recovery of Deferred Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 744,000,000 | ' | ' |
Public Utilities, Requested Recovery Costs, Disallowed Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' |
Proposed CTA Revenue Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,000,000 | ' | ' | ' |
Allowed CTA Revenue Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 6,000,000 |
Public Utilities, Renewable Energy Auctions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Amortization (deferral) of regulatory assets, net | 35,000,000 | ' | 312,000,000 | 27,000,000 | 443,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum penalty assessed, in dollars per day per violation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected increase in cost due to proposed plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Infrastructure Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Infrastructure Investments, Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Supply Components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Basic Generation Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Return on Debt, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requested increase in revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 603,000,000 | 31,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Generation discount for low income customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovery Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Storm and Property Reserve Deficiency, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs avoided by customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESP Extension Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Generation supply auction period, after approval | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Generation supply auction period, before approval | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual energy savings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 1,705,000 | 2,237,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utilities required to reduce peak demand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utilities required to additionally reduce peak demand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic Development and Assistance Plan, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed Purchase Power Agreement, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual revenue cap for rider | 30,000,000 | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portfolio Plan, Estimated Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of Revenue Obtained to be Received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit to Non-Shopping Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit to Non-Shopping Customers, Implementation Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marginal Transmission Refund Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '29 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marginal transmission losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 254,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | 473,000,000 | ' | 0 | 473,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 254,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Loss in Period | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Review Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum reduction in Utilities reduce energy consumption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum reduction in Utilities peak demand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum range of possible loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | 234,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Rate Increase (Decrease), Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.70% | 5.70% | ' | 9.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Surcharge, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Rate Increase (Decrease), Total Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Energy Contract, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '12 months | '24 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Requests For Proposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Request for Proposal, Project Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period to Respond to Complaint | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annualized base rate increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Storm Restoration Deferral Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Requested Rate Increase (Decrease), Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,500,000 | 151,900,000 | 119,800,000 | 28,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,800,000 | ' | 96,000,000 | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utilities Operating Expense, Under-recovered Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,600,000 | 14,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional base rate increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recommend Reduction in Base Rates for Electric Service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 214,900,000 | ' | ' | 207,400,000 | ' | ' | ' | ' | ' |
Decrease in ENEC rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compliance Filing, Hybrid Methodology, Beneficiary Pays Cost Allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denied Recovery Charges of Exit Fees | ' | ' | ' | ' | ' | 78,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement proposal claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Court proceedings from filed claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost recovery, PP&E reclassified to Regulatory Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,000,000 | 59,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Auctioned Energy Price | ' | ' | ' | ' | ' | ' | 59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Exemptions Added | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directed Questions for Investigation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Workgroups Established | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Comments Established | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory Asset, Cost Recovery, Proposed Return on Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base Return On Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return On Equity Granted For Regional Transmission Organization Participation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Recovery Period of Regulatory Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues Lost of Which the Entity is Entitled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $94,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compliance Filing, Hybrid Methodology, Postage Stamp Cost Allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regional Enforcement Entities | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requirement to File Update with FERC Showing Market-Based Rate Authority Requirements Met, Period | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reliability Pricing Model, Review Period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Variable Resource Requirement, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Guarantees_and_Con2
Commitments, Guarantees and Contingencies (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $946 |
FES | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 784 |
AE Supply | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 68 |
Utilities | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 94 |
Split Rating | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 552 |
Split Rating | FES | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 490 |
Split Rating | AE Supply | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 6 |
Split Rating | Utilities | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 56 |
Fitch, BB Plus Moody's, Ba1 Credit Rating | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 595 |
Fitch, BB Plus Moody's, Ba1 Credit Rating | FES | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 533 |
Fitch, BB Plus Moody's, Ba1 Credit Rating | AE Supply | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 6 |
Fitch, BB Plus Moody's, Ba1 Credit Rating | Utilities | ' |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $56 |
Commitments_Guarantees_and_Con3
Commitments, Guarantees and Contingencies (Details Textuals) (USD $) | 9 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2009 | Sep. 30, 2013 | Jun. 10, 2014 | Apr. 19, 2013 | Sep. 30, 2014 | Apr. 19, 2013 | Apr. 30, 2009 | Apr. 03, 2014 | Oct. 03, 2013 | Mar. 28, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 20, 2013 | Jun. 30, 2013 | Jan. 02, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jul. 31, 2008 | Jul. 31, 2008 | Jul. 31, 2008 | Aug. 13, 2012 | 2-May-11 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 10, 2013 | Dec. 05, 2013 | Dec. 05, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
ICG Litigation | Clean Water Act | Clean Water Act | Clean Water Act | Clean Water Act | Clean Water Act | Regulation of Waste Disposal | Regulation of Waste Disposal | Regulation of Waste Disposal | Regulation of Waste Disposal | Nuclear Plant Matters | Caa Compliance | National Ambient Air Quality Standards | National Ambient Air Quality Standards | National Ambient Air Quality Standards | Hazardous Air Pollutant Emissions | Hazardous Air Pollutant Emissions | Climate Change | Climate Change | Climate Change | Climate Change | Climate Change | Senior Secured Term Loan | Regulated Distribution | Regulated Distribution | Competitive Energy Services | FES | FES | FES | AE Supply | Global Holding | Global Holding | Global Holding | Signal Peak and Global Rail | Signal Peak and Global Rail | FEV | WMB Marketing Ventures, LLC | FGCO | FGCO | FGCO | FGCO | FGCO | FGCO | AE Supply and MP | AE Supply and MP | State and Local Agencies | Environmental Protection Agency | Minimum | Maximum | Transportation Commitment | Transportation Commitment | Little Blue Run | Pending Litigation | Pending Litigation | Settled Litigation | FirstEnergy | Subsidiaries | Other Assurances | Guarantee Type, Other | |||||
options | aspect_of_opinion | deficiency | options | CoalFiredPlants | T | CAIR | CSAPR | lb | T | Year 2016 | Year 2020 | Senior Loans | Hazardous Air Pollutant Emissions | Hazardous Air Pollutant Emissions | ICG Litigation | Senior Secured Term Loan | Senior Secured Term Loan | Senior Secured Term Loan | Senior Secured Term Loan | Senior Secured Term Loan | Caa Compliance | Caa Compliance | Caa Compliance | ICG Litigation | ICG Litigation | Hazardous Air Pollutant Emissions | Hazardous Air Pollutant Emissions | Clean Water Act | Clean Water Act | Hazardous Air Pollutant Emissions | Hazardous Air Pollutant Emissions | Regulation of Waste Disposal | Regulation of Waste Disposal | Regulation of Waste Disposal | Regulation of Waste Disposal | ||||||||||||||||||||||||||||
ElectricGenerationUnits | phases | phases | Senior Loans | Senior Loans | Senior Loans | Senior Loans | Senior Loans | Complaints | Claim One | Claim Two | contracts | West Virginia | Pennsylvania | Pennsylvania | |||||||||||||||||||||||||||||||||||||||||||||||||
Signal Peak, Global Rail and Affiliates | Signal Peak | Signal Peak | Complaints | plaintiff | IndividualsInAComplaint | IndividualsInAComplaint | IndividualsInAComplaint | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Holding | Global Holding | IndividualsInAComplaint | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding guarantees and other assurances aggregated | $4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $672 | $2,311 | $330 | $648 |
Company posted collateral related to net liability positions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | 197 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential collateral posted related to net liability positions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New syndicated senior secured term loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | 1,062 | 2,662 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 749 | 1,179 | ' | ' | ' | ' | ' | ' | 350 | ' | ' | 258 | 352 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loan facility, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69.99% | ' | ' | 33.33% | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor obligations, guarantee fee receivable, percentage, next twelve months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of complaints filed against FGCO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of complaints seek enjoin plant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of individuals behalf of which complaint filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61 | 26 | 16 | ' | ' | ' | ' |
Number of named plaintiffs as class representatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Jointly owned utility plant, proportionate ownership share | ' | ' | ' | 16.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of treatment options | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of preferred treatment options | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Waste water discharge permit renewal cycle | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of electric generation facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of generation units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of phases under the EPAbs CAIR for reductions of Sulfur Dioxide and Mono-Nitrogen Oxides | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capping of SO2 emissions (In Tons) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capping of NOx emissions (In Tons) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capping of SO2 Emissions Under CSAPR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capping of NOx emissions under CSAPR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential cost of compliance, MATS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234 | ' | ' | ' | ' | ' | 370 | 465 | ' | ' | ' | ' | ' | ' | ' | 192 | 178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent reduction in GHG Emissions Between 2005 And 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anticipated Reduction in CO2 Emissions (Percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed Executive Action, Reduction in Power Plants Carbon Pollution, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed emissions standard of large natural gas fired units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upper threshold limit for carbon dioxide emission (Tons per Year) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment, Proposed Emissions Standard, Other Natural Gas Fired Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment, Proposed Emissions Standard, Fossil Fuel Fired Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aspects of opinion reversed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual percentage that fish impingement should be reduced to, per CWA | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum capital investment required to install technology to meet TDS and Sulfate limits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TMDL Limit Development Period | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment, Proposed Regulation, Comment Period | ' | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Deficiencies Identified in Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options proposed by EPA for additional regulation of coal combustion residuals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claims Resolution, Civil Penalties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of time to implement plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bond Closure and Post Closure Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Retirement Obligation, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 163 | ' | ' | ' | ' | ' | ' | ' |
Permit to Provide Bonding for Closure and Post-Closure Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period to Complete Closure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual for Environmental Loss Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental Liabilities Former Gas Facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decommissioning Fund Investments | 2,365 | ' | 2,201 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,381 | ' | 1,276 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parental guarantee associated with the funding of decommissioning costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parental Guarantee Associated With Funding Of Decommissioning Costs, Additions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Renewal length of operating license for Davis-Besse Nuclear Power Station | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss incurred in damages for replacement coal purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional damages incurred for future shortfalls | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Verdict in Favor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount for which verdict entered for future damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount for replacement coal and interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain contingency, unrecorded amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain Contingency, Damages Denied, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential MATS Extension Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Claims Settled Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain contingency, damages denied | ' | ' | ' | ' | $15.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Tax effect of discontinued operations | $0 | $3 | $69 | $9 | ||||
Consolidating Statements of Income | ' | ' | ' | ' | ||||
Revenues | 3,888 | [1] | 4,032 | [1] | 11,566 | [1] | 11,259 | [1] |
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Fuel | 544 | 657 | 1,711 | 1,915 | ||||
Purchased power | 1,188 | 1,120 | 3,726 | 2,932 | ||||
Other operating expenses | 858 | 877 | 3,061 | 2,645 | ||||
Provision for depreciation | 308 | 316 | 904 | 909 | ||||
General taxes | 239 | 242 | 738 | 747 | ||||
Total operating expenses | 3,172 | 3,524 | 10,167 | 10,064 | ||||
OPERATING INCOME (LOSS) | 716 | 508 | 1,399 | 1,195 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Loss on debt redemptions | 0 | 9 | -8 | -132 | ||||
Investment income | 16 | 5 | 67 | 8 | ||||
Interest expense | -275 | -257 | -802 | -771 | ||||
Capitalized interest | 28 | 21 | 89 | 62 | ||||
Total other expense | -231 | -222 | -654 | -833 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 485 | 286 | 745 | 362 | ||||
INCOME TAXES (BENEFITS) | 152 | 77 | 226 | 129 | ||||
INCOME FROM CONTINUING OPERATIONS | 333 | 209 | 519 | 233 | ||||
Discontinued operations (Note 14) | 0 | 9 | 86 | 17 | ||||
NET INCOME (LOSS) | 333 | 218 | 605 | 250 | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' | ||||
NET INCOME | 333 | 218 | 605 | 250 | ||||
Pension and OPEB prior service costs | -42 | -47 | -126 | -148 | ||||
Amortized loss (gain) on derivative hedges | 0 | 2 | -1 | 4 | ||||
Change in unrealized gain on available-for-sale securities | -11 | 6 | 40 | 3 | ||||
Other comprehensive income (loss) | -53 | -39 | -87 | -141 | ||||
Income taxes (benefits) on other comprehensive income (loss) | -21 | -15 | -35 | -55 | ||||
Other comprehensive income (loss), net of tax | -32 | -24 | -52 | -86 | ||||
COMPREHENSIVE INCOME (LOSS) | 301 | 194 | 553 | 164 | ||||
FES | ' | ' | ' | ' | ||||
Consolidating Statements of Income | ' | ' | ' | ' | ||||
Revenues | 1,481 | 1,654 | 4,690 | 4,575 | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Fuel | 0 | 0 | 0 | 0 | ||||
Other operating expenses | 178 | 147 | 648 | 484 | ||||
Provision for depreciation | 2 | 1 | 6 | 4 | ||||
General taxes | 17 | 21 | 56 | 60 | ||||
Total operating expenses | 1,850 | 1,898 | 5,553 | 5,369 | ||||
OPERATING INCOME (LOSS) | -369 | -244 | -863 | -794 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Loss on debt redemptions | 0 | ' | -3 | -103 | ||||
Investment income | 2 | 2 | 5 | 4 | ||||
Miscellaneous income, including net income from equity investees | 289 | 180 | 551 | 543 | ||||
Capitalized interest | 0 | 0 | 0 | 1 | ||||
Total other expense | 275 | 166 | 504 | 385 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -94 | -78 | -359 | -409 | ||||
INCOME TAXES (BENEFITS) | -138 | -118 | -327 | -380 | ||||
INCOME FROM CONTINUING OPERATIONS | 44 | 40 | -32 | -29 | ||||
Discontinued operations (Note 14) | 0 | 0 | 0 | 0 | ||||
NET INCOME (LOSS) | 44 | 40 | -32 | -29 | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' | ||||
NET INCOME | 44 | 40 | -32 | -29 | ||||
Pension and OPEB prior service costs | -4 | -5 | -14 | -16 | ||||
Amortized loss (gain) on derivative hedges | -2 | -1 | -7 | -3 | ||||
Change in unrealized gain on available-for-sale securities | -9 | 5 | 35 | 2 | ||||
Other comprehensive income (loss) | -15 | -1 | 14 | -17 | ||||
Income taxes (benefits) on other comprehensive income (loss) | -6 | -1 | 5 | -7 | ||||
Other comprehensive income (loss), net of tax | -9 | 0 | 9 | -10 | ||||
COMPREHENSIVE INCOME (LOSS) | 35 | 40 | -23 | -39 | ||||
FES | Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 1,026 | 1,009 | 2,573 | 3,072 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | -3 | -3 | -8 | -10 | ||||
FES | Non-Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 627 | 720 | 2,270 | 1,749 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | -13 | -13 | -41 | -50 | ||||
FGCO | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Tax effect of discontinued operations | 0 | 5 | 70 | 8 | ||||
Consolidating Statements of Income | ' | ' | ' | ' | ||||
Revenues | 477 | 528 | 1,297 | 1,612 | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Fuel | 216 | 249 | 776 | 782 | ||||
Other operating expenses | 59 | 65 | 200 | 208 | ||||
Provision for depreciation | 30 | 33 | 89 | 96 | ||||
General taxes | 7 | 9 | 24 | 28 | ||||
Total operating expenses | 312 | 360 | 1,093 | 1,120 | ||||
OPERATING INCOME (LOSS) | 165 | 168 | 204 | 492 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Loss on debt redemptions | 0 | ' | -1 | 0 | ||||
Investment income | 3 | 0 | 6 | 0 | ||||
Miscellaneous income, including net income from equity investees | -2 | 19 | 1 | 23 | ||||
Capitalized interest | 2 | 1 | 3 | 1 | ||||
Total other expense | -25 | -6 | -71 | -59 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 140 | 162 | 133 | 433 | ||||
INCOME TAXES (BENEFITS) | 49 | 111 | 41 | 215 | ||||
INCOME FROM CONTINUING OPERATIONS | 91 | 51 | 92 | 218 | ||||
Discontinued operations (Note 14) | 0 | 7 | 116 | 14 | ||||
NET INCOME (LOSS) | 91 | 58 | 208 | 232 | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' | ||||
NET INCOME | 91 | 58 | 208 | 232 | ||||
Pension and OPEB prior service costs | -4 | -5 | -13 | -15 | ||||
Amortized loss (gain) on derivative hedges | 0 | 0 | 0 | 0 | ||||
Change in unrealized gain on available-for-sale securities | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss) | -4 | -5 | -13 | -15 | ||||
Income taxes (benefits) on other comprehensive income (loss) | -2 | -2 | -5 | -6 | ||||
Other comprehensive income (loss), net of tax | -2 | -3 | -8 | -9 | ||||
COMPREHENSIVE INCOME (LOSS) | 89 | 55 | 200 | 223 | ||||
FGCO | Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 0 | 0 | 0 | 0 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | -2 | -2 | -5 | -4 | ||||
FGCO | Non-Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 0 | 4 | 4 | 6 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | -26 | -24 | -75 | -79 | ||||
Nuclear Generation Corp | ' | ' | ' | ' | ||||
Consolidating Statements of Income | ' | ' | ' | ' | ||||
Revenues | 592 | 440 | 1,391 | 1,337 | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Fuel | 54 | 55 | 147 | 154 | ||||
Other operating expenses | 106 | 114 | 391 | 376 | ||||
Provision for depreciation | 52 | 46 | 143 | 134 | ||||
General taxes | 7 | 5 | 19 | 18 | ||||
Total operating expenses | 283 | 285 | 903 | 879 | ||||
OPERATING INCOME (LOSS) | 309 | 155 | 488 | 458 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Loss on debt redemptions | -1 | ' | -2 | 0 | ||||
Investment income | 13 | -1 | 57 | 3 | ||||
Miscellaneous income, including net income from equity investees | 0 | 0 | 0 | 0 | ||||
Capitalized interest | 5 | 8 | 24 | 26 | ||||
Total other expense | 3 | -7 | 37 | -18 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 312 | 148 | 525 | 440 | ||||
INCOME TAXES (BENEFITS) | 117 | 28 | 188 | 138 | ||||
INCOME FROM CONTINUING OPERATIONS | 195 | 120 | 337 | 302 | ||||
Discontinued operations (Note 14) | 0 | 0 | 0 | 0 | ||||
NET INCOME (LOSS) | 195 | 120 | 337 | 302 | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' | ||||
NET INCOME | 195 | 120 | 337 | 302 | ||||
Pension and OPEB prior service costs | 0 | 0 | 0 | 0 | ||||
Amortized loss (gain) on derivative hedges | 0 | 0 | 0 | 0 | ||||
Change in unrealized gain on available-for-sale securities | -9 | 5 | 35 | 2 | ||||
Other comprehensive income (loss) | -9 | 5 | 35 | 2 | ||||
Income taxes (benefits) on other comprehensive income (loss) | -3 | 3 | 13 | 1 | ||||
Other comprehensive income (loss), net of tax | -6 | 2 | 22 | 1 | ||||
COMPREHENSIVE INCOME (LOSS) | 189 | 122 | 359 | 303 | ||||
Nuclear Generation Corp | Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 64 | 65 | 203 | 197 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | 0 | -1 | -2 | -5 | ||||
Nuclear Generation Corp | Non-Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 0 | 0 | 0 | 0 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | -14 | -13 | -40 | -42 | ||||
Eliminations | ' | ' | ' | ' | ||||
Consolidating Statements of Income | ' | ' | ' | ' | ||||
Revenues | -1,029 | -943 | -2,576 | -2,869 | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Fuel | 0 | 0 | 0 | 0 | ||||
Other operating expenses | 13 | 13 | 37 | 37 | ||||
Provision for depreciation | -1 | 0 | -2 | -3 | ||||
General taxes | 0 | 0 | 0 | 0 | ||||
Total operating expenses | -1,014 | -929 | -2,538 | -2,834 | ||||
OPERATING INCOME (LOSS) | -15 | -14 | -38 | -35 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Loss on debt redemptions | 0 | ' | 0 | 0 | ||||
Investment income | -5 | -4 | -11 | -11 | ||||
Miscellaneous income, including net income from equity investees | -286 | -178 | -547 | -537 | ||||
Capitalized interest | 0 | 0 | 0 | 0 | ||||
Total other expense | -271 | -162 | -502 | -491 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -286 | -176 | -540 | -526 | ||||
INCOME TAXES (BENEFITS) | 0 | 2 | 3 | 8 | ||||
INCOME FROM CONTINUING OPERATIONS | -286 | -178 | -543 | -534 | ||||
Discontinued operations (Note 14) | 0 | 0 | 0 | 0 | ||||
NET INCOME (LOSS) | -286 | -178 | -543 | -534 | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' | ||||
NET INCOME | -286 | -178 | -543 | -534 | ||||
Pension and OPEB prior service costs | 4 | 5 | 13 | 15 | ||||
Amortized loss (gain) on derivative hedges | 0 | 0 | 0 | 0 | ||||
Change in unrealized gain on available-for-sale securities | 9 | -5 | -35 | -2 | ||||
Other comprehensive income (loss) | 13 | 0 | -22 | 13 | ||||
Income taxes (benefits) on other comprehensive income (loss) | 5 | -1 | -8 | 5 | ||||
Other comprehensive income (loss), net of tax | 8 | 1 | -14 | 8 | ||||
COMPREHENSIVE INCOME (LOSS) | -278 | -177 | -557 | -526 | ||||
Eliminations | Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | -1,026 | -942 | -2,573 | -2,868 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | 4 | 5 | 10 | 12 | ||||
Eliminations | Non-Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 0 | 0 | 0 | 0 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | 16 | 15 | 46 | 45 | ||||
FES | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Tax effect of discontinued operations | 0 | 5 | 70 | 8 | ||||
Consolidating Statements of Income | ' | ' | ' | ' | ||||
Revenues | 1,521 | 1,679 | 4,802 | 4,655 | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Fuel | 270 | 304 | 923 | 936 | ||||
Other operating expenses | 356 | 339 | 1,276 | 1,105 | ||||
Provision for depreciation | 83 | 80 | 236 | 231 | ||||
General taxes | 31 | 35 | 99 | 106 | ||||
Total operating expenses | 1,431 | 1,614 | 5,011 | 4,534 | ||||
OPERATING INCOME (LOSS) | 90 | 65 | -209 | 121 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Loss on debt redemptions | -1 | 0 | -6 | -103 | ||||
Investment income | 13 | -3 | 57 | -4 | ||||
Miscellaneous income, including net income from equity investees | 1 | 21 | 5 | 29 | ||||
Capitalized interest | 7 | 9 | 27 | 28 | ||||
Total other expense | -18 | -9 | -32 | -183 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 72 | 56 | -241 | -62 | ||||
INCOME TAXES (BENEFITS) | 28 | 23 | -95 | -19 | ||||
INCOME FROM CONTINUING OPERATIONS | 44 | 33 | -146 | -43 | ||||
Discontinued operations (Note 14) | 0 | 7 | 116 | 14 | ||||
NET INCOME (LOSS) | 44 | 40 | -30 | -29 | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' | ||||
NET INCOME | 44 | 40 | -30 | -29 | ||||
Pension and OPEB prior service costs | -4 | -5 | -14 | -16 | ||||
Amortized loss (gain) on derivative hedges | -2 | -1 | -7 | -3 | ||||
Change in unrealized gain on available-for-sale securities | -9 | 5 | 35 | 2 | ||||
Other comprehensive income (loss) | -15 | -1 | 14 | -17 | ||||
Income taxes (benefits) on other comprehensive income (loss) | -6 | -1 | 5 | -7 | ||||
Other comprehensive income (loss), net of tax | -9 | 0 | 9 | -10 | ||||
COMPREHENSIVE INCOME (LOSS) | 35 | 40 | -21 | -39 | ||||
FES | Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 64 | 132 | 203 | 401 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | -1 | -1 | -5 | -7 | ||||
FES | Non-Affiliates | ' | ' | ' | ' | ||||
OPERATING EXPENSES: | ' | ' | ' | ' | ||||
Purchased power | 627 | 724 | 2,274 | 1,755 | ||||
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest expense | ($37) | ($35) | ($110) | ($126) | ||||
Bruce Mansfield Unit 1 | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Percentage of undivided interest of non guarantor subsidiary | 93.83% | ' | 93.83% | ' | ||||
[1] | Includes excise tax collections of $105 million and $117 million in the three months ended SeptemberB 30, 2014 and 2013, respectively, and $321 million and $346 million in the nine months ended SeptemberB 30, 2014 and 2013, respectively. |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $109 | $218 | $222 | $172 |
Receivables- | ' | ' | ' | ' |
Customers | 1,605 | 1,720 | ' | ' |
Other Receivables | 214 | 198 | ' | ' |
Materials and supplies, at average cost | 771 | 752 | ' | ' |
Derivatives | 180 | 166 | ' | ' |
Collateral | 221 | 155 | ' | ' |
Prepayments and other | 173 | 212 | ' | ' |
Total current assets | 3,785 | 4,013 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' | ' | ' |
In service | 46,664 | 44,228 | ' | ' |
Less - Accumulated provision for depreciation | 14,040 | 13,280 | ' | ' |
Property, plant and equipment in service net of accumulated provision for depreciation | 32,624 | 30,948 | ' | ' |
Construction work in progress | 2,301 | 2,304 | ' | ' |
Total net property, plant and equipment | 34,925 | 33,252 | ' | ' |
INVESTMENTS: | ' | ' | ' | ' |
Nuclear plant decommissioning trusts | 2,365 | 2,201 | ' | ' |
Other | 894 | 903 | ' | ' |
Total other property and investments | 3,259 | 3,104 | ' | ' |
ASSETS HELD FOR SALE | 0 | 235 | ' | ' |
DEFERRED CHARGES AND OTHER ASSETS: | ' | ' | ' | ' |
Goodwill | 6,418 | 6,418 | 6,418 | ' |
Other | 1,169 | 1,548 | ' | ' |
Total deferred charges and other assets | 9,255 | 9,820 | ' | ' |
Total assets | 51,224 | 50,424 | 50,468 | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Currently payable long-term debt | 1,386 | 1,415 | ' | ' |
Other | 1,621 | 3,404 | ' | ' |
Accounts payable- | ' | ' | ' | ' |
Accrued taxes | 489 | 485 | ' | ' |
Derivatives | 166 | 111 | ' | ' |
Other | 850 | 621 | ' | ' |
Total current liabilities | 5,979 | 7,637 | ' | ' |
CAPITALIZATION: | ' | ' | ' | ' |
Total common stockholders' equity | 12,702 | 12,692 | ' | ' |
Long-term debt and other long-term obligations | 18,531 | 15,831 | ' | ' |
Total capitalization | 31,235 | 28,526 | ' | ' |
NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Deferred gain on sale and leaseback transaction | 833 | 858 | ' | ' |
Accumulated deferred income taxes | 7,188 | 6,968 | ' | ' |
Asset retirement obligations | 1,755 | 1,678 | ' | ' |
Retirement benefits | 2,754 | 2,689 | ' | ' |
Other | 1,258 | 1,778 | ' | ' |
Total noncurrent liabilities | 14,010 | 14,261 | ' | ' |
Total liabilities and capitalization | 51,224 | 50,424 | ' | ' |
FES | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables- | ' | ' | ' | ' |
Customers | 445 | 539 | ' | ' |
Affiliated companies | 408 | 938 | ' | ' |
Other Receivables | 61 | 52 | ' | ' |
Notes receivable from affiliated companies | 408 | 203 | ' | ' |
Materials and supplies, at average cost | 59 | 76 | ' | ' |
Derivatives | 168 | 165 | ' | ' |
Collateral | 218 | 136 | ' | ' |
Prepayments and other | 43 | 52 | ' | ' |
Total current assets | 1,810 | 2,161 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' | ' | ' |
In service | 128 | 104 | ' | ' |
Less - Accumulated provision for depreciation | 34 | 28 | ' | ' |
Property, plant and equipment in service net of accumulated provision for depreciation | 94 | 76 | ' | ' |
Construction work in progress | 6 | 23 | ' | ' |
Total net property, plant and equipment | 100 | 99 | ' | ' |
INVESTMENTS: | ' | ' | ' | ' |
Nuclear plant decommissioning trusts | 0 | 0 | ' | ' |
Investment in affiliated companies | 6,345 | 5,801 | ' | ' |
Other | 0 | 0 | ' | ' |
Total other property and investments | 6,345 | 5,801 | ' | ' |
ASSETS HELD FOR SALE | ' | 0 | ' | ' |
DEFERRED CHARGES AND OTHER ASSETS: | ' | ' | ' | ' |
Accumulated deferred income tax benefits | 307 | 0 | ' | ' |
Customer intangibles | 82 | 95 | ' | ' |
Goodwill | 23 | 23 | ' | ' |
Property taxes | 0 | 0 | ' | ' |
Unamortized sale and leaseback costs | 0 | 0 | ' | ' |
Derivatives | 42 | 53 | ' | ' |
Other | 40 | 81 | ' | ' |
Total deferred charges and other assets | 494 | 252 | ' | ' |
Total assets | 8,749 | 8,313 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Currently payable long-term debt | 18 | 1 | ' | ' |
Other | 12 | 0 | ' | ' |
Accounts payable- | ' | ' | ' | ' |
Affiliated companies | 704 | 741 | ' | ' |
Other | 66 | 94 | ' | ' |
Accrued taxes | 251 | 204 | ' | ' |
Derivatives | 166 | 110 | ' | ' |
Other | 52 | 70 | ' | ' |
Total current liabilities | 2,215 | 2,197 | ' | ' |
CAPITALIZATION: | ' | ' | ' | ' |
Total common stockholders' equity | 5,772 | 5,312 | ' | ' |
Long-term debt and other long-term obligations | 694 | 712 | ' | ' |
Total capitalization | 6,466 | 6,024 | ' | ' |
NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Deferred gain on sale and leaseback transaction | 0 | 0 | ' | ' |
Accumulated deferred income taxes | 0 | 32 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Retirement benefits | 23 | 22 | ' | ' |
Derivatives | 20 | 14 | ' | ' |
Other | 25 | 24 | ' | ' |
Total noncurrent liabilities | 68 | 92 | ' | ' |
Total liabilities and capitalization | 8,749 | 8,313 | ' | ' |
FES | Affiliates | ' | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Short-term borrowings | 946 | 977 | ' | ' |
FGCO | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 2 | 2 | 2 | 3 |
Receivables- | ' | ' | ' | ' |
Customers | 0 | 0 | ' | ' |
Affiliated companies | 339 | 787 | ' | ' |
Other Receivables | 21 | 12 | ' | ' |
Notes receivable from affiliated companies | 769 | 23 | ' | ' |
Materials and supplies, at average cost | 194 | 159 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Collateral | 0 | 0 | ' | ' |
Prepayments and other | 54 | 50 | ' | ' |
Total current assets | 1,379 | 1,033 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' | ' | ' |
In service | 6,195 | 6,105 | ' | ' |
Less - Accumulated provision for depreciation | 2,032 | 1,953 | ' | ' |
Property, plant and equipment in service net of accumulated provision for depreciation | 4,163 | 4,152 | ' | ' |
Construction work in progress | 146 | 148 | ' | ' |
Total net property, plant and equipment | 4,309 | 4,300 | ' | ' |
INVESTMENTS: | ' | ' | ' | ' |
Nuclear plant decommissioning trusts | 0 | 0 | ' | ' |
Investment in affiliated companies | 0 | 0 | ' | ' |
Other | 11 | 11 | ' | ' |
Total other property and investments | 11 | 11 | ' | ' |
ASSETS HELD FOR SALE | ' | 122 | ' | ' |
DEFERRED CHARGES AND OTHER ASSETS: | ' | ' | ' | ' |
Accumulated deferred income tax benefits | 39 | 131 | ' | ' |
Customer intangibles | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Property taxes | 4 | 15 | ' | ' |
Unamortized sale and leaseback costs | 0 | 0 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Other | 278 | 228 | ' | ' |
Total deferred charges and other assets | 321 | 374 | ' | ' |
Total assets | 6,020 | 5,840 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Currently payable long-term debt | 163 | 367 | ' | ' |
Other | 9 | 4 | ' | ' |
Accounts payable- | ' | ' | ' | ' |
Affiliated companies | 115 | 400 | ' | ' |
Other | 112 | 196 | ' | ' |
Accrued taxes | 27 | 23 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Other | 67 | 63 | ' | ' |
Total current liabilities | 874 | 1,265 | ' | ' |
CAPITALIZATION: | ' | ' | ' | ' |
Total common stockholders' equity | 2,491 | 2,283 | ' | ' |
Long-term debt and other long-term obligations | 2,229 | 1,860 | ' | ' |
Total capitalization | 4,720 | 4,143 | ' | ' |
NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Deferred gain on sale and leaseback transaction | 0 | 0 | ' | ' |
Accumulated deferred income taxes | 0 | 0 | ' | ' |
Asset retirement obligations | 189 | 187 | ' | ' |
Retirement benefits | 175 | 163 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Other | 62 | 82 | ' | ' |
Total noncurrent liabilities | 426 | 432 | ' | ' |
Total liabilities and capitalization | 6,020 | 5,840 | ' | ' |
FGCO | Affiliates | ' | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Short-term borrowings | 381 | 212 | ' | ' |
Nuclear Generation Corp | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables- | ' | ' | ' | ' |
Customers | 0 | 0 | ' | ' |
Affiliated companies | 538 | 227 | ' | ' |
Other Receivables | 32 | 17 | ' | ' |
Notes receivable from affiliated companies | 364 | 683 | ' | ' |
Materials and supplies, at average cost | 218 | 213 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Collateral | 0 | 0 | ' | ' |
Prepayments and other | 1 | 7 | ' | ' |
Total current assets | 1,153 | 1,147 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' | ' | ' |
In service | 7,805 | 6,645 | ' | ' |
Less - Accumulated provision for depreciation | 3,211 | 2,962 | ' | ' |
Property, plant and equipment in service net of accumulated provision for depreciation | 4,594 | 3,683 | ' | ' |
Construction work in progress | 536 | 1,137 | ' | ' |
Total net property, plant and equipment | 5,130 | 4,820 | ' | ' |
INVESTMENTS: | ' | ' | ' | ' |
Nuclear plant decommissioning trusts | 1,381 | 1,276 | ' | ' |
Investment in affiliated companies | 0 | 0 | ' | ' |
Other | 0 | 0 | ' | ' |
Total other property and investments | 1,381 | 1,276 | ' | ' |
ASSETS HELD FOR SALE | ' | 0 | ' | ' |
DEFERRED CHARGES AND OTHER ASSETS: | ' | ' | ' | ' |
Accumulated deferred income tax benefits | 0 | 0 | ' | ' |
Customer intangibles | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Property taxes | 5 | 26 | ' | ' |
Unamortized sale and leaseback costs | 0 | 0 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Other | 3 | 18 | ' | ' |
Total deferred charges and other assets | 8 | 44 | ' | ' |
Total assets | 7,672 | 7,287 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Currently payable long-term debt | 377 | 547 | ' | ' |
Other | 0 | 0 | ' | ' |
Accounts payable- | ' | ' | ' | ' |
Affiliated companies | 338 | 362 | ' | ' |
Other | 0 | 0 | ' | ' |
Accrued taxes | 30 | 23 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Other | 16 | 18 | ' | ' |
Total current liabilities | 761 | 1,101 | ' | ' |
CAPITALIZATION: | ' | ' | ' | ' |
Total common stockholders' equity | 3,855 | 3,493 | ' | ' |
Long-term debt and other long-term obligations | 881 | 742 | ' | ' |
Total capitalization | 4,736 | 4,235 | ' | ' |
NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Deferred gain on sale and leaseback transaction | 0 | 0 | ' | ' |
Accumulated deferred income taxes | 937 | 736 | ' | ' |
Asset retirement obligations | 870 | 828 | ' | ' |
Retirement benefits | 0 | 0 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Other | 368 | 387 | ' | ' |
Total noncurrent liabilities | 2,175 | 1,951 | ' | ' |
Total liabilities and capitalization | 7,672 | 7,287 | ' | ' |
Nuclear Generation Corp | Affiliates | ' | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Short-term borrowings | 0 | 151 | ' | ' |
Eliminations | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables- | ' | ' | ' | ' |
Customers | 0 | 0 | ' | ' |
Affiliated companies | -797 | -916 | ' | ' |
Other Receivables | 0 | 0 | ' | ' |
Notes receivable from affiliated companies | -1,327 | -909 | ' | ' |
Materials and supplies, at average cost | 0 | 0 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Collateral | 0 | 0 | ' | ' |
Prepayments and other | 0 | 0 | ' | ' |
Total current assets | -2,124 | -1,825 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' | ' | ' |
In service | -383 | -382 | ' | ' |
Less - Accumulated provision for depreciation | -190 | -188 | ' | ' |
Property, plant and equipment in service net of accumulated provision for depreciation | -193 | -194 | ' | ' |
Construction work in progress | 0 | 0 | ' | ' |
Total net property, plant and equipment | -193 | -194 | ' | ' |
INVESTMENTS: | ' | ' | ' | ' |
Nuclear plant decommissioning trusts | 0 | 0 | ' | ' |
Investment in affiliated companies | -6,345 | -5,801 | ' | ' |
Other | 0 | 0 | ' | ' |
Total other property and investments | -6,345 | -5,801 | ' | ' |
ASSETS HELD FOR SALE | ' | 0 | ' | ' |
DEFERRED CHARGES AND OTHER ASSETS: | ' | ' | ' | ' |
Accumulated deferred income tax benefits | -346 | -131 | ' | ' |
Customer intangibles | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Property taxes | 0 | 0 | ' | ' |
Unamortized sale and leaseback costs | 210 | 168 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Other | -214 | -155 | ' | ' |
Total deferred charges and other assets | -350 | -118 | ' | ' |
Total assets | -9,012 | -7,938 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Currently payable long-term debt | -23 | -23 | ' | ' |
Other | 0 | 0 | ' | ' |
Accounts payable- | ' | ' | ' | ' |
Affiliated companies | -704 | -738 | ' | ' |
Other | 0 | 0 | ' | ' |
Accrued taxes | -141 | -184 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Other | 35 | 46 | ' | ' |
Total current liabilities | -2,160 | -1,808 | ' | ' |
CAPITALIZATION: | ' | ' | ' | ' |
Total common stockholders' equity | -6,315 | -5,776 | ' | ' |
Long-term debt and other long-term obligations | -1,173 | -1,184 | ' | ' |
Total capitalization | -7,488 | -6,960 | ' | ' |
NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Deferred gain on sale and leaseback transaction | 833 | 858 | ' | ' |
Accumulated deferred income taxes | -196 | -27 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Retirement benefits | -1 | 0 | ' | ' |
Derivatives | 0 | 0 | ' | ' |
Other | 0 | -1 | ' | ' |
Total noncurrent liabilities | 636 | 830 | ' | ' |
Total liabilities and capitalization | -9,012 | -7,938 | ' | ' |
Eliminations | Affiliates | ' | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Short-term borrowings | -1,327 | -909 | ' | ' |
FES | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 2 | 2 | 2 | 3 |
Receivables- | ' | ' | ' | ' |
Customers | 445 | 539 | ' | ' |
Affiliated companies | 488 | 1,036 | ' | ' |
Other Receivables | 114 | 81 | ' | ' |
Notes receivable from affiliated companies | 214 | 0 | ' | ' |
Materials and supplies, at average cost | 471 | 448 | ' | ' |
Derivatives | 168 | 165 | ' | ' |
Collateral | 218 | 136 | ' | ' |
Prepayments and other | 98 | 109 | ' | ' |
Total current assets | 2,218 | 2,516 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' | ' | ' |
In service | 13,745 | 12,472 | ' | ' |
Less - Accumulated provision for depreciation | 5,087 | 4,755 | ' | ' |
Property, plant and equipment in service net of accumulated provision for depreciation | 8,658 | 7,717 | ' | ' |
Construction work in progress | 688 | 1,308 | ' | ' |
Total net property, plant and equipment | 9,346 | 9,025 | ' | ' |
INVESTMENTS: | ' | ' | ' | ' |
Nuclear plant decommissioning trusts | 1,381 | 1,276 | ' | ' |
Investment in affiliated companies | 0 | 0 | ' | ' |
Other | 11 | 11 | ' | ' |
Total other property and investments | 1,392 | 1,287 | ' | ' |
ASSETS HELD FOR SALE | 0 | 122 | ' | ' |
DEFERRED CHARGES AND OTHER ASSETS: | ' | ' | ' | ' |
Accumulated deferred income tax benefits | 0 | 0 | ' | ' |
Customer intangibles | 82 | 95 | ' | ' |
Goodwill | 23 | 23 | ' | ' |
Property taxes | 9 | 41 | ' | ' |
Unamortized sale and leaseback costs | 210 | 168 | ' | ' |
Derivatives | 42 | 53 | ' | ' |
Other | 107 | 172 | ' | ' |
Total deferred charges and other assets | 473 | 552 | ' | ' |
Total assets | 13,429 | 13,502 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Currently payable long-term debt | 535 | 892 | ' | ' |
Other | 21 | 4 | ' | ' |
Accounts payable- | ' | ' | ' | ' |
Affiliated companies | 453 | 765 | ' | ' |
Other | 178 | 290 | ' | ' |
Accrued taxes | 167 | 66 | ' | ' |
Derivatives | 166 | 110 | ' | ' |
Other | 170 | 197 | ' | ' |
Total current liabilities | 1,690 | 2,755 | ' | ' |
CAPITALIZATION: | ' | ' | ' | ' |
Total common stockholders' equity | 5,803 | 5,312 | ' | ' |
Long-term debt and other long-term obligations | 2,631 | 2,130 | ' | ' |
Total capitalization | 8,434 | 7,442 | ' | ' |
NONCURRENT LIABILITIES: | ' | ' | ' | ' |
Deferred gain on sale and leaseback transaction | 833 | 858 | ' | ' |
Accumulated deferred income taxes | 741 | 741 | ' | ' |
Asset retirement obligations | 1,059 | 1,015 | ' | ' |
Retirement benefits | 197 | 185 | ' | ' |
Derivatives | 20 | 14 | ' | ' |
Other | 455 | 492 | ' | ' |
Total noncurrent liabilities | 3,305 | 3,305 | ' | ' |
Total liabilities and capitalization | 13,429 | 13,502 | ' | ' |
FES | Affiliates | ' | ' | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Short-term borrowings | $0 | $431 | ' | ' |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Details 2) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 12, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
Net cash provided from operating activities | ' | ' | ' | $1,737 | $1,671 |
New Financing- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | 3,778 | 2,745 |
Short-term borrowings, net | ' | ' | ' | 0 | 1,435 |
Redemptions and Repayments- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | -1,062 | -2,662 |
Short-term borrowings, net | ' | ' | ' | -1,783 | 0 |
Tender premiums | ' | ' | ' | 0 | -110 |
Other | ' | ' | ' | -37 | -64 |
Net cash provided from financing activities | ' | ' | ' | 444 | 654 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property additions | ' | -664 | -548 | -2,473 | -1,960 |
Nuclear fuel | ' | ' | ' | -98 | -159 |
Proceeds from asset sales | 394 | ' | ' | 394 | 0 |
Sales of investment securities held in trusts | ' | ' | ' | 1,511 | 1,545 |
Purchases of investment securities held in trusts | ' | ' | ' | -1,593 | -1,567 |
Other | ' | ' | ' | 7 | 3 |
Net cash used for investing activities | ' | ' | ' | -2,290 | -2,275 |
Net change in cash and cash equivalents | ' | ' | ' | -109 | 50 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 218 | 172 |
Cash and cash equivalents at end of period | ' | 109 | 222 | 109 | 222 |
FES | ' | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
Net cash provided from operating activities | ' | ' | ' | -269 | -1,018 |
New Financing- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | 0 | ' |
Short-term borrowings, net | ' | ' | ' | 0 | 338 |
Equity contribution from parent | ' | ' | ' | 500 | 1,500 |
Redemptions and Repayments- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | 0 | -769 |
Short-term borrowings, net | ' | ' | ' | -20 | 0 |
Tender premiums | ' | ' | ' | ' | -67 |
Other | ' | ' | ' | ' | -3 |
Net cash provided from financing activities | ' | ' | ' | 480 | 999 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property additions | ' | ' | ' | -6 | -9 |
Nuclear fuel | ' | ' | ' | 0 | 0 |
Proceeds from asset sales | ' | ' | ' | 0 | 0 |
Sales of investment securities held in trusts | ' | ' | ' | 0 | 0 |
Purchases of investment securities held in trusts | ' | ' | ' | 0 | 0 |
Loans to affiliated companies, net | ' | ' | ' | -205 | 28 |
Other | ' | ' | ' | 0 | 0 |
Net cash used for investing activities | ' | ' | ' | -211 | 19 |
Net change in cash and cash equivalents | ' | ' | ' | 0 | 0 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 0 | 0 |
Cash and cash equivalents at end of period | ' | 0 | 0 | 0 | 0 |
FGCO | ' | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
Net cash provided from operating activities | ' | ' | ' | 197 | 712 |
New Financing- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | 431 | ' |
Short-term borrowings, net | ' | ' | ' | 173 | 0 |
Equity contribution from parent | ' | ' | ' | 0 | 0 |
Redemptions and Repayments- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | -258 | -352 |
Short-term borrowings, net | ' | ' | ' | 0 | -32 |
Tender premiums | ' | ' | ' | ' | 0 |
Other | ' | ' | ' | -10 | -4 |
Net cash provided from financing activities | ' | ' | ' | 336 | -388 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property additions | ' | ' | ' | -99 | -192 |
Nuclear fuel | ' | ' | ' | 0 | 0 |
Proceeds from asset sales | ' | ' | ' | 307 | 21 |
Sales of investment securities held in trusts | ' | ' | ' | 0 | 0 |
Purchases of investment securities held in trusts | ' | ' | ' | 0 | 0 |
Loans to affiliated companies, net | ' | ' | ' | -746 | -156 |
Other | ' | ' | ' | 5 | 2 |
Net cash used for investing activities | ' | ' | ' | -533 | -325 |
Net change in cash and cash equivalents | ' | ' | ' | 0 | -1 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 2 | 3 |
Cash and cash equivalents at end of period | ' | 2 | 2 | 2 | 2 |
Nuclear Generation Corp | ' | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
Net cash provided from operating activities | ' | ' | ' | 511 | 705 |
New Financing- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | 447 | ' |
Short-term borrowings, net | ' | ' | ' | 0 | 0 |
Equity contribution from parent | ' | ' | ' | 0 | 0 |
Redemptions and Repayments- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | -502 | -68 |
Short-term borrowings, net | ' | ' | ' | -150 | 0 |
Tender premiums | ' | ' | ' | ' | 0 |
Other | ' | ' | ' | -4 | 0 |
Net cash provided from financing activities | ' | ' | ' | -209 | -68 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property additions | ' | ' | ' | -481 | -276 |
Nuclear fuel | ' | ' | ' | -98 | -159 |
Proceeds from asset sales | ' | ' | ' | 0 | 0 |
Sales of investment securities held in trusts | ' | ' | ' | 890 | 650 |
Purchases of investment securities held in trusts | ' | ' | ' | -933 | -694 |
Loans to affiliated companies, net | ' | ' | ' | 320 | -156 |
Other | ' | ' | ' | 0 | -2 |
Net cash used for investing activities | ' | ' | ' | -302 | -637 |
Net change in cash and cash equivalents | ' | ' | ' | 0 | 0 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 0 | 0 |
Cash and cash equivalents at end of period | ' | 0 | 0 | 0 | 0 |
Eliminations | ' | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
Net cash provided from operating activities | ' | ' | ' | -11 | -10 |
New Financing- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | 0 | ' |
Short-term borrowings, net | ' | ' | ' | -173 | -338 |
Equity contribution from parent | ' | ' | ' | 0 | 0 |
Redemptions and Repayments- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | 11 | 10 |
Short-term borrowings, net | ' | ' | ' | -244 | 32 |
Tender premiums | ' | ' | ' | ' | 0 |
Other | ' | ' | ' | ' | 0 |
Net cash provided from financing activities | ' | ' | ' | -406 | -296 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property additions | ' | ' | ' | 0 | 0 |
Nuclear fuel | ' | ' | ' | 0 | 0 |
Proceeds from asset sales | ' | ' | ' | 0 | 0 |
Sales of investment securities held in trusts | ' | ' | ' | 0 | 0 |
Purchases of investment securities held in trusts | ' | ' | ' | 0 | 0 |
Loans to affiliated companies, net | ' | ' | ' | 417 | 306 |
Other | ' | ' | ' | 0 | 0 |
Net cash used for investing activities | ' | ' | ' | 417 | 306 |
Net change in cash and cash equivalents | ' | ' | ' | 0 | 0 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 0 | 0 |
Cash and cash equivalents at end of period | ' | 0 | 0 | 0 | 0 |
FES | ' | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
Net cash provided from operating activities | ' | ' | ' | 428 | 389 |
New Financing- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | 878 | 0 |
Short-term borrowings, net | ' | ' | ' | 0 | 0 |
Equity contribution from parent | ' | ' | ' | 500 | 1,500 |
Redemptions and Repayments- | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | -749 | -1,179 |
Short-term borrowings, net | ' | ' | ' | -414 | 0 |
Tender premiums | ' | ' | ' | 0 | -67 |
Other | ' | ' | ' | -14 | -7 |
Net cash provided from financing activities | ' | ' | ' | 201 | 247 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property additions | ' | ' | ' | -586 | -477 |
Nuclear fuel | ' | ' | ' | -98 | -159 |
Proceeds from asset sales | 307 | ' | ' | 307 | 21 |
Sales of investment securities held in trusts | ' | ' | ' | 890 | 650 |
Purchases of investment securities held in trusts | ' | ' | ' | -933 | -694 |
Loans to affiliated companies, net | ' | ' | ' | -214 | 22 |
Other | ' | ' | ' | 5 | 0 |
Net cash used for investing activities | ' | ' | ' | -629 | -637 |
Net change in cash and cash equivalents | ' | ' | ' | 0 | -1 |
Cash and cash equivalents at beginning of period | ' | ' | ' | 2 | 3 |
Cash and cash equivalents at end of period | ' | $2 | $2 | $2 | $2 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | $3,888 | $4,032 | $11,566 | $11,259 | ' | ||||
Revenues | 3,888 | [1] | 4,032 | [1] | 11,566 | [1] | 11,259 | [1] | ' |
Depreciation, amortization and deferrals | 343 | 628 | 931 | 1,352 | ' | ||||
Investment income (loss) | 16 | 5 | 67 | 8 | ' | ||||
Interest expense | 275 | 257 | 802 | 771 | ' | ||||
Income taxes (benefits) | 152 | 77 | 226 | 129 | ' | ||||
Income (loss) from continuing operations | 333 | 209 | 519 | 233 | ' | ||||
Discontinued operations (Note 14) | 0 | 9 | 86 | 17 | ' | ||||
NET INCOME (LOSS) | 333 | 218 | 605 | 250 | ' | ||||
Total assets | 51,224 | 50,468 | 51,224 | 50,468 | 50,424 | ||||
Total goodwill | 6,418 | 6,418 | 6,418 | 6,418 | 6,418 | ||||
Property additions | 664 | 548 | 2,473 | 1,960 | ' | ||||
Intersegment Eliminations | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ' | ||||
Operating Segments | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | 3,888 | 4,032 | ' | ' | ' | ||||
Regulated Distribution | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | 2,357 | 2,337 | 6,972 | 6,584 | ' | ||||
Revenues | 2,357 | 2,337 | 6,972 | 6,584 | ' | ||||
Depreciation, amortization and deferrals | 198 | 460 | 509 | 882 | ' | ||||
Investment income (loss) | 14 | 14 | 44 | 41 | ' | ||||
Interest expense | 147 | 134 | 445 | 404 | ' | ||||
Income taxes (benefits) | 124 | 50 | 326 | 284 | ' | ||||
Income (loss) from continuing operations | 227 | 85 | 599 | 474 | ' | ||||
Discontinued operations (Note 14) | 0 | 0 | 0 | 0 | ' | ||||
NET INCOME (LOSS) | 227 | 85 | 599 | 474 | ' | ||||
Total assets | 27,774 | 27,030 | 27,774 | 27,030 | ' | ||||
Total goodwill | 5,092 | 5,025 | 5,092 | 5,025 | ' | ||||
Property additions | 271 | 261 | 780 | 980 | ' | ||||
Regulated Distribution | Intersegment Eliminations | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ' | ||||
Regulated Transmission | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | 197 | 189 | 570 | 544 | ' | ||||
Revenues | 197 | 189 | 570 | 544 | ' | ||||
Depreciation, amortization and deferrals | 36 | 31 | 102 | 91 | ' | ||||
Investment income (loss) | 0 | 0 | 0 | 0 | ' | ||||
Interest expense | 35 | 23 | 90 | 68 | ' | ||||
Income taxes (benefits) | 30 | 32 | 92 | 93 | ' | ||||
Income (loss) from continuing operations | 55 | 54 | 169 | 156 | ' | ||||
Discontinued operations (Note 14) | 0 | 0 | 0 | 0 | ' | ||||
NET INCOME (LOSS) | 55 | 54 | 169 | 156 | ' | ||||
Total assets | 6,102 | 5,038 | 6,102 | 5,038 | ' | ||||
Total goodwill | 526 | 526 | 526 | 526 | ' | ||||
Property additions | 279 | 105 | 980 | 291 | ' | ||||
Regulated Transmission | Intersegment Eliminations | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ' | ||||
Competitive Energy Services | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | 1,406 | 1,570 | 4,239 | 4,352 | ' | ||||
Revenues | 1,599 | 1,766 | 4,863 | 4,940 | ' | ||||
Depreciation, amortization and deferrals | 100 | 125 | 287 | 347 | ' | ||||
Investment income (loss) | 11 | -2 | 46 | -8 | ' | ||||
Interest expense | 49 | 53 | 143 | 187 | ' | ||||
Income taxes (benefits) | 36 | 47 | -102 | -189 | ' | ||||
Income (loss) from continuing operations | 66 | 68 | -177 | -317 | ' | ||||
Discontinued operations (Note 14) | 0 | 9 | 86 | 17 | ' | ||||
NET INCOME (LOSS) | 66 | 77 | -91 | -300 | ' | ||||
Total assets | 16,839 | 17,809 | 16,839 | 17,809 | ' | ||||
Total goodwill | 800 | 867 | 800 | 867 | ' | ||||
Property additions | 97 | 162 | 655 | 630 | ' | ||||
Competitive Energy Services | Intersegment Eliminations | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | 193 | 196 | 624 | 588 | ' | ||||
Other/Corporate | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | -39 | -31 | -110 | -89 | ' | ||||
Revenues | -39 | -31 | -110 | -89 | ' | ||||
Depreciation, amortization and deferrals | 11 | 12 | 35 | 32 | ' | ||||
Investment income (loss) | 4 | 3 | 9 | 6 | ' | ||||
Interest expense | 46 | 47 | 128 | 112 | ' | ||||
Income taxes (benefits) | -42 | -44 | -98 | -55 | ' | ||||
Income (loss) from continuing operations | -15 | -10 | -73 | -92 | ' | ||||
Discontinued operations (Note 14) | 0 | 0 | 0 | 0 | ' | ||||
NET INCOME (LOSS) | -15 | -10 | -73 | -92 | ' | ||||
Total assets | 509 | 591 | 509 | 591 | ' | ||||
Total goodwill | 0 | 0 | 0 | 0 | ' | ||||
Property additions | 17 | 20 | 58 | 59 | ' | ||||
Other/Corporate | Intersegment Eliminations | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ' | ||||
Reconciling Adjustments | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | -33 | -33 | -105 | -132 | ' | ||||
Revenues | -226 | -229 | -729 | -720 | ' | ||||
Depreciation, amortization and deferrals | -2 | 0 | -2 | 0 | ' | ||||
Investment income (loss) | -13 | -10 | -32 | -31 | ' | ||||
Interest expense | -2 | 0 | -4 | 0 | ' | ||||
Income taxes (benefits) | 4 | -8 | 8 | -4 | ' | ||||
Income (loss) from continuing operations | 0 | 12 | 1 | 12 | ' | ||||
Discontinued operations (Note 14) | 0 | 0 | 0 | 0 | ' | ||||
NET INCOME (LOSS) | 0 | 12 | 1 | 12 | ' | ||||
Total assets | 0 | 0 | 0 | 0 | ' | ||||
Total goodwill | 0 | 0 | 0 | 0 | ' | ||||
Property additions | 0 | 0 | 0 | 0 | ' | ||||
Reconciling Adjustments | Intersegment Eliminations | ' | ' | ' | ' | ' | ||||
Segment Financial Information | ' | ' | ' | ' | ' | ||||
Revenues | ($193) | ($196) | ($624) | ($588) | ' | ||||
[1] | Includes excise tax collections of $105 million and $117 million in the three months ended SeptemberB 30, 2014 and 2013, respectively, and $321 million and $346 million in the nine months ended SeptemberB 30, 2014 and 2013, respectively. |
Segment_Information_Details_Te
Segment Information (Details Textuals) | 9 Months Ended |
Sep. 30, 2014 | |
Segments | |
Segment Reporting Information [Line Items] | ' |
Number of reportable operating segments | 3 |
Regulated Distribution | ' |
Segment Reporting Information [Line Items] | ' |
Number of existing utility operating companies | 10 |
Number of customers served by utility operating companies | 6,000,000 |
Number of square miles in service area | 65,000 |
Megawatts of net demonstrated capacity of competitive segment | 3,790 |
Competitive Energy Services | ' |
Segment Reporting Information [Line Items] | ' |
Megawatts of net demonstrated capacity of competitive segment | 14,000 |
Competitive Energy Services | Minimum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 65,000,000 |
Competitive Energy Services | Maximum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 75,000,000 |
Competitive Energy Services | Governmental Aggregation | Minimum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 10,000,000 |
Competitive Energy Services | Governmental Aggregation | Maximum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 15,000,000 |
Competitive Energy Services | POLR | Minimum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 0 |
Competitive Energy Services | POLR | Maximum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 10,000,000 |
Competitive Energy Services | Large Commercial and Industrial | Minimum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 0 |
Competitive Energy Services | Large Commercial and Industrial | Maximum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 20,000,000 |
Competitive Energy Services | Block Wholesale | Minimum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 10,000,000 |
Competitive Energy Services | Block Wholesale | Maximum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 20,000,000 |
Competitive Energy Services | Spot Wholesale | Minimum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 10,000,000 |
Competitive Energy Services | Spot Wholesale | Maximum | ' |
Segment Reporting Information [Line Items] | ' |
Targeted sales portfolio | 20,000,000 |
Competitive Energy Services | Unregulated Plants Expected to be Closed by 9/1/2012 | ' |
Segment Reporting Information [Line Items] | ' |
Megawatt capacity of plants expected to be closed | 885 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 12, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 12, 2014 | Sep. 04, 2013 |
FES | FES | FES | FES | FES | Pennsylvania, Virginia and West Virginia | ||||||
hydroelectric_power_station | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Application to sell hydroelectric power stations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 |
Proceeds from asset sales | $394 | ' | $394 | $0 | ' | $307 | ' | $307 | $21 | ' | ' |
Carrying value of assets sold | ' | ' | ' | ' | 235 | ' | ' | ' | ' | 122 | ' |
Discontinued operations, goodwill | ' | ' | ' | ' | 29 | ' | ' | ' | ' | 1 | ' |
Pre-tax income from discontinued operation | ' | 12 | 155 | 26 | ' | ' | 12 | 186 | 22 | ' | ' |
Pre-tax gain on sale of assets | ' | ' | 142 | ' | ' | ' | ' | 177 | ' | ' | ' |
Revenues from discontinued operations | ' | $11 | $5 | $24 | ' | ' | $10 | $5 | $22 | ' | ' |
Impairment_of_Longlived_Assets2
Impairment of Long-lived Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jul. 08, 2013 | Jul. 08, 2013 |
Inventories | Hatfield's Ferry, Units 1-3 [Member] | Mitchell, Units 2-3 [Member] | ||||
MW | MW | |||||
Schedule of Generating Plant Retirements [Line Items] | ' | ' | ' | ' | ' | ' |
Megawatt capacity of plants expected to be closed | ' | ' | ' | ' | 1,710 | 370 |
Impairments of long-lived assets | $473 | $0 | $473 | $13 | ' | ' |