FirstEnergy-Allegheny Energy Merger Application Receives Approval from Federal Energy Regulatory Commission
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AKRON, Ohio, and GREENSBURG, Pa., Dec. 16, 2010 - FirstEnergy Corp. (NYSE: FE) and Allegheny Energy, Inc. (NYSE: AYE) today announced that they have received approval from the Federal Energy Regulatory Commission (FERC) for their proposed merger.
"This as an important milestone in the completion of our merger, and we are pleased to have the support of FERC," said Anthony J. Alexander, President and Chief Executive Officer of FirstEnergy.
"We are confident this combination will result in a stronger company that will better serve our many stakeholders," said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy.
The companies filed their application with FERC for approval of their merger on May 11, 2010.
The merger is expected to close in the first half of 2011, subject to customary closing conditions, including regulatory approvals, as outlined in the joint proxy statement/prospectus mailed to shareholders.
The companies have received merger approval from the Virginia State Corporation Commission, and have applications pending with the Pennsylvania Public Utility Commission, the West Virginia Public Service Commission and the Maryland Public Service Commission. Shareholders for both FirstEnergy and Allegheny Energy overwhelmingly approved proposals related to the proposed merger.
SOURCE FirstEnergy Corp.
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For FirstEnergy:
Investors,
Ronald Seeholzer,
+1-330-384-5415,
Media,
Ellen Raines,
+1-330-384-5808;
