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) December 17, 1998
FirstEnergy Corp.
(Exact name of Registrant as specified in its charter)
Ohio 333-21011 34-1843785
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
76 South Main Street, Akron, Ohio 44308
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 330-384-5100
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Item 5. Other Events
On December 17, 1998, FirstEnergy Corp. reported that
fourth quarter earnings would be adversely affected by lower
heating load sales brought on by unusually mild weather in the
Midwest, as described more fully in the press release filed as an
exhibit to this Current Report on Form 8-K and incorporated herein
by reference.
Item 7. Financial Statements and Exhibits
(99) Press Release dated December 17, 1998 of FirstEnergy
Corp.
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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.
December 17, 1998
FIRSTENERGY CORP.
-----------------
Registrant
/s/ Harvey L. Wagner
------------------------------
Harvey L. Wagner
Controller
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FirstEnergy Corp. For Release: December 17, 1998
76 South Main Street
Akron, Ohio 44308-1890
News Media Contact:
David C. Poeppelmeier
(330-3845813)
MILD WEATHER WILL IMPACT FIRSTENERGY'S FOURTH QUARTER EARNINGS
FirstEnergy Corp. today reported during a meeting with
financial analysts in New York that the company's fourth quarter
earnings would be adversely affected by lower heating-load sales
brought on by unusually mild weather in the Midwest.
"Based on our sales analysis, we are projecting that
earnings per share in the fourth quarter could be reduced by as
much as 15 to 20 cents below what earnings would be under normal
weather conditions," said Willard R. Holland, chairman and chief
executive officer of FirstEnergy.
According to First Call, a research company that
provides financial data to the investment community, the average
of financial analysts' estimates for earnings is 60 cents per
share of common stock for FirstEnergy in the fourth quarter and
$2.14 per share for the year. For the nine-months ended
September 30, 1998, the Company reported income before
extraordinary charges was $346.7 million, or $1.54 per share.
The number of heating degree-days accumulated during October
and November were approximately nine percent below normal. A
heating degree-day is a unit used in estimating quantities of
fuel or power consumption, based on a daily ratio of consumption
and the mean temperature below 65 degrees Fahrenheit.
This announcement contains forward-looking statements
which are subject to various uncertainties. Discussion of the
factors that could cause actual earnings results to differ
materially from FirstEnergy's forecasts and expectations is
contained in the Company's filings with the Securities and
Exchange Commission.
FirstEnergy is a diversified energy services holding
company headquartered in Akron, Ohio. Its four electric utility
operating companies - Ohio Edison and its subsidiary,
Pennsylvania Power Company, The Illuminating Company and Toledo
Edison Company - comprise the nation's 12th largest investor-
owned electric system serving 2.2 million customers within
13,200 square miles of northern and central Ohio and Western
Pennsylvania.
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