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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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  1. FirstEnergy to Stop Storing Coal Ash at Pennsylvania Site in 2017, Following Order

    FirstEnergy Corp. (FE) said that it has agreed to stop storing coal ash at a site in Pennsylvania in 2017, following an order from the state's Department of Environm...

  2. EPA Issues New Emission Rules for Diesel Generators

    The U.S. Environmental Protection Agency issued new emission rules Tuesday for diesel generators used for oil and natural-gas production, emergency situations and ot...

  3. Chevron to buy stake in Kitimat LNG from Encana, EOG

    Chevron Corp said on Monday it will enter the Canadian liquefied natural gas business with the acquisition of the 50 percent stake in the Kitimat LNG project held by...

  4. Jersey Central Power & Light: Power Restored to 99% of Affected Customers

    MORRISTOWN, N.J.--Jersey Central Power & Light on Sunday said it has restored service to 99%of customers affected by Hurricane Sandy and the recent nor'easter.It sai...

  5. FirstEnergy Third-Quarter Profit Fell 20% on Revenue, Volume Declines

    FirstEnergy Corp.'s (FE) third-quarter earnings fell 20% as the diversified energy company saw lower revenue and sales volume.President and Chief Executive Anthony J...

  6. FirstEnergy 3rd-Quarter Profit Fell 20% on Revenue, Volume Declines

    FirstEnergy Corp.'s (FE) third-quarter earnings fell 20% as the diversified energy company saw lower revenue and sales volume.President and Chief Executive Anthony J...

  7. Millions Still Without Power as Recovery Efforts Continue

    More than 1.3 million homes and businesses in New York and 1.4 million in New Jersey were still without power on Friday, four days after Hurricane Sandy slammed into...

  8. Millions still without power in NY, NJ after Sandy

    More than 1.3 million homes and businesses in New York and 1.4 million in New Jersey were still without power on Friday, four days after Hurricane Sandy slammed into...

  9. Power outages sparking long lines for gasoline

    More than 6M people without power due to Sandy

  10. Blackstone posts strong third-quarter earnings on fund gains

    Blackstone Group LP , the world's largest listed alternative asset manager, said on Thursday third-quarter earnings were its third best since going public in 2007 as...

  11. FirstEnergy CFO on the Economic Challenges for Utility Companies

    FirstEnergy CFO Mark Clark on the state of the utility sector and the economic uncertainties impacting the company.

  12. EPA Regulations the Driving Force Behind Coal Industry’s Woes?

    FreedomWorks Senior Fellow Tom Borelli on the impact of government regulations on the coal industry.

  1. FirstEnergy 1st-Quarter Net Falls 36% on Lower Distribution Volume

    FirstEnergy Corp.'s (FE) first-quarter earnings fell 36% as cooler weather again contributed to the diversified energy company's lower distribution volume.FirstEnerg...

  2. Analysis: Spills flame Canadian oil debate, but won't curb flows to U.S

    Two high-profile oil spills won't stem the now-record flow of Canadian oil into the United States, despite the frenzy that the spills triggered among friends and foe...

  3. Research the Focus of Obama's Second Term Energy Speech

    President Barack Obama will try to turn the page on bitterly partisan fights over energy policy on Friday, focusing his first energy speech of his second term on pro...

  4. High-Grade Companies Float $6 Billion of Bonds

    Investor appetite for new deals enabled another fistful of companies to tap the high-grade bond markets Tuesday.Seven companies borrowed a combined $6 billion, follo...

  5. Busy Session for Corporate Bond Sales

    Five highly rated companies sold a combined $12.5 billion of bonds in the third-busiest session of the year on Thursday.The spate of deals was led by international m...

  6. FirstEnergy Swings to 4th-Quarter Loss Amid Pension-Related Adjustments

    FirstEnergy Corp. (FE) swung to a fourth-quarter loss amid big pension-related adjustments and other items.The diversified energy company's $4.4 billion acquisition ...

  7. Natural Gas the Game Changer in Bringing Electricity to Your Home?

    FirstEnergy CEO Anthony Alexander on how the winter storm that hit the Northeast impacted utilities and the role of natural gas in the company’s future.

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