FirstEnergy's net profits were a minus 39 cents per share.
FirstEnergy has been slashing operating costs, such as the cost of reading customer meters in West Virginia, Maryland and Pennsylvania, but now even that's not enough. Won't it be interesting to see Potomac Edison try to pull its corporate keister out of the fire while cutting spending on meter services even further? Maybe they ought to leave one of those open positions available... the one titled "Regulatory Magician."
In order to make up for his own poor management, useless figurehead Tony the Trickster has decided to cut employee benefits like health insurance and pensions, in addition to laying off hundreds of employees. I didn't hear him making any personal sacrifices though. Our pal Tony will still rake in $23M in compensation in 2013, to include company-paid financial planning and tax preparation services; personal use of the corporate jet; annual compensation and performance awards. So while you're struggling to make ends meet or pay your badly estimated electric bill, just remember that the Alexander household feels your pain (in a vague, annoying sort of way kind of like the pain you might feel when getting a fish pedicure).
Despite earlier regulatory puffery where FirstEnergy threatened to back out of the Harrison plant sale unless it got everything it wanted at full price, apparently the company is now involved in settlement talks.
"Briefs and reply briefs were filed by the parties in July and with the conclusion of the regulatory proceeding, the commission may issue an order at any time. We are however, currently in active settlement discussions with all parties in this case, and we are very hopeful that we can reach an resolution through this process."
Going back on your word so soon, FirstEnergy? I was really looking forward to watching you struggle with that "great asset" after your proposal was denied by the WV PSC. A settlement would just ruin my fun. :-(