REGION

REGION

FirstEnergy rate dispute may end up in court

AKRON — Akron-based FirstEnergy Corp. is challenging the state regulators who have reduced the company’s planned electric rate increases.

FirstEnergy said Monday it rejects the changes to its three-year rate plan and will instead use wholesale market prices to set rates. Consumers can expect their electric bills to be unchanged initially but ultimately go up and down with the market.

FirstEnergy’s rate dispute with the Public Utilities Commission of Ohio could wind up in court. At issue is how much the company may charge for electricity it buys from its unregulated power plants.

Shareholders approve acquisition by PNC

PITTSBURGH — PNC Financial Services Group Inc. and National City shareholders on Tuesday approved PNC’s acquisition of the Cleveland-based bank.

The shareholders approved the merger at separate meetings in Pittsburgh and Cleveland, a largely symbolic gesture that sets the wheels in motion for the integration that is expected to be complete by late 2009.

PNC is acquiring National City for $5.6 billion with money it obtained through the government’s $700 billion bailout program. PNC is the first U.S. bank to use that money to make an acquisition.

Associated Press