Exhibit 99.1

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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

FOR IMMEDIATE RELEASE

Allegheny Energy Reports Strong Third Quarter Financial Results

GREENSBURG, Pa., October 27, 2010 –

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

Consolidated Net Income Attributable to Allegheny Energy, Inc.

 

     $ millions      Per share  
     2010      2009      2010      2009  

Three Months Ended September 30

           

GAAP

   $ 115.1       $ 77.0       $ 0.68       $ 0.45   

Adjusted

     124.9         100.1         0.73         0.59   

Nine Months Ended September 30

           

GAAP

   $ 323.5       $ 283.5       $ 1.90       $ 1.67   

Adjusted

     324.8         283.9         1.91         1.67   

Adjusted net income for the third quarter of 2010 excludes $19.1 million of pre-tax expense related to the proposed merger with FirstEnergy Corp., $7.3 million of pre-tax interest expense related to a debt tender offer, and net unrealized pre-tax gains of $10.5 million from economic hedges that do not qualify for hedge accounting. 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 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.

“We had strong earnings for the quarter. Increased customer usage, transmission expansion and a rate increase in West Virginia were key drivers of our improved performance,” said Paul J. Evanson, Chairman, President and Chief Executive Officer of Allegheny Energy. “Looking forward, we remain focused on our TrAIL and PATH transmission expansion projects, completing the merger with FirstEnergy, and building value for our shareholders.”

 

1


The following information was filed by Allegheny Energy, Inc (AYE) on Wednesday, October 27, 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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