First Energy

http://finance.yahoo.com/news/FirstEner ... 8.html?x=0




----Utility company FirstEnergy said Thursday that it is buying rival Allegheny Energy for about $4.7 billion in stock in a deal that will create one of the nation's largest power companies with customers from Ohio to New York.

The combined company will have about $16 billion in annual revenue and $1.4 billion in profit and serve more than 6 million customers in Pennsylvania, Ohio, Maryland, New Jersey, New York, Virginia and West Virginia.

I wonder which back door obama and or his croonies will use to profit from this? maybe all the money from thier window sales kick backs will fund it???

Well gee wiss Pocono you & I can find something to agree on it must be B.O.s deal in the making, I`ve never in all my life ever heard of one big co. buying out another. There ought to be a law or some kind of act or something.

yeah maybe thats where the advert folks came up with all that "pepsi like logo"...

ya know the "one" mentality ie. one controling kingdom/reich???

samhill wrote:Well gee wiss Pocono you & I can find something to agree on it must be B.O.s deal in the making, I`ve never in all my life ever heard of one big co. buying out another. There ought to be a law or some kind of act or something.

Can you say "monopoly"?
First Energy owns JCP&L and I have the absurdly high electric bills to prove it!!!

Exactly my point Wood & Coal, I was being sarcastic when I said I never heard of that happening. The only one that I can remember being broke up is Ma Bell & prices have gone up & service down ever since.

Well my employer is First Energy.

Uncle Tony made quite a deal (FE Pres) Guess he had to do something so he could get his 13Million dollar bonus this year. (Yes that is true, they have to make it public)

As long as I get my bonus too I guess I shouldn't complain.

They are talking a good talk here, if they hold true most of Allegheny Energy employees should keep their jobs. They are not going to hire anymore at FE so anyone they would lay off from AE can fill vacant FE positions (retirements and such). Net is not near as many layoffs as in a usual merger.

FE has been low on the generation side, most of our business is distribution. AE was heaver on the generation. So as a company as a whole we should be better rounded.

How does that translate to the public????? our stocks are down 4.4%. Guess it's not that great.

oros35, I think the bulk of the public is just fed up in general with both big business & politics, neither one has much of a reputation of being truthful right now. I just wonder what ever happened to people working for a agreed upon pay, heck I never even got a pound of jumbo from U.S.S.

samhill wrote: I was being sarcastic when I said I never heard of that happening.

I know you were.

First Energy owns Toledo Edison, Ohio Edison, Cleveland Electric Illuminating, Penelec, and pclp. This monopoly is really sticking it to many people!!!!!! Recently they did away with all the discounts [electric hot water tank , all electric, etc.]. Many customers used electric heat and hot water tanks because they were lured into buying them by the" great" rate they would receive. Now, they are stuck with sky high bills Thats the way of the world, I guess. Oh, by the way I am a First Energy retiree 35 Years..........

We call him Tony Pockets.....He is merely a symptom of a greater corporate plague. It's called corporate prostitution. We can't get proper tooling to do our jobs. Now I see why........Those of us that are Worst Energy employees are hated by you,by management and just about anything else that has eyes,ears a mouth and a brain. My morals forced me to post this. I'm not much of a snake or chamelion. I don't hide. I am embarrassed in front of my customers for what First Energy does. I'm old school...I was raised that the reason you have a job is because you have customers. Take care of them. Some of you would probably tell me to be a real hero and quit if these dorks are so bad. I think you may want to have me on your side and at your door when your moment of need comes.

You got to do & work where ever you can to make a living, unless your an extreme upper level type person you have no control over the policies. I always told my kids that you work for a living & do something you enjoy as a hobby, its very few that can combine the two.

Hey Guys,
I work for CNX coal and both companies are our customer. We sell them both more than 10 million tons annually. Most folks in and around the electric utility industry have known for several years that AYE was ripe for the taking. Dominion looked hard at them last year. AYE was managed nearly into bankrupcy about 6-8 years ago. Stock was down to 3 bucks a share. At that price even you guys crying about big business could have bought a couple hundred shares and made a tidy profit on the come back! No risk! No reward! AYE is a 1 demensional company. All they have is coal fired plants. FE is more diverse and better managed. Oh did I mention that FE will assume 3.8 Billion in AYE dept? Anyone want to try and quess how many jobs this company provides for our communities in Pa, NY, and Ohio. Directly inside thier company starting with the management team all the way down to the labor. And then of course the other industries that they need to support that huge operation. Industrial supplies. Union labor, pipefitters, boilermakers, ironworkers, coalminers. How about our sons and daughters coming out of collage as electrical engineers, stuctural engineers. I bet the number of jobs created is in the tens of thousands. Not Chinese import jobs but good middle class American jobs. Does anyone think that the guy running FE just fell into the job out of high school? I really do not know for sure but I would guess he graduated from collage as an some sort of engineer. Got a job and then went back to school for his MBA while working full time. There may even be a law degree in there somewhere. I would say he worked a lot of long hours for many years to prepare himself for his job. Big business is no different than small business. The pizza shop wants to sell 10K a moth and keep 2K profit. Big business wants to sell 10MM a month and keep 2MM. Most of these huge corps. are publically traded so the benifactor of their success is your 401K or pension fund. THIS IS AN AMERICAM COMPANY!!!!!! Capitalism Works!!!!!

Whats wrong Hambden Bob? Tony Pockets wants you to actually work for your big dollars an hour union job? You did apply for that job? Right? Does it feed your family? Do you drive a late model car? No don't tell me you walk to work! Do I sense crying with a chicken under your arm? If I were your employer I would send you down the road kicking a can singing a cowboy song!!

Hi Honey !!! I'm home from that job you just cussed me out of. Thanx for cooking. You do look good in that pajama gram get-up I got 'ya for Valentine's Day yesterday! Oh,you'd better go out and get a job to support us both. I did,however,think to bring you that under-arm chicken and that can I was kickin' all the way home. Maybe we can use that beer recipe you had found in your magazine. I love 'ya,and that's why I'm workin'so hard for 'ya,Honey..! xoxoxo..Hambden Bob..