Co. Securities Inc. in Cleveland. But some people say that regardless of the No. 1 ranking, the utility made some mistakes. The truth is, no one knows. Of Ohio's four main investor-owned electric utilities, analysts say FirstEnergy is the most vulnerable to legislation that inhibits its ability to recover debt. That's why FirstEnergy has been so visible in the deregulation debates in Columbus.
Price is another source of vulnerability.
Northern Ohioans pay the highest electric rates in the state. FirstEnergy does have a regulator-approved plan with steady rate reductions until 2006. Still, price is expected to be a strong driver of customer choice, and that helps explain why FirstEnergy's back yard is shaping into a premier market for competition. Pittsburgh's Consolidated Natural Gas Co. The deal will create the nation's fourth-largest natural gas and electric utility, serving 3.9 million customers in West Virginia, Pennsylvania, Virginia, North Carolina and Ohio. CNG's East Ohio Gas Co. in Cleveland has 1.7 million customers in 70 counties.