- The Washington Times - Wednesday, April 1, 2009

COLUMBUS, OHIO (AP) - Anthony Alexander, president and chief executive of utility FirstEnergy Corp., received compensation of $12.8 million in 2008, a 4 percent increase from 2007, according to an Associated Press analysis of a regulatory filing.

Alexander’s salary rose 4 percent to $1.3 million while his performance-based bonus fell nearly 4 percent to $2.3 million, according to the filing with the Securities and Exchange Commission.

Alexander received stock awards valued at $9 million when they were given last March and April, up 5.6 percent from similar awards he was given in 2007, according to the filing. FirstEnergy common stock was at nearly $70 at the time of the awards, but has lost nearly half its value since then.

Alexander received perks valued at $122,780, including $93,491 for the personal use of corporate aircraft. For security reasons, FirstEnergy’s board requires Alexander to use corporate aircraft when he travels. He also received $97,012 in above-average returns on deferred compensation.

The Associated Press compensation formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.

In 2008, FirstEnergy reported profit of $1.34 billion, or $4.38 per share, compared with profit of $1.31 billion, or $4.22 per share, in 2007. Revenue rose to $13.6 billion from $12.8 billion.

The company’s power plants produced a record 82.4 million megawatt-hours of electricity in 2008.

Akron, Ohio-based FirstEnergy is the nation’s fifth largest investor-owned electric system, serving 4.5 million customers in Ohio, Pennsylvania and New Jersey.

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