Exhibit 99.2
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ALLEGHENY ENERGY EARNINGS
SECOND QUARTER 2000
Three months ended June 30 2000 1999
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Sales to regular utility customers, gigawatt-hours (Note 1) 11,002 10,324
Revenues ($000) (Note 2)
Regular Utility Customers $558,126 $513,363
Other Utility Revenues 15,835 20,828
Nonutility Revenues 291,362 109,213
Total ($000) $865,323 $643,404
Consolidated income before other transactions ($000) $67,903 $67,730
Insurance / litigation settlements 3,553 (3,216)
Consolidated net income ($000) $71,456 $64,514
Basic and diluted earnings per average share (Note 3) $0.62 $0.58
Insurance / litigation settlements 0.03 (0.03)
Consolidated earnings per share $0.65 $0.55
Average common shares outstanding (000) 110,436 118,152
Year to date June 30 2000 1999
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Sales to regular utility customers, gigawatt-hours (Note 1) 22,655 21,644
Revenues ($000) (Note 2)
Regular Utility Customers $1,164,170 $1,089,176
Other Utility Revenues 32,341 37,607
Nonutility Revenues 535,602 206,608
Total ($000) $1,732,113 $1,333,391
Consolidated income before extraordinary and other transactions ($000) $154,298 $165,505
Insurance / litigation settlements 3,553 (3,216)
West Virginia extraordinary charge (Note 4) (70,505) -
Consolidated net income ($000) $87,346 $162,289
Basic and diluted earnings per average share (Note 3)
Before extraordinary and other transactions $1.40 $1.38
Insurance / litigation settlements 0.03 (0.03)
West Virginia extraordinary charge (Note 4) (0.64) -
Consolidated earnings per share $0.79 $1.35
Average common shares outstanding (000) 110,436 120,262
Twelve months ended June 30 2000 1999
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Sales to regular utility customers, gigawatt-hours (Note 1) 44,852 43,314
Revenues ($000) (Note 2)
Regular Utility Customers $2,268,514 $2,199,236
Other Utility Revenues 74,941 96,614
Nonutility Revenues 863,708 340,857
Total ($000) $3,207,163 $2,636,707
Consolidated income before extraordinary and other transactions ($000) $299,197 $320,132
West Virginia, Maryland and Pennsylvania extraordinary charges (Note 4) (87,455) (9,980)
Reacquired debt extraordinary charge (10,018) -
Merger-related costs (11,801) -
Davis pumped-storage generation project costs (8,160) -
Insurance / litigation settlements 1,715 (3,216)
Pennsylvania settlement costs - (23,748)
Consolidated net income ($000) $183,478 $283,188
Basic and diluted earnings per average share (Note 3)
Before extraordinary and other transactions $2.69 $2.64
West Virginia, Maryland and Pennsylvania extraordinary charges (Note 4) (0.79) (0.08)
Reacquired debt extraordinary charge (0.09) -
Merger-related costs (0.11) -
Davis pumped-storage generation project costs (0.07) -
Insurance / litigation settlements 0.02 (0.03)
Pennsylvania settlement costs - (0.20)
Consolidated earnings per share $1.65 $2.33
Average common shares outstanding (000) 111,354 121,358
Note 1: Excludes bulk power transaction sales.
Note 2: Excludes intercompany sales between nonutility and utility.
Note 3: Basic and diluted earnings per share are the same.
Note 4: Costs after taxes determined to be unrecoverable as a result of
deregulation proceedings in West Virginia, Maryland, and
Pennsylvania.
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