UNITED STATES
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) June 9, 2004
Commission Registrant; State of Incorporation; I.R.S. Employer
File Number Address; and Telephone Number Identification No.
----------- ---------------------------------------- ------------------
333-21011 FIRSTENERGY CORP. 34-1843785
(An Ohio Corporation)
76 South Main Street
Akron, OH 44308
Telephone (800)736-3402
1-2578 OHIO EDISON COMPANY 34-0437786
(An Ohio Corporation)
76 South Main Street
Akron, OH 44308
Telephone (800)736-3402
1-2323 THE CLEVELAND ELECTRIC ILLUMINATING COMPANY 34-0150020
(An Ohio Corporation)
c/o FirstEnergy Corp.
76 South Main Street
Akron, OH 44308
Telephone (800)736-3402
1-3583 THE TOLEDO EDISON COMPANY 34-4375005
(An Ohio Corporation)
c/o FirstEnergy Corp.
76 South Main Street
Akron, OH 44308
Telephone (800)736-3402
Item 5. Other Events
On June 9, 2004, The Public Utilities Commission of Ohio (PUCO) issued
an order that included the following major modifications to FirstEnergy's
revised Rate Stabilization Plan application:
o Eliminates the ability to initiate a request to increase generation
rates except for taxes;
o Expands the availability of market support generation;
o Revises the kilowatt-hour target level and the time period for
recovering regulatory transition charges;
o Establishes a 3-year competitive bid process for generation;
o Establishes the 2005 generation credit for customer shoppers, which
would be extended as a cap through 2008;
o Denies the ability to defer costs for future recovery of distribution
reliability improvement expenditures; and
o Approves the ability to accrue and defer interest on shopping credit
incentive deferrals; however, there was ambiguity as to when such
provisions became effective.
The Registrants are reviewing the PUCO's order and plan to file a request for
rehearing; however, they cannot predict the outcome of this proceeding at this
time.
Forward-Looking Statement: This Form 8-K includes forward-looking statements
based on information currently available to management. Such statements are
subject to certain risks and uncertainties. These statements typically contain,
but are not limited to, the terms "anticipate", "potential", "expect",
"believe", "estimate" and similar words. Actual results may differ materially
due to the speed and nature of increased competition and deregulation in the
electric utility industry, economic or weather conditions affecting future sales
and margins, changes in markets for energy services, changing energy and
commodity market prices, replacement power costs being higher than anticipated
or inadequately hedged, maintenance costs being higher than anticipated,
legislative and regulatory changes (including revised environmental
requirements), adverse regulatory or legal decisions and the outcome of
governmental investigations (including revocation of necessary licenses or
operating permits), availability and cost of capital, the continuing
availability and operation of generating units, the inability to accomplish or
realize anticipated benefits of strategic goals, the ability to improve electric
commodity margins and to experience growth in the distribution business, the
ability to access the public securities markets, further investigation into the
causes of the August 14, 2003 regional power outage and the outcome, cost and
other effects of present and potential legal and administrative proceedings and
claims related to that outage, the final outcome in the proceeding related to
the Registrants' Application for a Rate Stabilization Plan, the risks and other
factors discussed from time to time in the Registrants' Securities and Exchange
Commission filings, including their annual report on Form 10-K for the year
ended December 31, 2003, their Form 10-Q for the quarter ended March 31, 2004,
and other similar factors. The Registrants expressly disclaim any current
intention to update any forward-looking statements contained in this document as
a result of new information, future events, or otherwise.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
each Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
June 14, 2004
FIRSTENERGY CORP.
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Registrant
OHIO EDISON COMPANY
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Registrant
THE CLEVELAND ELECTRIC
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ILLUMINATING COMPANY
--------------------
Registrant
THE TOLEDO EDISON COMPANY
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Registrant
/s/ Harvey L. Wagner
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Harvey L. Wagner
Vice President, Controller
and Chief Accounting Officer
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