Exhibit 99.1
(LETTERHEAD)
FOR IMMEDIATE RELEASE
Allegheny Energy Reports Strong Financial Results for Fourth Quarter, Full Year 2006
GREENSBURG, Pa., February 8, 2007
— Allegheny Energy, Inc. (NYSE: AYE) today reported financial results for the fourth quarter and full year 2006. To provide a better understanding of core results and trends, Allegheny Energy also reported adjusted financial results, as shown in the table below:
                                 
    $ millions     Per share  
    2006     2005     2006     2005  
Three Months Ended December 31
                               
Consolidated net income-GAAP
  $ 64.6     $ 3.1     $ 0.38     $ 0.02  
Adjusted net income
    61.8       3.4       0.37       0.02  
 
                               
Twelve Months Ended December 31
                               
Consolidated net income-GAAP
  $ 319.3     $ 63.1     $ 1.89     $ 0.40  
Adjusted net income
    307.8       149.6       1.83       0.94  
Adjusted net income for all periods shown above excludes results of discontinued operations. There were no other adjustments for the three months ended December 31, 2006. For the three months ended December 31, 2005, adjusted net income excluded a $5.9 million (after-tax) charge due to the effect of an accounting change. For information on adjustments for both twelve-month periods, and the calculation of adjusted net income for all periods, see the attached reconciliation of non-GAAP financial measures.
“We delivered strong earnings growth in 2006, aided by a solid fourth quarter,” said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. “Improved performance at our power plants, reduced costs and lower interest expense more than offset the effect of lower market prices and mild weather in the fourth quarter. Looking ahead, we remain focused on growing earnings and building shareholder value through improving operations, managing the transition to market-based rates and expanding our transmission system.”

 


The following information was filed by Allegheny Energy, Inc (AYE) on Friday, February 9, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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