The utility reported $13.6 billion in revenues in 2008, with record profit of $1.34 billion - slightly above what the company netted in 2007.
But there was no sense of euphoria in the company's afternoon webcast to its' investors, as the power giant looks toward the unpredictable financial outlook for 2009.
Chief Financial Officer Rich Marsh says Northeast Ohio's steel and car-making industries are potential trouble spots, pointing to reduced power consumption last year due to the economic downturn.
He told shareholders that First Energy is already making changes to save money; in the ever-tightening economy.
RICH MARSH, SR VP & CHIEF FINANCIAL OFFICER
"These include adjustments to staffing levels, and certain fossil plant outage schedules, changes in our compensation structure including the suspension of merit adjustments in 2009, and other cost savings measures across the company."
The nation's fifth largest investor-owned electric system is also involved in negotiations with Ohio's Public Utilities Commission; regarding possible increases in the rates it charges both industrial and residential customers.
CEO Tony Alexander says the company is optimistic that it's current proposal strikes what he called 'an appropriate balance between the needs of investors, and customers'.
The Commission will likely vote March, to set rates for the remainder of the year.
