Pennsylvania Power Company
 |
|
| Public | |
| Traded as | |
| Industry | Electric Utility |
| Founded | November 7, 1997 |
| Headquarters | Akron, Ohio, U.S. |
|
Area served
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6 million customers within 65,000 square miles (170,000 km2) of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, and New Jersey (as of June, 2012) |
|
Key people
|
Chuck Jones, President and CEO |
| Products | Electricity generation, transmission and distribution, energy management, other energy-related services |
| Revenue |
 US$14.562 billion (2016) |
| Total assets |
US$43.148 billion (2016)
|
|
Number of employees
|
15,500 (2012) |
| Website | www |
FirstEnergy Corp is an electric utility headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the distribution, transmission, and generation of electricity, as well as energy management and other energy-related services. Its ten electric utility operating companies comprise one of the United States' largest investor-owned utilities, based on serving 6 million customers within a 65,000-square-mile (170,000 km2) area of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey and New York. Its generation subsidiaries control more than 16,000 megawatts of capacity, and its distribution lines span over 194,000 miles. In 2017, FirstEnergy ranked 196 on the Fortune 500 list of the largest public corporations in America.
In November 2016, FirstEnergy made the decision to exit the competitive power business, and become a fully regulated company.
FirstEnergy was formed on November 7, 1997, when Ohio Edison acquired Centerior Energy and its subsidiaries for $1.6 billion in stock. The company was acquired with plans for a restructuring and layoffs to cut costs. That same month the Public Utilities Commission of Ohio (PUCO) initiated an investigation into the reliability of FirstEnergy's energy transmission in the context of possible plant shutdowns and prior problems with Centerior.
In 2001, FirstEnergy merged with GPU, Inc., the owner of Jersey Central Power & Light Company, Pennsylvania Electric Company (Penelec), and Metropolitan Edison Company (Met-Ed).
In January 2018, the Ohio Supreme Court ruled that state utility regulators engaged in “unlawful retroactive rate-making” when they ordered FirstEnergy to refund to customers about $43 million the company spent on renewable energy credits.
Ohio Edison Company (formerly OEC on the NYSE) was a publicly traded holding company that began in 1930, from the consolidation of 200 electric companies. By 1950, it ended up with two utility operating companies, Pennsylvania Power and Ohio Edison. It continued in existence until 1997, when its merger with Centerior formed FirstEnergy:
Centerior Energy Corporation (formerly CX on the NYSE) was formed in 1986 from the merger of two old operating companies. Centerior was based in Independence, Ohio, and existed as a publicly traded holding company for ten years, until its merger with Ohio Edison formed FirstEnergy in 1997:
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Wikipedia