The Cleveland Plain Dealer reports that FirstEnergy is planning cut up to 400 jobs by 2016, citing a struggling economy, low demand, and low power prices.

The company's CEO, Anthony Alexander, made the announcement during a teleconference with financial analysts concerning third quarter financial results. FirstEnergy Corp.'s profits were down nearly 20% compared to last year.

Alexander says the layoffs will be made through "normal attrition" beginning next year.

A few weeks ago, FirstEnergy laid off 142 people, and eliminated 58 open spots.