Exhibit 99.1

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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 Second Quarter 2010 Financial Results

GREENSBURG, Pa., August 4, 2010 –

Allegheny Energy, Inc. (NYSE: AYE) today reported financial results for the second quarter of 2010.

Consolidated Net Income Attributable to Allegheny Energy, Inc.

 

     $ millions    Per share
Three Months Ended June 30    2010    2009    2010    2009

GAAP

   $ 120.2    $ 72.6    $ 0.71    $ 0.43

Adjusted

     96.9      69.8      0.57      0.41
Six Months Ended June 30                    

GAAP

   $ 208.4    $ 206.5    $ 1.23    $ 1.22

Adjusted

     199.8      183.9      1.17      1.08

Adjusted net income for the second quarter of 2010 excludes a $45.1 million pre-tax gain from the sale of the company’s Virginia distribution operations, $4.3 million of pre-tax expenses related to the proposed merger with FirstEnergy Corp., and unrealized pre-tax losses of $3.4 million from economic hedges that do not qualify for hedge accounting. Adjusted net income for the second quarter of 2009 excludes a net unrealized pre-tax gain of $4.6 million from 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.

“Earnings increased substantially in the quarter, with the improvement largely due to timing of planned outages at our power plants. Higher generation output and power prices, as well as transmission expansion, also benefited results,” said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. “We’re encouraged by rebounding industrial sales in our regulated operations, a trend that began in the first quarter.”

 

1


The following information was filed by Allegheny Energy, Inc (AYE) on Wednesday, August 4, 2010 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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