Engineering Evaluation of Extractive Earth Systems

By: Mitchell J. Whalen

EME 460 – Engineering Evaluation of Extractive Earth Systems

December 12, 2011

Table of Contents

Abstract 3

First Energy Corporation 3

Background 3

History 4

Commodity 5

Finance 6

Electricity Market 6

First Energy Financials 8

Key Events 12

First Energy 12

Electricity Market 13

Summary and Conclusions 14

Bibliography 15

Abstract

Electricity is an extremely flexible form of energy. Since its first application in the incandescent light bulb in the 1870’s, electricity has been adapted to a huge, and growing number of uses. The purpose of this report is to take a look into First Energy Corporation and their extremely valuable commodity electricity. The report starts by giving a background and some history of the company and its commodity, followed by a presentation of the company’s finances.

First Energy Corporation

Background

First Energy is a diversified energy company that operates out of Akron, Ohio. The company’s subsidiaries and affiliates are involved in the generation, transmission, and distribution of energy. They also take part in energy management and other energy related services. First Energy is comprised of ten electric utility operating companies and employs approximately 13,330 people. The ten operating companies are Ohio Edison, Cleveland Electric Illuminating Company (a.k.a. The Illuminating Company), Toledo Edison, Jersey Central Power & Light, Met-Ed, Penelec, Penn Power, West Penn Power, Mon Power, and Potomac Power. These ten companies comprise the nation’s largest investor-owned electric system. In 2007, First Energy was ranked 212 on the Fortune 500 list of the largest public corporations in the United States. First Energy’s electric utility operating companies provide energy to 6 million customers within a 67,000 square-mile area of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, and New Jersey. Its subsidiaries that are used for generation control more that 23,000...