FirstEnergy offers tips to stay safe on ladders, especially around electrical equipmentAKRON, Ohio, March 24, 2025 /PRNewswire/ -- Spring is the perfect time to tackle home improvement and maintenance projects such as painting or cleaning gutters. Before you start, take some time to brush up on ladder safety tips – especially when power lines and other electrical equipment are nearby.In recognition of The American Ladder Institute's designation of March as National Ladder Safety Month, FirstEnergy (NYSE: FE ...

FirstEnergy Corp. (FE) announced that its board of directors approved a 4.7% increase in the quarterly dividend rate. The revised quarterly dividend will be 44.50 cents, payable June 1, 2025, to its shareholders of record at the close of business on March 9.The company’s new annualized dividend rate is $1.78 and the current dividend yield is 4.49%, which is better than the S&P 500 composite’s average of 1.57%.Can FirstEnergy Sustain Dividend Hikes?FirstEnergy’s efforts to expand its regulated generation mix ...

NEW CASTLE, Pa., March 20, 2025 /PRNewswire/ -- FirstEnergy Pennsylvania Electric Company (FE PA), a FirstEnergy Corp. (NYSE: FE) subsidiary doing business as Penn Power in western Pennsylvania, is replacing underground cable and related equipment to enhance electric service reliability for customers in a Butler County residential neighborhood.John Hawkins, FirstEnergy President, Pennsylvania: "We are investing in modern, durable underground cable with an expected lifespan of 40 years which should provide d ...

Core Points - FirstEnergy Corp. declared a quarterly dividend of $0.445 per share, payable on June 1, 2025, to shareholders of record by May 7, 2025 [1] - The company anticipates total dividends of $1.78 per share for 2025, reflecting an increase of over 11% from the $1.70 per share declared in 2024 [2] - This marks the third dividend increase since September 2023, demonstrating FirstEnergy's commitment to enhancing shareholder value [2] Company Overview - FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving over 6 million customers across several states including Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York [3] - The company's transmission subsidiaries manage approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions [3]

Core Viewpoint - FirstEnergy Corporation's subsidiary, Jersey Central Power & Light, is undertaking a $5.1 million project to upgrade electric service lines in Sussex County, expected to enhance reliability for approximately 1,700 customers by November this year [1][2]. Group 1: Project Details - The construction involves upgrading overhead lines and installing nearly 2,000 feet of underground wires in Roxbury Township [3]. - The project includes enhanced tree trimming, stronger poles, and overhead wires to improve resilience during storms [3]. - Additional protective devices and reclosers will be installed to minimize customer impact during outages [4]. Group 2: Reliability Improvement Initiative - This project is part of JCP&L's New Jersey Reliability Improvement Project, which has a total investment of at least $95 million over three years [5]. - The initiative aims to improve service reliability based on historical outage data [5]. Group 3: Financial and Operational Benefits - The upgrades are expected to lead to fewer outages during storms, reducing repair and maintenance costs for the company [7]. - Enhanced infrastructure will allow the company to better meet current and future energy needs, potentially improving financial performance [6]. Group 4: Broader Industry Context - FirstEnergy's project is part of a larger grid evolution program, Energize365, which plans to invest $28 billion from 2025 to 2029 to create a smarter, more secure grid [8]. - Other utilities, such as Dominion Energy, Exelon Corporation, and Entergy Corporation, are also investing significantly in infrastructure upgrades to enhance reliability [9][10].

Core Insights - FirstEnergy is investing in infrastructure upgrades to enhance service reliability for customers in New Jersey, specifically benefiting 1,700 customers in Roxbury, Mount Arlington, and Hopatcong [1][2] - The New Jersey Reliability Improvement Project is a two-phase initiative with a minimum investment of $95 million over three years, focusing on high-priority lines based on historical outage data [2][3] - The Energize365 program aims to invest $26 billion from 2024 to 2028 across six states to create a smarter and more secure electric grid [3] Company Overview - JCP&L serves approximately 1.1 million customers across various counties in New Jersey [4] - FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving over six million customers across multiple states [5] Project Details - The project includes installing about 2,000 feet of underground wires in Roxbury Township and upgrading existing infrastructure with stronger poles and overhead wires [7] - Additional upgrades involve increasing protective devices and reclosers to minimize customer impact during outages [7] - The installation of TripSaver devices will allow for automatic reenergization of power lines after temporary abnormalities, reducing the need for crew dispatch [7]

Financial Performance - Total revenues for 2024 reached $13,472 million, an increase of 4.7% from $12,870 million in 2023[521]. - Operating income for 2024 was $2,375 million, up 4.8% compared to $2,266 million in 2023[521]. - Net income attributable to FirstEnergy Corp. for 2024 was $978 million, a decrease of 11.3% from $1,102 million in 2023[521]. - Earnings per share for continuing operations in 2024 was $1.70, down from $1.96 in 2023[521]. - Comprehensive income for 2024 was $1,130 million, slightly down from $1,173 million in 2023[523]. - Total operating expenses for 2024 were $11,097 million, an increase of 4.6% from $10,604 million in 2023[521]. - Interest expense for 2024 was $1,144 million, compared to $1,124 million in 2023[521]. - Cash flows from operating activities rose significantly to $2,891 million in 2024, compared to $1,387 million in 2023, marking an increase of 108.4%[532]. - Capital investments in 2024 totaled $4,030 million, an increase from $3,356 million in 2023, reflecting a growth of 20%[532]. - The company declared cash dividends of $1.70 per share in 2024, compared to $1.60 in 2023, indicating a 6.25% increase[529]. Assets and Liabilities - Total assets increased to $52,044 million in 2024, up from $48,767 million in 2023, representing a growth of 4.6%[526]. - As of December 31, 2024, regulatory assets amounted to $617 million and regulatory liabilities were $995 million[515]. - The total liabilities increased to $38,324 million in 2024 from $37,851 million in 2023, a rise of 1.2%[526]. - Long-term debt decreased to $22,496 million in 2024 from $22,885 million in 2023, a reduction of 1.7%[526]. - Common stockholders' equity increased to $12,455 million in 2024, up from $10,437 million in 2023, representing a growth of 19.4%[526]. Employee and Corporate Structure - FirstEnergy's total employee count as of December 31, 2024, was 12,294, with approximately 40% represented by unions[64][65]. - The company continues to focus on employee development through various programs, including leadership training and educational opportunities[61][62]. - FirstEnergy's safety metrics are regularly monitored and included in the annual incentive compensation program to promote a safe work environment[59][60]. - The company has consolidated its Pennsylvania Companies into FE PA as of January 1, 2024, creating a new single operating entity[53][66]. Regulatory and Compliance - The imposition of new tariffs could adversely affect FirstEnergy's results of operations and financial condition, as the situation remains dynamic[50]. - FirstEnergy's default service obligations vary by state, with competitive procurement processes in place for securing power supply[51]. - The company maintained effective internal control over financial reporting as of December 31, 2024[507]. Market and Customer Metrics - FirstEnergy serves over six million customers across the Midwest and Mid-Atlantic regions, comprising one of the largest investor-owned electric systems in the nation[541]. - Total customer receivables as of December 31, 2024, amounted to $1,530 million, compared to $1,318 million in 2023, reflecting an increase of 16.0%[601]. - Unbilled customer receivables increased to $718 million in 2024 from $665 million in 2023, indicating a growth of 7.9%[601]. - Retail generation and distribution services for residential customers in the Distribution segment reached $4,514 million in 2024, a 3.9% increase from $4,344 million in 2023[593]. Pension and Benefits - FirstEnergy expects to make a voluntary contribution to its pension plan, with an estimated amount of approximately $300 million anticipated in 2027[613]. - The discount rate for pension obligations increased to 5.72% in 2024 from 5.05% in 2023[618]. - The benefit obligation as of December 31, 2024, decreased to $7,824 million from $8,363 million in 2023, a decline of approximately 6.4%[626]. - The actual return on plan assets for 2024 was a loss of $62 million, contrasting sharply with a gain of $682 million in 2023[626]. Taxation - FirstEnergy's total income taxes on income from continuing operations for 2024 amounted to $377 million, with an effective income tax rate of 25.1%[656]. - The net accumulated deferred income tax liability as of December 31, 2024, was $5.613 billion, an increase from $4.530 billion in 2023[658]. - FirstEnergy recognized a net tax charge of approximately $46 million in the first quarter of 2024 related to deferred tax liabilities[653]. Capital and Investments - The company completed the sale of a 30% equity interest in FirstEnergy Transmission, LLC to Brookfield for a purchase price of $3.5 billion, with $2.3 billion paid in cash at closing[549]. - FirstEnergy's equity ownership in FET is 50.1% as of December 31, 2024, following the sale of an incremental 30% equity interest to Brookfield[678].

Financial Performance and Key Metrics - FirstEnergy reported 2024 GAAP earnings of $1.70 per share, with operating earnings at $2.63 per share, benefiting from new rates and investments in regulated businesses [9][10] - The company faced headwinds including lower sales volumes due to mild weather and storm activity, impacting overall performance [10][11] - The financial and regulatory milestones achieved in 2024 have strengthened the company's foundation and reduced its risk profile [12][18] Business Line Performance - In the distribution segment, earnings increased by $0.04 per share year-over-year, driven by higher weather-related distribution sales and lower Ohio rate credits [45] - The integrated segment saw earnings rise by $0.29 per share, primarily due to new base rates in New Jersey, West Virginia, and Maryland [46] - Standalone transmission business earnings declined by $0.12 per share, impacted by dilution from the sale of a 30% interest in FirstEnergy Transmission [47] Market Data and Key Metrics - The company achieved a consolidated return on equity of 9.4% on a rate base of $25.9 billion, an increase from 8.8% in 2023 [54] - The Pennsylvania Commission approved a $225 million base rate case settlement, effective January 1, 2025, enhancing service reliability [14] - The company anticipates investing $5 billion in regulated properties in 2025, an increase of approximately 11% over 2024 [36] Company Strategy and Industry Competition - FirstEnergy's strategy focuses on modernizing electric infrastructure and enhancing customer experience while maintaining financial discipline [61] - The Energize365 capital investment program is set at $28 billion through 2029, representing an 8% increase from the previous five-year plan [37][51] - The company aims to maintain its investment-grade credit ratings while exploring a range of financing options for future investments [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a core earnings growth rate of 6% to 8% through 2029, with a focus on regulatory outcomes and operational efficiency [37][58] - The company is addressing challenges related to higher financing costs and regulatory changes, which may impact future earnings guidance [33][57] - Management emphasized the importance of maintaining affordability for customers while investing in infrastructure [120] Other Important Information - The company introduced core earnings as a measure to better reflect the performance of its regulated utilities, excluding volatile components [29][41] - FirstEnergy's pension plan ended the year at approximately 84% funded, with ongoing efforts to mitigate associated risks [126] - The company is actively pursuing opportunities in data center demand, which is expected to contribute significantly to future growth [56] Q&A Session Summary Question: Insights on 2025 guidance and O&M pressures - Management anticipates being within the 6% to 8% growth range for core earnings, with O&M changes primarily related to the Pennsylvania base rate case [72][74] Question: Balance sheet and FFO to debt targets - The company aims to return to a 14% FFO to debt ratio by stripping out unique items from 2024 and benefiting from new rates in Pennsylvania [82][83] Question: Ohio rate case and potential settlements - Management is open to settling cases but anticipates the current Ohio rate case will be fully adjudicated due to its complexity [91][92] Question: ROE assumptions in earnings growth - The forecast assumes a consolidated ROE of 9.5% to 10%, with Ohio expected to contribute similarly [102] Question: Dispatchable generation opportunities in West Virginia - Potential investments in dispatchable generation could range from $3 billion to $6 billion over the next 12 to 15 years [106] Question: Pension funding status - The pension plan ended the year at about 84% funded, with rates expected to positively impact future funding [126]

Core Points - FirstEnergy Transmission LLC (FET) has been awarded multiple transmission projects by PJM Interconnection, amounting to approximately $1.25 billion in investments aimed at enhancing the electric grid and supporting regional economic growth [1][2][3] - The projects include a joint venture with Dominion Energy and American Electric Power Company, as well as individual projects within FET's service territory [1][4] - FirstEnergy's subsidiaries, including Potomac Edison, JCP&L, and Keystone Appalachian Transmission Company, will invest an additional $46 million for equipment upgrades and transmission line reconfigurations in Maryland, New Jersey, and Pennsylvania [2][3] Investment Details - The approved projects were proposed through PJM's 2024 Regional Transmission Expansion Plan and were approved on February 26, 2025 [3] - FET's investment includes approximately $1 billion for the Valley Link joint venture, which involves building around 260 miles of 765-kilovolt transmission lines and two substations between West Virginia and Maryland, and 155 miles of 765-kilovolt transmission lines in Virginia [7] - In Ohio, FET plans to invest $217 million to rebuild approximately 59 miles of 138-kilovolt transmission lines, and in Pennsylvania, $33 million will be allocated for rebuilding and reconfiguring two 115-kilovolt substations [7] Company Overview - FET is jointly owned by FirstEnergy Corp. and Brookfield Super-Core Infrastructure Partners, and operates American Transmission Systems Inc., Mid-Atlantic Interstate Transmission LLC, and Trans-Allegheny Interstate Line Company [5] - FirstEnergy operates one of the largest investor-owned electric systems in the U.S., serving customers across several states including Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York [5]

FirstEnergy Corp. (NYSE:FE) Q4 2024 Earnings Conference Call February 27, 2025 8:00 AM ET Company Participants Karen Sagot - VP of IR Brian Tierney - President CEO and Chairman Jon Taylor - SVP Strategy and CFO Conference Call Participants Shar Pourreza - Guggenheim Securities Carly Davenport - Goldman Sachs Nick Campanella - Barclays Michael Lonegan - Evercore ISI Jeremy Tonet - JPMorgan Steve Fleishman - Wolfe Research Andrew Weisel - Scotiabank Anthony Crowdell - Mizuho Securities Operator Hello, and wel ...