UNITED
STATES
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) January 1, 2010
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Commission
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Registrant;
State of Incorporation;
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I.R.S.
Employer
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Address; and Telephone
Number
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333-21011
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FIRSTENERGY
CORP.
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34-1843785
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(An
Ohio Corporation)
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76
South Main Street
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Akron,
OH 44308
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Telephone (800)736-3402
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Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2.):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
As previously
reported on May 29, 2009, the Board of Directors approved base salary reductions
for all the Company's affected employees, including its 2009 named executive
officers (NEOs), effective June 7, 2009 through December 2009, in response to
the economic downturn, among other factors. On September 15, 2009, the Board
approved reinstating the base salary levels for the NEOs in conjunction with
management’s decision to reinstate the base salary levels for all affected
employees. At his request, the base salary of Mr. Anthony J. Alexander,
President and Chief Executive Officer, was not reinstated at that time. As
originally approved by the Board, Mr. Alexander’s base salary will be reinstated
from $1,005,000 to $1,340,000, effective January 1, 2010.
Forward-Looking Statements:
This Form 8-K includes forward-looking statements based on information currently
available to management. Such statements are subject to certain risks and
uncertainties. These statements include declarations regarding management's
intents, beliefs and current expectations. These statements typically contain,
but are not limited to, the terms "anticipate," "potential," "expect,"
"believe," "estimate" and similar words. Forward-looking statements involve
estimates, assumptions, known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Actual results may differ materially
due to the speed and nature of increased competition in the electric utility
industry and legislative and regulatory changes affecting how generation rates
will be determined following the expiration of existing rate plans in
Pennsylvania, the impact of the Public Utilities Commission of Ohio's regulatory
process on the Ohio Companies associated with the distribution rate case,
business and regulatory impacts from ATSI's realignment into PJM, economic or
weather conditions affecting future sales and margins, changes in markets for
energy services, changing energy and commodity market prices and availability,
replacement power costs being higher than anticipated or inadequately hedged,
the continued ability of FirstEnergy's regulated utilities to collect transition
and other charges or to recover increased transmission costs, operating and
maintenance costs being higher than anticipated, other legislative and
regulatory changes, revised environmental requirements, including possible
greenhouse gas emission regulations, the potential impacts of the U.S. Court of
Appeals' July 11, 2008 decision requiring revisions to the Clean Air Interstate
Rules and the scope of any laws, rules or regulations that may ultimately take
their place, the uncertainty of the timing and amounts of the capital
expenditures needed to, among other things, implement the Air Quality Compliance
Plan (including that such amounts could be higher than anticipated or that
certain generating units may need to be shut down) or levels of emission
reductions related to the Consent Decree resolving the New Source Review
litigation or other similar potential regulatory initiatives or actions, adverse
regulatory or legal decisions and outcomes (including, but not limited to, the
revocation of necessary licenses or operating permits and oversight) by the
Nuclear Regulatory Commission, Metropolitan Edison Company's and Pennsylvania
Electric Company's transmission service charge filings with the Pennsylvania
Public Utility Commission, the continuing availability of generating units and
their ability to operate at or near full capacity, the ability to comply with
applicable state and federal reliability standards, the ability to accomplish or
realize anticipated benefits from strategic goals (including employee workforce
initiatives), the ability to improve electric commodity margins and to
experience growth in the distribution business, the changing market conditions
that could affect the value of assets held in FirstEnergy's nuclear
decommissioning trusts, pension trusts and other trust funds, and cause it to
make additional contributions sooner, or in an amount that is larger than
currently anticipated, the ability to access the public securities and other
capital and credit markets in accordance with FirstEnergy's financing plan and
the cost of such capital, changes in general economic conditions affecting the
company, the state of the capital and credit markets affecting the company,
interest rates and any actions taken by credit rating agencies that could
negatively affect FirstEnergy's access to financing or its costs or increase its
requirements to post additional collateral to support outstanding commodity
positions, letters of credit and other financial guarantees, the continuing
decline of the national and regional economy and its impact on the company's
major industrial and commercial customers, issues concerning the soundness of
financial institutions and counterparties with which FirstEnergy does business,
and the risks and other factors discussed from time to time in its Securities
and Exchange Commission filings, and other similar factors. The foregoing review
of factors should not be construed as exhaustive. New factors emerge from time
to time, and it is not possible for management to predict all such factors, nor
assess the impact of any such factor on FirstEnergy's business or the extent to
which any factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statements. FirstEnergy
expressly disclaims any current intention to update any forward-looking
statements contained herein as a result of new information, future events, or
otherwise.
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
authorized.
January 6,
2010
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FIRSTENERGY
CORP.
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Registrant
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By:
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Harvey L.
Wagner
Vice
President, Controller and
Chief
Accounting Officer
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