SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1914 (AMENDMENT NO. ________)
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FIRSTENERGY CORP.
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(Name of Registrant as Specified in Its Charter)
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Merger question line
Q&A
Q: I understand that more than 2,000 cases related to the accident at
Three Mile Island are still pending against GPU, Inc., seeking
compensation for alleged personal injuries. Couldn't any defense
and settlements prove very expensive for GPU, and, therefore,
FirstEnergy when the merger is complete?
A: First, while there are no guarantees on the eventual outcome of
any lawsuit, GPU has been largely successful in limiting the scope of
these cases and has even obtained the dismissal of a number of
claims. The cases are being defended by GPU's nuclear liability
insurance carriers, who have won court rulings that the potential
financial exposure for these legal actions (other than perhaps for
punitive damages) cannot exceed the $560-million legal limit in
effect in 1979 at the time of the accident as provided in the federal
Price-Anderson Act of 1957. That legislation was designed to
encourage utilities to invest in nuclear power plants by establishing
a mandatory insurance program and imposing a limitation on the
utility's liability in the event of a nuclear accident. GPU's own
financial exposure under this Act is limited to $15 million; the
balance of the $560 million is provided by a combination of private
insurance coverage, assessments paid by other nuclear power plant
owners, and the federal government. GPU has stated that it believes
any liability it may have related to the Three Mile Island accident
"will not exceed its financial protection under the Price-Anderson
Act."
Registration Statement declared effective by Securities and Exchange
Commission
The effectiveness of our S-4 Registration Statement-which included
the joint proxy statement-represents another step forward in our
planned merger. With this effectiveness, we were authorized to begin
mailing the proxy statements to shareholders, which we did starting
on October 20. Through this mailing, we also informed shareholders
that FirstEnergy and GPU will hold special Shareholders Meetings on
November 21, when financial aspects of the merger will be discussed
and voting results will be announced. We'll inform you of the
results of that important step.
Please phone or click in your merger vote!
Shareholders of record on October 12, as well as those employees
participating in our 401(k) Savings Plan, have begun receiving the
FirstEnergy/GPU joint proxy statement describing the proposed merger.
Our Board of Directors and management team recommend voting FOR the
merger because it will strengthen our competitive position in the
energy market. The proxy information packet sent to registered
shareholders includes a voting form with instructions for voting by
telephone, Internet, or by mail.
Employees owning shares through FirstEnergy's 401(k) Savings Plan are
encouraged to vote by telephone because it's easier, faster, and more
economical for the Company. This option is not currently available
for some Beaver Valley employees who belong to a different 401(k)
savings plan and who can only vote by mail.
"Whatever method you use, the most important thing is to vote," says
Corporate Secretary Nancy Ashcom. "Unfortunately, not voting will
have the same effect as voting against the merger."
Have you voted yet?
To vote by telephone or Internet, you'll need the control number on
your proxy card or voting direction form. Here are the numbers to
call to vote:
- FirstEnergy 401(k) Savings Plan participants, call 1-888-216-1289.
- Registered shareholders, call 1-888-457-2961, or vote by Internet
at www.proxyvoting.com/fe.
If you have any questions regarding the merger, call 1-800-631-8945.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
This publication contains forward-looking statements within the
meaning of the "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that such forward-looking statements with respect to revenues,
earnings, performance, strategies, prospects and other aspects of the
businesses of FirstEnergy Corp. and GPU, Inc. are based on current
expectations that are subject to risks and uncertainties. A number
of factors could cause actual results or outcomes to differ
materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, risks and
uncertainties relating to: failure to obtain expected synergies from
the merger, delays in obtaining or adverse conditions contained in
any required regulatory approvals, changes in laws or regulations,
economic or weather conditions affecting future sales and margins,
changes in markets for energy services, changing energy market
prices, availability and pricing of fuel and other energy
commodities, legislative and regulatory changes (including revised
environmental and safety requirements), availability and cost of
capital and other similar factors. Readers are referred to
FirstEnergy's and GPU's joint proxy statement/prospectus dated
October 19, 2000, and their most recent reports filed with the
Securities and Exchange Commission.
