SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of
earliest event reported): February 3, 2000
Commission Registrant, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
- ----------- ----------------------------------- ------------------
1-6047 GPU, Inc. 13-5516989
(a Pennsylvania corporation)
300 Madison Avenue
Morristown, New Jersey 07962-1911
Telephone (973) 455-8200
1-446 Metropolitan Edison Company 23-0870160
(a Pennsylvania corporation)
2800 Pottsville Pike
Reading, Pennsylvania 19640-0001
Telephone (610) 929-3601
1-3522 Pennsylvania Electric Company 25-0718085
(a Pennsylvania corporation)
2800 Pottsville Pike
Reading, Pennsylvania 19640-0001
Telephone (610) 929-3601
ITEM 5. OTHER EVENTS.
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On February 3, 2000, GPU, Inc. (GPU) announced that its GPU Energy units
in Pennsylvania (Metropolitan Edison Company and Pennsylvania Electric Company)
had received no bids in response to their offers to provide competitive bidding
for default energy supply service for 20% of their customers in 2000. GPU Energy
had issued the requests for bids as required by Pennsylvania Public Utility
Commission orders.
As a result, GPU Energy will be required to continue as the default
supplier and is expanding its forward purchases of electricity to accommodate
these customers. GPU believes that this will negatively impact 2000 earnings by
an estimated $0.04 to $0.08 per share, but expects to offset this impact through
additional common stock repurchases - funded by the expected proceeds from the
proposed sale of a substantial portion of its Australian energy assets - and
other cost reduction initiatives.
A copy of GPU's related news release is annexed as an exhibit.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
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(c) Exhibit
1. GPU News Release, dated February 3, 2000.
SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANTS HAVE DULY CAUSED THIS REPORT TO BE SIGNED ON THEIR BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
GPU, INC.
METROPOLITAN EDISON COMPANY
PENNSYLVANIA ELECTRIC COMPANY
By: /s/ T. G. Howson
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T. G. Howson, Vice President
and Treasurer
Date: February 4, 2000