GPU/FirstEnergy reach rate agreement with Pennsylvania regulators

HOUSTON, June 12, 2001 — GPU Inc. and FirstEnergy Corp. agreed to retain a cap on electric rates and to defer collecting the shortfall that has accumulated for wholesale electricity purchases as a condition of their merger.

PITTSBURGH, June 12, 2001 — The proposed settlement filed yesterday at the Pennsylvania Public Utility Commission by FirstEnergy and General Public Utilities is a bad deal for GPU ratepayers, for competition and for the environment, according to David Hughes, Executive Director of Citizen Power, a utility watchdog organization.

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