Exhibit 99.1

LOGO

800 Cabin Hill Drive, Greensburg, PA 15601-1650

 

Media contact:       Investor contact:
David Neurohr       Max Kuniansky
Director, External Communications      

Executive Director, Investor Relations

  and Corporate Communications

Phone: (724) 838-6020      
Media Hotline: 1-888-233-3583       Phone: (724) 838-6895
E-mail: dneuroh@alleghenyenergy.com       E-mail: mkunian@alleghenyenergy.com

FOR IMMEDIATE RELEASE

Allegheny Energy Reports Third Quarter 2009 Results

GREENSBURG, Pa., October 29, 2009

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

Consolidated Net Income Attributable to Allegheny Energy, Inc.

 

     $ millions    Per share
      2009    2008    2009    2008

Three Months Ended September 30

           

GAAP

   $ 77.0    $ 89.0    $ 0.45    $ 0.52

Adjusted

     100.1      91.4      0.59      0.54

Nine Months Ended September 30

           

GAAP

   $ 283.5    $ 379.2    $ 1.67    $ 2.23

Adjusted

     283.9      304.0      1.67      1.79

Adjusted net income for the third quarter of 2009 excludes $19.3 million of pre-tax interest expense related to a debt tender offer and net unrealized pre-tax losses of $18.3 million on economic hedges that do not qualify for hedge accounting. Adjusted net income for the third quarter of 2008 excludes $4.0 million of unrealized pre-tax losses on economic hedges.

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.

“Adjusted earnings grew in the third quarter due to improved results in our regulated delivery and transmission business,” said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. “However, the weak economy and low power prices reduced earnings in our generation business. We recently completed several financings which improved our liquidity and financial flexibility, and we continue to focus on cost control. We believe Allegheny is well-positioned to benefit from an economic recovery.”


The following information was filed by Allegheny Energy, Inc (AYE) on Thursday, October 29, 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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