Exhibit 10.3

February 24, 2010

Monongahela Power Company

800 Cabin Hill Drive

Greensburg, PA 15601

 

  Re: Consent and Waiver for Credit Agreement, dated as of December 18, 2009

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of December 18,
2009 (as amended, restated, supplemented or otherwise modified through the date
hereof, the “Credit Agreement”), by and among Monongahela Power Company (the
“Borrower”), each of the Initial Lender Parties referred to therein, The Bank of
Nova Scotia, as Administrative Agent, and the other parties thereto. Capitalized
terms used herein but not defined herein have the respective meanings set forth
in the Credit Agreement.

The Borrower has advised the Lenders that Allegheny Energy, Inc. (the “Parent”)
proposes to enter into a transaction among the Parent, FirstEnergy Corp.
(“FirstEnergy”) and Element Merger Sub, Inc. (“Merger Sub”, a wholly owned
subsidiary of FirstEnergy), whereby in a stock for stock exchange transaction,
the Parent would be merged into Merger Sub, with the Parent surviving as a
wholly-owned subsidiary of FirstEnergy (the “Proposed Transaction”). The
undersigned Lenders, comprising the Required Lenders, hereby consent to the
Proposed Transaction and agree to waive any Default or Event of Default that
would arise as a result of a Change of Control under the Credit Agreement in
connection with the Proposed Transaction.

Except as expressly set forth above, all terms and conditions of the Credit
Agreement and the other Financing Documents remain unchanged and in full force
and effect and are hereby in all respects ratified and confirmed. Each of the
waivers set forth above is strictly limited to the event indicated above, and no
such waiver constitutes a waiver, consent or amendment with respect to any other
matter whatsoever. This letter agreement is solely for the benefit of the
parties hereto, and no provision of this letter agreement shall be deemed to
confirm upon any third party any claim, remedy, cause of action or other right.

The Borrower hereby represents and warrants that, as of the date hereof, no
Default has occurred and is continuing.

This letter agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this letter agreement by telecopier shall be effective as
delivery of a manually executed counterpart of this letter agreement.

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The Borrower shall pay a consent fee to each Lender that executes and delivers
this letter agreement on or before February 26, 2010, such fee to be equal to
the product of (i) 0.025% and (ii) the sum (without duplication) of the
outstanding principal amounts of such Lender’s outstanding Advances and its
Commitments.

This letter agreement shall become binding and effective as of the date first
above written upon receipt by the Administrative Agent of counterparts hereof
executed by the Borrower and the Required Lenders. This letter agreement is
subject to the provisions of Section 8.01 of the Credit Agreement.

This letter agreement shall be governed by, and construed in accordance with,
the laws of the State of New York.

Please evidence your agreement to the foregoing by signing and returning a
counterpart of this amendment letter to the Borrower.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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THE BANK OF NOVA SCOTIA, as Administrative Agent and Lender By:  

/s/ Thane Rattew

  Name:   Thane Rattew   Title:   Managing Director

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UNION BANK, N.A., as Syndication Agent, as a Lender and as an Initial Issuing
Bank By:  

/s/ Bryan P. Read

  Name:   Bryan P. Read   Title:   Vice President

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BNP PARIBAS, as Lender By:  

/s/ Pasquale A. Perraglia IV

  Name:   Pasquale A. Perraglia IV   Title:   Vice President By:  

/s/ Francis J. Delaney

  Name:   Francis J. Delaney   Title:   Managing Director

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BANK OF AMERICA, N.A., as Lender By:  

/s/ Jacob Dowder

  Name:   Jacob Dowder   Title:   Vice President

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PNC BANK, NATIONAL ASSOCIATION, as Lender By:  

Tracy J. DeCoch

  Name:   Tracy J. DeCoch   Title:   Vice President

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ACKNOWLEDGED AND AGREED TO on the date first written above MONONGAHELA POWER
COMPANY By:  

/s/ Barry E. Pakenham

Name:   Barry E. Pakenham Title:   Treasurer