FirstEnergy's 2008 profit rises 2 percent

2/25/2009

AKRON - FirstEnergy Corp., the Akron utility that owns Toledo Edison, said yesterday that its 2008 profit rose 2 percent to $1.34 billion, compared with $1.31 billion for 2007.

Revenue was $13.6 billion in 2008 and $12.8 billion in 2007.

For the fourth quarter, profit rose 24 percent from a year ago to $332 million, or $1.09 a share, from $268 million, or 88 cents a share, for the same period a year earlier. Revenue for the quarter was $3.2 billion, compared to $3.1 billion a year ago.

FirstEnergy said it generated more nuclear power last year and was paid more for its electricity by wholesale and retail customers.

The company's power plants produced a record 82.4 million megawatt hours during 2008.