Pennsylvania Electric Company
List of Deals
The Pennsylvania Electric Company was commonly known as Penelec. The company was incorporated in 1919 in Pennsylvania to produce electrical power and distribute it to customers in northern, western, and south-central Pennsylvania. Penelec was a subsidiary of a holding company called the General Public Utilities Corporation (GPU).
GPU controlled power companies in the northeast United States as well as in the Philippines. Other GPU companies included Jersey Central Power & Light, New Jersey Power & Light, Metropolitan Edison Company, and the Manila Electric Company. GPU’s net income was $9.5 million in 1946 and $26.3 million in 1955. Penelec’s net income was $23 million in 1967 and $34 million in 1972.
In 2000 First Energy acquired GPU for $11.9 billion.