BusinessCompany NewsBlackout firm’s accounts under scrutiny

Blackout firm's accounts under scrutiny

An energy company, which is a leading candidate to take the blame for the massive power failure on the American and Canadian east coast last month, is having its accounts investigated by the Securities & Exchange Commission.

Link: Coca-cola accounts face SEC scrutiny

FirstEnergy’s has been asked to provide data on its recent restatement of financial results for 2002.

‘We’re going to co-operate on a voluntary basis and in a timely manner,’ a spokeswoman for FirstEnergy told BBC News Online.

Last month the company restated its results for 2002 and the first quarter of 2003.

The restatements were made necessary by changes in how the company accounts for costs related to Ohio’s move towards a competitive energy market.

On Thursday the company revised three regulatory filings, citing tens of millions of dollars in ‘typographical and minor computational errors’.

FirstEnergy’s transmission lines have been cited as a possible source of the massive 14 August blackout and its actions during the power failure have been condemned by members of the US Congress.

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