X0202 4 2006-07-17 0 0000003673 ALLEGHENY ENERGY, INC AYE 0001035140 BALDWIN H FURLONG C/O ALLEGHENY ENERGY, INC. 800 CABIN HILL DRIVE GREENSBURG PA 15601 1 0 0 0 Phantom Stock 2006-07-17 4 A 0 69.334 37.86 A Common Stock 69.334 373.839 D Under the Issuer's Revised Plan for Deferral of Compensation of Directors, non-employee members of the Issuer's Board of Directors (the "Board") may elect to defer receipt of all or a part of the cash portion of the director fees to which they become entitled in connection with their service on the Board and may opt to invest all or a portion of any such deferred amounts into a phantom stock fund maintained by the Issuer. Mr. Baldwin has elected to defer receipt of 50% of the cash portion of the fees payable to him and to invest such deferred amounts in the Issuer's phantom stock fund. Each unit of phantom stock is the economic equivalent of one share of the Issuer's common stock, par value $1.25 per share (the "Common Stock"). The units of phantom stock are payable in cash upon the termination of Mr. Baldwin's service on the Board. The closing price on the New York Stock Exchange of one share of the Issuer's Common Stock on the applicable transaction date. /s/ Amanda J. Skov, Attorney-in-Fact 2006-07-19