FirstEnergy 1Q Profit Drops 58 Percent

"While we achieved solid financial and operational results during the first quarter, we continue to face significant challenges related to the slowing economy throughout our region and its effect on electricity sales," said Anthony J. Alexander, president and chief executive officer of FirstEnergy.

In the remainder of this year, FirstEnergy faces planned outages, environmental spending and participation in a competitive bidding process in Ohio, he said.

FirstEnergy is the nation's fifth largest investor-owned electric system, with 4.5 million customers in New Jersey, Pennsylvania and Ohio.

FirstEnergy shares fell 31 cents to $42.09 Tuesday.

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