Unassociated Document
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) June 29, 2006
|
Commission
|
|
Registrant;
State of Incorporation;
|
|
I.R.S.
Employer
|
|
File
Number
|
|
Address;
and Telephone Number
|
|
Identification
No.
|
| |
|
|
|
|
|
333-21011
|
|
FIRSTENERGY
CORP.
|
|
34-1843785
|
| |
|
(An
Ohio Corporation)
|
|
|
| |
|
76
South Main Street
|
|
|
| |
|
Akron,
OH 44308
|
|
|
| |
|
Telephone
(800) 736-3402
|
|
|
| |
|
|
|
|
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))
Item
8.01
Other Events.
On
June 29, 2006,
FirstEnergy Corp. announced that it will redeem $400 million principal amount
of
its outstanding 5.5% Notes, Series A, on July 31, 2006, in advance of the
November 15, 2006 maturity date. The redemption price will be determined
in
accordance with the terms of the Notes and the
payment on the
redemption date will also include accrued interest to that date.
FirstEnergy
expects to receive approximately $500 million in mid-July from the proposed
repurchase of common stock by its Ohio Edison Company utility subsidiary.
FirstEnergy expects to use the cash proceeds from Ohio Edison’s common stock
repurchase to repay outstanding short-term debt and, to the extent funds
are
available, to make short-term loans to its subsidiaries. FirstEnergy’s Press
Release is attached as Exhibit 99.1 and is incorporated by reference
hereunder.
Item
9.01
Financial Statements and Exhibits.
|
(c)
Exhibits.
|
|
| |
|
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release
issued by FirstEnergy Corp., dated June 29,
2006
|
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 typically contain, but are not limited to, the terms
"anticipate," "potential," "expect," "believe," "estimate" and similar words.
Actual results may differ materially due to the speed and nature of increased
competition and deregulation in the electric utility industry, economic or
weather conditions affecting future sales and margins, changes in markets for
energy services, changing energy and commodity market prices, replacement power
costs being higher than anticipated or inadequately hedged, the continued
ability of the registrant’s regulated utilities to collect transition and other
charges or to recover increased transmission costs, maintenance costs being
higher than anticipated, legislative and regulatory changes (including revised
environmental requirements), and the legal and regulatory changes resulting
from
the implementation of the Energy Policy Act of 2005 (including, but not limited
to, the repeal of the Public Utility Holding Company Act of 1935), 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 levels of emission reductions
related to the Consent Decree resolving the New Source Review litigation,
adverse regulatory or legal decisions and outcomes (including, but not limited
to, the revocation of necessary licenses or operating permits, fines or other
enforcement actions and remedies) of governmental investigations and oversight,
including by the Securities and Exchange Commission, the United States
Attorney’s Office, the Nuclear Regulatory Commission and the various state
public utility commissions as disclosed in the registrant’s Securities and
Exchange Commission filings, generally, and with respect to the Davis-Besse
Nuclear Power Station outage and heightened scrutiny at the Perry Nuclear Power
Plant in particular, the timing and outcome of various proceedings before the
Public Utilities Commission of Ohio and the Pennsylvania Public Utility
Commission, including the transition rate plan filings for Met-Ed and Penelec,
the continuing availability and operation of generating units, the ability
of
generating units to continue to operate at, or near full capacity, the inability
to accomplish or realize anticipated benefits from strategic goals (including
employee workforce initiatives) the
anticipated
benefits from voluntary pension plan contributions, the ability to improve
electric commodity margins and to experience growth in the distribution
business, the ability to access the public securities and other capital markets
and the cost of such capital, the outcome, cost and other effects of present
and
potential legal and administrative proceedings and claims related to the August
14, 2003 regional power outage, the successful implementation and completion
of
the share repurchase program, circumstances which may lead management to use
any
portion of the anticipated proceeds from Ohio Edison Company’s proposed common
stock repurchase for purposes other than as currently contemplated, the risks
and other factors discussed from time to time in the registrant’s Securities and
Exchange Commission filings, including the registrant's annual report on Form
10-K for the year ended December 31, 2005, and other similar factors. The
registrant expressly disclaims any current intention to update any
forward-looking statements contained herein as a result of new information,
future events, or otherwise.
SIGNATURE
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
duly authorized.
June
29,
2006
| |
FIRSTENERGY
CORP.
|
| |
Registrant
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
By
|
/s/
Harvey L.
Wagner
|
| |
Harvey
L.
Wagner
|
| |
Vice
President, Controller and
|
| |
Chief
Accounting Officer
|