FirstEnergy Corp. is a public utility holding company primarily involved in the transmission, distribution, and generation of electricity. Its utility operating companies serve over six million customers in the Midwest and Mid-Atlantic regions. The company's transmission operations include more than 24,000 miles of transmission lines and two regional transmission operation centers. FirstEnergy's revenues are primarily derived from electric service provided by its Utilities and Transmission Companies.

The company's market position is as a major investor-owned electric system in the Midwest and Mid-Atlantic regions. Competitive advantages include its large scale and integrated operations. Key markets include Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York.

• Employees: 12,042 (as of December 31, 2023)
• Geographic Footprint: Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York
• Headquarters: Akron, OH
• Founded: 1996
• Number of locations/facilities: Multiple distribution and transmission facilities across its service area
• Revenue: $12.9 billion (FY2023)
• Market Capitalization: $22.26 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: FirstEnergy Pennsylvania, Jersey Central Power & Light, Ohio Edison Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Monongahela Power Company, The Potomac Edison Company, and West Penn Power Company

• CEO: Brian X. Tierney
• CFO: K. Jon Taylor
• Board Chair: John W. Somerhalder II
• Other Key Executives: Christine L. Walker (Senior Vice President, Chief Human Resources Officer and Corporate Services), Hyun Park (Senior Vice President and Chief Legal Officer), Jason J. Lisowski (Vice President, Controller and Chief Accounting Officer), Toby L. Thomas (Chief Operating Officer), A. Wade Smith (President, FirstEnergy Utilities)

Brian X. Tierney joined as CEO in 2023. Other executives have been in their current roles since at least 2019.

• Annual Revenue: $12.9 billion (FY2023)
• Net Income: $1.1 billion (FY2023)
• Market Cap: $22.26 billion (as of June 30, 2023)
• Total Assets: $48.8 billion (as of December 31, 2023)
• Employees: 12,042 (as of December 31, 2023)
• Key Financial Highlights: Increased revenue driven by higher rider revenues and weather-adjusted customer demand, partially offset by lower customer usage and lower recovery of transmission expenses. Net income increased due to higher revenues and lower operating expenses, partially offset by higher interest expense and costs from the PEER program.

FirstEnergy provides a range of products and services related to the transmission and distribution of electricity.

• Electricity Distribution: Distribution of electricity to residential, commercial, and industrial customers in its service territories.
• Electricity Transmission: Transmission of electricity from generation sources to distribution facilities.
• Regulated Generation: Generation of electricity through its regulated electric generation capacity, primarily located in West Virginia and Virginia.

FirstEnergy operates through two main reportable segments:

• Regulated Distribution: Distributes electricity to approximately six million customers in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The segment also controls 3,580 MWs of regulated electric generation capacity.
• Regulated Transmission: Provides transmission infrastructure owned and operated by the Transmission Companies and certain of FirstEnergy's utilities to transmit electricity from generation sources to distribution facilities.

In 2024, FirstEnergy changed its reportable segments to include Distribution, Integrated, and Stand-Alone Transmission.

FirstEnergy's strategy is centered on enhancing customer service and reliability through significant investments in its core regulated businesses. Key strategic initiatives include:

• Energize365: A capital investment program focused on grid modernization, reliability improvements, and support for clean energy transition.
• Facility Optimization: Implementation of a plan to reduce costs through facility optimization and flexible work arrangements.
• Transmission Expansion: Continued investment in transmission infrastructure to enhance reliability and support grid modernization.
• Clean Energy Transition: Investments in renewable energy sources, energy efficiency, and electric vehicle infrastructure.

FirstEnergy is focused on a long-term strategy that emphasizes a customer-centric approach, new growth opportunities, and a transition to a cleaner energy future.

FirstEnergy operates in the regulated electric utility industry, which is characterized by:

• Primary Industry: Electric power generation, transmission, and distribution.
• Market Trends: Increasing demand for renewable energy, grid modernization, and enhanced reliability.
• Key Competitors: Other investor-owned utilities in the Midwest and Mid-Atlantic regions, as well as non-incumbent developers of transmission projects.
• Market Share: FirstEnergy is one of the largest investor-owned electric systems in the U.S.

• Reputational Risks: Risks associated with damage to reputation arising from various sources, including litigation, investigations and service disruptions.
• Regulatory Risks: Risks related to ongoing regulatory proceedings, rate cases, and compliance with federal and state regulations.
• Operational Risks: Risks associated with hazardous activities, cyber attacks, weather variations, and supply chain disruptions.
• Financial Risks: Risks related to interest rate volatility, debt covenants, pension and OPEB obligations, and the ability to access capital markets.
• Strategic Risks: Risks associated with the execution of strategic initiatives, including the sale of a minority interest in FET.