Exhibit 99.1
(ALLEGHENY ENERGY LOGO)
NEWS RELEASE
800 Cabin Hill Drive, Greensburg, PA 15601-1650
     
Media contact:
  Investor contact:
David Neurohr
  Max Kuniansky
Director, External Communications
  Executive Director, Investor Relations
Phone: (724) 838-6020
     and Corporate Communications
Media Hotline: 1-888-233-3583
  Phone: (724) 838-6895
E-mail: dneuroh@alleghenyenergy.com
  E-mail: mkunian@alleghenyenergy.com
DRAFT — NOT FOR RELEASE 2-9-09 — PM
Allegheny Energy Reports Financial Results for Fourth Quarter, Full Year 2008
GREENSBURG, Pa., February 11, 2009
— Allegheny Energy, Inc. (NYSE: AYE) today reported financial results for the three months and twelve months ended December 31, 2008.
                                 
    $ millions   Per share
    2008   2007   2008   2007
Three Months Ended December 31
                               
Consolidated net income-GAAP
  $ 16.2     $ 110.4     $ 0.10     $ 0.65  
Adjusted net income
    87.1       78.6       0.51       0.46  
 
                               
Twelve Months Ended December 31
                               
Consolidated net income-GAAP
  $ 395.4     $ 412.2     $ 2.33     $ 2.43  
Adjusted net income
    391.1       384.8       2.30       2.26  
Adjusted net income for the fourth quarter of 2008 excludes a net unrealized pre-tax loss of $116.3 million from economic hedges that do not qualify for hedge accounting. Adjusted results for the fourth quarter of 2007 excluded earnings resulting from a litigation settlement with Merrill Lynch & Co., Inc.
Adjusted net income is a non-GAAP financial measure. For information on adjustments and the calculation of adjusted net income for all periods, see the attached reconciliations of non-GAAP financial measures.
“Earnings in the quarter benefited from increased plant output and reduced operating costs, partially offset by higher coal expense,” said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy.
“In 2008, we dramatically reduced regulatory uncertainty by resolving cost recovery issues in Virginia and West Virginia and obtaining key approvals for both our TrAIL transmission project and Pennsylvania rate mitigation plan. Given the state of the economy and conditions in the commodity markets, we expect 2009 to be a very challenging year. We’ll especially focus on controlling costs and maintaining strong liquidity during the year, while also completing our scrubber projects and keeping transmission expansion on track.”

 


The following information was filed by Allegheny Energy, Inc (AYE) on Wednesday, February 11, 2009 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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