SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 8, 2002
Commission Registrant; State of Incorporation; I.R.S. Employer
File Number Address; and Telephone Number Identification No.
----------- ----------------------------------- ------------------
333-21011 FIRSTENERGY CORP. 34-1843785
(An Ohio Corporation)
76 South Main Street
Akron, Ohio 44308
Telephone (800)736-3402
Item 5. Other Events
On May 8, 2002, FirstEnergy Corp. completed the sale of a 79.9
percent interest in its Avon Energy Partners Holdings subsidiary to Aquila,
Inc. (formerly UtiliCorp United) in exchange for a $150 million payment at
closing and six annual payments of $19 million, guaranteed by Aquila at the
holding company level, commencing on the first anniversary of the closing.
As previously filed on Form 8-K dated March 18, 2002, Avon's debt of
approximately $1.7 billion, which is non-recourse to FirstEnergy, would no
longer be included on FirstEnergy's consolidated balance sheet. Aquila and
FirstEnergy together will own all of the outstanding shares of Avon through
a jointly owned subsidiary, with each company having a 50-percent voting
interest. FirstEnergy's 20.1 percent economic interest in the joint venture
will be accounted for under the equity method of accounting.
Item 7. Exhibits
Exhibit No. Description
----------- -----------
99 Press Release of FirstEnergy Corp. announcing the completion
to sell 79.9% of Avon Energy Partners Holdings in the United
Kingdom to Aquila, Inc. (formerly UtiliCorp United Inc.).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
May 9, 2002
FIRSTENERGY CORP.
-----------------
Registrant
/s/ Harvey L. Wagner
---------------------------------------
Harvey L. Wagner
Vice President and Controller