SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number 1-3491
(Check one)
[ ] Form 10-K [ ] Form 11-K [ ] Form 20-F
[X] Form 10-Q [ ] Form N-SAR
For period ended: June 30, 2003
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the transition period ended
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Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
PART I
REGISTRANT INFORMATION
Full name of registrant: Pennsylvania Power Company
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Former name if applicable:
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Address of principal executive office (Street and number):
76 South Main Street
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City, state and zip code: Akron, Ohio 44308
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PART II
RULE 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense
[X] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, 10-KSB, 20-F, 11-K or Form N-SAR, or
portion thereof will be filed on or before the 15th calendar
day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q, 10-QSB, or
portion thereof will be filed on of before the fifth calendar
day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
Pennsylvania Power Company's Form 10-Q is part of a combined filing
with its parent company, Ohio Edison Company (OE) and OE's parent company,
FirstEnergy Corp. The Quarterly Report on Form 10-Q for the quarter ended June
30, 2003 could not be filed within the prescribed time period due to
FirstEnergy's restatement of earnings for the year ended December 31, 2002 and
the first quarter of 2003, to reflect a change in the method of amortizing costs
being recovered under the Ohio transition plan and recognition of above-market
values of certain leased generation facilities.
The restatements related to FirstEnergy and its Ohio subsidiaries do
not affect the financial statements of Pennsylvania Power Company, only the
timing of the filing of its Form 10-Q for the quarter ended June 30, 2003.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification.
Harvey L. Wagner 330-384-5296
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or
15(d) or the Securities Exchange Act of 1934 or Section 30 of
the Investment Company Act of 1940 during the preceding 12
months or for such shorter period that the registrant was
required to file such report(s) been filed? If the answer is
no, identify report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal
year will be reflected by the earnings statements to be
included in the subject report or portion thereof?
[X] Yes [ ] No
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be
made.
Earnings on common stock in the second quarter of 2003 decreased to
$2.5 million from $17.1 million in the second quarter of 2002. In the first six
months of 2003, earnings on common stock decreased to $7.5 million from $28.1
million in the first six months of 2002. Earnings in the first half of 2003
included an after-tax credit of $10.6 million from the cumulative effect of an
accounting change due to the adoption of Statement of Financial Accounting
Standards No. 143, "Accounting for Asset Retirement Obligations." The loss
before the cumulative effect was $1.3 million in the first half of 2003 compared
to income of $30.0 million for the same period of 2002. The lower results in
both periods of 2003 reflected lower operating revenues and higher operating
expenses - primarily nuclear operating costs, purchased power costs and employee
benefit costs. These increases were partially offset by lower fuel costs and
reduced financing costs, compared with the second quarter and first six months
of 2002.
PENNSYLVANIA POWER COMPANY
Registrant
Has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: August 15, 2003 By /s/ Harvey L. Wagner
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Harvey L. Wagner
Vice President and Controller