FIRSTENERGY CORP (Form: 8-K, Received: 07/27/2005 11:27:43)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 27, 2005

Commission	Registrant; State of Incorporation;	I.R.S. Employer
File Number	Address; and Telephone Number	Identification No.

333-21011	FIRSTENERGY CORP.	34-1843785
	(An Ohio Corporation)
	76 South Main Street
	Akron, OH 44308
	Telephone (800)736 - 3402

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On July 27, 2005, FirstEnergy Corp. issued two public announcements, which are attached as Exhibits 99.1 and 99.2 hereto and incorporated by reference. FirstEnergy's Press Release and Consolidated Report to the Financial Community contain non-GAAP* financial measures. Pursuant to the requirements of Regulation G, FirstEnergy has provided quantitative reconciliations within the Press Release and Consolidated Report to the Financial Community of the non-GAAP* financial measures to the most directly comparable GAAP financial measures.

The Press Release and Consolidated Report to the Financial Community include normalized earnings per share, which is not calculated in accordance with GAAP because it excludes the impact of "unusual items". Unusual items reflect the impact on earnings of events that are not routine, may be related to discontinued businesses or may be the cumulative effect of an accounting change. Management believes presenting normalized earnings calculated in this manner provides useful information to investors in evaluating the ongoing results of FirstEnergy's businesses and assists investors in comparing the company's operating performance to the operating performance of others in the energy sector. The Consolidated Report to the Financial Community also includes references to free cash flow and cash generation which are not defined under GAAP. Management believes presenting these non-GAAP* measures provides useful information to investors in assessing FirstEnergy's normalized operating performance from a cash perspective. FirstEnergy’s management frequently references these non-GAAP* financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons as well as comparisons to the performance of peer companies.

Item 7.01 Regulation FD Disclosure

On July 27, 2005, FirstEnergy Corp. raised its earnings and cash flow guidance for 2005 and announced earnings and cash flow guidance for 2006. The company's non-GAAP* earnings guidance for 2005 is $2.85 to $3.00 per share of common stock. The company expects that non-GAAP* free cash flow for 2005 will be approximately $535 million. The company's earnings guidance for 2006 is $3.40 to $3.60 per share of common stock. The company is currently unaware of any specific unusual charges or credits that will become reconciling items between earnings per share on a GAAP and non-GAAP* basis in 2006. The company estimates that non-GAAP* free cash flow for 2006 will range from $280 million to $380 million. FirstEnergy issued a Press Release and Letter to the Investment Community that provide additional related details. Pursuant to the requirements of Regulation G, FirstEnergy has provided quantitative reconciliations within the Press Release and Letter to the Investment Community of the non-GAAP* financial measures to the most directly comparable GAAP financial measures. The Press Release and Letter to the Investment Community are furnished, not filed, as Exhibits 99.3 and 99.4, respectively, and are incorporated by reference.

Item 9.01 Financial Statements and Exhibits

Exhibit No.	Description

99.1	Press Release issued by FirstEnergy Corp., dated July 27, 2005
99.2	Consolidated Report to the Financial Community, dated July 27, 2005
99.3	Press Release issued by FirstEnergy Corp., dated July 27, 2005
99.4	Letter to the Investment Community, dated July 27, 2005

*This Form 8-K contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future financial performance, financial position, or cash flows that either excludes or includes amounts, or is subject to adjustment that have the effect of excluding or including amounts, that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States, or GAAP.

Forward-Looking Statements: This Form 8-K includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms "anticipate", "potential", "expect", "believe", "estimate" and similar words. Actual results may differ materially due to the speed and nature of increased competition and deregulation in the electric utility industry, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of our regulated utilities to collect transition and other charges, maintenance costs being higher than anticipated, legislative and regulatory changes (including revised environmental requirements), the uncertainty of the timing and amounts of the capital expenditures (including that such amounts could be higher than anticipated) or levels of emission reductions, related to the settlement agreement resolving the New Source Review litigation, adverse regulatory or legal decisions and outcomes (including revocation of necessary licenses or operating permits, fines or other enforcement actions and remedies) of government investigations and oversight, including by the Securities and Exchange Commission, the United States Attorney’s Office and the Nuclear Regulatory Commission as disclosed in the registrants’ Securities and Exchange Commission filings, generally, and with respect to the Davis-Besse Nuclear Power Station outage and heightened scrutiny at the Perry Nuclear Power Plant in particular, the availability and cost of capital, the continuing availability and operation of generating units, the inability to accomplish or realize anticipated benefits of strategic goals, the ability to improve electric commodity margins and to experience growth in the distribution business, the ability to access the public securities and other capital markets, the outcome, cost and other effects of present and potential legal and administrative proceedings and claims related to the August 14, 2003 regional power outage, the final outcome in the proceeding related to FirstEnergy's Application for a Rate Stabilization Plan in Ohio, the risks and other factors discussed from time to time in the registrant's Securities and Exchange Commission filings, and other similar factors. The registrant expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information, future events, or otherwise.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

July 27, 2005


	FIRSTENERGY CORP. Registrant

		/s/ Harvey L. Wagner
		Harvey L. Wagner
		Vice President, Controller and Chief Accounting Officer

EXHIBIT 99.1

FirstEnergy Corp.	For Release : July 27, 2005
76 South Main Street
Akron, Ohio 44308
www.firstenergycorp.com

News Media Contact:	Investor Contact:
Keith Hancock	Kurt Turosky
(330) 384-5247	(330) 384-5500

FIRSTENERGY’S SECOND QUARTER ADJUSTED EARNINGS

EXCEED EXPECTATIONS

FirstEnergy Corp. (NYSE: FE) today reported that second quarter 2005 net income on a non-GAAP ^(*) basis was $233.3 million, or basic and diluted earnings of $0.71 per share of common stock, excluding two unusual items: a one-time gain of $0.05 per share from the settlement of rate cases in New Jersey associated with the company’s Jersey Central Power & Light subsidiary, offset by a $0.22 per share write-off of Ohio deferred tax benefits that are not expected to be realized due to recent changes in Ohio’s tax system. On a GAAP basis, net income was $178.0 million, or basic and diluted earnings of $0.54 per share of common stock. The adjusted earnings are at the top end of the range included in the company’s original earnings guidance for the second quarter.

Those results compare with non-GAAP net income of $221.6 million in the second quarter of 2004, or basic and diluted earnings of $0.67 per share of common stock. Including unusual items, earnings for the second quarter of 2004 were $204.0 million, or basic and diluted earnings of $0.62 per share of common stock on a GAAP basis.

Total revenues for the second quarter of 2005 were $2.9 billion, down from $3.0 billion reported in the second quarter of 2004. This is attributable to lower wholesale sales revenues, which reflect the revised net reporting methodology for PJM sales and purchase transactions described in the company's first quarter 2005 earnings release. Since this revised reporting methodology also produced a corresponding reduction in purchased power costs, there was no impact on net income.

(more)

"I am pleased that we were able to exceed the second quarter earnings consensus estimate of analysts, excluding the impact of unusual items," said President and Chief Executive Officer Anthony J. Alexander. "These results reflect the overall progress we’ve made, particularly in the areas of retail electricity sales, generating plant performance and debt reduction. Our second quarter earnings, part of six consecutive quarters of delivering consistent financial performance, also were driven by operational improvements and cost-savings efforts that we continue to achieve across our organization."

Second Quarter 2005 Non-GAAP Reconciliation

	After-tax			Basic
	Amount			Earnings
	(Millions)			Per Share
Earnings Before Unusual Items (Non-GAAP)	$	233.3		$	0.71
New Regulatory Assets
- JCP&L Rate Settlement		16.4			0.05
Ohio Tax Write-off		(71.7	)		(0.22	)
Net Income (GAAP)	$	178.0		$	0.54

Second Quarter 2004 Non-GAAP Reconciliation

	After-tax			Basic
	Amount			Earnings
	(Millions)			Per Share
Earnings Before Unusual Items (Non-GAAP)	$	221.6		$	0.67
Lawsuits Settlement		(10.6	)		(0.03	)
Non-core Asset Sales		(7.0	)		(0.02	)
Net Income (GAAP)	$	204.0		$	0.62

(more)

A return to more seasonal weather toward the end of the second quarter of 2005 helped produce a 2.4-percent increase in kilowatt-hour deliveries compared with the year-prior quarter. Also, strong performance by FirstEnergy’s generation fleet helped the company avoid higher-cost supply alternatives. Its generating plants posted a record gross output for the quarter and for the first six months of 2005 of 19.1 billion and 37.9 billion kilowatt-hours, respectively.

For the first six months of 2005, net income on a GAAP basis was $337.7 million, or basic earnings of $1.03 per share ($1.02 diluted) of common stock. Excluding unusual items, earnings on a non-GAAP basis were $388.4 million, or basic and diluted earnings of $1.18 per share.

That compares with net income on a GAAP basis of $378.0 million for the first six months of 2004, or basic earnings of $1.16 per share ($1.15 diluted) of common stock. Excluding unusual charges, non-GAAP earnings were $433.9 million, or basic earnings of $1.33 per share ($1.32 diluted) of common stock.

Revenues for the first six months of 2005 were $5.7 billion, compared with $6.0 billion for the same period last year. Expenses in the first six months of 2005 reflect two scheduled nuclear refueling outages, while there were no refueling outages during the corresponding period in 2004.

First Six Months 2005 Non-GAAP Reconciliation

	After-tax			Basic
	Amount			Earnings
	(Millions)			Per Share
Earnings Before Unusual Items (Non-GAAP)	$	388.4		$	1.18
New Regulatory Assets
- JCP&L Rate Settlement		16.4			0.05
Ohio Tax Write-off		(71.7	)		(0.22	)
Sales of Non-core Assets		22.4			0.07
Sammis Plant New Source Review Settlement		(14.4	)		(0.04	)
Davis-Besse NRC Fine		(3.4	)		(0.01	)
Net Income (GAAP)	$	337.7		$	1.03

(more)

First Six Months 2004 Non-GAAP Reconciliation

	After-Tax			Basic
	Amount			Earnings
	(Millions)			Per Share
Earnings Before Unusual Items (Non-GAAP)	$	433.9		$	1.33
Davis-Besse Impact		(38.3	)		(0.12	)
Lawsuits Settlement		(10.6	)		(0.03	)
Sales of Non-core Assets		(7.0	)		(0.02	)
Net Income (GAAP)	$	378.0		$	1.16

FirstEnergy retired approximately $269 million of debt and preferred stock during the first six months of 2005 through its debt paydown and refinancing program. The company’s goal is to reduce debt by at least $600 million during the year. FirstEnergy also refinanced $310 million of long-term debt in the first half of 2005. In total, these redemption and refinancing activities are expected to produce financing cost savings of $25 million in 2005 and $33 million in 2006.

FirstEnergy’s Consolidated Report to the Financial Community - which provides highlights on company developments and financial results for the second quarter of 2005 - is posted on the company’s Internet site - www.firstenergycorp.com/i r . To access the report, click on Consolidated Report to the Financial Community . Details on the company’s second quarter earnings also will be provided during the company’s earnings conference call, scheduled today at 1:00 p.m. (EDT).

FirstEnergy is a diversified energy company headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, as well as energy management and other energy-related services.

(more)

^(*) This news release contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP).

Forward-Looking Statements: This news release includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "believe," "estimate" and similar words. Actual results may differ materially due to the speed and nature of increased competition and deregulation in the electric utility industry, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of our regulated utilities to collect transition and other charges, maintenance costs being higher than anticipated, legislative and regulatory changes (including revised environmental requirements), the uncertainty of the timing and amounts of the capital expenditures (including that such amounts could be higher than anticipated) or levels of emission reductions related to the settlement agreement resolving the New Source Review litigation, adverse regulatory or legal decisions and outcomes (including revocation of necessary licenses or operating permits, fines or other enforcement actions and remedies) of governmental investigations and oversight, including by the Securities and Exchange Commission, the United States Attorney's Office and the Nuclear Regulatory Commission as disclosed in our Securities and Exchange Commission filings, generally, and with respect to the Davis-Besse Nuclear Power Station outage and heightened scrutiny at the Perry Nuclear Power Plant in particular, the availability and cost of capital, the continuing availability and operation of generating units, our inability to accomplish or realize anticipated benefits from strategic goals, our ability to improve electric commodity margins and to experience growth in the distribution business, our ability to access the public securities and other capital markets, the outcome, cost and other effects of present and potential legal and administrative proceedings and claims related to the August 14, 2003 regional power outage, the final outcome in the proceeding related to FirstEnergy's Application for a Rate Stabilization Plan in Ohio, the risks and other factors discussed from time to time in our Securities and Exchange Commission filings, and other similar factors. FirstEnergy expressly disclaims any current intention to update any forward-looking statements contained herein as a result of new information, future events, or otherwise.

(072705)

Consolidated Report to the Financial Community EXHIBIT 99.2

Second Quarter 2005

(Released July 27, 2005)


Highlights	After-Tax EPS Variance Analysis	2nd Qtr.
n Normalized non-GAAP* earnings, excluding	2Q 2004 Basic EPS - GAAP Basis	$ 0.62
unusual items, were $0.71 per share for the	Unusual Items - 2004	0.05
second quarter of 2005, compared with	2Q 2004 Normalized Earnings - Non-GAAP Basis	$ 0.67
$0.67 per share for the second quarter of	Electric Gross Margin:
2004. GAAP earnings were $0.54 per share,	- Nuclear Outage Replacement Power	(0.09)
compared with $0.62 per share in the second	- Other Electric Gross Margin	0.07
quarter of 2004.	Nuclear Operating Expenses	(0.06)
	Fossil Operating Expenses	0.01
	Pension and Other Employee Benefits	0.05
	Depreciation and Amortization	(0.02)
	Investment Income from COLI	0.02
	Financing Costs	0.04
	Other	0.02
	2Q 2005 Normalized Earnings - Non-GAAP Basis	$ 0.71
	Unusual Items - 2005	(0.17)
	2Q 2005 Basic EPS - GAAP Basis	$ 0.54

2Q 2005 Results vs. 2Q 2004

Electric distribution deliveries increased 2%. Residential and commercial deliveries increased 9% and 3%, respectively, while industrial deliveries decreased by 4%. Heating-degree-days were 26% higher than during the same period last year and 5% above normal. Cooling-degree-days were 9% lower than during the same period last year, although 12% above normal. Total electric generation sales rose 1% as a 2% increase in retail generation sales was partially offset by a 1% decrease in wholesale sales.

Electric gross margin decreased $10 million, or $0.02 per share, after adjusting for changes in regulatory deferrals. Replacement power costs for refueling outages at Beaver Valley Unit 2 and the Perry Plant reduced electric gross margin by $0.09 per share. This was partially offset by higher generation sales and prices, as well as increased distribution deliveries that contributed an increase of $0.07 per share in electric gross margin.

n	Nuclear operating expenses increased $33 million due to refueling outages at Beaver Valley Unit 2 and the Perry Plant this year versus no refueling outages last year.

n	Fossil operating expenses decreased $7 million as a result of fewer planned outages.

n	Pension and other employee benefit costs decreased approximately $26 million due to the voluntary $500 million contribution to the pension plan in September 2004, favorable market returns in 2004, and changes in health care benefits.

Total depreciation and amortization expenses, adjusted for changes in regulatory deferrals, increased by $12 million. The increase was primarily due to higher Ohio transition cost amortization and increased depreciation expense, partially offset by the deferral of incremental transmission and ancillary service-related MISO charges.

n	Higher investment income from corporate-owned life insurance increased net income by $6 million.

n	Net interest charges decreased $19 million. Financing activities during the quarter included $136 million in debt and preferred securities redemptions and $310 million of refinancing and repricing transactions.

During the quarter, we recognized a one-time charge of $ 72 million, or $0.22 per share, associated with the write-off of deferred tax benefits that will not be realized due to legislative changes in Ohio’s tax system enacted in June. We also recognized a one-time benefit of $ 28 million, or $0.05 per share, from the creation of a new regulatory asset associated with the approval of the JCP&L Phase II rate settlement.

2005 Revised Earnings and Cash Generation Guidance *

As a result of recent regulatory orders in Ohio and New Jersey, reduced fossil depreciation expenses, lower operating expenses, and favorable performance from our generation fleet, we have revised our 2005 normalized non-GAAP earnings guidance from $2.70 - $2.85 per share to $2.85 - $3.00 per share. Year-to-date normalized non-GAAP earnings now stand at $1.18 per share. We anticipate that the remaining earnings for the year, exclusive of any unusual items, will be allocated 55% to the third quarter and 45 % to the fourth quarter.

n	Total cash generation (no n-GAAP) guidance for 2005 has been revised to $620 million (from $560 million), with free cash flow (non-GAAP) guidance revised to $535 million (from $425 million). Our estimated 2005 free cash flow reflects capital expenditures of $1.0 billion.

2006 Earnings and Cash Generation Guidance *

Earnings guidance for 2006 has been established at $3.40 - $3.60 per share, exclusive of any unusual items. The increase over our revised 2005 earnings guidance reflects the net impact of a variety of regulatory and operating items, including the net reduction in Ohio transition cost amortization, increased generation margin, and growth in the wires business.

Total cash generation (non-GAAP) guidance for 2006 has been established at a range of $300 million to $400 million, with a free cash flow (non-GAAP) guidance range of $280 million to $38 0 million. Our estimated 2006 free cash flow reflects a capital expenditure range of $1.0 billion to $1.1 billion.

* The GAAP to Non-GAAP reconciliation statements are attached and available on the Investor Information section of FirstEnergy Corp.'s website at www.firstenergycorp.com/ir . Additional details on the earnings and cash generation guidance are available in a July 27, 2005 Letter to the Investment Community, which is also posted on the website.

For additional information, please contact:

Kurt E. Turosky	Terrance G. Howson	Rey Y. Jimenez
Director, Investor Relations	Vice President, Investor Relations	Principal, Investor Relations
(330) 384-5500	(973) 401-8519	(330) 761-4239

Consolidated Report to the Financial Community - 2 ^nd Quarter 2

FirstEnergy Corp.

Consolidated Statements of Income

(In thousands except for per share amounts)

	Consolidated Statements of Income
		Three Months Ended June 30,									Six Months Ended June 30,
		2005			2004			Change			2005			2004			Change
	Revenues
(1)	Electric sales	$	2,478,413		$	2,645,165		$	(166,752	)	$	4,915,602		$	5,300,777		$	(385,175	)
(2)	FE Facilities		56,391			50,301			6,090			102,099			94,720			7,379
(3)	MYR		129,254			77,024			52,230			221,635			165,899			55,736
(4)	Other		265,220			219,672			45,548			490,661			413,669			76,992
(5)	Total Revenues		2,929,278			2,992,162			(62,884	)		5,729,997			5,975,065			(245,068	)

	Expenses
(6)	Fuel		280,228			191,562			88,666			513,117			389,921			123,196
(7)	Purchased power		652,368			903,573			(251,205	)		1,314,811			1,839,540			(524,729	)
(8)	Other operating expenses		729,199			704,390			24,809			1,482,093			1,368,833			113,260
(9)	FE Facilities		56,212			49,028			7,184			103,904			95,506			8,398
(10)	MYR		127,181			78,980			48,201			219,590			167,403			52,187
(11)	Provision for depreciation		149,025			146,155			2,870			291,657			291,965			(308	)
(12)	Amortization of regulatory assets		306,572			270,986			35,586			617,413			581,188			36,225
(13)	Deferral of new regulatory assets		(120,162	)		(68,315	)		(51,847	)		(179,669	)		(112,720	)		(66,949	)
(14)	General taxes		167,865			157,732			10,133			353,044			336,722			16,322
(15)	Total Expenses		2,348,488			2,434,091			(85,603	)		4,715,960			4,958,358			(242,398	)

	Income Before Interest and
(16)	Income Taxes		580,790			558,071			22,719			1,014,037			1,016,707			(2,670	)
	Net interest charges:
(17)	Interest expense		161,714			179,542			(17,828	)		326,358			352,048			(25,690	)
(18)	Capitalized interest		(4,697	)		(5,280	)		583			(4,952	)		(11,750	)		6,798
(19)	Subsidiaries' preferred stock dividends		3,733			5,389			(1,656	)		10,286			10,670			(384	)
(20)	Net interest charges		160,750			179,651			(18,901	)		331,692			350,968			(19,276	)
(21)	Income taxes		241,275			176,560			64,715			362,550			291,530			71,020
(22)	Income before discontinued operations		178,765			201,860			(23,095	)		319,795			374,209			(54,414	)
(23)	Discontinued operations		(773	)		2,185			(2,958	)		17,923			3,835			14,088
(24)	Net Income	$	177,992		$	204,045		$	(26,053	)	$	337,718		$	378,044		$	(40,326	)

	Basic Earnings Per Common Share:
(25)	Before discontinued operations	$	0.54		$	0.61		$	(0.07	)	$	0.98		$	1.15		$	(0.17	)
(26)	Discontinued operations		-			0.01			(0.01	)		0.05			0.01			0.04
(27)	Basic Earnings Per Common Share	$	0.54		$	0.62		$	(0.08	)	$	1.03		$	1.16		$	(0.13	)
	Weighted Average Number of
(28)	Basic Shares Outstanding		328,063			327,284			779			327,986			327,171			815

	Diluted Earnings Per Common Share:
(29)	Before discontinued operations	$	0.54		$	0.61		$	(0.07	)	$	0.97		$	1.14		$	(0.17	)
(30)	Discontinued operations		-			0.01			(0.01	)		0.05			0.01			0.04
(31)	Diluted Earnings Per Common Share	$	0.54		$	0.62		$	(0.08	)	$	1.02		$	1.15		$	(0.13	)
	Weighted Average Number of
(32)	Diluted Shares Outstanding		329,879			329,103			776			329,679			329,061			618

Consolidated Report to the Financial Community - 2ndQuarter 3

FirstEnergy Corp.

Consolidated Income Segments

(In thousands)


		Three Months Ended June 30, 2005

					Power
					Supply
		Regulated			Management			Facilities						Reconciling
		Services			Services			Services			Other (a)			Adjustments (b)			Consolidated
	Revenues
(1)	Electric sales	$	1,164,685		$	1,313,728		$	-		$	-		$	-		$	2,478,413
(2)	FE Facilities		-			-			56,391			-			-			56,391
(3)	MYR		-			-			-			129,254			-			129,254
(4)	Other		186,174			64,879			-			7,527			6,640			265,220
(5)	Internal Revenues		79,972			-			-			-			(79,972	)		-
(6)	Total Revenues		1,430,831			1,378,607			56,391			136,781			(73,332	)		2,929,278

	Expenses
(7)	Fuel		-			280,228			-			-			-			280,228
(8)	Purchased power		-			652,368			-			-			-			652,368
(9)	Other operating expenses		408,174			398,889			-			(4,048	)		(73,816	)		729,199
(10)	FE Facilities		-			-			56,212			-			-			56,212
(11)	MYR		-			-			-			127,181			-			127,181
(12)	Provision for depreciation		134,995			7,128			-			523			6,379			149,025
(13)	Amortization of regulatory assets		306,572			-			-			-			-			306,572
(14)	Deferral of new regulatory assets		(120,162	)		-			-			-			-			(120,162	)
(15)	General taxes		149,676			13,568			-			761			3,860			167,865
(16)	Total Expenses		879,255			1,352,181			56,212			124,417			(63,577	)		2,348,488

(17)	Income Before Interest and Income Taxes		551,576			26,426			179			12,364			(9,755	)		580,790
	Net interest charges:
(18)	Interest expense		99,301			8,840			234			2,131			51,208			161,714
(19)	Capitalized interest		(4,133	)		(525	)		-			(2	)		(37	)		(4,697	)
(20)	Subsidiaries' preferred stock dividends		3,733			-			-			-			-			3,733
(21)	Net interest charges		98,901			8,315			234			2,129			51,171			160,750
(22)	Income taxes		185,597			7,425			2,944			3,957			41,352			241,275
(23)	Income before discontinued operations		267,078			10,686			(2,999	)		6,278			(102,278	)		178,765
(24)	Discontinued operations		-			-			222			(995	)		-			(773	)
(25)	Net Income	$	267,078		$	10,686		$	(2,777	)	$	5,283		$	(102,278	)	$	177,992


	(a) Other consists of MYR (a construction service company); natural gas operations and telecommunications services.
	(b) Reconciling adjustments to segment operating results from internal management reporting to consolidated external financial reporting primarily consists of interest
	expense related to holding company debt, corporate support services revenues and expenses, fuel marketing revenues which are reflected as reductions to expenses
	for internal management reporting purposes and elimination of intersegment transactions.

Consolidated Report to the Financial Community - 2 ^nd Quarter 4

FirstEnergy Corp.

Consolidated Income Segments

(In thousands)

		Three Months Ended June 30, 2004
					Power
					Supply
		Regulated			Management			Facilities					Reconciling
		Services			Services			Services		Other (a)			Adjustments (b)			Consolidated
	Revenues
(1)	Electric sales	$	1,125,486		$	1,519,679		$	-	$	-		$	-		$	2,645,165
(2)	FE Facilities		-			-			50,301		-			-			50,301
(3)	MYR		-			-			-		77,024			-			77,024
(4)	Other		152,713			30,593			-		41,583			(5,217	)		219,672
(5)	Internal Revenues		79,597			-			-		-			(79,597	)		-
(6)	Total Revenues		1,357,796			1,550,272			50,301		118,607			(84,814	)		2,992,162

	Expenses
(7)	Fuel		-			191,562			-		-			-			191,562
(8)	Purchased power		-			903,573			-		-			-			903,573
(9)	Other operating expenses		375,078			355,665			-		24,610			(50,963	)		704,390
(10)	FE Facilities		-			-			49,028		-			-			49,028
(11)	MYR		-			-			-		78,980			-			78,980
(12)	Provision for depreciation		126,652			8,770			527		41			10,165			146,155
(13)	Amortization of regulatory assets		270,986			-			-		-			-			270,986
(14)	Deferral of new regulatory assets		(68,315	)		-			-		-			-			(68,315	)
(15)	General taxes		135,428			17,551			-		669			4,084			157,732
(16)	Total Expenses		839,829			1,477,121			49,555		104,300			(36,714	)		2,434,091

(17)	Income Before Interest and Income Taxes		517,967			73,151			746		14,307			(48,100	)		558,071
	Net interest charges:
(18)	Interest expense		112,193			11,098			143		737			55,371			179,542
(19)	Capitalized interest		(4,072	)		(1,167	)		-		80			(121	)		(5,280	)
(20)	Subsidiaries' preferred stock dividends		5,389			-			-		-			-			5,389
(21)	Net interest charges		113,510			9,931			143		817			55,250			179,651
(22)	Income taxes		170,946			25,920			318		(22,103	)		1,479			176,560
(23)	Income before discontinued operations		233,511			37,300			285		35,593			(104,829	)		201,860
(24)	Discontinued operations		-			-			1,172		1,013			-			2,185
(25)	Net Income	$	233,511		$	37,300		$	1,457	$	36,606		$	(104,829	)	$	204,045


	(a) Other consists of MYR (a construction service company); natural gas operations and telecommunications services.
	(b) Reconciling adjustments to segment operating results from internal management reporting to consolidated external financial reporting primarily consists of interest
	expense related to holding company debt, corporate support services revenues and expenses, fuel marketing revenues which are reflected as reductions to expenses
	for internal management reporting purposes and elimination of intersegment transactions.

Consolidated Report to the Financial Community - 2 ^nd Quarter 5

FirstEnergy Corp.

Consolidated Income Segments

(In thousands)


		Three Months Ended June 30, 2005 vs. Three Months Ended June 30, 2004
					Power
					Supply
		Regulated			Management			Facilities						Reconciling
		Services			Services			Services			Other (a)			Adjustments (b)			Consolidated
	Revenues
(1)	Electric sales	$	39,199		$	(205,951	)	$	-		$	-		$	-		$	(166,752	)
(2)	FE Facilities		-			-			6,090			-			-			6,090
(3)	MYR		-			-			-			52,230			-			52,230
(4)	Other		33,461			34,286			-			(34,056	)		11,857			45,548
(5)	Internal Revenues		375			-			-			-			(375	)		-
(6)	Total Revenues		73,035			(171,665	)		6,090			18,174			11,482			(62,884	)

	Expenses
(7)	Fuel		-			88,666			-			-			-			88,666
(8)	Purchased power		-			(251,205	)		-			-			-			(251,205	)
(9)	Other operating expenses		33,096			43,224			-			(28,658	)		(22,853	)		24,809
(10)	FE Facilities		-			-			7,184			-			-			7,184
(11)	MYR		-			-			-			48,201			-			48,201
(12)	Provision for depreciation		8,343			(1,642	)		(527	)		482			(3,786	)		2,870
(13)	Amortization of regulatory assets		35,586			-			-			-			-			35,586
(14)	Deferral of new regulatory assets		(51,847	)		-			-			-			-			(51,847	)
(15)	General taxes		14,248			(3,983	)		-			92			(224	)		10,133
(16)	Total Expenses		39,426			(124,940	)		6,657			20,117			(26,863	)		(85,603	)

(17)	Income Before Interest and Income Taxes		33,609			(46,725	)		(567	)		(1,943	)		38,345			22,719
	Net interest charges:
(18)	Interest expense		(12,892	)		(2,258	)		91			1,394			(4,163	)		(17,828	)
(19)	Capitalized interest		(61	)		642			-			(82	)		84			583
(20)	Subsidiaries' preferred stock dividends		(1,656	)		-			-			-			-			(1,656	)
(21)	Net interest charges		(14,609	)		(1,616	)		91			1,312			(4,079	)		(18,901	)
(22)	Income taxes		14,651			(18,495	)		2,626			26,060			39,873			64,715
(23)	Income before discontinued operations		33,567			(26,614	)		(3,284	)		(29,315	)		2,551			(23,095	)
(24)	Discontinued operations		-			-			(950	)		(2,008	)		-			(2,958	)
(25)	Net Income	$	33,567		$	(26,614	)	$	(4,234	)	$	(31,323	)	$	2,551		$	(26,053	)


	(a) Other consists of MYR (a construction service company); natural gas operations and telecommunications services.
	(b) Reconciling adjustments to segment operating results from internal management reporting to consolidated external financial reporting primarily consists of interest
	expense related to holding company debt, corporate support services revenues and expenses, fuel marketing revenues which are reflected as reductions to expenses
	for internal management reporting purposes and elimination of intersegment transactions.

Consolidated Report to the Financial Community - 2 ^nd Quarter 6

FirstEnergy Corp.

Financial Statements

(In thousands)

Condensed Consolidated Balance Sheet
	As of		As of
	June 30, 2005		December 31, 2004
Assets
Current Assets:
Cash and cash equivalents	$	49,748	$	52,941
Receivables		1,444,552		1,356,437
Other		809,735		602,969
Total Current Assets		2,304,035		2,012,347

Property, Plant, and Equipment		13,652,235		13,478,356
Investments		3,314,068		3,273,966
Deferred charges		11,940,905		12,303,275
Total Assets	$	31,211,243	$	31,067,944

Liabilities and Capitalization
Current Liabilities:
Currently payable long-term debt	$	943,740	$	940,944
Short-term borrowings		554,824		170,489
Accounts payable		696,310		610,589
Other		1,559,098		1,586,413
Total Current Liabilities		3,753,972		3,308,435

Capitalization:
Common stockholders' equity		8,640,396		8,589,294
Preferred stock		213,719		335,123
Long-term debt and other long-term obligations		9,568,954		10,013,349
Total Capitalization		18,423,069		18,937,766
Noncurrent Liabilities		9,034,202		8,821,743
Total Liabilities and Capitalization	$	31,211,243	$	31,067,944

Adjusted Capitalization (Including Off-Balance Sheet Items)
	As of June 30,
	2005		% Total			2004		% Total
Total common equity	$	8,640,396		41	%	$	8,432,963		39	%
Preferred stock		213,719		1	%		335,123		2	%
Long-term debt *		10,512,694		49	%		11,393,700		52	%
Short-term debt		554,824		3	%		74,436		0	%
Off-balance sheet debt equivalents:
Sale-leaseback net debt equivalents		1,294,166		6	%		1,352,729		6	%
Accounts receivable factoring **		-		0	%		178,000		1	%
Total	$	21,215,799		100	%	$	21,766,951		100	%


GENERAL INFORMATION	Three Months Ended June 30,					Six Months Ended June 30,
	2005		2004			2005		2004
L-t debt and preferred stock redemptions	$	494,610	$	721,023		$	828,398	$	989,943
New L-t debt issues	$	245,350	$	303,162		$	245,350	$	884,720
Short-term debt increase (decrease) **	$	245,803	$	(59,563	)	$	385,614	$	(447,104	)
Capital expenditures	$	232,791	$	196,094		$	461,675	$	334,500

* Includes amounts due to be paid within one year, JCP&L securitization of $273 million and $289 million in 2005 and 2004, respectively.
** Off-balance sheet accounts receivable factoring agreement renewed as an on-balance sheet short-term debt financing agreement in June 2005.

Consolidated Report to the Financial Community - 2 ^nd Quarter 7

FirstEnergy Corp.

Financial Statements

(In thousands)


Condensed Consolidated Statements of Cash Flows
	Three Months Ended June 30,						Six Months Ended June 30,
	2005			2004			2005			2004
Cash flows from operating activities:
Net income	$	177,992		$	204,045		$	337,718		$	378,044
Adjustments to reconcile net income to net cash from
operating activities:
Depreciation and amortization of regulatory assets,
nuclear fuel, and leases		354,365			371,958			766,979			805,439
Deferred purchased power and other costs		(82,990	)		(60,974	)		(192,223	)		(144,881	)
Deferred income taxes and investment tax credits		76,041			(100,056	)		61,885			(94,133	)
Loss (income) from discontinued operations		773			(2,185	)		(17,923	)		(3,835	)
Change in working capital and other		(163,855	)		(81,228	)		(25,320	)		38,777
Cash flows from operating activities	$	362,326		$	331,560		$	931,116		$	979,411

Cash flows from financing activities		(109,174	)		(573,360	)		(468,394	)		(813,384	)

Cash flows from investing activities		(284,595	)		61,069			(465,915	)		(180,464	)

Net decrease in cash and cash equivalents		(31,443	)		(180,731	)		(3,193	)		(14,437	)
Cash and cash equivalents at beginning of period		81,191			280,269			52,941			113,975
Cash and cash equivalents at end of period	$	49,748		$	99,538		$	49,748		$	99,538

REGULATORY DEFERRALS	Three Months Ended June 30,								Six Months Ended June 30,
	2005		2004			Change			2005		2004			Change
Ohio Transition Plan and MISO costs
Beginning balance	$	769,526	$	498,020					$	710,019	$	453,614
Deferral of shopping incentives		57,583		52,238		$	5,345			102,996		93,799		$	9,197
Interest on shopping incentives		11,098		14,265			(3,167	)		21,531		14,265			7,266
Deferral of new regulatory assets		23,716		1,811			21,905			27,377		4,656			22,721
Current period deferrals	$	92,397	$	68,314		$	24,083		$	151,904	$	112,720		$	39,184

Ending Balance	$	861,923	$	566,334					$	861,923	$	566,334
Deferred Energy Costs - New Jersey
Beginning balance	$	472,400	$	425,400					$	445,600	$	440,900
Deferral (recovery) of energy costs		45,400		(22,700	)	$	68,100			72,200		(38,200	)	$	110,400
Ending Balance	$	517,800	$	402,700					$	517,800	$	402,700


UNUSUAL ITEMS	Three Months Ended June 30,									Six Months Ended June 30,
	2005			2004			Change			2005			2004			Change
Gain (Loss) on Non-Core Asset Sales
FES Natural Gas Business (a)	$	-		$	-		$	-		$	8,229		$	-		$	8,229
FirstCommunications (b)		-			-			-			6,800			-			6,800
FSG Subsidiary - Elliott-Lewis (a) (f)		-			-			-			51			-			51
Venture Capital Funds (b)		-			-			-			2,015			-			2,015
Great Lakes Energy Partner (b) (g)		-			15,777			(15,777	)		-			15,777			(15,777	)
MYR Subsidiary (a)		-			-			-			(524	)		-			(524	)
FSG Subsidiary - Cranston (a) (h)		(42	)		-			(42	)		(42	)		-			(42	)
Total Gain on Non-Core Asset Sales		(42	)		15,777			(15,819	)		16,529			15,777			752
Litigation Settlement (c)		-			(17,980	)		17,980			-			(17,980	)		17,980
EPA Settlement - Environmental Projects (c)		-			-			-			(10,000	)		-			(10,000	)
EPA Penalty (c) (i)		-			-			-			(8,500	)		-			(8,500	)
NRC Fine (c) (i)		-			-			-			(3,450	)		-			(3,450	)
JCP&L Rate Settlement (d)		27,765			-			27,765			27,765			-			27,765
Total-Pretax Items		27,723			(2,203	)		29,926			22,344			(2,203	)		24,547

Ohio Tax Write-off (e)		(71,702	)		-			(71,702	)		(71,702	)		-			(71,702	)

EPS Effect	$	(0.17	)	$	(0.05	)	$	(0.12	)	$	(0.15	)	$	(0.05	)	$	(0.10	)

(a) Included in "Discontinued Operations"								(f) Before income tax benefit of $12.2 million
(b) Included in "Other Revenues"								(g) Before income taxes of $22.6 million
(c) Included in "Other Operating Expenses"								(h) Before income tax benefit of $0.4 million
(d) Included in "Deferral of New Regulatory Assets"								(i) No income tax benefit
(e) Included in "Income Taxes"

Consolidated Report to the Financial Community - 2 ^nd Quarter 8

FirstEnergy Corp.

Statistical Summary


ELECTRIC SALES STATISTICS	Three Months Ended June 30,							Six Months Ended June 30,
(kWh in millions)	2005		2004		Change			2005		2004		Change
Electric Generation Sales
Retail- Regulated		20,073		19,245		4.3	%		41,719		39,987		4.3	%
Retail - Competitive		3,444		3,751		-8.2	%		6,858		7,767		-11.7	%
Total Retail		23,517		22,996		2.3	%		48,577		47,754		1.7	%
Wholesale *		7,164		7,230		-0.9	%		13,595		13,838		-1.8	%
Total Electric Generation Sales		30,681		30,226		1.5	%		62,172		61,592		0.9	%
Electric Distribution Deliveries
Ohio - Residential		3,811		3,342		14.0	%		8,334		7,943		4.9	%
- Commercial		3,616		3,489		3.6	%		7,377		7,090		4.0	%
- Industrial		5,842		6,000		-2.6	%		11,656		11,664		-0.1	%
- Other		95		92		3.3	%		193		186		3.8	%
Total Ohio		13,364		12,923		3.4	%		27,560		26,883		2.5	%
Pennsylvania - Residential		2,426		2,271		6.8	%		5,600		5,412		3.5	%
- Commercial		2,593		2,532		2.4	%		5,287		5,082		4.0	%
- Industrial		2,585		2,754		-6.1	%		5,205		5,144		1.2	%
- Other		20		19		5.3	%		42		39		7.7	%
Total Pennsylvania		7,624		7,576		0.6	%		16,134		15,677		2.9	%
New Jersey - Residential		2,216		2,109		5.1	%		4,570		4,474		2.1	%
- Commercial		2,297		2,242		2.5	%		4,526		4,387		3.2	%
- Industrial		751		784		-4.2	%		1,495		1,528		-2.2	%
- Other		22		14		57.1	%		43		33		30.3	%
Total New Jersey		5,286		5,149		2.7	%		10,634		10,422		2.0	%
Total Residential		8,453		7,722		9.5	%		18,504		17,829		3.8	%
Total Commercial		8,506		8,263		2.9	%		17,190		16,559		3.8	%
Total Industrial		9,178		9,538		-3.8	%		18,356		18,336		0.1	%
Total Other		137		125		9.6	%		278		258		7.8	%
Total Distribution Deliveries		26,274		25,648		2.4	%		54,328		52,982		2.5	%

Electric Sales Shopped
Ohio - Residential		1,725		1,539		12.1	%		3,608		3,419		5.5	%
- Commercial		1,789		1,726		3.7	%		3,564		3,424		4.1	%
- Industrial		1,235		1,134		8.9	%		2,402		2,211		8.6	%
Total Ohio		4,749		4,399		8.0	%		9,574		9,054		5.7	%

Pennsylvania - Residential		5		6		-16.7	%		11		12		-8.3	%
- Commercial		22		41		-46.3	%		46		78		-41.0	%
- Industrial		383		548		-30.1	%		830		1,080		-23.1	%
Total Pennsylvania		410		595		-31.1	%		887		1,170		-24.2	%

New Jersey - Residential		1		233		-99.6	%		2		520		-99.6	%
- Commercial		490		599		-18.2	%		1,032		1,200		-14.0	%
- Industrial		551		577		-4.5	%		1,114		1,051		6.0	%
Total New Jersey		1,042		1,409		-26.0	%		2,148		2,771		-22.5	%

Total Electric Sales Shopped		6,201		6,403		-3.2	%		12,609		12,995		-3.0	%

* 2004 excludes the reporting of PJM sales and purchases on a gross basis.

OPERATING STATISTICS	As of June 30,
For 12 Months Ended	2005				2004

System Load Factor		61.9	%			65.3	%
Capacity Factors:
Fossil		60.8	%			58.6	%
Nuclear		84.8	%			78.3	%
Generation Output:
Fossil		63	%			64	%
Nuclear		37	%			36	%

WEATHER		2005		Normal		2004
Composite Heating-Degree-Days
2nd Quarter		684		654		544
Year-to-Date		3,663		3,477		3,532
Composite Cooling-Degree-Days
2nd Quarter		275		245		301
Year-to-Date		275		246		301

Consolidated Report to the Financial Community - 2 ^nd Quarter 9

FirstEnergy Corp.
2005 EPS and Cash Flow

2005 Earnings Per Share (EPS)
(Reconciliation of GAAP to Non-GAAP)
	Three Months			Six Months			Annual
	Ended June 30			Ended June 30			Guidance

Basic EPS (GAAP basis)	$	0.54		$	1.03		$	2.70 - $2.85
Excluding Unusual Items:
Gain on non-core asset sales		-			(0.07	)		(0.07)
EPA Settlement		-			0.04			0.04
NRC Fine		-			0.01			0.01
JCP&L Rate Settlement		(0.05	)		(0.05	)		(0.05)
Ohio tax write-off		0.22			0.22			0.22
Basic EPS (non-GAAP basis)	$	0.71		$	1.18		$	2.85 - $3.00


Reconciliation of June 2005 Year-to-Date Cash From Operating Activities (GAAP) to
Free Cash Flow (Non-GAAP) and Cash Generation (Non-GAAP)
(in millions)
Net Cash from Operating Activities:

Net Income	$	338
Adjustments:
Depreciation		292
Amortization and deferral of regulatory assets		438
Deferred purchased power costs		(192	)
Deferred income taxes and ITC, net		62
Conversion of off-balance sheet receivables financing
to on-balance sheet		(155	)
Other, including changes in working capital *		148
Net Cash from Operating Activities (GAAP)	$	931

Other Items:
Capital expenditures		(429	)
Nuclear fuel fabrication		(63	)
Decommissioning		(51	)
Common stock dividends		(270	)
Conversion of off-balance sheet receivables financing
to on-balance sheet		155
Other, net		(80	)
Free Cash Flow (Non-GAAP)	$	193

Non-core asset sales		58
Cash generation (Non-GAAP)	$	251


* Includes $242 million from Ohio School Council's prepayment for electric service.

Consolidated Report to the Financial Community - 2 ^nd Quarter 10

FirstEnergy Corp.

2005 Cash Flow Guidance

Reconciliation of 2005 Estimated Cash from Operating Activities (GAAP) to
Estimated Free Cash Flow (Non-GAAP) and Estimated Cash Generation (Non-GAAP)
(in millions)
Net Cash from Operating Activities:

GAAP Earnings Guidance	$	887 - $937
Adjustments:
Depreciation		572
Amortization and deferral of regulatory assets		908
Deferred purchased power costs		(450	)
Deferred income taxes and ITC, net		45
Conversion of off-balance sheet receivables financing
to on-balance sheet		(155	)
Other, including changes in working capital *		225
Net Cash from Operating Activities (GAAP)	$	2,057

Other Items:

Capital expenditures		(1,005	)
Nuclear fuel fabrication		(80	)
Decommissioning		(100	)
Common stock dividends		(542	)
Conversion of off-balance sheet receivables financing
to on-balance sheet		155
Other, net		50
Free Cash Flow (Non-GAAP)	$	535

Non-core asset sales		85
Cash Generation (Non-GAAP)	$	620

* Includes net $220 million from Ohio School Council's prepayment for electric service.

The GAAP to Non-GAAP reconciliation statements are available on the Investor Information section of FirstEnergy Corp.'s website at
www.firstenergycorp.com/ir. Additional details on the earnings and cash generation guidance are available in a July 27, 2005
Letter to the Investment Community, which is also posted on the website.

Consolidated Report to the Financial Community - 2 ^nd Quarter 11

FirstEnergy Corp.

2006 Cash Flow Guidance


Reconciliation of 2006 Estimated Cash from Operating Activities (GAAP) to
Estimated Free Cash Flow (Non-GAAP) and Estimated Cash Generation (Non-GAAP)
(in millions)


Net Cash from Operating Activities:

GAAP Earnings Guidance	$	1,120 - $1,185
Adjustments:
Depreciation		595
Amortization and deferral of regulatory assets		780
Deferred purchased power costs		(380	)
Deferred income taxes and ITC, net		(110	)
Other, including changes in working capital		32
Net Cash from Operating Activities (GAAP)	$	2,070

Other Items:

Capital expenditures		(1,000) - (1,100	)
Nuclear fuel fabrication		(160	)
Common stock dividends		(570	)
Other, net		40
Free Cash Flow (Non-GAAP)	$	280 - 380

Non-core asset sales		20
Cash Generation (Non-GAAP)	$	300 - 400

The GAAP to Non-GAAP reconciliation statements are available on the Investor Information section of FirstEnergy Corp.'s website at
www.firstenergycorp.com/ir. Additional details on the earnings and cash generation guidance are available in a July 27, 2005 Letter to the Investment
Community, which is also posted on the website.

Consolidated Report to the Financial Community - 2 ^nd Quarter 12

RECENT DEVELOPMENTS

Regulatory Update

On May 18, 2005, the Public Utilities Commission of Ohio (PUCO) granted the accounting authority for FirstEnergy’s Ohio utility operating companies to defer, for future recovery, incremental transmission and ancillary service-related charges incurred as a participant in the Midwest Independent Transmission System Operator, Inc. The PUCO’s order applies to charges incurred from December 30, 2004, through January 1, 2006, and authorizes the companies to accrue carrying charges on the deferral balances. The amount to be deferred will reflect actual incremental expenses, including line losses and carrying charges. In a separate case, pending before the PUCO, the companies propose to begin recovery of these incremental costs on January 1, 2006, through a tariff rider, which also would amortize the deferred balance over five years. On July 22, we filed a settlement stipulation reached with various parties including the Ohio Consumers’ Counsel and the PUCO staff that provides for the requested recovery. If the settlement stipulation is approved by the PUCO, the actual amounts to be recovered in 2006 will be submitted to the PUCO on or before November 1, 2005.

On May 25, 2005, the New Jersey Board of Public Utilities approved a stipulated settlement agreement resolving the Jersey Central Power & Light (JCP&L) Phase II rate case filing, and a second stipulated settlement agreement resolving the motion for reconsideration of the 2003 decision in the JCP&L Phase I rate proceeding. The stipulated agreements are expected to increase JCP&L’s annual revenues by $51.1 million and result in a net annual earnings per share impact of approximately $0.12 per share. For 2005, the total impact is expected to be approximately $0.11 per share, which includes a $0.06 per share increase from revenues commencing on June 1 of this year and a one-time benefit of $0.05 per share from the creation of a new regulatory asset associated with accelerated tree trimming costs expensed in 2003 and 2004.

On May 27, 2005, FirstEnergy’s Ohio utility operating companies filed a request with the PUCO to establish a generation charge adjustment factor (GCAF) rider, as permitted under the Rate Stabilization Plan. The filing reflects projected increases in fuel and related costs in 2006 compared with 2002 costs. The companies request the tariff rider be implemented on January 1, 2006. Based on projected fuel costs and 2006 Ohio retail sales to which the GCAF rider will apply, the estimated revenue from the implementation of this rider is approximately $93 million in 2006.

Rating Agency Actions

On May 16, 2005, Standard & Poor's Ratings Services revised its outlook on FirstEnergy and its subsidiaries to "positive" from "stable" and affirmed its 'BBB-' corporate credit ratings on the companies. Standard & Poor’s stated that the outlook revision and rating affirmation reflect the successful restart of the Perry and Beaver Valley nuclear stations after their respective refueling outages.

On July 18, 2005, Moody's Investors Service changed its ratings outlook on FirstEnergy and its subsidiaries to "positive" from "stable", citing the companies’ improved finances and utility operations. FirstEnergy’s senior unsecured rating by Moody’s is ‘Baa3’.

Intra-System Generation Asset Transfers

In May 2005, Ohio Edison Company (OE), The Cleveland Electric Illuminating Company (CEI), The Toledo Edison Company (TE), and Pennsylvania Power Company entered into certain agreements implementing a series of intra-system generation asset transfers, required under the restructuring plans approved in Ohio and Pennsylvania. When concluded, these transfers will result in the respective undivided ownership interests of the above utilities in FirstEnergy’s nuclear, fossil and hydroelectric plants being owned by FirstEnergy subsidiaries, FirstEnergy Nuclear Generation Corp., a new Ohio corporation, and FirstEnergy Generation Corp., respectively, separate and apart from the above utility subsidiaries. The generating plant interests that are being transferred do not include interests of CEI, TE and OE in certain of the plants that are currently subject to sale and leaseback arrangements with unaffiliated third parties.

Record Generation Output

FirstEnergy set a new generation output record of 19.1 million MWhs in the second quarter and 37.9 million MWhs for the first six months of the year. The output record was attributable to the outstanding performance of our generation fleet, particularly the 2,360 MW Bruce Mansfield Plant, which operated at a 97.4% availability factor for the six-month period.

On May 3, 2005, FirstEnergy’s Sammis Unit 2 became the longest-running single-turbine steam generating unit in the nation’s history when it surpassed a continuous-operation record of 819 days.

Consolidated Report to the Financial Community - 2 ^nd Quarter 13

New Credit Facility

On June 14, 2005, FirstEnergy and certain of its subsidiaries, including all of its operating utility subsidiaries, entered into a new five-year syndicated credit facility totaling $2 billion. The new facility replaced FirstEnergy’s $1 billion and $375 million three-year credit agreements, as well as OE's $125 million three-year credit agreement and $250 million two-year credit agreement, which expired in May 2005. Borrowings under the facility must be repaid within 364 days. Available amounts for each borrower are subject to a specified sublimit as well as applicable regulatory and other limitations.

Nuclear Plant Update

On April 28, 2005, Beaver Valley Unit 2 returned to service following a scheduled refueling outage. Major work included replacement of fuel assemblies and a thorough inspection of the reactor vessel head and under-vessel, which were found to be in good condition.

On May 6, 2005, the Perry Plant returned to service following a scheduled refueling outage. The scope of the outage was increased by about 30% to enhance plant reliability, including work on the main generator, refurbishment of high-voltage breakers and modification of the emergency diesel generators’ exhaust system.

On May 20, 2005, the Nuclear Regulatory Commission (NRC) announced the return of Davis-Besse to the standard oversight process, effective July 1, 2005, augmented to include inspections supporting the NRC’s start-up order of March 8, 2004.

On July 8, 2005, the NRC issued their 95003 inspection report on the Perry plant. The inspection report concluded that Perry is being operated safely, however, the NRC will continue to provide increased oversight as FirstEnergy Nuclear Operating Company continues to implement Perry’s Performance Improvement Initiative.

Forward-Looking Statements: This Consolidated Report to the Financial Community includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "believe," "estimate" and similar words. Actual results may differ materially due to the speed and nature of increased competition and deregulation in the electric utility industry, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of our regulated utilities to collect transition and other charges, maintenance costs being higher than anticipated, legislative and regulatory changes (including revised environmental requirements), the uncertainty of the timing and amounts of the capital expenditures (including that such amounts could be higher than anticipated) or levels of emission reductions related to the settlement agreement resolving the New Source Review litigation, adverse regulatory or legal decisions and outcomes (including revocation of necessary licenses or operating permits, fines or other enforcement actions and remedies) of governmental investigations and oversight, including by the Securities and Exchange Commission, the United States Attorney's Office and the Nuclear Regulatory Commission as disclosed in our Securities and Exchange Commission filings, generally, and with respect to the Davis-Besse Nuclear Power Station outage and heightened scrutiny at the Perry Nuclear Power Plant in particular, the availability and cost of capital, the continuing availability and operation of generating units, our inability to accomplish or realize anticipated benefits from strategic goals, our ability to improve electric commodity margins and to experience growth in the distribution business, our ability to access the public securities and other capital markets, the outcome, cost and other effects of present and potential legal and administrative proceedings and claims related to the August 14, 2003 regional power outage, the final outcome in the proceeding related to FirstEnergy's Application for a Rate Stabilization Plan in Ohio, the risks and other factors discussed from time to time in our Securities and Exchange Commission filings, and other similar factors. FirstEnergy expressly disclaims any current intention to update any forward-looking statements contained herein as a result of new information, future events, or otherwise.

Consolidated Report to the Financial Community - 2 ^nd Quarter 14

EXHIBIT 99.3

FirstEnergy Corp.	For Release : July 27, 2005
76 South Main Street
Akron, Ohio 44308
www.firstenergycorp.com

News Media Contact:	Investor Contact:
Keith Hancock	Kurt Turosky
(330) 384-5247	(330) 384-5500

FIRSTENERGY RAISES EARNINGS AND CASH FLOW GUIDANCE FOR 2005;

ISSUES GUIDANCE FOR 2006

Based on its solid second quarter 2005 earnings and continued improvement in operational and financial performance, FirstEnergy Corp. (NYSE: FE) announced today that it is raising its annual earnings guidance (non-GAAP) ^(*) for 2005 by $0.15 cents per share to $2.85 to $3.00 per share. Earnings guidance of $2.70 to $2.85 per share, excluding unusual items, was initially set on November 30, 2004. In addition, the company is increasing its cash flow guidance for 2005 and issuing annual earnings and cash flow guidance for 2006.

"By continuing to focus on our key objectives - maximizing the contribution of our generating plants, reinvesting in our business, enhancing financial strength and flexibility, and delivering consistent financial results - we are in a position to raise 2005 earnings and cash flow guidance and to issue 2006 guidance at this time," said Anthony J. Alexander, president and chief executive officer of FirstEnergy.

The upward revision of 2005 earnings guidance is primarily attributable to favorable regulatory decisions in Ohio and New Jersey; reduced operating expenses; a reduction in depreciation expenses due to the extension of the estimated service lives of the company's fossil generation units; lower pension and other employee benefits costs; and the favorable operating performance of its generation fleet.

As a result of the company’s strong operating performance in the first half of the year and cash generated from an electricity prepayment program called Energy for Education II, the company now estimates 2005 free cash flow (non-GAAP) of $535 million and 2005 cash

(more)

generation (non-GAAP) of $620 million, up from previous estimates of $425 million and $560 million, respectively.

FirstEnergy Corp.

Reconciliation of 2005 Estimated Earnings Per Share (GAAP)

To Revised Earnings Per Share Guidance (Non-GAAP)

Estimated 2005 Basic Earnings Per Share (GAAP)	$	2.70-$2.85
Excluding Unusual Items:
New Regulatory Assets -		(0.05	)
JCP&L Rate Settlement
Sale of Non-core Assets		(0.07	)
Ohio Tax Write-off		0.22
Sammis Plant New Source Review		0.04
Settlement
Davis-Besse NRC Fine		0.01
Estimated 2005 Basic Earnings Per Share (Non-GAAP)	$	2.85-$3.00

FirstEnergy Corp.

Reconciliation of 2005 Estimated Cash From Operating Activities (GAAP) to

Estimated Free Cash Flow (Non-GAAP) and Estimated Cash Generation (Non-GAAP)

($ Millions)

Net Cash from Operating Activities:
GAAP Earnings Guidance		$887-$937
Adjustments:
Depreciation		572
Amortization and deferral of regulatory assets		908
Deferred purchased power costs		(450	)
Deferred income taxes and ITC, net		45
Conversion of off-balance sheet receivables financing
to on-balance sheet		(155	)
Other, including changes in working capital*		225
Net cash from operating activities (GAAP)		2,057

Other Items:
Capital expenditures		(1,005	)
Nuclear fuel fabrication		(80	)
Contributions to nuclear decommissioning trusts		(100	)
Common stock dividends		(542	)
Conversion of off-balance sheet receivables financing
to on-balance sheet		155
Other, net		50
Free Cash Flow (Non-GAAP)		535

Non-core asset sales		85
Cash Generation (Non-GAAP)	$	620

*Includes net $220 million from Ohio Schools Council prepayment for electric service

(more)

Also today, the company announced earnings guidance for 2006 of $3.40 to $3.60 per share of common stock, excluding unusual items. The company is currently unaware of any specific unusual charges or credits that will become reconciling items between earnings per share on a GAAP and non-GAAP basis in 2006.

The 2006 guidance reflects anticipated growth in the company’s energy delivery business, increased generation margins, and a net reduction in Ohio transition cost amortization. It also reflects increased costs associated with a planned outage at its Beaver Valley Nuclear Power Station to install a new steam generator and replace the reactor vessel head on Unit 1.

The company expects to generate net cash from operating activities (GAAP) in excess of $2 billion in 2006, with free cash flow (non-GAAP) of approximately $280 million to $380 million after capital expenditures and common stock dividends, and cash generation (non-GAAP) of approximately $300 million to $400 million, as shown below:

FirstEnergy Corp.

Reconciliation of 2006 Estimated Cash From Operating Activities (GAAP) to

Estimated Free Cash Flow (Non-GAAP) and Estimated Cash Generation (Non-GAAP)

($ Millions)

Net Cash from Operating Activities:
GAAP Earnings Guidance	$	1,120-$1,185
Adjustments:
Depreciation		595
Amortization and deferral of regulatory assets		780
Deferred purchased power costs		(380	)
Deferred income taxes and ITC, net		(110	)
Other, including changes in working capital		32
Net cash from operating activities (GAAP)		2,070

Other Items:
Capital expenditures		(1,000)-(1,100	)
Nuclear fuel fabrication		(160	)
Common stock dividends		(570	)
Other, net		40
Free Cash Flow (Non-GAAP)	$	280-$380
Non-core asset sales		20
Cash Generation (Non-GAAP)	$	300-$400

The estimate for 2006 includes capital spending of approximately $1.0 billion to $1.1 billion, which is an increase of up to $100 million above our expected capital spending in 2005.

(more)

Details on the company’s 2005 and 2006 earnings guidance will be provided during the company’s earnings conference call, scheduled today at 1:00 p.m., (EDT). Briefings on the company’s strategies, operations and financial outlook also will be provided. Supplemental information is included in the July 27, 2005, letter addressed to the investment community, which is posted on the Investor Information section of FirstEnergy’s Web site, www.firstenergycorp.com/ir .

^(*) This news release contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts, or is subject to adjustment that have the effect of excluding or including amounts, that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP).

(072705)

	EXHIBIT 99.4

FIRSTENERGY

	Terrance G. Howson
	Vice President
	Investor Relations

	FirstEnergy Corp.
	76 S. Main Street
	Akron, Ohio 44308
	Tel 973-401-8519

July 27, 2005

TO THE INVESTMENT COMMUNITY: ¹

As detailed in today’s attached news release, FirstEnergy Corp. raised its earnings and cash flow guidance for 2005 and announced its 2006 earnings and cash flow guidance. This letter provides additional details concerning these announcements.

2005 Earnings Guidance

FirstEnergy issued 2005 earnings guidance of $2.70 to $2.85 per share, excluding unusual items, on November 30, 2004 (see the Letter to the Investment Community dated November 30, 2004 for additional details, available at www.firstenergycorp.com\ir). Since that time, the company has experienced favorable operating performance of its generation portfolio, lower pension and other employee benefit costs, reduced operating expenses, and a reduction in depreciation expense due to the extension of the estimated service lives of its fossil generation units.

Also, in May 2005 we received regulatory orders in Ohio and New Jersey that provide positive financial impacts in 2005 that were not reflected in our original earnings guidance:

On May 18, the Public Utilities Commission of Ohio granted the accounting authority for FirstEnergy Corp.’s Ohio electric utility operating companies to defer their incremental transmission and ancillary service-related charges incurred as a participant in the Midwest Independent Transmission System Operator, Inc. (see the Letter to the Investment Community dated May 18, 2005 for additional details).

On May 25, the New Jersey Board of Public Utilities ("BPU") approved two Stipulations of Settlement between Jersey Central Power & Light Company (JCP&L) and other parties (see the Letter to the Investment Community dated May 25, 2005 for additional details).

¹ Please see the forward-looking statement at the end of this letter

Partially offsetting these favorable developments have been unanticipated replacement power and O&M costs resulting from a 26-day forced outage at the Perry nuclear plant and the extension of the subsequent scheduled Perry refueling outage.

Combined, these developments allow us to revise our 2005 earnings guidance to $2.85 to $3.00 per share, excluding unusual items, as detailed in the following table.

2005 Initial non-GAAP EPS Guidance	$2.70 - $2.85

T & D Delivery Growth		0.03

Operating Expenses		0.05

Pension & Other Employee Benefits		0.05

Fossil Plants Depreciation (Life Extension)		0.05

JCP&L Rate Case Settlements		0.06

Ohio Transmission Deferral (MISO)		0.04

Perry Forced Outage		(0.04)

Perry Extended Refueling Outage		(0.09)

2005 Revised non-GAAP EPS Guidance	$	2.85 - $3.00

Attached to this letter is a GAAP to non-GAAP reconciliation of our revised 2005 earnings guidance.

With normalized non-GAAP earnings in the first two quarters of 2005 of $1.18 per share, we estimate that the remaining earnings for the year, excluding unusual items, will be allocated approximately 55% in the third quarter and 45% in the fourth quarter.

2005 Cash Flow Guidance

In our first quarter 2005 earnings release, we estimated free cash flow (non-GAAP) of $425 million and, after reflecting miscellaneous asset sales and other items, total cash generation (non-GAAP) of $560 million.

During the second quarter - through an electricity prepayment program called Energy for Education II - our Ohio operating companies received electric service prepayments that will have a net 2005 prepayment benefit of approximately $220 million. This program involved the Ohio Schools Council’s ("OSC") pre-paying the electric bills of schools in return for discounts on their electricity service during the next three years. The OSC is a consortium of school districts in northern Ohio and the program benefited 249 districts.

Coupled with other operating and working capital changes, we now estimate our 2005 free cash flow (non-GAAP) to be $535 million and our 2005 cash generation (non-GAAP) at $620 million. Attached to this letter is a GAAP to non-GAAP reconciliation of our revised cash flow guidance.

The company continues to project net debt reduction of $600 million during the year, which should result in a debt to total capital ratio of about 55% at year-end. Cash availability above our guidance level would result from the release of collateral when the company gains an investment-grade rating for senior unsecured debt from Standard & Poor's (S&P). Additional cash resources could also become available through the anticipated JCP&L securitization, although the timing of this is uncertain.

2006 Earnings Guidance

We are establishing our 2006 earnings guidance, excluding unusual items, of $3.40 to $3.60 per share. This increase reflects the net impact of a variety of regulatory and operating items in comparison to our revised 2005 earnings guidance. We are currently unaware of any specific unusual items or credits that will become reconciling items between earnings per share on a GAAP and non-GAAP basis in 2006. The following table reconciles the increase from the mid-point of our revised 2005 earnings guidance ($2.93) to the mid-point of our 2006 earnings guidance ($3.50).


2005 Revised non-GAAP EPS Guidance	$2.85 - $3.00

Ohio Rate Stabilization Plan ⁽¹⁾		0.50

T & D delivery growth		0.10

Annualized JCP&L rate case settlements ⁽²⁾		0.06

Financing costs		0.03

Net generation margin ⁽³⁾		0.10

Employee benefit costs		(0.07)

Depreciation expense		(0.03)

Other expenses ⁽⁴⁾		(0.12)

2006 EPS Guidance	$	3.40 - $3.60

⁽¹⁾ Net amortization benefit of $0.76 per share offset by estimated loss of shopping credit deferral of $0.26 per share
⁽²⁾ 2006 full year benefit from the rate settlement in New Jersey
⁽³⁾ Expiration of power sales contract with PEPCO......... ..($0.09)
Revised power purchase contract with OVEC…...... ..($0.01)
Ohio revenue increase for fuel costs……………... ......$0.17
Increase in POLR generation rates in PA……….... .......$0.14
Other (e.g., higher fuel & purchased power costs, etc) .($0.11)
⁽⁴⁾ Includes O&M and general taxes.

2006 Cash Flow Guidance

We are establishing our estimated 2006 free cash flow (non-GAAP) guidance at a range of $280 million to $380 million and our 2006 cash generation (non-GAAP) guidance at a range of $300 million to $400 million. These guidance amounts reflect $2.1 billion of net cash from operating activities (GAAP), which is up slightly from the guidance level in 2005. Attached to this letter is a GAAP to non-GAAP reconciliation of our 2006 cash flow guidance.

The following table reconciles our estimated 2005 free cash flow to our estimated 2006 free cash flow.

2005 Revised Estimated Free Cash Flow (non-GAAP) *(In millions)*	$535

Capital expenditures	$	0 - ($100)
Nuclear fuel fabrication		($80)
Decommissioning	$	100
Ohio School Council’s prepayment, net		($260)
T & D delivery growth	$	30
Net generation margin	$	30
Annualized JCP&L rate case settlements	$	20
Other *	$	5

2006 Estimated Free Cash Flow (non-GAAP)	$	280 - $380

* Includes employee benefits, O&M, financing costs, and general taxes, net.

Our 2006 cash flow guidance includes estimated capital expenditures within a range of $1 billion to $1.1 billion. We will finalize our 2006 capital-spending program this fall as we complete our budgeting process, which will prioritize capital projects and review our air quality control compliance strategy. We will provide investors with additional details about our 2006 capital spending plans later this year.

As mentioned previously, cash availability could be increased above our guidance range from the release of approximately $120 million of collateral when the Company regains its investment grade credit rating for unsecured debt from S&P and through the anticipated JCP&L securitization of up to $277 million.

Longer-Term EPS Growth Rate

Our longer-term annual EPS growth rate target of 3% to 4% remains unchanged. We believe this target is achievable through:

Growth in our regulated business

Continued improvement in the operation of our generation facilities

Efficient management of our field work force and the effective use of technology

Full, fair and timely regulatory recovery of our costs

Redeployment of our free cash flow from a debt return (achieved during our debt reduction program) to an equity return achievable through stock repurchases and/or reinvestment in our business, as may be determined in the future.

Summary

Throughout this year we have emphasized several key areas of management focus:

Maximize the contribution from our generation assets. We established a new generation output record in 2004 and we are on-track to break that record this year.

Continue to reinvest in our business and improve customer service and reliability . This year we are investing an incremental $125 million of capital to further strengthen our T & D system and deliver the high levels of reliability that our customers expect.

Continue to enhance our financial strength and flexibility. We expect to end our multi-billion dollar debt retirement program this year and are on target to achieve our target debt-to-capital ratio of approximately 55% by year-end.

Attain an investment grade credit rating from S&P. Our credit rating outlook was revised to "positive" from "stable" by S&P on May 16, 2005.

Deliver consistent financial results that meet or exceed your expectations. We have exceeded consensus analyst earnings estimates for six consecutive quarters and are pleased to increase our 2005 earnings guidance today.

We have made substantial financial and operating progress over the recent past and believe that we will achieve levels of performance that will provide additional value for our investors.

If you have any questions concerning information in this update, please call Kurt Turosky, Director of Investor Relations, at (330) 384-5500, or me at (973) 401-8519.

	Very truly yours,






	Terrance G. Howson
	Vice President - Investor Relations

Forward-Looking Statement

This investor letter includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "believe," "estimate" and similar words. Actual results may differ materially due to the speed and nature of increased competition and deregulation in the electric utility industry, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of our regulated utilities to collect transition and other charges, maintenance costs being higher than anticipated, legislative and regulatory changes (including revised environmental requirements), the uncertainty of the timing and amounts of the capital expenditures (including that such amounts could be higher than anticipated) or levels of emission reductions related to the settlement agreement resolving the New Source Review litigation, adverse regulatory or legal decisions and outcomes (including revocation of necessary licenses or operating permits, fines or other enforcement actions and remedies) of governmental investigations and oversight, including by the Securities and Exchange Commission, the United States Attorney's Office and the Nuclear Regulatory Commission as disclosed in our Securities and Exchange Commission filings, generally, and with respect to the Davis-Besse Nuclear Power Station outage and heightened scrutiny at the Perry Nuclear Power Plant in particular, the availability and cost of capital, the continuing availability and operation of generating units, our inability to accomplish or realize anticipated benefits from strategic goals, our ability to improve electric commodity margins and to experience growth in the distribution business, our ability to access the public securities and other capital markets, the outcome, cost and other effects of present and potential legal and administrative proceedings and claims related to the August 14, 2003 regional power outage, the final outcome in the proceeding related to FirstEnergy's Application for a Rate Stabilization Plan in Ohio, the risks and other factors discussed from time to time in our Securities and Exchange Commission filings, and other similar factors. FirstEnergy expressly disclaims any current intention to update any forward-looking statements contained herein as a result of new information, future events, or otherwise.

2005 Earnings Per Share (EPS)
(Reconciliation of GAAP to non-GAAP)

	Annual
	Guidance

Basic EPS (GAAP basis)	$	2.70 - $2.85
Excluding Unusual Items:
Gain on non-core asset sales		(0.07)
EPA Settlement		0.04
NRC Fine		0.01
JCP&L Rate Settlement		(0.05)
Ohio tax write-off		0.22
Basic EPS (non-GAAP basis)	$	2.85 - $3.00


Reconciliation of 2005 Estimated Cash from Operating Activities (GAAP) to
Estimated Free Cash Flow (non-GAAP) and Estimated Cash Generation (non-GAAP)
(in millions)

Net Cash from Operating Activities:

GAAP Earnings Guidance	$	887 - $937
Adjustments:
Depreciation		572
Amortization and deferral of regulatory assets		908
Deferred purchased power costs		(450	)
Deferred income taxes and ITC, net		45
Conversion of off-balance sheet receivables financing
to on-balance sheet		(155	)
Other, including changes in working capital *		225
Net Cash from Operating Activities (GAAP)	$	2,057

Other Items:

Capital expenditures		(1,005	)
Nuclear fuel fabrication		(80	)
Decommissioning		(100	)
Common stock dividends		(542	)
Conversion of off-balance sheet receivables financing
to on-balance sheet		155
Other, net		50
Free Cash Flow (non-GAAP)	$	535

Non-core asset sales		85
Cash Generation (non-GAAP)	$	620

* Includes net $220 million from Ohio School Council's prepayment for electric service.


Reconciliation of 2006 Estimated Cash from Operating Activities (GAAP) to
Estimated Free Cash Flow (non-GAAP) and Estimated Cash Generation (non-GAAP)
(in millions)

Net Cash from Operating Activities:

GAAP Earnings Guidance	$	1,120 - $1,185
Adjustments:
Depreciation		595
Amortization and deferral of regulatory assets		780
Deferred purchased power costs		(380	)
Deferred income taxes and ITC, net		(110	)
Other, including changes in working capital		32
Net Cash from Operating Activities (GAAP)	$	2,070

Other Items:

Capital expenditures		(1,000) - (1,100	)
Nuclear fuel fabrication		(160	)
Common stock dividends		(570	)
Other, net		40
Free Cash Flow (non-GAAP)	$	280 - $380

Non-core asset sales		20
Cash Generation (non-GAAP)	$	300 - $400