Allegheny Energy Reports Strong Financial Results for Fourth Quarter, Full Year 2006.

GREENSBURG, Pa. -- Allegheny Energy, Inc. (NYSE:AYE) today reported financial results for the fourth quarter and full year 2006. To provide a better understanding of core results and trends, Allegheny Energy also reported adjusted financial results, as shown in the table below:

[TABLE OMITTED] Adjusted net income for all periods shown above excludes results of discontinued operations. There were no other adjustments for the three months ended December 31, 2006. For the three months ended December 31, 2005, adjusted net income excluded a $5.9 million (after-tax) charge due to the effect of an accounting change. For information on adjustments for both twelve-month periods, and the calculation of adjusted net income for all periods, see the attached reconciliation of non-GAAP financi...

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