FirstEnergy Boosts Profits

FirstEnergy_540x305Power Source

By Anya Litvak

FirstEnergy Corp. reported earnings of $333 million, or 79 cents per share, for the past quarter, up from $218 million, or 52 cents per share, a year ago.

The Ohio-based energy company owns the southwestern Pennsylvania utility West Penn Power and several other electric utilities in the state, all of which are currently seeking rate increases from state regulators.

Over the past year, FirstEnergy has been trying to shift its focus to its regulated operations, such as utilities and transmission lines that provide a steady return, while shrinking its power generation and competitive energy supply branches.

Revenue for the past quarter was $3.9 billion, down slightly from more than $4 billion during the comparable three months in 2013.

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