Thursday, February 11, 2010

First Energy Doing Well During Recession

As we mentioned earlier one of the most powerful government entities is the Public Utilities Commission (PUCO). On January 30th we started to explain how powerful PUCO and took at look at our electric bills.

We MUST turn a watchful eye back to the PUCO, its new commissioner, and our utility companies.

The Plain Dealer wrote this afternoon on their website about  First Energy's purchase of Allegheny Power.  The most interesting part of the article is the discussion of First Energy's sales, revenue, and earnings per share.

The Akron utility Thursday reported 2009 earnings of $1 billion, or $3.29 per share on total sales of $12.9 billion. That compares with $1.34 billion in profits in 2008, or $4.38 per share, on total sales of $12.1 billion.
The company's fourth quarter 2009 profits came to $238 million, or 78 cents per share, on sales of $2.95 billion. In the last quarter of 2008, the company earned $332 million, or $1.09 per share, on sales of $2.8 billion.

Interesting.  Remember a few months ago when First Energy and the PUCO went on damage control to contain the public outrage over the $23 being charge for two Compact Fluorescent Light Bulbs?  Most of the this charge resulted in the lost revenue caused by the use of CFL's.  

Looks like First Energy is still doing pretty well.

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