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FirstEnergy 1st-Quarter Net Falls 36% on Lower Capacity Prices

FirstEnergy Corp.'s (FE) first-quarter earnings fell 36% as lower capacity prices contributed to the diversified energy company's revenue decline.FirstEnergy's $4.4 billion acquisition of Allegheny Energy Inc. in early 2011 made it one of the largest electricity producers in the U.S. The company serves customers in Maryland, Ohio, Pennsylvania, New Jersey, New York and West Virginia.FirstEnergy's revenue has declined over the past year as milder weather contributed to lower energy prices and demand. The company has responded by taking steps to reduce its operating costs, including job cuts and repurchasing debt.FirstEnergy reported a profit of $196 million, or 47 cents a share, down from $306 million, or 73 cents a share, a year earlier. Excluding items such as mark-to-market adjustments, regulatory charges and impairments, adjusted earnings fell to 76 cents from 82 cents.Revenue declined 8% to $3.7 billion, reflecting reduced revenue from the regulated transmission business and lower ...

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