FirstEnergy's TrAILCo transmission company (whose books are kept by same crack team of accountants as PATH's) filed a revision with FERC the other day to correct its 2010 & 2011 revenue requirements for merger costs that were "inadvertently" included in the revenue requirements and collected from ratepayers like you.
"On December 19, 2011, Trans-Allegheny Interstate Line Company submitted to the Commission, for informational purposes, a revised reconciliation of the annual transmission revenue requirement for the 2010 Rate Year and a revised annual transmission revenue requirement for the 2011 Rate Year to reflect the removal of merger-related costs inadvertently included in the original version filed in May 2011."
Ooops! What's a couple million between friends, anyhow? Is anyone keeping track of all FirstEnergy's accounting mistakes that cost you money?
According to TrAILCo's letter, "As part of an internal review, TrAILCo personnel discovered that merger-related costs were inadvertently included in the original 2010 Reconciliation ATTR and 2011 Forecasted ATTR."
Was that "internal review" FirstEnergy's version of their "oh sh*t" moment when they got busted for including merger costs in PATH's revenue requirement during PATH's Open Meeting conference call back in July. Yeah, FE, we were there. ;-)
This sentence in the letter creates such a scary visual that I want to simultaneously throw up and laugh hysterically.
"The merger was consummated on February 25, 2011, and, at that time, FirstEnergy Corp. became the ultimate parent of TrAILCo."
Keep the comedy coming, FirstEnergy, we're paying dearly for it, apparently.
"On December 19, 2011, Trans-Allegheny Interstate Line Company submitted to the Commission, for informational purposes, a revised reconciliation of the annual transmission revenue requirement for the 2010 Rate Year and a revised annual transmission revenue requirement for the 2011 Rate Year to reflect the removal of merger-related costs inadvertently included in the original version filed in May 2011."
Ooops! What's a couple million between friends, anyhow? Is anyone keeping track of all FirstEnergy's accounting mistakes that cost you money?
According to TrAILCo's letter, "As part of an internal review, TrAILCo personnel discovered that merger-related costs were inadvertently included in the original 2010 Reconciliation ATTR and 2011 Forecasted ATTR."
Was that "internal review" FirstEnergy's version of their "oh sh*t" moment when they got busted for including merger costs in PATH's revenue requirement during PATH's Open Meeting conference call back in July. Yeah, FE, we were there. ;-)
This sentence in the letter creates such a scary visual that I want to simultaneously throw up and laugh hysterically.
"The merger was consummated on February 25, 2011, and, at that time, FirstEnergy Corp. became the ultimate parent of TrAILCo."
Keep the comedy coming, FirstEnergy, we're paying dearly for it, apparently.
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