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) February 21, 2002
Commission Registrant; State of Incorporation; I.R.S. Employer
File Number Address; and Telephone Number Identification No.
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333-21011 FIRSTENERGY CORP. 34-1843785
(An Ohio Corporation)
76 South Main Street
Akron, Ohio 44308
Telephone (800) 736-3402
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
On February 21, 2002, the Commonwealth Court of Pennsylvania (Court)
affirmed a May 24, 2001 decision of the Pennsylvania Public Utility Commission
(PPUC) regarding the merger of FirstEnergy Corp. and GPU, Inc., remanding the
decision to the PPUC only with respect to the issue of merger savings. The Court
reversed the PPUC's June 30, 2001 decision regarding the provider of last resort
obligations of Metropolitan Edison Company (Met-Ed) and Pennsylvania Electric
Company (Penelec), both wholly owned subsidiaries of FirstEnergy Corp. and
subsidiaries of GPU, Inc. prior to the merger, and denied the related requests
for rate relief by Met-Ed and Penelec.
FirstEnergy believes that the Court ignored substantive facts in the case
and in the settlement stipulation FirstEnergy had reached with virtually every
major party in its merger proceeding. FirstEnergy is considering its
response to the Court's decision, which could include asking the Pennsylvania
Supreme Court to review the decision. FirstEnergy has 30 days to file a
response.
Through December 31, 2001, Met-Ed and Penelec had deferred approximately
$106 million and $113 million, respectively, of additional energy costs in
connection with their provider of last resort obligations. If such costs were
ultimately deemed not to be recoverable, net income would be reduced by
approximately $62 million for Met-Ed and $66 million for Penelec. There would be
no corresponding reduction to FirstEnergy's net income through December 31, 2001
since the additional energy costs deferred by Met-Ed and Penelec related to the
period prior to consummation of the merger, January 1, 2001 through November 6,
2001.
Item 7. Exhibits
Exhibit No. Description
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(99) Press Release of FirstEnergy Corp., dated
February 22, 2002, announcing the Commonwealth
Court of Pennsylvania's decision on issues related
to the merger with GPU, Inc.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, each Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
February 22, 2002
FIRSTENERGY CORP.
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Registrant
METROPOLITAN EDISON COMPANY
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Registrant
PENNSYLVANIA ELECTRIC COMPANY
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Registrant
/s/ Harvey L. Wagner
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Harvey L. Wagner
Vice President and Controller
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