Exhibit 99.1

 

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

Allegheny Energy Reports Second Quarter 2009 Results

GREENSBURG, Pa., August 4 , 2009

— Allegheny Energy, Inc. (NYSE: AYE) today reported financial results for the second quarter of 2009.

Consolidated Net Income Attributable to Allegheny Energy, Inc.

 

     $ millions    Per share
     2009    2008    2009    2008

Three Months Ended June 30

           

GAAP

   $ 72.6    $ 154.1    $ 0.43    $ 0.91

Adjusted

     69.8      76.5      0.41      0.45
Six Months Ended June 30            

GAAP

   $ 206.5    $ 290.3    $ 1.22    $ 1.71

Adjusted

     183.9      212.7      1.08      1.25

Adjusted net income for the second quarter of 2009 excludes a net unrealized pre-tax gain of $4.6 million from economic hedges that do not qualify for hedge accounting. There were $127.3 million of similar adjustments for the second quarter of 2008.

Adjusted net income is a non-GAAP financial measure. For information on the calculation of adjusted net income for all periods, see the attached reconciliations of non-GAAP financial measures.

“We reported solid results in the second quarter despite the weak economy, mild weather and unusually low power prices,” said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. “Adjusted pre-tax income matched last year’s results due to increased cost recovery in Virginia and higher generation rates. However, earnings per share were down due to higher income taxes. We remain focused on executing our business plans, particularly expanding transmission, controlling costs and maintaining a strong financial condition.”

 

1


The following information was filed by Allegheny Energy, Inc (AYE) on Tuesday, August 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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