Exhibit (c) 2
FirstEnergy and GPU Joint News Release
June 12, 2001
FIRSTENERGY AND GPU REACH STIPULATED SETTLEMENT
WITH MAJOR PARTIES TO MERGER CASE IN PA
FirstEnergy Corp. (NYSE:FE) and GPU, Inc. (NYSE:GPU) announced today that
they filed on June 11, 2001, a stipulated settlement with the Pennsylvania
Public Utility Commission (PUC) that was reached with several parties in their
pending merger case before the PUC. Parties to the case may comment on the
stipulation by noon Wednesday, June 13, 2001. The PUC is expected to rule on the
case on Thursday, June 14, 2001.
In addition to the companies, parties reaching agreement include the
Pennsylvania Office of Consumer Advocate, Penelec Industrial Customer Alliance,
MetEd Industrial Users Group, and Citizens for Pennsylvania's Future. Other
parties may decide to join in the settlement.
The stipulated settlement is available on FirstEnergy's Web site under
merger news at: www.firstenergycorp.com.
GPU, Inc., headquartered in Morristown, New Jersey, is a registered
public utility holding company providing utility and utility-related services
to customers throughout the world. GPU serves 4.6 million customers directly
through its electric companies - GPU Energy in the U.S., GPU Power UK in
England, and GPU Emdersa in Argentina. It serves an additional 1.4 million
customers indirectly through GPU GasNet, its gas transmission subsidiary in
Australia. The company's independent power project business units own
interests in and operate eight projects in five countries. GPU's 2000
revenues were $5.2 billion and its total assets were more than $19.3
billion. GPU's other subsidiaries include MYR Group, Inc., GPU Advanced
Resources, Inc., GPU Nuclear, Inc., GPU Service, Inc., GPU Telcom Services,
Inc., and GPU Diversified Holdings LLC. (www.gpu.com)
FirstEnergy Corp. is a diversified energy services holding company
headquartered in Akron, Ohio. Its various subsidiaries own more than $18 billion
in assets and produce approximately $7.2 billion in annual revenues.
FirstEnergy's electric utility operating companies - Pennsylvania Power Company,
Ohio Edison Company, The Illuminating Company and Toledo Edison Company -
comprise the nation's 10th largest investor-owned electric system, based on
serving 2.2 million customers in Pennsylvania and Ohio.
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Contacts for:
FirstEnergy Corp. GPU, Inc.
Investors: Investors:
Kurt E. Turosky Joanne Barbieri
330-384-5500 973-401-8720
News Media: News Media:
Ralph J. DiNicola Jeff Dennard
330-384-5939 973-401-8333