SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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) June 17, 1999
Commission Registrant; State of Incorporation; I.R.S. Employer
File Number Address; and Telephone Number Identification No.
- ----------- ---------------------------------- ------------------
333-21011 FIRSTENERGY CORP. 34-1843785
(An Ohio Corporation)
76 South Main Street
Akron, Ohio 44308
Telephone (800)736-3402
1-2578 OHIO EDISON COMPANY 34-0437786
(An Ohio Corporation)
76 South Main Street
Akron, OH 44308
Telephone (800)736-3402
1-2323 THE CLEVELAND ELECTRIC ILLUMINATING COMPANY 34-0150020
(An Ohio Corporation)
c/o FirstEnergy Corp.
76 South Main Street
Akron, OH 44308
Telephone (800)736-3402
1-3583 THE TOLEDO EDISON COMPANY 34-4375005
(An Ohio Corporation)
c/o FirstEnergy Corp.
76 South Main Street
Akron, OH 44308
Telephone (800)736-3402
Item 5. Other Events
On June 22, 1999, the Ohio Senate passed Amended
Substitute Senate Bill 3, which will restructure the state's
electric utility industry. The legislation, passed by the Ohio
House of Representatives on June 17, 1999, and expected to be
signed into law by Governor Bob Taft by early July 1999, will
allow Ohio electric customers to select their electricity
suppliers beginning January 1, 2001. Among other things, the
legislation provides for a five percent rate reduction on the
generation portion of residential customers' bills and the
opportunity to recover transition costs, including regulatory
assets, from January 1, 2001 through December 31, 2005. The
period for the recovery of regulatory assets only can be extended
up to December 31, 2010. The Public Utilities Commission of Ohio
(PUCO) has been authorized to determine the level of transition
cost recovery, as well as the recovery period for the regulatory
assets portion of those costs, in considering each Ohio electric
utility's transition plan application. These applications must be
filed with the PUCO within ninety days of the effective date of
the legislation. If the transition plans ultimately approved by
the PUCO for Ohio Edison Company (OE), The Cleveland Electric
Illuminating Company (CEI) and The Toledo Edison Company (TE) do
not provide full recovery of their nuclear generating unit
investments and regulatory assets, there would be a charge to
earnings which could have a material adverse effect on the results
of operations and financial condition for FirstEnergy, OE, CEI and
TE.
- 1 -
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
June 24, 1999
FIRSTENERGY CORP.
-----------------
Registrant
OHIO EDISON COMPANY
-------------------
Registrant
THE CLEVELAND ELECTRIC
----------------------
ILLUMINATING COMPANY
--------------------
Registrant
THE TOLEDO EDISON COMPANY
-------------------------
Registrant
/s/ Harvey L. Wagner
-----------------------------
Harvey L. Wagner
Controller