FirstEnergy Allegheny merger approved by Pennsylvania Public Utilities Commission
This is the final regulatory approval needed to close the transaction
Akron, Ohio, February 25, 2011 — FirstEnergy and Allegheny Energy won approval for their merger from the Pennsylvania Public Utility Commission. This is the final regulatory approval needed to close the transaction.
“We are pleased that the Pennsylvania Commission has approved our merger,” said Anthony J. Alexander, President and Chief Executive Officer of FirstEnergy. “We are reviewing the Commission’s decision and plan to close the transaction in a timely fashion.”
“We look forward to building on our collective strengths to create a premier energy company,” said Paul J. Evanson, chairman, president and CEO of Allegheny Energy.
Together, the companies will include ten electric distribution utilities serving six million customers; about 24,000 MW of generating capacity; 67,000 square miles of service territory with operations in seven states — Ohio, Pennsylvania, West Virginia, Virginia, New Jersey, New York and Maryland; about $48 billion in assets; and $16 billion in annual revenues.