FirstEnergy and GPU have confirmed their plans to merge, and the companies expect it to be completed within a year, if all necessary state and federal regulatory agencies approve the proposal.
Based on customers served, the FirstEnergy-GPU merger will create the nation’s sixth largest investor-owned electric system. As of June 30, 2000, the combined revenues of FirstEnergy and GPU for the previous 12 months totaled US$12 billion and assets of the companies totaled US$38.6 billion.
The combined company’s principal electric utility operating companies include:
- First Energy’s Ohio Edison and its Pennsylvania Power subsidiary, Cleveland Electric and Toledo Edison.
- GPU’s Jersey Central Power & Light, Metropolitan Edison and Pennsylvania Electric, which serve customers in Pennsylvania and New Jersey.
Together, these companies serve about 4.3 million customers within 37,200 square miles of Ohio, Pennsylvania, and New Jersey, giving the merged firm the largest customer base in the PJM Power Pool. The combination also makes FirstEnergy’s mechanical contracting and construction business the fourth largest in the nation, with annual revenues of about US$1 billion and 3,800 employees. For further information: http://www.electricnet.com.
Based on a report from ElectricNet newsletter
