FirstEnergy: Plant deactivations costly in second quarter - WOWK 13 Charleston, Huntington WV News, Weather, Sports

FirstEnergy: Plant deactivations costly in second quarter

Posted: Updated:
  • EnergyEnergyMore>>

  • Marshall Co. makes plans for natural gas combined cycle power plant

    Marshall Co. makes plans for natural gas combined cycle power plant

    Tuesday, April 22 2014 6:42 PM EDT2014-04-22 22:42:40 GMT
    The project still needs to obtain state and federal approvals to develop and build the plant, but organizers anticipate construction to begin in 2015 and operations to begin by 2018.
    The project still needs to obtain state and federal approvals to develop and build the plant, but organizers anticipate construction to begin in 2015 and operations to begin by 2018.
  • WV DEP Lifts Cease Operations Order to Antero at Harrison, Doddridge Sites

    WV DEP Lifts Cease Operations Order to Antero at Harrison, Doddridge Sites

    Monday, April 21 2014 1:00 PM EDT2014-04-21 17:00:50 GMT
    The West Virginia Department of Environmental Protection and the Office of Oil and Gas have issued violation notices to Antero Resources.
    The West Virginia Department of Environmental Protection and the Office of Oil and Gas have issued violation notices to Antero Resources.
  • Fracking foes cringe as unions back drilling boom

    Fracking foes cringe as unions back drilling boom

    Monday, April 21 2014 8:51 AM EDT2014-04-21 12:51:19 GMT
    After early complaints that out-of-state firms got the most jobs, some local construction trade workers and union members in Pennsylvania, Ohio and West Virginia say they're now benefiting in a big way from the Marcellus and Utica Shale oil and gas boom.That vocal support from blue-collar workers complicates efforts by environmentalists to limit the drilling process known as fracking.
    After early complaints that out-of-state firms got the most jobs, some local construction trade workers and union members in Pennsylvania, Ohio and West Virginia say they're now benefiting in a big way from the Marcellus and Utica Shale oil and gas boom.That vocal support from blue-collar workers complicates efforts by environmentalists to limit the drilling process known as fracking.

FirstEnergy reported on Aug. 6 a second-quarter GAAP loss of $164 million, or $0.39 per share, compared with second quarter 2012 income of $188 million, or $0.45 per share.

Excluding special items, the company reported earnings of $0.59 per share, compared with $0.60 per share of common stock in the second quarter of 2012. The loss in the second quarter of 2013 was primarily the result of plant deactivation costs, the company said.

"We continue to focus on targeted growth opportunities in our competitive and regulated businesses, while taking additional steps to further reduce costs across the company in light of the continued sluggish economy in much of our region, weak market prices for power, and environmental mandates," said FirstEnergy President and Chief Executive Officer Anthony J. Alexander.

Total distribution deliveries decreased by 1 percent compared to the second quarter of 2012. Commercial deliveries decreased 3 percent and industrial deliveries decreased 2 percent, while sales to residential customers increased 3 percent compared to the prior-year period.  

Contract sales at the company's competitive segment grew 7 percent compared with the second quarter of 2012, which the company attributed to continued implementation of FirstEnergy Solutions' multi-channel sales approach.  The gains were offset primarily by lower capacity revenues. 

The company reaffirmed non-GAAP earnings guidance of $2.85 - $3.15 per share.

A live Internet webcast of the company's teleconference for financial analysts will take place at 1 p.m. EDT on Aug. 6; to listen, visit the second quarter earnings call web page.  

FirstEnergy shares are traded on the New York Stock Exchange under the symbol FE.